iShares Trust

N-CSR 1 d908777dncsr.htm ISHARES TRUST iShares Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: March 31, 2020

Date of reporting period: March 31, 2020

Item 1. Reports to Stockholders.

Copies of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are attached.


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares iBonds Sep 2020 Term Muni Bond ETF | IBMI | NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Schedule of Investments		7
Financial Statements
Statement of Assets and Liabilities		20
Statement of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		23
Notes to Financial Statements		24
Report of Independent Registered Public Accounting Firm		29
Important Tax Information (Unaudited)		30
Statement Regarding Liquidity Risk Management Program		31
Supplemental Information		32
Trustee and Officer Information		33
General Information		35
Glossary of Terms Used in this Report		36

Market Overview

iShares Trust

Municipal Bond Market Overview

The U.S bond market increased during the 12 months ended March 31, 2020 (“reporting period”). The S&P National AMT-Free Municipal Bond Index returned 4.05% for the reporting period, trailing the 8.93% return of the Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of U.S. taxable bond performance.

The coronavirus pandemic was the defining event of the reporting period, dividing it into two distinct parts. Prior to the outbreak, the U.S. economy grew at a steady pace and set records for the most consecutive months of economic expansion and job growth. However, as the extent of the coronavirus outbreak became apparent in February 2020, and the economic activity of countries worldwide was disrupted by restrictions on travel and work, markets became volatile as investors struggled to project the duration of the disruption and its ultimate economic impact.

Prior to the coronavirus outbreak, municipal bonds posted solid returns, supported by lower interest rates and the effect of tax law changes. The 2017 tax bill limited the amount of state and local taxes that can be deducted from federally taxed income, driving higher-income investors toward tax-free municipal bonds. While the supply of tax-free bonds was somewhat restricted by limitations on advanced refunding (refinancing by issuing new tax-free bonds at a lower interest rate), issuance of taxable bonds increased significantly. Although the market for taxable municipal bonds is typically smaller than that of tax-exempt bonds since investors demand higher yields for taxable bonds, declining interest rates reached a level that meant issuing taxable bonds for refinancing became attractive to some issuers.

After the coronavirus outbreak, municipal bonds initially performed well, as investors seeking lower-volatility investments moved away from equities. However, as concerns around the economic impact of the crisis deepened, municipal bond prices declined sharply, driven by concerns that the economic effect of the outbreak would pressure municipal budgets. But a stimulus bill passed by Congress and the inclusion of municipal bonds in the U.S. Federal Reserve Bank’s (“Fed’s”) buying program reassured markets and improved liquidity, leading municipal bonds to recover some of their earlier losses.

Among individual states, demand for municipal bonds from New York and California was particularly brisk, due in part to the limit on state and local tax deductions. State revenues from the 2019 tax season were robust, and most state budgets were generally healthy, with many adding to rainy day funds, which are designed to provide a financial cushion against future revenue shortfalls. However, late in the reporting period, concern mounted that the economic slowdown, combined with added strain from coronavirus-related expenses, would negatively affect state and municipal budgets.


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

Investment Objective

The iShares iBonds Sep 2020 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after May 31 and before September 2, 2020, as represented by the S&P AMT-Free Municipal Series 2020 Index^TM (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			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.46	%		1.37	%		1.55	%		1.46	%		7.05	%		9.06	%
Fund Market		0.78			1.16			1.43			0.78			5.96			8.33
Index		1.62			1.53			1.63			1.62			7.86			9.54

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 8/12/14. The first day of secondary market trading was 8/14/14.

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 6 for more information.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,006.10	$	0.90		$	1,000.00	$	1,024.10	$	0.91		0.18	%

^(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 (183 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 6 for more information.


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

Portfolio Information

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating*	Percent of Net Assets
AAA		31.8	%
AA+		20.1
AA		18.4
AA-		11.4
A+		5.2
A		1.4
A-		0.7
BBB+		1.2
BBB		0.4
BBB-		0.4
Not Rated		7.8
Short-Term and Other Assets		1.2

TEN LARGEST STATES


State	Percent of Net Assets
California		10.7	%
Texas		8.7
New York		7.2
Florida		7.0
Washington		6.2
Arizona		5.8
Massachusetts		5.0
Maryland		4.8
Virginia		3.8
North Carolina		2.5

Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.


FUND SUMMARY			5

About Fund Performance

Past performance is no guarantee 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. The price used to calculate market return (“Market Price”) is 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 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.


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 1.0%
Alabama Drinking Water Finance Authority RB, Series A, 3.00%, 08/15/20	$	30	$	30,214
Alabama Federal Aid Highway Finance Authority RB
5.00%, 09/01/20		1,070		1,086,932
Series A, 5.00%, 09/01/20		100		101,618
Alabama Public School & College Authority RB, Series C, 5.00%, 09/01/20		160		162,562
Auburn University RB, 5.00%, 06/01/20		20		20,128
City of Huntsville AL GO
4.00%, 09/01/20		235		237,844
Series A, 4.00%, 09/01/20		225		227,723
Series A, 5.00%, 08/01/20		40		40,518
State of Alabama GO, Series A, 5.00%, 08/01/20		985		997,755
University of Alabama (The) RB, Series A, 5.00%, 07/01/20		130		131,258

				3,036,552

Alaska — 0.2%
Municipality of Anchorage AK GO
Series B, 5.00%, 09/01/20		25		25,401
Series B, 5.00%, 09/01/20 (NPFGC)		130		132,087
State of Alaska GO
Series A, 4.00%, 08/01/20		370		373,463
Series A, 5.00%, 08/01/20		25		25,316
Series B, 5.00%, 08/01/20		210		212,657

				768,924

Arizona — 5.8%
Arizona Board of Regents COP
Series B, 5.00%, 06/01/20		120		120,750
Series C, 5.00%, 06/01/20		115		115,719
Arizona Department of Transportation State Highway Fund Revenue RB
3.50%, 07/01/20		450		452,673
Series A, 5.00%, 07/01/20		670		676,452
Arizona School Facilities Board COP, Series A, 5.00%, 09/01/20		1,250		1,270,012
Arizona State University COP, 5.00%, 09/01/20		280		284,446
Arizona State University RB
Series A, 5.00%, 07/01/20		425		429,008
Series C, 5.00%, 07/01/20		85		85,802
Arizona Transportation Board RB
4.00%, 07/01/20		520		523,744
5.00%, 07/01/20		480		484,637
Series A, 5.00%, 07/01/20		100		100,963
Series A, 5.00%, 07/01/22 (PR 07/01/20)		1,485		1,499,122
Series A, 5.00%, 07/01/23 (PR 07/01/20)		200		201,902
City of Chandler AZ Water & Sewer Revenue RB, 4.00%, 07/01/20		80		80,578
City of Flagstaff AZ GOL, Series B, 5.00%, 07/01/20		235		237,275
City of Mesa AZ RB, 5.00%, 07/01/20 (AGM)		25		25,235
City of Mesa AZ Utility System Revenue RB
4.00%, 07/01/20		25		25,181
5.00%, 07/01/20 (NPFGC)		75		75,726
City of Peoria AZ GOL, 4.00%, 07/15/20		100		100,836
City of Phoenix AZ GO, 4.00%, 07/01/20		1,450		1,460,469
City of Phoenix AZ GOL, Series C, 4.00%, 07/01/20		200		201,444
City of Phoenix Civic Improvement Corp. RB
3.00%, 07/01/20		60		60,284
4.00%, 07/01/20		110		110,789
5.00%, 07/01/20		2,245		2,266,693


Security	Par (000)		Value

Arizona (continued)
5.25%, 07/01/20 (NPFGC)	$	290	$	292,987
Series A, 3.50%, 07/01/20		160		160,947
Series A, 5.00%, 07/01/20		440		444,244
Series B, 5.00%, 07/01/20		650		656,292
City of Scottsdale AZ GOL, 5.00%, 07/01/20		55		55,532
City of Tempe AZ GO, Series C, 5.00%, 07/01/20		40		40,387
City of Tempe AZ GOL
Series B, 4.00%, 07/01/20		160		161,155
Series B, 5.00%, 07/01/20		170		171,646
Series C, 4.00%, 07/01/20		180		181,300
City of Tucson AZ GOL, Series A, 4.00%, 07/01/20		115		115,817
County of Pima AZ RB, 5.00%, 07/01/20		415		418,988
County of Pima AZ Sewer System Revenue RB
5.00%, 07/01/20		125		126,201
5.00%, 07/01/20 (AGM)		150		151,388
5.00%, 07/01/20 (ETM) (AGM)		215		216,989
Series A, 5.00%, 07/01/20		440		444,228
Series B, 5.00%, 07/01/20		315		318,027
County of Pinal AZ RB, 5.00%, 08/01/20		25		25,320
Maricopa County Community College District GO
3.00%, 07/01/20		175		175,833
Series D, 4.00%, 07/01/20		570		574,115
Maricopa County Unified School District No. 48 Scottsdale GO, 5.00%, 07/01/20		240		242,323
Maricopa County Unified School District No. 80 Chandler GOL, 4.00%, 07/01/20		165		166,191
Maricopa County Union High School District No. 210-Phoenix GO
5.00%, 07/01/20		160		161,540
5.25%, 07/01/20 (AGM)		160		161,640
Pima County Regional Transportation Authority RB, 5.00%, 06/01/20		50		50,320
Scottsdale Municipal Property Corp. RB, 5.00%, 07/01/20		755		762,308
State of Arizona COP, 5.00%, 09/01/20		370		375,861
State of Arizona Lottery Revenue RB, Series A, 5.00%, 07/01/20 (AGM)		80		80,774
University of Arizona (The) RB
5.00%, 08/01/20		50		50,631
Series B, 4.00%, 06/01/20		115		115,531
Series B, 5.00%, 06/01/20		100		100,625
Yavapai County Community College District GOL, 3.00%, 07/01/20		150		150,714

				18,039,594

Arkansas — 0.3%
State of Arkansas GO, 4.00%, 06/15/20		845		850,248


California — 10.7%
91 Express Lanes Toll Road RB, 5.00%, 08/15/20		95		96,375
Acalanes Union High School District GO, 4.00%, 08/01/20		50		50,483
Alameda Unified School District-Alameda County/CA GO, Series A, 0.00%, 08/01/20 (AGM)^(a)		200		199,222
California Educational Facilities Authority RB, 5.25%, 09/01/20 (AMBAC)		85		86,466
California State Public Works Board RB
5.00%, 06/01/20		365		367,325
5.00%, 09/01/20		150		152,413
Series A, 5.00%, 06/01/20		100		100,637
Series A, 5.00%, 09/01/20		470		477,562
Series D, 5.00%, 09/01/20		465		472,482
Series F, 5.00%, 09/01/20		155		157,494


SCHEDULE OF INVESTMENTS			7

Schedule of Investments (continued)

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
Series G, 5.00%, 09/01/20	$	150	$	152,413
Cerritos Community College District GO, Series A, 5.00%, 08/01/20		65		65,842
Chabot-Las Positas Community College District GO, Series A, 4.00%, 08/01/20		115		116,111
Chaffey Community College District GO, Series A, 5.00%, 06/01/20		95		95,610
City & County of San Francisco CA GO
5.00%, 06/15/20		50		50,397
Series R1, 5.00%, 06/15/20		540		544,288
City of Burbank CA Electric Revenue RB, Series A, 5.00%, 06/01/20		145		145,931
City of Los Angeles CA GO
Series A, 5.00%, 09/01/20		80		81,230
Series B, 5.00%, 09/01/20		485		492,459
City of Los Angeles CA Wastewater System Revenue RB
Series A, 4.00%, 06/01/20		130		130,578
Series A, 5.00%, 06/01/20		425		427,584
City of Pasadena CA Electric Revenue RB, Series A, 4.00%, 06/01/20		105		105,503
City of Sacramento CA Water Revenue RB, 5.00%, 09/01/20		180		182,920
City of Santa Clara CA Electric Revenue RB, Series A, 5.00%, 07/01/20		25		25,242
Clovis Unified School District GO, Series A, 0.00%, 08/01/20 (NPFGC)^(a)		100		99,638
Coast Community College District GO
0.00%, 08/01/20 (NPFGC)^(a)		125		124,560
Series A, 5.00%, 08/01/20		60		60,777
Contra Costa Community College District GO, 5.00%, 08/01/20		50		50,648
Corona-Norco Unified School District GO, Series C, 0.00%, 08/01/20 (AGM)^(a)		40		39,837
Desert Community College District GO, 5.00%, 08/01/20		25		25,324
East Bay Municipal Utility District Wastewater System Revenue RB, Series A, 5.00%, 06/01/20		20		20,128
East Bay Municipal Utility District Water System Revenue RB
Series A, 5.00%, 06/01/20		150		150,963
Series B, 4.00%, 06/01/20		140		140,671
East Side Union High School District GO, 4.00%, 08/01/20		215		216,933
El Camino Community College District Foundation (The) GO, 5.00%, 08/01/20		100		101,295
Foothill-De Anza Community College District GO
4.00%, 08/01/20		30		30,290
5.25%, 08/01/20 (NPFGC)		270		273,718
Fremont Unified School District/Alameda County CA GO, Series B, 5.00%, 08/01/20		20		20,253
Fremont Union High School District GO, Series A, 4.00%, 08/01/20		125		126,208
Garden Grove Unified School District GO, Series A, 0.00%, 08/01/20^(a)		25		24,902
Grossmont Union High School District GO, 4.00%, 08/01/20		25		25,242
Huntington Beach Union High School District GO, 5.00%, 08/01/20		130		131,683
Livermore-Amador Valley Water Management Agency RB, 5.00%, 08/01/20		75		75,971
Long Beach Community College District GO, Series B, 4.00%, 08/01/20		25		25,242
Long Beach Unified School District GO, 5.00%, 08/01/20		600		607,668
Los Angeles Community College District/CA GO Series A, 5.00%, 08/01/20		275		278,542


Security	Par (000)		Value

California (continued)
Series C, 5.00%, 08/01/20	$	65	$	65,837
Series F, 5.00%, 08/01/20		280		283,606
Los Angeles County Metropolitan Transportation Authority RB
Series A, 5.00%, 06/01/20		500		503,165
Series A, 5.00%, 07/01/20		555		560,306
Series B, 5.00%, 06/01/20		330		332,089
Series B, 5.00%, 07/01/20		245		247,342
Series C, 5.00%, 07/01/20		40		40,382
Los Angeles County Public Works Financing Authority RB, 5.00%, 08/01/20		270		273,496
Los Angeles Department of Water & Power System Revenue RB
Series A, 4.00%, 07/01/20		175		176,246
Series A, 5.00%, 07/01/20		765		772,329
Series B, 5.00%, 07/01/20		10		10,096
Series C, 4.00%, 07/01/20		200		201,424
Series E, 5.00%, 07/01/20		300		302,874
Los Angeles Department of Water RB
Series A, 5.00%, 07/01/20		495		499,792
Series B, 5.00%, 07/01/20		115		116,113
Los Angeles Unified School District/CA GO
5.00%, 07/01/20		350		353,213
Series A, 4.00%, 07/01/20		280		281,882
Series A, 5.00%, 07/01/20		1,440		1,453,219
Series A-1, 5.00%, 07/01/20		60		60,551
Series A-2, 4.00%, 07/01/20		50		50,336
Series B-1, 5.00%, 07/01/20		700		706,426
Series C, 5.00%, 07/01/20		1,070		1,079,823
Series KRY, 4.00%, 07/01/20		70		70,470
Los Gatos Union School District/CA GO, 4.00%, 08/01/20		45		45,435
Los Rios Community College District GO, 5.00%, 08/01/20		205		207,654
Marin Community College District GO, 4.00%, 08/01/20		150		151,449
Metropolitan Water District of Southern California RB
Series A, 5.00%, 07/01/20		525		530,082
Series C, 5.00%, 07/01/20		40		40,387
Series G, 5.00%, 07/01/20		165		166,597
Milpitas Redevelopment Agency Successor Agency TA, 5.00%, 09/01/20		250		253,960
Morgan Hill Redevelopment Agency Successor Agency TA, Series A, 5.00%, 09/01/20		100		101,622
Mount Diablo Unified School District/CA GO, Series B, 5.00%, 07/01/20		100		100,968
Newport Mesa Unified School District GO, 0.00%, 08/01/20 (NPFGC)^(a)		85		84,697
Oak Grove School District GO, Series B-1, 0.00%, 08/01/20^(a)		75		74,708
Ohlone Community College District GO, 4.00%, 08/01/20		100		100,966
Palm Springs Unified School District GO, 5.00%, 08/01/20		40		40,518
Pasadena Area Community College District GO, Series A, 4.00%, 08/01/20		175		176,690
Poway Unified School District GO, 5.00%, 08/01/20		110		111,425
Riverside County Flood Control & Water Conservation District RB, 5.00%, 09/01/20		75		76,217
Riverside County Transportation Commission RB, Series A, 5.00%, 06/01/20		105		105,674
Roseville Joint Union High School District GO, 4.00%, 08/01/20		100		100,966
Sacramento Municipal Utility District RB
Series B, 5.00%, 08/15/20		225		228,256
Series K, 5.90%, 07/01/20 (AMBAC)		185		187,201
Series X, 5.00%, 08/15/20		215		218,111


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
Series Y, 4.00%, 08/15/20	$	20	$	20,216
Series Y, 5.00%, 08/15/20		40		40,579
San Diego Community College District GO, 5.00%, 08/01/20		215		217,784
San Diego County Regional Airport Authority RB, Series A, 5.00%, 07/01/20		100		100,930
San Diego Public Facilities Financing Authority RB
Series A, 5.00%, 08/01/20		75		75,971
Series A, 5.00%, 09/01/20 (ETM)		110		111,797
San Diego Unified School District/CA GO, Series R-3, 5.00%, 07/01/20		105		106,037
San Francisco Bay Area Rapid Transit District GO, Series C, 5.00%, 08/01/20		140		141,813
San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB, Series A, 4.00%, 07/01/20		185		186,336
San Francisco Unified School District GO, Series E, 5.00%, 06/15/20		250		251,917
San Gabriel Unified School District GO, Series A, 5.00%, 08/01/20		75		75,971
San Jose Evergreen Community College District GO, Series A, 0.00%, 09/01/20 (AMBAC)^(a)		210		209,049
San Jose Financing Authority RB, Series A, 5.00%, 06/01/20		120		120,770
San Mateo County Community College District GO
4.00%, 09/01/20		70		70,847
Series B, 0.00%, 09/01/20 (NPFGC)^(a)		415		413,103
San Mateo Joint Powers Financing Authority RB, 5.00%, 06/15/20		125		125,993
San Mateo Union High School District GO, Series A, 5.00%, 09/01/20		410		416,650
San Ramon Valley Unified School District/CA GO, 4.00%, 08/01/20		325		328,032
Santa Clara Unified School District GO, 5.00%, 07/01/20		50		50,484
Santa Monica Community College District GO, 5.00%, 08/01/20		250		253,237
Santa Monica-Malibu Unified School District GO, 0.00%, 08/01/20 (NPFGC)^(a)		500		498,305
Sequoia Union High School District GO, 4.00%, 07/01/20		50		50,361
Sonoma County Junior College District GO, 4.00%, 08/01/20		110		111,063
Sonoma Valley Unified School District GO, Series B, 5.00%, 08/01/20		245		248,173
South Orange County Public Financing Authority ST, Series A, 5.00%, 08/15/20		75		76,085
Southern California Public Power Authority RB
4.00%, 07/01/20		135		135,948
5.00%, 07/01/20		490		494,645
Series A, 5.00%, 07/01/20		440		444,171
State of California GO 4.00%, 09/01/20		750		759,075
5.00%, 08/01/20		735		744,519
5.00%, 09/01/20		3,430		3,485,635
Series B, 5.00%, 08/01/20		1,675		1,696,691
Series B, 5.00%, 09/01/20		900		914,598
Tamalpais Union High School District GO, 5.00%, 08/01/20		30		30,389
Union Elementary School District GO, Series A, 0.00%, 09/01/20 (NPFGC)^(a)		700		696,710
Ventura County Community College District GO 4.00%, 08/01/20		125		126,208
5.00%, 08/01/20		65		65,842
Whittier Union High School District GO, Series C, 4.00%, 08/01/20		110		111,063


Security	Par (000)		Value

California (continued)
William S Hart Union High School District GO, 4.00%, 09/01/20	$	100	$	101,210
Yosemite Community College District GO, 0.00%, 08/01/20 (AGM)^(a)		165		164,391

				33,244,258

Colorado — 0.5%
City & County of Denver CO GO, Series D, 5.00%, 08/01/20, (ETM)		20		20,261
City & County of Denver Co. GO, Series B, 5.00%, 08/01/20		250		253,195
E-470 Public Highway Authority RB
Series A, 5.00%, 09/01/20		100		101,542
Series B, 0.00%, 09/01/20 (NPFGC)^(a)		150		149,221
Regional Transportation District COP, Series A, 5.00%, 06/01/20		260		261,633
University of Colorado RB
Series A, 5.00%, 06/01/20		260		261,656
Series B, 5.00%, 06/01/20		505		508,217


			1,555,725

Connecticut — 1.7%
Connecticut State Health & Educational Facilities Authority RB
Series B-1, 5.00%, 07/01/29 (Put 07/01/20)^(b)(c)		635		640,956
Series B-2, 5.00%, 07/01/37 (Put 07/01/20)^(b)(c)		995		1,004,333
State of Connecticut Clean Water Fund - State Revolving Fund RB, Series B, 5.00%, 07/01/20		295		297,856
State of Connecticut GO 5.00%, 06/15/20		380		382,679
Series B, 5.25%, 06/01/20 (AMBAC)		510		513,111
Series C, 5.00%, 06/01/20		820		824,674
Series D, 5.00%, 06/15/20		205		206,445
Series E, 5.00%, 08/15/20		100		101,286
Series E, 5.00%, 09/01/20		200		202,882
State of Connecticut Special Tax Revenue RB
Series A, 5.00%, 08/01/20		455		460,233
Series A, 5.00%, 09/01/20		155		157,234
Series B, 5.00%, 09/01/20		335		339,827
Town of Darien CT GO, 4.00%, 08/01/20		40		40,386
University of Connecticut RB, Series A, 5.00%, 08/15/20		95		96,315

				5,268,217

Delaware — 1.3%
County of New Castle DE GO
Series A, 5.00%, 07/15/20		375		379,204
Series B, 5.00%, 07/15/20		130		131,457
Delaware Transportation Authority RB 5.00%, 07/01/20		655		661,091
5.00%, 09/01/20		160		162,528
Series 2014, 5.00%, 07/01/20		350		353,255
State of Delaware GO 5.00%, 07/01/20		95		95,920
Series A, 4.00%, 08/01/20		150		151,449
Series A, 5.00%, 07/01/20		100		100,968
Series B, 5.00%, 07/01/20		2,000		2,019,360

				4,055,232

District of Columbia — 0.6%
District of Columbia GO 5.00%, 06/01/20		1,050		1,056,720
Series B, 5.25%, 06/01/20 (AGM-CR, SGI)		305		307,077
Series E, 5.00%, 06/01/20		410		412,624


SCHEDULE OF INVESTMENTS			9

Schedule of Investments (continued)

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

District of Columbia (continued)
Washington Metropolitan Area Transit Authority RB, 5.00%, 07/01/20	$	100	$	100,958

				1,877,379

Florida — 7.0%
Board of Governors State University System of Florida RB, Series A, 5.00%, 07/01/20		1,000		1,009,660
County of Hillsborough FL RB, 5.00%, 08/01/20		175		177,119
County of Miami-Dade FL GO 4.00%, 07/01/20		165		166,068
5.00%, 07/01/20		130		131,258
Series A, 5.00%, 07/01/20		760		767,357
Series B, 5.00%, 07/01/20		205		206,984
County of Miami-Dade FL Transit System RB, 5.00%, 07/01/20		405		408,920
County of Palm Beach FL GO 5.00%, 07/01/20		110		111,065
5.00%, 08/01/20		200		202,590
County of Palm Beach FL RB 4.00%, 06/01/20		125		125,599
5.00%, 06/01/20		465		467,985
Florida Department of Environmental Protection RB
Series A, 5.00%, 07/01/20		825		832,986
Series B, 5.00%, 07/01/20		240		242,323
Florida Department of Management Services RB, 5.00%, 09/01/20		100		101,622
Florida Water Pollution Control Financing Corp. RB, Series A, 5.00%, 07/15/20		370		374,177
Hillsborough County School Board COP, Series A, 5.00%, 07/01/20		305		307,916
Jacksonville Transportation Authority RB, 5.00%, 08/01/20		250		253,238
Lee County School Board (The) COP, 5.00%, 08/01/20		80		81,022
Leon County School District RB, 5.00%, 09/01/20		325		330,203
Miami-Dade County Expressway Authority RB, Series A, 5.00%, 07/01/20		545		549,785
Orange County School Board COP, Series D, 5.00%, 08/01/20		480		486,182
Orlando-Orange County Expressway Authority RB 5.00%, 07/01/20		335		338,176
Series B, 5.00%, 07/01/20		295		297,797
Palm Beach County School District COP
Series A, 5.00%, 08/01/20		325		329,154
Series B, 5.00%, 08/01/20		265		268,342
Series C, 5.00%, 08/01/20		210		212,648
Series D, 5.00%, 08/01/20		140		141,765
Pasco County School Board COP 5.00%, 08/01/20		200		202,522
Series A, 5.00%, 08/01/20		75		75,946
Reedy Creek Improvement District GOL 5.00%, 06/01/20		175		176,108
Series A, 5.00%, 06/01/20		865		870,476
Series B, 4.00%, 06/01/20		200		200,940
School District of Broward County/FL COP
Series A, 5.00%, 07/01/20		525		530,019
Series B, 5.00%, 07/01/20		460		464,398
Seminole County School Board COP, Series A, 5.00%, 07/01/20		50		50,478
St. Johns County School Board COP, 5.00%, 07/01/20		45		45,430
State of Florida Department of Transportation RB, 5.00%, 07/01/20		60		60,581


Security	Par (000)		Value

Florida (continued)
State of Florida Department of Transportation Turnpike System Revenue RB
Series A, 5.00%, 07/01/20	$	1,880	$	1,898,198
Series B, 5.00%, 07/01/20		470		474,550
Series C, 5.00%, 07/01/20		175		176,694
State of Florida GO
5.00%, 06/01/20		385		387,452
5.00%, 07/01/20		1,090		1,100,605
Series A, 5.00%, 06/01/20		920		925,860
Series A, 5.00%, 07/01/20		30		30,292
Series B, 4.00%, 07/01/20		175		176,272
Series B, 5.00%, 06/01/20		1,995		2,007,709
Series D, 5.00%, 06/01/20		530		533,376
Series H, 5.00%, 06/01/20		80		80,510
State of Florida Lottery Revenue RB
Series A, 5.00%, 07/01/20		835		843,024
Series E, 5.00%, 07/01/20		1,075		1,085,331
Series F, 5.00%, 07/01/20		485		489,661
Volusia County School Board COP, Series B, 5.00%, 08/01/20		85		86,086

				21,894,459

Georgia — 2.1%
Georgia State Road & Tollway Authority RB, Series B, 5.00%, 06/01/20		120		120,740
Gwinnett County School District GO 5.00%, 08/01/20		630		638,266
5.00%, 08/01/20 (ETM)		390		395,023
Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/20		325		329,209
Henry County School District GO, 5.00%, 08/01/20 (SAW)		35		35,451
Metropolitan Atlanta Rapid Transit Authority RB
Series A, 5.00%, 07/01/20		350		353,388
Series A, 5.00%, 07/01/20 (NPFGC)		265		267,565
State of Georgia GO 5.00%, 07/01/20		600		605,808
Series A, 5.00%, 07/01/20		1,900		1,918,392
Series I, 5.00%, 07/01/20		1,880		1,898,198

				6,562,040

Hawaii — 1.6%
City & County Honolulu HI Wastewater System Revenue RB, 3.00%, 07/01/20		190		190,904
City & County of Honolulu HI GO 5.00%, 09/01/20		85		86,379
Series A, 4.00%, 08/01/20		175		176,691
Series A, 4.00%, 08/01/20 (ETM)		30		30,283
Series B, 5.00%, 08/01/20		1,105		1,119,310
City & County of Honolulu HI Wastewater System Revenue RB, Series 2012B, 5.00%, 07/01/20		1,290		1,302,487
County of Hawaii HI GO, Series C, 5.00%, 09/01/20		15		15,243
County of Maui HI GO, 5.00%, 09/01/20		210		213,406
State of Hawaii Airports System Revenue RB, 5.25%, 07/01/20		200		202,060
State of Hawaii GO
Series EH, 5.00%, 08/01/20		790		800,231
Series EO, 5.00%, 08/01/20		440		445,698
Series EP, 5.00%, 08/01/20		340		344,403

				4,927,095

Idaho — 0.1%
Canyon County School District No. 131 Nampa GO, 4.00%, 08/15/20 (GTD)		115		116,233


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Idaho (continued)
Idaho Housing & Finance Association RB, 5.00%, 07/15/20	$	210	$	212,280

				328,513

Illinois — 0.9%
Chicago Transit Authority RB, 5.00%, 06/01/20		200		201,132
Regional Transportation Authority RB
Series A, 5.50%, 07/01/20 (NPFGC)		40		40,419
Series A, 6.00%, 07/01/20 (NPFGC)		60		60,703
State of Illinois GO
4.00%, 09/01/20		175		175,269
5.00%, 07/01/20		775		777,550
5.00%, 08/01/20		195		195,866
5.00%, 08/01/20 (AGM)		50		50,266
State of Illinois RB
4.00%, 06/15/20		235		235,992
5.00%, 06/15/20		945		950,887
Second Series, 5.75%, 06/15/20 (NPFGC)		160		161,237

				2,849,321

Indiana — 1.0%
Ball State University RB
Series Q, 5.00%, 07/01/20		125		126,195
Series R, 5.00%, 07/01/20		275		277,629
City of Indianapolis Department of Public Utilities Gas Utility Revenue RB, Series C, 5.25%, 06/01/20 (AGC)		105		105,708
Indiana Finance Authority RB
5.25%, 07/01/20		215		217,208
Series C, 5.00%, 07/01/20		275		277,656
Series I, 5.00%, 07/01/20		25		25,242
Indiana University RB
Series A, 5.00%, 06/01/20		440		442,816
Series U, 5.00%, 08/01/20		65		65,840
Series V-1, 5.00%, 08/01/20		45		45,581
Series W-2, 5.00%, 08/01/20		365		369,716
Indianapolis Local Public Improvement Bond Bank RB
Series D, 5.00%, 06/01/20		50		50,317
Series K, 5.00%, 06/01/20		190		191,187
Purdue University RB
Series A, 4.00%, 07/01/20		500		503,610
Series A, 5.00%, 07/01/20		220		222,130
Series AA, 4.00%, 07/01/20		50		50,361
Series Y, 5.00%, 07/01/20		130		131,258
Series Z-1, 5.00%, 07/01/20		125		126,210

				3,228,664

Iowa — 0.8%
City of Cedar Rapids IA GO, Series A, 5.00%, 06/01/20		715		719,576
Iowa City Community School District RB, 5.00%, 06/01/20		75		75,469
Iowa Finance Authority RB
5.00%, 08/01/20		115		116,486
Series A, 5.00%, 08/01/20		915		926,822
State of Iowa RB
4.00%, 06/15/20		205		206,209
4.50%, 06/15/22 (PR 06/15/20)		100		100,701
5.00%, 06/15/20		235		236,861
Series A, 5.00%, 06/01/20		250		251,600

				2,633,724

Kansas — 1.0%
City of Topeka KS GO, Series A, 5.00%, 08/15/20		50		50,724
City of Wichita KS GO
Series 811, 5.00%, 06/01/20		145		145,931
Series A, 4.00%, 09/01/20		55		55,666


Security	Par (000)		Value

Kansas (continued)
Johnson County Unified School District No. 232 De Soto GO
Series A, 5.00%, 09/01/20	$	210	$	213,388
Series B, 5.00%, 09/01/20		150		152,419
Johnson County Unified School District No. 233 Olathe GO, Series C, 5.00%, 09/01/20		100		101,613
Kansas Turnpike Authority RB, Series A, 5.00%, 09/01/20		25		25,400
State of Kansas Department of Transportation RB
Series A, 3.13%, 09/01/20		10		10,084
Series A, 5.00%, 09/01/20		500		508,065
Series C, 5.00%, 09/01/20		1,395		1,417,501
Wyandotte County Unified School District No. 500 Kansas City GO
4.00%, 09/01/20		250		252,972
5.25%, 09/01/20 (AGM)		75		76,278

				3,010,041

Kentucky — 0.1%
Kentucky State Property & Building Commission RB
4.00%, 08/01/20		60		60,542
5.00%, 08/01/20		55		55,677
5.50%, 08/01/20 (AMBAC)		10		10,140
Kentucky Turnpike Authority RB, Series A, 5.00%, 07/01/20		205		206,892

				333,251

Louisiana — 1.1%
Louisiana State Citizens Property Insurance Corp. RB, 5.00%, 06/01/20		105		105,644
St. Tammany Parish Sales Tax District No. 3 RB, 4.00%, 06/01/20		105		105,503
State of Louisiana GO
Series A, 5.00%, 08/01/20		250		253,127
Series A, 5.00%, 09/01/20		1,000		1,015,670
Series A, 5.00%, 09/01/23 (PR 09/01/20)		1,000		1,014,660
Series A, 5.00%, 09/01/28 (PR 09/01/20)		100		101,466
Series C, 4.00%, 07/15/20		140		141,117
Series C, 5.00%, 07/15/20		430		434,657
Series C, 5.00%, 08/01/20		100		101,251
State of Louisiana RB, Series A, 5.00%, 06/15/20		255		256,971

				3,530,066

Maine — 0.2%
Maine Municipal Bond Bank RB, Series A, 5.00%, 09/01/20		85		86,335
Maine Turnpike Authority RB, 5.00%, 07/01/20		165		166,556
State of Maine GO, Series B, 4.00%, 06/01/20		410		411,964

				664,855

Maryland — 4.8%
City of Baltimore MD RB
5.00%, 07/01/20		150		151,434
Series D, 5.00%, 07/01/20		700		706,776
City of Frederick MD GO, 5.00%, 09/01/20		700		711,354
County of Baltimore MD GO
5.00%, 08/01/20		1,015		1,028,144
Series B, 5.00%, 08/01/20		125		126,619
County of Frederick MD GO, 4.00%, 08/01/20		25		25,242
County of Montgomery MD GO
5.00%, 07/01/20		750		757,260
Series A, 5.00%, 07/01/20		1,095		1,105,600
Series A, 5.00%, 08/01/20		200		202,590
County of Prince George’s MD GOL, Series B, 4.00%, 07/15/20		420		423,511


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (continued)

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Maryland (continued)
Maryland State Transportation Authority RB
5.00%, 07/01/20	$	165	$	166,597
Series A, 5.00%, 07/01/20		280		282,710
State of Maryland Department of Transportation RB
5.00%, 06/01/20		95		95,610
5.00%, 09/01/20		1,375		1,397,302
State of Maryland GO
Second Series E, 4.50%, 08/01/20		1,520		1,537,176
Series A, 5.00%, 08/01/20		355		359,598
Series B, 5.00%, 08/01/20		2,240		2,269,008
Series C, 5.00%, 08/01/20		1,750		1,772,662
Washington Suburban Sanitary Commission GO
5.00%, 06/01/20		1,385		1,393,892
Second Series, 5.00%, 06/01/20		350		352,247
Series A, 4.00%, 06/01/20		175		175,838

				15,041,170

Massachusetts — 5.0%
Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue RB, Series A, 5.00%, 06/15/20		1,260		1,270,004
Commonwealth of Massachusetts GOL
Series A, 5.25%, 08/01/20		405		410,589
Series A, 5.25%, 08/01/20 (AGM)		550		557,590
Series B, 3.00%, 08/01/20		100		100,641
Series B, 4.00%, 08/01/20		50		50,485
Series B, 4.00%, 06/01/28 (PR 06/01/20)		350		351,698
Series B, 5.00%, 07/01/20		165		166,602
Series B, 5.00%, 08/01/20		200		202,596
Series B, 5.00%, 06/01/25 (PR 06/01/20)		2,430		2,445,722
Series B, 5.00%, 08/01/25 (PR 08/01/20)		135		136,625
Series B, 5.25%, 08/01/20		895		907,351
Series B, 5.25%, 09/01/20 (AGM)		160		162,766
Series C, 5.00%, 07/01/20		40		40,388
Series C, 5.00%, 08/01/20		1,380		1,397,912
Series D, 1.05%, 08/01/43 (Put 07/01/20)^(b)(c)		700		699,804
Series D, 5.50%, 08/01/20		20		20,293
Series E, 5.00%, 09/01/20		445		452,236
Massachusetts Bay Transportation Authority RB
Series A, 5.25%, 07/01/20		315		318,204
Series B, 5.25%, 07/01/20		1,915		1,934,476
Series C, 5.50%, 07/01/20		55		55,593
Massachusetts Clean Water Trust (The) RB
5.00%, 08/01/20		490		496,346
5.25%, 08/01/20		290		293,993
Series 15A, 5.00%, 08/01/20		450		455,828
Massachusetts Port Authority RB, Series C, 5.00%, 07/01/20		45		45,436
Massachusetts School Building Authority RB
Series B, 4.00%, 08/15/20		345		348,726
Series B, 5.00%, 08/15/20		920		933,312
Series B, 5.00%, 08/15/20 (ETM)		140		141,989
Series C, 5.00%, 08/15/20 (ETM)		405		410,909
Massachusetts Water Resources Authority RB
Series A, 4.00%, 08/01/20 (ETM)		35		35,337
Series J, 5.50%, 08/01/20 (AGM)		665		674,702
Series J, 5.50%, 08/01/20 (ETM) (AGM)		110		111,613

				15,629,766

Michigan — 0.1%
Michigan State University RB, Series A, 5.00%, 08/15/20		205		207,936


Security	Par (000)		Value

Minnesota — 2.1%
Metropolitan Council GO
Series B, 5.00%, 09/01/20	$	100	$	101,622
Series D, 5.00%, 09/01/20		125		127,028
Series E, 5.00%, 09/01/20		250		254,055
State of Minnesota GO
5.00%, 08/01/20		635		643,287
5.00%, 08/01/20 (ETM)		5		5,064
Series A, 5.00%, 08/01/20		455		460,939
Series B, 4.00%, 08/01/20		225		227,196
Series B, 5.00%, 08/01/20		1,585		1,605,684
Series D, 5.00%, 08/01/20		1,570		1,590,488
Series D, 5.00%, 08/01/20 (ETM)		10		10,129
Series E, 5.00%, 08/01/20		250		253,262
State of Minnesota RB, Series A, 5.00%, 06/01/20		485		488,138
University of Minnesota RB
4.00%, 08/01/20		170		171,637
5.00%, 08/01/20		120		121,550
Series A, 5.00%, 09/01/20		500		508,090

				6,568,169

Missouri — 0.4%
Missouri State Environmental Improvement & Energy Resources Authority RB
4.00%, 07/01/20		75		75,541
5.00%, 07/01/20		1,145		1,156,084

				1,231,625

Montana — 0.0%
Montana Department of Transportation RB, 3.00%, 06/01/20		20		20,057
State of Montana GO, 5.00%, 08/01/20		100		101,295

				121,352

Nebraska — 0.5%
City of Lincoln NE Electric System Revenue RB, Series A, 5.00%, 09/01/20		865		879,031
Douglas County School District No. 17/NE GO
4.00%, 06/15/20		100		100,582
Series B, 5.00%, 06/15/20		100		100,784
Nebraska Public Power District RB, 5.00%, 07/01/20		430		434,304
University of Nebraska RB, 5.00%, 07/01/20		50		50,488

				1,565,189

Nevada — 2.5%
City of Las Vegas NV GOL
5.00%, 09/01/20		50		50,811
Series A, 5.00%, 06/01/20		100		100,642
Clark County School District GOL
Series A, 5.00%, 06/15/20		420		423,146
Series B, 5.00%, 06/15/20		1,565		1,576,721
Series D, 5.00%, 06/15/20		200		201,498
Clark County Water Reclamation District GOL, 5.00%, 07/01/20		165		166,597
County of Clark Department of Aviation RB, 5.00%, 07/01/20		80		80,642
County of Clark NV GOL, 5.00%, 06/01/20		205		206,302
County of Clark NV Passenger Facility Charge Revenue RB, Series C, 5.00%, 07/01/20		160		161,283
County of Clark NV RB
5.00%, 07/01/20		1,655		1,670,677
Series B, 5.00%, 07/01/20		120		121,150
Las Vegas Valley Water District GOL
Series A, 4.00%, 06/01/20		160		160,739
Series A, 5.00%, 06/01/20		260		261,573
Series B, 5.00%, 06/01/20		135		135,817


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Nevada (continued)
Nevada System of Higher Education RB
Series A, 5.00%, 07/01/20	$	405	$	408,839
Series B, 4.00%, 07/01/20		500		503,510
State of Nevada GOL
5.00%, 06/01/20		335		337,167
5.00%, 08/01/20		580		587,569
Series B, 5.00%, 08/01/20		30		30,392
Series C, 5.00%, 06/01/20		325		327,103
Series C, 5.00%, 08/01/20		95		96,240
Washoe County School District/NV GOL, Series F, 5.00%, 06/01/20		50		50,302

				7,658,720

New Hampshire — 0.5%
New Hampshire Health and Education Facilities Authority Act RB, 5.00%, 07/01/20		165		166,577
New Hampshire Municipal Bond Bank RB
Series A, 5.00%, 08/15/20		350		355,002
Series B, 5.00%, 08/15/20		115		116,664
Series C, 5.25%, 08/15/20		185		187,847
State of New Hampshire GO
Series A, 3.50%, 07/01/20		140		140,839
Series A, 5.00%, 07/01/20		100		100,968
Series B, 5.00%, 06/01/20		235		236,509
State of New Hampshire RB, 5.00%, 09/01/20		210		213,263

				1,517,669

New Jersey — 2.0%
New Jersey Building Authority RB
Series A, 3.00%, 06/15/20		20		20,013
Series A, 3.00%, 06/15/20 (ETM)		5		5,018
Series A, 5.00%, 06/15/20		355		356,647
New Jersey Economic Development Authority RB
5.00%, 06/15/20		30		30,186
5.00%, 09/01/20		100		100,953
5.00%, 09/01/20 (ETM)		230		233,758
Series A, 5.00%, 06/15/20		250		251,160
Series DDD, 5.00%, 06/15/20		280		281,299
Series EE, 4.50%, 09/01/20		65		65,931
Series XX, 5.00%, 06/15/20		455		457,111
New Jersey Educational Facilities Authority RB
5.00%, 06/01/20		85		85,319
5.00%, 09/01/20		30		30,286
Series A, 5.00%, 07/01/20		25		25,242
New Jersey Transportation Trust Fund Authority RB
Series A, 4.00%, 06/15/20		75		75,198
Series A, 5.00%, 06/15/20		550		552,552
Series A-1, 5.00%, 06/15/20		450		451,755
Series AA, 5.00%, 06/15/20		1,155		1,160,359
Series B, 5.00%, 06/15/20		685		688,178
State of New Jersey GO
5.00%, 06/01/20		340		342,102
5.25%, 08/01/20		20		20,266
Series Q, 4.00%, 08/15/20		475		479,883
Series Q, 5.00%, 08/15/20		650		659,068

				6,372,284

New Mexico — 1.2%
Albuquerque Bernalillo County Water Utility Authority RB, 5.00%, 07/01/20		75		75,722
New Mexico Finance Authority RB 4.00%, 06/15/20		245		246,450


Security	Par (000)		Value

New Mexico (continued)
Series A, 5.00%, 06/15/20	$	35	$	35,278
Series B, 5.00%, 06/01/20		65		65,417
Series B, 5.00%, 06/15/20		1,060		1,068,417
Series D, 5.00%, 06/01/20		300		301,926
State of New Mexico Severance Tax Permanent Fund RB
Series A, 5.00%, 07/01/20		1,310		1,322,785
Series B, 4.00%, 07/01/20		350		352,510
University of New Mexico (The) RB, Series C, 5.00%, 06/01/20		115		115,728

				3,584,233

New York — 7.2%
City of New York NY GO
5.00%, 08/01/20		210		212,690
Series 1, 4.00%, 08/01/20		145		146,382
Series A, 5.00%, 08/01/20		1,310		1,326,782
Series B, 0.00%, 06/01/20^(a)		70		69,863
Series B, 3.00%, 08/01/20		255		256,591
Series B, 4.00%, 08/01/20		275		277,621
Series B, 5.00%, 08/01/20		2,725		2,759,907
Series C, 3.00%, 08/01/20		25		25,156
Series C, 5.00%, 08/01/20		845		855,825
Series D, 5.00%, 08/01/20		470		476,021
Series E, 4.00%, 08/01/20		270		272,574
Series E, 5.00%, 08/01/20		500		506,405
Series F, 4.00%, 08/01/20		170		171,620
Series F, 5.00%, 08/01/20		650		658,326
Series G, 4.00%, 08/01/20		150		151,429
Series G, 5.00%, 08/01/20		770		779,864
Series H, 5.00%, 08/01/20		435		440,572
Series H-2, 5.00%, 06/01/20		230		231,460
Series I, 3.50%, 08/01/20		50		50,394
Series J, 5.00%, 08/01/20		2,990		3,028,302
Series J7, 5.00%, 08/01/20		275		278,523
Series K, 5.00%, 08/01/20		325		329,163
Subseries 1, 5.00%, 08/01/20		120		121,537
Subseries 1, 5.00%, 08/01/20 (ETM)		5		5,064
Subseries I-1, 5.00%, 08/01/20		5		5,064
Subseries I-1, 5.00%, 08/01/20 (ETM)		155		156,981
County of Orange NY GOL, Series B, 4.00%, 07/01/20		35		35,253
East Islip Union Free School District GO, Series A, 5.00%, 06/15/20 (SAW)		175		176,389
Long Island Power Authority RB, 0.00%, 06/01/20 (AGM)^(a)		100		99,794
New York City Transitional Finance Authority Building Aid Revenue RB
Series S-1, 4.00%, 07/15/20 (SAW)		100		100,824
Series S-1, 4.00%, 07/15/20 (ETM) (SAW)		215		216,834
Series S-1, 5.00%, 07/15/20 (SAW)		410		414,535
Series S-1, 5.00%, 07/15/20 (ETM) (SAW)		365		369,092
Series S-1A, 3.00%, 07/15/20 (ETM) (SAW)		45		45,236
Series S-1A, 5.00%, 07/15/20 (ETM) (SAW)		275		277,802
Series S-2, 4.00%, 07/15/20 (SAW)		225		226,854
New York City Transitional Finance Authority Future Tax Secured Revenue RB
Series A-1, 5.00%, 08/01/20		335		339,134
Series B, 5.00%, 08/01/20		400		404,936
Series B, 5.00%, 08/01/20 (ETM)		85		86,101
New York City Water & Sewer System RB
Series D, 0.00%, 06/15/20^(a)		220		219,421
Series EE, 4.00%, 06/15/20		25		25,148
Series FF, 5.00%, 06/15/20		260		262,064


SCHEDULE OF INVESTMENTS			13

Schedule of Investments (continued)

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
Series GG, 4.00%, 06/15/20	$	310	$	311,835
Series GG, 5.00%, 06/15/20		260		262,064
New York State Dormitory Authority RB
5.00%, 07/01/20 (SAP)		510		514,937
Series A, 4.00%, 07/01/20		25		25,181
Series A, 4.13%, 07/01/20		230		231,732
Series A, 5.00%, 07/01/20		1,115		1,125,793
Series A, 5.50%, 07/01/20 (NPFGC)		195		197,127
Series C, 5.00%, 06/15/20		105		105,795
New York State Environmental Facilities Corp. RB
4.00%, 06/15/20		190		191,102
5.00%, 06/15/20		740		745,787
Series A, 3.50%, 06/15/20		110		110,527
Series A, 5.00%, 06/15/20		720		725,630
Series A, 5.00%, 08/15/20		165		167,351
Series B, 5.00%, 08/15/20		120		121,710
Series D, 5.00%, 06/15/20		125		125,977
North Colonie Central School District GO, 4.00%, 07/15/20 (SAW)		100		100,822
Port Authority of New York & New Jersey RB
3.00%, 07/15/20		75		75,413
5.00%, 07/15/20		100		101,121
Series 180, 5.00%, 06/01/20		350		352,247
Suffolk County Water Authority RB, 5.00%, 06/01/20, (ETM)		20		20,130
Town of Hempstead NY GOL, 5.00%, 08/15/20		65		65,941

				22,571,755

North Carolina — 2.5%
City of Charlotte NC Airport Special Facilities Revenue RB
Series A, 5.00%, 07/01/20		270		272,608
Series C, 5.00%, 07/01/20		155		156,497
City of Charlotte NC GO
5.00%, 08/01/20		290		293,756
Series A, 5.00%, 07/01/20		615		620,953
Series C, 5.00%, 06/01/20		25		25,161
City of Charlotte NC Water & Sewer System Revenue RB
5.00%, 07/01/20		1,225		1,236,858
Series B, 5.00%, 07/01/20		90		90,871
City of Durham NC GO, 5.00%, 09/01/20		215		218,487
City of Greensboro NC Combined Water & Sewer System Revenue RB, 5.25%, 06/01/20		595		599,040
City of Raleigh NC GO, Series A, 5.00%, 09/01/20		225		228,650
City of Winston-Salem NC GO, Series 2010B, 4.00%, 06/01/20		50		50,240
City of Winston-Salem NC Water & Sewer System Revenue RB, Series A, 5.00%, 06/01/20		50		50,321
County of Buncombe NC RB, Series A, 5.00%, 06/01/20		205		206,315
County of Forsyth NC GO, Series E, 4.00%, 07/01/20		210		211,516
County of Guilford NC GO, Series D, 5.00%, 08/01/20		300		303,885
County of Mecklenburg NC GO, Series A, 5.00%, 09/01/20		1,575		1,600,546
County of New Hanover NC GO, Series A, 5.00%, 06/01/20		25		25,161
County of Onslow NC RB, 5.00%, 06/01/20		60		60,385
County of Wake NC GO, 5.00%, 09/01/20		80		81,298
State of North Carolina GO
Series A, 5.00%, 06/01/20		50		50,321
Series B, 5.00%, 06/01/20		775		779,975
Series D, 4.00%, 06/01/20		585		587,802

				7,750,646


Security	Par (000)		Value

Ohio — 2.5%
City of Columbus OH GO
Series 1, 5.00%, 07/01/20	$	325	$	328,162
Series A, 5.00%, 07/01/20		120		121,168
Series A, 5.00%, 08/15/20		260		263,783
City of Columbus OH GOL
4.00%, 08/15/20		225		227,446
5.00%, 08/15/20		50		50,728
Cleveland State University RB, 5.00%, 06/01/20		125		125,781
County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/20		250		251,605
Miami University/Oxford OH RB, 5.00%, 09/01/20		750		762,007
Ohio State University (The) RB
Series A, 4.00%, 06/01/20		130		130,623
Series A, 5.00%, 06/01/20		185		186,188
Series B, 5.00%, 06/01/20		95		95,610
Ohio State Water Development Authority RB
5.00%, 06/01/20		335		337,137
Series A, 5.00%, 06/01/20		360		362,297
Ohio Water Development Authority RB
4.00%, 06/01/20		225		226,069
Series C, 5.00%, 06/01/20		70		70,447
Ohio Water Development Authority Water Pollution Control Loan Fund RB
5.00%, 06/01/20		100		100,638
Series 2015A, 5.00%, 06/01/20		125		125,798
State of Ohio Department of Administration COP, 5.00%, 09/01/20		120		121,942
State of Ohio GO
5.00%, 08/01/20		160		162,056
5.00%, 09/01/20		450		457,240
Series A, 5.00%, 09/01/20		925		939,883
Series B, 4.00%, 08/01/20		180		181,721
Series B, 5.00%, 08/01/20		455		460,846
Series B, 5.00%, 09/01/20		100		101,609
Series C, 5.00%, 08/01/20		1,245		1,260,998
University of Cincinnati RB
Series A, 5.00%, 06/01/20		85		85,538
Series F, 5.00%, 06/01/20		125		125,791

				7,663,111

Oklahoma — 0.6%
Grand River Dam Authority RB
Series A, 4.00%, 06/01/20		30		30,141
Series A, 5.00%, 06/01/20		525		528,318
Oklahoma Capitol Improvement Authority RB 4.00%, 07/01/20		200		201,394
Series A, 3.00%, 07/01/20		140		140,631
Series A, 4.00%, 07/01/20		160		161,115
Series A, 5.00%, 07/01/20		450		454,244
Series B, 3.00%, 07/01/20		100		100,451
Oklahoma City Water Utilities Trust RB, 4.00%, 07/01/20		215		216,552
Tulsa County Industrial Authority RB, 4.00%, 09/01/20		20		20,234

				1,853,080

Oregon — 1.3%
City of Portland OR Sewer System Revenue RB
Series A, 5.00%, 06/01/20		160		161,027
Series A, 5.00%, 08/01/20		570		577,381
City of Tigard OR Water Revenue RB, 4.00%, 08/01/20		110		111,044
Clackamas County School District No. 12 North Clackamas GO, 5.00%, 06/15/20 (GTD)		350		352,765


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oregon (continued)
Deschutes County Administrative School District No. 1 Bend-La Pine GO, 5.00%, 06/15/20 (GTD)	$	55	$	55,435
Metro/OR GO
5.00%, 06/01/20		530		533,403
Series A, 5.00%, 06/01/20		160		161,027
Port of Portland OR Airport Revenue RB, Series 23, 5.00%, 07/01/20		150		151,452
Portland Community College District GO, 5.00%, 06/15/20		645		650,121
State of Oregon GO
Series A, 4.00%, 08/01/20		240		242,326
Series C, 5.00%, 06/01/20		325		327,090
Series N, 5.00%, 08/01/20		35		35,454
Washington & Multnomah Counties School District No. 48J Beaverton GO
4.00%, 06/15/20 (GTD)		185		186,088
Series B, 4.00%, 06/15/20 (GTD)		175		176,029
Washington Clackamas & Yamhill Counties School District No. 88J GO, 5.00%, 06/15/20 (GTD)		235		236,842

				3,957,484

Pennsylvania — 2.0%
City of Philadelphia PA Airport Revenue RB, Series A, 5.00%, 06/15/20		55		55,391
City of Philadelphia PA GO, Series A, 5.00%, 07/15/20		110		111,175
City of Philadelphia PA Water & Wastewater Revenue RB, Series A, 5.00%, 07/01/20		150		151,305
City of Pittsburgh PA GO, Series A, 5.00%, 09/01/20		300		304,752
Commonwealth of Pennsylvania GO
5.38%, 07/01/20 (AGM)		300		303,054
First Series, 5.00%, 06/01/20		370		372,268
First Series, 5.00%, 07/01/20		1,005		1,014,296
Second Series, 5.00%, 07/01/20		1,350		1,362,487
Series T, 5.00%, 07/01/20		170		171,573
County of Bucks PA GO, 5.00%, 06/01/20		500		503,210
County of Butler PA GO, 5.00%, 07/15/20		150		151,659
County of Chester PA GO, 5.00%, 07/15/20		650		657,286
Delaware County Authority RB, 5.00%, 08/01/20		330		334,217
Delaware River Joint Toll Bridge Commission RB, 5.00%, 07/01/20		20		20,192
Pennsylvania Higher Educational Facilities Authority RB, Series AL, 5.00%, 06/15/20		50		50,330
Pennsylvania Intergovernmental Cooperation Authority ST, 5.00%, 06/15/20		235		236,833
Pennsylvania Turnpike Commission RB, Series A, 5.25%, 07/15/20 (AGM)		25		25,298
Pittsburgh Water & Sewer Authority RB, Series A, 5.00%, 09/01/20 (AGM)		245		248,891

				6,074,217

Rhode Island — 0.7%
Rhode Island Commerce Corp. RB, 5.00%, 06/15/20		710		715,552
Rhode Island Health & Educational Building Corp. RB
5.00%, 09/01/20		350		355,677
Series A, 4.50%, 09/01/20		210		212,974
State of Rhode Island GO
5.00%, 08/01/20		450		455,782
Series D, 5.00%, 08/01/20		210		212,699
Series SE, 5.00%, 08/01/20		100		101,285

				2,053,969


Security	Par (000)		Value

South Carolina — 0.6%
State of South Carolina GO
Series A, 5.00%, 06/01/20	$	150	$	150,963
Series A, 5.00%, 07/01/20 (SAW)		140		141,355
Series A, 5.00%, 08/01/20 (SAW)		1,500		1,519,425
Series F, 5.00%, 06/01/20 (SAW)		90		90,578

				1,902,321

Tennessee — 1.5%
City of Memphis TN GO, Series D, 4.00%, 07/01/20		50		50,361
County of Blount TN GO, 4.00%, 06/01/20		265		266,269
County of Knox TN GO, 5.00%, 06/01/20		225		226,436
County of Sumner TN GO, 5.00%, 06/01/20		145		145,931
Metropolitan Government of Nashville & Davidson County Sports Authority RB, Series A, 5.00%, 07/01/20		50		50,478
Metropolitan Government of Nashville & Davidson County TN GO
5.00%, 07/01/20		1,175		1,186,374
Series A, 4.00%, 07/01/20		310		312,238
Series A, 5.00%, 07/01/20		240		242,323
Series C, 5.00%, 07/01/20		75		75,726
Series D, 5.00%, 07/01/20		355		358,436
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB
5.00%, 07/01/20		235		237,247
Series A, 4.00%, 07/01/20		125		125,903
State of Tennessee GO
Series A, 5.00%, 08/01/20		1,265		1,281,255
Series A, 5.00%, 09/01/20		40		40,644
Series B, 5.00%, 08/01/20		200		202,570

				4,802,191

Texas — 8.7%
Austin Community College District GOL, 5.00%, 08/01/20		285		288,642
Austin Independent School District GO
5.00%, 08/01/20 (PSF)		150		151,968
Series A, 4.50%, 08/01/20 (PSF)		220		222,523
Series A, 5.00%, 08/01/20 (PSF)		350		354,592
Series B, 5.00%, 08/01/20		100		101,295
Central Texas Turnpike System RB
0.00%, 08/15/20 (ETM) (AMBAC)^(a)		15		14,937
Series A, 0.00%, 08/15/20 (AMBAC)^(a)		230		228,884
City of Arlington TX GOL, 5.00%, 08/15/20		90		91,302
City of Austin TX GOL
5.00%, 09/01/20		695		706,273
Series A, 4.00%, 09/01/20		230		232,783
Series A, 4.50%, 09/01/20		145		147,053
City of Beaumont TX Waterworks & Sewer System Revenue RB
5.00%, 09/01/20		35		35,568
Series A, 5.00%, 09/01/20 (AGM)		50		50,811
City of Brownsville TX Utilities System Revenue RB, Series A, 5.00%, 09/01/20		100		101,567
City of Corpus Christi TX Utility System Revenue RB, 4.50%, 07/15/20		95		95,902
City of El Paso TX GOL, Series A, 5.00%, 08/15/20		190		192,692
City of Houston TX Airport System Revenue RB
Series B, 5.00%, 07/01/20		100		100,817
Series D, 5.00%, 07/01/20		150		151,442
Subseries B, 5.00%, 07/01/20		100		100,961
City of Houston TX Hotel Occupancy Tax & Special Revenue RB, 5.00%, 09/01/20		150		152,313


SCHEDULE OF INVESTMENTS			15

Schedule of Investments (continued)

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
City of Irving TX Waterworks &Sewer System Revenue RB, 4.50%, 08/15/20	$	360	$	364,442
City of Plano TX GOL
4.00%, 09/01/20		250		253,025
Series 2013, 5.00%, 09/01/20		875		889,192
City of Round Rock TX GOL, 4.00%, 08/15/20		85		85,902
City of San Antonio TX GOL, 5.00%, 08/01/20		720		729,324
County of Bexar TX GOL, 5.00%, 06/15/20		200		201,588
County of Denton TX GOL, 5.00%, 07/15/20		180		181,975
County of Harris TX RB, Series B, 5.00%, 08/15/20		380		385,442
Dallas Independent School District GO, 5.00%, 08/15/20 (PSF)		200		202,932
Del Mar College District GOL, 5.00%, 08/15/20		20		20,284
Denton Independent School District GO, Series C, 5.00%, 08/15/20 (PSF)		195		197,859
Eanes Independent School District GO, 5.00%, 08/01/20 (PSF)		335		339,395
El Paso Independent School District GO, 5.00%, 08/15/20 (PSF)		5		5,073
Fort Bend Independent School District GO
5.00%, 08/15/20 (PSF)		360		365,278
Series A, 4.00%, 08/15/20 (PSF)		150		151,648
Frisco Independent School District GO
Series A, 4.50%, 08/15/20 (PSF)		75		75,962
Series B, 5.00%, 08/15/20 (PSF)		75		76,100
Grapevine-Colleyville Independent School District GO
5.00%, 08/15/20 (PSF)		110		111,613
Series A, 5.00%, 08/15/20		225		228,256
Series B, 4.00%, 08/15/20		125		126,350
Harris County Toll Road Authority (The) RB, Series A, 5.00%, 08/15/20		125		126,790
Hays Consolidated Independent School District GO, 5.00%, 08/15/20 (PSF)		125		126,833
Keller Independent School District/TX GO, Series A, 5.00%, 08/15/20 (PSF)		165		167,419
Laredo Independent School District GO, 5.00%, 08/01/20 (PSF)		160		162,099
Leander Independent School District GO
0.00%, 08/15/20 (PSF)^(a)		200		199,190
4.00%, 08/15/20 (PSF)		160		161,758
Series A, 0.00%, 08/15/20 (PSF)^(a)		1,050		1,045,747
Series D, 0.00%, 08/15/20 (PSF)^(a)		290		288,825
Lewisville Independent School District GO
0.00%, 08/15/20 (PSF)^(a)		20		19,912
5.00%, 08/15/20 (PSF)		200		202,932
5.00%, 08/15/23 (PR 08/15/20) (PSF)		250		253,552
Series A, 4.00%, 08/15/20 (PSF)		15		15,165
Series A, 5.00%, 08/15/20 (PSF)		95		96,393
Series B, 4.00%, 08/15/20		1,105		1,116,934
Lone Star College System GOL
5.00%, 08/15/20		345		349,992
Series A, 5.00%, 08/15/20		570		578,248
Mesquite Independent School District GO
Series B, 4.00%, 08/15/20 (PSF)		200		202,198
Series B, 5.00%, 08/15/20 (PSF)		20		20,293
Series E, 5.00%, 08/15/20 (PSF)		125		126,833
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue RB, Series A, 5.00%, 08/15/20		200		202,834
North East Independent School District/TX GO, 5.00%, 08/01/20 (PSF)		75		75,984


Security	Par (000)		Value

Texas (continued)
North Texas Municipal Water District RB, 5.00%, 06/01/20	$	1,495	$	1,504,598
North Texas Municipal Water District Water System Revenue RB
4.00%, 09/01/20		80		80,968
5.00%, 09/01/20		890		904,436
5.25%, 09/01/20		240		244,140
Northside Independent School District GO, 4.00%, 08/15/20 (PSF)		150		151,648
Permanent University Fund — Texas A&M University System RB
4.00%, 07/01/20		200		201,420
Series A, 5.00%, 07/01/20		465		469,445
Permanent University Fund — University of Texas System RB, Series B, 5.00%, 07/01/20		655		661,340
Round Rock Independent School District GO
5.00%, 08/01/20		900		910,566
5.00%, 08/01/20 (PSF)		340		343,992
Socorro Independent School District GO
4.00%, 08/15/20 (PSF)		150		151,648
Series A, 5.00%, 08/15/20 (PSF)		160		162,346
Spring Independent School District GO
5.00%, 08/15/20 (BAM)		40		40,579
5.00%, 08/15/20 (PSF)		1,755		1,780,728
State of Texas GO
5.00%, 08/01/20		300		303,818
Series B, 5.00%, 08/01/20		195		197,478
Series C-1, 5.00%, 08/01/20		610		617,753
State of Texas GOL, 5.00%, 08/01/20		1,000		1,012,710
Tarrant Regional Water District RB, 5.00%, 09/01/20		130		132,109
Texas City Independent School District/TX GO, 3.00%, 08/15/20 (PSF)		100		100,731
Texas Municipal Power Agency RB, 5.00%, 09/01/20		200		203,100
Texas Tech University RB, Series A, 5.00%, 08/15/20		215		218,079
Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/20		250		253,195
University of Texas System (The) RB
5.00%, 08/15/20		75		76,080
Series A, 5.00%, 08/15/20		960		973,824
Series B, 3.00%, 08/15/20		50		50,353
Series B, 5.00%, 08/15/20		1,215		1,232,496
Series E, 5.00%, 08/15/20		100		101,440
Ysleta Independent School District GO, Series A, 5.00%, 08/15/20 (PSF)		90		91,319

				27,226,235

Utah — 1.2%
Cache County School District GO, 5.00%, 06/15/20 (GTD)		125		125,995
Davis School District GO
Series A, 4.00%, 06/01/20 (GTD)		40		40,192
Series B, 5.00%, 06/01/20 (GTD)		165		166,061
Intermountain Power Agency RB, 5.00%, 07/01/20		75		75,679
Jordan School District GO, 5.00%, 06/15/20 (GTD)		720		725,731
State of Utah GO
5.00%, 07/01/20		250		252,407
Series A, 5.00%, 07/01/20		1,235		1,246,893
University of Utah (The) RB
Series 2014B, 5.00%, 08/01/20		150		151,942
Series A, 5.00%, 08/01/20 (SAP)		110		111,425
Utah Transit Authority RB
Series 2015A, 5.00%, 06/15/20		210		211,667
Series C, 5.25%, 06/15/20 (AGM)		140		141,182


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Utah (continued)
Wasatch County School District Board of Education/Heber City GO, 5.00%, 06/01/20 (GTD)	$	325	$	327,090

				3,576,264

Vermont — 0.1%
State of Vermont GO
Series C, 4.00%, 08/15/20		150		151,620
Series F, 5.00%, 08/15/20		30		30,434

				182,054

Virginia — 3.8%
City of Alexandria VA GO
5.00%, 07/15/20 (SAW)		100		101,121
Series A, 4.50%, 06/15/20 (SAW)		100		100,693
Series B, 5.00%, 06/15/20 (SAW)		125		125,992
City of Chesapeake VA GO, Series A, 5.00%, 08/01/20		500		506,760
City of Newport News VA GO, Series A, 5.00%, 07/15/20 (SAW)		65		65,729
City of Richmond VA GO
Series B, 5.00%, 07/15/20		250		252,802
Series B, 5.00%, 07/15/20 (SAW)		50		50,560
Series C, 4.00%, 07/15/20 (SAW)		55		55,460
Commonwealth of Virginia GO
Series A, 5.00%, 06/01/20		255		256,645
Series A-1, 4.00%, 06/01/20		90		90,434
Series B, 5.00%, 06/01/20		50		50,322
County of Arlington VA GO
5.00%, 08/15/20		750		760,852
Series C, 5.00%, 08/15/20		500		507,235
Series C, 5.00%, 08/15/20 (SAW)		70		71,013
County of Henrico VA GO
5.00%, 07/15/20		300		303,363
5.00%, 08/01/20		1,080		1,093,986
Series A, 4.00%, 08/01/20		130		131,256
County of Prince William VA GO
5.00%, 08/01/20 (SAW)		115		116,489
Series A, 4.00%, 08/01/20		180		181,739
Hampton Roads Sanitation District RB, Series A, 5.00%, 07/01/20		150		151,452
Northern Virginia Transportation Authority RB, 5.00%, 06/01/20		135		135,867
University of Virginia RB, 5.00%, 09/01/20		405		411,569
Virginia Beach Development Authority RB, Series C, 5.00%, 08/01/20		285		288,691
Virginia College Building Authority RB
5.00%, 09/01/20		50		50,811
Series 2, 5.00%, 09/01/20		245		248,974
Series 2012B, 5.00%, 09/01/20		210		213,406
Series A, 5.00%, 09/01/20		1,525		1,549,736
Virginia Public Building Authority RB
Series A, 5.00%, 08/01/20		715		724,138
Series B, 5.00%, 08/01/20		505		511,454
Series B-3, 4.00%, 08/01/20		710		716,738
Virginia Public School Authority RB
5.00%, 08/01/20		215		217,784
Series 2012A, 5.00%, 08/01/20 (SAW)		615		622,964
Series B, 5.00%, 08/01/20		1,000		1,012,950
Series C, 5.00%, 08/01/20 (SAW)		25		25,324
Series D, 4.00%, 08/01/20 (SAW)		120		121,159

				11,825,468


Security	Par (000)		Value

Washington — 6.2%
City of Seattle WA Drainage & Wastewater Revenue RB
4.00%, 07/01/20	$	85	$	85,614
5.00%, 09/01/20		455		462,380
City of Seattle WA GOL
5.00%, 09/01/20		100		101,622
Series A, 5.00%, 06/01/20		40		40,257
Series B, 5.00%, 08/01/20		725		734,389
City of Seattle WA Municipal Light & Power Revenue RB
5.00%, 07/01/20		50		50,484
5.00%, 09/01/20		530		538,597
Series A, 5.00%, 06/01/20		230		231,477
City of Seattle WA Water System Revenue RB
5.00%, 08/01/20		130		131,684
5.00%, 09/01/20		550		558,921
County of King WA GOL
5.00%, 07/01/20		155		156,500
Series A, 5.00%, 07/01/20		500		504,840
County of King WA Sewer Revenue RB
5.00%, 07/01/20		670		676,486
5.00%, 01/01/28 (PR 07/01/20)		150		151,387
5.00%, 01/01/30 (PR 07/01/20)		260		262,405
5.00%, 01/01/31 (PR 07/01/20)		500		504,625
Series B, 4.00%, 07/01/20		100		100,722
County of Pierce WA GOL, Series A, 5.00%, 07/01/20		80		80,774
Energy Northwest RB
4.00%, 07/01/20		80		80,478
5.00%, 07/01/20		450		453,789
Series A, 5.00%, 07/01/20		2,200		2,218,524
Pierce County School District No. 10 Tacoma GO, 4.00%, 06/01/20 (GTD)		65		65,309
Port of Seattle WA RB, 5.50%, 09/01/20 (NPFGC)		390		396,930
State of Washington COP
5.00%, 07/01/20		440		444,017
Series A, 5.00%, 07/01/20		380		383,469
Series B, 4.00%, 07/01/20		200		201,334
State of Washington GO
5.00%, 07/01/20		650		656,324
Series 03-C, 0.00%, 06/01/20 (NPFGC)^(a)		140		139,745
Series 2011A, 5.00%, 08/01/23 (PR 08/01/20)		450		455,647
Series 2011A, 5.00%, 08/01/26 (PR 08/01/20)		75		75,941
Series 2011A, 5.00%, 08/01/30 (PR 08/01/20)		575		582,216
Series A, 5.00%, 08/01/20		100		101,302
Series B, 5.00%, 08/01/20		280		283,646
Series B-1, 5.00%, 08/01/20		295		298,841
Series C, 5.00%, 06/01/20		225		226,451
Series D, 5.00%, 07/01/20		105		106,022
Series R, 4.00%, 07/01/20		300		302,181
Series R-2012C, 5.00%, 07/01/20		60		60,584
Series R-2013A, 5.00%, 07/01/20		370		373,600
Series R-2014A, 5.00%, 07/01/20		270		272,627
Series R-2014B, 5.00%, 07/01/20		275		277,676
Series R-2015, 5.00%, 07/01/20		445		449,330
Series R-2015-C, 5.00%, 07/01/20		640		646,227
Series R-2015-E, 5.00%, 07/01/20		375		378,649
Series R-2016C, 5.00%, 07/01/20		75		75,730
Series R-2017A, 5.00%, 08/01/20		1,365		1,382,772
Series R-C, 5.00%, 07/01/20		310		313,016
Series R-F, 5.00%, 07/01/20		150		151,459
State of Washington RB 5.00%, 07/01/20		70		70,678


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (continued)

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Washington (continued)
Series C, 5.00%, 09/01/20	$	165	$	167,627
Series F, 5.00%, 09/01/20		935		949,885
University of Washington RB
5.00%, 07/01/20		185		186,791
Series A, 5.00%, 07/01/20		345		348,340
Series B, 5.00%, 06/01/20		150		150,963
Series C, 5.00%, 07/01/20		250		252,420

				19,353,704

West Virginia — 0.6%
State of West Virginia GO
4.00%, 06/01/20		200		200,938
Series A, 4.00%, 06/01/20		250		251,172
Series A, 5.00%, 06/01/20		555		558,508
West Virginia Commissioner of Highways RB
5.00%, 09/01/20		200		203,176
Series A, 5.00%, 09/01/20 (ETM)		375		380,970
West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/20		95		95,905
West Virginia Water Development Authority RB, Series A, 5.00%, 07/01/20		305		307,922

				1,998,591

Wisconsin — 2.2%
City of Milwaukee WI Sewerage System Revenue RB
Series S1, 5.00%, 06/01/20		120		120,754
Series S7, 5.00%, 06/01/20		525		528,255
State of Wisconsin Clean Water Fund Leveraged Loan Portfolio RB
Series 1, 4.00%, 06/01/20 (ETM)		100		100,361
Series 1, 5.00%, 06/01/20 (ETM)		2,215		2,228,954
Series 2, 5.00%, 06/01/20 (ETM)		295		296,716
Series 4, 5.00%, 06/01/20 (ETM)		340		342,142
State of Wisconsin COP, 5.00%, 09/01/20		175		177,809


Security	Par/ Shares (000)		Value

Wisconsin (continued)
State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 5.00%, 06/01/20	$	100	$	100,642
Wisconsin Department of Transportation RB
Series 1, 3.50%, 07/01/20		15		15,090
Series 1, 5.00%, 07/01/20		495		499,791
Series 2, 5.00%, 07/01/20		565		570,469
Series A, 5.00%, 07/01/20		195		196,888
Series A, 5.00%, 07/01/20 (AGM)		1,075		1,085,406
Series I, 5.00%, 07/01/20 (NPFGC)		170		171,646
WPPI Energy RB, Series A, 5.00%, 07/01/20		340		342,931

				6,777,854


Total Municipal Debt Obligations — 98.8% (Cost: $307,463,072)				307,725,215


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Liquidity Funds: MuniCash, 2.98%^(d)(e)		888		887,613


Total Short-Term Investments — 0.3% (Cost: $887,684)				887,613


Total Investments in Securities — 99.1% (Cost: $308,350,756)				308,612,828

Other Assets, Less Liabilities — 0.9%				2,803,614


Net Assets — 100.0%			$	311,416,442

^(a)	Zero-coupon bond.

^(b)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(c)	Security is payable upon demand on each reset date.

^(d)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 03/31/19 (000)	Net Activity (000)		Shares Held at 03/31/20 (000)		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Liquidity Funds: MuniCash	1,205	(317	)	888	$	887,613	$	9,917	$	560		$	(175	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

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.


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® iBonds^® Sep 2020 Term Muni Bond ETF

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, 2020. 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
Municipal Debt Obligations	$	—	$	307,725,215	$	—	$	307,725,215
Money Market Funds		887,613		—		—		887,613

	$	887,613	$	307,725,215	$	—	$	308,612,828

See notes to financial statements.


SCHEDULE OF INVESTMENTS			19

Statement of Assets and Liabilities

March 31, 2020


	iShares iBonds Sep 2020 Term Muni Bond ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	307,725,215
Affiliated^(b)		887,613
Receivables:
Dividends		1,647
Interest		3,104,502

Total assets		311,718,977


LIABILITIES
Payables:
Capital shares redeemed		252,571
Investment advisory fees		49,964

Total liabilities		302,535


NET ASSETS	$	311,416,442


NET ASSETS CONSIST OF:
Paid-in capital	$	310,782,497
Accumulated earnings		633,945

NET ASSETS	$	311,416,442


Shares outstanding		12,200,000

Net asset value	$	25.53

Shares authorized		Unlimited

Par value		None


^(a) Investments, at cost — Unaffiliated	$	307,463,072
^(b) Investments, at cost — Affiliated	$	887,684

See notes to financial statements.


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statement of Operations

Year Ended March 31, 2020


	iShares iBonds Sep 2020 Term Muni Bond ETF

INVESTMENT INCOME
Dividends — Affiliated	$	9,917
Interest — Unaffiliated		5,036,785

Total investment income		5,046,702


EXPENSES
Investment advisory fees		621,732

Total expenses		621,732

Net investment income		4,424,970


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		4,122
Investments —Affiliated		560
In-kind redemptions — Unaffiliated		63,656

Net realized gain		68,338

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		495,748
Investments — Affiliated		(175	)

Net change in unrealized appreciation (depreciation)		495,573

Net realized and unrealized gain		563,911

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,988,881

See notes to financial statements.


FINANCIAL STATEMENTS			21

Statements of Changes in Net Assets


		iShares
	iBonds Sep 2020 Term Muni Bond ETF
	Year Ended 03/31/20				Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	4,424,970			$	3,787,186
Net realized gain (loss)			68,338				(3,604	)
Net change in unrealized appreciation (depreciation)			495,573				2,182,380

Net increase in net assets resulting from operations			4,988,881				5,965,962


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(4,460,144	)			(3,588,189	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(38,342,119	)			88,628,798


NET ASSETS
Total increase (decrease) in net assets			(37,813,382	)			91,006,571
Beginning of year			349,229,824				258,223,253

End of year		$	311,416,442			$	349,229,824

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

See notes to financial statements.


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares iBonds Sep 2020 Term Muni Bond ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	25.49		$	25.32		$	25.52		$	25.72		$	25.31

Net investment income^(a)		0.33			0.32			0.29			0.29			0.33
Net realized and unrealized gain (loss)^(b)		0.04			0.15			(0.21	)		(0.20	)		0.39

Net increase from investment operations		0.37			0.47			0.08			0.09			0.72


Distributions^(c)
From net investment income		(0.33	)		(0.30	)		(0.28	)		(0.29	)		(0.31	)

Total distributions		(0.33	)		(0.30	)		(0.28	)		(0.29	)		(0.31	)


Net asset value, end of year	$	25.53		$	25.49		$	25.32		$	25.52		$	25.72


Total Return
Based on net asset value		1.46	%		1.92	%		0.29	%		0.33	%		2.89	%


Ratios to Average Net Assets
Total expenses		0.18	%		0.18	%		0.18	%		0.21	%		0.30	%

Total expenses after fees waived		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%

Net investment income		1.28	%		1.24	%		1.13	%		1.14	%		1.28	%


Supplemental Data
Net assets, end of year (000)	$	311,416		$	349,230		$	258,223		$	172,247		$	79,730

Portfolio turnover rate^(d)		4	%		0	%^(e)		0	%^(e)		0	%		2	%

^(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.

^(e)	Rounds to less than 1%.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			23

Notes to Financial Statements

1.	ORGANIZATION

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

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

iShares ETF

Diversification

Classification

iBonds Sep 2020 Term Muni Bond

Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

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

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. 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. A fund determines the fair value 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 the Fund’s assets and liabilities:

•

Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an 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 policies 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 the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

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.

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 for identical assets or liabilities;

•

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, 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 considered to be active, inputs other than quoted prices that are observable for the asset or liability (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 judgement 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. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. 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.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.18%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

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

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

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

5.	PURCHASES AND SALES

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
iBonds Sep 2020 Term Muni Bond	$	13,165,705	$	12,549,426

For the year ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
iBonds Sep 2020 Term Muni Bond	$	—	$	35,530,840


NOTES TO FINANCIAL STATEMENTS			25

Notes to Financial Statements (continued)

6.	INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Fund as of March 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

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, 2020, the following permanent differences attributable to realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:


iShares ETF	Paid-in Capital		Accumulated Earnings
iBonds Sep 2020 Term Muni Bond	$	63,656	$	(63,656	)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
iBonds Sep 2020 Term Muni Bond Tax-exempt income	$	4,460,144	$	3,588,189

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF

Undistributed

Tax Exempt Income

Non-expiring

Capital Loss

Carryforwards

^(a)

Net Unrealized

Gains (Losses)

^(b)

Total

iBonds Sep 2020 Term Muni Bond

375,198

(3,307

)

262,054

633,945

^(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.

For the year ended March 31, 2020, the Fund utilized $4,515 of its capital loss carryforwards.

As of March 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF

Tax Cost

Gross Unrealized

Appreciation

Gross Unrealized

Depreciation

Net Unrealized

Appreciation

(Depreciation)

iBonds Sep 2020 Term Muni Bond

308,350,774

278,024

(15,970

)

262,054

7.	PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The 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 the 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.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

health issues, recessions, or other events could have a significant impact on the Fund and its investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

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. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

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 the Fund’s portfolio are disclosed in its schedule of investments.

8.	CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares		Amount
iBonds Sep 2020 Term Muni Bond Shares sold		450,000		$	11,481,980			3,500,000	$	88,628,798
Shares redeemed		(1,950,000	)		(49,824,099	)		—		—

Net increase(decrease)		(1,500,000	)	$	(38,342,119	)		3,500,000	$	88,628,798

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.


NOTES TO FINANCIAL STATEMENTS			27

Notes to Financial Statements (continued)

9.	LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

10.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Fund’s financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

Planned Fund Liquidation: In accordance with its prospectus and its investment objective, the iShares iBonds Sep 2020 Term Muni Bond ETF will be liquidating on or about September 1, 2020, when all of the bonds included in the Fund’s underlying index mature. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or after September 10, 2020.


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares iBonds Sep 2020 Term Muni Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares iBonds Sep 2020 Term Muni Bond ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of March 31, 2020, the related statement of operations for the year ended March 31, 2020, the statement of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2020 (hereafter referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2020 and the financial highlights for each of the five years in the period ended March 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 26, 2020

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


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			29

Important Tax Information (unaudited)

For the fiscal year ended March 31, 2020, the Funds hereby designate the following maximum amounts allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations:

iShares ETF

Interest-Related

Dividends

iBonds Sep 2020 Term Muni Bond

4,424,970

The Funds hereby designate the following percentage of distributions from net investment income as exempt-interest dividends for the fiscal year ended March 31, 2020:

iShares ETF

Exempt-Interest

Dividends

iBonds Sep 2020 Term Muni Bond

100.00


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares iBonds Sep 2020 Term Muni Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (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 described BlackRock’s methodology in establishing 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 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:

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 investment 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 also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. 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. Derivative exposure was considered in the calculation of liquidity classification.

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. 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.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

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.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of 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.

There were no material changes to the Program during the Program Reporting Period. 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.


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			31

Supplemental Information (unaudited)

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 the 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.


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
iBonds Sep 2020 Term Muni Bond	$	0.329501	$	—	$	—	$	0.329501		100	%		—	%		—	%		100	%

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest ask on the primary securities exchange on which shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

Premium/discount information for the Fund covering the most recently completed calendar year and the most recently completed calendar quarters since that year (or since the Fund began trading, if shorter) is publicly accessible, free of charge, at iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Fund for the immediately preceding five calendar years (or from the date the Fund began trading on the secondary market, if less than five years) through the date of the most recent calendar quarter-end. Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. Premium/discount ranges with no trading days are omitted. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares iBonds Sep 2020 Term Muni Bond ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.5% and Less than 1.0%		4		0.30	%
Greater than 0.0% and Less than 0.5%		981		74.31
At NAV		34		2.58
Less than 0.0% and Greater than –0.5%		293		22.20
Less than –0.5% and Greater than –1.0%		8		0.61

		1,320		100.00	%


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

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 367 funds as of March 31, 2020. 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., ParkAvenue Plaza, 55 East 52^nd 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).


Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).
Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


TRUSTEE AND OFFICER INFORMATION			33

Trustee and Officer Information (continued)


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


34		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

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 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 iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Fund’s Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

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.


GENERAL INFORMATION			35

Glossary of Terms Used in this Report


Portfolio Abbreviations — Fixed Income

AGC		Assured Guaranty Corp.

AGM		Assured Guaranty Municipal Corp.

AGM-CR		AGM Insured Custodial Receipt

AMBAC		Ambac Assurance Corp.

BAM		Build America Mutual Assurance Co.

COP		Certificates of Participation

ETM		Escrowed to Maturity

GO		General Obligation

GOL		General Obligation Limited

GTD		Guaranteed

NPFGC		National Public Finance Guarantee Corp.

PR		Prerefunded

PSF		Permanent School Fund

RB		Revenue Bond

SAP		Subject to Appropriations

SAW		State Aid Withholding

SGI		Syncora Guarantee Inc.

ST		Special Tax

TA		Tax Allocation


36		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-AR-308-0320


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares S&P 100 ETF | OEF | NYSE Arca

iShares S&P 500 Growth ETF | IVW | NYSE Arca

iShares S&P 500 Value ETF | IVE | NYSE Arca

iShares S&P Mid-Cap 400 Growth ETF | IJK | NYSE Arca

iShares S&P Mid-Cap 400 Value ETF | IJJ | NYSE Arca

iShares S&P Small-Cap 600 Growth ETF | IJT | NASDAQ

iShares S&P Small-Cap 600 Value ETF | IJS | NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		18
Shareholder Expenses		18
Schedules of Investments		19
Financial Statements
Statements of Assets and Liabilities		50
Statements of Operations		52
Statements of Changes in Net Assets		54
Financial Highlights		58
Notes to Financial Statements		65
Report of Independent Registered Public Accounting Firm		78
Important Tax Information (Unaudited)		79
Statement Regarding Liquidity Risk Management Program		80
Supplemental Information		81
Trustee and Officer Information		84
General Information		86
Glossary of Terms Used in this Report		87


2

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks declined for the 12 months ended March 31, 2020 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned -9.13%. The coronavirus pandemic was the defining event of the reporting period, dividing it into two distinctive parts. Prior to the outbreak, equities posted solid returns on the strength of an economy that set records for the most consecutive months of both economic and job growth. However, as the extent of the coronavirus outbreak became apparent in February 2020 and the economic activity of countries worldwide was disrupted by restrictions on travel and work, U.S. equity prices declined sharply. A time of high volatility and uncertainty followed, as investors struggled to project the length of the disruption and its ultimate economic impact.

As state and local governments issued shelter-in-place orders and other restrictions on public gatherings and non-essential work, whole portions of the U.S. economy shut down. Businesses associated with travel and leisure were particularly affected, as air traffic declined, and conferences and events were postponed. Similarly, industries that depend on a physical presence, such as restaurants and non-essential retail, were closed in many areas of the country. In consequence, millions of workers were laid-off. Unemployment, which had been a strength of the economy for much of the reporting period, was poised to increase dramatically. More than 9.9 million workers filed unemployment claims in the last two weeks of March, far surpassing the previous record. Many industries were affected by supply chain disruptions due to factory closures in Asia, and indicators of U.S. manufacturing activity pointed toward a contraction. Markets were further roiled by a dispute between Russia and Saudi Arabia, starting in March 2020, over oil production that led to a sudden decline in oil prices, pressuring energy producers and related industries.

In response to the crisis, the federal government enacted a stimulus program totaling more than $2 trillion, designed to stabilize affected industries, make loans to small businesses, and provide direct cash payments to individuals. Equity markets reacted positively to the stimulus package but remained well below previous highs. U.S. Treasury yields initially increased in the wake of the stimulus due to concerns about the ability of markets to absorb large amounts of new issuance but later declined to end the reporting period near record lows.

The U.S. Federal Reserve Bank (“Fed”), which had already lowered interest rates three times in 2019 in an attempt to boost a slowing economy, also responded to the crisis. Two emergency interest rate reductions in March 2020 were enacted in an attempt to restore confidence in markets, bringing short-term interest rates down to a range of 0.00%-0.25%. The Fed further acted to stabilize credit markets by launching a bond-buying program that included U.S. Treasuries, corporate and municipal bonds, and securities backed by mortgages and auto loans.

While nearly all equities posted significantly negative returns for the reporting period, market conditions weighed on some classes of stock to a greater degree than others. Smaller-capitalization stocks typically struggled more than larger-capitalization stocks, as investors’ concerns about the generally weaker balance sheets and profitability of smaller companies were magnified by the economic downturn. Larger companies were also seen as more likely to benefit from the stimulus package. Stocks with a value focus declined more steeply than growth stocks, as value stocks were disproportionately affected by lower oil prices and declining interest rates.


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		iShares^® S&P 100 ETF

Investment Objective

The iShares S&P 100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization U.S. equities, as represented by the S&P 100^® (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		(3.42	)%		7.78	%		10.53	%		(3.42	)%		45.47	%		172.05	%
Fund Market		(3.37	)		7.78			10.53			(3.37	)		45.47			172.06
Index		(3.14	)		7.99			10.75			(3.14	)		46.85			177.61

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 910.40	$ 0.96			$ 1,000.00	$ 1,024.00	$ 1.01		0.20	%

^(a)


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® S&P 100 ETF

Portfolio Management Commentary

Mega-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020 to their lowest levels in 21 years. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults.

Financials sector stocks, particularly banks, detracted significantly from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, banks posted solid returns, boosted by lower funding costs. Following the coronavirus outbreak, however, banks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies in the many industries that were disrupted by shutdowns.

Stocks in the industrials sector detracted meaningfully from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the sector, aerospace and defense companies were key detractors as travel restrictions led to a sharp decrease in orders for new aircraft and global air traffic declined.

On the upside, information technology stocks contributed the most to the Index’s return, as solid growth and optimism surrounding the rollout of 5G networks offset significant declines due to coronavirus-related disruption. The software industry was the top contributor, driven by the continued shift toward subscription-based cloud software products, which generate steady revenue streams. Equipment upgrades related to 5G compatibility and anticipation of new mobile phone offerings drove solid performance in the technology hardware and equipment industry.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	28.8	%
Health Care	15.5
Communication Services	14.9
Consumer Discretionary	10.9
Financials	9.9
Consumer Staples	9.0
Industrials	5.9
Energy	2.8
Utilities	1.9
Other (each representing less than 1%)	0.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Microsoft Corp.	8.5	%
Apple Inc.	7.5
Amazon. com Inc.	5.8
Facebook Inc., Class A	2.8
Berkshire Hathaway Inc., Class B	2.5
Alphabet Inc., Class A	2.5
Alphabet Inc., Class C	2.5
Johnson & Johnson	2.4
JPMorgan Chase & Co.	2.0
Visa Inc., Class A	2.0


FUND SUMMARY			5


Fund Summary as of March 31, 2020		iShares^® S&P 500 Growth ETF

Investment Objective

The iShares S&P 500 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 S&P 500 Growth Index^TM (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		(2.65	)%		9.29	%		12.38	%		(2.65	)%		55.91	%		221.17	%
Fund Market		(2.69	)		9.27			12.37			(2.69	)		55.79			220.96
Index		(2.47	)		9.48			12.58			(2.47	)		57.26			227.05

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 925.20	$ 0.87			$ 1,000.00	$ 1,024.10	$ 0.91		0.18	%

^(a)


6		2020 SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® S&P 500 Growth ETF

Portfolio Management Commentary

Growth-oriented large-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Stocks in the industrials sector detracted the most from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the sector, the capital goods industry, which produces heavy equipment and machinery, was the largest detractor amid declines in factory orders and employment. Aerospace and defense companies were key detractors as travel restrictions led to a sharp decrease in orders for new aircraft, and global air traffic declined.

The energy and consumer discretionary sectors also detracted from the Index’s return. Within the energy sector, oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020 as the coronavirus outbreak precipitated a steep drop in demand for energy. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted amid concerns about credit downgrades and defaults. Within the consumer discretionary sector, massive layoffs in the service economy and government-mandated store closures weighed on consumer spending.

Large, growth-oriented healthcare stocks also contributed to the Index’s return. Led by the healthcare equipment and services industry, as demand increased sharply for medical devices that treat coronavirus-related complications.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Information Technology	38.6	%
Consumer Discretionary	13.8
Communication Services	12.9
Health Care	10.8
Industrials	7.4
Consumer Staples	5.2
Financials	4.8
Real Estate	2.8
Materials	2.2
Other (each representing less than 1%)	1.5

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Microsoft Corp.	10.0	%
Apple Inc.	8.9
Amazon. com Inc.	6.8
Facebook Inc., Class A	3.3
Alphabet Inc., Class A	2.9
Alphabet Inc., Class C	2.9
Visa Inc., Class A	2.3
Mastercard Inc., Class A	1.8
Netflix Inc.	1.4
NVIDIA Corp.	1.3


FUND SUMMARY			7


Fund Summary as of March 31, 2020		iShares^® S&P 500 Value ETF

Investment Objective

The iShares S&P 500 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 S&P 500 Value Index^TM (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		(12.34	)%		3.29	%		8.00	%		(12.34	)%		17.59	%		115.99	%
Fund Market		(12.33	)		3.29			8.00			(12.33	)		17.56			115.96
Index		(12.20	)		3.45			8.18			(12.20	)		18.46			119.61

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 820.30	$ 0.82			$ 1,000.00	$ 1,024.10	$ 0.91		0.18	%

^(a)


8		2020 SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® S&P 500 Value ETF

Portfolio Management Commentary

Value-oriented large-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020, as the coronavirus outbreak precipitated a steep drop in demand for energy. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Many companies involved in shale oil production became unprofitable, constraining their ability to repay debt.

Financials sector stocks detracted significantly from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns, particularly banks, which were boosted by lower funding costs. Following the coronavirus outbreak, however, financials stocks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies in the many industries that were disrupted by shutdowns.

On the upside, information technology stocks contributed the most to the Index’s return, as solid growth and optimism surrounding the rollout of 5G networks offset significant declines due to coronavirus-related disruption. Equipment upgrades related to 5G compatibility and anticipation of new mobile phone offerings drove solid performance in the technology hardware and equipment industry.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Health Care	21.3	%
Financials	18.8
Consumer Staples	11.2
Industrials	9.2
Information Technology	8.5
Communication Services	8.0
Utilities	7.2
Energy	5.2
Consumer Discretionary	4.7
Real Estate	3.2
Materials	2.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Berkshire Hathaway Inc., Class B	3.8	%
UnitedHealth Group Inc.	2.5
Verizon Communications Inc.	2.4
AT&T Inc.	2.3
Johnson & Johnson	2.1
Pfizer Inc.	1.9
Bank of America Corp.	1.8
Cisco Systems Inc.	1.8
Walmart Inc.	1.7
Exxon Mobil Corp.	1.7


FUND SUMMARY			9


Fund Summary as of March 31, 2020		iShares^® S&P Mid-Cap 400 Growth ETF

Investment Objective

The iShares S&P Mid-Cap 400 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P MidCap 400 Growth Index^TM (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		(17.49	)%		1.93	%		8.78	%		(17.49	)%		10.05	%		132.04	%
Fund Market		(17.55	)		1.93			8.78			(17.55	)		10.01			131.99
Index		(17.30	)		2.16			9.01			(17.30	)		11.28			136.90

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 802.50	$ 1.08			$ 1,000.00	$ 1,023.80	$ 1.21		0.24	%

^(a)


10		2020 SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® S&P Mid-Cap 400 Growth ETF

Portfolio Management Commentary

Growth-oriented mid-capitalization U.S. stocks declined sharply during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Consumer discretionary stocks were the primary detractors from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. In an environment of uncertainty and rising unemployment, analysts expected consumers to prioritize necessities over the discretionary spending that provides the sector’s revenues. The hotels, restaurants, and leisure industry was among the hardest hit by the coronavirus, as stay-at-home orders in the U.S. and Europe and worldwide travel restrictions led to a sharp decrease in revenues for businesses related to travel and hospitality. Restrictions on social contact also affected retailers, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well.

Stocks in the industrials sector detracted meaningfully from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity, and subsequent restrictions on movement and activity worldwide hindered demand for industrial products. Within the industrials sector, the capital goods industry, which produces heavy equipment and machinery, was the largest detractor amid declines in factory orders and employment.

Information technology and energy stocks also detracted from the Index’s return. Despite a generally favorable environment for the information technology sector prior to the coronavirus outbreak, supply chain disruptions, due to reduced production in Asia and concerns about a significant contraction in demand, pressured information technology companies. The energy sector detracted due to record-low oil prices. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults, as oil prices declined below the costs of producing oil with hydraulic fracturing.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	21.6	%
Industrials	18.7
Health Care	16.1
Consumer Discretionary	13.6
Financials	8.8
Real Estate	8.7
Materials	5.5
Consumer Staples	2.4
Utilities	2.3
Communication Services	1.9
Energy	0.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Domino’s Pizza Inc.	1.8	%
Tyler Technologies Inc.	1.6
West Pharmaceutical Services Inc.	1.6
Teledyne Technologies Inc.	1.5
FactSet Research Systems Inc.	1.4
Teradyne Inc.	1.3
Fair Isaac Corp.	1.2
Masimo Corp.	1.2
Cypress Semiconductor Corp.	1.2
Brown & Brown Inc.	1.2


FUND SUMMARY			11


Fund Summary as of March 31, 2020		iShares^® S&P Mid-Cap 400 Value ETF

Investment Objective

The iShares S&P Mid-Cap 400 Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P MidCap 400 Value Index^TM (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		(28.36	)%		(1.64	)%		6.29	%		(28.36	)%		(7.94	)%		84.05	%
Fund Market		(28.43	)		(1.65	)		6.28			(28.43	)		(7.98	)		83.95
Index		(28.23	)		(1.43	)		6.51			(28.23	)		(6.96	)		87.97

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 696.70	$ 1.06			$ 1,000.00	$ 1,023.80	$ 1.26		0.25	%

^(a)


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® S&P Mid-Cap 400 Value ETF

Portfolio Management Commentary

Value-oriented mid-capitalization U.S. stocks declined sharply during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Financials sector stocks detracted the most from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns, boosted by lower funding costs due to increased deposits, higher trading revenues, and a rise in consumer lending. Following the coronavirus outbreak, however, financials stocks declined sharply. The sudden stop in U.S. economic activity negatively affected banks because they lend to companies disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured profitability. The insurance industry also was a notable detractor, as lower bond yields pressured reinvestment income and the industry faced higher claims for certain categories of insurance.

The real estate sector detracted meaningfully from the Index’s performance, driven by the coronavirus-related economic slowdown. Real estate investment trusts (“REITs”) detracted the most, particularly hotel and resort REITs and retail REITs. Social distancing measures enacted throughout much of the U.S. weighed on companies in related industries, raising concerns about their ability to continue making lease payments.

Consumer discretionary stocks detracted significantly from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending, and analysts expected consumers to prioritize necessities over the discretionary spending that provides the sector’s revenues. Restrictions affected retailers and apparel brands, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well.

The energy sector also detracted from the Index’s return, as oil prices declined to their lowest levels in 21 years. The oil, gas, and consumable fuels industry detracted significantly amid concerns about credit downgrades and defaults.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	24.6	%
Industrials	13.2
Real Estate	11.5
Consumer Discretionary	10.1
Information Technology	9.8
Utilities	8.6
Health Care	6.6
Materials	6.5
Consumer Staples	5.2
Communication Services	2.2
Energy	1.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Medical Properties Trust Inc.	1.6	%
Molina Healthcare Inc.	1.5
OGE Energy Corp.	1.1
UGI Corp.	1.0
Reinsurance Group of America Inc.	0.9
American Financial Group Inc./OH	0.9
Ingredion Inc.	0.9
First American Financial Corp.	0.8
AECOM	0.8
Kemper Corp.	0.8


FUND SUMMARY			13


Fund Summary as of March 31, 2020		iShares^® S&P Small-Cap 600 Growth ETF

Investment Objective

The iShares S&P Small-Cap 600 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 S&P SmallCap 600 Growth IndexTM (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		(21.68	)%		2.26	%		9.54	%		(21.68	)%		11.80	%		148.62	%
Fund Market		(21.87	)		2.20			9.51			(21.87	)		11.50			148.02
Index		(21.44	)		2.47			9.71			(21.44	)		12.95			152.71

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 779.50	$ 1.11			$ 1,000.00	$ 1,023.80	$ 1.26		0.25	%

^(a)


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® S&P Small-Cap 600 Growth ETF

Portfolio Management Commentary

Growth-oriented small-capitalization U.S. stocks declined sharply during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Consumer discretionary stocks detracted the most from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. The consumer durables industry declined sharply largely because consumers typically defer purchasing major appliances and other relatively expensive products in times of economic uncertainty. Restrictions on social contact affected retailers, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well. The hotels, restaurants, and leisure industry also detracted, as stay-at-home orders and travel restrictions led to a sharp decrease in revenues.

Small-capitalization growth stocks in the information technology sector detracted meaningfully from the Index’s performance. Supply chain disruptions due to reduced production in Asia and concerns about a significant contraction in demand pressured information technology companies. The electronic equipment, instruments, and components industry detracted the most, as coronavirus-driven supply chain disruptions meant companies that rely on Asian supply chains experienced delays in both shipments to customers and development of new products.

The industrials sector detracted significantly from the Index’s return, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the sector, the capital goods industry, which produces heavy equipment and machinery, was the largest detractor amid declines in factory orders and employment.

The energy sector also detracted from the Index’s return, as oil prices declined rapidly in February 2020. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. The energy equipment and services industry also detracted, as low oil prices caused producers to postpone new drilling and reduce the number of active wells.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	20.9	%
Industrials	19.9
Health Care	15.5
Consumer Discretionary	11.8
Financials	11.0
Real Estate	7.1
Materials	3.7
Consumer Staples	3.5
Utilities	3.0
Communication Services	2.9
Energy	0.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
LHC Group Inc.	1.4	%
Exponent Inc.	1.3
eHealth Inc.	1.2
Cogent Communications Holdings Inc.	1.2
Balchem Corp.	1.1
Aerojet Rocketdyne Holdings Inc.	1.1
American States Water Co.	1.0
Qualys Inc.	1.0
NeoGenomics Inc.	1.0
Agree Realty Corp.	1.0


FUND SUMMARY			15


Fund Summary as of March 31, 2020		iShares^® S&P Small-Cap 600 Value ETF

Investment Objective

The iShares S&P Small-Cap 600 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 S&P SmallCap 600 Value IndexTM (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		(30.75	)%		(1.82	)%		6.19	%		(30.75	)%		(8.79	)%		82.28	%
Fund Market		(30.94	)		(1.88	)		6.16			(30.94	)		(9.05	)		81.88
Index		(30.64	)		(1.67	)		6.37			(30.64	)		(8.06	)		85.40

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	674.90	$	1.05		$	1,000.00	$	1,023.80	$	1.26		0.25	%

^(a)


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® S&P Small-Cap 600 Value ETF

Portfolio Management Commentary

Value-oriented small-capitalization U.S. stocks declined sharply during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Financials sector stocks detracted the most from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns; however, following the coronavirus outbreak, financials stocks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured profitability. Mortgage real estate investment trusts, which rely heavily on short-term borrowing, struggled when liquidity in funding markets decreased.

The energy sector detracted meaningfully from the Index’s return, as oil prices declined to their lowest levels in 21 years. The energy equipment and services industry detracted, as low oil prices caused producers to postpone new drilling and reduce the number of active wells. The oil, gas, and consumable fuels industry also detracted significantly amid concerns about credit downgrades and defaults as oil prices fell below the costs of shale oil production.

Consumer discretionary stocks detracted from the Index’s performance, as massive layoffs and store closures weighed on consumer spending. Restrictions on social contact affected retailers and apparel brands, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well. The consumer durables industry declined largely because consumers typically defer purchasing relatively expensive products in times of economic uncertainty.

Stocks in the industrials sector also detracted from the Index’s return, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the sector, the capital goods industry, which produces heavy equipment and machinery, was the largest detractor amid declines in factory orders and employment.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	24.3	%
Industrials	15.8
Health Care	12.0
Consumer Discretionary	10.9
Real Estate	9.2
Information Technology	8.6
Materials	5.9
Consumer Staples	4.5
Energy	3.3
Utilities	2.8
Communication Services	2.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Avista Corp.	1.2	%
Anixter International Inc.	1.1
Simmons First National Corp., Class A	0.9
Integer Holdings Corp.	0.9
Arcosa Inc.	0.8
Sanmina Corp.	0.8
Old National Bancorp./IN	0.8
Columbia Banking System Inc.	0.8
Merit Medical Systems Inc.	0.7
Quaker Chemical Corp.	0.7


FUND SUMMARY			17

About Fund Performance

Shareholder Expenses


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® S&P 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.2%
Boeing Co. (The)		183,595	$	27,381,358
General Dynamics Corp.		80,467		10,646,589
Lockheed Martin Corp.		85,241		28,892,437
Raytheon Co.		95,635		12,542,530
United Technologies Corp.		278,603		26,280,621

				105,743,535

Air Freight & Logistics — 0.7%
FedEx Corp.^(a)		82,438		9,996,432
United Parcel Service Inc., Class B		240,650		22,481,523

				32,477,955

Automobiles — 0.3%
Ford Motor Co.		1,334,651		6,446,364
General Motors Co.		431,767		8,972,118

				15,418,482

Banks — 5.0%
Bank of America Corp.		2,780,058		59,020,631
Citigroup Inc.		749,712		31,577,869
JPMorgan Chase & Co.		1,077,084		96,969,873
U.S. Bancorp		488,078		16,814,287
Wells Fargo & Co.		1,321,676		37,932,101

				242,314,761

Beverages — 2.4%
Coca-Cola Co. (The)		1,324,189		58,595,363
PepsiCo Inc.		478,864		57,511,567

				116,106,930

Biotechnology —2.7%
AbbVie Inc.		507,835		38,691,949
Amgen Inc.		204,045		41,366,043
Biogen Inc.^(b)		61,973		19,607,018
Gilead Sciences Inc.		434,448		32,479,332

				132,144,342

Capital Markets — 1.2%
Bank of New York Mellon Corp. (The)		288,190		9,706,239
BlackRock Inc.^(c)		40,489		17,813,946
Goldman Sachs Group Inc. (The)		109,443		16,918,794
Morgan Stanley		400,002		13,600,068

				58,039,047

Chemicals — 0.3%
Dow Inc.^(b)		254,569		7,443,598
DuPont de Nemours Inc.		254,405		8,675,210

				16,118,808

Communications Equipment — 1.2%
Cisco Systems Inc.		1,456,821		57,267,633

Consumer Finance — 0.6%
American Express Co.		230,410		19,725,400
Capital One Financial Corp.		159,880		8,061,150

				27,786,550

Diversified Financial Services — 2.5%
Berkshire Hathaway Inc., Class B^(b)		671,710		122,808,739


Diversified Telecommunication Services — 3.1%
AT&T Inc.		2,508,579		73,125,078
Verizon Communications Inc.		1,420,246		76,309,817

				149,434,895


Security	Shares		Value

Electric Utilities — 1.9%
Duke Energy Corp.		250,359	$	20,249,036
Exelon Corp.		333,838		12,288,577
NextEra Energy Inc.^(a)		167,849		40,387,826
Southern Co. (The)		360,146		19,498,304

				92,423,743

Electrical Equipment — 0.2%
Emerson Electric Co.		209,177		9,967,284


Energy Equipment & Services — 0.1%
Schlumberger Ltd.		474,940		6,406,941


Entertainment — 2.4%
Netflix Inc.^(b)		150,505		56,514,628
Walt Disney Co. (The)		618,959		59,791,439

				116,306,067

Equity Real Estate Investment Trusts (REITs) —0.1%
Simon Property Group Inc.		105,145		5,768,255


Food & Staples Retailing —2.3%
Costco Wholesale Corp.		151,703		43,255,076
Walgreens Boots Alliance Inc.		257,452		11,778,429
Walmart Inc.		487,154		55,350,438

				110,383,943

Food Products — 0.6%
Kraft Heinz Co. (The)		215,161		5,323,083
Mondelez International Inc., Class A		494,449		24,762,006

				30,085,089

Health Care Equipment & Supplies — 2.5%
Abbott Laboratories		606,930		47,892,846
Danaher Corp.		219,530		30,385,147
Medtronic PLC		460,291		41,509,043

				119,787,036

Health Care Providers & Services — 2.2%
CVS Health Corp.		446,747		26,505,499
UnitedHealth Group Inc.		325,344		81,134,287

				107,639,786

Hotels, Restaurants & Leisure — 1.4%
McDonald’s Corp.		258,625		42,763,644
Starbucks Corp.		405,556		26,661,251

				69,424,895

Household Products — 2.3%
Colgate-Palmolive Co.		294,302		19,529,881
Procter &Gamble Co. (The)		856,399		94,203,890

				113,733,771

Industrial Conglomerates — 1.7%
3M Co.		197,475		26,957,312
General Electric Co.^(a)		2,999,148		23,813,235
Honeywell International Inc.		245,383		32,829,792

				83,600,339

Insurance — 0.5%
Allstate Corp. (The)		111,255		10,205,421
American International Group Inc.		298,322		7,234,309
MetLife Inc.		268,246		8,200,280

				25,640,010

Interactive Media & Services — 7.8%
Alphabet Inc., Class A^(b)		102,883		119,544,901
Alphabet Inc., Class C, NVS^(b)		102,632		119,341,516


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media &Services (continued)
Facebook Inc., Class A^(b)		826,394	$	137,842,519

				376,728,936

Internet & Direct Marketing Retail — 6.2%
Amazon.com Inc.^(b)		143,002		278,813,859
Booking Holdings Inc.^(a)(b)		14,387		19,355,119

				298,168,978

IT Services — 5.7%
Accenture PLC, Class A		218,078		35,603,414
International Business Machines Corp.		304,127		33,736,808
Mastercard Inc., Class A		304,843		73,637,875
PayPal Holdings Inc.^(b)		403,214		38,603,709
Visa Inc., Class A^(a)		587,861		94,716,164

				276,297,970

Life Sciences Tools &Services — 0.8%
Thermo Fisher Scientific Inc.		137,698		39,051,153


Machinery — 0.5%
Caterpillar Inc.		189,792		22,023,464


Media — 1.6%
Charter Communications Inc., Class A^(a)(b)		53,848		23,494,421
Comcast Corp., Class A		1,559,009		53,598,729

				77,093,150

Multiline Retail — 0.3%
Target Corp.		174,006		16,177,338


Oil, Gas &Consumable Fuels — 2.6%
Chevron Corp.		649,337		47,050,959
ConocoPhillips		376,807		11,605,656
Exxon Mobil Corp.		1,452,980		55,169,650
Kinder Morgan Inc./DE		668,919		9,311,352
Occidental Petroleum Corp.^(a)		308,627		3,573,901

				126,711,518

Pharmaceuticals — 7.3%
Allergan PLC		112,739		19,966,077
Bristol-Myers Squibb Co.		805,010		44,871,257
Eli Lilly & Co.		290,139		40,248,082
Johnson & Johnson		903,811		118,516,737
Merck &Co. Inc.		874,319		67,270,104
Pfizer Inc.		1,900,436		62,030,231

				352,902,488

Road & Rail — 0.7%
Union Pacific Corp.		238,391		33,622,667


Semiconductors &Semiconductor Equipment — 4.0%
Intel Corp.		1,493,818		80,845,430
NVIDIA Corp.		210,174		55,401,866
QUALCOMM Inc.		392,124		26,527,189


Security	Shares		Value

Semiconductors &Semiconductor Equipment (continued)
Texas Instruments Inc.		321,007	$	32,078,230

				194,852,715

Software — 10.4%
Adobe Inc.^(b)		166,235		52,902,626
Microsoft Corp.		2,619,384		413,103,051
Oracle Corp.		743,966		35,955,877

				501,961,554

Specialty Retail — 1.9%
Home Depot Inc. (The)		374,587		69,939,139
Lowe’s Companies Inc.		263,200		22,648,360

				92,587,499

Technology Hardware, Storage & Peripherals — 7.5%
Apple Inc.		1,434,054		364,665,592


Textiles, Apparel & Luxury Goods — 0.7%
NIKE Inc., Class B		427,878		35,402,626


Tobacco — 1.3%
Altria Group Inc.		641,518		24,807,501
Philip Morris International Inc.		534,285		38,981,434

				63,788,935


Total Common Stocks — 99.7% (Cost: $5,248,761,052)				4,838,865,419


Short-Term Investments

Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		122,861,334		122,836,761
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		8,783,000		8,783,000

				131,619,761


Total Short-Term Investments — 2.7% (Cost: $131,627,462)				131,619,761


Total Investments in Securities — 102.4% (Cost: $5,380,388,514)				4,970,485,180

Other Assets, Less Liabilities — (2.4)%				(117,799,521	)


Net Assets — 100.0%			$	4,852,685,659

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

^(b)	Non-income producing security.

^(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.


20		2020 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 100 ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	2,640,084	120,221,250	^(b)	—		122,861,334	$	122,836,761	$	174,280	^(c)	$	(54,054	)	$	(7,701	)
BlackRock Cash Funds: Treasury, SL Agency Shares	6,434,401	2,348,599	^(b)	—		8,783,000		8,783,000		218,793			—			—
BlackRock Inc.	38,796	21,324		(19,631	)	40,489		17,813,946		522,350			1,016,240			(463,081	)

							$	149,433,707	$	915,423		$	962,186		$	(470,782	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

106

06/19/20

13,619

749,599

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	749,599

^(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, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss)from:
Futures contracts	$	(3,819,449	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	507,981

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	9,330,792

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

Fair Value Measurements


SCHEDULES OF INVESTMENTS			21

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 100 ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,838,865,419	$	—	$	—	$	4,838,865,419
Money Market Funds		131,619,761		—		—		131,619,761

	$	4,970,485,180	$	—	$	—	$	4,970,485,180

Derivative financial instruments^(a)
Assets
Futures Contracts	$	749,599	$	—	$	—	$	749,599

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


22		2020 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Common Stocks

Aerospace & Defense
Lockheed Martin Corp.		457,225	$	154,976,414		0.7	%
Other securities				383,498,261		1.7

				538,474,675		2.4

Air Freight & Logistics
Other securities				65,152,019		0.3


Banks
JPMorgan Chase &Co.		2,773,387		249,688,032		1.1
Other securities				21,687,777		0.1

				271,375,809		1.2

Beverages
Coca-Cola Co. (The)		2,841,337		125,729,162		0.5
PepsiCo Inc.		1,232,978		148,080,658		0.7
Other securities				45,136,437		0.2

				318,946,257		1.4

Biotechnology
AbbVie Inc.		1,443,805		110,003,503		0.5
Amgen Inc.		645,813		130,925,669		0.6
Vertex Pharmaceuticals Inc.^(a)(b)		473,668		112,709,301		0.5
Other securities				93,606,370		0.4

				447,244,843		2.0

Building Products
Other securities				67,536,302		0.3


Capital Markets
BlackRock Inc.^(c)		110,800		48,748,676		0.2
S&P Global Inc.^(b)		450,115		110,300,681		0.5
Other securities				361,387,783		1.6

				520,437,140		2.3

Chemicals
Linde PLC		702,598		121,549,454		0.5
Other securities				281,574,534		1.3

				403,123,988		1.8

Commercial Services &Supplies
Other securities				108,963,086		0.5


Communications Equipment
Other securities				62,280,451		0.3


Construction & Engineering
Other securities				3,744,552		0.0


Construction Materials
Other securities				48,145,735		0.2


Consumer Finance
Other securities				92,959,023		0.4


Containers & Packaging
Other securities				38,783,450		0.2


Distributors
Other securities				6,022,351		0.0


Electric Utilities
NextEra Energy Inc.		477,108		114,801,727		0.5
Other securities				12,665,459		0.1

				127,467,186		0.6


Security	Shares		Value		% of Net Assets

Electrical Equipment
Other securities			$	77,323,293		0.4	%


Electronic Equipment, Instruments & Components
Other securities				152,176,400		0.7


Energy Equipment &Services
Other securities				2,165,215		0.0


Entertainment
Netflix Inc.^(a)		807,388		303,174,194		1.4
Walt Disney Co. (The)		2,025,329		195,646,781		0.9
Other securities				61,066,114		0.2

				559,887,089		2.5

Equity Real Estate Investment Trusts (REITs)
American Tower Corp		815,984		177,680,516		0.8
Other securities				431,642,327		1.9

				609,322,843		2.7

Food & Staples Retailing
Costco Wholesale Corp		480,234		136,929,121		0.6
Other securities				19,297,018		0.1

				156,226,139		0.7

Food Products
Other securities				70,593,824		0.3


Health Care Equipment &Supplies
Abbott Laboratories		1,888,260		149,002,597		0.7
Danaher Corp.		753,730		104,323,769		0.5
Intuitive Surgical Inc.^(a)(b)		212,920		105,440,113		0.5
Other securities				407,195,859		1.7

				765,962,338		3.4

Health Care Technology
Other securities				22,963,382		0.1


Hotels, Restaurants & Leisure
Starbucks Corp.		2,175,608		143,024,470		0.6
Other securities				280,804,501		1.3

				423,828,971		1.9

Household Durables
Other securities				71,991,437		0.3


Household Products
Procter &Gamble Co. (The)		2,664,376		293,081,360		1.3
Other securities				102,468,765		0.5

				395,550,125		1.8

Industrial Conglomerates
Other securities				140,740,703		0.6


Insurance
Other securities				185,669,848		0.8


Interactive Media &Services
Alphabet Inc., Class A^(a)		551,929		641,313,901		2.9
Alphabet Inc., Class C,NVS^(a)		550,659		640,311,792		2.9
Facebook Inc., Class A^(a)		4,432,887		739,405,552		3.3

				2,021,031,245		9.1

Internet & Direct Marketing Retail
Amazon.com Inc.^(a)		767,230		1,495,883,676		6.7
Booking Holdings Inc.^(a)(b)		77,192		103,847,941		0.5
Other securities				42,346,093		0.2

			1,642,077,710		7.4


SCHEDULES OF INVESTMENTS			23

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

IT Services
Accenture PLC, Class A		737,091	$	120,337,477		0.5	%
Mastercard Inc., Class A		1,635,336		395,031,764		1.8
PayPal Holdings Inc.^(a)		2,163,006		207,086,194		0.9
Visa Inc., Class A^(b)		3,153,352		508,068,074		2.3
Other securities				365,873,532		1.7

				1,596,397,041		7.2

Life Sciences Tools &Services
Thermo Fisher Scientific Inc.^(b)		738,637		209,477,453		0.9
Other securities				134,024,363		0.6

				343,501,816		1.5

Machinery
Other securities				292,171,206		1.3


Media
Charter Communications Inc., Class A^(a)(b)		288,859		126,032,070		0.6
Comcast Corp., Class A		4,683,184		161,007,866		0.7

				287,039,936		1.3

Metals & Mining
Other securities				9,923,148		0.0


Multi-Utilities
Other securities				26,396,950		0.1


Multiline Retail
Other securities				126,354,572		0.6


Oil, Gas &Consumable Fuels
Other securities				142,535,338		0.6


Personal Products
Other securities				66,656,404		0.3


Pharmaceuticals
Bristol-Myers Squibb Co.		2,374,959		132,380,215		0.6
Eli Lilly&Co.		856,111		118,759,718		0.5
Johnson & Johnson		2,036,233		267,011,233		1.2
Merck &Co. Inc.		2,579,493		198,466,192		0.9
Zoetis Inc.		877,273		103,246,259		0.5

				819,863,617		3.7

Professional Services
Other securities				77,357,184		0.4


Real Estate Management & Development
Other securities				23,254,135		0.1


Road & Rail
Union Pacific Corp.		792,810		111,817,922		0.5
Other securities				133,777,379		0.6

				245,595,301		1.1

Semiconductors &Semiconductor Equipment
Broadcom Inc.		730,667		173,241,146		0.8
Intel Corp.		4,567,470		247,191,476		1.1
NVIDIA Corp.		1,127,385		297,178,686		1.3
QUALCOMM Inc.		2,103,428		142,296,904		0.6
Texas Instruments Inc.		1,067,650		106,690,265		0.5
Other securities				525,031,968		2.4

				1,491,630,445		6.7

Software
Adobe Inc.^(a)(b)		891,775		283,798,476		1.3


Security	Shares		Value			% of Net Assets

Software (continued)
Intuit Inc.		479,451	$	110,273,730			0.5	%
Microsoft Corp.		14,053,044		2,216,305,569			9.9
Oracle Corp.		2,394,607		115,731,356			0.5
salesforce.com Inc.^(a)		1,633,901		235,249,066			1.0
Other securities				341,867,674			1.6

				3,303,225,871			14.8

Specialty Retail
Home Depot Inc. (The)		1,426,769		266,392,040			1.2
TJX Companies Inc. (The)		2,233,793		106,797,643			0.5
Other securities				278,413,883			1.2

				651,603,566			2.9

Technology Hardware, Storage & Peripherals
Apple Inc		7,693,799		1,956,456,148			8.8
Other securities				27,028,448			0.1

				1,983,484,596			8.9

Textiles, Apparel & Luxury Goods
NIKE Inc., Class B^(b)		1,537,913		127,246,922			0.6
Other securities				17,289,538			0.1

				144,536,460			0.7

Tobacco
Other securities				143,865,470			0.6


Trading Companies & Distributors
Other securities				37,357,512			0.2


Water Utilities
Other securities				19,995,095			0.1


Total Common Stocks (Cost: $19,027,704,885)				22,250,913,092			99.7


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		401,254,941		401,174,689			1.8
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		41,016,000		41,016,000			0.2

				442,190,689			2.0


Total Short-Term Investments (Cost: $442,088,173)				442,190,689			2.0


Total Investments In Securities (Cost: $19,469,793,058)				22,693,103,781			101.7

Other Assets, Less Liabilities				(385,724,495	)		(1.7	)


Net Assets			$	22,307,379,286			100.0	%

Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of March 31, 2020. Other securities may include securities on loan and non-income earning securities.

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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


24		2020 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Growth ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency
Shares	103,395,232	297,859,709^(b	⁾	—		401,254,941	$	401,174,689	$	811,996^(c	⁾	$	(461,192	)	$	71,120
BlackRock Cash Funds: Treasury, SL Agency
Shares	46,602,923	—		(5,586,923	)^(b)	41,016,000		41,016,000		794,193			—			—
BlackRock Inc.	—	116,704		(5,904	)	110,800		48,748,676		378,838			(147,186	)		(5,986,181	)

							$	490,939,365	$	1,985,027		$	(608,378	)	$	(5,915,061	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		408		06/19/20	$	52,422	$	(1,463,433	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	1,463,433

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss)from:
Futures contracts	$	1,060,567


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,823,127	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	48,750,358

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

Fair Value Measurements


SCHEDULES OF INVESTMENTS			25

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Growth ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	22,250,913,092		$	—	$	—	$	22,250,913,092
Money Market Funds		442,190,689			—		—		442,190,689

	$	22,693,103,781		$	—	$	—	$	22,693,103,781

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,463,433	)	$	—	$	—	$	(1,463,433	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


26		2020 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Common Stocks

Aerospace & Defense
Other securities			$	209,608,166		1.5	%


Air Freight & Logistics
Other securities				120,239,710		0.9


Airlines
Other securities				73,250,587		0.5


Auto Components
Other securities				26,632,037		0.2


Automobiles
Other securities				72,506,729		0.5


Banks
Bank of America Corp.		12,248,298		260,031,366		1.8
Citigroup Inc.		3,303,089		139,126,109		1.0
JPMorgan Chase & Co.		2,467,555		222,153,977		1.6
Wells Fargo & Co.		5,822,956		167,118,837		1.2
Other securities				325,816,177		2.3

				1,114,246,466		7.9

Beverages
Coca-Cola Co. (The)		3,500,443		154,894,603		1.1
PepsiCo Inc.		1,097,015		131,751,501		0.9
Other securities				58,251,352		0.4

				344,897,456		2.4

Biotechnology
AbbVie Inc.		1,051,590		80,120,642		0.6
Amgen Inc.		368,593		74,724,859		0.5
Biogen Inc.^(a)		272,995		86,370,158		0.6
Gilead Sciences Inc.		1,914,151		143,101,929		1.0
Other securities				32,065,699		0.2

				416,383,287		2.9

Building Products
Other securities				51,042,557		0.4


Capital Markets
BlackRock Inc.^(b)		87,344		38,428,739		0.3
Goldman Sachs Group Inc. (The)		482,157		74,536,651		0.5
Other securities				308,721,337		2.2

				421,686,727		3.0

Chemicals
Other securities				218,041,436		1.5


Commercial Services & Supplies
Other securities				39,851,131		0.3


Communications Equipment
Cisco Systems Inc.		6,418,406		252,307,540		1.8
Other securities				19,474,207		0.1

				271,781,747		1.9

Construction & Engineering
Other securities				19,952,276		0.1


Consumer Finance
Other securities				76,774,162		0.5


Containers & Packaging
Other securities				80,637,003		0.6


Security	Shares		Value		% of Net Assets

Distributors
Other securities			$	19,442,178		0.1	%


Diversified Consumer Services
Other securities				4,182,267		0.0


Diversified Financial Services
Berkshire Hathaway Inc., Class B^(a)		2,959,411		541,069,113		3.8


Diversified Telecommunication Services
AT&T Inc.		11,052,142		322,169,939		2.3
Verizon Communications Inc.		6,257,253		336,202,204		2.3
Other securities				13,988,748		0.1

				672,360,891		4.7

Electric Utilities
Duke Energy Corp.		1,102,954		89,206,920		0.6
NextEra Energy Inc.		347,593		83,637,828		0.6
Southern Co. (The)		1,586,660		85,901,772		0.6
Other securities				368,712,736		2.6

				627,459,256		4.4

Electrical Equipment
Other securities				80,123,718		0.6


Electronic Equipment, Instruments & Components
Other securities				34,851,320		0.2


Energy Equipment & Services
Other securities				58,686,052		0.4


Entertainment
Walt Disney Co. (The)		1,063,521		102,736,129		0.7
Other securities				93,111,598		0.7

				195,847,727		1.4

Equity Real Estate Investment Trusts (REITs)
Other securities				454,362,351		3.2


Food & Staples Retailing
Costco Wholesale Corp		274,062		78,143,298		0.5
Walmart Inc.		2,146,211		243,852,494		1.7
Other securities				107,842,059		0.8

				429,837,851		3.0

Food Products
Mondelez International Inc., Class A		2,178,356		109,092,068		0.8
Other securities				232,339,945		1.6

				341,432,013		2.4

Gas Utilities
Other securities				17,868,445		0.1


Health Care Equipment & Supplies
Abbott Laboratories		1,123,064		88,620,980		0.6
Becton Dickinson and Co.		409,240		94,031,075		0.7
Medtronic PLC		2,027,897		182,875,751		1.3
Other securities				210,364,204		1.5

				575,892,010		4.1

Health Care Providers & Services
Anthem Inc.		383,631		87,099,582		0.6
Cigna Corp.^(a)		564,978		100,102,802		0.7
CVS Health Corp.		1,968,293		116,778,824		0.8
UnitedHealth Group Inc.		1,433,361		357,451,566		2.5
Other securities				294,011,507		2.1

				955,444,281		6.7


SCHEDULES OF INVESTMENTS			27

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Health Care Technology
Other securities			$	11,134,805		0.1	%


Hotels, Restaurants & Leisure
McDonald’s Corp.		638,096		105,509,174		0.7
Other securities				38,460,896		0.3

				143,970,070		1.0

Household Durables
Other securities				40,905,508		0.3


Household Products
Procter & Gamble Co. (The)		1,584,664		174,313,040		1.2
Other securities				124,954,718		0.9

				299,267,758		2.1

Independent Power and Renewable Electricity Producers
Other securities				13,593,690		0.1


Industrial Conglomerates
3M Co.		869,979		118,760,833		0.8
General Electric Co.		13,213,545		104,915,548		0.7
Honeywell International Inc.		583,795		78,105,933		0.6

				301,782,314		2.1

Insurance
Chubb Ltd.		685,690		76,584,716		0.5
Other securities				433,470,964		3.1

				510,055,680		3.6

Interactive Media & Services
Other securities				28,903,313		0.2


Internet & Direct Marketing Retail
Other securities				11,870,044		0.1


IT Services
Fidelity National Information Services Inc.^(c)		929,912		113,114,496		0.8
International Business Machines Corp.		1,339,985		148,644,536		1.1
Other securities				223,548,330		1.5

				485,307,362		3.4

Leisure Products
Other securities				13,733,879		0.1


Life Sciences Tools & Services
Other securities				69,570,537		0.5


Machinery
Other securities				221,654,131		1.6


Media
Comcast Corp., Class A		3,022,191		103,902,927		0.7
Other securities				85,696,661		0.6

				189,599,588		1.3

Metals & Mining
Other securities				79,403,214		0.6


Multi-Utilities
Dominion Energy Inc.		1,245,367		89,903,044		0.6
Other securities				248,054,724		1.8

				337,957,768		2.4

Multiline Retail
Other securities				60,229,821		0.4


Oil, Gas & Consumable Fuels
Chevron Corp.		2,860,802		207,293,713		1.5


Security	Shares		Value		% of Net Assets

Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp.		6,401,488	$	243,064,499		1.7	%
Other securities				230,109,951		1.6

				680,468,163		4.8

Personal Products
Other securities				1,229,731		0.0


Pharmaceuticals
Allergan PLC		496,691		87,963,976		0.6
Bristol-Myers Squibb Co.		1,596,006		88,961,375		0.6
Eli Lilly & Co.		575,253		79,799,096		0.6
Johnson & Johnson		2,309,549		302,851,160		2.1
Merck & Co. Inc.		1,733,394		133,367,334		1.0
Pfizer Inc.		8,372,879		273,290,771		1.9
Other securities				21,550,168		0.2

				987,783,880		7.0

Professional Services
Other securities				42,827,825		0.3


Road & Rail
Other securities				121,433,189		0.9


Semiconductors & Semiconductor Equipment
Intel Corp.		2,829,977		153,158,355		1.1
Other securities				85,697,580		0.6

				238,855,935		1.7

Software
Other securities				81,439,997		0.6


Specialty Retail
Home Depot Inc. (The)		478,585		89,356,605		0.6
Other securities				84,301,761		0.6

				173,658,366		1.2

Technology Hardware, Storage & Peripherals
Other securities				91,300,444		0.6


Textiles, Apparel & Luxury Goods
Other securities				90,677,530		0.6


Tobacco
Philip Morris International Inc.		1,318,192		96,175,288		0.7
Other securities				66,672,146		0.5

				162,847,434		1.2

Trading Companies & Distributors
Other securities				24,622,685		0.2


Water Utilities
Other securities				16,274,746		0.1


Wireless Telecommunication Services
Other securities				40,223,002		0.3


Total Common Stocks (Cost: $17,030,743,704)				14,138,973,359		99.6


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(b)(d)(e)		129,309,488		129,283,627		0.9


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value			% of Net Assets

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(b)(d)		21,602,000	$	21,602,000			0.2	%

				150,885,627			1.1


Total Short-Term Investments (Cost: $150,815,417)				150,885,627			1.1


Total Investments In Securities (Cost: $17,181,559,121)				14,289,858,986			100.7

Other Assets, Less Liabilities				(102,030,421	)		(0.7	)


Net Assets			$	14,187,828,565			100.0	%

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	42,607,767	86,701,721	^(b)	—		129,309,488	$	129,283,627	$	656,271	^(c)	$	(187,149	)	$	59,321
BlackRock Cash Funds: Treasury, SL Agency Shares	23,902,524	—		(2,300,524	)^(b)	21,602,000		21,602,000		612,436			—			—
BlackRock Inc.	167,741	67,623		(148,020	)	87,344		38,428,739		1,918,675			9,671,640			(2,612,346	)

							$	189,314,366	$	3,187,382		$	9,484,491		$	(2,553,025	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

352

06/19/20

$45,227

(606,232

)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	606,232

^(a)


SCHEDULES OF INVESTMENTS			29

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Value ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(6,824,542	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,658,020	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	38,097,779

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

Fair Value Measurements



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	14,138,973,359		$	—	$	—	$	14,138,973,359
Money Market Funds		150,885,627			—		—		150,885,627

	$	14,289,858,986		$	—	$	—	$	14,289,858,986

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(606,232	)	$	—	$	—	$	(606,232	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® S&P Mid-Cap 400 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Common Stocks

Aerospace & Defense
Teledyne Technologies Inc.^(a)(b)		267,701	$	79,579,476		1.5	%
Other securities				81,038,017		1.6

				160,617,493		3.1

Auto Components
Gentex Corp.		1,856,863		41,148,084		0.8
Other securities				6,975,045		0.1

				48,123,129		0.9

Banks
Other securities				53,326,069		1.0


Beverages
Other securities				24,863,964		0.5


Biotechnology
Exelixis Inc.^(a)		2,230,289		38,405,576		0.7
Other securities				29,931,407		0.6

				68,336,983		1.3

Building Products
Trex Co. Inc.^(a)(b)		428,205		34,316,349		0.6
Other securities				47,306,174		0.9

				81,622,523		1.5

Capital Markets
FactSet Research Systems Inc.^(b)		278,523		72,605,376		1.4
SEI Investments Co.		926,443		42,931,369		0.8
Other securities				47,954,757		0.9

				163,491,502		3.1

Chemicals
RPM International Inc.		571,123		33,981,818		0.6
Other securities				68,735,070		1.4

				102,716,888		2.0

Commercial Services & Supplies
Other securities				111,231,216		2.1


Communications Equipment
Lumentum Holdings Inc.^(a)(b)		566,665		41,763,210		0.8
Other securities				35,810,542		0.7

				77,573,752		1.5

Construction & Engineering
Other securities				33,833,984		0.6


Construction Materials
Other securities				17,851,808		0.3


Consumer Finance
Other securities				36,054,483		0.7


Containers & Packaging
Other securities				37,920,888		0.7


Distributors
Pool Corp.^(b)		293,887		57,828,145		1.1


Diversified Consumer Services
Other securities				29,773,082		0.6


Electric Utilities
Other securities				42,239,086		0.8


Electrical Equipment
Generac Holdings Inc.^(a)(b)		459,076		42,772,111		0.8


Security	Shares		Value		% of Net Assets

Electrical Equipment (continued)
Hubbell Inc.		399,203	$	45,804,552		0.9	%

				88,576,663		1.7

Electronic Equipment, Instruments & Components
Cognex Corp.^(b)		1,254,417		52,961,486		1.0
Trimble Inc.^(a)(b)		1,828,691		58,207,235		1.1
Other securities				72,401,066		1.4

				183,569,787		3.5

Energy Equipment & Services
Other securities				1,319,467		0.0


Entertainment
Other securities				6,720,210		0.1


Equity Real Estate Investment Trusts (REITs)
CoreSite Realty Corp		276,588		32,056,549		0.6
CyrusOne Inc.		540,090		33,350,558		0.6
Other securities				371,321,049		7.1

				436,728,156		8.3

Food & Staples Retailing
Casey’s General Stores Inc.		269,999		35,772,167		0.7


Food Products
Other securities				53,338,716		1.0


Gas Utilities
Other securities				16,184,317		0.3


Health Care Equipment & Supplies
Masimo Corp.^(a)(b)		360,114		63,783,392		1.2
Penumbra Inc.^(a)(b)		235,777		38,037,903		0.7
West Pharmaceutical Services Inc.^(b)		543,109		82,688,345		1.6
Other securities				153,070,978		2.9

				337,580,618		6.4

Health Care Providers & Services
Amedisys Inc.^(a)(b)		236,758		43,454,563		0.8
Chemed Corp.^(b)		117,505		50,903,166		1.0
Other securities				50,922,336		1.0

				145,280,065		2.8

Hotels, Restaurants & Leisure
Domino’s Pizza Inc.		283,823		91,978,520		1.7
Dunkin’ Brands Group Inc.		608,089		32,289,526		0.6
Other securities				165,372,093		3.2

				289,640,139		5.5

Household Durables
Other securities				44,090,830		0.8


Household Products
Other securities				14,285,018		0.3


Industrial Conglomerates
Carlisle Companies Inc.^(b)		415,994		52,115,728		1.0


Insurance
Brown & Brown Inc.^(b)		1,716,502		62,171,702		1.2
RenaissanceRe Holdings Ltd.^(b)		324,161		48,403,721		0.9
Other securities				72,256,674		1.4

				182,832,097		3.5

Interactive Media & Services
Other securities				8,443,233		0.2


SCHEDULES OF INVESTMENTS			31

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Mid-Cap 400 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Internet & Direct Marketing Retail
Etsy Inc.^(a)(b)		869,730	$	33,432,421		0.6	%
Other securities				15,307,515		0.3

				48,739,936		0.9

IT Services
CACI International Inc., Class A^(a)		183,814		38,812,326		0.8
WEX Inc.^(a)(b)		317,762		33,222,017		0.6
Other securities				79,342,044		1.5

				151,376,387		2.9

Leisure Products
Other securities				30,669,637		0.6


Life Sciences Tools & Services
Bio-Rad Laboratories Inc., Class A^(a)		114,193		40,031,498		0.8
Bio-Techne Corp.^(b)		279,750		53,046,195		1.0
Charles River Laboratories International Inc.^(a)		358,485		45,244,392		0.9
PRA Health Sciences Inc.^(a)(b)		464,256		38,551,818		0.7
Repligen Corp.^(a)(b)		343,911		33,201,168		0.6
Other securities				18,048,565		0.3

				228,123,636		4.3

Machinery
Graco Inc.		1,224,203		59,655,412		1.1
Nordson Corp.^(b)		375,566		50,727,700		1.0
Toro Co. (The)		782,485		50,931,949		1.0
Other securities				150,135,517		2.8

				311,450,578		5.9

Marine
Other securities				9,933,069		0.2


Media
Cable One Inc.^(b)		36,886		60,640,953		1.2
Other securities				21,387,242		0.4

				82,028,195		1.6

Metals & Mining
Reliance Steel & Aluminum Co.		489,273		42,855,422		0.8
Royal Gold Inc.		481,463		42,229,120		0.8
Other securities				31,956,809		0.6

				117,041,351		2.2

Multi-Utilities
Other securities				26,848,357		0.5


Multiline Retail
Other securities				10,404,767		0.2


Oil, Gas & Consumable Fuels
Other securities				21,169,232		0.4


Paper & Forest Products
Other securities				10,649,779		0.2


Pharmaceuticals
Catalent Inc.^(a)(b)		1,135,929		59,011,512		1.1
Other securities				7,403,680		0.2

				66,415,192		1.3

Professional Services
FTI Consulting Inc.^(a)(b)		276,219		33,082,750		0.6
Other securities				22,170,660		0.4

				55,253,410		1.0

Real Estate Management & Development
Other securities				18,335,544		0.3


Security	Shares		Value			% of Net Assets

Road & Rail
Other securities			$	53,906,827			1.0	%


Semiconductors & Semiconductor Equipment
Cypress Semiconductor Corp.^(b)		2,710,851		63,217,045			1.2
MKS Instruments Inc.^(b)		400,118		32,589,611			0.6
Monolithic Power Systems Inc.		296,536		49,657,919			0.9
Teradyne Inc.^(b)		1,230,060		66,632,350			1.3
Universal Display Corp.^(b)		311,228		41,013,626			0.8
Other securities				126,550,831			2.4

				379,661,382			7.2

Software
Fair Isaac Corp.^(a)(b)		212,586		65,410,586			1.2
Tyler Technologies Inc.^(a)		286,164		84,864,796			1.6
Other securities				185,518,809			3.6

				335,794,191			6.4

Specialty Retail
Other securities				81,843,059			1.6


Technology Hardware, Storage & Peripherals
Other securities				7,155,437			0.1


Textiles, Apparel & Luxury Goods
Other securities				73,460,573			1.4


Thrifts & Mortgage Finance
Other securities				25,493,651			0.5


Trading Companies & Distributors
Other securities				19,313,794			0.4


Water Utilities
Essential Utilities Inc.		871,378		35,465,085			0.7


Total Common Stocks (Cost: $5,804,895,668)				5,244,415,275			99.7


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		404,184,630		404,103,793			7.7
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		10,785,000		10,785,000			0.2

				414,888,793			7.9


Total Short-Term Investments (Cost: $414,906,415)				414,888,793			7.9


Total Investments In Securities (Cost: $6,219,802,083)				5,659,304,068			107.6

Other Assets, Less Liabilities				(399,207,584	)		(7.6	)


Net Assets			$	5,260,096,484			100.0	%

^(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.


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Mid-Cap 400 Growth ETF

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	301,369,715	102,814,915		404,184,630	$	404,103,793	$	1,508,693	^(b)	$	(223,529	)	$	(118,639	)
BlackRock Cash Funds: Treasury, SL Agency Shares	11,795,983	(1,010,983	)	10,785,000		10,785,000		191,620			—			—

					$	414,888,793	$	1,700,313		$	(223,529	)	$	(118,639	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P MidCap 400 E-Mini

107

06/19/20

$15,384

(860,782

)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	860,782

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(1,760,652	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,050,247	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	12,692,844

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


SCHEDULES OF INVESTMENTS			33

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Mid-Cap 400 Growth ETF

Fair Value Measurements



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	5,244,415,275		$	—	$	—	$	5,244,415,275
Money Market Funds		414,888,793			—		—		414,888,793

	$	5,659,304,068		$	—	$	—	$	5,659,304,068

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(860,782	)	$	—	$	—	$	(860,782	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


34		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^@ S&P Mid-Cap 400 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Common Stocks

Aerospace & Defense
Other securities			$	7,104,019		0.2	%


Air Freight & Logistics
XPO Logistics Inc.^(a)(b)		616,951		30,076,361		0.8


Airlines
Other securities				17,270,618		0.5


Auto Components
Lear Corp.		367,815		29,884,969		0.8
Other securities				29,065,800		0.8

				58,950,769		1.6

Automobiles
Other securities				15,565,432		0.4


Banks
Cullen/Frost Bankers Inc.		380,564		21,231,666		0.6
East West Bancorp. Inc.		973,378		25,054,750		0.7
Prosperity Bancshares Inc.		631,018		30,446,618		0.8
Signature Bank/New York NY		360,872		29,010,500		0.8
TCF Financial Corp.		1,025,397		23,235,496		0.6
Other securities				339,031,535		8.8

				468,010,565		12.3

Biotechnology
United Therapeutics Corp.^(a)		293,303		27,812,457		0.7


Building Products
Other securities				31,728,669		0.8


Capital Markets
Interactive Brokers Group Inc., Class A^(b)		513,006		22,146,469		0.6
Legg Mason Inc.		545,394		26,642,497		0.7
Other securities				59,306,937		1.5

				108,095,903		2.8

Chemicals
RPM International Inc.		346,716		20,629,602		0.5
Other securities				94,164,136		2.5

				114,793,738		3.0

Commercial Services & Supplies
Other securities				58,676,147		1.5


Communications Equipment
Other securities				42,121,908		1.1


Construction & Engineering
AECOM^(a)(b)		1,049,991		31,342,231		0.8
Other securities				32,511,357		0.9

				63,853,588		1.7

Consumer Finance
Other securities				25,908,078		0.7


Containers & Packaging
Sonoco Products Co.		669,075		31,011,626		0.8
Other securities				35,843,166		1.0

				66,854,792		1.8

Diversified Consumer Services
Grand Canyon Education Inc.^(a)(b)		322,353		24,590,699		0.6
Service Corp. International^(b)		598,655		23,413,397		0.6


Security	Shares		Value		% of Net Assets

Diversified Consumer Services (continued)
Other securities			$	22,114,921		0.6	%

				70,119,017		1.8

Diversified Financial Services
Jefferies Financial Group Inc.		1,598,850		21,856,280		0.6


Electric Utilities
ALLETE Inc.		345,353		20,956,020		0.6
OGE Energy Corp.		1,338,013		41,117,140		1.1
Other securities				42,715,417		1.1

				104,788,577		2.8

Electrical Equipment
Acuity Brands Inc.^(b)		264,842		22,686,366		0.6
Other securities				48,783,139		1.3

				71,469,505		1.9

Electronic Equipment, Instruments & Components
Arrow Electronics Inc.^(a)		544,425		28,239,325		0.7
Tech Data Corp.^(a)		236,778		30,982,401		0.8
Other securities				97,467,862		2.6

				156,689,588		4.1

Energy Equipment &Services
Other securities				12,358,410		0.3


Entertainment
Other securities				11,863,883		0.3


Equity Real Estate Investment Trusts (REITs)
Camden Property Trust		291,254		23,078,967		0.6
JBG SMITH Properties		788,946		25,112,151		0.7
Medical Properties Trust Inc.^(b)		3,458,663		59,800,283		1.6
Omega Healthcare Investors Inc.		803,285		21,319,184		0.6
Other securities				288,591,798		7.5

				417,902,383		11.0

Food & Staples Retailing
BJ’s Wholesale Club Holdings Inc.^(a)(b)		816,582		20,798,344		0.5
Other securities				14,688,256		0.4

				35,486,600		0.9

Food Products
Darling Ingredients Inc.^(a)(b)		1,094,274		20,977,233		0.5
Flowers Foods Inc.		1,286,555		26,400,109		0.7
Ingredion Inc.		446,262		33,692,781		0.9
Other securities				64,738,300		1.7

				145,808,423		3.8

Gas Utilities
National Fuel Gas Co.		577,016		21,516,927		0.5
New Jersey Resources Corp.		638,357		21,684,987		0.6
Southwest Gas Holdings Inc.		365,132		25,398,582		0.7
Spire Inc.^(b)		340,739		25,378,241		0.6
UGI Corp.		1,397,069		37,259,830		1.0
Other securities				14,749,397		0.4

				145,987,964		3.8

Health Care Equipment & Supplies
Hill-Rom Holdings Inc.^(b)		200,816		20,202,089		0.5
Other securities				38,064,376		1.0

				58,266,465		1.5

Health Care Providers & Services
Encompass Health Corp.		349,307		22,366,127		0.6
Molina Healthcare Inc.^(a)		419,095		58,551,762		1.5


SCHEDULES OF INVESTMENTS			35

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Mid-Cap 400 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Health Care Providers & Services (continued)
Other securities			$	33,725,190		0.9	%

				114,643,079		3.0

Health Care Technology
Other securities				7,624,158		0.2


Hotels, Restaurants & Leisure
Other securities				63,213,489		1.7


Household Durables
Other securities				41,194,069		1.1


Insurance
Alleghany Corp.		48,107		26,571,901		0.7
American Financial Group Inc./OH		500,285		35,059,973		0.9
First American Financial Corp.		754,223		31,986,597		0.9
Hanover Insurance Group Inc. (The)		263,307		23,850,348		0.6
Kemper Corp.		418,757		31,142,958		0.8
Old Republic International Corp.		1,907,375		29,087,469		0.8
Reinsurance Group of America Inc.		418,503		35,212,842		0.9
Other securities				77,113,373		2.0

				290,025,461		7.6

Interactive Media & Services
Other securities				12,221,657		0.3


Internet & Direct Marketing Retail
Other securities				10,973,151		0.3


IT Services
Other securities				39,273,020		1.0


Leisure Products
Mattel Inc.^(a)		2,317,514		20,417,298		0.5
Other securities				9,851,925		0.3

				30,269,223		0.8

Life Sciences Tools & Services
Other securities				14,188,565		0.4


Machinery
Other securities				91,834,299		2.4


Marine
Other securities				8,342,632		0.2


Media
Other securities				47,184,603		1.2


Metals & Mining
Other securities				51,645,359		1.4


Multi-Utilities
NorthWestern Corp.		337,195		20,174,377		0.5
Other securities				30,654,386		0.8

				50,828,763		1.3

Multiline Retail
Other securities				9,881,008		0.3


Oil, Gas & Consumable Fuels
Other securities				54,261,419		1.4


Paper & Forest Products
Other securities				12,059,564		0.3


Personal Products
Other securities				16,801,519		0.4


Security	Shares		Value		% of Net Assets

Pharmaceuticals
Other securities			$	26,613,359		0.7	%


Professional Services
ManpowerGroup Inc.		394,110		20,883,889		0.6
Other securities				17,932,606		0.4

				38,816,495		1.0

Real Estate Management & Development
Other securities				18,088,043		0.5


Road & Rail
Other securities				28,565,196		0.8


Semiconductors & Semiconductor Equipment
Cree Inc.^(a)(b)		719,959		25,529,746		0.7
Other securities				31,447,923		0.8

				56,977,669		1.5

Software
PTC Inc.^(a)		333,487		20,412,739		0.5
Other securities				48,920,219		1.3

				69,332,958		1.8

Specialty Retail
Other securities				72,008,531		1.9


Technology Hardware, Storage & Peripherals
Other securities				8,586,571		0.2


Textiles, Apparel & Luxury Goods
Other securities				12,325,244		0.3


Thrifts & Mortgage Finance
Other securities				19,683,388		0.5


Trading Companies & Distributors
Other securities				51,884,164		1.4


Water Utilities
Essential Utilities Inc.		649,233		26,423,783		0.7


Wireless Telecommunication Services
Other securities				10,971,247		0.3


Total Common Stocks (Cost: $5,547,896,053)				3,796,161,825		99.6


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		232,389,984		232,343,506		6.1


36		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Mid-Cap 400 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value			% of Net Assets

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		5,268,000	$	5,268,000			0.1	%

				237,611,506			6.2


Total Short-Term Investments (Cost: $237,633,806)				237,611,506			6.2


Total Investments In Securities (Cost: $5,785,529,859)				4,033,773,331			105.8

Other Assets, Less Liabilities				(222,741,573	)		(5.8	)


Net Assets			$	3,811,031,758			100.0	%

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	286,662,983	(54,272,999	)	232,389,984	$	232,343,506	$	2,065,068	^(b)	$	(86,866	)	$	(106,754	)
BlackRock Cash Funds: Treasury, SL Agency Shares	8,018,310	(2,750,310	)	5,268,000		5,268,000		191,475			—			—

					$	237,611,506	$	2,256,543		$	(86,866	)	$	(106,754	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P MidCap 400 E-Mini		98		06/19/20	$	14,090	$	(357,332	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	357,332

^(a)


SCHEDULES OF INVESTMENTS			37

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Mid-Cap 400 Value ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(3,198,473	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(546,797	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	12,437,400

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,796,161,825		$	—	$	—	$	3,796,161,825
Money Market Funds		237,611,506			—		—		237,611,506

	$	4,033,773,331		$	—	$	—	$	4,033,773,331

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(357,332	)	$	—	$	—	$	(357,332	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


38		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® S&P Small-Cap 600 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Common Stocks

Aerospace & Defense
Aerojet Rocketdyne Holdings Inc.^(a)(b)		881,214	$	36,861,182		1.0	%
Other securities				31,269,383		0.9

				68,130,565		1.9

Air Freight & Logistics
Other securities				17,370,266		0.5


Airlines
Other securities				13,101,579		0.4


Auto Components
Fox Factory Holding Corp.^(a)(b)		468,917		19,694,514		0.5
LCI Industries		304,582		20,355,215		0.6
Other securities				16,644,371		0.5

				56,694,100		1.6

Automobiles
Other securities				11,435,917		0.3


Banks
Community Bank System Inc.^(b)		358,898		21,103,202		0.6
Glacier Bancorp. Inc.		615,304		20,923,413		0.6
Other securities				152,072,159		4.3

				194,098,774		5.5

Beverages
Other securities				16,537,981		0.5


Biotechnology
Momenta Pharmaceuticals Inc.^(a)		843,025		22,930,280		0.7
Other securities				73,729,029		2.1

				96,659,309		2.8

Building Products
AAON Inc.^(b)		494,624		23,900,231		0.7
Simpson Manufacturing Co. Inc.		490,990		30,431,560		0.9
Universal Forest Products Inc.		747,246		27,790,079		0.8
Other securities				38,192,901		1.0

				120,314,771		3.4

Capital Markets
Other securities				16,684,765		0.5


Chemicals
Balchem Corp.^(b)		391,562		38,655,001		1.1
Innospec Inc.		298,075		20,713,232		0.6
Other securities				30,061,342		0.8

				89,429,575		2.5

Commercial Services & Supplies
UniFirst Corp./MA		186,252		28,140,815		0.8
Other securities				41,061,845		1.2

				69,202,660		2.0

Communications Equipment
Viavi Solutions Inc.^(a)		2,796,998		31,354,348		0.9
Other securities				18,570,872		0.5

				49,925,220		1.4

Construction & Engineering
Other securities				13,762,095		0.4


Consumer Finance
Other securities				13,175,329		0.4


Security	Shares		Value		% of Net Assets

Diversified Consumer Services
Strategic Education Inc.^(b)		141,619	$	19,792,672		0.6	%
Other securities				4,085,288		0.1

				23,877,960		0.7

Diversified Telecommunication Services
Cogent Communications Holdings Inc.		507,333		41,586,086		1.2
Other securities				21,686,993		0.6

				63,273,079		1.8

Electric Utilities
Other securities				19,530,481		0.6


Electrical Equipment
Other securities				22,437,386		0.6


Electronic Equipment, Instruments & Components
Fabrinet^(a)(b)		450,401		24,573,879		0.7
Itron Inc.^(a)(b)		428,639		23,930,915		0.7
Rogers Corp.^(a)(b)		225,952		21,334,388		0.6
Other securities				113,326,848		3.2

				183,166,030		5.2

Energy Equipment & Services
Other securities				11,633,085		0.3


Entertainment
Other securities				8,841,255		0.3


Equity Real Estate Investment Trusts (REITs)
Agree Realty Corp.		554,669		34,334,011		1.0
Other securities				198,751,770		5.6

				233,085,781		6.6

Food & Staples Retailing
Other securities				6,267,691		0.2


Food Products
J&J Snack Foods Corp.		181,728		21,989,088		0.6
Other securities				16,028,289		0.5

				38,017,377		1.1

Gas Utilities
Other securities				30,022,484		0.9


Health Care Equipment & Supplies
CONMED Corp.^(b)		345,008		19,758,608		0.6
Neogen Corp.^(a)(b)		408,376		27,357,108		0.8
Other securities				83,235,773		2.3

				130,351,489		3.7

Health Care Providers & Services
LHC Group Inc.^(a)		360,537		50,547,287		1.4
Other securities				107,428,949		3.1

				157,976,236		4.5

Health Care Technology
Omnicell Inc.^(a)(b)		321,571		21,088,626		0.6
Other securities				27,940,323		0.8

				49,028,949		1.4

Hotels, Restaurants & Leisure
Wingstop Inc.		358,500		28,572,450		0.8
Other securities				35,150,048		1.0

				63,722,498		1.8

Household Durables
TopBuild Corp.^(a)(b)		413,222		29,603,224		0.8


SCHEDULES OF INVESTMENTS			39

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Household Durables (continued)
Other securities			$	84,491,570		2.4	%

				114,094,794		3.2

Household Products
WD-40 Co.		166,813		33,504,391		1.0


Industrial Conglomerates
Other securities				9,211,909		0.3


Insurance
eHealth Inc.^(a)(b)		303,058		42,676,628		1.2
Kinsale Capital Group Inc.^(b)		250,828		26,219,051		0.7
Other securities				23,220,254		0.7

				92,115,933		2.6

Interactive Media & Services
Other securities				4,503,444		0.1


Internet & Direct Marketing Retail
Other securities				26,203,771		0.7


IT Services
ExlService Holdings Inc.^(a)		414,888		21,586,623		0.6
ManTech International Corp./VA, Class A		327,597		23,806,474		0.7
Other securities				93,846,264		2.7

				139,239,361		4.0

Leisure Products
Other securities				11,736,127		0.3


Life Sciences Tools & Services
Medpace Holdings Inc.^(a)(b)		333,308		24,458,141		0.7
NeoGenomics Inc.^(a)(b)		1,270,854		35,088,279		1.0

				59,546,420		1.7

Machinery
ESCO Technologies Inc.		316,233		24,005,247		0.7
Federal Signal Corp.^(b)		736,140		20,081,899		0.6
Franklin Electric Co. Inc.		468,386		22,075,032		0.6
John Bean Technologies Corp.^(b)		385,451		28,627,446		0.8
Watts Water Technologies Inc., Class A		335,980		28,440,707		0.8
Other securities				142,430,269		4.1

				265,660,600		7.6

Media
Other securities				8,071,147		0.2


Metals & Mining
Other securities				25,354,941		0.7


Mortgage Real Estate Investment
PennyMac Mortgage Investment Trust^(c)		1,222,743		12,985,531		0.4
Other securities				5,803,503		0.1

				18,789,034		0.5

Oil, Gas & Consumable Fuels
Other securities				13,505,825		0.4


Paper & Forest Products
Other securities				16,340,463		0.5


Personal Products
Other securities				18,767,063		0.5


Pharmaceuticals
Other securities				50,513,494		1.4


Security	Shares		Value		% of Net Assets

Professional Services
Exponent Inc.		630,863	$	45,365,359		1.3	%
Other securities				2,095,060		0.1

				47,460,419		1.4

Real Estate Management & Development
Other securities				13,784,512		0.4


Road & Rail
Saia Inc.^(a)(b)		315,702		23,216,725		0.7
Other securities				10,559,509		0.3

				33,776,234		1.0

Semiconductors & Semiconductor Equipment
Advanced Energy Industries Inc.^(a)(b)		466,102		22,601,286		0.6
Brooks Automation Inc.^(b)		880,017		26,840,519		0.8
Diodes Inc.^(a)		502,787		20,430,750		0.6
Power Integrations Inc.^(b)		358,127		31,633,358		0.9
Other securities				88,991,747		2.5

				190,497,660		5.4

Software
Qualys Inc.^(a)(b)		405,758		35,296,888		1.0
SPS Commerce Inc.^(a)		424,056		19,722,845		0.5
Other securities				99,268,473		2.9

				154,288,206		4.4

Specialty Retail
Lithia Motors Inc., Class A		275,634		22,544,105		0.6
Other securities				47,705,188		1.4

				70,249,293		2.0

Technology Hardware, Storage & Peripherals
Other securities				14,365,268		0.4


Textiles, Apparel & Luxury Goods
Steven Madden Ltd.^(b)		941,739		21,876,597		0.6
Other securities				14,221,904		0.4

				36,098,501		1.0

Thrifts & Mortgage Finance
Other securities				51,476,710		1.5


Tobacco
Other securities				8,442,590		0.2


Trading Companies & Distributors
Other securities				17,904,072		0.5


Water Utilities
American States Water Co.^(b)		448,406		36,652,707		1.0
California Water Service Group		392,391		19,745,115		0.6

				56,397,822		1.6

Wireless Telecommunication Services
Other securities				15,738,281		0.4


Total Common Stocks (Cost: $4,180,911,609)				3,505,392,972		99.7


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		368,642,149		368,568,420		10.5


40		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value			% of Net Assets

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		4,212,000	$	4,212,000			0.1	%

				372,780,420			10.6


Total Short-Term Investments (Cost: $372,793,849)				372,780,420			10.6


Total Investments In Securities (Cost: $4,553,705,458)				3,878,173,392			110.3

Other Assets, Less Liabilities				(363,019,335	)		(10.3	)


Net Assets			$	3,515,154,057			100.0	%

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	415,768,975	—	(47,126,826	)^(b)	368,642,149	$	368,568,420	$	2,579,976	^(c)	$	(47,370	)	$	(172,646	)
BlackRock Cash Funds: Treasury, SL Agency Shares	8,492,159	—	(4,280,159	)^(b)	4,212,000		4,212,000		123,314			—			—
PennyMac Mortgage Investment Trust	—	1,402,167	(179,424	)	1,222,743		12,985,531		639,348			(1,563,392	)		(14,695,915	)

						$	385,765,951	$	3,342,638		$	(1,610,762	)	$	(14,868,561	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini		155		06/19/20	$	8,894	$	(194,923	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	194,923

^(a)


SCHEDULES OF INVESTMENTS			41

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(933,512	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(277,746	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	8,936,009

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,505,392,972		$	—	$	—	$	3,505,392,972
Money Market Funds		372,780,420			—		—		372,780,420

	$	3,878,173,392		$	—	$	—	$	3,878,173,392

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(194,923	)	$	—	$	—	$	(194,923	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


42		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
Other securities			$	55,391,714		1.3	%


Air Freight & Logistics
Hub Group Inc., Class A^(a)(b)		578,702		26,313,580		0.6
Other securities				19,674,765		0.5

				45,988,345		1.1

Airlines
SkyWest Inc.		874,563		22,904,805		0.6
Other securities				8,441,387		0.2

				31,346,192		0.8

Auto Components
Other securities				68,715,953		1.7


Banks
Columbia Banking System Inc.		1,195,914		32,050,495		0.8
Community Bank System Inc.^(b)		353,683		20,796,560		0.5
CVB Financial Corp.		1,200,927		24,078,586		0.6
First Financial Bancorp		1,625,095		24,230,167		0.6
First Midwest Bancorp. Inc.		1,722,205		22,793,383		0.5
Glacier Bancorp. Inc.		609,912		20,740,058		0.5
Old National Bancorp./IN		2,453,264		32,358,552		0.8
Pacific Premier Bancorp. Inc.		1,005,881		18,950,798		0.5
Simmons First National Corp., Class A^(b)		1,977,043		36,377,591		0.9
Other securities				320,141,068		7.7

				552,517,258		13.4

Beverages
Other securities				7,964,141		0.2


Biotechnology
Momenta Pharmaceuticals Inc.^(a)		767,510		20,876,272		0.5
Other securities				66,021,639		1.6

				86,897,911		2.1

Building Products
Other securities				30,283,733		0.7


Capital Markets
Other securities				45,667,754		1.1


Chemicals
Quaker Chemical Corp.^(b)		224,874		28,397,089		0.7
Other securities				107,777,167		2.6

				136,174,256		3.3

Commercial Services & Supplies
ABM Industries Inc.		1,154,088		28,113,583		0.7
Other securities				62,177,305		1.5

				90,290,888		2.2

Communications Equipment
Other securities				29,263,884		0.7


Construction & Engineering
Arcosa Inc.^(b)		840,531		33,402,702		0.8
Other securities				33,148,249		0.8

				66,550,951		1.6

Construction Materials
Other securities				5,033,777		0.1


Consumer Finance
Green Dot Corp., Class A^(a)(b)		810,174		20,570,318		0.5


Security	Shares		Value		% of Net Assets


Consumer Finance (continued)
Other securities			$	31,825,096		0.8	%

				52,395,414		1.3

Containers & Packaging
Other securities				6,663,312		0.2


Distributors
Core-Mark Holding Co. Inc.^(b)		789,482		22,555,501		0.5


Diversified Consumer Services
Strategic Education Inc.^(b)		179,130		25,035,209		0.6
Other securities				16,332,734		0.4

				41,367,943		1.0

Diversified Financial Services
FGL Holdings		2,267,776		22,224,205		0.5


Diversified Telecommunication Services
Iridium Communications Inc.^(a)(b)		875,154		19,542,189		0.5
Other securities				44,848,189		1.1

				64,390,378		1.6

Electric Utilities
El Paso Electric Co.		296,421		20,144,771		0.5


Electrical Equipment
Other securities				27,844,901		0.7


Electronic Equipment, Instruments & Components
Anixter International Inc.^(a)		522,564		45,917,699		1.1
Sanmina Corp.^(a)(b)		1,215,493		33,158,649		0.8
Other securities				106,124,505		2.6

				185,200,853		4.5

Energy Equipment & Services
Dril-Quip Inc.^(a)		627,284		19,132,162		0.5
Other securities				44,306,674		1.0

				63,438,836		1.5

Entertainment
Other securities				4,887,689		0.1


Equity Real Estate Investment Trusts (REITs)
Global Net Lease Inc.		1,549,908		20,722,270		0.5
Industrial Logistics Properties Trust		1,129,298		19,807,887		0.5
Lexington Realty Trust		2,192,225		21,768,794		0.5
Office Properties Income Trust		835,129		22,757,265		0.6
Uniti Group Inc.		3,352,625		20,216,329		0.5
Xenia Hotels & Resorts Inc.		1,951,616		20,101,645		0.5
Other securities				233,606,154		5.6

				358,980,344		8.7

Food & Staples Retailing
Other securities				44,029,595		1.1


Food Products
B&G Foods Inc.^(b)		1,112,845		20,131,366		0.5
Cal-Maine Foods Inc.		524,723		23,077,318		0.6
Other securities				26,502,022		0.6

				69,710,706		1.7

Gas Utilities
Other securities				29,880,232		0.7


Health Care Equipment & Supplies
Integer Holdings Corp.^(a)(b)		567,491		35,672,484		0.9
Merit Medical Systems Inc.^(a)(b)		959,203		29,975,094		0.7
Neogen Corp.^(a)(b)		327,079		21,911,022		0.5


SCHEDULES OF INVESTMENTS			43

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets


Health Care Equipment & Supplies (continued)
Other securities			$	80,809,362		2.0	%

				168,367,962		4.1

Health Care Providers & Services
AMN Healthcare Services Inc.^(a)(b)		373,156		21,572,148		0.5
Other securities				87,871,591		2.2

				109,443,739		2.7

Health Care Technology
Other securities				58,396,296		1.4


Hotels, Restaurants & Leisure
Other securities				19,037,023		0.5


Household Durables
Other securities				42,788,445		1.0


Household Products
Central Garden & Pet Co.^(a)(b)		170,731		4,695,102		0.1


Central Garden & Pet Co.,
Class A, NVS^(a)(b)		696,275		17,803,752		0.4

				22,498,854		0.5

Insurance
American Equity Investment Life Holding Co.^(b)		1,384,031		26,019,783		0.6
Employers Holdings Inc.		527,675		21,376,114		0.5
Horace Mann Educators Corp.		686,156		25,106,448		0.6
ProAssurance Corp.		898,273		22,456,825		0.5
Other securities				88,352,849		2.2

				183,312,019		4.4

Internet & Direct Marketing Retail
Other securities				21,839,237		0.5


IT Services
Other securities				23,782,819		0.6


Leisure Products
Other securities				23,527,541		0.6


Life Sciences Tools & Services
Luminex Corp.^(b)		725,919		19,984,550		0.5


Machinery
Hillenbrand Inc.		1,284,011		24,537,450		0.6
Other securities				126,828,128		3.1

				151,365,578		3.7

Marine
Matson Inc.		743,599		22,769,001		0.6


Media
Other securities				20,719,594		0.5


Metals & Mining
Other securities				48,985,395		1.2


Mortgage Real Estate Investment
Other securities				70,742,128		1.7


Multi-Utilities
Avista Corp.		1,157,661		49,189,016		1.2


Multiline Retail
Other securities				11,491,822		0.3


Security	Shares		Value		% of Net Assets


Oil, Gas & Consumable Fuels
Other securities			$	68,659,863		1.7	%


Paper & Forest Products
Other securities				40,930,649		1.0


Personal Products
Other securities				12,551,132		0.3


Pharmaceuticals
Other securities				45,480,443		1.1


Professional Services
Korn Ferry^(b)		958,447		23,309,431		0.6
Other securities				31,626,704		0.7

				54,936,135		1.3

Real Estate Management & Development
Other securities				13,384,044		0.3


Road & Rail
Other securities				21,576,321		0.5


Semiconductors & Semiconductor Equipment
Other securities				76,363,253		1.9


Software
Other securities				35,075,353		0.9


Specialty Retail
Other securities				129,431,511		3.1


Textiles, Apparel & Luxury Goods
Wolverine World Wide Inc.		1,404,318		21,345,633		0.5
Other securities				42,664,429		1.1

				64,010,062		1.6

Thrifts & Mortgage Finance
Northwest Bancshares Inc.		1,733,532		20,056,965		0.5
Other securities				40,887,156		1.0

				60,944,121		1.5

Tobacco
Universal Corp./VA		430,100		19,014,721		0.4
Other securities				6,819,939		0.2

				25,834,660		0.6

Trading Companies & Distributors
Kaman Corp.^(b)		483,974		18,618,480		0.5
Other securities				25,061,004		0.6

				43,679,484		1.1

Water Utilities
Other securities				13,908,750		0.3


Wireless Telecommunication Services
Other securities				20,908,391		0.5


Total Common Stocks (Cost: $6,392,384,009)				4,061,716,628		98.6


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		289,029,114		288,971,308		7.0


44		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value			% of Net Assets


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		49,110,000	$	49,110,000			1.2	%

				338,081,308			8.2


Total Short-Term Investments (Cost: $338,102,754)				338,081,308			8.2


Total Investments In Securities (Cost: $6,730,486,763)				4,399,797,936			106.8

Other Assets, Less Liabilities				(278,881,144	)		(6.8	)


Net Assets			$	4,120,916,792			100.0	%

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	359,374,876	—		(70,345,762	)^(b)	289,029,114	$	288,971,308	$	3,942,714	^(c)	$	(67,604	)	$	(131,918	)
BlackRock Cash Funds: Treasury, SL Agency Shares	22,571,102	26,538,898	^(b)	—		49,110,000		49,110,000		1,016,042			—			—
PennyMac Mortgage Investment Trust	1,145,998	728,113		(1,874,111	)	—		—		1,815,219			6,012,241			(3,520,981	)

							$	338,081,308	$	6,773,975		$	5,944,637		$	(3,652,899	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Russell 2000 E-Mini

272

06/19/20

15,607

716,087

OTC Total Return Swaps

Reference Entity^(a)

Counterparty

Termination
Date

Net Notional

Unrealized
Appreciation
(Depreciation)

Net Value of
Reference
Entity

Gross
Notional
Amount
Net Asset
Percentage

Equity Securities Long

Goldman Sachs & Co.

02/27/23

20,660,216

485,903^(b)

21,050,245

0.5


SCHEDULES OF INVESTMENTS			45

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF

OTC Total Return Swaps (continued)



Reference Entity^(a)	Counterparty	Termination Date		Net Notional		Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage

	JPMorgan Securities PLC		02/08/23		21,848,314		(1,389,726	)^(c)		20,988,401		0.5	%

				$	42,508,530	$	(903,823	)	$	42,038,646

^(a)

In regards to total return swaps with multiple financing rate benchmarks, the Fund receives the total return on a portfolio of long positions underlying the total return swap. In addition, the Fund pays a variable rate of interest, based on a specified benchmark, plus or minus a spread of 65 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

USD — 1D Overnight Bank Funding Rate (OBFR01)

USD — 1D Overnight Fed Funds Effective Rate (FEDL01)

^(b)

Amount includes $95,874 of net dividends and financing fees.

^(c)

Amount includes $(529,813) of net dividends, payable for referenced securities purchased and financing fees.


46		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of March 31, 2020 expiration dates 02/27/23.


	Shares		Value		% of Basket Value

Reference Entity — Long

Banks
Banner Corp.		43,231	$	1,428,352		6.8	%
Boston Private Financial Holdings Inc.		58,536		418,532		2.0
Brookline Bancorp. Inc.		11,465		129,325		0.6
Cadence Bancorp		55,885		366,047		1.7
Central Pacific Financial Corp.		17,616		280,094		1.3
City Holding Co.		23,684		1,575,697		7.5
Columbia Banking System Inc.		45,337		1,215,032		5.8
Community Bank System Inc.		5,272		309,994		1.5
First Bancorp./Puerto Rico		21,890		116,455		0.6
First Financial Bancorp		55,492		827,386		3.9
First Midwest Bancorp. Inc.		55,869		739,426		3.5
Great Western Bancorp. Inc.		1,698		34,775		0.2
Hanmi Financial Corp.		6,746		73,194		0.3
Heritage Financial Corp./WA		13,799		275,980		1.3
Hope Bancorp Inc.		83,525		686,576		3.3
Independent Bank Corp.		2,198		141,485		0.7
National Bank Holdings Corp. Class A		3,420		81,738		0.4
OFG Bancorp		78,084		872,979		4.1
Old National Bancorp./IN		486,265		6,413,835		30.5
Pacific Premier Bancorp. Inc.		15,601		293,923		1.4
United Community Banks Inc./GA		68,138		1,247,607		5.9
Westamerica Bancorp		4,296		252,519		1.2

				17,780,951


Diversified Telecommunication Services
Cincinnati Bell Inc. ^(a)		15,864		232,249		1.1


Insurance
American Equity Investment Life Holding Co.		81,176		1,526,109		7.3
AMERISAFE Inc.		967		62,342		0.3
Employers Holdings Inc.		8,361		338,704		1.6
Horace Mann Educators Corp.		11,193		409,552		1.9
ProAssurance Corp.		10,105		252,625		1.2
Stewart Information Services Corp.		12,544		334,548		1.6

				2,923,880


Metals & Mining
Warrior Met Coal Inc.		6,616		70,262		0.3


Semiconductors & Semiconductor Equipment
Photronics Inc. ^(a)		2,430		24,932		0.1


Thrifts & Mortgage Finance
HomeStreet Inc.		283		6,291		0.0
TrustCo Bank Corp. NY		2,159		11,680		0.1

				17,971


Total Reference Entity — Long				21,050,245


Net Value of Reference Entity — Goldman Sachs & Co.			$	21,050,245

^(a)	Non-income producing security

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with JPMorgan Securities PLC as of March 31, 2020 expiration dates 02/08/23.


	Shares		Value		% of Basket Value

Reference Entity — Long

Banks
Banner Corp.		48,802	$	1,612,418		7.7	%
Boston Private Financial Holdings Inc.		19,256		137,680		0.6
Brookline Bancorp. Inc.		6,677		75,317		0.4
Cadence Bancorp		95,895		628,112		3.0
Central Pacific Financial Corp.		2,028		32,245		0.1
City Holding Co.		1,637		108,910		0.5
Columbia Banking System Inc.		5,850		156,780		0.7
Community Bank System Inc.		25,394		1,493,167		7.1
Eagle Bancorp. Inc.		15,669		473,360		2.2
First Bancorp./Puerto Rico		2,932		15,598		0.1
First Commonwealth Financial Corp.		11,010		100,631		0.5
First Financial Bancorp		37,548		559,841		2.7
First Midwest Bancorp. Inc.		123,126		1,629,573		7.8
Great Western Bancorp. Inc.		143,585		2,940,621		14.0
Hanmi Financial Corp.		21,167		229,662		1.1
Heritage Financial Corp./WA		53,107		1,062,140		5.1
Hope Bancorp Inc.		37,871		311,300		1.5
NBT Bancorp. Inc.		4,598		148,929		0.7
OFG Bancorp		13,398		149,790		0.7
Pacific Premier Bancorp. Inc.		4,814		90,696		0.4
Seacoast Banking Corp. of Florida^(a)		1,938		35,485		0.2
United Community Banks Inc./GA		94,938		1,738,315		8.3
Westamerica Bancorp		1,407		82,703		0.4

				13,813,273


Biotechnology
AMAG Pharmaceuticals Inc. ^(a)		43,302		267,606		1.3


Commercial Services & Supplies
Pitney Bowes Inc.		54,654		111,494		0.5


Consumer Finance
Green Dot Corp. Class A^(a)		10,491		266,366		1.3


Diversified Telecommunication Services
Cincinnati Bell Inc. ^(a)		12,806		187,480		0.9


Equity Real Estate Investment Trusts (REITs)
Tanger Factory Outlet Centers Inc.		8,237		41,185		0.2


Insurance
American Equity Investment Life Holding Co.		108,814		2,045,703		9.7
AMERISAFE Inc.		3,500		225,645		1.1
Employers Holdings Inc.		13,988		566,654		2.7
Horace Mann Educators Corp.		15,270		558,729		2.6
ProAssurance Corp.		21,571		539,275		2.6
Stewart Information Services Corp.		9,157		244,217		1.2

				4,180,223


IT Services
Unisys Corp. ^(a)		20,092		248,136		1.2


Metals & Mining
Warrior Met Coal Inc.		12,671		134,566		0.6


Semiconductors & Semiconductor Equipment
Photronics Inc. ^(a)		36,621		375,731		1.8


SCHEDULES OF INVESTMENTS			47

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF


	Shares		Value		% of Basket Value

Thrifts & Mortgage Finance
HomeStreet Inc.		56,679	$	1,259,974		6.0
Provident Financial Services Inc.		1,856		23,868		0.1
Trustco Bank Corp. NY		14,510		78,499		0.4

				1,362,341


Total Reference Entity — Long				20,988,401


Net Value of Reference Entity — JPMorgan Securities PLC			$	20,988,401

^(a)	Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps


	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$—		$485,903		$(1,389,726	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	716,087
Swaps — OTC
Unrealized appreciation on OTC swaps	$	485,903

	$	1,201,990

Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps	$	1,389,726

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(9,423,994	)
Swaps		(42,913,583	)

	$	(52,337,577	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	622,546
Swaps		(1,093,380	)

	$	(470,834	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	16,992,685
Total return swaps:
Average notional value	$	81,203,232

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


48		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF

Derivative Financial Instruments — Offsetting as of Year End

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


	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	716,087		$	—
Swaps — OTC		485,903			1,389,726

Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	1,201,990		$	1,389,726
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(716,087	)		—

Total derivative assets and liabilities subject to an MNA	$	485,903		$	1,389,726

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


Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Cash Collateral Received	^(b)		Net Amount of Derivative Assets	^(c)
Goldman Sachs &Co.	$	485,903	$	—		$	(485,903	)	$	—


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Cash Collateral Pledged	^(d)		Net Amount of Derivative Liabilities	^(e)
JPMorgan Securities PLC	$	1,389,726	$	—		$	(1,190,000	)	$	199,726

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(e)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	4,061,514,187	$	—		$	202,441	$	4,061,716,628
Money Market Funds		338,081,308		—			—		338,081,308

	$	4,399,595,495	$	—		$	202,441	$	4,399,797,936

Derivative financial instruments^(a)
Assets
Futures Contracts	$	716,087	$	—		$	—	$	716,087
Swaps		—		485,903			—		485,903
Liabilities
Swaps		—		(1,389,726	)		—		(1,389,726	)

	$	716,087	$	(903,823	)	$	—	$	(187,736	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			49

Statements of Assets and Liabilities

March 31, 2020


	iShares S&P 100 ETF			iShares S&P 500 Growth ETF		iShares S&P 500 Value ETF		iShares S&P Mid-Cap 400 Growth ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	4,821,051,473		$	22,202,164,416	$	14,100,544,620	$	5,244,415,275
Affiliated^(c)		149,433,707			490,939,365		189,314,366		414,888,793
Cash		454,183			1,798,551		1,407,237		409,724
Cash pledged:
Futures contracts		1,385,640			5,440,340		4,693,360		1,605,470
Receivables:
Securities lending income — Affiliated		60,984			196,017		286,189		228,019
Capital shares sold		233,320			1,221,368		1,249,920		—
Dividends		4,115,679			11,490,979		22,853,043		4,356,468

Total assets		4,976,734,986			22,713,251,036		14,320,348,735		5,665,903,749


LIABILITIES
Collateral on securities loaned, at value		122,898,604			401,526,928		129,405,207		404,342,876
Payables:
Variation margin on futures contracts		219,670			846,594		730,386		166,918
Capital shares redeemed		124,089			235,599		294,485		126,368
Investment advisory fees		806,964			3,262,629		2,090,092		1,171,103

Total liabilities		124,049,327			405,871,750		132,520,170		405,807,265


NET ASSETS	$	4,852,685,659		$	22,307,379,286	$	14,187,828,565	$	5,260,096,484


NET ASSETS CONSIST OF:
Paid-in capital	$	5,451,650,813		$	20,030,870,295	$	18,095,835,691	$	6,217,449,674
Accumulated earnings (loss)		(598,965,154	)		2,276,508,991		(3,908,007,126)(957,353,190)

NET ASSETS	$	4,852,685,659		$	22,307,379,286	$	14,187,828,565	$	5,260,096,484


Shares outstanding		40,950,000			135,200,000		147,350,000		29,450,000

Net asset value	$	118.50		$	165.00	$	96.29	$	178.61

Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited

Par value		None			None		None		None


^(a) Securities loaned, at value	$	117,491,197		$	388,567,533	$	125,259,942	$	393,133,648
^(b) Investments, at cost — Unaffiliated	$	5,230,522,346		$	18,972,970,028	$	16,995,123,308	$	5,804,895,668
^(c) Investments, at cost — Affiliated	$	149,866,168		$	496,823,030	$	186,435,813	$	414,906,415

See notes to financial statements.


50		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (continued)

March 31, 2020


	iShares S&P Mid-Cap 400 Value ETF			iShares S&P Small-Cap 600 Growth ETF			iShares S&P Small-Cap 600 Value ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	3,796,161,825		$	3,492,407,441		$	4,061,716,628
Affiliated^(c)		237,611,506			385,765,951			338,081,308
Cash		367,711			231,066			1,494,104
Cash pledged:
Futures contracts		1,511,510			1,223,000			3,235,000
OTC swaps		—			—			1,190,000
Receivables:
Investments sold		538,077			2,381,999			556,161
Securities lending income — Affiliated		168,437			226,316			479,026
Capital shares sold		—			—			6,353,109
Dividends		9,220,904			3,687,820			8,309,434
Unrealized appreciation on:
OTC swaps		—			—			485,903

Total assets		4,045,579,970			3,885,923,593			4,421,900,673


LIABILITIES
Cash received:
OTC swaps		—			—			590,000
Collateral on securities loaned, at value		232,514,176			368,643,634			289,106,479
Payables:
Investments purchased		108,650			—			8,721,876
Variation margin on futures contracts		152,877			52,688			209,373
Capital shares redeemed		831,284			1,230,508			11,360
Investment advisory fees		941,225			842,706			955,067
Unrealized depreciation on:
OTC swaps		—			—			1,389,726

Total liabilities		234,548,212			370,769,536			300,983,881


NET ASSETS	$	3,811,031,758		$	3,515,154,057		$	4,120,916,792


NET ASSETS CONSIST OF:
Paid-in capital	$	6,149,224,897		$	4,551,649,687		$	7,239,234,736
Accumulated loss		(2,338,193,139	)		(1,036,495,630	)		(3,118,317,944	)

NET ASSETS	$	3,811,031,758		$	3,515,154,057		$	4,120,916,792


Shares outstanding		34,700,000			25,400,000			41,100,000

Net asset value	$	109.83		$	138.39		$	100.27

Shares authorized		Unlimited			Unlimited			Unlimited

Par value		None			None			None


^(a) Securities loaned, at value	$	224,535,281		$	355,979,472		$	270,075,130
^(b)Investments, at cost — Unaffiliated	$	5,547,896,053		$	4,153,230,163		$	6,392,384,009
^(c)Investments, at cost — Affiliated	$	237,633,806		$	400,475,295		$	338,102,754

See notes to financial statements.


FINANCIAL STATEMENTS			51

Statements of Operations

Year Ended March 31, 2020


	iShares S&P 100 ETF			iShares S&P 500 Growth ETF			iShares S&P 500 Value ETF			iShares S&P Mid-Cap 400 Growth ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	106,202,570		$	349,433,586		$	410,841,440		$	89,785,984
Dividends — Affiliated		741,143			1,173,031			2,531,111			191,620
Interest — Unaffiliated		11,284			36,030			32,139			7,229
Securities lending income — Affiliated — net		174,280			811,996			656,271			1,508,693
Foreign taxes withheld		—			—			—			(57,194	)

Total investment income		107,129,277			351,454,643			414,060,961			91,436,332


EXPENSES
Investment advisory fees		10,413,242			42,676,987			28,889,406			17,626,271

Total expenses		10,413,242			42,676,987			28,889,406			17,626,271

Net investment income		96,716,035			308,777,656			385,171,555			73,810,061


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(54,125,982	)		134,428,163			(271,067,818	)		297,010,080
Investments — Affiliated		(206,033	)		(461,192	)		(432,801	)		(223,529	)
In-kind redemptions — Unaffiliated		606,362,562			1,950,237,523			1,985,585,030			340,193,134
In-kind redemptions — Affiliated		1,168,219			(147,186	)		9,917,292			—
Futures contracts		(3,819,449	)		1,060,567			(6,824,542	)		(1,760,652	)

Net realized gain		549,379,317			2,085,117,875			1,717,177,161			635,219,033

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(797,464,553	)		(2,813,050,512	)		(3,951,908,885	)		(1,872,466,006	)
Investments — Affiliated		(470,782	)		(5,915,061	)		(2,553,025	)		(118,639	)
Futures contracts		507,981			(2,823,127	)		(1,658,020	)		(1,050,247	)

Net change in unrealized appreciation (depreciation)		(797,427,354	)		(2,821,788,700	)		(3,956,119,930	)		(1,873,634,892	)

Net realized and unrealized loss		(248,048,037	)		(736,670,825	)		(2,238,942,769	)		(1,238,415,859	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(151,332,002	)	$	(427,893,169	)	$	(1,853,771,214	)	$	(1,164,605,798	)

See notes to financial statements.


52		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (continued)

Year Ended March 31, 2020


	iShares S&P Mid-Cap 400 Value ETF			iShares S&P Small-Cap 600 Growth ETF			iShares S&P Small-Cap 600 Value ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	131,464,290		$	56,619,457		$	99,256,013
Dividends — Affiliated		191,475			762,662			2,831,261
Interest — Unaffiliated		8,138			4,083			4,057
Securities lending income — Affiliated — net		2,065,068			2,579,976			3,942,714
Foreign taxes withheld		(44,454	)		(29,083	)		(45,948	)

Total investment income		133,684,517			59,937,095			105,988,097


EXPENSES
Investment advisory fees		15,415,355			13,150,607			15,214,258

Total expenses		15,415,355			13,150,607			15,214,258

Net investment income		118,269,162			46,786,488			90,773,839


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(116,687,432	)		209,436,703			(101,712,312	)
Investments — Affiliated		(86,866	)		(126,710	)		1,858,451
In-kind redemptions — Unaffiliated		560,011,019			181,274,442			598,949,574
In-kind redemptions — Affiliated		—			(1,484,052	)		4,086,186
Futures contracts		(3,198,473	)		(933,512	)		(9,423,994	)
Swaps		—			—			(42,913,583	)

Net realized gain		440,038,248			388,166,871			450,844,322

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(2,177,038,658	)		(1,493,869,463	)		(2,412,013,032	)
Investments — Affiliated		(106,754	)		(14,868,561	)		(3,652,899	)
Futures contracts		(546,797	)		(277,746	)		622,546
Swaps		—			—			(1,093,380	)

Net change in unrealized appreciation (depreciation)		(2,177,692,209	)		(1,509,015,770	)		(2,416,136,765	)

Net realized and unrealized loss		(1,737,653,961	)		(1,120,848,899	)		(1,965,292,443	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,619,384,799	)	$	(1,074,062,411	)	$	(1,874,518,604	)

See notes to financial statements.


FINANCIAL STATEMENTS			53

Statements of Changes in Net Assets


	iShares S&P 100 ETF						iShares S&P 500 Growth ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	96,716,035		$	92,764,486		$	308,777,656		$	271,454,884
Net realized gain		549,379,317			404,216,776			2,085,117,875			1,323,402,882
Net change in unrealized appreciation (depreciation)		(797,427,354	)		(20,656,259	)		(2,821,788,700	)		855,326,104

Net increase (decrease) in net assets resulting from operations		(151,332,002	)		476,325,003			(427,893,169	)		2,450,183,870


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(105,665,467	)		(91,857,619	)		(394,328,138	)		(266,062,421	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		285,347,345			(584,138,374	)		578,700,113			344,684,113


NET ASSETS
Total increase (decrease) in net assets		28,349,876			(199,670,990	)		(243,521,194	)		2,528,805,562
Beginning of year		4,824,335,783			5,024,006,773			22,550,900,480			20,022,094,918

End of year	$	4,852,685,659		$	4,824,335,783		$	22,307,379,286		$	22,550,900,480

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

See notes to financial statements.


54		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares S&P 500 Value ETF						iShares S&P Mid-Cap 400 Growth ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	385,171,555		$	366,969,781		$	73,810,061		$	77,783,490
Net realized gain		1,717,177,161			442,791,936			635,219,033			121,562,191
Net change in unrealized appreciation (depreciation)		(3,956,119,930	)		(4,327,902	)		(1,873,634,892	)		(68,367,508	)

Net increase (decrease) in net assets resulting from operations		(1,853,771,214	)		805,433,815			(1,164,605,798	)		130,978,173


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(389,148,196	)		(374,403,089	)		(80,679,104	)		(80,945,838	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,196,316,317			165,029,253			(985,376,484	)		(567,494,905	)


NET ASSETS
Total increase (decrease) in net assets		(1,046,603,093	)		596,059,979			(2,230,661,386	)		(517,462,570	)
Beginning of year		15,234,431,658			14,638,371,679			7,490,757,870			8,008,220,440

End of year	$	14,187,828,565		$	15,234,431,658		$	5,260,096,484		$	7,490,757,870

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

See notes to financial statements.


FINANCIAL STATEMENTS			55

Statements of Changes in Net Assets (continued)


	iShares S&P Mid-Cap 400 Value ETF						iShares S&P Small-Cap 600 Growth ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	118,269,162		$	98,967,668		$	46,786,488		$	46,808,984
Net realized gain (loss)		440,038,248			(75,058,208	)		388,166,871			41,710,941
Net change in unrealized appreciation (depreciation)		(2,177,692,209	)		173,718,453			(1,509,015,770	)		12,530,074

Net increase (decrease) in net assets resulting from operations		(1,619,384,799	)		197,627,913			(1,074,062,411	)		101,049,999


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(125,017,275	)		(102,534,682	)		(50,853,269	)		(49,710,347	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(800,250,817	)		656,912,651			(940,151,365	)		400,828,901


NET ASSETS
Total increase (decrease) in net assets		(2,544,652,891	)		752,005,882			(2,065,067,045	)		452,168,553
Beginning of year		6,355,684,649			5,603,678,767			5,580,221,102			5,128,052,549

End of year	$	3,811,031,758		$	6,355,684,649		$	3,515,154,057		$	5,580,221,102

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

See notes to financial statements.


56		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares S&P Small-Cap 600 Value ETF
	Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	90,773,839		$	93,705,980
Net realized gain (loss)		450,844,322			(145,328,526	)
Net change in unrealized appreciation (depreciation)		(2,416,136,765	)		(130,814,355	)

Net decrease in net assets resulting from operations		(1,874,518,604	)		(182,436,901	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(109,063,434	)		(94,045,281	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(50,705,049	)		1,268,093,814


NET ASSETS
Total increase (decrease) in net assets		(2,034,287,087	)		991,611,632
Beginning of year		6,155,203,879			5,163,592,247

End of year	$	4,120,916,792		$	6,155,203,879

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

See notes to financial statements.


FINANCIAL STATEMENTS			57

Financial Highlights

(For a share outstanding throughout each period)


	iShares S&P 100 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	125.31		$	115.89		$	104.70		$	91.38		$	90.25

Net investment income^(a)		2.48			2.35			2.17			2.02			1.91
Net realized and unrealized gain (loss)^(b)		(6.58	)		9.45			11.20			13.38			1.14

Net increase (decrease) from investment operations		(4.10	)		11.80			13.37			15.40			3.05


Distributions^(c)
From net investment income		(2.71	)		(2.38	)		(2.18	)		(2.08	)		(1.92	)

Total distributions		(2.71	)		(2.38	)		(2.18	)		(2.08	)		(1.92	)


Net asset value, end of year	$	118.50		$	125.31		$	115.89		$	104.70		$	91.38


Total Return
Based on net asset value		(3.42	)%		10.25	%		12.85	%		17.03	%		3.43	%


Ratios to Average Net Assets
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income		1.86	%		1.94	%		1.92	%		2.08	%		2.12	%


Supplemental Data
Net assets, end of year (000)	$	4,852,686		$	4,824,336		$	5,024,007		$	4,612,077		$	4,546,237

Portfolio turnover rate^(d)		4	%		7	%		4	%		4	%		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.


58		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P 500 Growth ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	172.41		$	155.03		$	131.58		$	115.95		$	113.96

Net investment income^(a)		2.38			2.08			1.99			1.82			1.72
Net realized and unrealized gain (loss)^(b)		(6.73	)		17.35			23.48			15.66			2.06

Net increase (decrease) from investment operations		(4.35	)		19.43			25.47			17.48			3.78


Distributions^(c)
From net investment income		(3.06	)		(2.05	)		(2.02	)		(1.85	)		(1.79	)

Total distributions		(3.06	)		(2.05	)		(2.02	)		(1.85	)		(1.79	)


Net asset value, end of year	$	165.00		$	172.41		$	155.03		$	131.58		$	115.95


Total Return
Based on net asset value		(2.65	)%		12.59	%		19.45	%		15.21	%		3.36	%


Ratios to Average Net Assets
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%

Net investment income		1.30	%		1.27	%		1.36	%		1.50	%		1.51	%


Supplemental Data
Net assets, end of year (000)	$	22,307,379		$	22,550,900		$	20,022,095		$	16,525,973		$	13,717,208

Portfolio turnover rate^(d)		27	%		27	%		21	%		24	%		24	%

^(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.


FINANCIAL HIGHLIGHTS			59

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P 500 Value ETF

	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	112.76		$	109.32		$	104.03		$	89.91		$	92.53

Net investment income^(a)		2.86			2.69			2.53			2.31			2.25
Net realized and unrealized gain (loss)^(b)		(16.41	)		3.53			5.26			14.11			(2.70	)

Net increase (decrease)from investment operations		(13.55	)		6.22			7.79			16.42			(0.45	)


Distributions^(c)
From net investment income		(2.92	)		(2.78	)		(2.50	)		(2.30	)		(2.17	)

Total distributions		(2.92	)		(2.78	)		(2.50	)		(2.30	)		(2.17	)


Net asset value, end of year	$	96.29		$	112.76		$	109.32		$	104.03		$	89.91


Total Return
Based on net asset value		(12.34	)%		5.79	%		7.53	%		18.44	%		(0.44	)%


Ratios to Average Net Assets
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%

Net investment income		2.40	%		2.43	%		2.33	%		2.37	%		2.51	%


Supplemental Data
Net assets, end of year (000)	$	14,187,829		$	15,234,432		$	14,638,372		$	13,643,474		$	9,660,828

Portfolio turnover rate^(d)		32	%		31	%		23	%		21	%		25	%

^(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.


60		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P Mid-Cap 400 Growth ETF

	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	219.03		$	218.21		$	190.96		$	162.57		$	171.45

Net investment income^(a)		2.26			2.20			1.93			1.85			1.57
Net realized and unrealized gain (loss)^(b)		(40.17	)		0.93			27.39			28.64			(8.68	)

Net increase (decrease)from investment operations		(37.91	)		3.13			29.32			30.49			(7.11	)


Distributions^(c)
From net investment income		(2.51	)		(2.22	)		(2.07	)		(2.10	)		(1.77	)
From net realized gain		—			(0.09	)		—			—			—

Total distributions		(2.51	)		(2.31	)		(2.07	)		(2.10	)		(1.77	)


Net asset value, end of year	$	178.61		$	219.03		$	218.21		$	190.96		$	162.57


Total Return
Based on net asset value		(17.49	)%		1.45	%		15.41	%		18.85	%		(4.15	)%


Ratios to Average Net Assets
Total expenses		0.24	%		0.24	%		0.24	%		0.25	%		0.25	%

Net investment income		1.01	%		1.01	%		0.94	%		1.05	%		0.96	%


Supplemental Data
Net assets, end of year (000)	$	5,260,096		$	7,490,758		$	8,008,220		$	6,254,058		$	5,023,418

Portfolio turnover rate^(d)		51	%		50	%		40	%		54	%		44	%

^(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.


FINANCIAL HIGHLIGHTS			61

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P Mid-Cap 400 Value ETF

	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	156.93		$	154.37		$	148.47		$	124.02		$	131.04

Net investment income^(a)		3.01			2.61			2.64			2.20			2.22
Net realized and unrealized gain (loss)^(b)		(46.84	)		2.62			5.95			24.64			(7.00	)

Net increase (decrease)from investment operations		(43.83	)		5.23			8.59			26.84			(4.78	)


Distributions^(c)
From net investment income		(3.27	)		(2.67	)		(2.69	)		(2.39	)		(2.24	)

Total distributions		(3.27	)		(2.67	)		(2.69	)		(2.39	)		(2.24	)


Net asset value, end of year	$	109.83		$	156.93		$	154.37		$	148.47		$	124.02


Total Return
Based on net asset value		(28.36	)%		3.35	%		5.88	%		21.81	%		(3.60	)%


Ratios to Average Net Assets
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income		1.90	%		1.65	%		1.73	%		1.61	%		1.82	%


Supplemental Data
Net assets, end of year (000)	$	3,811,032		$	6,355,685		$	5,603,679		$	6,243,030		$	4,334,329

Portfolio turnover rate^(d)		46	%		44	%		37	%		38	%		33	%

^(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.


62		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P Small-Cap 600 Growth ETF

	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	178.57		$	173.83		$	153.23		$	124.27		$	130.16

Net investment income^(a)		1.61			1.43			1.46			1.30			1.46
Net realized and unrealized gain (loss)^(b)		(40.00	)		4.81			20.68			29.02			(5.79	)

Net increase (decrease)from investment operations		(38.39	)		6.24			22.14			30.32			(4.33	)


Distributions^(c)
From net investment income		(1.79	)		(1.50	)		(1.54	)		(1.36	)		(1.56	)

Total distributions		(1.79	)		(1.50	)		(1.54	)		(1.36	)		(1.56	)


Net asset value, end of year	$	138.39		$	178.57		$	173.83		$	153.23		$	124.27


Total Return
Based on net asset value		(21.68	)%		3.59	%		14.51	%		24.49	%		(3.33	)%


Ratios to Average Net Assets
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income		0.89	%		0.77	%		0.90	%		0.94	%		1.17	%


Supplemental Data
Net assets, end of year (000)	$	3,515,154		$	5,580,221		$	5,128,053		$	4,374,747		$	3,131,695

Portfolio turnover rate^(d)		64	%		45	%		47	%		52	%		45	%

^(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.


FINANCIAL HIGHLIGHTS			63

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P Small-Cap 600 Value ETF

	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	147.61		$	150.98		$	138.72		$	113.35		$	118.82

Net investment income^(a)		2.19			2.40			2.06			1.91			1.59
Net realized and unrealized gain (loss)^(b)		(46.89	)		(3.43	)		12.28			25.38			(5.45	)

Net increase (decrease)from investment operations		(44.70	)		(1.03	)		14.34			27.29			(3.86	)


Distributions^(c)
From net investment income		(2.64	)		(2.34	)		(2.08	)		(1.92	)		(1.61	)

Total distributions		(2.64	)		(2.34	)		(2.08	)		(1.92	)		(1.61	)


Net asset value, end of year	$	100.27		$	147.61		$	150.98		$	138.72		$	113.35


Total Return
Based on net asset value		(30.75	)%		(0.71	)%		10.38	%		24.19	%		(3.22	)%


Ratios to Average Net Assets
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income		1.48	%		1.54	%		1.41	%		1.50	%		1.43	%


Supplemental Data
Net assets, end of year (000)	$	4,120,917		$	6,155,204		$	5,163,592		$	4,869,213		$	3,434,471

Portfolio turnover rate^(d)		53	%		38	%		39	%		48	%		39	%

^(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.


64		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
S&P 100^(a)		Diversified
S&P 500 Growth^(a)		Diversified
S&P 500 Value		Diversified
S&P Mid-Cap 400 Growth		Diversified
S&P Mid-Cap 400 Value		Diversified
S&P Small-Cap 600 Growth		Diversified
S&P Small-Cap 600 Value		.Diversified

^(a)

The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

2.	SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

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, 2020, if any, are disclosed in the statement of assets and liabilities.

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 per share.

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

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

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 should the reporting period end on a day that the Fund’s listing exchange is not open. 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. A fund determines the fair value 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


NOTES TO FINANCIAL STATEMENTS			65

Notes to Financial Statements (continued)

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 last traded price or 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 net asset value (“NAV”).

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

•

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

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an 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 policies 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 the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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.The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	SECURITIES AND OTHER INVESTMENTS

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

As of March 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and 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 for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of March 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.


66		2020 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

S&P 100
Barclays Bank PLC	$	6,654,256	$	6,654,256		$	—	$	—
BofA Securities, Inc.		87,450,514		87,450,514			—		—
Citigroup Global Markets Inc.		15,910,276		15,910,276			—		—
JPMorgan Securities LLC		3,712,968		3,712,968			—		—
SG Americas Securities LLC		3,359,587		3,359,587			—		—
Wells Fargo Bank, National Association		403,596		400,149			—		(3,447	)^(b)

	$	117,491,197	$	117,487,750		$	—	$	(3,447)

S&P 500 Growth
Barclays Bank PLC	$	4,617,753	$	4,543,411		$	—	$	(74,342	)^(b)
Barclays Capital Inc.		2,762,139		2,091,614			—		(670,525	)^(b)
BNP Paribas Prime Brokerage International Ltd.		10,288,406		10,288,406			—		—
BNP Paribas Securities Corp.		1,131,343		1,131,343			—		—
BofA Securities, Inc.		23,034,143		23,034,143			—		—
Citigroup Global Markets Inc.		74,560,489		74,560,489			—		—
Credit Suisse AG		4,754,016		4,754,016			—		—
Credit Suisse Securities (USA) LLC		7,810,573		7,769,124			—		(41,449	)^(b)
Goldman Sachs &Co.		91,118,873		91,118,873			—		—
HSBC Bank PLC		8,498,778		8,498,778			—		—
Jefferies LLC		8,728,640		8,728,640			—		—
JPMorgan Securities LLC		21,132,498		20,659,037			—		(473,461	)^(b)
Morgan Stanley & Co. LLC		41,984,274		41,984,274			—		—
Scotia Capital (USA) Inc.		5,777,689		5,777,689			—		—
SG Americas Securities LLC		14,616,641		14,616,641			—		—
State Street Bank & Trust Company		20,356		20,356			—		—
UBS AG		38,409,154		38,409,154			—		—
UBS Securities LLC		9,823,373		9,823,373			—		—
Virtu Americas LLC		3,724,812		3,724,812			—		—
Wells Fargo Bank, National Association		12,995,385		12,995,385			—		—
Wells Fargo Securities LLC		2,778,198		2,778,198			—		—

	$	388,567,533	$	387,307,756		$	—	$	(1,259,777)


NOTES TO FINANCIAL STATEMENTS			67

Notes to Financial Statements (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

S&P 500 Value
Barclays Capital Inc.	$	174,582	$	174,582		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		6,722,048		6,722,048			—		—
BNP Paribas Securities Corp.		11,880,183		11,880,183			—		—
BofA Securities, Inc.		19,191,738		19,191,738			—		—
Citadel Clearing LLC		1,529,452		1,529,452			—		—
Citigroup Global Markets Inc.		3,368,323		3,368,323			—		—
Credit Suisse AG		11,746,030		11,746,030			—		—
Goldman Sachs &Co.		4,664,594		4,664,594			—		—
HSBC Bank PLC		82,054		82,054			—		—
Jefferies LLC		55,340		55,340			—		—
JPMorgan Securities LLC		26,216,532		26,216,532			—		—
Morgan Stanley & Co. LLC		24,775,120		24,775,120			—		—
Scotia Capital (USA) Inc.		1,106,924		1,106,924			—		—
SG Americas Securities LLC		862,461		862,461			—		—
UBS AG		584,887		569,921			—		(14,966	)^(b)
UBS Securities LLC		6,848,249		6,848,249			—		—
Virtu Americas LLC		1,566,702		1,566,702			—		—
Wells Fargo Bank, National Association		3,867,735		3,867,735			—		—
Wells Fargo Securities LLC		16,988		16,988			—		—

	$	125,259,942	$	125,244,976		$	—	$	(14,966	)

S&P Mid-Cap 400 Growth
Barclays Bank PLC	$	5,770,928	$	5,770,928		$	—	$	—
Barclays Capital Inc.		1,149,566		1,149,566			—		—
BNP Paribas Prime Brokerage International Ltd.		24,878,748		24,878,748			—		—
BNP Paribas Securities Corp.		784,394		784,394			—		—
BofA Securities, Inc.		26,383,157		26,383,157			—		—
Citadel Clearing LLC		7,771,906		7,771,906			—		—
Citigroup Global Markets Inc.		33,922,879		33,922,879			—		—
Credit Suisse AG		5,505,831		5,505,831			—		—
Credit Suisse Securities (USA) LLC		3,037,505		3,037,505			—		—
Deutsche Bank Securities Inc.		1,011,094		1,011,094			—		—
Goldman Sachs &Co.		65,728,212		65,728,212			—		—
HSBC Bank PLC		10,719,169		10,719,169			—		—
Jefferies LLC		548,020		548,020			—		—
JPMorgan Securities LLC		63,759,219		63,759,219			—		—
Morgan Stanley & Co. LLC		70,626,194		70,626,194			—		—
National Financial Services LLC		4,918,240		4,918,240			—		—
Nomura Securities International Inc.		2,110,172		2,110,172			—		—
Scotia Capital (USA) Inc.		16,300		16,300			—		—
SG Americas Securities LLC		2,599,154		2,599,154			—		—
State Street Bank & Trust Company		148,465		148,465			—		—
UBS AG		29,566,797		29,566,797			—		—
UBS Securities LLC		6,398,796		6,398,796			—		—
Virtu Americas LLC		774,079		774,079			—		—
Wells Fargo Bank, National Association		11,884,830		11,884,830			—		—
Wells Fargo Securities LLC		13,119,993		13,119,993			—		—

	$	393,133,648	$	393,133,648		$	—	$	—


68		2020 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

S&P Mid-Cap 400 Value
Barclays Bank PLC	$	12,571,029	$	12,571,029		$	—	$	—
Barclays Capital Inc.		3,533,351		3,384,343			—		(149,008	)^(b)
BNP Paribas Prime Brokerage International Ltd.		4,597,323		4,597,323			—		—
BofA Securities, Inc.		16,373,645		16,373,645			—		—
Citadel Clearing LLC		16,340,752		16,340,752			—		—
Citigroup Global Markets Inc.		8,945,463		8,945,463			—		—
Credit Suisse AG		7,684,677		7,684,677			—		—
Credit Suisse Securities (USA) LLC		1,914		1,914			—		—
Deutsche Bank Securities Inc.		2,307,460		2,196,064			—		(111,396	)^(b)
Goldman Sachs & Co.		18,850,030		18,850,030			—		—
HSBC Bank PLC		232,717		232,717			—		—
JPMorgan Securities LLC		70,825,492		70,825,492			—		—
Morgan Stanley & Co. LLC		19,629,628		19,629,628			—		—
National Financial Services LLC		7,898,692		7,898,692			—		—
Natixis Securities Americas LLC		872,015		872,015			—		—
Nomura Securities International Inc.		176,008		176,008			—		—
Scotia Capital (USA) Inc.		122,788		122,788			—		—
SG Americas Securities LLC		309,798		309,798			—		—
State Street Bank & Trust Company		40,323		40,323			—		—
TD Prime Services LLC		879,279		879,279			—		—
UBS AG		3,465,005		3,465,005			—		—
UBS Securities LLC		12,543,174		12,543,174			—		—
Wells Fargo Bank, National Association		11,902,774		11,902,774			—		—
Wells Fargo Securities LLC		4,431,944		4,431,944			—		—

	$	224,535,281	$	224,274,877		$	—	$	(260,404	)

S&P Small-Cap 600 Growth
Barclays Bank PLC	$	8,325,604	$	8,325,604		$	—	$	—
Barclays Capital Inc.		3,392,579		3,392,579			—		—
BNP Paribas Prime Brokerage International Ltd.		32,030,721		32,030,721			—		—
BNP Paribas Securities Corp.		2,986,810		2,986,810			—		—
BofA Securities, Inc.		29,593,790		29,593,790			—		—
Citigroup Global Markets Inc.		30,716,582		30,716,582			—		—
Credit Suisse AG		2,235,216		2,235,216			—		—
Credit Suisse Securities (USA) LLC		4,034,972		4,017,655			—		(17,317	)^(b)
Deutsche Bank Securities Inc.		635,949		635,949			—		—
Goldman Sachs &Co.		71,648,035		71,648,035			—		—
HSBC Bank PLC		3,723,449		3,723,449			—		—
Jefferies LLC		123,608		123,608			—		—
JPMorgan Securities LLC		41,228,759		41,228,759			—		—
Morgan Stanley & Co. LLC		48,937,954		48,937,954			—		—
National Financial Services LLC		20,295,711		20,295,711			—		—
Nomura Securities International Inc.		679,980		679,980			—		—
Scotia Capital (USA) Inc.		5,543,743		5,543,743			—		—
SG Americas Securities LLC		1,075,861		1,075,861			—		—
State Street Bank & Trust Company		11,257		11,257			—		—
TD Prime Services LLC		408,940		406,317			—		(2,623	)^(b)
UBS AG		9,457,105		9,457,105			—		—
UBS Securities LLC		8,838,526		8,838,526			—		—
Virtu Americas LLC		73,200		73,200			—		—
Wells Fargo Bank, National Association		20,102,871		20,102,871			—		—
Wells Fargo Securities LLC		9,878,250		9,878,250			—		—

	$	355,979,472	$	355,959,532		$	—	$	(19,940	)


NOTES TO FINANCIAL STATEMENTS			69

Notes to Financial Statements (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

S&P Small-Cap 600 Value
Barclays Bank PLC	$	3,328,758	$	3,328,758		$	—	$	—
Barclays Capital Inc.		7,695,975		7,695,975			—		—
BNP Paribas New York Branch		158,496		158,496			—		—
BNP Paribas Prime Brokerage International Ltd.		9,558,742		9,558,742			—		—
BNP Paribas Securities Corp.		2,523,987		2,523,987			—		—
BofA Securities, Inc.		33,523,423		33,523,423			—		—
Citadel Clearing LLC		59,158		59,158			—		—
Citigroup Global Markets Inc.		18,429,722		18,429,722			—		—
Credit Suisse AG		5,715,668		5,715,668			—		—
Credit Suisse Securities (USA) LLC		7,470,305		7,470,305			—		—
Deutsche Bank Securities Inc.		561,330		561,330			—		—
Goldman Sachs &Co.		49,115,422		49,115,422			—		—
HSBC Bank PLC		2,938,290		2,852,660			—		(85,630	)^(b)
Jefferies LLC		730,932		730,932			—		—
JPMorgan Securities LLC		43,435,517		43,435,517			—		—
Morgan Stanley & Co. LLC		44,249,659		44,249,659			—		—
National Financial Services LLC		11,405,176		11,405,176			—		—
Natixis Securities Americas LLC		32,706		31,035			—		(1,671	)^(b)
Nomura Securities International Inc.		1,803,551		1,803,551			—		—
RBC Capital Markets LLC		41,454		41,454			—		—
Scotia Capital (USA) Inc.		602,050		602,050			—		—
SG Americas Securities LLC		110,552		106,000			—		(4,552	)^(b)
State Street Bank & Trust Company		275,019		275,019			—		—
TD Prime Services LLC		495		495			—		—
UBS AG		10,767,462		10,762,344			—		(5,118	)^(b)
UBS Securities LLC		3,756,714		3,756,714			—		—
Virtu Americas LLC		984		975			—		(9	)^(b)
Wells Fargo Securities LLC		11,783,583		11,783,583			—		—

	$	270,075,130	$	269,978,150		$	—	$	(96,980	)

^(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: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract 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, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or 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. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.


70		2020 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

Swaps: Swaps are financial agreements to exchange cash flows in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Total return swaps are entered into by the iShares S&P Small-Cap 600 Value ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

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

Total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

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

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

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

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. Except for NDFs, the forward foreign currency exchange contracts held by the Funds generally do not require collateral. Cash collateral pledged to the counterparty, if any, is presented as cash pledged as collateral for OTC derivatives on the statement of assets and liabilities. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as affiliated investments at value and as a liability for cash received as collateral on OTC derivatives. To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, each Fund bears the risk of loss from counterparty non-performance. Each Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

S&P 100		0.20	%
S&P 500 Growth		0.18
S&P 500 Value		0.18


NOTES TO FINANCIAL STATEMENTS			71

Notes to Financial Statements (continued)

For its investment advisory services to the iShares S&P Mid-Cap 400 Growth ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.2500	%
Over $121 billion, up to and including $181 billion		0.2375
Over $181 billion, up to and including $231 billion		0.2257
Over $231 billion, up to and including $281 billion		0.2144
Over $281 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.

For its investment advisory services to the iShares S&P Mid-Cap 400 Value ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:


Average Daily Net Assets	Investment Advisory Fee

First $5 billion		0.25	%
Over $5 billion, up to and including $7.5 billion		0.24
Over $7.5 billion, up to and including $10 billion		0.23
Over $10 billion		0.21

For its investment advisory services to each of the iShares S&P Small-Cap 600 Growth ETF and iShares S&P Small-Cap 600 Value ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Average Daily Net Assets	Investment Advisory Fee

First $5 billion		0.2500	%
Over $5 billion, up to and including $7.5 billion		0.2375
Over $7.5 billion		0.2256

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.

Prior to July 1, 2019, for its investment advisory services to each of the iShares S&P Small-Cap 600 Growth ETF and iShares S&P Small-Cap 600 Value ETF, BFA was entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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 75% 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, 2020, each Fund retained 73.5% 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.


72		2020 I SHARES ANNUAL REPORT TO SHAREHOLDERS

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, 2020, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
S&P 100	$	70,579
S&P 500 Growth		333,481
S&P 500 Value		237,309
S&P Mid-Cap 400 Growth		634,681
S&P Mid-Cap 400 Value		854,760
S&P Small-Cap 600 Growth		1,081,465
S&P Small-Cap 600 Value		1,535,251

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, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
S&P 100	$	47,539,625	$	22,219,689	$	(1,552,229	)
S&P 500 Growth		3,535,567,177		4,169,736,301		66,267,172
S&P 500 Value		3,341,615,721		2,748,607,090		(120,944,635	)
S&P Mid-Cap 400 Growth		1,810,938,830		2,333,038,125		151,202,641
S&P Mid-Cap 400 Value		1,950,144,421		1,564,545,950		(46,670,565	)
S&P Small-Cap 600 Growth		1,722,983,074		2,235,065,645		203,808,456
S&P Small-Cap 600 Value		1,915,377,353		1,698,242,098		132,352,728

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.

7.	PURCHASES AND SALES

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
S&P 100	$	221,324,208	$	237,776,984
S&P 500 Growth		6,418,997,718		6,492,976,270
S&P 500 Value		5,108,152,223		5,124,241,443
S&P Mid-Cap 400 Growth		3,673,725,575		3,747,287,727
S&P Mid-Cap 400 Value		2,804,808,966		2,797,393,015
S&P Small-Cap 600 Growth		3,339,729,776		3,388,546,558
S&P Small-Cap 600 Value		3,228,174,176		3,169,532,546

For the year ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
S&P 100	$	2,538,579,175	$	2,251,445,446
S&P 500 Growth		6,155,577,010		5,578,721,719
S&P 500 Value		7,947,115,065		6,744,534,792
S&P Mid-Cap 400 Growth		402,669,649		1,371,298,157
S&P Mid-Cap 400 Value		1,512,011,247		2,320,386,570
S&P Small-Cap 600 Growth		86,951,645		975,425,723
S&P Small-Cap 600 Value		1,771,604,594		1,966,443,921


NOTES TO FINANCIAL STATEMENTS			73

Notes to Financial Statements (continued)

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 the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of March 31, 2020, 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, 2020, 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:


iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
S&P 100	$	589,419,810	$	(589,419,810	)
S&P 500 Growth		1,916,949,197		(1,916,949,197	)
S&P 500 Value		1,774,973,494		(1,774,973,494	)
S&P Mid-Cap 400 Growth		302,160,769		(302,160,769	)
S&P Mid-Cap 400 Value		438,545,749		(438,545,749	)
S&P Small-Cap 600 Growth		146,376,993		(146,376,993	)
S&P Small-Cap 600 Value		475,942,885		(475,942,885	)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
S&P 100
Ordinary income	$	105,665,467	$	91,857,619

S&P 500 Growth
Ordinary income	$	394,328,138	$	266,062,421

S&P 500 Value
Ordinary income	$	389,148,196	$	374,403,089

S&P Mid-Cap 400 Growth
Ordinary income	$	80,679,104	$	77,783,490
Long-term capital gains		—		3,162,348

	$	80,679,104	$	80,945,838

S&P Mid-Cap 400 Value
Ordinary income	$	125,017,275	$	102,534,682

S&P Small-Cap 600 Growth
Ordinary income	$	50,853,269	$	49,710,347

S&P Small-Cap 600 Value
Ordinary income	$	109,063,434	$	94,045,281

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
S&P 100	$	1,146,247	$	(113,238,631)		$	(486,872,770	)	$	(598,965,154	)
S&P 500 Growth		8,165,399		(677,876,502	)		2,946,220,094			2,276,508,991
S&P 500 Value		—		(416,249,228	)		(3,491,757,898	)		(3,908,007,126	)
S&P Mid-Cap 400 Growth		—		(340,937,915	)		(616,415,275	)		(957,353,190	)
S&P Mid-Cap 400 Value		—		(398,181,116	)		(1,940,012,023	)		(2,338,193,139	)
S&P Small-Cap 600 Growth		—		(307,435,232	)		(729,060,398	)		(1,036,495,630	)
S&P Small-Cap 600 Value		—		(458,791,332	)		(2,659,526,612	)		(3,118,317,944	)

^(a)

Amounts available to offset future realized capital gains.


74		2020 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

^(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 characterization of corporate actions and the realization for tax purposes of unrealized gains (losses) on certain swap agreements.

For the year ended March 31, 2020, the Funds utilized the following amounts of their capital loss carryforwards as follows:


iShares ETF	Utilized
S&P 500 Growth	$	53,158,508
S&P Small-Cap 600 Growth		232,614,163


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
S&P 100	$	5,457,357,950	$	309,470,135	$	(796,342,905)		$	(486,872,770	)
S&P 500 Growth		19,746,883,687		4,230,739,083		(1,284,518,989	)		2,946,220,094
S&P 500 Value		17,781,616,884		362,739,091		(3,854,496,989)			(3,491,757,898	)
S&P Mid-Cap 400 Growth		6,275,719,343		604,026,526		(1,220,441,801	)		(616,415,275	)
S&P Mid-Cap 400 Value		5,973,785,354		53,434,191		(1,993,446,214	)		(1,940,012,023	)
S&P Small-Cap 600 Growth		4,607,233,790		307,347,515		(1,036,407,913	)		(729,060,398	)
S&P Small-Cap 600 Value		7,059,324,548		81,248,867		(2,740,775,479	)		(2,659,526,612	)

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. 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.

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.

When a fund concentrates its investments in securities within a single or limited number of market sectors, 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.


NOTES TO FINANCIAL STATEMENTS			75

Notes to Financial Statements (continued)

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
S&P 100
Shares sold		20,650,000		$	2,547,941,955			10,100,000		$	1,209,689,713
Shares redeemed		(18,200,000	)		(2,262,594,610	)		(14,950,000	)		(1,793,828,087	)

Net increase (decrease)		2,450,000		$	285,347,345			(4,850,000	)	$	(584,138,374	)


S&P 500 Growth
Shares sold		34,500,000		$	6,169,953,909			37,350,000		$	5,828,333,740
Shares redeemed		(30,100,000	)		(5,591,253,796	)		(35,700,000	)		(5,483,649,627	)

Net increase		4,400,000		$	578,700,113			1,650,000		$	344,684,113


S&P 500 Value
Shares sold		67,150,000		$	7,972,765,072			63,700,000		$	6,787,311,521
Shares redeemed		(54,900,000	)		(6,776,448,755	)		(62,500,000	)		(6,622,282,268	)

Net increase		12,250,000		$	1,196,316,317			1,200,000		$	165,029,253


S&P Mid-Cap 400 Growth
Shares sold		1,850,000		$	403,719,445			7,650,000		$	1,674,011,835
Shares redeemed		(6,600,000	)		(1,389,095,929	)		(10,150,000	)		(2,241,506,740	)

Net decrease		(4,750,000	)	$	(985,376,484	)		(2,500,000	)	$	(567,494,905	)


S&P Mid-Cap 400 Value
Shares sold		9,400,000		$	1,545,223,875			12,400,000		$	1,832,291,043
Shares redeemed		(15,200,000	)		(2,345,474,692	)		(8,200,000	)		(1,175,378,392	)

Net increase (decrease)		(5,800,000	)	$	(800,250,817	)		4,200,000		$	656,912,651


S&P Small-Cap 600 Growth
Shares sold		550,000		$	93,536,927			9,950,000		$	1,895,676,865
Shares redeemed		(6,400,000	)		(1,033,688,292	)		(8,200,000	)		(1,494,847,964	)

Net increase (decrease)		(5,850,000	)	$	(940,151,365	)		1,750,000		$	400,828,901


S&P Small-Cap 600 Value
Shares sold		13,750,000		$	2,040,702,369			21,350,000		$	3,215,690,502
Shares redeemed		(14,350,000	)		(2,091,407,418	)		(13,850,000	)		(1,947,596,688	)

Net increase (decrease)		(600,000	)	$	(50,705,049	)		7,500,000		$	1,268,093,814

11.

LEGAL PROCEEDINGS


76		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

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 S&P 500 Value ETF received proceeds of $2,091,170 in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to appeals in multiple appellate courts. The outcome of these appeals 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.

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.


NOTES TO FINANCIAL STATEMENTS			77


Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares S&P 100 ETF, iShares S&P 500 Growth ETF,

iShares S&P 500 Value ETF, iShares S&P Mid-Cap 400 Growth ETF,

iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Growth ETF and

iShares S&P Small-Cap 600 Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedule of investments of iShares S&P 100 ETF and summary schedules of investments of iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF, iShares S&P Mid-Cap 400 Growth ETF, iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Growth ETF and iShares S&P Small-Cap 600 Value ETF (seven of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2020 (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, 2020, 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, 2020 and each of the financial highlights for each of the five years in the period ended March 31, 2020 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.

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, 2020 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 26, 2020

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


78		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended March 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
S&P 100		100.00	%
S&P 500 Growth		100.00	%
S&P 500 Value		97.25	%
S&P Mid-Cap 400 Growth		80.33	%
S&P Mid-Cap 400 Value		87.97	%
S&P Small-Cap 600 Growth		83.15	%
S&P Small-Cap 600 Value		81.53	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
S&P 100	$	105,561,675
S&P 500 Growth		395,799,954
S&P 500 Value		397,470,773
S&P Mid-Cap 400 Growth		66,306,682
S&P Mid-Cap 400 Value		113,585,522
S&P Small-Cap 600 Growth		42,833,900
S&P Small-Cap 600 Value		90,861,358

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Business Income
S&P 100	$	714,941
S&P 500 Growth		12,697,560
S&P 500 Value		7,239,833
S&P Mid-Cap 400 Growth		13,867,349
S&P Mid-Cap 400 Value		9,276,160
S&P Small-Cap 600 Growth		8,078,450
S&P Small-Cap 600 Value		11,441,731


IMPORTANT TAX INFORMATION			79

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares S&P 100 ETF, iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF, iShares S&P Mid-Cap 400 Growth ETF, iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Growth ETF and iShares S&P Small-Cap 600 Value ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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:


80		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

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.


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
S&P 100^(a)	$	2.707181	$	—	$	0.004283	$	2.711464		100	%		—	%		0	%^(b)		100	%
S&P 500 Growth^(a)		2.603674		—		0.461226		3.064900		85			—			15			100
S&P 500 Value^(a)		2.898420		—		0.024729		2.923149		99			—			1			100
S&P Mid-Cap 400 Growth^(a)		2.386718		—		0.120435		2.507153		95			—			5			100
S&P Mid-Cap 400 Value^(a)		3.121714		—		0.146017		3.267731		96			—			4			100
S&P Small-Cap 600 Growth^(a)		1.694868		—		0.094619		1.789487		95			—			5			100
S&P Small-Cap 600 Value^(a)		2.403338		—		0.236054		2.639392		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

Premium/discount information for the Funds covering the most recently completed calendar year and the most recently completed calendar quarters since that year (or since the Fund began trading, if shorter) is publicly accessible, free of charge, at iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Funds for the immediately preceding five calendar years (or from the date a Fund began trading on the secondary market, if less than five years) through the date of the most recent calendar quarter-end. Each line in each table shows the number of trading days in which the Fund traded within the premium/discount range indicated. Premium/discount ranges with no trading days are omitted. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares S&P 100 ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		526		39.85	%
At NAV		274		20.76
Less than 0.0% and Greater than –0.5%		520		39.39

		1,320		100.00	%


SUPPLEMENTAL INFORMATION			81

Supplemental Information (unaudited) (continued)

iShares S&P 500 Growth ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		524		39.69	%
At NAV		319		24.17
Less than 0.0% and Greater than –0.5%		477		36.14

		1,320		100.00	%

iShares S&P 500 Value ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0% and Less than 3.5%		1		0.08	%
Greater than 0.0% and Less than 0.5%		534		40.45
At NAV		294		22.27
Less than 0.0% and Greater than –0.5%		491		37.20

		1,320		100.00	%

iShares S&P Mid-Cap 400 Growth ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		488		36.97	%
At NAV		310		23.48
Less than 0.0% and Greater than –0.5%		522		39.55

		1,320		100.00	%

iShares S&P Mid-Cap 400 Value ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		576		43.64	%
At NAV		270		20.45
Less than 0.0% and Greater than –0.5%		473		35.83
Less than –0.5% and Greater than –1.0%		1		0.08

		1,320		100.00	%

iShares S&P Small-Cap 600 Growth ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		584		44.23	%
At NAV		182		13.79
Less than 0.0% and Greater than –0.5%		552		41.82
Less than –0.5% and Greater than –1.0%		1		0.08
Less than –2.0% and Greater than –2.5%		1		0.08

		1,320		100.00	%


82		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)

iShares S&P Small-Cap 600 Value ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		664		50.30	%
At NAV		143		10.83
Less than 0.0% and Greater than –0.5%		509		38.57
Less than –0.5% and Greater than –1.0%		4		0.30

		1,320		100.00	%


SUPPLEMENTAL INFORMATION			83

Trustee and Officer Information

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 367 funds as of March 31, 2020. 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

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

Robert S. Kapito^(a)(63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b)(49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(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

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

Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


84		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (continued)


Independent Trustees (continued)

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

John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

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

Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


TRUSTEE AND OFFICER INFORMATION			85

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

Complete Schedules of Portfolio Holdings

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86		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares


GLOSSARY OF TERMS USED IN THIS REPORT			87

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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”).

iS-AR-301-0320


		MARCH 31, 2020

2020 Annual Report

iShares Trust

iShares International Preferred Stock ETF | IPFF | Cboe BZX

iShares Preferred and Income Securities ETF | PFF | NASDAQ

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		19
Statements of Operations		20
Statements of Changes in Net Assets		21
Financial Highlights		22
Notes to Financial Statements		24
Report of Independent Registered Public Accounting Firm		31
Important Tax Information (Unaudited)		32
Statement Regarding Liquidity Risk Management Program		33
Supplemental Information		34
Trustee and Officer Information		37
General Information		39
Glossary of Terms Used in this Report		40

Market Overview

iShares Trust

Global Market Overview

Global equity markets posted a significantly negative return during the 12 months ended March 31, 2020 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -11.26% in U.S. dollar terms for the reporting period.

The coronavirus pandemic was the defining event of the reporting period, dividing it into two distinct parts. Prior to the outbreak, global equities posted solid returns, supported by slowing but resilient growth and accommodative monetary policy from major central banks. Equity markets ended 2019 on a positive note, as a trade agreement between the U.S. and China helped alleviate one of the world economy’s most significant risks.

However, global equity markets were upended by the emergence and spread of the coronavirus in 2020. The outbreak began in China, where measures to slow the spread of the virus included stay-at-home orders, which closed factories and disrupted global supply chains. The virus then began to spread to other countries around the globe, and affected countries began limiting economic activity in an attempt to contain it. As the extent of the outbreak became apparent in February 2020, and the economic activity of countries worldwide was disrupted by restrictions on travel and work, global equity prices declined sharply. Market volatility continued throughout March 2020, as investors struggled to project the length of the disruption and its ultimate economic impact. In the midst of this volatile environment, a dispute over oil production between Russia and Saudi Arabia led to a sudden decline in oil prices, further dampening market sentiment.

In the U.S., as state and local governments issued shelter-in-place orders and restrictions on public gatherings and non-essential work, whole portions of the U.S. economy shut down. Travel, leisure, and industries that depend on a physical presence, such as restaurants and non-essential retail, were closed in many areas of the country. In consequence, millions of workers were laid-off. Unemployment, which had hovered near a 50-year low, increased dramatically. More than 9.9 million workers filed unemployment claims in the last two weeks of March 2020, far surpassing the previous record.

In response to the crisis, the U.S. federal government enacted a $2 trillion stimulus program designed to stabilize affected industries, make loans to small businesses, and provide direct cash payments to individuals. The U.S. Federal Reserve Bank (“the Fed”), also responded to the crisis with two emergency interest rate reductions in March 2020 and a new bond-buying program that included U.S. Treasuries, corporate and municipal bonds, and asset-backed securities.

Europe was similarly affected by the coronavirus, with Italy, Spain, and France among the countries with the most confirmed cases. European stocks declined significantly as some countries issued lockdown orders to contain the virus’ spread. To mitigate the economic impact of this disruption, many countries individually implemented fiscal stimulus plans designed to protect affected businesses and workers. The European Central Bank (“ECB”) also sought to steady markets with a €750 billion bond buying program and signaled openness to further stimulus.

Asia-Pacific and emerging market equities also declined substantially, despite some initial signs that the outbreak was beginning to slow down. The Chinese economy struggled initially due to widespread business and factory closures, then later from a lack of demand, as other affected countries decreased their imports of Chinese goods and cancelled existing orders.


M A R K E T O V E R V I E W			3


Fund Summary as of March 31, 2020		iShares^® International Preferred Stock ETF

Investment Objective

The iShares International Preferred Stock ETF (the “Fund”) seeks to track the investment results of an index composed of preferred stocks of non-U.S. developed markets, as represented by the S&P International Preferred Stock Index^TM (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			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(28.16	)%		(7.98	)%		(5.42	)%		(28.16	)%		(34.02	)%		(37.28	)%
Fund Market		(29.53	)		(8.11	)		(5.62	)		(29.53	)		(34.50	)		(38.39	)
Index		(28.15	)		(7.84	)		(5.10	)		(28.15	)		(33.52	)		(35.50	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

LOGO

The inception date of the Fund was 11/15/11. The first day of secondary market trading was 11/17/11.

Expense Example


	Actual							Hypothetical 5% Return

	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	728.10	$	2.38		$	1,000.00	$	1,022.30	$	2.78		0.55	%

^(a)


4		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of March 31, 2020 (continued)		iShares^® International Preferred Stock ETF

Portfolio Management Commentary

Lower yields on non-U.S. bonds led to a significant negative return for the Index during the reporting period. Preferred stock receives a steady stream of dividends, and its value is closely tied to the yields of government bonds in its country of issuance. Preferred stocks periodically reset to the prevailing benchmark rate, and therefore lower bond yields typically drive the value of preferred stock down.

From a country perspective, Canada remained a major exposure in the Index. The Bank of Canada enacted three interest rate reductions aimed at stimulating the economy in the wake of coronavirus-related disruption, resulting in a sharp decrease in Canadian government bond yields. The majority of Canadian preferred stocks are fixed-reset securities tied to the yield of Canada’s five-year bond, and consequently declined in value.

Among Canadian securities, the largest portion of the Index was made up of financials stock, particularly banks. Banks tend to issue high levels of preferred stock due to regulatory capital requirements. Because preferred stock is classified as equity rather than debt on balance sheets, it is useful as a tool to meet target capital ratios. Canadian banks were pressured by lower interest rates, which erode net interest margins, a key measure of profitability. Economic weakness resulting from coronavirus-related restrictions also weighed on Canadian banks, as concerns mounted about loan losses, particularly from energy companies. The Canadian energy sector, which was also represented in the Index, struggled due to sharply lower oil prices, the result of weakened demand and increased supply from major energy producers.

Preferred stock from the U.K, where intermediate-maturity bond yields declined sharply, also worked against the Index’s return. Banks, which had a noteworthy weight in the Index, were weakened by the economic downturn. Many U.K. banks stopped making dividend payments in response to regulatory pressure intended to improve solvency in the face of expected losses.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	61.3	%
Energy	23.6
Real Estate	6.5
Utilities	4.3
Industrials	2.9
Communication Services	1.4

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Canada	82.2	%
United Kingdom	11.6
Sweden	3.7
Singapore	1.8
Australia	0.7


F U N D S U M M A R Y			5


Fund Summary as of March 31, 2020		iShares^® Preferred and Income Securities ETF

Investment Objective

The iShares Preferred and Income Securities ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated preferred and hybrid securities, as represented by the ICE Exchange-Listed Preferred & Hybrid Securities 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		(8.90	)%		0.81	%		4.08	%		(8.90	)%		4.10	%		49.13	%
Fund Market		(8.19	)		0.98			4.19			(8.19	)		4.99			50.68
Index^(a)		(8.11	)		1.56			4.80			(8.11	)		8.07			59.88
ICE Exchange-Listed Preferred & Hybrid Securities Index^(b)		(7.78	)		N/A			N/A			(7.78	)		N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through January 31, 2019 reflects the performance of the S&PU.S.Preferred Stock IndexTM. Index performance beginning on February 1, 2019 through October 31, 2019 reflects the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index, which terminated on October 31, 2019. Index performance beginning on November 1, 2019 reflects the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Index, which, effective as of November 1, 2019 replaced the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index as the underlying index of the fund.

^(b)	The inception date of the ICE Exchange-Listed Preferred & Hybrid Securities Index was November 25, 2018.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	863.20	$	2.14		$	1,000.00	$	1,022.70	$	2.33		0.46	%

^(a)


6		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of March 31, 2020 (continued)		iShares^® Preferred and Income Securities ETF

Portfolio Management Commentary

U.S. dollar-denominated preferred stock posted a negative return for the reporting period. Preferred stocks gained throughout most of the reporting period amid a generally supportive economic environment and declining interest rates and bond yields. Preferred stocks pay out a stream of dividends, and therefore their value is sensitive to prevailing interest rates. Consequently, declining interest rates will typically support U.S. preferred stock prices. As bond yields declined, preferred stocks became relatively more attractive due to their higher yields. However, preferred stocks declined sharply following the coronavirus outbreak amid delayed issuance of new preferred stock, high market volatility, and economic uncertainty, and ended the reporting period with declines.

While the value of preferred stocks is affected by interest rates, it can also fluctuate due to market conditions facing the companies that issue them. The largest portion of the Index was made up of financials stock, particularly banks, which tend to issue high levels of preferred stocks due to regulatory capital requirements. Because preferred stock is classified as equity rather than debt on balance sheets, it is useful as a tool to meet target capital ratios. Banks were negatively affected by economic restrictions imposed to slow the spread of the coronavirus, which raised the prospects of loan defaults. Additionally, the Fed’s emergency interest rate reductions pressured profitability, particularly for banks that already had low deposit costs.

Preferred stocks of real estate investment trusts (“REITs”) also represented a large portion of the Index. Mortgage REITs were pressured by a sharp increase in short-term borrowing costs and concerns about missed mortgage payments late in the reporting period. Equity REITs struggled as the coronavirus response disrupted supply chains for building supplies and caused construction delays due to work restrictions.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	54.7	%
Utilities	15.6
Real Estate	9.8
Communication Services	5.1
Consumer Discretionary	3.5
Health Care	3.3
Industrials	2.3
Information Technology	2.3
Energy	1.6
Consumer Staples	1.3
Other (each representing less than 1%)	0.5

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Broadcom Inc., Series A, 8.00%	2.1	%
Wells Fargo & Co., Series L, 7.50	1.6
Bank of America Corp., Series L, 7.25	1.5
Becton Dickinson and Co., Series A, 6.13	1.4
Crown Castle International Corp., Series A, 6.88	1.4
Citigroup Capital XIII, 8.14	1.4
GMAC Capital Trust I, Series 2, 7.48	1.3
JPMorgan Chase &Co., Series EE, 6.00	1.1
JPMorgan Chase &Co., Series DD, 5.75	1.0
Danaher Corp., Series A, 4.75	1.0

^(a)

Excludes money market funds.


F U N D S U M M A R Y			7

About Fund Performance

Shareholder Expenses

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.


8		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

March 31, 2020

iShares^® International Preferred Stock ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Stocks

Australia — 0.6%
Brookfield Infrastructure Partners LP, Series 7, 5.00%^(a)		13,518	$	174,751


Canada — 79.2%
AltaGas Ltd., Series K, 5.00%^(a)		13,518		158,225
Bank of Montreal
Series 27, 3.85%^(a)		41,337		373,190
Series 29, 3.62%^(a)		33,070		290,424
Series 31, 3.85%^(a)		13,566		121,521
Series 38, 4.85%
(5 year Canadian Government Bond + 4.060%)^(b)		27,036		365,647
Series 40, 4.50%^(a)		22,533		250,288
Series 42, 4.40%
(5 year Canadian Government Bond + 3.170%)^(b)		33,070		360,126
Series 44, 4.85%^(a)		33,007		354,106
Bank of Nova Scotia (The)
Series 32, 2.06%
(5 year Canadian Government Bond + 1.340%)^(b)		12,576		209,843
Series 34, 5.50%
(5 year Canadian Government Bond + 4.510%)^(b)		15,772		238,239
Series 38, 4.85%^(a)		22,612		311,375
Series 40, 4.85%
(5 year Canadian Government Bond + 2.430%)^(b)		24,802		274,097
BCE Inc., Series AK, 2.95%
(5 year Canadian Government Bond + 1.880%)^(b)		47,014		376,548
Brookfield Asset Management Inc.
Series 32, 5.06%
(5 year Canadian Government Bond + 2.900%)^(b)		13,260		140,766
Series 46, 4.80%^(a)		13,452		189,019
Series 48, 4.75%^(a)		13,518		185,293
Brookfield Office Properties Inc.
Series EE, 5.10%^(a)		12,394		134,533
Series GG, 4.85%^(a)		12,394		127,306
Series T, 5.38%
(5 year Canadian Government Bond + 3.160%)^(b)		20,668		184,267
Brookfield Renewable Partners LP, Series 15, 5.75%^(a)		7,914		113,426
Canadian Imperial Bank of Commerce
Series 39, 3.71%^(a)		18,069		153,733
Series 41, 3.91%^(a)		518		4,516
Series 45, 4.40%^(a)		53,014		549,378
Series 47, 4.50%^(a)		24,204		224,465
Series 49, 5.20%^(a)		16,872		200,921
Series 51, 5.15%
(5 year Canadian Government Bond + 3.620%)^(b)		10,668		132,437
Emera Inc.
Series C, 4.72%
(5 year Canadian Government Bond + 2.650%)^(b)		11,269		109,812
Series H, 4.90%^(a)		13,518		215,589
Enbridge Inc.
Series 03, 3.74%^(a)		27,262		206,665
Series 09, 4.10%
(5 year Canadian Government Bond + 2.660%)^(b)		12,495		101,305
Series 11, 4.40%^(a)		22,719		178,770
Series 13, 4.40%^(a)		15,905		114,872
Series 15, 4.40%^(a)		12,495		95,248
Series 17, 5.15%^(a)		34,074		487,883
Series 19, 4.90%^(a)		22,718		301,662
Series B, 3.42%
(5 year Canadian Government Bond + 2.400%)^(b)		20,756		146,992


Security	Shares		Value

Canada (continued)
Series D, 4.46%
(5 year Canadian Government Bond + 2.370%)^(b)		20,449	$	156,598
Series F, 4.69%
(5 year Canadian Government Bond + 2.510%)^(b)		22,717		180,191
Series H, 4.38%
(5 year Canadian Government Bond + 2.120%)^(b)		15,905		117,554
Series N, 5.09%
(5 year Canadian Government Bond + 2.650%)^(b)		20,447		180,286
Series P, 4.38%
(5 year Canadian Government Bond + 2.500%)^(b)		18,175		143,525
Series R, 4.07%^(a)		18,175		140,461
Fairfax Financial Holdings Ltd.
Series K, 4.67%
(5 year Canadian Government Bond + 3.510%)^(b)		10,706		96,654
Series M, 4.75%^(a)		10,365		115,713
Fortis Inc./Canada, Series M, 3.91%^(a)		49,604		514,040
Husky Energy Inc., Series 03, 4.69%^(a)		20,631		144,947
Industrial Alliance Insurance & Financial Services Inc.,
Series G, 3.78%
(5 year Canadian Government Bond + 2.850%)^(b)		11,269		100,628
Intact Financial Corp., Series 7, 4.90%^(a)		11,269		114,800
Manulife Financial Corp.
Series 17, 3.80%^(a)		27,882		247,409
Series 21, 5.60%^(a)		33,139		476,125
Series 23, 4.85%^(a)		37,271		434,678
Series 25, 4.70%
(5 year Canadian Government Bond + 2.550%)^(b)		10,269		98,480
National Bank of Canada
Series 30, 4.03%^(a)		28,882		251,818
Series 32, 3.84%^(a)		13,518		119,856
Series 34, 5.60%^(a)		18,025		276,197
Series 36, 5.40%
(5 year Canadian Government Bond + 4.660%)^(b)		18,025		264,673
Series 40, 4.60%^(a)		13,518		130,113
Series 42, 4.95%^(a)		13,518		137,711
Pembina Pipeline Corp.
Series 01, 4.91%
(5 year Canadian Government Bond + 2.470%)^(b)		11,269		93,028
Series 05, 4.57%
(5 year Canadian Government Bond + 3.000%)^(b)		11,269		89,069
Series 13, 5.75%^(a)		11,269		154,386
Series 23, 5.25%^(a)		13,518		159,650
Series 25, 5.20%^(a)		20,631		235,828
Royal Bank of Canada
Series AZ, 3.70%^(a)		38,352		361,061
Series BB, 3.65%^(a)		38,352		366,450
Series BD, 3.60%^(a)		45,865		464,337
Series BK, 5.50%^(a)(c)		55,422		850,789
Series BM, 5.50%
(5 year Canadian Government Bond + 4.800%)^(b)		33,915		557,089
Series BO, 4.80%^(a)		26,847		298,017
Sun Life Financial Inc., Series 04, 4.45%		13,518		166,298
TC Energy Corp.
Series 13, 5.50%^(a)		22,533		351,606
Series 15, 4.90%^(a)		79,585		1,123,869
Series 5, 2.26%^(a)		26,229		156,635
Series 7, 3.90%^(a)		49,604		434,582
Series 9, 3.76%^(a)		37,203		320,186
Toronto-Dominion Bank (The)
Series 01, 3.66%^(a)		20,681		191,503


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

Schedule of Investments (continued)

March 31, 2020

iShares^® International Preferred Stock ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Canada (continued)
Series 03, 3.68%^(a)		20,681	$	193,246
Series 05, 3.88%^(a)		20,681		193,392
Series 07, 3.60%^(a)		14,479		143,432
Series 09, 3.70%
(5 year Canadian Government Bond + 2.870%)^(b)		8,271		82,806
Series 12, 5.50%^(a)		28,952		447,496
Series 14, 4.85%^(a)		41,361		552,119
Series 16, 4.50%
(5 year Canadian Government Bond + 3.010%)^(b)		14,479		155,334
Series 18, 4.70%
(5 year Canadian Government Bond + 2.700%)^(b)		14,478		153,899
Series 20, 4.75%^(a)		16,545		175,173
Series 22, 5.20%^(a)		14,478		178,108
Series 24, 5.10%
(5 year Canadian Government Bond + 3.560%)^(b)		18,678		239,880
Westcoast Energy Inc., Series 12, 5.20%
(5 year Canadian Government Bond + 4.520%)^(b)		13,518		196,594

				21,510,806

Singapore — 1.8%
City Developments Ltd., Preference Shares^(d)		684,729		485,228


Sweden — 3.6%
Klovern AB, Preference Shares		33,923		965,540


United Kingdom — 11.2%
Aviva PLC
8.38%		206,682		292,154
8.75%		206,682		315,219
Balfour Beatty PLC, 9.68%^(d)		231,159		286,626
Doric Nimrod Air Three Ltd., Preference Shares		454,698		197,331
Doric Nimrod Air Two Ltd., Preference Shares		357,043		287,765
Ecclesiastical Insurance Group PLC, 8.63%		219,573		355,299


Security	Shares		Value

United Kingdom (continued)
General Accident PLC
7.88%		227,352	$	298,819
8.88%		288,808		417,195
Raven Property Group Ltd., 12.00%		206,620		240,826
RSA Insurance Group PLC, 7.38%		258,353		344,371

				3,035,605


Total Preferred Stocks — 96.4% (Cost: $41,071,591)				26,171,930


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(e)(f)		11,000		11,000


Total Short-Term Investments — 0.0% (Cost: $11,000)				11,000


Total Investments in Securities — 96.4% (Cost: $41,082,591)				26,182,930

Other Assets, Less Liabilities — 3.6%				980,529


Net Assets — 100.0%			$	27,163,459

^(a)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(b)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(c)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(d)	Convertible preferred stock.

^(e)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	—		—	$	—	$	98	^(b)	$	26		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	75,146	(64,146	)	11,000		11,000		836			—			—

					$	11,000	$	934		$	26		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


10		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

March 31, 2020

iShares^® International Preferred Stock ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total
Investments
Assets
Preferred Stocks	$	26,171,930	$	—	$	—	$	26,171,930
Money Market Funds		11,000		—		—		11,000

	$	26,182,930	$	—	$	—	$	26,182,930

See notes to financial statements.


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

Schedule of Investments

March 31, 2020

iShares^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Stocks

Automobiles — 0.6%
Ford Motor Co. 6.00%		2,602,365	$	39,269,688
6.20%		2,439,936		38,258,196

				77,527,884

Banks — 27.3%
Associated Banc-Corp, Series E, 5.88%		316,264		7,738,158
Banc of California Inc., Series E, 7.00%^(a)		373,006		8,135,261
Banco Santander SA, Series 6, 4.00% (3 mo. LIBOR US + 0.520%)^(b)		732,501		15,331,246
BancorpSouth Bank, Series A, 5.50%		462,713		9,828,024
Bank of America Corp.
Series 4, 4.00% (3 mo. LIBOR US + 0.750%)^(a)(b)		450,456		9,270,384
Series 5, 4.00% (3 mo. LIBOR US + 0.500%)^(b)		902,837		18,192,165
Series CC, 6.20%		2,331,488		58,636,923
Series E, 4.00% (3 mo. LIBOR US + 0.350%)^(a)(b)		679,508		14,473,520
Series EE, 6.00%^(a)		1,907,543		47,783,952
Series GG, 6.00%		2,861,541		73,398,527
Series H, 3.00% (3 mo. LIBOR US + 0.650%)^(b)		640,211		11,523,798
Series HH, 5.88%		1,809,954		45,737,538
Series K, 6.45%^(a)(c)		2,424,972		60,381,803
Series KK, 5.38%		2,962,001		71,828,524
Series L, 7.25%^(d)		163,040		206,411,901
Series LL, 5.00%^(a)		2,776,440		65,190,811
BOK Financial Corp., 5.38%		282,396		6,636,306
CIT Group Inc., Series B, 5.63%		634,763		11,184,524
Citigroup Inc.
Series J, 7.13%^(c)		2,844,861		73,653,451
Series K, 6.88%^(c)		4,476,911		115,414,766
Series S, 6.30%		3,099,431		78,446,599
Citizens Financial Group Inc.
Series D, 6.35%^(a)(c)		917,755		21,888,457
Series E, 5.00%		1,343,903		27,791,914
Commerce Bancshares Inc./MO, Series B, 6.00%^(a)		458,848		11,677,682
Deutsche Bank Contingent Capital Trust II, 6.55%^(a)		2,583,553		64,252,963
Fifth Third Bancorp
Series A, 6.00%		611,837		14,414,880
Series I, 6.63%^(a)(c)		1,343,982		34,379,060
Series K, 4.95%		764,920		15,359,594
First Horizon National Corp., Series A, 6.20%^(a)		316,909		7,409,332
First Republic Bank/CA
Series F, 5.70%^(a)		299,647		7,452,221
Series G, 5.50%		458,796		11,056,984
Series H, 5.13%^(a)		647,164		15,007,733
Series I, 5.50%^(a)		898,981		22,321,698
Series J, 4.70%		1,183,260		26,599,685
FNB Corp/PA, 7.25%^(c)		338,967		8,047,077
GMAC Capital Trust I, Series 2, 7.48% (3 mo. LIBOR US + 5.785%)^(b)		8,669,162		177,804,513
Hancock Whitney Corp., 5.95%^(a)		282,396		6,074,338
HSBC Holdings PLC, Series A, 6.20%		4,715,012		118,016,750
Huntington Bancshares Inc./OH
Series C, 5.88%		316,910		7,558,303
Series D, 6.25%		1,791,988		43,796,187
IBERIABANK Corp., Series D, 6.10%^(c)		316,910		6,499,824
ING Groep NV, 6.13%		2,260,622		56,289,488
JPMorgan Chase & Co.
Series AA, 6.10%^(a)		4,268,521		106,969,136
Series BB, 6.15%		3,444,794		86,636,569


Security	Shares		Value

Banks (continued)
Series DD, 5.75%		5,081,356	$	128,812,375
Series EE, 6.00%		5,541,676		144,914,827
Series GG, 4.75%		2,696,195		62,794,381
KeyCorp
Series E, 6.13%^(c)		1,493,305		37,332,625
Series F, 5.65%		1,269,059		30,774,681
Series G, 5.63%		1,343,982		32,457,165
People’s United Financial Inc., Series A, 5.63%^(c)		764,920		17,945,023
PNC Financial Services Group Inc. (The)
Series P, 6.13%^(c)		4,491,752		115,527,861
Series Q, 5.38%^(a)		1,433,666		34,838,084
Popular Capital Trust I, 6.70%^(a)		340,811		8,302,156
Popular Capital Trust II, 6.13%^(a)		244,670		5,810,912
Regions Financial Corp.
Series A, 6.38%		1,493,305		35,779,588
Series B, 6.38%^(c)		1,493,305		35,794,521
Series C, 5.70%^(c)		1,493,320		35,093,020
Sterling Bancorp/DE, Series A, 6.50%		412,856		9,286,494
SVB Financial Group, Series A, 5.25%		1,045,220		23,925,086
Synovus Financial Corp.
Series D, 6.30%^(a)(c)		597,223		13,019,461
Series E, 5.88%^(c)		1,045,206		21,478,983
TCF Financial Corp., Series C*, 5.70%		535,457		12,245,902
Texas Capital Bancshares Inc. 6.50%		208,891		4,466,090
Series A, 6.50%		447,929		9,473,698
Truist Financial Corp.
Series F, 5.20%^(e)		1,343,981		31,543,234
Series G, 5.20%^(e)		1,493,305		35,047,868
Series H, 5.63%^(e)		1,388,823		33,651,181
Series I, 4.00% (3 mo. LIBOR US + 0.530%)^(a)(b)(e)		533,505		10,622,084
U.S. Bancorp
Series B, 3.50% (3 mo. LIBOR US + 0.600%)^(b)		2,994,688		54,203,853
Series F, 6.50%^(a)(c)		3,293,943		84,851,972
Series H, 5.15%		1,493,305		36,123,048
Series K, 5.50%		1,717,027		42,788,313
Valley National Bancorp
Series A, 6.25%^(a)(c)		344,776		8,526,310
Series B, 5.50%^(a)(c)		316,910		6,563,206
Webster Financial Corp., Series F, 5.25%		458,783		9,781,254
Wells Fargo & Co. 5.20%^(a)		1,298,267		30,444,361
Series L, 7.50%^(d)		171,105		217,991,192
Series O, 5.13%		1,125,314		25,825,956
Series P, 5.25%^(a)		1,082,057		25,157,825
Series Q, 5.85%^(c)		2,986,257		72,715,358
Series R, 6.63%^(a)(c)		1,453,963		38,544,559
Series T, 6.00%^(a)		204,074		5,205,928
Series V, 6.00%		1,731,172		43,365,859
Series W, 5.70%		1,731,172		42,846,507
Series X, 5.50%		1,990,639		48,372,528
Series Y, 5.63%^(a)		1,194,495		29,420,412
Series Z, 4.75%		3,483,865		73,161,165
Western Alliance Bancorp, 6.25%		314,840		7,272,804
Wintrust Financial Corp., Series D, 6.50%^(c)		372,967		8,872,885
Zions Bancorp N.A.
Series G, 6.30%^(c)		413,327		10,023,180
Series H, 5.75%^(a)		376,873		8,592,704

				3,768,091,048


12		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

March 31, 2020

iShares^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets — 9.2%
Affiliated Managers Group Inc., 5.88%		549,905	$	12,763,295
Apollo Global Management Inc.
Series A, 6.38%		820,935		19,365,857
Series B, 6.38%		917,755		21,576,420
Ares Management Corp., Series A, 7.00%		948,522		23,153,422
B. Riley Financial Inc. 6.38%		398,049		7,296,238
6.50%		345,769		6,348,319
6.75%		297,035		5,578,317
6.88%^(a)		193,950		3,933,306
7.25%		339,033		6,339,917
7.38%^(a)		214,953		4,559,153
7.50%		331,756		6,230,378
Bank of New York Mellon Corp. (The), 5.20%		1,739,710		42,205,365
Brightsphere Investment Group Inc., 5.13%		235,284		4,145,704
Capitala Finance Corp., 5.75%^(a)(d)		98,143		1,706,707
Charles Schwab Corp. (The)
Series C, 6.00%^(a)		1,791,949		45,246,712
Series D, 5.95%		2,245,896		56,484,284
Cowen Inc. 7.35%^(a)		254,197		4,906,002
7.75%^(a)		188,356		3,644,689
Goldman Sachs Group Inc. (The)
Series A, 3.75% (3 mo. LIBOR US + 0.750%)^(b)		2,246,749		42,553,426
Series C, 4.00% (3 mo. LIBOR US + 0.750%)^(b)		599,263		11,817,466
Series D, 4.00% (3 mo. LIBOR US + 0.670%)^(a)(b)		4,044,057		77,565,013
Series J, 5.50%^(a)(c)		2,995,695		72,795,388
Series K, 6.38%^(a)(c)		2,097,011		54,585,196
Series N, 6.30%^(a)		2,021,888		51,396,393
KKR & Co. Inc.
Series A, 6.75%		1,034,165		26,298,816
Series B, 6.50%		474,116		11,767,559
Ladenburg Thalmann Financial Services Inc.,
Series A, 8.00%^(a)		1,299,215		18,189,010
Legg Mason Inc. 5.45%		1,610,293		35,700,196
6.38%		807,709		19,982,721
Morgan Stanley
Series A, 4.00% (3 mo. LIBOR US + 0.700%)^(a)(b)		3,293,755		63,075,408
Series E, 7.13%^(a)(c)		2,582,673		67,614,379
Series F, 6.88%^(a)(c)		2,545,089		65,281,533
Series I, 6.38%^(a)(c)		2,994,327		75,067,778
Series K, 5.85%^(c)		2,994,327		73,720,331
Series L, 4.88%		1,496,883		35,281,532
MVC Capital Inc., 6.25%^(a)		317,068		6,981,742
Northern Trust Corp., Series E, 4.70%		1,194,580		28,574,354
Oaktree Capital Group LLC
Series A, 6.63%		550,641		12,295,814
Series B, 6.55%		718,984		15,817,648
Prospect Capital Corp., 6.25%		409,697		8,488,922
State Street Corp.
Series D, 5.90%^(c)		2,245,896		54,665,109
Series G, 5.35%^(c)		1,493,305		36,660,638
Stifel Financial Corp. 5.20%		423,639		9,392,077
Series A, 6.25%^(a)		458,822		11,157,312
Series B, 6.25%		489,318		11,851,282

				1,274,061,128

Chemicals — 0.4%
EI du Pont de Nemours &Co., Series B, 4.50%		127,802		11,693,883


Security	Shares		Value

Chemicals (continued)
International Flavors & Fragrances Inc., 6.00%^(d)		1,332,131	$	50,847,440

				62,541,323

Commercial Services & Supplies — .00%
Pitney Bowes Inc., 6.70%		867,954		7,854,984


Consumer Finance — 2.4%
Capital One Financial Corp.
Series F, 6.20%^(a)		1,497,031		35,958,684
Series G, 5.20%^(a)		1,796,556		39,362,542
Series H, 6.00%^(a)		1,497,031		36,033,536
Series I, 5.00%		4,491,534		90,055,257
Series J, 4.80%		3,758,851		70,666,399
Navient Corp., 6.00%		966,370		16,718,201
SLM Corp., Series B, 2.44% (3 mo. LIBOR US + 1.700%)^(b)		299,825		10,026,148
Synchrony Financial, Series A, 5.63%		2,245,900		38,315,054

				337,135,821

Diversified Financial Services — 2.0%
Allied Capital Corp., 6.88%^(a)		762,508		17,850,312
Citigroup Capital XIII, 8.14% (3 mo. LIBOR US + 6.370%)^(b)		7,301,359		186,914,791
Compass Diversified Holdings
Series A, 7.25%^(a)		298,605		4,906,080
Series B, 7.88%^(c)		298,615		5,204,501
Series C, 7.88%		354,379		6,049,250
Equitable Holdings Inc., Series A, 5.25%		2,395,608		40,533,687
Voya Financial Inc., Series B, 5.35%^(c)		895,911		20,614,912

				282,073,533

Diversified Telecommunication Services — 4.7%
AT&T Inc. 5.35%		4,300,284		107,507,100
5.63%		2,664,416		67,942,608
Series A, 5.00%		3,593,168		81,888,299
Series C, 4.75%		5,260,665		111,526,098
GCI Liberty Inc., Series A, 7.00%		551,544		12,696,543
Qwest Corp. 6.13%		2,520,617		48,799,145
6.50%		3,179,286		66,415,284
6.63%		1,320,407		27,345,629
6.75%		2,131,623		44,380,391
6.88%		1,626,318		34,705,626
7.00%		779,108		17,864,946
Telephone & Data Systems Inc. 5.88%^(a)		350,894		7,052,969
6.63%		218,823		4,649,989
6.88%		423,943		8,928,240
7.00%		555,492		11,804,205

				653,507,072

Electric Utilities — 11.6%
Alabama Power Co., Series A, 5.00%		764,920		19,543,706
Algonquin Power & Utilities Corp. 6.88%^(c)		531,363		13,129,980
Series 19-A, 6.20%^(c)		629,786		14,799,971
American Electric Power Co. Inc., 6.13%^(d)		1,300,079		62,728,812
CMS Energy Corp. 5.63%		644,344		15,721,994
5.88%		2,034,676		51,375,569
5.88%		901,681		22,722,361
Dominion Energy Inc., Series A, 5.25%		2,583,553		63,736,252


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

Schedule of Investments (continued)

March 31, 2020

iShares^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electric Utilities (continued)
DTE Energy Co. 5.25%^(a)		644,383	$	15,484,523
Series B, 5.38%		966,355		23,066,894
Series E, 5.25%		1,288,323		30,881,102
Series F, 6.00%^(a)		901,759		22,417,729
Duke Energy Corp. 5.13%^(a)		1,610,292		39,725,904
5.63%		1,610,292		41,239,578
Series A, 5.75%		2,994,679		77,801,760
Entergy Arkansas LLC 4.75%^(a)		414,486		10,341,426
4.88%		1,320,397		32,534,582
4.90%^(a)		660,120		16,555,810
Entergy Louisiana LLC 4.70%^(a)		342,779		8,483,780
4.88%^(a)		869,766		21,561,499
5.25%		644,383		16,103,131
Entergy Mississippi LLC, 4.90%		840,513		20,811,102
Entergy Texas Inc., 5.63%^(a)		436,318		10,973,441
Georgia Power Co., Series 2017, 5.00%		869,770		21,657,273
Interstate Power & Light Co., Series D, 5.10%^(a)		611,837		15,051,190
National Rural Utilities Cooperative Finance Corp.,
Series US, 5.50%		808,322		20,337,382
NextEra Energy Capital Holdings Inc. 5.00%		1,463,702		35,743,603
Series I, 5.13%		1,626,467		39,620,736
Series K, 5.25%		1,854,157		45,315,597
Series N, 5.65%		2,236,102		56,953,518
NextEra Energy Inc., 4.87%^(d)		2,438,231		115,425,856
Pacific Gas & Electric Co., Series A, 6.00%		333,660		8,508,330
PPL Capital Funding Inc., Series B, 5.90%		1,449,550		35,876,362
SCE Trust II, 5.10%^(a)		1,288,333		28,291,793
SCE Trust III, Series H, 5.75%^(c)		885,769		17,449,649
SCE Trust IV, Series J, 5.38%^(c)		1,047,006		19,421,961
SCE Trust V, Series K, 5.45%^(c)		966,355		18,418,726
SCE Trust VI, 5.00%		1,530,107		31,382,495
Sempra Energy, 5.75%		2,446,455		57,149,189
Southern Co. (The) 5.25%,10/01/76		2,601,283		64,017,575
5.25%		1,463,412		35,999,935
6.25%		3,251,717		81,813,200
Series 2019, 6.75%^(d)		2,803,795		124,488,498
Series 2020, 4.95%		3,251,717		72,805,944

				1,597,469,718

Energy Equipment & Services — .00%
Nabors Industries Ltd., Series A, 6.00%^(a)(d)		454,726		1,673,392


Equity Real Estate Investment Trusts (REITs) — 9.7%
American Finance Trust, Series A, 7.50%^(e)		461,426		8,245,683
American Homes 4 Rent
Series D, 6.50%^(e)		822,128		19,451,548
Series E, 6.35%^(e)		703,724		16,889,376
Series F, 5.88%^(e)		473,685		11,183,703
Series G, 5.88%^(e)		364,314		8,397,438
Series H, 6.25%^(e)		363,879		8,587,544
Ashford Hospitality Trust Inc.
Series F, 7.38%^(a)(e)		380,351		2,510,317
Series G, 7.38%^(e)		462,726		3,035,483
Series I, 7.50%		426,893		2,872,990


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Bluerock Residential Growth REIT Inc., Series A, 8.25%^(a)(e)		426,869	$	8,217,228
Boston Properties Inc., Series B, 5.25%^(e)		611,837		14,818,692
Braemar Hotels & Resorts Inc., Series b, 5.50%^(d)		393,340		2,183,037
Brookfield Property REIT Inc., Series A, 6.38%^(e)		764,920		10,823,618
CBL & Associates Properties Inc.
Series D, 7.38%^(a)(e)		1,388,351		916,312
Series E, 6.63%^(a)(e)		545,561		354,669
Cedar Realty Trust Inc., Series C, 6.50%^(e)		395,422		3,756,509
City Office REIT Inc., Series A, 6.63%		355,021		6,120,562
Colony Capital Inc.
Series H, 7.13%^(e)		879,734		8,093,553
Series I, 7.15%^(e)		1,055,668		9,712,146
Series J, 7.13%^(e)		963,706		8,461,339
CorEnergy Infrastructure Trust Inc., Series A, 7.38%^(e)		374,583		5,648,712
Crown Castle International Corp., Series A, 6.88%^(d)		149,914		187,392,500
Digital Realty Trust Inc.
Series C, 6.63%^(a)(e)		615,764		15,511,095
Series G, 5.88%^(a)(e)		764,920		18,564,608
Series I, 6.35%^(a)(e)		764,905		19,053,784
Series J, 5.25%^(e)		611,837		14,549,484
Series K, 5.85%^(e)		642,603		16,039,371
Series L, 5.20%^(e)		1,034,164		23,837,480
Diversified Healthcare Trust 5.63%		1,127,152		18,000,617
6.25%		805,039		13,114,085
EPR Properties
Series C, 5.75%^(d)(e)		416,623		6,578,477
Series E, 9.00%^(d)(e)		258,518		5,560,722
Series G, 5.75%^(e)		447,929		6,965,296
Equity Commonwealth, Series D, 6.50%^(a)(d)(e)		366,789		9,498,368
Farmland Partners Inc., Series B, 6.00%^(a)(e)(f)		445,740		10,015,778
Federal Realty Investment Trust, Series C, 5.00%^(a)		447,929		10,073,923
Global Net Lease Inc., Series A, 7.25%		520,241		10,547,886
Hersha Hospitality Trust
Series D, 6.50%^(e)		592,162		3,683,248
Series E, 6.50%^(e)		309,267		1,951,475
iStar Inc.
Series D, 8.00%^(e)		316,910		6,607,573
Series I, 7.50%^(e)		373,006		7,111,359
Kimco Realty Corp.
Series L, 5.13%^(e)		671,651		14,574,827
Series M, 5.25%^(a)(e)		837,662		18,344,798
Lexington Realty Trust, Series C, 6.50%^(a)(d)(e)		153,423		6,750,612
MFA Financial Inc., 8.00%		316,906		3,821,886
Monmouth Real Estate Investment Corp., Series C, 6.13%^(e)		1,062,955		23,746,415
National Retail Properties Inc., Series F, 5.20%^(a)(e)		1,034,165		22,699,922
National Storage Affiliates Trust, Series A, 6.00%^(e)		668,903		15,364,702
Office Properties Income Trust, 5.88%		998,439		19,968,780
Pebblebrook Hotel Trust
Series C, 6.50%^(e)		396,022		6,395,755
Series D, 6.38%^(e)		373,016		5,994,367
Series E, 6.38%^(a)(e)		347,295		5,556,720
Series F, 6.30%^(e)		447,929		7,045,923
Pennsylvania REIT
Series C, 7.20%^(a)(e)		547,043		1,315,638
Series D, 6.88%^(a)(e)		372,967		1,283,006


14		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

March 31, 2020

iShares^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
PS Business Parks Inc.
Series W, 5.20%^(a)(e)		580,580	$	13,330,117
Series X, 5.25%		728,402		16,745,962
Series Y, 5.20%^(e)		611,837		14,060,014
Series Z, 4.88%^(e)		994,598		20,747,314
Public Storage
Series B, 5.40%^(e)		903,725		22,150,300
Series C, 5.13%^(e)		611,837		14,800,337
Series D, 4.95%^(e)		979,943		23,136,454
Series E, 4.90%^(e)		1,056,808		24,803,284
Series F, 5.15%^(a)		856,559		20,814,384
Series G, 5.05%^(e)		903,725		21,924,368
Series H, 5.60%^(a)		857,552		21,867,576
Series I, 4.88%^(a)(e)		953,179		22,485,493
Series J, 4.70%^(a)(e)		791,805		18,544,073
Series K, 4.75%		611,610		14,415,648
Series V, 5.38%^(e)		1,490,802		35,958,144
Series W, 5.20%^(e)		1,505,824		35,748,262
Series X, 5.20%^(e)		688,540		16,538,731
QTS Realty Trust Inc.
Series A, 7.13%^(a)(e)		338,319		8,613,602
Series B, 6.50%^(d)		236,973		30,465,249
Ready Capital Corp., 6.20%		317,317		4,759,755
RLJ Lodging Trust, Series A, 1.95%^(d)		965,242		16,891,735
Saul Centers Inc., Series E, 6.00%^(a)		329,345		4,841,371
SITE Centers Corp.
Series A, 6.38%^(e)		54,029		1,007,090
Series K, 6.25%^(e)		447,871		8,308,007
SL Green Realty Corp., Series I, 6.50%^(e)		703,724		16,051,944
Spirit Realty Capital Inc., Series A, 6.00%		527,790		11,226,093
Summit Hotel Properties Inc., Series E, 6.25%		488,545		6,424,367
Sunstone Hotel Investors Inc., Series E, 6.95%^(a)(e)		364,314		7,286,280
Taubman Centers Inc., Series K, 6.25%^(e)		507,568		11,156,345
UMH Properties Inc., Series C, 6.75%^(e)		745,745		14,563,580
Urstadt Biddle Properties Inc.
Series H, 6.25%^(e)		335,703		5,965,442
Series K, 5.88%^(e)		321,632		5,432,911
VEREIT Inc., Series F, 6.70%^(e)		2,304,704		50,933,958
Vornado Realty Trust
Series K, 5.70%^(e)		895,896		19,396,148
Series L, 5.40%^(e)		917,755		18,538,651
Series M, 5.25%^(e)		977,619		19,122,228
Washington Prime Group Inc., Series H, 7.50%^(a)(e)		327,116		2,060,831

				1,338,916,987

Food Products — 1.2%
CHS Inc. 8.00%^(a)		919,617		23,257,114
Series 1, 7.88%		1,601,993		40,049,825
Series 2, 7.10%^(c)		1,254,346		28,950,306
Series 3, 6.75%^(a)(c)		1,470,622		32,750,752
Series 4, 7.50%^(a)		1,545,583		38,577,751

				163,585,748

Gas Utilities — 0.3%
Entergy New Orleans LLC, 5.50%		354,422		8,853,462
South Jersey Industries Inc. 5.63%		359,897		7,978,916
7.25%^(d)		263,661		10,965,661
Spire Inc., Series A, 5.90%		764,920		19,092,403

				46,890,442


Security	Shares		Value

Health Care Equipment & Supplies — 2.3%
Becton Dickinson and Co., Series A, 6.13%^(d)		3,708,018	$	193,855,181
Danaher Corp., Series A, 4.75%^(d)		123,747		127,849,213

				321,704,394

Health Care Technology —0.1%
Change Healthcare Inc., 6.00%^(d)		263,661		10,733,639


Household Products — 0.1%
Energizer Holdings Inc., Series A, 7.50%^(d)		164,867		11,194,469


Industrial Conglomerates — 0.1%
Steel Partners Holdings LP, Series A, 6.00%^(a)		482,443		8,167,760


Insurance — 10.3%
AEGON Funding Co. LLC, 5.10%		2,987,162		62,192,713
Aegon NV, Series 1, 4.00%
(3 mo. LIBOR US + 0.875%)^(a)(b)		828,899		15,972,884
Allstate Corp. (The) 5.10%^(c)		1,610,292		39,226,713
Series G, 5.63%		1,717,027		43,217,570
Series H, 5.10%		3,443,416		79,542,910
Series I, 4.75%		895,896		20,614,567
American Financial Group Inc./OH 5.13%		662,340		14,650,961
5.88%		404,117		9,783,673
6.00%		497,208		12,082,154
American International Group Inc., Series A, 5.85%		1,493,305		34,988,136
Arch Capital Group Ltd.
Series E, 5.25%^(a)		1,343,903		30,829,135
Series F, 5.45%		985,580		21,929,155
Argo Group U.S. Inc., 6.50%		280,007		6,291,757
Aspen Insurance Holdings Ltd. 5.63%^(a)		764,920		15,711,457
5.63%		764,920		15,298,400
5.95%^(c)		841,300		18,045,885
Assurant Inc., Series D, 6.50%^(d)		215,220		22,916,626
Assured Guaranty Municipal Holdings Inc. 5.60%		188,356		4,482,873
6.25%^(a)		433,104		10,624,041
6.88%		188,356		4,714,551
Athene Holding Ltd.
Series A, 6.35%^(c)		2,583,024		58,686,305
Series B, 5.63%		1,034,164		20,362,689
Axis Capital Holdings Ltd., Series E, 5.50%		1,642,664		35,892,208
Brighthouse Financial Inc. 6.25%		1,207,728		29,311,558
Series A, 6.60%		1,269,030		30,875,500
Enstar Group Ltd.
Series D, 7.00%^(c)		1,194,658		26,186,903
Series E, 7.00%		348,699		8,020,077
Global Indemnity Ltd., 7.88%		388,270		8,308,978
Globe Life Inc., 6.13%		552,415		12,849,173
Hanover Insurance Group Inc. (The), 6.35%		314,830		7,215,904
Hartford Financial Services Group Inc. (The) 7.88%^(c)		1,937,805		50,634,845
Series G, 6.00%		1,034,165		26,371,207
Maiden Holdings Ltd. 6.63%		206,883		3,484,944
Series A, 8.25%		475,228		2,984,432
Series C, 7.13%		522,561		3,344,390
Series D, 6.70%		475,102		3,159,428
Maiden Holdings North America Ltd., 7.75%^(a)		296,470		5,632,930


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

Schedule of Investments (continued)

March 31, 2020

iShares^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
MetLife Inc.
Series A, 4.00% (3 mo. LIBOR US + 1.000%)^(b)		1,791,988	$	39,620,855
Series E, 5.63%		2,410,449		60,140,702
Series F, 4.75%		2,994,766		63,968,202
National General Holdings Corp. 7.63%		316,910		6,544,191
Series B, 7.50%		536,672		9,955,266
Series C, 7.50%		611,837		11,166,025
PartnerRe Ltd.
Series G, 6.50%		490,035		12,045,060
Series H, 7.25%		899,072		22,377,902
Series I, 5.88%		559,888		13,106,978
Prudential Financial Inc. 5.63%		1,837,786		46,183,562
5.70%		2,309,697		56,125,637
5.75%		1,870,476		46,387,805
Prudential PLC 6.50%		966,355		24,265,174
6.75%		808,312		20,312,881
Reinsurance Group of America Inc. 5.75%^(c)		1,288,333		29,708,959
6.20%^(c)		1,288,323		30,340,007
RenaissanceRe Holdings Ltd.
Series E, 5.38%		841,100		19,404,177
Series F, 5.75%		809,963		20,054,684
Unum Group, 6.25%		966,355		22,081,212
WR Berkley Corp. 5.10%		549,908		11,850,517
5.63%^(a)		629,776		13,918,050
5.70%		332,857		7,509,254
5.75%		536,263		11,803,149
5.90%^(a)		206,971		4,822,424

				1,420,130,305

Internet & Direct Marketing Retail — 0.7%
eBay Inc., 6.00%		2,422,359		59,929,162
QVC Inc. 6.25%		1,611,118		28,967,902
6.38%		724,455		13,677,710

				102,574,774

Leisure Products — 0.2%
Brunswick Corp/DE 6.38%		423,595		9,289,438
6.50%		348,154		7,816,057
6.63%		235,238		5,278,741

				22,384,236

Life Sciences Tools & Services — 0.5%
Avantor Inc., Series A, 6.25%^(d)		1,549,453		67,184,282


Machinery — 1.4%
Colfax Corp., 5.75%^(a)(d)		372,030		34,167,235
Fortive Corp., Series A, 5.00%^(d)		104,895		75,496,078
Stanley Black & Decker Inc. 5.25%^(d)		545,660		38,174,374
5.38%^(d)		562,024		40,831,044

				188,668,731

Marine — 0.5%
Altera Infrastructure LP
Series A, 7.25%		445,848		6,143,786
Series B, 8.50%		408,484		6,331,502


Security	Shares		Value

Marine (continued)
Series E, 8.88%^(c)		378,752	$	5,571,442
Atlas Corp.
Series D, 7.95%		389,924		7,073,221
Series E, 8.25%		429,226		8,138,125
Series G, 8.20%		595,973		10,477,205
Series H, 7.88%		689,397		11,850,735
Series I, 8.00%^(c)		475,047		7,966,538

				63,552,554

Metals & Mining — .00%
Hillman Group Capital Trust, 11.60%		190,269		5,110,625


Mortgage Real Estate Investment — 2.9%
AG Mortgage Investment Trust Inc.
Series B, 8.00%^(e)		364,314		2,134,881
Series C, 8.00%^(c)(e)		364,314		2,102,092
AGNC Investment Corp.
Series C, 7.00%^(c)(e)		1,029,319		20,020,255
Series D, 6.88%^(c)(e)		723,631		13,597,026
Series E, 6.50% (3 mo. LIBOR US + 4.993%)^(c)(e)		1,202,019		22,237,351
Series F, 6.13%^(c)(e)		1,728,825		30,686,644
Annaly Capital Management Inc.
Series D, 7.50%^(e)		1,373,540		26,440,645
Series F, 6.95%^(c)(e)		2,155,954		38,268,183
Series G, 6.50%^(c)(e)		1,268,201		22,206,200
Series I, 6.75%^(c)		1,321,298		23,532,317
Capstead Mortgage Corp., Series E, 7.50%^(a)(e)		790,029		14,963,149
Chimera Investment Corp.
Series A, 8.00%^(a)(e)		433,092		6,665,286
Series B, 8.00%^(c)(e)		970,334		14,098,953
Series C, 7.75%^(c)(e)		795,376		11,771,565
Series D, 8.00%^(c)(e)		611,837		9,110,253
Dynex Capital Inc., Series C, 6.90%
(3 mo. LIBOR US + 5.461%)^(c)(e)		301,235		5,271,613
Ellington Financial Inc., 6.75%
(3 mo. LIBOR US + 5.196%)^(c)		363,794		3,874,406
Great Ajax Corp., 7.25%^(d)		228,146		4,286,863
Invesco Mortgage Capital Inc.
Series A, 7.75%^(a)(e)		417,884		3,819,460
Series B, 7.75%^(a)(c)(e)		471,361		4,572,202
Series C, 7.50%^(c)(e)		875,634		7,661,798
MFA Financial Inc., Series B, 7.50%^(a)(e)		611,837		4,711,145
New Residential Investment Corp.
Series A, 7.50%^(c)(e)		463,477		7,012,407
Series B, 7.13%^(c)(e)		843,657		11,515,918
Series C, 6.38%^(c)(e)		1,052,276		13,711,156
New York Mortgage Trust Inc.
Series D, 8.00%^(c)(e)		456,518		4,063,010
Series E, 7.88% (3 mo. LIBOR US + 6.429%)^(c)(e)		527,062		4,659,228
PennyMac Mortgage Investment Trust
Series A, 8.13%^(c)(g)		374,184		6,166,552
Series B, 8.00%^(c)(g)		596,578		9,998,647
Ready Capital Corp., 7.00%		216,423		3,296,122
Two Harbors Investment Corp.
Series A, 8.13%^(c)(e)		429,226		7,056,475
Series B, 7.63%^(c)		879,734		13,750,242
Series C, 7.25%^(c)(e)		902,510		13,853,529
Series E, 7.50%^(a)(e)		611,842		9,685,459

				396,801,032

Multiline Retail — .00%
Dillard’s Capital Trust I, 7.50%		359,897		6,953,210


16		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

March 31, 2020

iShares^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Multi-Utilities — 3.1%
CenterPoint Energy Inc., Series B, 7.00%^(d)		1,463,467	$	42,147,850
Dominion Energy Inc., Series A, 7.25%^(d)		1,308,572		120,401,710
DTE Energy Co., 6.25%^(d)		1,856,942		69,932,436
Just Energy Group Inc., Series A, 8.50%^(c)		369,644		1,260,486
NiSource Inc., Series B, 6.50%^(c)		1,493,315		37,930,201
Sempra Energy
Series A, 6.00%^(d)		1,291,070		119,449,796
Series B, 6.75%^(d)		431,001		40,483,924

				431,606,403

Oil, Gas &Consumable Fuels — 1.5%
Chesapeake Energy Corp., 4.50%^(a)(d)		202,753		877,920
DCP Midstream LP
Series B, 7.88%^(c)		481,439		4,381,095
Series C, 7.95%^(c)		347,724		3,261,651
El Paso Energy Capital Trust I, 4.75%^(d)		366,338		15,752,534
Enbridge Inc., Series B, 6.38%^(c)		1,932,766		35,272,980
Energy Transfer Operating LP
Series C, 7.38%^(c)		1,343,981		16,934,161
Series D, 7.63%^(c)		1,329,017		16,878,516
Series E, 7.60%^(c)		2,395,608		29,777,407
GasLog Ltd., Series A, 8.75%^(a)		364,318		5,227,963
Golar LNG Partners LP, Series A, 8.75%		411,986		5,145,705
Hoegh LNG Partners LP, Series A, 8.75%^(a)		493,681		8,762,838
NGL Energy Partners LP, Series B, 9.00%^(c)		962,577		6,622,530
NuStar Energy LP
Series A, 8.50%^(c)		692,972		7,546,465
Series B, 7.63%^(a)(c)		1,149,780		11,152,866
Series C, 9.00%^(c)		527,223		6,121,059
NuStar Logistics LP, 8.57%
(3 mo. LIBOR US + 6.734%)^(b)		1,296,361		17,163,820
Targa Resources Partners LP, Series A, 9.00%^(c)		373,006		5,367,556
Teekay LNG Partners LP 9.00%		373,006		7,512,341
Series B, 8.50%^(c)		520,197		9,467,585

				213,226,992

Pharmaceuticals — 0.3%
Elanco Animal Health Inc., 5.00%^(a)(d)		891,565		36,678,984


Real Estate Management & Development — 0.2%
Brookfield Property Partners LP
Series A, 5.75%		752,550		10,535,700
Series A, 6.50%		562,982		9,643,882
Series A2, 6.38%		764,920		12,192,825

				32,372,407

Road & Rail — 0.1%
GATX Corp., 5.63%^(a)		483,137		11,499,627


Semiconductors & Semiconductor Equipment — 2.0%
Broadcom Inc., Series A, 8.00%^(d)		299,864		280,180,927


Software — 0.2%
Tennessee Valley Authority
Series A, 3.36% (30 Year CMT + 0.840%)^(a)(b)		437,030		10,886,417
Series D, 3.55% (30 Year CMT + 0.940%)^(a)(b)		495,181		12,230,971

				23,117,388

Specialty Retail — 0.1%
TravelCenters of America Inc. 8.00%,12/15/29 ^(a)		225,829		4,245,585
8.00%,10/15/30 ^(a)		316,910		6,021,290


Security	Shares		Value

Specialty Retail (continued)
8.25%		347,743	$	6,780,989

				17,047,864

Thrifts & Mortgage Finance — 0.4%
Federal Agricultural Mortgage Corp., Series D, 5.70%		316,897		7,716,442
Merchants Bancorp./IN, Series H, 6.00%^(c)		373,006		7,829,396
New York Community Bancorp Inc., Series A, 6.38%^(c)		1,538,183		33,655,444
New York Community Capital Trust V, 6.00%^(d)		139,862		5,777,699

				54,978,981

Trading Companies & Distributors — 0.3%
Air Lease Corp., Series A, 6.15%^(c)		764,926		11,909,898
Fortress Transportation and Infrastructure Investors LLC, Series B, 8.00%^(c)		343,447		3,692,055
Triton International Ltd., 6.88%		451,820		7,351,111
Triton International Ltd./Bermuda
7.38%		504,443		9,100,152
8.00%		429,226		7,888,187

				39,941,403

Water Utilities — 0.2%
Essential Utilities Inc., 6.00%^(d)		437,243		23,418,735


Wireless Telecommunication Services — 0.3%
U.S. Cellular Corp., 6.95%		634,583		13,484,889
United States Cellular Corp. 7.25%,12/01/63		495,060		10,747,752
7.25%,12/01/64^(a)		555,084		12,284,009

				36,516,650

Total Preferred Stocks — 97.2% (Cost: $15,810,688,937)				13,437,075,452


Short-Term Investments

Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SLAgency Shares, 1.32%^(g)(h)(i)		45,420,184		45,411,100
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(g)(h)		337,987,000		337,987,000

				383,398,100


Total Short-Term Investments — 2.8% (Cost: $383,389,764)				383,398,100


Total Investments in Securities — 100.0% (Cost: $16,194,078,701)				13,820,473,552
Other Assets, Less Liabilities — (0.0)%				(3,842,297	)


Net Assets — 100.0%			$	13,816,631,255

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

^(b)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(c)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(d)	Convertible preferred stock.

^(e)	Non-income producing security.

^(f)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(g)	Affiliate of the Fund.

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

⁽ⁱ⁾	All or a portion of this security was purchased with cash collateral received from loaned securities.


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

Schedule of Investments (continued)

March 31, 2020

iShares^® Preferred and Income Securities ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	44,046,900	1,373,284	^(b)	—		45,420,184	$	45,411,100	$	5,360,473	^(c)	$	6,867		$	(4,317	)
BlackRock Cash Funds: Treasury, SL Agency Shares	270,452,652	67,534,348	^(b)	—		337,987,000		337,987,000		4,032,156			—			—
iShares 0-5 Year High Yield Corporate Bond ETF	208,480	—		(208,480	)	—		—		85,329			(318,920	)		195,672
iShares Core U.S. Aggregate Bond ETF	155,000	—		(155,000	)	—		—		80,947			11,882			146,599
PennyMac Mortgage Investment Trust
Series A, 8.13%	106,808	267,376		—		374,184		6,166,552		584,262			—			(3,628,219	)
Series B, 8.00%	765,656	101,785		(270,863	)	596,578		9,998,647		1,400,136			(186,906	)		(5,052,614	)

							$	399,563,299	$	11,543,303		$	(487,077)		$	(8,342,879)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Fair Value Measurements


	Level 1			Level 2			Level 3			Total
Investments
Assets
Preferred Stocks		$	13,437,075,452		$	—		$	—		$	13,437,075,452
Money Market Funds			383,398,100			—			—			383,398,100

		$	13,820,473,552		$	—		$	—		$	13,820,473,552

See notes to financial statements.


18		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities

March 31, 2020


	iShares International Preferred Stock ETF			iShares Preferred and Income Securities ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	26,171,930		$	13,420,910,253
Affiliated^(c)		. 11,000			399,563,299
Cash		948			22,008
Foreign currency, at value^(d)		105,187			—
Receivables:
Investments sold		803,027			365,786
Securities lending income — Affiliated		3305,261
Capital shares sold		—			203,692
Dividends		. 89,401			47,736,652

Total assets		27,181,496			13,869,106,951


LIABILITIES
Collateral on securities loaned, at value		—			45,379,810
Payables:
Investments purchased		—			203,693
Capital shares redeemed		4,010			1,065,798
Investment advisory fees		14,027			5,826,395

Total liabilities		18,037			52,475,696


NET ASSETS	$	27,163,459		$	13,816,631,255


NET ASSETS CONSIST OF:
Paid-in capital	$	59,631,212		$	17,710,556,197
Accumulated loss		(32,467,753	)		(3,893,924,942	)

NET ASSETS	$	27,163,459		$	13,816,631,255


Shares outstanding		2,550,000			438,600,000

Net asset value	$	10.65		$	31.50

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Securities loaned, at value	$	—		$	41,490,983
^(b) Investments, at cost — Unaffiliated	$	41,071,591		$	15,785,747,076
^(c) Investments, at cost — Affiliated	$	11,000		$	408,331,625
^(d)Foreign currency, at cost	$	106,160		$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			19

Statements of Operations

Year Ended March 31, 2020


	iShares International Preferred Stock ETF			iShares Preferred and Income Securities ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	2,496,602		$	908,741,125
Dividends — Affiliated		836			6,182,830
Securities lending income — Affiliated — net		98			5,360,473
Foreign taxes withheld		(313,237	)		(157,500	)

Total investment income		2,184,299			920,126,928


EXPENSES
Investment advisory fees		237,144			74,532,199

Total expenses		237,144			74,532,199

Net investment income		1,947,155			845,594,729


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(3,981,154	)		(215,865,154	)
Investments — Affiliated		26			(245,911	)
In-kind redemptions — Unaffiliated		(475,185	)		(91,452,020	)
In-kind redemptions — Affiliated		—			(241,166	)
Foreign currency transactions		(23,904	)		—

Net realized loss		(4,480,217	)		(307,804,251	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(8,613,920	)		(2,064,949,422	)
Investments — Affiliated		—			(8,342,879	)
Foreign currency translations		(2,773	)		—

Net change in unrealized appreciation (depreciation)		(8,616,693	)		(2,073,292,301	)

Net realized and unrealized loss		(13,096,910	)		(2,381,096,552	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,149,755	)	$	(1,535,501,823	)

See notes to financial statements.


20		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares International Preferred Stock ETF						iShares Preferred and Income Securities ETF

	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,947,155		$	2,530,164		$	845,594,729		$	888,368,160
Net realized loss		(4,480,217	)		(588,211	)		(307,804,251	)		(585,178,871	)
Net change in unrealized appreciation (depreciation)		(8,616,693	)		(8,975,523	)		(2,073,292,301	)		59,967,895

Net increase (decrease) in net assets resulting from operations		(11,149,755	)		(7,033,570	)		(1,535,501,823	)		363,157,184


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,956,318	)		(2,866,985	)		(858,114,416	)		(915,531,642	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,932,863	)		(38,625,233	)		1,839,526,581			(1,699,783,885	)


NET ASSETS
Total decrease in net assets		(17,038,936	)		(48,525,788	)		(554,089,658	)		(2,252,158,343	)
Beginning of year		44,202,395			92,728,183			14,370,720,913			16,622,879,256

End of year	$	27,163,459		$	44,202,395		$	13,816,631,255		$	14,370,720,913

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			21

Financial Highlights

(For a share outstanding throughout each period)


	iShares International Preferred Stock ETF

	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	15.51		$	18.18		$	17.10		$	15.97		$	20.32

Net investment income^(a)		0.67			0.68			0.69			0.74			0.83
Net realized and unrealized gain (loss)^(b)		(4.87	)		(2.60	)		1.03			1.17			(4.20	)

Net increase (decrease) from investment operations		(4.20	)		(1.92	)		1.72			1.91			(3.37	)


Distributions^(c)
From net investment income		(0.66	)		(0.75	)		(0.64	)		(0.78	)		(0.98	)

Total distributions		(0.66	)		(0.75	)		(0.64	)		(0.78	)		(0.98	)


Net asset value, end of year	$	10.65		$	15.51		$	18.18		$	17.10		$	15.97


Total Return
Based on net asset value		(28.16	)%		(10.89	)%		10.16	%		12.35	%		(16.73	)%


Ratios to Average Net Assets
Total expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%

Net investment income		4.52	%		3.96	%		3.78	%		4.55	%		4.56	%


Supplemental Data
Net assets, end of year (000)	$	27,163		$	44,202		$	92,728		$	62,419		$	24,756

Portfolio turnover rate^(d)		54	%		34	%		15	%		40	%		32	%

^(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.


22		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Preferred and Income Securities ETF

	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	36.47		$	37.54		$	38.73		$	38.93		$	40.07

Net investment income^(a)		1.93			2.10			2.14			2.17			2.24
Net realized and unrealized loss^(b)		(4.93	)		(1.02	)		(1.22	)		(0.18	)		(1.13	)


Net increase (decrease) from investment operations		(3.00	)		1.08			0.92			1.99			1.11


Distributions^(c)
From net investment income		(1.97	)		(2.15	)		(2.11	)		(2.19	)		(2.25	)

Total distributions		(1.97	)		(2.15	)		(2.11	)		(2.19	)		(2.25	)


Net asset value, end of year	$	31.50		$	36.47		$	37.54		$	38.73		$	38.93


Total Return
Based on net asset value		(8.90	)%		3.01	%		2.41	%		5.26	%		2.92	%


Ratios to Average Net Assets
Total expenses		0.46	%^(d)		0.46	%^(d)		0.47	%^(d)		0.47	%		0.47	%

Net investment income		5.25	%		5.73	%		5.55	%		5.59	%		5.74	%


Supplemental Data
Net assets, end of year (000)	$	13,816,631		$	14,370,721		$	16,622,879		$	17,272,398		$	14,559,042

Portfolio turnover rate^(e)		46	%		28	%		22	%		23	%		15	%

^(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)	The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S			23

Notes to Financial Statements

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
International Preferred Stock		Non-diversified
Preferred and Income Securities		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign Currency Translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss)from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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 should the reporting period end on a day that the Fund’s listing exchange is not open. 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. A fund determines the fair value 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


24		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

•

Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be 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 net asset value (“NAV”).

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. 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


N O T E S T O F I N A N C I A L S T A T E M E N T S			25

Notes to Financial Statements (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Preferred and Income Securities
Barclays Capital Inc.	$	1,973,150	$	1,973,150		$	—	$	—
BMO Capital Markets		607,539		607,539			—		—
BofA Securities, Inc.		3,856,443		3,856,443			—		—
Citigroup Global Markets Inc.		1,457,681		1,457,681			—		—
Credit Suisse Securities (USA) LLC		21,931		21,931			—		—
Deutsche Bank Securities Inc.		1,958,651		1,958,651			—		—
Goldman Sachs & Co.		165,717		165,717			—		—
Jefferies LLC		1,771,752		1,771,752			—		—
JPMorgan Securities LLC		4,718,632		4,718,632			—		—
Morgan Stanley & Co. LLC		6,242,435		6,242,435			—		—
National Financial Services LLC		14,367,906		14,367,906			—		—
Nomura Securities International Inc.		1,902,553		1,902,553			—		—
UBS AG		161,830		161,830			—		—
UBS Securities LLC		1,428,289		1,428,289			—		—
Wells Fargo Securities LLC		856,474		856,474			—		—

	$	41,490,983	$	41,490,983		$	—	$	—

^(a)

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to the iShares International Preferred Stock ETF, BFA is entitled to an annual investment advisory fee of 0.55%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.4800	%
Over $46 billion, up to and including $81 billion		0.4560
Over $81 billion, up to and including $111 billion		0.4332
Over $111 billion, up to and including $141 billion		0.4116
Over $141 billion		0.3910

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.


26		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”),an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the iShares International Preferred Stock ETF.

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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, the iShares Preferred and Income Securities ETF (the “Group 1 Fund”), retains 75% 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.

Pursuant to the current securities lending agreement, the iShares International Preferred Stock ETF (the “Group 2 Fund”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% 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, and (2) The Group 2 Fund will retain for the remainder of that calendar year 85% 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, 2020, the Group 1 Fund retained 73.5% 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. The Group 2 Fund retained 82% 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: (1) The Group 1 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, and (2) The Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% 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.


iShares ETF	Fees Paid to BTC
International Preferred Stock	$	27
Preferred and Income Securities		1,949,025

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

6. PURCHASES AND SALES

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
International Preferred Stock	$	25,255,833	$ 22,896,746
Preferred and Income Securities		7,614,259,538	7,211,620,825


N O T E S T O F I N A N C I A L S T A T E M E N T S			27

Notes to Financial Statements (continued)

For the year ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
International Preferred Stock	$	9,689,462	$ 16,622,400
Preferred and Income Securities		3,025,265,715	1,599,652,097

7.	INCOME TAX INFORMATION


iShares ETF	Paid-in Capital			Accumulated Loss
International Preferred Stock	$	(1,166,645	)	$ 1,166,645
Preferred and Income Securities		(127,703,044	)	127,703,044

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
International Preferred Stock
Ordinary income	$	1,956,318	$ 2,866,985

Preferred and Income Securities
Ordinary income	$	858,114,416	$915,531,642

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
International Preferred Stock	$	107,096	$	(16,400,937	)	$	(16,173,912	)	$	(32,467,753	)
Preferred and Income Securities		5,149,462		(1,459,136,860	)		(2,439,937,544	)		(3,893,924,942	)

^(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 classification of investments, the timing and recognition of partnership income and dividends deemed recognized for tax purposes.

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.


iShares ETF		Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
International Preferred Stock	$	42,354,615	$	—	$	(16,171,685	)	$	(16,171,685	)
Preferred and Income Securities		16,233,479,971		27,972,680		(2,440,979,099	)		(2,413,006,419	)


28		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

8.	PRINCIPAL RISKS

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

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.

When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

9.	CAPITAL SHARE TRANSACTIONS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S			29

Notes to Financial Statements (continued)

Transactions in capital shares were as follows:


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
International Preferred Stock
Shares sold		850,000		$	12,793,333			—		$	—
Shares redeemed		(1,150,000	)		(16,726,196	)		(2,250,000	)		(38,625,233	)

Net decrease		(300,000	)	$	(3,932,863	)		(2,250,000	)	$	(38,625,233	)

Preferred and Income Securities
Shares sold		95,600,000		$	3,542,154,547			37,950,000		$	1,412,076,230
Shares redeemed		(51,050,000	)		(1,702,627,966	)		(86,650,000	)		(3,111,860,115	)

Net increase (decrease)		44,550,000		$	1,839,526,581			(48,700,000	)	$	(1,699,783,885	)

10.

LEGAL PROCEEDINGS

11.

SUBSEQUENT EVENTS


30		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares International Preferred Stock ETF and iShares Preferred and Income Securities ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares International Preferred Stock ETF and iShares Preferred and Income Securities ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2020 (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, 2020, 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, 2020 and each of the financial highlights for each of the five years in the period ended March 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 26, 2020

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


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M			31

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended March 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
Preferred and Income Securities		57.27	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
International Preferred Stock	$	2,216,793
Preferred and Income Securities		550,425,582

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Business Income
Preferred and Income Securities	$	68,808,623

For the fiscal year ended March 31, 2020, the iShares International Preferred Stock ETF earned foreign source income and paid foreign taxes which it intends to pass through to its shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
International Preferred Stock	$	2,496,662	$	301,671

For the fiscal year ended March 31, 2020, the hereby designates the following maximum amount allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations:


iShares ETF	Interest-Related Dividends
Preferred and Income Securities	$	201,255,008


32		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares International Preferred Stock ETF and iShares Preferred and Income Securities ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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:


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M			33

Supplemental Information (unaudited)

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.


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
International Preferred Stock^(a)	$	0.655946	$	—	$	0.007003	$	0.662949		99	%		—	%		1	%		100	%
Preferred and Income Securities^(a)		1.789027		—		0.185151		1.974178		91			—			9			100

^(a)

Premium/Discount Information


34		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Supplemental Information (unaudited) (continued)

iShares International Preferred Stock ETF

Period Covered: January 01, 2015 through March 31, 2020



Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5% and Less than 3.0%		1		0.08	%
Greater than 2.0% and Less than 2.5%		6		0.45
Greater than 1.5% and Less than 2.0%		38		2.88
Greater than 1.0% and Less than 1.5%		94		7.12
Greater than 0.5% and Less than 1.0%		171		12.95
Greater than 0.0% and Less than 0.5%		209		15.83
At NAV		3		0.23
Less than 0.0% and Greater than –0.5%		245		18.56
Less than –0.5% and Greater than –1.0%		368		27.87
Less than –1.0% and Greater than –1.5%		128		9.70
Less than –1.5% and Greater than –2.0%		33		2.50
Less than –2.0% and Greater than –2.5%		15		1.14
Less than –2.5% and Greater than –3.0%		5		0.38
Less than –3.0% and Greater than –3.5%		1		0.08
Less than –3.5% and Greater than –4.0%		2		0.15
Less than –4.0% and Greater than –4.5%		1		0.08


		1,320		100.00	%

iShares Preferred and Income Securities ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0% and Less than 2.5%		1		0.08	%
Greater than 0.5% and Less than 1.0%		4		0.30
Greater than 0.0% and Less than 0.5%		773		58.56
At NAV		38		2.88
Less than 0.0% and Greater than –0.5%		500		37.88
Less than –0.5% and Greater than –1.0%		4		0.30

		1,320		100.00	%

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 Preferred and Income Securities ETF (the “Fund”) 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 Fund.

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

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.


S U P P L E M E N T A L I N F O R M A T I O N			35

Supplemental Information (unaudited) (continued)

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 Fund 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 Fund in respect of the Company’s financial year ending 31 December 2019 is USD 1.39 million. This figure is comprised of fixed remuneration of USD 640.99 thousand and variable remuneration of USD 745.47 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2019, to its senior management was USD 176.78 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 20.78 thousand.


36		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Trustee and Officer Information

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 367 funds as of March 31, 2020. 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., ParkAvenue 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

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

Robert S. Kapito^(a)(63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(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

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

Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company(since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N			37

Trustee and Officer Information (continued)


Independent Trustees (continued)

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

John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (61)	Trustee (since 2017);15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (55)	Trustee (since 2011);Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

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

Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017);Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


38		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q.The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N			39

Glossary of Terms Used in this Report

Portfolio Abbreviations — Fixed Income



CMT		Constant Maturity Treasury

LIBOR		London Interbank Offered Rate


40		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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 ICE Data Indices, LLC or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-AR-309-0320


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares Core S&P 500 ETF | IVV | NYSE Arca

iShares Core S&P Mid-Cap ETF | IJH | NYSE Arca

iShares Core S&P Small-Cap ETF | IJR | NYSE Arca

iShares Core S&P Total U.S. Stock Market ETF | ITOT | NYSE Arca

iShares Core S&P U.S. Growth ETF | IUSG | NASDAQ

iShares Core S&P U.S. Value ETF | IUSV | NASDAQ

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		16
Shareholder Expenses		16
Schedules of Investments		17
Financial Statements
Statements of Assets and Liabilities		56
Statements of Operations		58
Statements of Changes in Net Assets		60
Financial Highlights		63
Notes to Financial Statements		69
Report of Independent Registered Public Accounting Firm		82
Important Tax Information (Unaudited)		83
Statement Regarding Liquidity Risk Management Program		84
Supplemental Information		85
Trustee and Officer Information		88
General Information		90
Glossary of Terms Used in this Report		91

Market Overview

iShares Trust

Domestic Market Overview

The U.S. Federal Reserve Bank (“Fed”), which had already lowered interest rates three times in 2019 in an attempt to boost a slowing economy, also responded to the crisis. Two emergency interest rate reductions in March 2020 were enacted in an attempt to restore confidence in markets, bringing short-term interest rates down to a range of 0.00%–0.25%. The Fed further acted to stabilize credit markets by launching a bond-buying program that included U.S. Treasuries, corporate and municipal bonds, and securities backed by mortgages and auto loans.


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		iShares^® Core S&P 500 ETF

Investment Objective

The iShares Core S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the S&P 500^® (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		(7.01	)%		6.68	%		10.47	%		(7.01	)%		38.20	%		170.58	%
Fund Market		(6.97	)		6.69			10.47			(6.97	)		38.25			170.67
Index		(6.98	)		6.73			10.53			(6.98	)		38.47			172.10

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 876.80	$ 0.19			$ 1,000.00	$ 1,024.80	$ 0.20		0.04	%

^(a)


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Core S&P 500 ETF

Portfolio Management Commentary

Large-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020. A disagreement between Saudi Arabia and Russia raised expectations for a large increase in oil production, while the coronavirus outbreak precipitated a steep drop in demand for energy. The oil, gas, and consumable fuels industry, which heavily relies on borrowing, detracted significantly amid concerns about credit downgrades and defaults.

On the upside, information technology stocks contributed the most to the Index’s return, as solid growth and optimism surrounding the rollout of 5G networks offset significant declines due to coronavirus-related disruption. The software industry was the top contributor, driven by the continued shift toward subscription-based cloud software products. Equipment upgrades related to 5G compatibility drove solid performance in the technology hardware and equipment industry.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Information Technology	25.5	%
Health Care	15.4
Financials	10.9
Communication Services	10.7
Consumer Discretionary	9.8
Industrials	8.2
Consumer Staples	7.8
Utilities	3.6
Real Estate	3.0
Energy	2.7
Materials	2.4

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Microsoft Corp.	5.7	%
Apple Inc.	5.0
Amazon. com Inc.	3.8
Facebook Inc., Class A	1.9
Berkshire Hathaway Inc., Class B	1.7
Alphabet Inc., Class A	1.6
Alphabet Inc., Class C	1.6
Johnson & Johnson	1.6
JPMorgan Chase & Co.	1.3
Visa Inc., Class A	1.3

^(a)

Excludes money market funds.


FUND SUMMARY			5


Fund Summary as of March 31, 2020		iShares^® Core S&P Mid-Cap ETF

Investment Objective

The iShares Core S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the S&P MidCap 400^® (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		(22.53	)%		0.50	%		7.78	%		(22.53	)%		2.52	%		111.50	%
Fund Market		(22.60	)		0.49			7.78			(22.60	)		2.48			111.48
Index		(22.51	)		0.56			7.88			(22.51	)		2.84			113.42

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 752.60	$ 0.26			$ 1,000.00	$ 1,024.70	$ 0.30		0.06	%

^(a)


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Core S&P Mid-Cap ETF

Portfolio Management Commentary

Mid-capitalization U.S. stocks declined sharply during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Consumer discretionary stocks were the primary detractors from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. In an environment of uncertainty and rising unemployment, analysts expected consumers to prioritize necessities over the discretionary spending that provides the sector’s revenues. Restrictions on social contact affected retailers, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well. The hotels, restaurants, and leisure industry declined, as stay-at-home orders and worldwide travel restrictions led to a sharp decrease in revenues for businesses related to travel and hospitality.

Financials sector stocks also detracted significantly from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns, particularly banks, supported by increased deposits, higher trading revenues, and a rise in consumer lending. Following the coronavirus outbreak, however, financials stocks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies in the many industries that were disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured banks’ profitability.

Real estate stocks were also notable detractors from the Index’s performance, driven by retail real estate investment trusts (“REITs”) and hotel and resort REITs, which struggled amid social distancing measures enacted throughout much of the U.S., raising concerns about their ability to continue making lease payments. Sharply lower oil prices led the energy sector to be a meaningful detractor from the Index’s return. In particular, oil, gas, and consumable fuels stocks, which rely heavily on borrowing, declined amid concerns about credit downgrades and defaults.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments^(a)
Information Technology	16.4	%
Industrials	16.2
Financials	15.8
Consumer Discretionary	12.1
Health Care	11.9
Real Estate	9.9
Materials	5.9
Utilities	5.1
Consumer Staples	3.7
Communication Services	2.0
Energy	1.0

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)
Domino’s Pizza Inc.	1.0	%
Tyler Technologies Inc.	0.9
West Pharmaceutical Services Inc.	0.9
Teledyne Technologies Inc.	0.8
FactSet Research Systems Inc.	0.8
Teradyne Inc.	0.7
Medical Properties Trust Inc.	0.7
Fair Isaac Corp.	0.7
Essential Utilities Inc.	0.7
Molina Healthcare Inc.	0.7

^(a)

Excludes money market funds.


FUND SUMMARY			7


Fund Summary as of March 31, 2020		iShares^® Core S&P Small-Cap ETF

Investment Objective

The iShares Core S&P Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the S&P SmallCap 600^® (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		(25.89	)%		0.45	%		8.02	%		(25.89	)%		2.26	%		116.39	%
Fund Market		(26.07	)		0.40			8.01			(26.07	)		2.03			116.00
Index		(25.89	)		0.45			8.06			(25.89	)		2.28			117.16

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 729.00	$ 0.30			$ 1,000.00	$ 1,024.70	$ 0.35		0.07	%

^(a)


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Core S&P Small-Cap ETF

Portfolio Management Commentary

Small-capitalization U.S. stocks declined sharply for the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Consumer discretionary stocks detracted the most from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. In an environment of uncertainty and rising unemployment, analysts expected consumers to prioritize necessities over the discretionary spending that provides the sector’s revenues. Restrictions on social contact affected retailers and apparel brands, many of which struggled with supply chain disruptions as well. The consumer durables industry declined sharply as consumers typically defer purchasing relatively expensive products in times of economic uncertainty.

The energy sector also detracted significantly from the Index’s return. Oil prices were low throughout the reporting period but declined rapidly in February 2020. A disagreement between Saudi Arabia and Russia raised expectations for increased oil production, while the coronavirus outbreak precipitated a steep drop in demand for energy. The oil, gas, and consumable fuels industry was constrained by the inability of oil production companies to repay debt.

Financials sector stocks also detracted meaningfully from the Index’s performance amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns; however, following the coronavirus outbreak, financials stocks declined sharply. The sudden stop in U.S. economic activity negatively affected banks because they lend to companies in the many industries that were disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured banks’ profitability.

Stocks in the industrials sector detracted meaningfully from the Index’s return, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the sector, the capital goods industry, which produces heavy equipment and machinery, was the largest detractor amid declines in factory orders and employment.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Industrials	18.0	%
Financials	17.2
Information Technology	15.3
Health Care	13.9
Consumer Discretionary	11.4
Real Estate	8.0
Materials	4.7
Consumer Staples	3.9
Utilities	2.9
Communication Services	2.8
Energy	1.9

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
LHC Group Inc.	0.8	%
Exponent Inc.	0.7
Neogen Corp.	0.7
eHealth Inc.	0.7
Cogent Communications Holdings Inc.	0.7
Balchem Corp.	0.6
Momenta Pharmaceuticals Inc.	0.6
Strategic Education Inc.	0.6
Aerojet Rocketdyne Holdings Inc.	0.6
Community Bank System Inc.	0.6

^(a)

Excludes money market funds.


FUND SUMMARY			9


Fund Summary as of March 31, 2020		iShares^® Core S&P Total U.S. Stock Market ETF

Investment Objective

The iShares Core S&P Total U.S. Stock Market ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the S&P Total Market 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		(9.28	)%		5.90	%		10.11	%		(9.28	)%		33.19	%		161.92	%
Fund Market		(9.27	)		5.90			10.11			(9.27	)		33.17			161.91
Index		(9.27	)		5.91			10.19			(9.27	)		33.24			163.79

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through December 20, 2015 reflects the performance of the S&P Composite 1500^®. Index performance beginning on December 21, 2015 reflects the performance of the S&P Total Market Index™.

Expense Example


	Actual							Hypothetical 5% Return

	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	861.80	$	0.14		$	1,000.00	$	1,024.80	$	0.15		0.03	%

^(a)


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Core S&P Total U.S. Stock Market ETF

Portfolio Management Commentary

U.S. stocks declined significantly during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020 to their lowest levels in 18 years. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Oil prices declined below the costs of producing oil with hydraulic fracturing, or fracking, which meant many companies involved in shale oil production became unprofitable, constraining their ability to repay debt.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	24.6	%
Health Care	15.5
Financials	11.7
Consumer Discretionary	10.0
Communication Services	9.9
Industrials	8.9
Consumer Staples	7.1
Real Estate	3.8
Utilities	3.5
Materials	2.6
Energy	2.4

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Microsoft Corp.	4.8	%
Apple Inc.	4.3
Amazon. com Inc.	3.3
Facebook Inc., Class A	1.6
Berkshire Hathaway Inc., Class B	1.4
Alphabet Inc., Class A	1.4
Alphabet Inc., Class C	1.4
Johnson & Johnson	1.4
JPMorgan Chase & Co.	1.2
Visa Inc., Class A	1.1

^(a)

Excludes money market funds.


FUND SUMMARY			11


Fund Summary as of March 31, 2020		iShares^® Core S&P U.S. Growth ETF

Investment Objective

The iShares Core S&P U.S. 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 S&P 900 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		(3.54	)%		8.65	%		12.01	%		(3.54	)%		51.42	%		211.00	%
Fund Market		(3.52	)		8.66			12.01			(3.52	)		51.46			210.97
Index		(3.43	)		8.71			12.15			(3.43	)		51.82			214.85

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through January 22, 2017 reflects the performance of the Russell 3000^® Growth Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Growth Index™.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 917.30	$ 0.19			$ 1,000.00	$ 1,024.80	$ 0.20		0.04	%

^(a)


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Core S&P U.S. Growth ETF

Portfolio Management Commentary

Growth-oriented large- and mid-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Stocks in the industrials sector detracted the most from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the sector, the capital goods industry, which produces heavy equipment and machinery, was the largest detractor amid declines in factory orders and employment. Aerospace and defense companies were key detractors as travel restrictions led to a sharp decrease in orders for new aircraft, and global air traffic declined.

The consumer discretionary and energy sectors also detracted from the Index’s return. Within the consumer discretionary sector, massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. The hotels, restaurants, and leisure industry was among the hardest hit by the coronavirus, as stay-at-home orders and worldwide travel restrictions led to a sharp decrease in revenues for travel and hospitality businesses. Within the energy sector, oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020 as the coronavirus outbreak precipitated a steep drop in demand for energy.

Healthcare stocks also contributed to the Index’s return despite the coronavirus outbreak weighing on the sector as a whole. The healthcare equipment and services industry was the top contributor, as demand increased sharply for medical devices that treat coronavirus-related complications.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	37.6	%
Consumer Discretionary	13.8
Communication Services	12.3
Health Care	11.1
Industrials	8.1
Financials	5.0
Consumer Staples	5.0
Real Estate	3.2
Materials	2.4
Other (each representing less than 1%)	1.5

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Microsoft Corp.	9.5	%
Apple Inc.	8.4
Amazon. com Inc.	6.4
Facebook Inc., Class A	3.2
Alphabet Inc., Class A	2.7
Alphabet Inc., Class C	2.7
Visa Inc., Class A	2.2
Mastercard Inc., Class A	1.7
Netflix Inc.	1.3
NVIDIA Corp.	1.3

^(a)

Excludes money market funds.


FUND SUMMARY			13


Fund Summary as of March 31, 2020		iShares^® Core S&P U.S. Value ETF

Investment Objective

The iShares Core S&P U.S. 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 S&P 900 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		(13.34	)%		3.03	%		8.10	%		(13.34	)%		16.11	%		117.99	%
Fund Market		(13.32	)		3.03			8.11			(13.32	)		16.10			118.03
Index		(13.32	)		3.04			8.22			(13.32	)		16.15			120.31

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through January 22, 2017 reflects the performance of the Russell 3000^® Value Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Value Index™.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 812.30	$ 0.18			$ 1,000.00	$ 1,024.80	$ 0.20		0.04	%

^(a)


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Core S&P U.S. Value ETF

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020, as the coronavirus outbreak precipitated a steep drop in demand for energy. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Many companies involved in shale oil production became unprofitable, constraining their ability to repay debt.

On the upside, information technology stocks contributed the most to the Index’s return, as solid growth and optimism surrounding the rollout of 5G networks offset significant declines due to coronavirus-related disruption. Equipment upgrades related to 5G compatibility and anticipation of new mobile phone offerings drove solid performance in the technology hardware and equipment industry.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Health Care	20.5	%
Financials	19.2
Consumer Staples	10.8
Industrials	9.5
Information Technology	8.6
Communication Services	7.6
Utilities	7.2
Energy	5.0
Consumer Discretionary	5.0
Real Estate	3.7
Materials	2.9

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Berkshire Hathaway Inc., Class B	3.6	%
UnitedHealth Group Inc.	2.4
Verizon Communications Inc.	2.3
AT&T Inc.	2.2
Johnson & Johnson	2.0
Pfizer Inc.	1.8
Bank of America Corp.	1.7
Cisco Systems Inc.	1.7
Walmart Inc.	1.6
Exxon Mobil Corp.	1.6

^(a)

Excludes money market funds.


FUND SUMMARY			15


About Fund Performance

Shareholder Expenses


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
Other securities			$	3,245,126,697		2.0	%


Air Freight & Logistics
Other securities				864,919,851		0.5


Airlines
Other securities				363,625,874		0.2


Auto Components
Other securities				132,252,247		0.1


Automobiles
Other securities				361,167,920		0.2


Banks
Bank of America Corp.		60,985,908		1,294,730,827		0.8
JPMorgan Chase & Co.		23,627,798		2,127,210,654		1.3
Wells Fargo & Co.		28,993,217		832,105,328		0.5
Other securities				2,404,076,388		1.5

				6,658,123,197		4.1

Beverages
Coca-Cola Co. (The)		29,048,421		1,285,392,629		0.8
PepsiCo Inc.		10,504,600		1,261,602,460		0.8
Other securities				473,266,942		0.3

				3,020,262,031		1.9

Biotechnology
AbbVie Inc.		11,140,315		848,780,600		0.5
Amgen Inc.		4,476,130		907,445,835		0.5
Other securities				2,146,472,937		1.4

				3,902,699,372		2.4

Building Products
Other securities				527,023,028		0.3


Capital Markets
BlackRock Inc.^(a)		887,680		390,552,570		0.2
Other securities				3,834,085,004		2.4

				4,224,637,574		2.6

Chemicals
Other securities				2,732,926,794		1.7


Commercial Services & Supplies
Other securities				643,300,200		0.4


Communications Equipment
Cisco Systems Inc.		31,957,905		1,256,265,246		0.8
Other securities				351,773,371		0.2

				1,608,038,617		1.0

Construction & Engineering
Other securities				115,990,135		0.1


Construction Materials
Other securities				197,479,172		0.1


Consumer Finance
Other securities				763,146,565		0.5


Containers & Packaging
Other securities				561,179,947		0.3


Distributors
Other securities				119,660,815		0.1


Security	Shares		Value		% of Net Assets


Diversified Consumer Services
Other securities			$	20,290,519		0.0	%


Diversified Financial Services
Berkshire Hathaway Inc., Class B^(b)		14,735,242		2,694,044,295		1.7


Diversified Telecommunication Services
AT&T Inc.		55,030,177		1,604,129,660		1.0
Verizon Communications Inc.		31,155,768		1,673,999,415		1.0
Other securities				69,133,197		0.1

				3,347,262,272		2.1

Electric Utilities
NextEra Energy Inc.^(c)		3,682,073		885,980,405		0.5
Other securities				2,760,697,306		1.8

				3,646,677,711		2.3

Electrical Equipment
Other securities				716,618,445		0.4


Electronic Equipment, Instruments & Components
Other securities				796,762,418		0.5


Energy Equipment & Services
Other securities				301,356,338		0.2


Entertainment
Netflix Inc.^(b)		3,301,431		1,239,687,340		0.8
Walt Disney Co. (The)^(c)		13,577,870		1,311,622,242		0.8
Other securities				714,041,627		0.4

				3,265,351,209		2.0

Equity Real Estate Investment Trusts (REITs)
American Tower Corp.		3,336,761		726,579,708		0.4
Other securities				4,032,624,331		2.5

				4,759,204,039		2.9

Food & Staples Retailing
Costco Wholesale Corp.		3,328,041		948,924,331		0.6
Walmart Inc.		10,686,502		1,214,200,357		0.7
Other securities				616,936,815		0.4

				2,780,061,503		1.7

Food Products
Other securities				1,987,688,113		1.2


Gas Utilities
Other securities				89,209,159		0.1


Health Care Equipment & Supplies
Abbott Laboratories		13,314,206		1,050,623,995		0.6
Medtronic PLC		10,097,328		910,577,039		0.6
Other securities				4,036,439,173		2.5

				5,997,640,207		3.7

Health Care Providers & Services
UnitedHealth Group Inc.^(c)		7,137,084		1,779,846,008		1.1
Other securities				2,977,585,496		1.8

				4,757,431,504		2.9

Health Care Technology
Other securities				149,618,257		0.1


Hotels, Restaurants & Leisure
McDonald’s Corp.		5,673,192		938,062,297		0.6
Other securities				1,515,081,646		0.9

				2,453,143,943		1.5

Household Durables
Other securities				497,924,725		0.3


SCHEDULE OF INVESTMENTS			17

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets


Household Products
Procter & Gamble Co. (The)		18,786,419	$	2,066,506,090		1.3	%
Other securities				1,042,211,933		0.6

				3,108,718,023		1.9

Independent Power and Renewable Electricity Producers
Other securities				68,279,888		0.0


Industrial Conglomerates
Other securities				2,078,335,655		1.3


Insurance
Other securities				3,301,605,250		2.0


Interactive Media & Services
Alphabet Inc., Class A^(b)(c)		2,257,155		2,622,701,252		1.6
Alphabet Inc., Class C, NVS^(b)		2,251,633		2,618,221,369		1.6
Facebook Inc., Class A^(b)(c)		18,128,449		3,023,825,293		1.9
Other securities				144,208,657		0.1

				8,408,956,571		5.2

Internet & Direct Marketing Retail
Amazon.com Inc.^(b)(c)		3,137,348		6,116,950,142		3.8
Other securities				657,815,987		0.4

				6,774,766,129		4.2

IT Services
Accenture PLC, Class A		4,784,098		781,051,839		0.5
International Business Machines Corp.		6,671,697		740,091,348		0.5
Mastercard Inc., Class A		6,687,452		1,615,420,905		1.0
PayPal Holdings Inc.^(b)(c)		8,845,423		846,860,798		0.5
Visa Inc., Class A^(c)		12,895,671		2,077,750,512		1.3
Other securities				2,878,793,855		1.7

				8,939,969,257		5.5

Leisure Products
Other securities				69,533,005		0.0


Life Sciences Tools & Services
Thermo Fisher Scientific Inc.		3,020,755		856,686,118		0.5
Other securities				893,042,996		0.6

				1,749,729,114		1.1

Machinery
Other securities				2,297,198,075		1.4


Media
Comcast Corp., Class A		34,199,389		1,175,774,994		0.7
Other securities				936,897,976		0.6

				2,112,672,970		1.3

Metals & Mining
Other securities				436,589,552		0.3


Multi-Utilities
Other securities				1,791,194,494		1.1


Multiline Retail
Other securities				816,469,078		0.5


Oil, Gas & Consumable Fuels
Chevron Corp.		14,244,310		1,032,142,703		0.6
Exxon Mobil Corp.		31,873,846		1,210,249,933		0.8
Other securities				1,733,999,283		1.1

				3,976,391,919		2.5

Personal Products
Other securities				277,324,724		0.2


Security	Shares		Value		% of Net Assets


Pharmaceuticals
Bristol-Myers Squibb Co.		17,659,232	$	984,325,591		0.6	%
Eli Lilly & Co.		6,364,972		882,948,916		0.6
Johnson & Johnson		19,826,439		2,599,840,946		1.6
Merck & Co. Inc.		19,179,469		1,475,668,345		0.9
Pfizer Inc.		41,689,758		1,360,753,701		0.8
Other securities				967,141,391		0.6

				8,270,678,890		5.1

Professional Services
Other securities				528,154,984		0.3


Real Estate Management & Development
Other securities				94,678,007		0.1


Road & Rail
Union Pacific Corp.		5,229,548		737,575,450		0.4
Other securities				870,689,365		0.6

				1,608,264,815		1.0

Semiconductors & Semiconductor Equipment
Intel Corp.		32,769,528		1,773,486,855		1.1
NVIDIA Corp.		4,610,353		1,215,289,051		0.7
Other securities				4,296,294,394		2.7

				7,285,070,300		4.5

Software
Adobe Inc.^(b)(c)		3,646,683		1,160,520,398		0.7
Microsoft Corp.		57,469,488		9,063,512,952		5.6
Oracle Corp.		16,320,444		788,767,058		0.5
salesforce.com Inc.^(b)		6,681,971		962,070,185		0.6
Other securities				1,939,947,244		1.2

				13,914,817,837		8.6

Specialty Retail
Home Depot Inc. (The)		8,217,444		1,534,278,969		1.0
Other securities				1,995,015,071		1.2

				3,529,294,040		2.2

Technology Hardware, Storage & Peripherals
Apple Inc.^(c)		31,463,747		8,000,916,225		4.9
Other securities				564,775,491		0.4

				8,565,691,716		5.3

Textiles, Apparel & Luxury Goods
NIKE Inc., Class B		9,384,327		776,459,216		0.5
Other securities				267,135,540		0.1

				1,043,594,756		0.6

Tobacco
Philip Morris International Inc.		11,720,773		855,147,598		0.5
Other securities				544,202,137		0.4

				1,399,349,735		0.9

Trading Companies & Distributors
Other securities				275,497,206		0.2


Water Utilities
Other securities				163,349,448		0.1


Wireless Telecommunication Services
Other securities				200,882,022		0.1


Total Common Stocks (Cost: $174,966,961,942)				161,388,902,153		99.6


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value			% of Net Assets


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(a)(d)(e)		3,345,061,767	$	3,344,392,754			2.1	%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(a)(d)		411,171,000		411,171,000			0.2

				3,755,563,754			2.3


Total Short-Term Investments (Cost: $3,756,525,161)				3,755,563,754			2.3


Total Investments In Securities (Cost: $178,723,487,103)				165,144,465,907			101.9

Other Assets, Less Liabilities				(3,125,509,567	)		(1.9	)


Net Assets			$	162,018,956,340			100.0	%

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

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

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	812,588,318	2,532,473,449	^(b)	—		3,345,061,767	$	3,344,392,754	$	7,842,337	^(c)	$	(1,197,668	)	$	(1,270,253	)
BlackRock Cash Funds: Treasury, SL Agency Shares	256,687,240	154,483,760	^(b)	—		411,171,000		411,171,000		6,678,899			—			—
BlackRock Inc.	872,393	280,981		(265,694	)	887,680		390,552,570		12,162,563			17,635,345			(12,634,140	)

							$	4,146,116,324	$	26,683,799		$	16,437,677		$	(13,904,393	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
S&P 500 E-Mini Index		4,908		06/19/20	$	630,604	$	(22,763,582	)


SCHEDULE OF INVESTMENTS			19

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P 500 ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	22,763,582

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(118,275,890	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(24,696,201	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	379,684,576

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	161,388,902,153		$	—	$	—	$	161,388,902,153
Money Market Funds		3,755,563,754			—		—		3,755,563,754

	$	165,144,465,907		$	—	$	—	$	165,144,465,907

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(22,763,582	)	$	—	$	—	$	(22,763,582	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Common Stocks

Aerospace & Defense
Teledyne Technologies Inc.^(a)(b)		1,011,351	$	300,644,312		0.9	%
Other securities				335,730,538		0.9

				636,374,850		1.8

Air Freight & Logistics
Other securities				124,780,695		0.3


Airlines
Other securities				71,616,074		0.2


Auto Components
Gentex Corp.		7,015,272		155,458,427		0.4
Other securities				271,484,659		0.8

				426,943,086		1.2

Automobiles
Other securities				64,567,077		0.2


Banks
Other securities				2,141,612,635		6.0


Beverages
Other securities				93,940,617		0.3


Biotechnology
Other securities				373,514,174		1.0


Building Products
Lennox International Inc.		972,370		176,767,142		0.5
Other securities				263,376,164		0.7

				440,143,306		1.2

Capital Markets
FactSet Research Systems Inc.^(b)		1,052,267		274,304,962		0.8
SEI Investments Co.^(b)		3,500,110		162,195,097		0.5
Other securities				629,140,200		1.7

				1,065,640,259		3.0

Chemicals
RPM International Inc.		3,596,195		213,973,603		0.6
Other securities				650,174,506		1.8

				864,148,109		2.4

Commercial Services & Supplies
Other securities				663,759,089		1.9


Communications Equipment
Ciena Corp.^(a)(b)		4,289,949		170,782,870		0.5
Lumentum Holdings Inc.^(a)(b)		2,140,878		157,782,709		0.4
Other securities				138,910,671		0.4

				467,476,250		1.3

Construction & Engineering
Other securities				392,707,363		1.1


Construction Materials
Other securities				67,383,205		0.2


Consumer Finance
Other securities				243,528,256		0.7


Containers & Packaging
AptarGroup Inc.		1,772,785		176,463,019		0.5
Other securities				244,472,243		0.7

				420,935,262		1.2


Security	Shares		Value		% of Net Assets

Distributors
Pool Corp.^(b)		1,110,296	$	218,472,944		0.6	%


Diversified Consumer Services
Service Corp. International^(b)		5,068,809		198,241,120		0.5
Other securities				205,157,337		0.6

				403,398,457		1.1

Diversified Financial Services
Other securities				90,677,307		0.3


Electric Utilities
OGE Energy Corp.		5,551,137		170,586,440		0.5
Other securities				423,673,052		1.2

				594,259,492		1.7

Electrical Equipment
Generac Holdings Inc.^(a)(b)		1,734,388		161,592,930		0.4
Hubbell Inc.		1,508,202		173,051,097		0.5
Other securities				296,392,102		0.9

				631,036,129		1.8

Electronic Equipment, Instruments &Components
Cognex Corp.^(b)		4,739,215		200,089,657		0.6
Trimble Inc.^(a)(b)		6,908,819		219,907,709		0.6
Other securities				923,218,111		2.6

				1,343,215,477		3.8

Energy Equipment &Services
Other securities				56,302,812		0.2


Entertainment
Other securities				74,815,777		0.2


Equity Real Estate Investment Trusts (REITs)
Camden Property Trust		2,685,276		212,781,270		0.6
CyrusOne Inc.^(b)		3,139,191		193,845,044		0.5
Kilroy Realty Corp.		2,704,657		172,286,651		0.5
Medical Properties Trust Inc.^(b)		14,349,296		248,099,328		0.7
Omega Healthcare Investors Inc.		6,059,349		160,815,122		0.5
Other securities				2,395,920,808		6.7

				3,383,748,223		9.5

Food & Staples Retailing
Other securities				282,247,631		0.8


Food Products
Other securities				806,487,822		2.3


Gas Utilities
Other securities				666,776,301		1.9


Health Care Equipment & Supplies
Hill-Rom Holdings Inc.^(b)		1,851,397		186,250,538		0.5
Masimo Corp.^(a)(b)		1,360,488		240,969,635		0.7
West Pharmaceutical Services Inc		2,051,868		312,396,903		0.9
Other securities				777,313,452		2.1

				1,516,930,528		4.2

Health Care Providers & Services
Amedisys Inc.^(a)(b)		894,482		164,173,226		0.5
Chemed Corp.^(b)		443,960		192,323,472		0.5
Encompass Health Corp.		2,734,300		175,077,229		0.5
Molina Healthcare Inc.^(a)(b)		1,738,765		242,922,858		0.7
Other securities				250,083,083		0.7

				1,024,579,868		2.9

Health Care Technology
Other securities				31,847,066		0.1


SCHEDULE OF INVESTMENTS			21

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Hotels, Restaurants & Leisure
Domino’s Pizza Inc.^(b)		1,072,291	$	347,497,344		1.0	%
Other securities				1,009,129,646		2.8

				1,356,626,990		3.8

Household Durables
Other securities				337,498,199		0.9


Household Products
Other securities				53,969,206		0.1


Industrial Conglomerates
Carlisle Companies Inc.^(b)		1,571,639		196,894,934		0.5


Insurance
Alleghany Corp.		399,144		220,467,188		0.6
Brown & Brown Inc.^(b)		6,484,945		234,884,708		0.7
RenaissanceRe Holdings Ltd.^(b)		1,224,664		182,866,829		0.5
Other securities				1,254,937,154		3.5

				1,893,155,879		5.3

Interactive Media &Services
Other securities				82,767,963		0.2


Internet & Direct Marketing Retail
Other securities				229,599,602		0.6


IT Services
Other securities				734,246,775		2.1


Leisure Products
Other securities				241,495,843		0.7


Life Sciences Tools &Services
Bio-Rad Laboratories Inc., Class A^(a)(b)		599,200		210,055,552		0.6
Bio-Techne Corp.^(b)		1,056,895		200,408,430		0.6
Charles River Laboratories International Inc.^(a)(b)		1,354,373		170,935,416		0.5
Other securities				339,159,760		0.9

				920,559,158		2.6

Machinery
Graco Inc.		4,625,042		225,378,297		0.6
Nordson Corp.^(b)		1,418,886		191,648,932		0.5
Toro Co. (The)^(b)		2,956,222		192,420,490		0.6
Other securities				948,157,937		2.7

				1,557,605,656		4.4

Marine
Other securities				72,264,528		0.2


Media
Cable One Inc.^(b)		139,376		229,135,538		0.6
Other securities				276,640,667		0.8

				505,776,205		1.4

Metals & Mining
Reliance Steel & Aluminum Co.		1,848,505		161,910,553		0.4
Royal Gold Inc.		1,818,951		159,540,192		0.4
Other securities				334,813,781		1.0

				656,264,526		1.8

Multi-Utilities
Other securities				312,294,400		0.9


Multiline Retail
Other securities				80,353,502		0.2


Security	Shares		Value		% of Net Assets

Oil, Gas &Consumable Fuels
Other securities			$	304,876,969		0.8	%


Paper & Forest Products
Other securities				90,417,469		0.2


Personal Products
Other securities				70,023,923		0.2


Pharmaceuticals
Catalent Inc.^(a)(b)		4,291,557		222,946,386		0.6
Other securities				138,017,426		0.4

				360,963,812		1.0

Professional Services
Other securities				369,710,035		1.0


Real Estate Management & Development
Other securities				144,312,437		0.4


Road & Rail
Other securities				322,336,488		0.9


Semiconductors & Semiconductor Equipment
Cypress Semiconductor Corp.^(b)		10,241,607		238,834,275		0.7
Monolithic Power Systems Inc.		1,120,287		187,603,261		0.5
Teradyne Inc.^(b)		4,647,147		251,735,953		0.7
Other securities				992,858,778		2.8

				1,671,032,267		4.7

Software
Fair Isaac Corp.^(a)		803,142		247,118,762		0.7
PTC Inc.^(a)(b)		2,882,509		176,438,376		0.5
Tyler Technologies Inc.^(a)(b)		1,081,128		320,619,320		0.9
Other securities				812,044,142		2.3

				1,556,220,600		4.4

Specialty Retail
Other securities				608,411,440		1.7


Technology Hardware, Storage & Peripherals
Other securities				62,522,683		0.2


Textiles, Apparel & Luxury Goods
Other securities				328,768,548		0.9


Thrifts & Mortgage Finance
Other securities				177,995,501		0.5


Trading Companies & Distributors
Other securities				288,103,656		0.8


Water Utilities
Essential Utilities Inc.		5,985,561		243,612,333		0.7


Wireless Telecommunication Services
Other securities				45,456,556		0.1


Total Common Stocks (Cost: $44,199,302,320)				35,560,004,224		99.6


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		2,952,333,179		2,951,742,712		8.3


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value			% of Net Assets

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		93,289,000	$	93,289,000			0.2	%

				3,045,031,712			8.5


Total Short-Term Investments (Cost: $3,045,368,376)				3,045,031,712			8.5


Total Investments In Securities (Cost: $47,244,670,696)				38,605,035,936			108.1

Other Assets, Less Liabilities				(2,882,579,889	)		(8.1	)


Net Assets			$	35,722,456,047			100.0	%

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares	2,341,241,894	611,091,285	2,952,333,179	$	2,951,742,712	$	12,925,588	^(b)	$	(650,250	)	$	(1,086,511	)
BlackRock Cash Funds: Treasury, SL Agency Shares	64,832,167	28,456,833	93,289,000		93,289,000		1,274,468			—			—

				$	3,045,031,712	$	14,200,056		$	(650,250	)	$	(1,086,511	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
S&P MidCap 400 E-Mini		1,070		06/19/20	$	153,845	$	(8,042,473	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	8,042,473

^(a)


SCHEDULE OF INVESTMENTS			23

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Mid-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss)from:
Futures contracts	$	(24,472,516)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(8,318,457	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	94,932,712

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

Fair Value Measurements



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	35,560,004,224		$	—	$	—	$	35,560,004,224
Money Market Funds		3,045,031,712			—		—		3,045,031,712

	$	38,605,035,936		$	—	$	—	$	38,605,035,936

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(8,042,473	)	$	—	$	—	$	(8,042,473	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.7%
AAR Corp.^(a)(b)		1,988,803	$	35,321,141
Aerojet Rocketdyne Holdings Inc.^(a)(b)(c)		4,380,239		183,225,397
Aerovironment Inc.^(a)(b)(c)		1,306,370		79,636,315
Cubic Corp.^(a)(b)		1,892,209		78,167,154
Moog Inc., Class A^(a)		1,950,403		98,553,864
National Presto Industries Inc.		304,822		21,584,446
Park Aerospace Corp.^(a)		1,185,838		14,941,559
Triumph Group Inc.^(a)(b)		3,006,846		20,326,279

				531,756,155

Air Freight & Logistics — 0.8%
Atlas Air Worldwide Holdings Inc.^(a)(b)(c)		1,565,272		40,180,532
Echo Global Logistics Inc.^(a)(b)(c)		1,651,449		28,206,749
Forward Air Corp.^(a)(b)		1,704,485		86,332,166
Hub Group Inc., Class A^(a)(b)(c)		2,019,294		91,817,298

				246,536,745

Airlines — 0.6%
Allegiant Travel Co.		798,200		65,292,760
Hawaiian Holdings Inc.^(a)		2,845,339		29,705,339
SkyWest Inc.^(a)		3,067,779		80,345,132

				175,343,231

Auto Components — 1.6%
American Axle & Manufacturing Holdings Inc.^(a)(b)(c)		6,803,879		24,562,003
Cooper Tire & Rubber Co.^(a)(b)		3,053,460		49,771,398
Cooper-Standard Holdings Inc.^(a)(b)(c)		1,054,929		10,834,121
Dorman Products Inc.^(a)(b)(c)		1,765,127		97,558,569
Fox Factory Holding Corp.^(a)(b)(c)		2,330,894		97,897,548
Garrett Motion Inc.^(a)(b)(c)		4,614,202		13,196,618
Gentherm Inc.^(a)(b)(c)		1,992,109		62,552,223
LCI Industries^(a)		1,514,345		101,203,676
Motorcar Parts of America Inc.^(a)(b)(c)		1,153,364		14,509,319
Standard Motor Products Inc.^(a)		1,229,746		51,120,541

				523,206,016

Automobiles — 0.2%
Winnebago Industries Inc.^(a)		2,046,020		56,899,816


Banks — 9.3%
Allegiance Bancshares Inc.^(a)(b)		1,171,378		28,241,924
Ameris Bancorp.^(a)		3,961,946		94,135,837
Banc of California Inc.^(a)(b)		2,761,713		22,093,704
Banner Corp.^(a)		1,999,631		66,067,808
Berkshire Hills Bancorp. Inc.^(a)		2,598,399		38,612,209
Boston Private Financial Holdings Inc.^(a)		5,025,693		35,933,705
Brookline Bancorp. Inc.^(a)		4,800,593		54,150,689
Cadence Bancorp.^(a)		7,601,065		49,786,976
Central Pacific Financial Corp.^(a)		1,425,566		22,666,499
City Holding Co.^(a)		992,469		66,028,963
Columbia Banking System Inc.^(a)		4,330,675		116,062,090
Community Bank System Inc.^(a)(b)		3,103,922		182,510,614
Customers Bancorp. Inc.^(a)(b)(c)		1,746,039		19,084,206
CVB Financial Corp.^(a)		8,053,152		161,465,698
Dime Community Bancshares Inc.^(a)		1,865,766		25,579,652
Eagle Bancorp. Inc.^(a)		2,030,505		61,341,556
First Bancorp./Puerto Rico^(a)		13,126,639		69,833,719
First Commonwealth Financial Corp.^(a)		5,873,988		53,688,250
First Financial Bancorp.^(a)		5,896,047		87,910,061
First Midwest Bancorp. Inc.^(a)		6,602,094		87,378,714
Franklin Financial Network Inc.^(a)(b)		810,230		16,520,590
Glacier Bancorp. Inc.^(a)		5,187,294		176,393,932


Security	Shares		Value

Banks (continued)
Great Western Bancorp. Inc.^(a)		3,379,002	$	69,201,961
Hanmi Financial Corp.^(a)		1,828,580		19,840,093
Heritage Financial Corp./WA^(a)		2,185,483		43,709,660
Hope Bancorp Inc.^(a)		7,509,802		61,730,572
Independent Bank Corp.^(a)(b)		2,063,638		132,836,378
National Bank Holdings Corp., Class A^(a)		1,874,675		44,804,733
NBT Bancorp. Inc.^(a)		2,638,869		85,472,967
OFG Bancorp.^(a)		3,097,350		34,628,373
Old National Bancorp./IN^(a)		10,207,788		134,640,724
Opus Bank		1,325,734		22,974,970
Pacific Premier Bancorp. Inc.^(a)		3,563,910		67,144,064
Preferred Bank/Los Angeles CA^(a)		823,315		27,844,513
S&T Bancorp. Inc.^(a)		2,313,397		63,202,006
Seacoast Banking Corp. of Florida^(a)(b)(c)		3,108,741		56,921,048
ServisFirst Bancshares Inc.^(a)		2,788,585		81,761,312
Simmons First National Corp., Class A^(a)(b)		6,882,971		126,646,666
Southside Bancshares Inc.^(a)		1,931,402		58,695,307
Tompkins Financial Corp.		745,338		53,515,268
Triumph Bancorp. Inc.^(a)(b)(c)		1,411,541		36,700,066
United Community Banks Inc./GA^(a)		4,367,941		79,977,000
Veritex Holdings Inc.^(a)		2,884,308		40,293,783
Westamerica Bancorp.^(a)		1,624,243		95,473,004

				2,973,501,864

Beverages — 0.3%
Coca-Cola Consolidated Inc.^(b)		280,861		58,567,944
MGP Ingredients Inc.^(b)		803,558		21,607,675
National Beverage Corp.^(b)(c)		705,111		30,072,984

				110,248,603

Biotechnology — 2.5%
Acorda Therapeutics Inc.^(a)(b)(c)		3,096,347		2,887,653
AMAG Pharmaceuticals Inc.^(a)(b)(c)		2,086,117		12,892,203
Anika Therapeutics Inc.^(a)(b)(c)		870,632		25,169,971
Cytokinetics Inc.^(a)(b)(c)		3,600,483		42,449,695
Eagle Pharmaceuticals Inc./DE^(b)(c)		612,080		28,155,680
Emergent BioSolutions Inc.^(a)(b)(c)		2,654,912		153,613,208
Enanta Pharmaceuticals Inc.^(b)(c)		974,706		50,129,130
Momenta Pharmaceuticals Inc.^(a)(b)(c)		6,869,575		186,852,440
Myriad Genetics Inc.^(a)(b)(c)		4,527,972		64,795,279
Progenics Pharmaceuticals Inc.^(a)(b)(c)		5,358,624		20,362,771
REGENXBIO Inc.^(a)(b)(c)		1,896,329		61,403,133
Spectrum Pharmaceuticals Inc.^(a)(b)(c)		7,008,529		16,329,873
Vanda Pharmaceuticals Inc.^(a)(b)(c)		3,227,074		33,432,487
Xencor Inc.^(a)(b)(c)		2,985,650		89,211,222

				787,684,745

Building Products — 2.2%
AAON Inc.^(b)		2,458,682		118,803,515
American Woodmark Corp.^(a)(b)(c)		947,182		43,163,084
Apogee Enterprises Inc.^(a)		1,606,568		33,448,746
Gibraltar Industries Inc.^(a)(b)(c)		1,952,564		83,804,047
Griffon Corp.^(a)(b)		2,591,453		32,781,880
Insteel Industries Inc.^(a)(b)		1,142,727		15,141,133
Patrick Industries Inc.^(a)(b)		1,369,861		38,575,286
PGT Innovations Inc.^(a)(b)(c)		3,553,443		29,813,387
Quanex Building Products Corp.^(a)(b)		2,006,384		20,224,350
Simpson Manufacturing Co. Inc.^(a)		2,440,546		151,265,041
Universal Forest Products Inc.^(a)		3,714,370		138,137,420

				705,157,889

Capital Markets — 0.8%
Blucora Inc.^(a)(b)(c)		2,961,186		35,682,291


SCHEDULE OF INVESTMENTS			25

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Calamos Asset Management Inc.^(c)(d)		680,499	$	7
Donnelley Financial Solutions Inc.^(a)(b)(c)		1,888,445		9,952,105
Greenhill &Co. Inc.^(a)(b)		938,083		9,230,737
INTL. FCStone Inc.^(a)(b)(c)		991,136		35,938,591
Piper Sandler Cos.^(a)		1,047,536		52,973,896
Virtus Investment Partners Inc.^(a)		447,125		34,030,684
Waddell & Reed Financial Inc., Class A^(a)		4,254,747		48,419,021
WisdomTree Investments Inc.		7,242,883		16,875,917

				243,103,249

Chemicals — 2.9%
AdvanSix Inc.^(a)(b)(c)		1,688,754		16,110,713
American Vanguard Corp.^(a)(b)		1,616,159		23,369,659
Balchem Corp.^(a)(b)		1,946,380		192,146,634
Ferro Corp.^(a)(b)(c)		4,959,397		46,419,956
FutureFuel Corp.^(b)		1,570,086		17,694,869
GCP Applied Technologies Inc.^(b)(c)		3,271,626		58,234,943
Hawkins Inc.^(a)		575,470		20,486,732
HB Fuller Co.^(a)		3,084,599		86,152,850
Innospec Inc.^(a)		1,482,142		102,994,048
Koppers Holdings Inc.^(a)(b)(c)		1,291,289		15,973,245
Kraton Corp.^(a)(b)(c)		1,974,038		15,989,708
Livent Corp.^(a)(b)(c)		8,887,317		46,658,414
LSB Industries Inc.^(b)(c)		1,454,850		3,055,185
LyondellBasell^(d)		1,640,554		710,360
Quaker Chemical Corp.^(b)		783,168		98,898,455
Rayonier Advanced Materials Inc.^(a)		3,234,330		3,428,390
Stepan Co.^(a)(b)		1,211,864		107,201,489
Tredegar Corp.		1,501,534		23,468,976
Trinseo SA^(a)		2,383,079		43,157,561

				922,152,187

Commercial Services & Supplies — 2.1%
ABM Industries Inc.^(a)		4,018,481		97,890,197
Brady Corp., Class A, NVS		3,011,086		135,890,311
Harsco Corp.^(a)(b)(c)		4,763,273		33,200,013
Interface Inc.^(a)		3,554,331		26,870,742
Matthews International Corp., Class A^(a)		1,896,155		45,867,990
Mobile Mini Inc.^(a)		2,683,741		70,394,526
Pitney Bowes Inc.^(a)		10,256,837		20,923,948
RR Donnelley & Sons Co.^(a)		4,548,592		4,359,825
Team Inc.^(a)(b)(c)		1,837,070		11,940,955
U.S. Ecology Inc.		1,551,317		47,160,037
UniFirst Corp./MA^(a)(b)		925,869		139,889,547
Viad Corp.^(a)(b)		1,248,652		26,508,882

				660,896,973

Communications Equipment — 1.1%
ADTRAN Inc.^(a)		2,893,531		22,222,318
Applied Optoelectronics Inc.^(a)(b)(c)		1,161,910		8,818,897
CalAmp Corp.^(a)(b)(c)		2,133,372		9,600,174
Comtech Telecommunications Corp.^(a)		1,500,655		19,943,705
Digi International Inc.^(a)(b)(c)		1,713,030		16,342,306
Extreme Networks Inc.^(b)(c)		5,629,095		17,393,903
Harmonic Inc.^(a)(b)(c)		5,802,006		33,419,555
NETGEAR Inc.^(a)(b)(c)		1,833,698		41,881,662
Plantronics Inc.		1,956,894		19,686,354
Viavi Solutions Inc.^(a)(b)(c)		13,903,285		155,855,825

				345,164,699

Construction & Engineering — 0.9%
Aegion Corp.^(a)(b)(c)		1,900,334		34,072,989
Arcosa Inc.^(a)(b)		2,927,757		116,349,063


Security	Shares		Value

Construction & Engineering (continued)
Comfort Systems USA Inc.^(a)(b)		2,231,496	$	81,561,179
Granite Construction Inc.^(a)		2,844,289		43,176,307
MYR Group Inc.^(a)(b)(c)		1,012,916		26,528,270

				301,687,808

Construction Materials — 0.1%
U.S. Concrete Inc.^(a)(b)(c)		982,635		17,824,999


Consumer Finance — 0.8%
Encore Capital Group Inc.^(a)(b)(c)		1,681,414		39,311,459
Enova International Inc.^(a)(b)(c)		2,073,264		30,041,596
EZCORP Inc., Class A, NVS^(b)(c)		3,180,308		13,261,884
Green Dot Corp., Class A^(a)(b)(c)		2,861,506		72,653,637
PRA Group Inc.^(a)(b)(c)		2,762,961		76,589,279
World Acceptance Corp.^(b)(c)		341,868		18,669,412

				250,527,267

Containers & Packaging —0.1%
Myers Industries Inc.^(a)		2,161,044		23,231,223


Distributors — 0.2%
Core-Mark Holding Co. Inc.^(a)(b)		2,756,959		78,766,319


Diversified Consumer Services — 0.8%
American Public Education Inc.^(a)(b)(c)		931,599		22,293,164
Perdoceo Education Corp.^(a)(b)(c)		4,384,982		47,313,956
Regis Corp.^(b)(c)		1,518,597		8,974,908
Strategic Education Inc.^(a)(b)		1,328,945		185,733,353

				264,315,381

Diversified Financial Services — 0.2%
FGL Holdings		7,912,698		77,544,440


Diversified Telecommunication Services — 1.6%
ATN International Inc.		661,934		38,862,145
Cincinnati Bell Inc.^(a)(b)(c)		3,053,334		44,700,810
Cogent Communications Holdings Inc.^(a)		2,521,784		206,710,634
Consolidated Communications Holdings Inc.^(a)		4,383,750		19,946,063
Iridium Communications Inc.^(b)(c)		5,869,489		131,065,689
Vonage Holdings Corp.^(b)(c)		11,417,179		82,546,204

				523,831,545

Electric Utilities — 0.5%
El Paso Electric Co.^(a)(b)		2,464,582		167,492,993


Electrical Equipment — 0.7%
AZZ Inc.^(a)		1,591,247		44,745,866
Encore Wire Corp.^(a)(b)		1,275,333		53,551,233
Powell Industries Inc.		550,689		14,136,187
Sunrun Inc.^(b)(c)		4,707,622		47,546,982
Vicor Corp.^(b)(c)		1,116,551		49,731,181

				209,711,449

Electronic Equipment, Instruments & Components — 4.9%
Anixter International Inc.^(a)(b)(c)		1,821,616		160,065,398
Arlo Technologies Inc.^(a)(b)(c)		4,580,331		11,130,204
Badger Meter Inc.^(a)(b)		1,761,298		94,405,573
Bel Fuse Inc., Class B, NVS.		656,515		6,394,456
Benchmark Electronics Inc.^(a)		2,276,586		45,508,954
CTS Corp.^(a)(b)		1,983,556		49,370,709
Daktronics Inc.^(a)		2,385,920		11,762,586
ePlus Inc.^(a)(c)		821,708		51,455,355
Fabrinet^(a)(b)(c)		2,238,877		122,153,129
FARO Technologies Inc.^(a)(b)(c)		1,058,978		47,124,521
Insight Enterprises Inc.^(a)(b)(c)		2,165,319		91,224,889


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Itron Inc.^(a)(b)(c)		2,130,686	$	118,956,199
KEMET Corp.^(a)(b)		3,531,428		85,319,300
Knowles Corp.^(a)(b)(c)		5,235,975		70,057,346
Methode Electronics Inc.^(a)		2,256,760		59,646,167
MTS Systems Corp.^(a)		1,094,925		24,635,813
OSI Systems Inc.^(a)(b)(c)		1,037,810		71,525,865
PC Connection Inc.^(b)		668,774		27,560,177
Plexus Corp.^(a)(b)(c)		1,765,468		96,323,934
Rogers Corp.^(a)(b)(c)		1,123,662		106,096,166
Sanmina Corp.^(a)(b)(c)		4,233,938		115,501,829
ScanSource Inc.^(a)(b)(c)		1,537,205		32,880,815
TTM Technologies Inc.^(a)(b)(c)		5,936,030		61,378,550

				1,560,477,935

Energy Equipment & Services — 0.9%
Archrock Inc.^(a)		7,720,420		29,028,779
Diamond Offshore Drilling Inc.^(b)(c)		3,938,649		7,207,728
DMC Global Inc.^(a)(b)		886,101		20,389,184
Dril-Quip Inc.^(a)(b)(c)		2,189,071		66,766,665
Era Group Inc.^(a)(b)(c)		1,272,510		6,782,478
Exterran Corp.^(a)(b)(c)		1,759,716		8,446,637
Geospace Technologies Corp.^(a)(b)(c)		885,955		5,670,112
Helix Energy Solutions Group Inc.^(a)(b)(c)		8,696,155		14,261,694
KLX Energy Services Holdings Inc.^(a)(b)(c)		1,363,802		954,661
Matrix Service Co.^(a)(b)(c)		1,684,177		15,949,156
Nabors Industries Ltd.		20,334,745		7,932,584
Newpark Resources Inc.^(a)(b)(c)		5,557,799		4,985,346
Noble Corp. PLC^(a)(b)(c)		15,694,202		4,080,493
Oceaneering International Inc.^(a)(b)(c)		6,001,985		17,645,836
Oil States International Inc.^(a)(b)(c)		3,748,418		7,609,289
ProPetro Holding Corp.^(b)(c)		4,999,534		12,498,835
RPC Inc.		3,075,668		6,335,876
SEACOR Holdings Inc.^(a)(b)(c)		1,062,211		28,637,209
TETRA Technologies Inc.^(a)(b)(c)		8,176,042		2,616,333
U.S. Silica Holdings Inc.^(a)		4,481,609		8,066,896
Valaris PLC^(a)(b)(c)		11,950,970		5,379,132

				281,244,923

Entertainment — 0.2%
Glu Mobile Inc.^(b)(c)		7,008,861		44,085,736
Marcus Corp. (The)^(a)		1,424,167		17,545,737

				61,631,473

Equity Real Estate Investment Trusts (REITs) —7.6%
Acadia Realty Trust^(a)		5,260,752		65,180,717
Agree Realty Corp.^(a)		2,757,079		170,663,190
Alexander & Baldwin Inc.^(a)		4,142,304		46,476,651
American Assets Trust Inc.^(b)		2,902,085		72,552,125
Armada Hoffler Properties Inc.^(a)		3,353,292		35,880,224
CareTrust REIT Inc.^(a)		5,781,529		85,508,814
CBL & Associates Properties Inc.^(a)(b)		10,024,942		2,005,991
Cedar Realty Trust Inc.^(a)		5,527,128		5,157,363
Chatham Lodging Trust^(a)		2,908,070		17,273,936
Community Healthcare Trust Inc.^(a)		1,240,919		47,502,379
DiamondRock Hospitality Co.^(a)(b)		12,112,685		61,532,440
Easterly Government Properties Inc.^(a)(b)		4,486,939		110,558,177
Essential Properties Realty Trust Inc.		4,483,090		58,549,155
Four Corners Property Trust Inc.^(a)		4,193,201		78,454,791
Franklin Street Properties Corp.^(a)(b)		6,523,961		37,382,297
Getty Realty Corp.^(a)(b)		2,080,543		49,392,091
Global Net Lease Inc.^(a)		5,443,049		72,773,565
Hersha Hospitality Trust^(a)		2,235,468		8,002,976


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Independence Realty Trust Inc.^(a)		5,530,408	$	49,441,848
Industrial Logistics Properties Trust^(a)		3,964,681		69,540,505
Innovative Industrial Properties Inc.^(a)		1,030,745		78,264,468
Investors Real Estate Trust^(a)		709,705		39,033,775
iStar Inc.^(a)(b)		4,566,512		48,450,692
Kite Realty Group Trust^(a)		5,071,375		48,025,921
Lexington Realty Trust^(a)		14,997,309		148,923,278
LTC Properties Inc.^(a)		2,418,746		74,739,251
National Storage Affiliates Trust^(a)(b)		3,589,670		106,254,232
NexPoint Residential Trust Inc.^(a)(b)		1,352,621		34,099,576
Office Properties Income Trust^(a)		2,932,840		79,919,890
Pennsylvania REIT^(b)		3,785,269		3,450,651
Retail Opportunity Investments Corp.^(a)		7,067,070		58,586,010
RPT Realty^(a)		4,863,012		29,323,962
Safehold Inc.^(b)		799,727		50,566,738
Saul Centers Inc.		712,798		23,337,007
Summit Hotel Properties Inc.^(a)		6,462,968		27,273,725
Tanger Factory Outlet Centers Inc.^(a)(b)		5,650,342		28,251,710
Uniti Group Inc.^(a)		11,693,995		70,514,790
Universal Health Realty Income Trust^(a)		770,051		77,423,189
Urstadt Biddle Properties Inc., Class A^(a)		1,818,718		25,643,924
Washington Prime Group Inc.^(a)(b)		11,441,240		9,211,342
Washington REIT^(a)(b)		4,876,299		116,397,257
Whitestone REIT^(a)		2,508,005		15,549,631
Xenia Hotels & Resorts Inc.^(a)		6,851,664		70,572,139

				2,407,642,393

Food &Staples Retailing —0.6%
Andersons Inc. (The)^(a)		1,972,398		36,982,463
Chefs’ Warehouse Inc. (The)^(a)(b)(c)		1,572,921		15,839,314
PriceSmart Inc.^(b)		1,348,753		70,876,970
SpartanNash Co.^(a)		2,199,074		31,490,740
United Natural Foods Inc.^(a)(b)(c)		3,225,977		29,614,469

				184,803,956

Food Products — 1.4%
B&G Foods Inc.^(a)(b)		3,874,995		70,098,659
Calavo Growers Inc.^(a)(b)		995,283		57,417,876
Cal-Maine Foods Inc.		1,832,465		80,591,811
Fresh Del Monte Produce Inc.^(b)		1,832,778		50,603,001
J&J Snack Foods Corp.^(b)		903,373		109,308,133
John B Sanfilippo &Son Inc.^(a)		531,946		47,555,972
Seneca Foods Corp., Class A^(a)(b)(c)		416,223		16,557,351

				432,132,803

Gas Utilities — 0.8%
Northwest Natural Holding Co.^(a)		1,841,443		113,709,105
South Jersey Industries Inc.^(a)		5,590,134		139,753,350

				253,462,455

Health Care Equipment & Supplies — 3.9%
AngioDynamics Inc.^(a)(b)(c)		2,276,115		23,739,879
Cardiovascular Systems Inc.^(a)(b)(c)		2,129,737		74,988,040
CONMED Corp.^(a)(b)		1,717,000		98,332,590
CryoLife Inc.^(a)(b)(c)		2,269,096		38,393,104
Cutera Inc.^(a)(b)(c)		888,960		11,609,818
Glaukos Corp.^(a)(b)(c)		2,370,707		73,160,018
Heska Corp.^(a)(b)(c)		426,302		23,574,500
Inogen Inc.^(b)(c)		1,096,137		56,626,437
Integer Holdings Corp.^(a)(b)(c)		1,977,174		124,285,158
Invacare Corp.^(a)(b)		2,037,318		15,137,273
Lantheus Holdings Inc.^(a)(b)(c)		2,374,572		30,299,539
LeMaitre Vascular Inc.^(b)		991,751		24,714,435


SCHEDULE OF INVESTMENTS			27

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment &Supplies (continued)
Meridian Bioscience Inc.^(a)(c)		2,585,989	$	21,722,308
Merit Medical Systems Inc.^(a)(b)(c)		3,340,391		104,387,219
Mesa Laboratories Inc.^(a)(b)		242,919		54,921,557
Natus Medical Inc.^(a)(b)(c)		2,074,144		47,974,951
Neogen Corp.^(a)(b)(c)		3,171,831		212,480,959
OraSure Technologies Inc.^(a)(b)(c)		3,754,374		40,397,064
Orthofix Medical Inc.^(a)(c)		1,152,906		32,292,897
Surmodics Inc.^(a)(b)(c)		819,714		27,312,870
Tactile Systems Technology Inc.^(a)(b)(c)		1,155,047		46,386,687
Varex Imaging Corp.^(a)(b)(c)		2,334,620		53,019,220

				1,235,756,523

Health Care Providers &Services — 3.7%
Addus HomeCare Corp.^(a)(b)(c)		818,971		55,362,440
AMN Healthcare Services Inc.^(a)(b)(c)		2,826,166		163,380,656
BioTelemetry Inc.^(a)(b)(c)		2,056,539		79,197,317
Community Health Systems Inc.^(a)(b)(c)		7,092,518		23,689,010
CorVel Corp.^(b)(c)		541,951		29,541,749
Covetrus Inc.^(a)(b)(c)		5,907,315		48,085,544
Cross Country Healthcare Inc.^(a)(b)(c)		2,243,583		15,121,749
Ensign Group Inc. (The)^(a)		3,034,408		114,124,085
Hanger Inc.^(a)(b)(c)		2,271,138		35,384,330
LHC Group Inc.^(a)(b)(c)		1,792,140		251,258,028
Magellan Health Inc.^(a)(b)(c)		1,317,595		63,389,495
Owens & Minor Inc.^(a)(b)		3,775,531		34,546,109
Pennant Group Inc. (The)^(a)(b)(c)		1,583,769		22,426,169
Providence Service Corp. (The)^(a)(b)(c)		698,421		38,329,345
RadNet Inc.^(b)(c)		2,505,000		26,327,550
Select Medical Holdings Corp.^(b)(c)		6,501,855		97,527,825
Tivity Health Inc.^(a)(b)(c)		2,643,589		16,628,175
U.S.Physical Therapy Inc.^(a)(b)		777,165		53,624,385

				1,167,943,961

Health Care Technology — 1.4%
Computer Programs & Systems Inc.^(a)(b)		755,681		16,813,902
HealthStream Inc.^(b)(c)		1,556,320		37,273,864
HMS Holdings Corp.^(a)(b)(c)		5,330,260		134,695,670
NextGen Healthcare Inc.^(b)(c)		2,929,515		30,584,137
Omnicell Inc.^(a)(b)(c)		2,537,437		166,405,118
Tabula Rasa HealthCare Inc.^(a)(b)(c)		1,194,648		62,468,144

				448,240,835

Hotels, Restaurants & Leisure — 1.2%
BJ’s Restaurants Inc.^(a)		1,159,602		16,106,872
Bloomin’ Brands Inc.^(a)		5,255,658		37,525,398
Chuy’s Holdings Inc.^(a)(b)(c)		1,041,533		10,488,237
Dave & Buster’s Entertainment Inc.^(a)(b)		1,896,836		24,810,615
Dine Brands Global Inc.^(a)		1,029,551		29,527,523
El Pollo Loco Holdings Inc.^(b)(c)		1,223,600		10,339,420
Fiesta Restaurant Group Inc.^(b)(c)		1,231,731		4,963,876
Monarch Casino & Resort Inc.^(b)(c)		734,514		20,617,808
Red Robin Gourmet Burgers Inc.^(a)(b)(c)		800,689		6,821,870
Ruth’s Hospitality Group Inc.^(a)		1,681,448		11,232,073
Shake Shack Inc., Class A^(a)(b)(c)		1,878,784		70,905,308
Wingstop Inc.^(a)(b)		1,782,006		142,025,878

				385,364,878

Household Durables — 2.3%
Cavco Industries Inc.^(a)(b)(c)		522,490		75,729,701
Century Communities Inc.^(a)(b)(c)		1,736,675		25,199,154
Ethan Allen Interiors Inc.^(a)		1,480,043		15,126,039
Installed Building Products Inc.^(b)(c)		1,299,755		51,821,232
iRobot Corp.^(a)(b)(c)		1,710,534		69,960,841


Security	Shares		Value

Household Durables (continued)
La-Z-Boy Inc.^(a)(b)		2,806,387	$	57,671,253
LGI Homes Inc.^(a)(b)(c)		1,334,876		60,269,651
M/I Homes Inc.^(a)(b)(c)		1,730,430		28,604,008
MDC Holdings Inc		3,029,991		70,295,791
Meritage Homes Corp.^(a)(b)(c)		2,190,521		79,975,922
TopBuild Corp.^(a)(b)(c)		2,053,975		147,146,769
Tupperware Brands Corp.^(a)(b)		2,942,967		4,767,607
Universal Electronics Inc.^(a)(b)(c)		842,644		32,332,250

				718,900,218

Household Products — 0.8%
Central Garden & Pet Co.^(a)(b)(c)		607,280		16,700,200
Central Garden & Pet Co., Class A, NVS^(b)(c)		2,431,017		62,161,105
WD-40 Co.^(a)		829,125		166,529,756

				245,391,061

Industrial Conglomerates — 0.1%
Raven Industries Inc.^(a)		2,163,604		45,933,313


Insurance — 3.5%
Ambac Financial Group Inc.^(b)(c)		2,187,738		26,996,687
American Equity Investment Life Holding Co.^(a)(b)		5,465,934		102,759,559
AMERISAFE Inc.^(a)(b)		1,158,673		74,699,648
eHealth Inc.^(a)(b)(c)		1,506,435		212,136,177
Employers Holdings Inc.^(a)		1,827,197		74,019,751
HCI Group Inc.		390,311		15,710,018
Horace Mann Educators Corp.^(a)		2,480,404		90,757,982
James River Group Holdings Ltd.^(a)		1,836,562		66,557,007
Kinsale Capital Group Inc.^(a)(b)		1,246,798		130,327,795
ProAssurance Corp.^(a)		3,236,787		80,919,675
Safety Insurance Group Inc.^(a)		884,245		74,656,805
Stewart Information Services Corp.^(a)		1,414,272		37,718,634
Third Point Reinsurance Ltd.^(a)(b)(c)		4,872,683		36,106,581
United Fire Group Inc.^(a)		1,309,705		42,709,480
United Insurance Holdings Corp.		1,320,848		12,204,636
Universal Insurance Holdings Inc.^(a)		1,848,589		33,126,715

				1,111,407,150

Interactive Media &Services — 0.1%
QuinStreet Inc.^(a)(b)(c)		2,835,707		22,827,441


Internet & Direct Marketing Retail — 0.6%
Liquidity Services Inc.^(b)(c)		1,637,137		6,352,092
PetMed Express Inc.^(a)(b)		1,232,898		35,482,804
Shutterstock Inc.^(b)		1,158,416		37,254,659
Stamps.com Inc.^(a)(b)(c)		981,439		127,665,585

				206,755,140

IT Services — 2.4%
Cardtronics PLC, Class A^(b)(c)		2,197,575		45,973,269
CSG Systems International Inc.^(a)(b)		1,993,440		83,425,464
EVERTEC Inc.^(a)		3,612,051		82,101,919
ExlService Holdings Inc.^(a)(b)(c)		2,062,888		107,332,063
ManTech International Corp./VA, Class A^(a)(b)		1,628,450		118,339,462
NIC Inc.^(a)(b)		4,051,617		93,187,191
Perficient Inc.^(a)(b)(c)		1,986,547		53,815,558
Sykes Enterprises Inc.^(a)(b)(c)		2,344,518		63,583,328
TTEC Holdings Inc.		1,068,757		39,244,757
Unisys Corp.^(b)(c)		3,109,076		38,397,089
Virtusa Corp.^(a)(b)(c)		1,805,638		51,280,119

				776,680,219

Leisure Products — 0.4%
Callaway Golf Co.^(a)(b)		5,739,156		58,654,174


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Leisure Products (continued)
Sturm Ruger &Co. Inc.^(a)		1,005,039	$	51,166,536
Vista Outdoor Inc.^(a)(b)(c)		3,498,726		30,788,789

				140,609,499

Life Sciences Tools &Services — 1.1%
Luminex Corp.^(a)(b)		2,549,258		70,181,073
Medpace Holdings Inc.^(b)(c)		1,656,754		121,572,609
NeoGenomics Inc.^(a)(b)(c)		6,317,068		174,414,247

				366,167,929

Machinery — 5.8%
Alamo Group Inc.^(b)		590,022		52,382,153
Albany International Corp., Class A^(a)(b)		1,857,485		87,914,765
Astec Industries Inc.^(a)(b)		1,371,775		47,970,972
Barnes Group Inc.^(a)(b)		2,884,250		120,648,178
Briggs &Stratton Corp.^(a)(b)		2,707,553		4,900,671
Chart Industries Inc.^(a)(b)(c)		2,161,982		62,654,238
CIRCOR International Inc.^(a)(b)(c)		1,234,175		14,353,455
Enerpac Tool Group Corp.^(a)		3,321,548		54,971,619
EnPro Industries Inc.^(a)(b)		1,257,516		49,772,483
ESCO Technologies Inc.^(a)		1,571,998		119,330,368
Federal Signal Corp.^(a)(b)		3,660,962		99,871,043
Franklin Electric Co. Inc.^(a)(b)		2,328,175		109,726,888
Greenbrier Companies Inc. (The)^(a)		1,965,540		34,868,680
Hillenbrand Inc.^(a)		4,507,775		86,143,580
John Bean Technologies Corp.^(a)(b)		1,915,979		142,299,760
Lindsay Corp.^(a)(b)		654,261		59,917,222
Lydall Inc.^(a)(b)(c)		1,104,123		7,132,635
Meritor Inc.^(a)(b)(c)		4,471,903		59,252,715
Mueller Industries Inc.^(a)		3,465,145		82,955,571
Proto Labs Inc.^(a)(b)(c)		1,619,040		123,257,515
SPX Corp.^(a)(b)(c)		2,670,990		87,181,114
SPX FLOW Inc.^(a)(b)(c)		2,575,429		73,193,692
Standex International Corp.^(a)		754,033		36,962,698
Tennant Co.^(a)(b)		1,111,423		64,406,963
Titan International Inc.^(a)(b)		3,290,076		5,099,618
Wabash National Corp.^(a)		3,320,413		23,973,382
Watts Water Technologies Inc., Class A^(a)(b)		1,670,001		141,365,585

				1,852,507,563

Marine — 0.2%
Matson Inc.^(a)		2,593,649		79,417,532


Media — 0.4%
EW Scripps Co. (The), Class A, NVS^(b)		3,315,584		24,999,503
Gannett Co. Inc.^(a)		7,927,326		11,732,443
Scholastic Corp., NVS		1,870,239		47,672,392
TechTarget Inc.^(b)(c)		1,396,406		28,779,928

				113,184,266

Metals & Mining —0.9%
Century Aluminum Co.^(b)(c)		3,106,406		11,245,190
Cleveland-Cliffs Inc.^(a)(b)		23,999,729		94,798,930
Haynes International Inc.^(a)		782,023		16,117,494
Kaiser Aluminum Corp.^(a)		960,757		66,561,245
Materion Corp.^(a)(b)		1,234,466		43,218,655
Olympic Steel Inc.^(a)(b)		596,538		6,174,168
SunCoke Energy Inc.^(a)		5,248,881		20,208,192
TimkenSteel Corp.^(a)(b)(c)		2,541,419		8,208,783
Warrior Met Coal Inc.^(b)		2,470,246		26,234,012

				292,766,669

Mortgage Real Estate Investment — 1.1%
Apollo Commercial Real Estate Finance Inc.^(a)		8,688,023		64,465,131


Security	Shares		Value

Mortgage Real Estate Investment (continued)
ARMOUR Residential REIT Inc.^(a)(b)		3,603,396	$	31,745,919
Capstead Mortgage Corp.^(a)		5,832,957		24,498,419
Granite Point Mortgage Trust Inc.^(a)		3,372,491		17,098,529
Invesco Mortgage Capital Inc.^(a)		9,783,979		33,363,368
KKR Real Estate Finance Trust Inc.		1,482,096		22,246,261
New York Mortgage Trust Inc.^(a)		22,230,947		34,457,968
PennyMac Mortgage Investment Trust^(a)		6,095,506		64,734,273
Ready Capital Corp.		2,186,202		15,784,378
Redwood Trust Inc.^(a)		6,856,560		34,694,194

				343,088,440

Multi-Utilities — 0.5%
Avista Corp.^(a)		4,036,220		171,498,988


Multiline Retail — 0.1%
Big Lots Inc.^(a)		2,390,193		33,988,545
JC Penney Co. Inc.^(b)(c)		15,078,487		5,428,255

				39,416,800

Oil, Gas &Consumable Fuels — 1.0%
Bonanza Creek Energy Inc.^(a)(b)(c)		1,123,581		12,640,286
Callon Petroleum Co.^(a)(b)(c)		23,799,849		13,039,937
CONSOL Energy Inc.^(a)(b)(c)		1,625,505		5,998,113
Denbury Resources Inc.^(a)(b)(c)		30,050,636		5,547,347
Dorian LPG Ltd.^(b)(c)		1,740,210		15,157,229
Green Plains Inc.^(a)		2,093,723		10,154,557
Gulfport Energy Corp.^(a)(b)(c)		9,016,842		4,009,790
HighPoint Resources Corp.^(b)(c)		7,186,887		1,365,509
Laredo Petroleum Inc.^(b)(c)		11,280,027		4,284,154
Oasis Petroleum Inc.^(a)(b)(c)		17,427,310		6,099,559
Par Pacific Holdings Inc.^(b)(c)		2,201,300		15,629,230
PDC Energy Inc.^(a)(b)(c)		5,874,113		36,478,242
Penn Virginia Corp.^(a)(b)(c)		850,544		2,628,181
QEP Resources Inc.^(a)		14,410,301		4,820,246
Range Resources Corp.^(b)		12,576,804		28,675,113
Renewable Energy Group Inc.^(a)(b)(c)		2,374,978		48,758,298
REX American Resources Corp.^(a)(b)(c)		338,864		15,760,565
Ring Energy Inc.^(a)(b)(c)		3,891,996		2,563,658
SM Energy Co.^(a)		6,482,129		7,908,197
Southwestern Energy Co.^(a)(b)(c)		32,912,213		55,621,640
Talos Energy Inc.^(b)(c)		1,259,688		7,243,206
Whiting Petroleum Corp.^(a)(b)(c)		5,407,530		3,625,208

				308,008,265

Paper & Forest Products — 0.7%
Boise Cascade Co.^(a)(b)		2,371,501		56,394,294
Clearwater Paper Corp.^(a)(b)(c)		999,246		21,793,555
Mercer International Inc.		2,422,184		17,536,612
Neenah Inc.^(a)		1,023,111		44,126,778
PH Glatfelter Co.^(a)		2,687,470		32,840,883
Schweitzer-Mauduit International Inc.^(a)		1,869,383		52,006,235

				224,698,357

Personal Products — 0.4%
Inter Parfums Inc .		1,072,023		49,688,266
Medifast Inc.^(a)		706,514		44,157,125
USANA Health Sciences Inc.^(b)(c)		766,365		44,265,242

				138,110,633

Pharmaceuticals — 1.3%
Akorn Inc.^(b)(c)		6,045,898		3,392,958
Amphastar Pharmaceuticals Inc.^(b)(c)		2,073,132		30,765,279
ANI Pharmaceuticals Inc.^(b)(c)		562,803		22,928,594
Corcept Therapeutics Inc.^(a)(b)(c)		6,223,004		73,991,518


SCHEDULE OF INVESTMENTS			29

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Endo International PLC^(a)(b)(c)		12,211,192	$	45,181,410
Innoviva Inc.^(b)(c)		4,044,327		47,561,285
Lannett Co. Inc.^(a)(b)(c)		2,025,517		14,077,343
Pacira BioSciences Inc.^(a)(b)(c)		2,524,922		84,660,635
Phibro Animal Health Corp., Class A^(a)(b)		1,227,457		29,667,636
Supernus Pharmaceuticals Inc.^(a)(b)(c)		3,174,215		57,104,128

				409,330,786

Professional Services — 1.3%
Exponent Inc.^(a)(b)		3,135,906		225,503,001
Forrester Research Inc.^(c)		645,791		18,876,471
Heidrick & Struggles International Inc.^(a)		1,159,793		26,095,343
Kelly Services Inc., Class A, NVS		2,007,832		25,479,388
Korn Ferry^(a)(b)		3,346,737		81,392,644
Resources Connection Inc.^(a)		1,873,453		20,551,779
TrueBlue Inc.^(a)(b)(c)		2,356,894		30,073,967

				427,972,593

Real Estate Management & Development — 0.4%
Marcus & Millichap Inc.^(b)(c)		1,428,558		38,713,922
RE/MAX Holdings Inc., Class A^(a)		1,097,778		24,063,294
Realogy Holdings Corp.^(a)		7,014,109		21,112,468
St. Joe Co. (The)^(b)(c)		1,905,245		31,970,011

				115,859,695

Road & Rail — 0.8%
ArcBest Corp.^(a)(b)		1,543,243		27,037,617
Heartland Express Inc.^(b)		2,844,475		52,821,901
Marten Transport Ltd.^(b)		2,362,528		48,479,075
Saia Inc.^(a)(b)(c)		1,569,191		115,398,306

				243,736,899

Semiconductors & Semiconductor Equipment — 3.8%
Advanced Energy Industries Inc.^(a)(b)(c)		2,317,794		112,389,831
Axcelis Technologies Inc.^(a)(b)(c)		1,961,563		35,916,219
Brooks Automation Inc.^(a)(b)		4,374,334		133,417,187
CEVA Inc.^(a)(b)(c)		1,338,107		33,359,007
Cohu Inc.^(a)(b)		2,496,691		30,909,035
Diodes Inc.^(b)(c)		2,501,514		101,649,021
DSP Group Inc.^(a)(b)(c)		1,391,798		18,650,093
FormFactor Inc.^(a)(b)(c)		4,580,123		92,014,671
Ichor Holdings Ltd.^(a)(b)(c)		1,367,013		26,191,969
Kulicke &Soffa Industries Inc.^(a)(b)		3,836,384		80,065,334
MaxLinear Inc.^(a)(b)(c)		3,940,330		45,983,651
Onto Innovation Inc.^(a)(c)		2,968,377		88,071,746
PDF Solutions Inc.^(a)(b)(c)		1,692,687		19,838,292
Photronics Inc.^(a)(b)(c)		4,022,740		41,273,312
Power Integrations Inc.^(a)(b)		1,780,145		157,240,208
Rambus Inc.^(a)(b)(c)		6,745,759		74,877,925
SMART Global Holdings Inc.^(b)(c)		812,350		19,740,105
Ultra Clean Holdings Inc.^(a)(b)(c)		2,428,936		33,519,317
Veeco Instruments Inc.^(a)(b)(c)		2,975,497		28,475,506
Xperi Corp.^(a)		3,025,508		42,084,816

				1,215,667,245

Software — 2.8%
8x8 Inc.^(a)(b)(c)		6,064,049		84,047,719
Agilysys Inc.^(a)(b)(c)		1,250,817		20,888,644
Alarm.com Holdings Inc.^(b)(c)		2,204,048		85,759,508
Bottomline Technologies DE Inc.^(a)(b)(c)		2,305,939		84,512,664
Ebix Inc.^(b)		1,369,142		20,783,575
LivePerson Inc.^(a)(b)(c)		3,724,913		84,741,771
MicroStrategy Inc., Class A^(a)(b)(c)		498,079		58,823,130
OneSpan Inc.^(b)(c)		1,970,148		35,758,186


Security	Shares		Value

Software (continued)
Progress Software Corp.^(a)(b)		2,709,719	$	86,711,008
Qualys Inc.^(a)(b)(c)		2,016,928		175,452,567
SPS Commerce Inc.^(a)(b)(c)		2,107,906		98,038,708
TiVo Corp.^(a)(b)		7,648,734		54,153,037

				889,670,517

Specialty Retail — 2.5%
Abercrombie & Fitch Co., Class A^(a)		3,836,971		34,878,066
America’s Car-Mart Inc./TX^(b)(c)		377,201		21,255,276
Asbury Automotive Group Inc.^(a)(b)(c)		1,170,602		64,652,348
Barnes & Noble Education Inc.^(a)(b)(c)		2,504,622		3,406,286
Boot Barn Holdings Inc.^(a)(b)(c)		1,734,381		22,425,546
Buckle Inc. (The)^(b)		1,727,316		23,681,502
Caleres Inc.^(a)		2,522,208		13,115,482
Cato Corp. (The), Class A^(a)		1,314,659		14,027,412
Chico’s FAS Inc.^(a)		7,367,422		9,503,974
Children’s Place Inc. (The)^(a)(b)		878,212		17,177,827
Conn’s Inc.^(b)(c)		1,199,611		5,014,374
Designer Brands Inc. , Class A^(a)		3,373,067		16,797,874
Express Inc.^(a)(b)(c)		4,236,335		6,312,139
GameStop Corp., Class A^(a)(b)		4,012,022		14,042,077
Genesco Inc.^(a)(b)(c)		877,899		11,711,173
Group 1 Automotive Inc.^(a)(b)		1,066,994		47,225,154
Guess? Inc.		2,610,501		17,673,092
Haverty Furniture Companies Inc.^(a)		1,094,576		13,014,509
Hibbett Sports Inc.^(a)(b)(c)		1,092,846		11,950,271
Lithia Motors Inc., Class A^(a)(b)		1,370,120		112,062,115
Lumber Liquidators Holdings Inc.^(a)(b)(c)		1,671,457		7,839,133
MarineMax Inc.^(a)(b)(c)		1,305,340		13,601,643
Michaels Companies Inc. (The)^(b)(c)		4,598,039		7,448,823
Monro Inc.^(a)(b)		2,013,127		88,195,094
Office Depot Inc.^(a)		33,064,329		54,225,500
Rent-A-Center Inc./TX^(a)(b)		3,003,821		42,474,029
Shoe Carnival Inc.^(b)		558,463		11,599,277
Signet Jewelers Ltd.^(a)		3,185,811		20,548,481
Sleep Number Corp.^(a)(b)(c)		1,735,308		33,248,501
Sonic Automotive Inc., Class A^(b)		1,499,051		19,907,397
Tailored Brands Inc.^(a)(b)		3,059,090		5,322,817
Zumiez Inc.^(b)(c)		1,233,426		21,362,938

				805,700,130

Technology Hardware, Storage & Peripherals — 0.2%
3D Systems Corp.^(a)(b)(c)		7,181,915		55,372,564
Diebold Nixdorf Inc.^(a)(c)		4,649,688		16,366,902

				71,739,466

Textiles, Apparel & Luxury Goods — 1.3%
Crocs Inc.^(a)(b)(c)		4,166,880		70,795,291
Fossil Group Inc.^(a)(b)(c)		2,834,417		9,325,232
G-III Apparel Group Ltd.^(a)(b)(c)		2,598,675		20,009,797
Kontoor Brands Inc.^(c)		2,825,200		54,159,084
Movado Group Inc.^(a)		1,031,878		12,196,798
Oxford Industries Inc.^(a)		1,030,685		37,372,638
Steven Madden Ltd.^(a)(b)		4,681,145		108,742,998
Unifi Inc.^(b)(c)		920,010		10,626,116
Vera Bradley Inc.^(b)(c)		1,486,857		6,125,851
Wolverine World Wide Inc.^(a)		4,893,345		74,378,844

				403,732,649

Thrifts & Mortgage Finance — 1.5%
Axos Financial Inc.^(a)(b)(c)		3,250,173		58,925,637
Flagstar Bancorp. Inc.^(b)		2,102,729		41,697,116
HomeStreet Inc.^(a)		1,431,760		31,828,025


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
Meta Financial Group Inc.^(a)(b)		2,092,089	$	45,440,173
NMI Holdings Inc., Class A^(a)(b)(c)		4,135,003		48,007,385
Northfield Bancorp. Inc.^(a)		2,632,846		29,461,547
Northwest Bancshares Inc.^(a)		6,055,841		70,066,080
Provident Financial Services Inc.^(a)		3,633,290		46,724,109
TrustCo Bank Corp. NY^(a)		5,752,613		31,121,636
Walker & Dunlop Inc.^(a)		1,734,035		69,829,589

				473,101,297

Tobacco — 0.4%
Universal Corp./VA^(a)		1,500,687		66,345,372
Vector Group Ltd.		6,974,643		65,701,137

				132,046,509

Trading Companies & Distributors — 0.8%
Applied Industrial Technologies Inc.^(a)		2,338,802		106,930,027
DXP Enterprises Inc./TX^(a)(b)(c)		992,401		12,166,836
Foundation Building Materials Inc.^(b)(c)		1,078,389		11,096,623
GMS Inc.^(a)(b)(c)		2,551,359		40,132,877
Kaman Corp.^(a)(b)		1,695,112		65,210,959
Veritiv Corp.^(b)(c)		769,499		6,048,262

				241,585,584

Water Utilities — 1.0%
American States Water Co.^(a)(b)		2,228,943		182,193,801
California Water Service Group^(a)(b)		2,912,977		146,581,002

				328,774,803

Wireless Telecommunication Services — 0.5%
Shenandoah Telecommunications Co.^(a)(b)		2,835,535		139,650,099
Spok Holdings Inc.^(a)		1,066,666		11,402,659

				151,052,758


Total Common Stocks — 99.6% (Cost: $42,328,068,660)				31,722,628,145


Security	Shares		Value

Short-Term Investments

Money Market Funds — 8.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(a)(e)(f)		2,494,426,327	$	2,493,927,442
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(a)(e)		57,736,000		57,736,000

				2,551,663,442


Total Short-Term Investments — 8.0% (Cost: $2,551,912,289)				2,551,663,442


Total Investments in Securities — 107.6% (Cost: $44,879,980,949)				34,274,291,587

Other Assets, Less Liabilities — (7.6)%				(2,410,959,485	)


Net Assets — 100.0%			$	31,863,332,102

^(a)	Affiliate of the Fund.

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

^(c)	Non-income producing security.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
3D Systems Corp.	6,741,430	2,091,417	(1,650,932	)	7,181,915	$	55,372,565	$	—	$	(4,017,904	)	$	(17,393,289	)
8x8 Inc.	5,653,207	1,422,773	(1,011,931	)	6,064,049		84,047,719		—		3,860,654			(44,077,546	)
AAR Corp.	1,914,267	468,537	(394,001	)	1,988,803		35,321,141		743,953		111,263			(31,414,069	)
Abercrombie & Fitch Co., Class A	3,886,445	1,094,515	(1,143,989	)	3,836,971		34,878,066		3,156,562		(4,809,271	)		(67,796,372	)
ABM Industries Inc.	3,888,258	933,180	(802,957	)	4,018,481		97,890,197		2,890,006		123,930			(50,398,923	)
Acadia Realty Trust	4,786,002	1,307,882	(833,132	)	5,260,752		65,180,717		4,715,566		(2,080,114	)		(76,623,483	)
Acorda Therapeutics Inc.^(b)	2,318,746	1,473,125	(695,524	)	3,096,347		2,887,653		—		(9,409,237	)		(41,502,781	)
Addus HomeCare Corp.^(b)	602,022	368,767	(151,818	)	818,971		55,362,440		—		74,202			(7,980,223	)
ADTRAN Inc.	2,795,605	708,240	(610,314	)	2,893,531		22,222,318		1,057,845		(3,644,305	)		(14,495,472	)
Advanced Energy Industries Inc.	2,246,791	604,864	(533,861	)	2,317,794		112,389,831		—		4,442,425			(9,527,511	)
AdvanSix Inc.	1,711,725	399,550	(422,521	)	1,688,754		16,110,713		—		(3,228,443	)		(29,823,466	)
Aegion Corp.	1,881,177	433,283	(414,126	)	1,900,334		34,072,989		—		(831,148	)		1,199,472
Aerojet Rocketdyne Holdings Inc	4,244,899	1,023,085	(887,745	)	4,380,239		183,225,397		—		10,841,780			16,169,005
Aerovironment Inc.	1,252,728	319,035	(265,393	)	1,306,370		79,636,315		—		1,225,609			(10,927,545	)
Agilysys Inc.^(b)	1,041,424	411,449	(202,056	)	1,250,817		20,888,644		—		1,566,059			773,155
Agree Realty Corp.	2,206,277	1,054,856	(504,054	)	2,757,079		170,663,190		5,088,830		8,125,242			(29,225,091	)
AK Steel Holding Corp.	18,733,268	5,420,282	(24,153,550	)	—		—		—		(7,333,359	)		31,295,442
Alamo Group Inc.^(b)(c)	571,780	137,541	(119,299	)	590,022		N/A		286,771		2,210,775			—
Albany International Corp., Class A	1,709,969	518,890	(371,374	)	1,857,485		87,914,765		1,362,684		4,284,608			(52,955,895	)


SCHEDULE OF INVESTMENTS			31

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
Alexander & Baldwin Inc.	—	4,280,274	(137,970	)	4,142,304	$	46,476,651	$	799,729	$	(1,348,251	)	$	(48,520,171	)
Allegiance Bancshares Inc.	—	1,308,713	(137,335	)	1,171,378		28,241,924		121,080		(337,982	)		(11,012,791	)
Allegiant Travel Co.^(b)(c)	760,944	187,341	(150,085	)	798,200		N/A		2,225,954		1,045,953			—
AMAG Pharmaceuticals Inc.^(b)	1,638,403	541,683	(93,969	)	2,086,117		12,892,203		—		(573,051	)		(31,234,247	)
American Assets Trust Inc.^(b)(c)	2,220,674	1,227,072	(545,661	)	2,902,085		N/A		3,068,594		1,537,165			35,996
American Axle & Manufacturing Holdings Inc.	6,573,256	1,871,436	(1,640,813	)	6,803,879		24,562,003		—		(8,416,758	)		(65,077,513	)
American Equity Investment Life Holding Co.	5,271,459	351,520	(157,045	)	5,465,934		102,759,559		1,628,696		(2,819,533	)		(43,900,089	)
American Public Education Inc.	983,353	232,098	(283,852	)	931,599		22,293,164		—		(2,657,691	)		(3,630,242	)
American States Water Co.	2,158,705	523,654	(453,416	)	2,228,943		182,193,801		2,664,430		11,213,108			11,535,967
American Vanguard Corp.	1,564,900	370,578	(319,319	)	1,616,159		23,369,659		128,762		(956,386	)		(3,797,699	)
American Woodmark Corp.	887,753	242,676	(183,247	)	947,182		43,163,084		—		2,311,928			(39,446,334	)
Ameris Bancorp.^(b)	2,355,847	2,247,443	(641,344	)	3,961,946		94,135,837		2,027,481		(3,929,539	)		(67,098,397	)
AMERISAFE Inc.	982,142	184,806	(8,275	)	1,158,673		74,699,648		5,034,676		(107,858	)		4,759,174
AMN Healthcare Services Inc.	2,749,490	669,792	(593,116	)	2,826,166		163,380,656		—		11,430,372			19,657,499
Andersons Inc. (The)^(b)	1,553,940	799,922	(381,464	)	1,972,398		36,982,463		1,304,063		(3,467,128	)		(26,653,117	)
AngioDynamics Inc.	2,178,468	553,004	(455,357	)	2,276,115		23,739,879		—		(1,401,722	)		(27,142,751	)
Anika Therapeutics Inc.	853,030	203,873	(186,271	)	870,632		25,169,971		—		279,229			(2,324,773	)
Anixter International Inc.	1,693,852	435,826	(308,062	)	1,821,616		160,065,398		—		1,586,722			54,725,665
Apogee Enterprises Inc.	1,610,095	378,649	(382,176	)	1,606,568		33,448,746		1,163,266		(3,011,518	)		(25,079,182	)
Apollo Commercial Real Estate Finance Inc.^(b)	6,624,375	3,451,131	(1,387,483	)	8,688,023		64,465,131		10,954,941		(2,377,000	)		(92,013,477	)
Apollo Global Management Inc.^(d)	2,000,567	304,132	(2,304,699	)	—		—		—		(6,192,512	)		26,643,327
Applied Industrial Technologies Inc.	2,285,610	537,706	(484,514	)	2,338,802		106,930,027		2,942,839		(1,265,615	)		(32,919,838	)
Applied Optoelectronics Inc.	1,108,416	534,101	(480,607	)	1,161,910		8,818,897		—		(11,589,693	)		6,026,437
ArcBest Corp.	1,499,701	365,632	(322,090	)	1,543,243		27,037,617		502,082		(2,927,722	)		(18,367,402	)
Archrock Inc.	7,715,299	1,914,657	(1,909,536	)	7,720,420		29,028,779		4,472,333		(5,421,213	)		(42,996,589	)
Arcosa Inc.	2,861,211	728,836	(662,290	)	2,927,757		116,349,063		582,614		1,704,654			24,556,004
Arlo Technologies Inc.	4,422,858	1,407,626	(1,250,153	)	4,580,331		11,130,204		—		(6,667,673	)		(1,537,997	)
Armada Hoffler Properties Inc.	2,997,034	911,014	(554,756	)	3,353,292		35,880,224		2,012,783		272,848			(17,525,427	)
ARMOUR Residential REIT Inc.	3,480,492	1,254,521	(1,131,617	)	3,603,396		31,745,919		3,527,966		(5,328,945	)		(29,308,179	)
Arrowhead Pharmaceuticals Inc.^(b)	—	6,538,377	(6,538,377	)	—		—		—		237,060,672			—
Asbury Automotive Group Inc.	1,155,056	277,489	(261,943	)	1,170,602		64,652,348		—		3,022,359			(21,738,139	)
Ascena Retail Group Inc.	10,470,262	2,192,957	(12,663,219	)	—		—		—		(41,774,302	)		33,800,212
Assertio Therapeutics Inc.	3,866,966	525,510	(4,392,476	)	—		—		—		(33,986,045	)		17,162,992
Astec Industries Inc.	1,337,083	324,938	(290,246	)	1,371,775		47,970,972		609,159		(3,928,542	)		(522,353	)
Atlas Air Worldwide Holdings Inc.	1,525,233	416,655	(376,616	)	1,565,272		40,180,532		—		(7,397,098	)		(31,619,291	)
Avista Corp.	3,865,041	893,290	(722,111	)	4,036,220		171,498,988		6,314,485		4,225,825			1,966,564
Avon Products Inc.	26,080,303	6,031,876	(32,112,179	)	—		—		437,418		77,964,624			(5,900,911	)
Axcelis Technologies Inc.	1,932,693	473,785	(444,915	)	1,961,563		35,916,219		—		(2,188,355	)		(1,442,731	)
Axon Enterprise Inc.	3,463,431	218,248	(3,681,679	)	—		—		—		103,127,335			(69,469,861	)
Axos Financial Inc.	3,169,095	758,673	(677,595	)	3,250,173		58,925,636		—		(1,731,914	)		(34,992,272	)
AZZ Inc.	1,529,962	356,262	(294,977	)	1,591,247		44,745,866		1,078,553		(2,742,692	)		(18,620,026	)
B&G Foods Inc.	3,883,542	994,262	(1,002,809	)	3,874,995		70,098,660		3,629,963		(8,276,389	)		(12,524,459	)
Badger Meter Inc.	1,716,460	439,786	(394,948	)	1,761,298		94,405,573		1,171,731		4,326,161			(8,725,269	)
Balchem Corp.	1,894,877	458,385	(406,882	)	1,946,380		192,146,634		1,029,430		7,297,783			3,104,755
Banc of California Inc.	2,553,293	695,123	(486,703	)	2,761,713		22,093,704		646,133		(1,186,150	)		(15,354,809	)
Banner Corp.	1,837,612	230,712	(68,693	)	1,999,631		66,067,808		4,879,986		41,226			(42,440,570	)
Barnes & Noble Education Inc.^(b)	2,150,739	680,617	(326,734	)	2,504,622		3,406,286		—		(677,488	)		(14,419,577	)
Barnes Group Inc.	2,772,446	674,231	(562,427	)	2,884,250		120,648,178		1,853,764		1,531,491			(32,113,615	)
Belmond Ltd., Class A	5,262,568	53,694	(5,316,262	)	—		—		—		64,963,494			(64,594,877	)
Benchmark Electronics Inc.	2,406,340	546,859	(676,613	)	2,276,586		45,508,954		1,404,333		(597,347	)		(15,078,686	)
Berkshire Hills Bancorp. Inc.	2,383,343	925,514	(710,458	)	2,598,399		38,612,209		2,432,044		(6,872,817	)		(27,693,780	)
Big Lots Inc.^(b)	2,369,752	583,568	(563,127	)	2,390,193		33,988,544		2,897,600		(3,349,368	)		(47,479,315	)
BioTelemetry Inc.	1,976,323	527,593	(447,377	)	2,056,539		79,197,317		—		(234,793	)		(49,069,342	)
BJ’s Restaurants Inc.^(b)	1,029,642	131,592	(1,632	)	1,159,602		16,106,872		514,821		—			(29,394,212	)


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares	2,417,983,929	76,442,398	^(e)	—		2,494,426,327	$	2,493,927,442	$	23,464,576	^(f)	$	(312,141	)	$	(1,152,343	)
BlackRock Cash Funds: Treasury, SL Agency Shares	62,172,654	—		(4,436,654	)^(e)	57,736,000		57,736,000		1,158,585			—			—
Bloomin’ Brands Inc.	—	6,559,125		(1,303,467	)	5,255,658		37,525,398		2,165,153			(3,578,105	)		(63,810,686	)
Blucora Inc.	2,830,780	698,586		(568,180	)	2,961,186		35,682,291		—			(1,304,617	)		(62,916,882	)
Boise Cascade Co.	2,280,795	531,531		(440,825	)	2,371,501		56,394,294		3,291,381			(1,203,326	)		(7,000,646	)
Bonanza Creek Energy Inc.	1,123,250	279,474		(279,143	)	1,123,581		12,640,286		—			(2,842,492	)		(10,305,024	)
Boot Barn Holdings Inc.	—	2,208,741		(474,360	)	1,734,381		22,425,546		—			(225,375	)		(31,109,170	)
Boston Private Financial Holdings Inc.	4,638,890	386,803		—		5,025,693		35,933,705		2,319,500			—			(19,355,348	)
Bottomline Technologies DE Inc.	2,197,242	542,871		(434,174	)	2,305,939		84,512,664		—			544,943			(32,282,384	)
Briggs &Stratton Corp.	2,530,365	730,409		(553,221	)	2,707,553		4,900,671		617,755			(4,583,219	)		(21,804,514	)
Brookline Bancorp. Inc.	4,623,982	176,611		—		4,800,593		54,150,689		2,138,414			—			(15,136,684	)
Brooks Automation Inc.	4,181,160	1,115,478		(922,304	)	4,374,334		133,417,187		1,751,395			8,418,737			(7,562,815	)
C&J Energy Services Inc.	3,621,036	823,743		(4,444,779	)	—		—		3,956,104			(3,302,420	)		33,932,248
Cabot Microelectronics Corp.	1,700,033	333,345		(2,033,378	)	—		—		1,454,611			87,665,486			(59,910,775	)
Cadence Bancorp	—	7,601,065		—		7,601,065		49,786,976		2,610,194			—			(84,480,400	)
CalAmp Corp.	2,024,765	522,563		(413,956	)	2,133,372		9,600,174		—			(2,663,241	)		(14,796,779	)
Calavo Growers Inc.	926,517	246,297		(177,531	)	995,283		57,417,876		1,086,504			2,715,203			(30,613,448	)
Caleres Inc.	2,533,223	637,821		(648,836	)	2,522,208		13,115,482		711,396			(5,432,158	)		(44,617,805	)
California Water Service Group	2,832,500	659,358		(578,881	)	2,912,977		146,581,003		2,361,509			6,876,832			(18,363,193	)
Callaway Golf Co.	5,258,427	1,532,296		(1,051,567	)	5,739,156		58,654,174		224,056			2,276,820			(38,732,472	)
Callon Petroleum Co.	—	25,847,622		(2,047,773	)	23,799,849		13,039,937		—			(6,855,160	)		(129,613,385	)
Cambrex Corp.	1,971,187	321,215		(2,292,402	)	—		—		—			29,912,509			13,040,873
Capstead Mortgage Corp.	5,023,824	1,864,005		(1,054,872	)	5,832,957		24,498,419		44,201			(1,870,659	)		(21,075,576	)
Cardiovascular Systems Inc.^(b)	2,062,279	549,001		(481,543	)	2,129,737		74,988,040		—			(65,918	)		(11,618,926	)
Cardtronics PLC, Class A^(b)(c⁾	2,200,558	540,286		(543,269	)	2,197,575		N/A		—			(897,542	)		—
Care.com Inc.^(b)	1,560,226	513,564		(2,073,790	)	—		—		—			(6,823,822	)		—
CareTrust REIT Inc.	5,243,092	1,691,000		(1,152,563	)	5,781,529		85,508,814		4,710,840			3,376,569			(54,567,552	)
Carrizo Oil &Gas Inc.	4,997,725	2,067,428		(7,065,153	)	—		—		—			(17,138,009	)		32,450,499
Cato Corp. (The) Class A	1,332,264	373,486		(391,091	)	1,314,659		14,027,412		1,823,972			(3,746,897	)		(2,015,121	)
Cavco Industries Inc.	501,616	132,714		(111,840	)	522,490		75,729,701		—			1,733,627			11,101,896
CBL & Associates Properties Inc.	10,024,942	—		—		10,024,942		2,005,991		(872,530	)		14,368			(12,674,507	)
Cedar Realty Trust Inc.	5,075,763	1,381,325		(929,960	)	5,527,128		5,157,363		971,512			(1,762,415	)		(11,726,021	)
Central Garden & Pet Co.	627,304	164,629		(184,653	)	607,280		16,700,200		—			(450,241	)		1,770,729
Central Pacific Financial Corp.^(b)	1,307,788	117,778		—		1,425,566		22,666,499		1,274,075			—			(12,416,202	)
Century Communities Inc.	—	2,117,688		(381,013	)	1,736,675		25,199,154		—			79,620			(20,769,778	)
CEVA Inc.	1,312,889	311,417		(286,199	)	1,338,107		33,359,008		—			(1,469,132	)		(1,302,402	)
Chart Industries Inc.	1,861,603	782,965		(482,586	)	2,161,982		62,654,238		—			(752,848	)		(129,914,874	)
Chatham Lodging Trust	2,770,859	646,211		(509,000	)	2,908,070		17,273,936		2,575,991			(1,757,252	)		(36,627,767	)
Chefs’ Warehouse Inc. (The)^(b)	1,351,087	467,375		(245,541	)	1,572,921		15,839,314		—			(918,705	)		(41,443,214	)
Chico’s FAS Inc.	6,841,640	2,686,456		(2,160,674	)	7,367,422		9,503,974		2,563,653			(7,424,300	)		(14,799,411	)
Children’s Place Inc. (The)	956,111	249,341		(327,240	)	878,212		17,177,827		2,165,147			(12,890,530	)		(61,889,898	)
Chuy’s Holdings Inc.	1,022,019	251,468		(231,954	)	1,041,533		10,488,237		—			(1,004,515	)		(12,646,786	)
Cincinnati Bell Inc.	2,916,723	206,044		(69,433	)	3,053,334		44,700,810		—			(636,203	)		16,237,579
CIRCOR International Inc.	1,177,515	270,301		(213,641	)	1,234,175		14,353,455		—			(1,692,389	)		(25,196,085	)
City Holding Co.	976,770	81,407		(65,708	)	992,469		66,028,963		2,178,271			145,103			(10,171,433	)
Clearwater Paper Corp.	988,068	319,195		(308,017	)	999,246		21,793,555		—			(7,744,387	)		10,255,713
Cleveland-Cliffs Inc.	—	26,146,070		(2,146,341	)	23,999,729		94,798,930		1,013,561			(2,722,288	)		(102,886,527	)
Cogent Communications Holdings Inc.	2,448,315	586,528		(513,059	)	2,521,784		206,710,634		3,101,234			8,438,178			65,610,287
Cohu Inc.	2,432,253	619,703		(555,265	)	2,496,691		30,909,035		604,300			(1,778,406	)		(4,744,551	)
Columbia Banking System Inc.	4,273,611	130,721		(73,657	)	4,330,675		116,062,090		6,450,071			(957,270	)		(25,076,994	)
Comfort Systems USA Inc.	2,162,834	534,049		(465,387	)	2,231,496		81,561,179		909,002			4,264,357			(40,779,366	)
Community Bank System Inc.	2,995,039	259,877		(150,994	)	3,103,922		182,510,614		5,026,036			(1,947,698	)		(3,487,257	)
Community Health Systems Inc.	6,905,540	2,444,336		(2,257,358	)	7,092,518		23,689,010		—			(7,578,243	)		5,483,890
Community Healthcare Trust Inc.	1,044,335	353,127		(156,543	)	1,240,919		47,502,379		1,154,528			1,306,824			89,978


SCHEDULE OF INVESTMENTS			33

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
Computer Programs & Systems Inc.^(b)	699,694	219,302	(163,315	)	755,681	$	16,813,902	$	305,289	$	(2,420,233	)	$	(6,857,534	)
Comtech Telecommunications Corp.	1,421,481	331,313	(252,139	)	1,500,655		19,943,705		585,190		1,496,894			(17,514,349	)
CONMED Corp.	1,519,620	529,293	(331,913	)	1,717,000		98,332,590		1,322,234		6,269,927			(56,205,244	)
CONSOL Energy Inc.	1,625,231	464,419	(464,145	)	1,625,505		5,998,113		—		(7,149,470	)		(43,525,364	)
Consolidated Communications Holdings Inc.	4,176,899	1,273,993	(1,067,142	)	4,383,750		19,946,063		1,625,581		(9,240,839	)		(17,526,045	)
Control4 Corp.^(c)	1,597,167	144,340	(1,741,507	)	—		N/A		—		(3,991,667	)		15,171,676
Cooper Tire & Rubber Co.	2,946,781	698,509	(591,830	)	3,053,460		49,771,398		1,290,728		(2,123,854	)		(40,635,026	)
Cooper-Standard Holdings Inc.	956,283	312,868	(214,222	)	1,054,929		10,834,121		—		(10,071,703	)		(27,995,030	)
Corcept Therapeutics Inc.	6,146,083	1,571,656	(1,494,735	)	6,223,004		73,991,518		—		(5,159,922	)		6,149,309
Core-Mark Holding Co. Inc.	2,690,529	685,288	(618,858	)	2,756,959		78,766,319		1,281,720		(565,976	)		(23,445,867	)
Covetrus Inc.	—	6,448,858	(541,543	)	5,907,315		48,085,544		—		(426,754	)		(14,176,113	)
Cray Inc.^(c)	2,409,285	341,614	(2,750,899	)	—		N/A		—		32,929,890			(10,740,142	)
Crocs Inc.	3,944,087	1,482,391	(1,259,598	)	4,166,880		70,795,291		—		4,908,451			(48,464,503	)
Cross Country Healthcare Inc.	2,200,640	548,581	(505,638	)	2,243,583		15,121,749		—		(1,248,841	)		(13,720	)
CryoLife Inc.	2,015,424	695,358	(441,686	)	2,269,096		38,393,104		—		1,851,357			(30,269,931	)
CSG Systems International Inc.	1,953,735	497,679	(457,974	)	1,993,440		83,425,464		1,816,826		3,661,193			(5,801,953	)
CTS Corp.	1,938,245	447,604	(402,293	)	1,983,556		49,370,709		322,203		1,019,273			(10,609,465	)
Cubic Corp.	1,683,550	537,034	(328,375	)	1,892,209		78,167,154		497,440		586,915			(32,715,050	)
Customers Bancorp. Inc.	1,692,180	342,163	(288,304	)	1,746,039		19,084,206		—		(2,680,193	)		(11,321,477	)
Cutera Inc.	832,429	266,247	(209,716	)	888,960		11,609,818		—		(1,844,720	)		(3,208,397	)
CVB Financial Corp.^(b)	5,995,703	3,055,435	(997,986	)	8,053,152		161,465,698		5,101,729		1,197,040			(5,986,433	)
Cytokinetics Inc.	3,283,523	1,059,553	(742,593	)	3,600,483		42,449,695		—		80,027			12,623,474
Daktronics Inc.	2,334,199	566,033	(514,312	)	2,385,920		11,762,586		483,147		(1,248,917	)		(4,657,810	)
Darling Ingredients Inc.	9,669,723	2,129,802	(11,799,525	)	—		—		—		98,979,643			(43,604,205	)
Dave & Buster’s Entertainment Inc.	2,267,774	468,741	(839,679	)	1,896,836		24,810,615		930,661		(8,857,470	)		(65,315,548	)
Dean Foods Co.	5,370,564	2,220,812	(7,591,376	)	—		—		—		(42,023,769	)		26,376,962
Denbury Resources Inc.	27,040,078	8,671,179	(5,660,621	)	30,050,636		5,547,347		—		(12,116,933	)		(42,374,044	)
Designer Brands Inc., Class A	4,027,109	4,864,183	(5,518,225	)	3,373,067		16,797,874		2,944,252		(7,502,203	)		(52,384,289	)
DiamondRock Hospitality Co	11,818,765	2,821,468	(2,527,548	)	12,112,685		61,532,440		4,564,215		(4,269,299	)		(67,361,797	)
Diebold Nixdorf Inc.	4,518,377	1,280,926	(1,149,615	)	4,649,688		16,366,902		—		420,202			(35,338,880	)
Digi International Inc.	1,661,555	429,848	(378,373	)	1,713,030		16,342,306		—		(210,484	)		(5,971,774	)
Dime Community Bancshares Inc.	1,796,840	448,419	(379,493	)	1,865,766		25,579,652		1,055,998		(77,391	)		(9,842,769	)
Dine Brands Global Inc.	1,028,540	233,819	(232,808	)	1,029,551		29,527,523		2,987,873		220,011			(66,217,539	)
Diodes Inc.^(b)(c)	2,405,080	657,002	(560,568	)	2,501,514		N/A		—		3,185,650			—
DMC Global Inc.	—	1,083,235	(197,134	)	886,101		20,389,184		352,646		(2,888,005	)		(37,186,212	)
Donnelley Financial Solutions Inc.	2,051,142	505,879	(668,576	)	1,888,445		9,952,105		—		(8,837,574	)		(10,694,749	)
Dorman Products Inc.	1,704,693	444,205	(383,771	)	1,765,127		97,558,569		—		2,206,716			(60,978,266	)
Dril-Quip Inc.	2,147,990	568,528	(527,447	)	2,189,071		66,766,666		—		150,013			(34,425,393	)
DSP Group Inc.	1,142,869	515,419	(266,490	)	1,391,798		18,650,093		—		398,592			(1,679,836	)
DXP Enterprises Inc./TX	953,211	229,534	(190,344	)	992,401		12,166,836		—		(2,510,535	)		(24,289,356	)
Eagle Bancorp. Inc.	1,872,922	312,902	(155,319	)	2,030,505		61,341,556		1,318,353		(374,827	)		(39,600,536	)
Easterly Government Properties Inc.	3,596,681	2,012,625	(1,122,367	)	4,486,939		110,558,177		2,421,819		1,359,838			28,731,119
EastGroup Proerties Inc.	2,145,440	71,474	(2,216,914	)	—		—		—		75,902,355			(76,515,625	)
Echo Global Logistics Inc.	1,643,696	390,016	(382,263	)	1,651,449		28,206,749		—		(1,963,236	)		(10,978,592	)
eHealth Inc.^(b)	1,088,541	636,926	(219,032	)	1,506,435		212,136,177		—		9,739,135			125,624,630
El Paso Electric Co.	2,391,038	560,684	(487,140	)	2,464,582		167,492,993		3,818,604		7,482,903			14,640,308
Emergent BioSolutions Inc.	2,644,283	648,909	(638,280	)	2,654,912		153,613,208		—		2,074,534			17,454,325
Employers Holdings Inc.	1,802,562	24,635	—		1,827,197		74,019,750		1,646,490		—			669,609
Enanta Pharmaceuticals Inc.^(b)(c)	928,915	260,431	(214,640	)	974,706		N/A		—		(151,005	)		—
Encore Capital Group Inc.^(b)	1,529,425	461,731	(309,742	)	1,681,414		39,311,459		—		(1,057,451	)		(23,031,483	)
Encore Wire Corp.	1,229,481	283,085	(237,233	)	1,275,333		53,551,233		101,228		1,534,711			(21,750,491	)
Endo International PLC	11,747,637	4,332,411	(3,868,856	)	12,211,192		45,181,410		—		(16,509,243	)		(34,882,126	)
Enerpac Tool Group Corp.^(g)	3,596,948	4,173,133	(4,448,533	)	3,321,548		54,971,619		131,843		(2,600,439	)		(23,787,114	)
Enova International Inc.	1,976,105	579,447	(482,288	)	2,073,264		30,041,595		—		(363,508	)		(17,672,524	)


34		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
EnPro Industries Inc.	1,218,956	285,673	(247,113	)	1,257,516	$	49,772,483	$	1,282,171	$	(811,495	)	$	(31,949,031	)
Ensign Group Inc. (The)	2,907,280	736,412	(609,284	)	3,034,408		114,124,085		590,762		6,525,966			(43,073,177	)
ePlus Inc.	806,383	183,834	(168,509	)	821,708		51,455,355		—		1,287,019			(23,524,749	)
Era Group Inc.	1,199,689	406,297	(333,476	)	1,272,510		6,782,478		—		(1,901,953	)		(5,715,551	)
ESCO Technologies Inc.	1,531,933	362,938	(322,873	)	1,571,998		119,330,368		499,742		6,262,587			6,507,538
Essential Properties Realty Trust Inc.^(b)(c)	—	4,632,778	(149,688	)	4,483,090		N/A		1,157,411		(1,158,304	)		842,802
Ethan Allen Interiors Inc.	1,483,298	380,421	(383,676	)	1,480,043		15,126,039		1,210,039		(3,581,867	)		(10,345,899	)
EVERTEC Inc.^(b)	3,553,149	866,681	(807,779	)	3,612,051		82,101,919		729,032		4,133,148			11,548,321
ExlService Holdings Inc.	2,013,751	461,643	(412,506	)	2,062,888		107,332,063		—		6,077,761			(23,827,751	)
Exponent Inc.	3,023,835	744,032	(631,961	)	3,135,906		225,503,000		2,115,872		14,388,699			30,019,859
Express Inc.	4,083,738	1,452,613	(1,300,016	)	4,236,335		6,312,139		—		(5,208,250	)		(6,468,447	)
Exterran Corp.	1,884,120	465,764	(590,168	)	1,759,716		8,446,637		—		(7,378,315	)		(14,512,565	)
Fabrinet	2,174,717	569,904	(505,744	)	2,238,877		122,153,129		—		6,102,348			(2,696,968	)
FARO Technologies Inc.	1,021,513	241,694	(204,229	)	1,058,978		47,124,521		—		324,676			(48,533	)
Federal Signal Corp.	3,559,549	833,819	(732,406	)	3,660,962		99,871,043		1,171,772		5,403,777			(1,856,921	)
Ferro Corp.	4,874,513	1,200,386	(1,115,502	)	4,959,397		46,419,956		—		(5,178,533	)		(43,380,884	)
Fiesta Restaurant Group Inc.^(c)	1,411,637	435,732	(615,638	)	1,231,731		0.01		—		(7,609,559	)		14,014,890
Finisar Corp.^(c)	6,927,409	768,475	(7,695,884	)	—		N/A		—		24,714,427			(20,154,279	)
First Bancorp./Puerto Rico	12,648,717	1,022,709	(544,787	)	13,126,639		69,833,719		2,106,027		(2,533,762	)		(79,822,960	)
First Commonwealth Financial Corp.	5,624,417	249,571	—		5,873,988		53,688,250		2,364,464		—			(20,559,455	)
First Financial Bancorp.	5,726,539	172,634	(3,126	)	5,896,047		87,910,061		5,357,111		22,820			(54,125,431	)
First Midwest Bancorp. Inc.	6,232,024	691,374	(321,304	)	6,602,094		87,378,714		3,681,346		(3,231,969	)		(45,968,433	)
FirstCash Inc.^(c)	2,558,402	269,687	(2,828,089	)	—		N/A		1,306,613		90,761,653			(71,436,209	)
FormFactor Inc.	4,366,333	1,082,477	(868,687	)	4,580,123		92,014,671		—		2,113,973			14,878,670
Forward Air Corp.	1,688,881	416,366	(400,762	)	1,704,485		86,332,165		1,252,160		1,796,506			(27,275,986	)
Fossil Group Inc.	2,676,763	894,989	(737,335	)	2,834,417		9,325,232		—		(5,778,733	)		(23,965,726	)
Four Corners Property Trust Inc.	4,019,823	942,808	(769,430	)	4,193,201		78,454,791		3,692,319		2,510,734			(47,521,760	)
Fox Factory Holding Corp.	2,231,467	592,459	(493,032	)	2,330,894		97,897,548		—		7,042,571			(73,964,222	)
Franklin Electric Co. Inc.^(b)	2,252,870	528,417	(453,112	)	2,328,175		109,726,888		1,382,400		3,133,335			11,051,799
Franklin Financial Network Inc.^(b)	727,331	188,357	(105,458	)	810,230		16,520,590		159,784		(529,663	)		(13,227,535	)
Franklin Street Properties Corp.	6,291,381	1,484,223	(1,251,643	)	6,523,961		37,382,297		1,606,854		(3,301,910	)		(7,051,408	)
Frontier Communications Corp.	6,362,914	2,069,615	(8,432,529	)	—		—		—		(35,714,393	)		27,715,232
FTI Consulting Inc.	2,223,310	312,230	(2,535,540	)	—		—		—		146,468,550			(77,538,664	)
GameStop Corp., Class A	6,006,462	2,095,130	(4,089,570	)	4,012,022		14,042,077		—		(30,735,794	)		(6,342,809	)
Gannett Co. Inc.^(h)	9,972,367	10,328,309	(12,373,350	)	7,927,326		11,732,442		2,092,840		(11,243,762	)		(41,727,353	)
Garrett Motion Inc.	4,370,103	1,259,421	(1,015,322	)	4,614,202		13,196,618		—		(4,165,085	)		(51,290,412	)
Genesco Inc.	1,183,621	252,297	(558,019	)	877,899		11,711,173		—		(9,844,581	)		(20,143,127	)
Gentherm Inc.	1,981,642	475,002	(464,535	)	1,992,109		62,552,223		—		(1,302,684	)		(10,390,740	)
Geospace Technologies Corp.	799,510	224,366	(137,921	)	885,955		5,670,112		—		(273,610	)		(5,855,814	)
Getty Realty Corp.^(b)	2,012,694	463,233	(395,384	)	2,080,543		49,392,091		2,903,763		949,780			(7,047,133	)
Gibraltar Industries Inc.	1,889,453	435,316	(372,205	)	1,952,564		83,804,047		—		4,560,564			(901,382	)
G-III Apparel Group Ltd.	2,476,996	722,491	(600,812	)	2,598,675		20,009,798		—		(6,211,755	)		(77,970,517	)
Glacier Bancorp. Inc.	4,963,233	779,355	(555,294	)	5,187,294		176,393,932		6,743,557		1,308,852			(35,639,318	)
Glaukos Corp.	—	2,441,937	(71,230	)	2,370,707		73,160,018		—		(468,595	)		(19,419,016	)
Global Net Lease Inc.	4,916,496	1,487,436	(960,883	)	5,443,049		72,773,565		2,940,074		816,498			(26,101,788	)
Glu Mobile Inc.^(b)(c)	—	7,935,093	(926,232	)	7,008,861		N/A		—		199,631			—
GMS Inc.	—	2,971,980	(420,621	)	2,551,359		40,132,877		—		(303,551	)		(15,857,638	)
Granite Construction Inc.	—	3,018,572	(174,283	)	2,844,289		43,176,307		745,172		(1,149,886	)		(36,156,164	)
Granite Point Mortgage Trust Inc.	3,038,176	863,180	(528,865	)	3,372,491		17,098,529		4,177,113		(1,145,435	)		(45,180,544	)
Great Western Bancorp. Inc.	3,317,678	176,385	(115,061	)	3,379,002		69,201,961		4,092,613		(2,486,193	)		(36,624,629	)
Green Dot Corp., Class A	—	2,937,302	(75,796	)	2,861,506		72,653,637		—		(1,145,756	)		(24,879,256	)
Green Plains Inc.	2,262,572	669,632	(838,481	)	2,093,723		10,154,557		280,171		(7,614,419	)		(19,336,776	)
Greenbrier Companies Inc. (The)	1,909,968	503,395	(447,823	)	1,965,540		34,868,680		2,005,892		(8,228,702	)		(21,281,597	)
Greenhill &Co. Inc.^(b)	1,032,900	334,440	(429,257	)	938,083		9,230,737		200,886		(4,001,752	)		(10,123,975	)
Griffon Corp.^(b)	2,030,059	993,994	(432,600	)	2,591,453		32,781,880		704,012		112,184			(14,075,411	)
Group 1 Automotive Inc.	1,026,577	272,058	(231,641	)	1,066,994		47,225,154		1,210,521		1,045,869			(25,394,346	)


SCHEDULE OF INVESTMENTS			35

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
Gulf Island Fabrication Inc.	847,397	167,037	(1,014,434	)	—	$	—	$	—		$	(7,773,925	)	$	4,222,136
Gulfport Energy Corp.	8,736,204	2,568,054	(2,287,416	)	9,016,842		4,009,790		—			(8,732,092	)		(58,602,911	)
Hanger Inc	—	2,481,798	(210,660	)	2,271,138		35,384,330		—			(580,723	)		(14,359,040	)
Hanmi Financial Corp.	1,801,829	26,751	—		1,828,580		19,840,093		1,742,596			—			(18,970,394	)
Harmonic Inc.	5,207,831	1,650,015	(1,055,840	)	5,802,006		33,419,555		—			714,669			261,346
Harsco Corp.	4,703,956	1,154,825	(1,095,508	)	4,763,273		33,200,013		—			(835,127	)		(64,451,037	)
Haverty Furniture Companies Inc.^(b)	1,122,130	261,769	(289,323	)	1,094,576		13,014,509		886,724			(1,177,635	)		(10,198,118	)
Hawaiian Holdings Inc.	2,850,707	794,492	(799,860	)	2,845,339		29,705,339		1,369,363			(9,872,372	)		(36,256,806	)
Hawkins Inc.	582,628	146,123	(153,281	)	575,470		20,486,732		548,453			(724,669	)		(474,340	)
Haynes International Inc.	756,227	189,886	(164,090	)	782,023		16,117,494		683,891			(1,867,246	)		(8,177,315	)
HB Fuller Co.	2,984,732	704,274	(604,407	)	3,084,599		86,152,850		1,966,892			(2,346,148	)		(63,844,687	)
HCI Group Inc.^(b)(c)	398,968	95,772	(104,429	)	390,311		N/A		659,302			74,151			—
HealthStream Inc.^(b)(c)	1,507,019	350,784	(301,483	)	1,556,320		N/A		—			(154,139	)		—
Heidrick & Struggles International Inc.	1,124,037	268,946	(233,190	)	1,159,793		26,095,343		703,744			(547,785	)		(18,296,052	)
Helix Energy Solutions Group Inc.	8,202,634	2,114,342	(1,620,821	)	8,696,155		14,261,694		—			580,171			(56,660,183	)
Heritage Financial Corp./WA	1,952,141	345,752	(112,410	)	2,185,483		43,709,660		1,798,761			(305,464	)		(21,429,548	)
Hersha Hospitality Trust	2,120,244	447,680	(332,456	)	2,235,468		8,002,975		450,046			(1,212,938	)		(28,026,723	)
Heska Corp.	408,387	127,155	(109,240	)	426,302		23,574,501		—			(1,647,049	)		(11,544,634	)
HFF Inc., Class A^(c)	2,303,419	177,100	(2,480,519	)	—		N/A		(3,151,512	)		27,849,031			(29,790,666	)
Hibbett Sports Inc.	1,097,693	313,525	(318,372	)	1,092,846		11,950,271		—			(2,063,489	)		(11,298,179	)
Hillenbrand Inc.	3,669,989	1,490,986	(653,200	)	4,507,775		86,143,580		3,508,888			(5,190,444	)		(90,445,506	)
HMS Holdings Corp.	5,024,478	1,399,007	(1,093,225	)	5,330,260		134,695,670		—			5,149,855			(29,987,380	)
HomeStreet Inc.	1,573,294	13,216	(154,750	)	1,431,760		31,828,025		214,764			(454,646	)		(5,337,715	)
Hope Bancorp Inc.	7,066,232	858,079	(414,509	)	7,509,802		61,730,572		4,090,604			(707,995	)		(36,464,976	)
Horace Mann Educators Corp.	2,378,545	111,356	(9,497	)	2,480,404		90,757,982		2,863,997			(17,054	)		2,745,498
Hub Group Inc., Class A	2,011,037	488,715	(480,458	)	2,019,294		91,817,298		—			741,184			8,022,988
Ichor Holdings Ltd.	1,318,481	379,634	(331,102	)	1,367,013		26,191,969		—			531,940			(5,616,821	)
II-VI Inc.^(c)	3,502,290	2,025,750	(5,528,040	)	—		N/A		—			12,305,229			(17,861,556	)
Independence Realty Trust Inc.	5,304,769	1,260,237	(1,034,598	)	5,530,408		49,441,848		190,259			3,811,892			(12,228,132	)
Independent Bank Corp./Rockland MA	2,014,877	273,602	(224,841	)	2,063,638		132,836,378		3,688,926			(283,621	)		(36,075,832	)
Industrial Logistics Properties Trust .	—	4,146,944	(182,263	)	3,964,681		69,540,505		1,052,221			(641,049	)		(16,114,737	)
Innophos Holdings Inc.	1,175,223	255,476	(1,430,699	)	—		—		1,152,999			(17,507,336	)		19,698,244
Innospec Inc.	1,439,896	350,907	(308,661	)	1,482,142		102,994,048		1,508,656			4,323,710			(26,570,405	)
Innovative Industrial Properties Inc.	581,332	623,721	(174,308	)	1,030,745		78,264,468		2,634,647			(1,659,303	)		(9,836,836	)
Inogen Inc.^(b)(c)	—	1,152,047	(55,910	)	1,096,137		N/A		—			(660,657	)		—
Insight Enterprises Inc.	2,082,459	513,241	(430,381	)	2,165,319		91,224,889		—			5,236,773			(35,512,719	)
Insteel Industries Inc.	1,098,828	289,688	(245,789	)	1,142,727		15,141,133		135,745			(2,940,374	)		(6,003,899	)
Integer Holdings Corp.	1,765,980	615,205	(404,011	)	1,977,174		124,285,158		—			7,083,916			(33,416,070	)
Interface Inc.	3,486,976	855,804	(788,449	)	3,554,331		26,870,742		928,977			(4,632,632	)		(24,448,381	)
INTL. FCStone Inc.^(b)	952,198	224,127	(185,189	)	991,136		35,938,591		—			(80,268	)		(2,153,816	)
Invacare Corp.	1,947,025	696,962	(606,669	)	2,037,318		15,137,273		103,691			(3,976,919	)		2,166,993
Invesco Mortgage Capital Inc.	7,490,251	3,855,429	(1,561,701	)	9,783,979		33,363,368		(3,937,881	)		(2,058,870	)		(106,513,985	)
Investors Real Estate Trust	—	732,763	(23,058	)	709,705		39,033,775		306,275			(7,611	)		(11,431,731	)
Iridium Communications Inc.^(c)	5,731,343	1,328,873	(1,190,727	)	5,869,489		N/A		—			7,097,352			(75,912,276	)
iRobot Corp.	1,634,782	460,191	(384,439	)	1,710,534		69,960,841		—			(4,526,002	)		(124,825,731	)
iStar Inc.	4,078,737	1,800,583	(1,312,808	)	4,566,512		48,450,692		5,099			2,371,756			3,765,134
Itron Inc.^(b)	1,976,677	593,944	(439,935	)	2,130,686		118,956,199		—			4,940,254			(1,927,156	)
James River Group Holdings Ltd.	1,741,375	176,746	(81,559	)	1,836,562		66,557,007		567,612			(442,252	)		(5,487,899	)
John B Sanfilippo &Son Inc.	524,653	128,645	(121,352	)	531,946		47,555,972		2,683,158			804,236			7,977,514
John Bean Technologies Corp.	1,851,955	468,055	(404,031	)	1,915,979		142,299,760		775,001			10,191,833			(47,860,413	)
Kaiser Aluminum Corp.^(b)	801,689	254,569	(95,501	)	960,757		66,561,245		2,109,038			87,930			(17,032,606	)
Kaman Corp.	1,648,908	384,540	(338,336	)	1,695,112		65,210,959		1,361,824			1,466,848			(36,869,244	)
KEMET Corp.	3,388,120	1,091,178	(947,870	)	3,531,428		85,319,300		345,837			193,751			24,003,148
Kinsale Capital Group Inc	—	1,313,326	(66,528	)	1,246,798		130,327,795		138,665			(226,657	)		(6,212,944	)
Kirkland’s Inc.^(c)	965,562	93,457	(1,059,019	)	—		N/A		—			(9,859,193	)		4,379,161


36		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
Kite Realty Group Trust	4,959,310	472,992	(360,927	)	5,071,375	$	48,025,921	$	1,671,964	$	(810,511	)	$	(28,298,414	)
KLX Energy Services Holdings Inc.	1,340,972	408,019	(385,189	)	1,363,802		954,661		—		(4,903,307	)		(28,756,575	)
Knowles Corp.	5,308,433	1,377,241	(1,449,699	)	5,235,975		70,057,346		—		2,761,965			(25,868,100	)
Kontoor Brands Inc.^(b)(c)	—	3,389,888	(564,688	)	2,825,200		N/A		4,807,592		(1,289,410	)		—
Koppers Holdings Inc.	1,229,944	299,528	(238,183	)	1,291,289		15,973,245		—		(985,477	)		(17,644,349	)
Korn Ferry	3,326,181	795,916	(775,360	)	3,346,737		81,392,644		1,359,390		(1,609,622	)		(68,680,490	)
Kraton Corp.	1,880,939	465,450	(372,351	)	1,974,038		15,989,708		—		(3,722,264	)		(44,031,025	)
Kulicke &Soffa Industries Inc.	3,891,953	908,802	(964,371	)	3,836,384		80,065,334		1,847,972		3,684,097			(8,985,665	)
Lannett Co. Inc.	2,007,285	869,590	(851,358	)	2,025,517		14,077,343		—		1,330,048			(2,747,655	)
Lantheus Holdings Inc.	2,289,101	655,026	(569,555	)	2,374,572		30,299,539		—		(502,943	)		(28,236,183	)
La-Z-Boy Inc.	2,761,369	680,699	(635,681	)	2,806,387		57,671,253		1,535,198		780,727			(36,995,200	)
LCI Industries	1,465,571	366,453	(317,679	)	1,514,345		101,203,676		3,958,845		2,876,880			(20,453,264	)
LeMaitre Vascular Inc.^(b)(c)	951,361	228,622	(188,232	)	991,751		N/A		348,165		(442,121	)		—
Lexington Realty Trust	12,269,302	5,287,361	(2,559,354	)	14,997,309		148,923,278		2,925,549		1,922,280			10,035,432
LGI Homes Inc.^(b)	1,098,233	519,473	(282,830	)	1,334,876		60,269,651		—		3,297,161			(11,535,141	)
LHC Group Inc.	1,714,868	421,092	(343,820	)	1,792,140		251,258,028		—		14,816,870			36,704,404
Lindsay Corp.	640,916	155,365	(142,020	)	654,261		59,917,222		818,180		551,677			(3,878,875	)
Liquidity Services Inc.^(b)(c)	1,650,364	439,759	(452,986	)	1,637,137		N/A		—		(1,055,318	)		—
Lithia Motors Inc., Class A	1,311,453	320,177	(261,510	)	1,370,120		112,062,115		1,635,588		4,090,478			(24,608,290	)
Livent Corp.	8,562,883	2,170,249	(1,845,815	)	8,887,317		46,658,414		—		(4,706,787	)		(57,352,676	)
LivePerson Inc.	3,479,004	891,671	(645,762	)	3,724,913		84,741,771		—		7,392,364			(33,878,641	)
LSB Industries Inc.^(b)(c)	1,300,615	307,879	(153,644	)	1,454,850		N/A		—		(69,399	)		—
LSC Communications Inc.^(c)	1,956,566	343,450	(2,300,016	)	—		N/A		493,096		(34,595,237	)		24,007,524
LTC Properties Inc.	2,329,634	547,548	(458,436	)	2,418,746		74,739,251		5,044,901		699,107			(37,225,512	)
Lumber Liquidators Holdings Inc.	1,680,775	557,838	(567,156	)	1,671,457		7,839,133		—		(5,208,087	)		(4,288,722	)
Luminex Corp.	2,466,780	633,465	(550,987	)	2,549,258		70,181,073		319,680		(728,739	)		13,308,237
Lydall Inc.	1,045,183	257,861	(198,921	)	1,104,123		7,132,635		—		(3,215,688	)		(15,561,774	)
LyondellBasell Co.^(c)	1,640,554	—	—		1,640,554		N/A		—		—			—
M/I Homes Inc.	1,639,229	420,501	(329,300	)	1,730,430		28,604,008		—		1,104,912			(20,553,391	)
Magellan Health Inc.	1,353,461	261,220	(297,086	)	1,317,595		63,389,495		—		(7,687,159	)		(18,418,466	)
ManTech International Corp./VA Class A	1,573,917	376,131	(321,598	)	1,628,450		118,339,462		1,846,376		6,283,582			22,762,486
Marcus Corp. (The)	1,280,942	415,718	(272,493	)	1,424,167		17,545,737		892,323		187,498			(39,416,435	)
MarineMax Inc.	1,337,184	332,545	(364,389	)	1,305,340		13,601,643		—		(1,810,789	)		(10,459,924	)
Materion Corp.	1,200,257	288,594	(254,385	)	1,234,466		43,218,655		546,666		1,689,268			(30,369,064	)
Matrix Service Co.	1,570,863	403,479	(290,165	)	1,684,177		15,949,156		—		(408,642	)		(17,178,533	)
Matson Inc.	2,534,532	578,910	(519,793	)	2,593,649		79,417,532		2,275,272		1,868,438			(17,211,012	)
Matthews International Corp., Class A	1,885,803	435,814	(425,462	)	1,896,155		45,867,989		1,575,656		(8,000,696	)		(17,462,624	)
MaxLinear Inc.	3,743,403	1,082,579	(885,652	)	3,940,330		45,983,651		—		(5,355,148	)		(50,435,275	)
McDermott International Inc.^(b)	—	13,500,040	(13,500,040	)	—		—		—		(21,216,932	)		—
MDC Holdings Inc.^(b)(c)	2,903,605	761,419	(635,033	)	3,029,991		N/A		3,706,019		3,517,193			—
Medicines Co. (The)	3,874,518	1,324,613	(5,199,131	)	—		—		—		229,837,266			16,309,034
Medifast Inc.	702,414	164,886	(160,786	)	706,514		44,157,125		2,685,807		(3,824,333	)		(43,008,607	)
Mercury Systems Inc.	2,852,786	762,831	(3,615,617	)	—		—		—		109,595,823			(81,219,743	)
Meridian Bioscience Inc.	2,531,980	667,982	(613,973	)	2,585,989		21,722,308		—		(4,780,736	)		(19,205,159	)
Merit Medical Systems Inc.	3,224,223	840,856	(724,688	)	3,340,391		104,387,219		—		(2,394,467	)		(97,917,468	)
Meritage Homes Corp.	2,102,515	556,072	(468,066	)	2,190,521		79,975,922		—		3,538,373			(24,099,784	)
Meritor Inc.	—	5,051,202	(579,299	)	4,471,903		59,252,715		—		(2,367,918	)		(58,493,437	)
Mesa Laboratories Inc.	—	287,271	(44,352	)	242,919		54,921,557		116,857		(211,929	)		(3,956,307	)
Meta Financial Group Inc.^(b)	1,650,274	835,096	(393,281	)	2,092,089		45,440,173		384,091		(656,230	)		(14,294,708	)
Methode Electronics Inc.	2,178,518	549,046	(470,804	)	2,256,760		59,646,167		982,977		(1,563,975	)		(5,095,470	)
MGP Ingredients Inc.^(b)(c)	755,280	225,076	(176,798	)	803,558		N/A		336,229		(4,055,058	)		—
MicroStrategy Inc., Class A	488,588	121,156	(111,665	)	498,079		58,823,130		—		(1,865,856	)		(11,773,064	)
Mobile Mini Inc.	2,628,741	648,636	(593,636	)	2,683,741		70,394,526		3,067,952		(2,396,066	)		(19,328,320	)
Momenta Pharmaceuticals Inc.	5,815,027	2,338,331	(1,283,783	)	6,869,575		186,852,440		—		(730,316	)		84,217,189
Monotype Imaging Holdings Inc.	2,430,438	354,459	(2,784,897	)	—		—		295,568		(3,716,857	)		3,820,420
Monro Inc.	1,943,979	482,774	(413,626	)	2,013,127		88,195,094		1,787,514		2,225,410			(89,400,780	)


SCHEDULE OF INVESTMENTS			37

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
Moog Inc., Class A	1,904,772	443,428	(397,797	)	1,950,403	$	98,553,864	$	1,971,719		$	3,587,498		$	(77,223,469	)
Motorcar Parts of America Inc.	1,103,093	310,919	(260,648	)	1,153,364		14,509,319		—			(2,518,200	)		(5,207,740	)
Movado Group Inc.	968,646	290,536	(227,304	)	1,031,878		12,196,798		804,103			(2,296,549	)		(22,656,054	)
MTS Systems Corp.	1,056,584	261,506	(223,165	)	1,094,925		24,635,813		1,325,450			(1,333,585	)		(34,452,453	)
Mueller Industries Inc.	3,339,223	798,418	(672,496	)	3,465,145		82,955,571		1,380,145			(1,711,463	)		(25,061,458	)
Myers Industries Inc.	2,081,868	497,446	(418,270	)	2,161,044		23,231,223		1,178,248			(1,748,070	)		(12,597,215	)
MYR Group Inc.	971,567	240,543	(199,194	)	1,012,916		26,528,270		—			(1,040,079	)		(8,375,045	)
Myriad Genetics Inc.	4,308,785	1,100,900	(881,713	)	4,527,972		64,795,279		—			(3,907,675	)		(82,603,337	)
Nabors Industries Ltd.^(c)	19,174,190	6,131,382	(4,970,827	)	20,334,745		N/A		810,598			(2,893,665	)		(6,459,023	)
National Bank Holdings Corp., Class A^(b)	1,519,957	432,042	(77,324	)	1,874,675		44,804,733		1,334,860			227,048			(16,868,636	)
National Storage Affiliates Trust	3,335,752	840,862	(586,944	)	3,589,670		106,254,232		3,025,968			1,565,983			2,290,234
Natus Medical Inc.	2,005,564	496,997	(428,417	)	2,074,144		47,974,951		—			(1,902,937	)		(3,642,414	)
Nautilus Inc.^(c)	1,837,869	546,810	(2,384,679	)	—		N/A		—			(29,243,568	)		21,112,223
Navigant Consulting Inc.	2,411,725	293,771	(2,705,496	)	—		—		241,862			22,437,029			(2,007,052	)
NBT Bancorp. Inc.	2,537,250	101,619	—		2,638,869		85,472,967		2,772,172			—			(9,799,156	)
Neenah Inc.	994,994	228,132	(200,015	)	1,023,111		44,126,777		1,874,931			(1,895,241	)		(21,085,073	)
Neogen Corp.	3,066,698	747,535	(642,402	)	3,171,831		212,480,959		—			5,466,700			23,214,849
NeoGenomics Inc.	5,586,936	2,070,381	(1,340,249	)	6,317,068		174,414,247		—			4,671,510			38,957,967
NETGEAR Inc.	1,860,690	461,523	(488,515	)	1,833,698		41,881,662		—			(2,101,632	)		(17,863,239	)
New York Mortgage Trust Inc.	11,007,584	13,730,715	(2,507,352	)	22,230,947		34,457,968		4,482,011			(95,469	)		(98,603,951	)
Newpark Resources Inc.	5,294,598	1,343,821	(1,080,620	)	5,557,799		4,985,346		—			(3,050,728	)		(42,666,433	)
NexPoint Residential Trust Inc.	—	1,401,628	(49,007	)	1,352,621		34,099,575		73,248			(978,902	)		(26,941,519	)
NIC Inc.	3,938,086	929,917	(816,386	)	4,051,617		93,187,191		1,351,178			909,896			22,157,501
NMI Holdings Inc., Class A	3,895,851	1,018,618	(779,466	)	4,135,003		48,007,385		—			3,679,919			(65,278,606	)
Noble Corp. PLC	14,729,530	4,630,693	(3,666,021	)	15,694,202		4,080,493		—			(8,097,577	)		(31,966,162	)
Northfield Bancorp. Inc.	2,826,206	624,940	(818,300	)	2,632,846		29,461,547		1,231,262			(1,572,258	)		(5,956,860	)
NorthStar Realty Europe Corp.^(c)	2,925,339	361,285	(3,286,624	)	—		N/A		(443,672	)		(366,134	)		712,373
Northwest Bancshares Inc.	6,038,465	722,602	(705,226	)	6,055,841		70,066,080		4,505,582			(1,370,769	)		(32,469,043	)
Northwest Natural Holding Co.	1,695,035	513,402	(366,994	)	1,841,443		113,709,105		3,471,272			3,305,381			(11,414,527	)
Oasis Petroleum Inc.	—	18,673,668	(1,246,358	)	17,427,310		6,099,559		—			(1,589,844	)		(45,985,068	)
Oceaneering International Inc.	—	6,544,398	(542,413	)	6,001,985		17,645,836		—			(1,811,977	)		(71,024,574	)
Office Depot Inc.	31,810,278	9,067,426	(7,813,375	)	33,064,329		54,225,500		3,325,018			(4,713,070	)		(60,163,015	)
Office Properties Income Trust	2,823,853	862,918	(753,931	)	2,932,840		79,919,890		7,154,074			(30,051,448	)		26,529,195
OFG Bancorp.^(b)	2,557,137	704,917	(164,704	)	3,097,350		34,628,373		827,697			1,099,465			(13,948,798	)
Oil States International Inc.	3,572,480	1,007,157	(831,219	)	3,748,418		7,609,289		—			(8,137,360	)		(48,783,959	)
Old National Bancorp./IN	8,842,121	2,287,495	(921,828	)	10,207,788		134,640,724		5,159,925			(2,003,488	)		(33,900,610	)
Olympic Steel Inc.^(b)	528,678	214,402	(146,542	)	596,538		6,174,168		46,564			(870,208	)		(5,088,399	)
Omnicell Inc.	2,395,651	625,976	(484,190	)	2,537,437		166,405,118		—			9,985,778			(49,603,107	)
OneSpan Inc.^(b)(c)	1,853,882	492,194	(375,928	)	1,970,148		N/A		—			147,782			—
Onto Innovation Inc.⁽ⁱ⁾	1,434,780	3,434,028	(1,900,431	)	2,968,377		88,071,746		—			2,233,876			1,622,542
OraSure Technologies Inc.	3,612,974	951,253	(809,853	)	3,754,374		40,397,064		—			(4,578,372	)		2,754,247
Orion Group Holdings Inc.	1,699,194	61,372	(1,760,566	)	—		—		—			(9,389,032	)		7,522,858
Oritani Financial Corp.	2,262,600	337,344	(2,599,944	)	—		—		1,578,460			277,724			(1,225,140	)
Orthofix Medical Inc.	1,131,101	271,479	(249,674	)	1,152,906		32,292,897		—			(2,576,653	)		(31,050,356	)
OSI Systems Inc.	994,937	285,092	(242,219	)	1,037,810		71,525,865		—			2,519,095			(23,127,085	)
Owens & Minor Inc.	3,749,629	1,550,207	(1,524,305	)	3,775,531		34,546,109		37,481			(12,427,283	)		32,059,461
Oxford Industries Inc.	1,004,610	254,709	(228,634	)	1,030,685		37,372,638		1,524,679			(1,712,613	)		(40,037,293	)
Pacific Premier Bancorp. Inc.^(b)	2,639,091	1,224,396	(299,577	)	3,563,910		67,144,064		2,843,141			(2,830,764	)		(62,430,001	)
Pacira BioSciences Inc.	—	2,805,674	(280,752	)	2,524,922		84,660,635		—			(862,332	)		(16,615,790	)
Park Aerospace Corp.^(j)	1,166,690	1,497,506	(1,478,358	)	1,185,838		14,941,559		1,870,127			(1,320,972	)		(2,743,163	)
Park Hotels & Resorts^(k)	3,593,442	313,573	(3,907,015	)	—		—		1,464,961			(4,545,566	)		2,069,863
Patrick Industries Inc.	1,336,501	320,101	(286,741	)	1,369,861		38,575,286		698,450			(2,007,505	)		(22,504,034	)
PDC Energy Inc.	3,886,855	3,639,654	(1,652,396	)	5,874,113		36,478,242		—			(41,477,238	)		(176,544,013	)
PDF Solutions Inc.	1,661,242	393,628	(362,183	)	1,692,687		19,838,292		—			(440,839	)		(1,251,768	)
Penn Virginia Corp.	802,633	264,810	(216,899	)	850,544		2,628,181		—			(6,305,269	)		(27,891,523	)
Pennant Group Inc. (The)	—	1,732,339	(148,570	)	1,583,769		22,426,169		—			958,708			12,942,974


38		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
PennyMac Mortgage Investment Trust	3,996,423	2,873,393	(774,310	)	6,095,506	$	64,734,273	$	6,425,394	$	1,284,184		$	(64,542,549	)
Perdoceo Education Corp.^(l)	4,132,109	5,448,056	(5,195,183	)	4,384,982		47,313,956		—		4,086,069			(30,090,504	)
Perficient Inc.	1,965,964	444,423	(423,840	)	1,986,547		53,815,558		—		3,801,243			(4,720,403	)
PetMed Express Inc.	1,243,352	321,003	(331,457	)	1,232,898		35,482,804		1,349,972		(3,590,115	)		10,787,149
PGT Innovations Inc.	3,459,442	858,530	(764,529	)	3,553,443		29,813,387		—		(1,768,536	)		(18,397,550	)
PH Glatfelter Co.	2,619,715	603,112	(535,357	)	2,687,470		32,840,883		1,394,154		(2,319,247	)		(3,861,226	)
Phibro Animal Health Corp., Class A	1,211,456	310,287	(294,286	)	1,227,457		29,667,636		598,455		(3,224,132	)		(7,840,044	)
Photronics Inc.	3,962,969	415,816	(356,045	)	4,022,740		41,273,312		—		127,632			3,197,811
Pioneer Energy Services Corp.	4,894,119	152,730	(5,046,849	)	—		—		—		(15,975,171	)		8,821,333
Piper Sandler Companies^(m)	862,568	371,016	(186,048	)	1,047,536		52,973,896		2,097,061		1,320,674			(25,278,376	)
Pitney Bowes Inc	—	11,451,295	(1,194,458	)	10,256,837		20,923,947		2,077,961		(3,908,918	)		(47,515,897	)
Plantronics Inc.^(b)(c)	—	2,125,112	(168,218	)	1,956,894		N/A		298,361		(1,429,672	)		—
Plexus Corp.	1,813,109	434,358	(481,999	)	1,765,468		96,323,934		—		3,048,408			(16,347,041	)
Power Integrations Inc.	1,695,239	458,861	(373,955	)	1,780,145		157,240,208		1,281,149		6,804,882			24,602,726
PRA Group Inc.	2,667,792	691,119	(595,950	)	2,762,961		76,589,279		—		(2,111,262	)		3,728,525
Preferred Bank/Los Angeles CA	834,497	188,167	(199,349	)	823,315		27,844,513		1,005,788		(2,038,971	)		(7,624,657	)
ProAssurance Corp.	3,145,913	119,703	(28,829	)	3,236,787		80,919,675		3,983,972		(254,360	)		(31,104,281	)
Progenics Pharmaceuticals Inc.	4,964,966	1,435,844	(1,042,186	)	5,358,624		20,362,771		—		(2,868,239	)		(2,161,647	)
Progress Software Corp.	2,648,408	634,744	(573,433	)	2,709,719		86,711,008		1,745,354		3,159,746			(37,423,682	)
ProPetro Holding Corp.^(b)(c)	4,365,671	1,722,524	(1,088,661	)	4,999,534		N/A		—		(4,770,712	)		—
Prosperity Bancshares, Inc.⁽ⁿ⁾	2,663,344	423,850	(3,087,194	)	—		—		1,364,640		18,592,629			(5,111,574	)
Proto Labs Inc.	1,585,211	399,977	(366,148	)	1,619,040		123,257,515		—		(2,741,343	)		(45,967,858	)
Providence Service Corp. (The)	658,294	174,658	(134,531	)	698,421		38,329,344		—		206,945			(8,322,318	)
Provident Financial Services Inc.	3,603,006	785,714	(755,430	)	3,633,290		46,724,109		3,409,410		(751,941	)		(48,105,847	)
QEP Resources Inc.	—	16,340,286	(1,929,985	)	14,410,301		4,820,246		582,425		(1,727,743	)		(56,143,124	)
Quaker Chemical Corp.^(c)	782,979	188,121	(187,932	)	783,168		N/A		1,207,164		2,829,349			(56,164,945	)
Qualys Inc.	1,987,818	480,202	(451,092	)	2,016,928		175,452,567		—		9,869,215			(2,122,815	)
Quanex Building Products Corp.	1,971,958	480,048	(445,622	)	2,006,384		20,224,351		656,921		(1,064,386	)		(11,442,608	)
QuinStreet Inc.^(b)	2,316,341	1,098,314	(578,948	)	2,835,707		22,827,441		—		1,311,606			(6,481,820	)
RadNet Inc.^(b)(c)	—	2,713,066	(208,066	)	2,505,000		N/A		—		(761,563	)		—
Rambus Inc.	6,395,357	1,703,838	(1,353,436	)	6,745,759		74,877,925		—		1,223,306			2,228,823
Range Resources Corp.^(b)(c)	—	14,246,813	(1,670,009	)	12,576,804		N/A		262,656		(902,252	)		—
Raven Industries Inc.	2,116,468	485,592	(438,456	)	2,163,604		45,933,313		1,128,507		93,022			(38,255,513	)
Rayonier Advanced Materials Inc.	2,912,324	1,047,168	(725,162	)	3,234,330		3,428,390		199,462		(7,501,029	)		(30,867,036	)
RE/MAX Holdings Inc., Class A	1,059,239	282,199	(243,660	)	1,097,778		24,063,294		927,057		(3,358,022	)		(15,452,446	)
Realogy Holdings Corp.	—	8,439,660	(1,425,551	)	7,014,109		21,112,468		627,003		(354,062	)		(29,583,208	)
Red Robin Gourmet Burgers Inc.	774,662	220,217	(194,190	)	800,689		6,821,870		—		(3,430,275	)		(13,095,041	)
Redwood Trust Inc.	5,717,544	2,234,463	(1,095,447	)	6,856,560		34,694,194		6,028,758		565,395			(75,985,068	)
REGENXBIO Inc.^(b)	1,799,252	508,809	(411,732	)	1,896,329		61,403,133		—		(5,752,948	)		(42,681,851	)
Renewable Energy Group Inc.	2,199,672	679,758	(504,452	)	2,374,978		48,758,298		—		(895,424	)		(1,399,946	)
Rent-A-Center Inc./TX^(b)	2,659,465	1,015,762	(671,406	)	3,003,821		42,474,029		1,590,049		3,062,483			(2,657,809	)
Repligen Corp.^(c)	2,304,636	589,765	(2,894,401	)	—		N/A		—		103,998,800			(50,475,795	)
Resources Connection Inc.	1,747,097	475,601	(349,245	)	1,873,453		20,551,779		1,019,620		209,363			(10,698,745	)
Retail Opportunity Investments Corp.	6,687,878	1,601,416	(1,222,224	)	7,067,070		58,586,010		3,949,947		(1,393,740	)		(62,351,494	)
REX American Resources Corp.	332,985	80,260	(74,381	)	338,864		15,760,565		—		(652,042	)		(11,672,127	)
RH	1,097,068	220,398	(1,317,466	)	—		—		—		158,322,997			(50,109,658	)
Ring Energy Inc.	3,573,727	1,096,965	(778,696	)	3,891,996		2,563,658		—		(4,919,353	)		(13,878,521	)
RLI Corp.	2,303,781	365,547	(2,669,328	)	—		—		4,079,667		66,916,067			(25,524,340	)
Rogers Corp.	1,083,345	281,907	(241,590	)	1,123,662		106,096,166		—		4,571,411			(78,967,515	)
RPT Realty	4,763,152	1,088,751	(988,891	)	4,863,012		29,323,962		2,142,604		473,658			(28,515,002	)
RR Donnelley & Sons Co.	4,211,698	1,496,002	(1,159,108	)	4,548,592		4,359,825		533,759		(8,890,825	)		(8,037,431	)
Rudolph Technologies Inc.	1,825,898	237,112	(2,063,010	)	—		—		—		995,062			(5,638,521	)
Ruth’s Hospitality Group Inc.	1,680,385	391,876	(390,813	)	1,681,448		11,232,073		923,600		(427,522	)		(32,050,515	)
S&T Bancorp. Inc.	2,025,289	382,497	(94,389	)	2,313,397		63,202,006		2,349,660		(1,707,595	)		(27,760,537	)
Safety Insurance Group Inc.	851,752	126,062	(93,569	)	884,245		74,656,805		3,111,227		854,280			(4,053,658	)


SCHEDULE OF INVESTMENTS			39

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
Saia Inc.	1,515,807	373,008		(319,624	)	1,569,191	$	115,398,306	$	—	$	6,133,384		$	11,875,782
Sanmina Corp.	4,022,875	1,009,330		(798,267	)	4,233,938		115,501,829		—		3,173,173			(12,118,939	)
ScanSource Inc.	1,526,596	346,177		(335,568	)	1,537,205		32,880,815		—		(2,346,631	)		(21,264,635	)
Schweitzer-Mauduit International Inc.	1,825,243	419,853		(375,713	)	1,869,383		52,006,235		3,333,671		(1,536,506	)		(20,020,428	)
Seacoast Banking Corp. of Florida	3,035,732	407,240		(334,231	)	3,108,741		56,921,048		—		(1,999,860	)		(24,420,351	)
SEACOR Holdings Inc.	1,028,482	239,857		(206,128	)	1,062,211		28,637,209		—		(1,246,989	)		(15,893,398	)
Select Medical Holdings Corp.^(b)(c)	6,403,094	1,495,353		(1,396,592	)	6,501,855		N/A		—		1,249,257			—
Selective Insurance Group Inc.^(c)	3,380,963	202,322		(3,583,285	)	—		N/A		1,404,935		101,692,874			(63,354,035	)
Semtech Corp.	3,865,023	39,332		(3,904,355	)	—		—		—		75,141,585			(69,476,412	)
Seneca Foods Corp., Class A	402,106	96,987		(82,870	)	416,223		16,557,351		—		(43,478	)		6,114,251
ServisFirst Bancshares Inc.	2,709,294	621,888		(542,597	)	2,788,585		81,761,312		1,814,316		179,713			(13,629,198	)
Shake Shack Inc., Class A	1,525,372	642,345		(288,933	)	1,878,784		70,905,308		—		1,998,316			(55,352,448	)
Shenandoah Telecommunications Co.	—	3,073,595		(238,060	)	2,835,535		139,650,099		328,182		911,424			29,477,728
Signet Jewelers Ltd.	—	3,593,590		(407,779	)	3,185,811		20,548,481		2,380,541		(244,387	)		(30,689,139	)
Simmons First National Corp., Class A	5,396,518	1,965,857		(479,404	)	6,882,971		126,646,666		3,932,908		(3,405,563	)		(43,183,682	)
Simpson Manufacturing Co. Inc.	2,368,267	567,434		(495,155	)	2,440,546		151,265,041		2,207,349		7,373,974			(2,623,762	)
Siris Capital Group LLC^(o)	2,511,530	194,150		(2,705,680	)	—		—		—		2,237,848			23,081,677
SkyWest Inc.	3,031,680	685,586		(649,487	)	3,067,779		80,345,132		1,536,151		8,222,116			(97,997,185	)
Sleep Number Corp.	1,800,768	474,050		(539,510	)	1,735,308		33,248,501		—		2,953,294			(52,049,345	)
SM Energy Co.	—	7,411,992		(929,863	)	6,482,129		7,908,197		319,815		(1,793,654	)		(66,039,555	)
SolarEdge Technologies Inc.	2,612,221	528,457		(3,140,678	)	—		—		—		134,109,614			(12,312,010	)
South Jersey Industries Inc.	5,420,882	1,261,785		(1,092,533	)	5,590,134		139,753,350		6,542,803		(154,107	)		(40,675,190	)
Southside Bancshares Inc.	1,865,503	387,808		(321,909	)	1,931,402		58,695,307		2,474,323		595,297			(6,831,298	)
Southwestern Energy Co.	—	34,957,018		(2,044,805	)	32,912,213		55,621,640		—		(601,070	)		(20,014,305	)
SpartanNash Co.	2,150,407	572,538		(523,871	)	2,199,074		31,490,740		1,708,822		(5,927,324	)		2,568,129
Spectrum Pharmaceuticals Inc.	6,214,948	1,917,401		(1,123,820	)	7,008,529		16,329,873		—		(5,571,066	)		(52,175,695	)
Spok Holdings Inc.	1,064,446	294,269		(292,049	)	1,066,666		11,402,660		562,938		(1,352,255	)		(2,262,114	)
SPS Commerce Inc.	1,043,391	1,505,122	^(p)	(440,607	)	2,107,906		98,038,708		—		2,792,527			(18,110,115	)
SPX Corp.	2,550,811	638,168		(517,989	)	2,670,990		87,181,114		—		5,871,955			(13,231,498	)
SPX FLOW Inc.	2,504,518	630,538		(559,627	)	2,575,429		73,193,692		—		(2,200,196	)		(9,776,838	)
SRC Energy Inc.	14,349,533	4,398,176		(18,747,709	)	—		—		—		(12,152,247	)		42,858,396
Stamps.com Inc.^(b)	865,917	447,825		(332,303	)	981,439		127,665,585		—		(32,208,807	)		51,934,189
Standard Motor Products Inc.	1,189,878	275,409		(235,541	)	1,229,746		51,120,541		1,159,972		668,316			(10,646,326	)
Standex International Corp.	746,052	177,638		(169,657	)	754,033		36,962,698		645,786		(2,895,716	)		(16,409,478	)
Stepan Co.	1,198,162	286,454		(272,752	)	1,211,864		107,201,489		1,292,240		4,888,604			(4,109,091	)
Steven Madden Ltd.	4,589,514	1,146,581		(1,054,950	)	4,681,145		108,742,998		2,754,904		3,199,327			(55,631,995	)
Stewart Information Services Corp.	1,390,623	23,649		—		1,414,272		37,718,634		1,691,937		—			(22,661,504	)
Strategic Education Inc.	1,276,705	311,584		(259,344	)	1,328,945		185,733,353		2,928,832		11,201,490			(2,117,796	)
Sturm Ruger &Co. Inc.	1,037,829	236,390		(269,180	)	1,005,039		51,166,535		751,567		(1,779,112	)		(948,075	)
Summit Hotel Properties Inc.	6,213,208	1,501,290		(1,251,530	)	6,462,968		27,273,725		3,950,011		(3,277,333	)		(43,705,116	)
SunCoke Energy Inc.	3,789,175	2,701,115		(1,241,409	)	5,248,881		20,208,192		662,514		(6,059,864	)		(19,602,907	)
Superior Energy Services Inc.^(c)	9,157,338	1,513,504		(10,670,842	)	—		N/A		—		(62,083,314	)		21,031,608
Superior Industries International Inc.^(c)	1,440,981	121,819		(1,562,800	)	—		N/A		259,500		(19,835,348	)		17,855,912
Supernus Pharmaceuticals Inc.	3,080,113	719,098		(624,996	)	3,174,215		57,104,128		—		(5,083,322	)		(49,642,687	)
Surmodics Inc.	802,142	199,720		(182,148	)	819,714		27,312,870		—		(1,094,071	)		(7,795,055	)
Sykes Enterprises Inc.	2,355,271	528,398		(539,151	)	2,344,518		63,583,328		—		1,065,547			(4,374,082	)
Tabula Rasa HealthCare Inc.^(b)	1,037,333	413,934		(256,619	)	1,194,648		62,468,144		—		(2,325,638	)		2,460,472
Tactile Systems Technology Inc.	1,000,339	384,236		(229,528	)	1,155,047		46,386,688		—		941,499			(15,928,635	)
Tailored Brands Inc.	2,938,110	1,773,229		(1,652,249	)	3,059,090		5,322,817		1,081,467		(28,748,971	)		10,089,128
Tanger Factory Outlet Centers Inc.	—	5,905,761		(255,419	)	5,650,342		28,251,710		1,088,659		(1,491,733	)		(55,879,479	)
Team Inc.	1,788,331	426,801		(378,062	)	1,837,070		11,940,955		—		(3,392,377	)		(17,558,385	)
TechTarget Inc.^(b)(c)	1,314,029	389,949		(307,572	)	1,396,406		N/A		—		320,373			—
Tennant Co.	1,067,349	247,293		(203,219	)	1,111,423		64,406,963		980,648		420,289			(6,074,436	)
Tetra Tech Inc.^(c)	3,242,322	231,188		(3,473,510	)	—		N/A		497,720		122,883,307			(58,530,645	)


40		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
TETRA Technologies Inc.	7,509,872	2,015,215	(1,349,045	)	8,176,042	$	2,616,333	$	—	$	(3,235,224	)	$	(13,005,371	)
Third Point Reinsurance Ltd.^(b)	4,403,623	1,351,990	(882,930	)	4,872,683		36,106,581		—		(2,982,844	)		(30,633,309	)
TimkenSteel Corp.	2,358,810	654,008	(471,399	)	2,541,419		8,208,783		—		(2,594,900	)		(16,221,329	)
Titan International Inc.^(b)	2,955,754	1,057,170	(722,848	)	3,290,076		5,099,618		64,151		(3,488,535	)		(21,515,109	)
Tivity Health Inc.	2,771,477	768,435	(896,323	)	2,643,589		16,628,175		—		(11,278,643	)		(19,892,769	)
TiVo Corp.^(b)	5,949,792	2,193,455	(494,513	)	7,648,734		54,153,037		951,967		(5,405,417	)		(53,693,427	)
Tompkins Financial Corp.^(b)(c)	731,129	167,735	(153,526	)	745,338		N/A		1,538,763		1,679,518			—
TopBuild Corp.	2,048,188	502,879	(497,092	)	2,053,975		147,146,769		—		10,522,237			1,683,743
Travelport Worldwide Ltd.	7,698,288	280,754	(7,979,042	)	—		—		—		10,237,848			(10,075,245	)
Trinseo SA	—	2,851,014	(467,935	)	2,383,079		43,157,561		1,941,774		(1,095,720	)		(40,013,006	)
Triumph Bancorp. Inc.	1,442,609	235,796	(266,864	)	1,411,541		36,700,066		—		(1,387,728	)		(3,599,348	)
Triumph Group Inc.	2,930,053	545,860	(469,067	)	3,006,846		20,326,279		488,291		(3,084,703	)		(36,185,634	)
TrueBlue Inc.	2,377,985	540,503	(561,594	)	2,356,894		30,073,967		—		(2,281,849	)		(24,405,965	)
TrustCo Bank Corp. NY	5,658,749	93,864	—		5,752,613		31,121,636		1,562,137		—			(13,528,287	)
TTM Technologies Inc.	5,501,352	1,719,033	(1,284,355	)	5,936,030		61,378,550		—		(2,745,984	)		(6,559,739	)
Tupperware Brands Corp.	—	3,448,164	(505,197	)	2,942,967		4,767,607		—		(2,547,103	)		(39,486,165	)
U.S. Concrete Inc.	927,550	263,504	(208,419	)	982,635		17,824,999		—		(2,614,008	)		(20,929,050	)
U.S. Ecology Inc.^(c)	1,301,957	1,955,623	(1,706,263	)	1,551,317		N/A		1,000,193		(583,677	)		(5,545,077	)
U.S.Physical Therapy Inc.	751,320	184,688	(158,843	)	777,165		53,624,385		925,589		3,655,798			(32,943,255	)
U.S. Silica Holdings Inc.	4,330,161	1,812,730	(1,661,282	)	4,481,609		8,066,896		934,142		(22,939,143	)		(44,861,312	)
Ultra Clean Holdings Inc.	2,283,428	654,331	(508,823	)	2,428,936		33,519,317		—		53,636			7,538,836
Unifi Inc.^(b)(c)	879,479	229,679	(189,148	)	920,010		N/A		—		(1,122,927	)		—
UniFirst Corp./MA	906,308	215,034	(195,473	)	925,869		139,889,547		682,832		5,760,870			(9,984,097	)
Unisys Corp.^(c)	3,042,680	829,258	(762,862	)	3,109,076		N/A		—		(4,205,882	)		19,972,835
Unit Corp.	3,231,316	1,123,087	(4,354,403	)	—		—		—		(71,688,096	)		26,298,750
United Community Banks Inc./GA	4,184,363	183,578	—		4,367,941		79,977,000		2,962,098		—			(29,900,388	)
United Fire Group Inc.	1,269,314	292,256	(251,865	)	1,309,705		42,709,480		1,729,962		515,245			(15,541,912	)
United Natural Foods Inc.	3,013,433	929,175	(716,631	)	3,225,977		29,614,469		—		(5,466,354	)		(7,033,892	)
Uniti Group Inc.	—	12,481,443	(787,448	)	11,693,995		70,514,790		4,385,270		(910,403	)		(25,756,125	)
Universal Corp./VA	1,478,021	345,802	(323,136	)	1,500,687		66,345,372		4,563,942		(1,273,776	)		(19,454,425	)
Universal Electronics Inc.	810,782	192,436	(160,574	)	842,644		32,332,250		—		(431,600	)		652,370
Universal Forest Products Inc.	3,590,565	696,033	(572,228	)	3,714,370		138,137,420		1,939,867		5,555,903			18,617,854
Universal Health Realty Income Trust	747,885	174,685	(154,559	)	768,011		77,423,189		2,096,811		3,723,024			14,024,020
Universal Insurance Holdings Inc.	1,903,567	439,594	(494,572	)	1,848,589		33,126,715		1,493,456		(2,872,402	)		(22,253,372	)
Urstadt Biddle Properties Inc., Class A	1,751,450	410,576	(343,308	)	1,818,718		25,643,924		1,444,473		(119,404	)		(12,288,593	)
Valaris PLC	—	13,550,758	(1,599,788	)	11,950,970		5,379,132		—		(2,453,772	)		(74,597,681	)
Vanda Pharmaceuticals Inc.	3,087,475	816,011	(676,412	)	3,227,074		33,432,487		—		(3,824,454	)		(22,663,108	)
Varex Imaging Corp.	2,258,416	565,241	(489,037	)	2,334,620		53,019,220		—		(2,407,920	)		(24,415,491	)
Veeco Instruments Inc.	2,850,463	720,059	(595,025	)	2,975,497		28,475,506		—		(3,907,147	)		(512,057	)
Veritex Holdings Inc.^(b)	2,647,990	837,109	(600,791	)	2,884,308		40,293,783		1,560,720		(1,536,518	)		(40,933,944	)
Veritiv Corp.^(b)(c)	763,484	230,804	(224,789	)	769,499		N/A		—		(5,352,678	)		—
Viad Corp.	1,198,553	287,912	(237,813	)	1,248,652		26,508,882		496,060		2,587,895			(47,946,924	)
Viavi Solutions Inc.	13,386,787	3,143,098	(2,626,600	)	13,903,285		155,855,825		—		8,147,825			(27,122,079	)
Virtus Investment Partners Inc.	414,082	143,480	(110,437	)	447,125		34,030,684		997,932		(852,807	)		(10,774,341	)
Virtusa Corp.	1,628,643	531,869	(354,874	)	1,805,638		51,280,119		—		182,921			(43,962,855	)
Vista Outdoor Inc.	3,371,775	960,412	(833,461	)	3,498,726		30,788,789		—		(6,340,334	)		8,747,608
Wabash National Corp.	3,255,971	809,050	(744,608	)	3,320,413		23,973,382		1,065,263		(2,846,666	)		(18,993,666	)
Waddell & Reed Financial Inc., Class A	4,521,471	1,061,024	(1,327,748	)	4,254,747		48,419,021		4,457,996		(3,464,451	)		(22,658,021	)
WageWorks Inc^(c)	2,334,450	339,835	(2,674,285	)	—		N/A		—		(797,456	)		31,328,984
Walker & Dunlop Inc.	1,648,294	381,779	(296,038	)	1,734,035		69,829,589		2,181,245		5,305,386			(25,214,681	)
Washington Prime Group Inc.	11,051,212	2,959,190	(2,569,162	)	11,441,240		9,211,342		4,322,492		(873,052	)		(48,967,130	)
Washington REIT^(b)	2,385,143	3,443,989	(952,833	)	4,876,299		116,397,257		4,928,750		(1,343,740	)		(21,274,774	)
Watts Water Technologies Inc., Class A	1,620,770	391,360	(342,129	)	1,670,001		141,365,585		1,549,385		5,414,721			(315,023	)
WD-40 Co.	811,267	199,409	(181,551	)	829,125		166,529,756		2,076,243		8,683,938			17,119,790


SCHEDULE OF INVESTMENTS			41

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
Westamerica Bancorp.	1,570,474	119,400	(65,631	)	1,624,243	$	95,473,004	$	2,662,556	$	(595,832	)	$	(4,948,207	)
Whitestone REIT	2,391,250	598,235	(481,480	)	2,508,005		15,549,631		935,570		994,203			(14,248,869	)
Whiting Petroleum Corp.	5,352,619	1,439,907	(1,384,996	)	5,407,530		3,625,208		—		(15,005,579	)		(124,972,771	)
William Lyon Homes Class A	1,917,238	502,580	(2,419,818	)	—		—		—		7,842,622			10,265,377
Wingstop Inc.	1,721,716	424,180	(363,890	)	1,782,006		142,025,878		752,430		8,945,384			(3,597,127	)
Winnebago Industries Inc.	1,728,903	730,713	(413,596	)	2,046,020		56,899,816		804,687		1,795,302			(13,836,386	)
Wolverine World Wide Inc.	5,374,357	1,243,335	(1,724,347	)	4,893,345		74,378,844		2,034,143		(3,892,582	)		(102,579,594	)
Xencor Inc.	—	3,420,978	(435,328	)	2,985,650		89,211,222		—		(2,359,928	)		(39,966,555	)
Xenia Hotels & Resorts Inc.	6,607,784	1,633,981	(1,390,101	)	6,851,664		70,572,139		7,501,204		(2,971,917	)		(78,473,542	)
Xperi Corp.	2,852,807	798,212	(625,511	)	3,025,508		42,084,816		2,398,052		(2,912,447	)		(26,468,126	)
Zumiez Inc.^(b)(c)	1,135,133	381,949	(283,656	)	1,233,426		N/A		—		448,710			—

						$	30,057,134,054	$	592,386,402	$	1,243,016,178		$	(11,453,217,650	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

The Fund held less than 5% at the beginning of the year.

^(c)

The Fund held less than 5% at the end of the year.

^(d)

Formerly the Shutterfly Inc.

^(e)

Net of purchases and sales.

^(f)

^(g)

Formerly the Actuant Corp. Class A

^(h)

Formerly the New Media Investment Group Inc.

⁽ⁱ⁾

Formerly the Nanometrics Inc.

^(j)

Formerly the Park Electrochemical Corp.

^(k)

Formerly the Chesapeake Lodging Trust.

^(l)

Formerly the Career Education Corp.

^(m)

Formerly the Piper Jaffray Co.

⁽ⁿ⁾

Formerly the Legacy Texas Financial Group.

^(o)

Formerly the Electronics For Imaging Inc.

^(p)

Includes 1,088,517 shares received from a two-for-one stock split.

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Russell 2000 E-Mini

2,392

06/19/20

$137,253

2,376,912

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	2,376,912

^(a)


42		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(16,500,129	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,520,850

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	96,646,273

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	31,721,917,778	$	—	$	710,367	$	31,722,628,145
Money Market Funds		2,551,663,442		—		—		2,551,663,442

	$	34,273,581,220	$	—	$	710,367	$	34,274,291,587

Derivative financial instruments^(a)
Assets
Futures Contracts	$	2,376,912	$	—	$	—	$	2,376,912

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			43

Summary Schedule of Investments

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Common Stocks

Aerospace & Defense
Other securities			$	413,732,284		1.9	%


Air Freight & Logistics
Other securities				105,781,275		0.5


Airlines
Other securities				46,675,033		0.2


Auto Components
Other securities				40,291,037		0.2


Automobiles
Other securities				106,965,456		0.5


Banks
Bank of America Corp.		6,896,706		146,417,068		0.7
JPMorgan Chase & Co.		2,674,044		240,744,181		1.2
Wells Fargo & Co.		3,283,914		94,248,332		0.5
Other securities				440,509,634		1.9

				921,919,215		4.3

Beverages
Coca-Cola Co. (The)		3,284,911		145,357,312		0.7
PepsiCo Inc.		1,187,606		142,631,481		0.7
Other securities				67,093,779		0.3

				355,082,572		1.7

Biotechnology
AbbVie Inc.		1,258,085		95,853,496		0.5
Amgen Inc.		505,479		102,475,758		0.5
Other securities				436,150,402		2.0

				634,479,656		3.0

Building Products
Other securities				92,941,581		0.4


Capital Markets
BlackRock Inc.^(a)		99,060		43,583,429		0.2
Other securities				544,256,974		2.5

				587,840,403		2.7

Chemicals
Other securities				361,934,450		1.7


Commercial Services & Supplies
Other securities				116,383,623		0.5


Communications Equipment
Cisco Systems Inc.		3,612,288		141,999,041		0.7
Other securities				68,033,472		0.3

				210,032,513		1.0

Construction & Engineering
Other securities				32,439,910		0.2


Construction Materials
Other securities				26,095,288		0.1


Consumer Finance
Other securities				109,842,443		0.5


Containers & Packaging
Other securities				89,859,583		0.4


Distributors
Other securities				21,109,418		0.1


Security	Shares		Value		% of Net Assets

Diversified Consumer Services
Other securities			$	35,855,099		0.2	%


Diversified Financial Services
Berkshire Hathaway Inc., Class B^(b)		1,664,016		304,232,045		1.4
Other securities				16,633,337		0.1

				320,865,382		1.5

Diversified Telecommunication Services
AT&T Inc.		6,227,688		181,537,105		0.9
Verizon Communications Inc.		3,528,571		189,590,120		0.9
Other securities				21,790,027		0.0

				392,917,252		1.8

Electric Utilities
NextEra Energy Inc.		416,718		100,270,685		0.5
Other securities				341,400,124		1.6

				441,670,809		2.1

Electrical Equipment
Other securities				110,943,498		0.5


Electronic Equipment, Instruments & Components
Other securities				162,593,095		0.8


Energy Equipment & Services
Other securities				41,744,909		0.2


Entertainment
Netflix Inc.^(b)		372,838		140,000,669		0.7
Walt Disney Co. (The)^(c)		1,534,709		148,252,889		0.7
Other securities				106,666,705		0.4

				394,920,263		1.8

Equity Real Estate Investment Trusts (REITs)
American Tower Corp.		376,842		82,057,345		0.4
Other securities				711,688,333		3.3

				793,745,678		3.7

Food & Staples Retailing
Costco Wholesale Corp.		376,538		107,362,280		0.5
Walmart Inc.		1,206,155		137,043,331		0.7
Other securities				89,761,247		0.4

				334,166,858		1.6

Food Products
Other securities				265,975,263		1.2


Gas Utilities
Other securities				35,244,263		0.2


Health Care Equipment & Supplies
Abbott Laboratories		1,503,765		118,662,096		0.6
Medtronic PLC		1,139,058		102,720,250		0.5
Other securities				570,912,862		2.6

				792,295,208		3.7

Health Care Providers & Services
UnitedHealth Group Inc.		805,949		200,987,562		1.0
Other securities				395,141,681		1.8

				596,129,243		2.8

Health Care Technology
Other securities				56,585,153		0.3


Hotels, Restaurants & Leisure
McDonald’s Corp.		642,283		106,201,494		0.5
Other securities				238,631,212		1.1

				344,832,706		1.6


44		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Household Durables
Other securities			$	79,149,469		0.4	%


Household Products
Procter & Gamble Co. (The)		2,121,478		233,362,580		1.1
Other securities				124,832,973		0.6

				358,195,553		1.7

Independent Power and Renewable Electricity Producers
Other securities				20,277,768		0.1


Industrial Conglomerates
Other securities				241,824,640		1.1


Insurance
Other securities				495,594,722		2.3


Interactive Media & Services
Alphabet Inc., Class A^(b)		254,882		296,160,140		1.4
Alphabet Inc., Class C, NVS^(b)		254,265		295,661,885		1.4
Facebook Inc., Class A^(b)		2,047,167		341,467,456		1.6
Other securities				49,888,591		0.2

				983,178,072		4.6

Internet & Direct Marketing Retail
Amazon.com Inc.^(b)		354,242		690,672,712		3.2
Other securities				93,301,555		0.5

				783,974,267		3.7

IT Services
Accenture PLC, Class A		541,429		88,393,699		0.4
International Business Machines Corp.		754,609		83,708,776		0.4
Mastercard Inc., Class A		755,759		182,561,144		0.9
PayPal Holdings Inc.^(b)(c)		997,543		95,504,767		0.5
Visa Inc., Class A^(c)		1,456,248		234,630,678		1.1
Other securities				445,645,757		2.0

				1,130,444,821		5.3

Leisure Products
Other securities				21,057,297		0.1


Life Sciences Tools & Services
Thermo Fisher Scientific Inc.		341,127		96,743,617		0.5
Other securities				143,557,643		0.6

				240,301,260		1.1

Machinery
Other securities				361,572,211		1.7


Marine
Other securities				3,457,593		0.0


Media
Comcast Corp., Class A		3,869,209		133,023,405		0.6
Other securities				175,106,909		0.8

				308,130,314		1.4

Metals & Mining
Other securities				76,543,953		0.4


Mortgage Real Estate Investment
PennyMac Mortgage Investment Trust^(a)		74,734		793,675		0.0
Other securities				26,829,184		0.1

				27,622,859		0.1

Multi-Utilities
Other securities				213,925,618		1.0


Security	Shares		Value		% of Net Assets

Multiline Retail
Other securities			$	95,732,550		0.4	%


Oil, Gas & Consumable Fuels
Chevron Corp.		1,612,257		116,824,142		0.6
Exxon Mobil Corp.		3,609,331		137,046,298		0.7
Other securities				225,944,032		0.9

				479,814,472		2.2

Paper & Forest Products
Other securities				6,588,542		0.0


Personal Products
Other securities				39,133,905		0.2


Pharmaceuticals
Bristol-Myers Squibb Co.		1,995,656		111,237,865		0.5
Eli Lilly & Co.		718,154		99,622,323		0.5
Johnson & Johnson		2,238,963		293,595,218		1.4
Merck & Co. Inc.		2,165,773		166,634,575		0.8
Pfizer Inc.		4,722,597		154,145,566		0.7
Other securities				163,299,818		0.7

				988,535,365		4.6

Professional Services
Other securities				111,952,611		0.5


Real Estate Management & Development
Other securities				23,776,457		0.1


Road & Rail
Union Pacific Corp.		593,106		83,651,670		0.4
Other securities				125,186,846		0.6

				208,838,516		1.0

Semiconductors & Semiconductor Equipment
Intel Corp.		3,708,623		200,710,677		0.9
NVIDIA Corp.^(c)		520,632		137,238,595		0.7
Other securities				587,790,096		2.7

				925,739,368		4.3

Software
Adobe Inc.^(b)		411,749		131,035,002		0.6
Microsoft Corp.		6,489,832		1,023,511,405		4.8
Oracle Corp.		1,842,312		89,038,939		0.4
salesforce.com Inc.^(b)		754,582		108,644,716		0.5
Other securities				496,824,762		2.3

				1,849,054,824		8.6

Specialty Retail
Home Depot Inc. (The)		929,793		173,601,651		0.8
Other securities				273,714,709		1.3

				447,316,360		2.1

Technology Hardware, Storage & Peripherals
Apple Inc.		3,553,110		903,520,342		4.2
Other securities				75,078,845		0.4

				978,599,187		4.6

Textiles, Apparel & Luxury Goods
NIKE Inc., Class B		1,058,870		87,610,904		0.4
Other securities				65,952,275		0.3

				153,563,179		0.7

Thrifts & Mortgage Finance
Other securities				32,008,928		0.2


Tobacco
Philip Morris International Inc.		1,324,176		96,611,881		0.4


SCHEDULE OF INVESTMENTS			45

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value			% of Net Assets

Tobacco (continued)
Other securities			$	63,852,671			0.3	%

				160,464,552			0.7

Trading Companies & Distributors
Other securities				60,949,076			0.3


Transportation Infrastructure
Other securities				1,652,890			0.0


Water Utilities
Other securities				34,520,769			0.2


Wireless Telecommunication Services
Other securities				31,438,747			0.1


Total Common Stocks (Cost: $22,290,609,330)				21,368,821,134			99.7


Warrants

Biotechnology
Other securities				0	^(d)		0.0


Energy Equipment & Services
Other securities				—			0.0


Total Warrants
(Cost: $0)				0	^(d)		0.0


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(a)(e)(f)		928,187,497		928,001,859			4.3


Security	Shares		Value			% of Net Assets

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(a)(e)		38,418,000	$	38,418,000			0.2	%

				966,419,859			4.5


Total Short-Term Investments (Cost: $966,557,712)				966,419,859			4.5


Total Investments In Securities (Cost: $23,257,167,042)				22,335,240,993			104.2

Other Assets, Less Liabilities				(896,208,288	)		(4.2	)


Net Assets			$	21,439,032,705			100.0	%

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

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

^(d)	Rounds to less than $1.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares	348,262,905	579,924,592	^(b)	—		928,187,497	$	928,001,859	$	5,553,731	^(c)	$	(211,297	)	$	(251,746	)
BlackRock Cash Funds: Treasury, SL Agency Shares	30,421,817	7,996,183	^(b)	—		38,418,000		38,418,000		873,496			—			—
BlackRock Inc.	80,215	29,863		(11,018	)	99,060		43,583,429		1,218,197			532,608			648,274
PennyMac Mortgage Investment Trust	39,655	39,546		(4,467	)	74,734		793,675		93,525			27,898			(797,885	)

							$	1,010,796,963	$	7,738,949		$	349,209		$	(401,357	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		454		06/19/20	$	58,332	$	(895,470	)


46		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
S&P MidCap 400 E-Mini		45		06/19/20	$	6,470	$	(75,237	)

							$	(970,707	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	970,707

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts

Net Realized Gain (Loss)from:
Futures contracts	$	(7,274,620	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,213,660	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	66,150,936

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

Fair Value Measurements


	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	21,368,807,372		$	762		$	13,000	$	21,368,821,134
Warrants		—			0	^(a)		—		0	^(a)
Money Market Funds		966,419,859			—			—		966,419,859

	$	22,335,227,231		$	762		$	13,000	$	22,335,240,993

Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(970,707	)	$	—		$	—	$	(970,707	)

^(a)

Rounds to less than $1.

^(b)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			47

Summary Schedule of Investments

March 31, 2020

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Common Stocks

Aerospace & Defense
Lockheed Martin Corp.		133,420	$	45,222,709		0.7	%
Other securities				123,710,988		1.8

				168,933,697		2.5

Air Freight & Logistics
Other securities				19,013,178		0.3


Auto Components
Other securities				3,527,109		0.1


Banks
JPMorgan Chase & Co.		809,234		72,855,337		1.1
Other securities				10,242,299		0.1

				83,097,636		1.2

Beverages
Coca-Cola Co. (The)		829,067		36,686,215		0.6
PepsiCo Inc.		359,775		43,208,977		0.6
Other securities				14,993,813		0.2

				94,889,005		1.4

Biotechnology
AbbVie Inc.		421,291		32,098,162		0.5
Amgen Inc.		188,436		38,201,630		0.6
Vertex Pharmaceuticals Inc.^(a)		138,227		32,891,115		0.5
Other securities				32,290,137		0.4

				135,481,044		2.0

Building Products
Other securities				25,689,079		0.4


Capital Markets
BlackRock Inc.^(b)		32,312		14,216,311		0.2
S&P Global Inc.^(c)		131,371		32,192,464		0.5
Other securities				117,429,231		1.7

				163,838,006		2.4

Chemicals
Linde PLC		205,015		35,467,595		0.5
Other securities				89,726,614		1.3

				125,194,209		1.8

Commercial Services & Supplies
Other securities				39,954,143		0.6


Communications Equipment
Other securities				23,830,507		0.3


Construction & Engineering
Other securities				3,572,396		0.1


Construction Materials
Other securities				15,357,660		0.2


Consumer Finance
Other securities				29,781,005		0.4


Containers & Packaging
Other securities				14,101,887		0.2


Distributors
Other securities				5,992,899		0.1


Diversified Consumer Services
Other securities				2,181,320		0.0


Security	Shares		Value		% of Net Assets

Electric Utilities
NextEra Energy Inc.		139,249	$	33,506,094		0.5	%
Other securities				6,784,533		0.1

				40,290,627		0.6

Electrical Equipment
Other securities				29,109,040		0.4


Electronic Equipment, Instruments & Components
Other securities				57,843,764		0.8


Energy Equipment & Services
Other securities				729,945		0.0


Entertainment
Netflix Inc.^(a)(c)		235,565		88,454,658		1.3
Walt Disney Co. (The)		590,974		57,088,088		0.8
Other securities				18,351,572		0.3

				163,894,318		2.4

Equity Real Estate Investment Trusts (REITs)
American Tower Corp.		238,085		51,843,009		0.8
Other securities				157,806,662		2.2

				209,649,671		3.0

Food & Staples Retailing
Costco Wholesale Corp.^(c)		140,105		39,948,139		0.6
Other securities				8,252,685		0.1

				48,200,824		0.7

Food Products
Other securities				24,490,956		0.4


Gas Utilities
Other securities				1,185,982		0.0


Health Care Equipment & Supplies
Abbott Laboratories		551,016		43,480,672		0.6
Danaher Corp.		219,914		30,438,297		0.5
Intuitive Surgical Inc.^(a)		62,127		30,765,912		0.5
Other securities				143,495,339		2.0

				248,180,220		3.6

Health Care Providers & Services
Other securities				10,645,021		0.2


Health Care Technology
Other securities				6,700,813		0.1


Hotels, Restaurants & Leisure
Starbucks Corp.		634,800		41,731,752		0.6
Other securities				103,253,468		1.5

				144,985,220		2.1

Household Durables
Other securities				24,288,484		0.4


Household Products
Procter & Gamble Co. (The)		777,461		85,520,710		1.2
Other securities				30,922,889		0.5

				116,443,599		1.7

Industrial Conglomerates
Other securities				44,897,944		0.7


Insurance
Other securities				67,579,669		1.0


Interactive Media & Services
Alphabet Inc., Class A^(a)		161,059		187,142,505		2.7


48		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Interactive Media & Services (continued)
Alphabet Inc., Class C, NVS^(a)		160,657	$	186,813,566		2.7	%
Facebook Inc., Class A^(a)		1,293,503		215,756,300		3.2
Other securities				619,926		0.0


			590,332,297		8.6

Internet & Direct Marketing Retail
Amazon.com Inc.^(a)		223,639		436,033,431		6.3
Booking Holdings Inc.^(a)		22,493		30,260,283		0.5
Other securities				15,928,294		0.2


			482,222,008		7.0

IT Services
Accenture PLC, Class A		215,062		35,111,022		0.5
Mastercard Inc., Class A		477,166		115,264,219		1.7
PayPal Holdings Inc.^(a)		631,148		60,426,110		0.9
Visa Inc., Class A^(c)		920,131		148,251,507		2.2
Other securities				117,916,094		1.6


			476,968,952		6.9

Leisure Products
Other securities				2,250,412		0.0


Life Sciences Tools & Services
Thermo Fisher Scientific Inc.		215,535		61,125,726		0.9
Other securities				55,840,331		0.8


			116,966,057		1.7

Machinery
Other securities				108,081,321		1.6


Marine
Other securities				729,470		0.0


Media
Charter Communications Inc., Class A^(a)(c)		84,278		36,771,334		0.5
Comcast Corp., Class A		1,366,514		46,980,751		0.7
Other securities				6,005,928		0.1


			89,758,013		1.3

Metals & Mining
Other securities				11,474,326		0.2


Multi-Utilities
Other securities				9,673,741		0.1


Multiline Retail
Other securities				37,638,790		0.5


Oil, Gas & Consumable Fuels
Other securities				43,156,561		0.6


Paper & Forest Products
Other securities				781,931		0.0


Personal Products
Other securities				19,448,348		0.3


Pharmaceuticals
Bristol-Myers Squibb Co.		693,044		38,630,272		0.6
Eli Lilly & Co.		249,794		34,651,424		0.5
Johnson & Johnson		594,153		77,911,283		1.1
Merck & Co. Inc.		752,675		57,910,814		0.8
Zoetis Inc.		256,026		30,131,700		0.4
Other securities				4,863,540		0.1


			244,099,033		3.5

Professional Services
Other securities				26,626,116		0.4


Security	Shares		Value		% of Net Assets

Real Estate Management & Development
Other securities			$	8,130,764		0.1	%


Road & Rail
Union Pacific Corp.		231,352		32,629,886		0.5
Other securities				43,006,629		0.6


			75,636,515		1.1

Semiconductors & Semiconductor Equipment
Broadcom Inc.		213,212		50,552,565		0.7
Intel Corp.		1,332,762		72,129,079		1.0
NVIDIA Corp.		328,956		86,712,802		1.3
QUALCOMM Inc.		613,757		41,520,661		0.6
Texas Instruments Inc.		311,531		31,131,293		0.5
Other securities				180,990,057		2.6


			463,036,457		6.7

Software
Adobe Inc.^(a)		260,196		82,804,775		1.2
Intuit Inc.		139,920		32,181,600		0.5
Microsoft Corp.		4,100,582		646,702,787		9.4
Oracle Corp.		698,730		33,769,621		0.5
salesforce.com Inc.^(a)		476,777		68,646,352		1.0
Other securities				124,357,715		1.7


			988,462,850		14.3

Specialty Retail
Home Depot Inc. (The)		416,301		77,727,560		1.1
TJX Companies Inc. (The)		651,853		31,165,092		0.5
Other securities				87,265,102		1.2


			196,157,754		2.8

Technology Hardware, Storage & Peripherals
Apple Inc.		2,245,012		570,884,101		8.3
Other securities				8,409,930		0.1


			579,294,031		8.4

Textiles, Apparel & Luxury Goods
NIKE Inc., Class B		448,733		37,128,168		0.6
Other securities				10,431,790		0.1


			47,559,958		0.7

Thrifts & Mortgage Finance
Other securities				1,869,956		0.0


Tobacco
Other securities				41,993,686		0.6


Trading Companies & Distributors
Other securities				12,317,877		0.2


Water Utilities
Other securities				8,407,624		0.1


Total Common Stocks (Cost: $6,647,788,263)				6,876,625,725		99.8


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(b)(d)(e)		281,210,174		281,153,932		4.1


SCHEDULE OF INVESTMENTS			49

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value			% of Net Assets

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(b)(d)		11,716,000	$	11,716,000			0.1	%

				292,869,932			4.2


Total Short-Term Investments (Cost: $292,836,484)				292,869,932			4.2


Total Investments In Securities (Cost: $6,940,624,747)				7,169,495,657			104.0

Other Assets, Less Liabilities				(276,166,395	)		(4.0	)


Net Assets			$	6,893,329,262			100.0	%

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	129,233,582	151,976,592	^(b)	—		281,210,174	$	281,153,932	$	613,325	^(c)	$	(198,210	)	$	16,928
BlackRock Cash Funds: Treasury, SL Agency Shares	10,368,252	1,347,748	^(b)	—		11,716,000		11,716,000		219,099			—			—
BlackRock Inc.	—	33,222		(910	)	32,312		14,216,311		114,461			12,026			(1,906,940	)

							$	307,086,243	$	946,885		$	(186,184	)	$	(1,890,012	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

116

06/19/20

14,904

397,038

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	397,038

^(a)


50		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	161,577

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	56,553

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	14,022,436

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,876,625,725	$	—	$	—	$	6,876,625,725
Money Market Funds		292,869,932		—		—		292,869,932

	$	7,169,495,657	$	—	$	—	$	7,169,495,657

Derivative financial instruments^(a)
Assets
Futures Contracts	$	397,038	$	—	$	—	$	397,038

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			51

Summary Schedule of Investments

March 31, 2020

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Common Stocks

Aerospace & Defense
Other securities			$	73,948,907		1.4	%


Air Freight & Logistics
Other securities				44,480,254		0.9


Airlines
Other securities				27,009,884		0.5


Auto Components
Other securities				13,999,390		0.3


Automobiles
Other securities				26,589,781		0.5


Banks
Bank of America Corp.		4,286,987		91,012,734		1.7
Citigroup Inc.		1,156,102		48,695,016		0.9
JPMorgan Chase & Co.		863,679		77,757,020		1.5
Wells Fargo & Co.		2,038,077		58,492,810		1.1
Other securities				151,237,172		2.9


			427,194,752		8.1

Beverages
Coca-Cola Co. (The)		1,225,163		54,213,463		1.0
PepsiCo Inc.		383,970		46,114,797		0.9
Other securities				20,267,357		0.4


			120,595,617		2.3

Biotechnology
AbbVie Inc.		368,051		28,041,806		0.5
Amgen Inc.		129,005		26,153,183		0.5
Biogen Inc.^(a)		95,557		30,232,324		0.6
Gilead Sciences Inc.		669,953		50,085,686		1.0
Other securities				13,400,096		0.2


			147,913,095		2.8

Building Products
Other securities				20,291,999		0.4


Capital Markets
BlackRock Inc.^(b)		30,501		13,419,525		0.3
Goldman Sachs Group Inc. (The)		168,757		26,088,145		0.5
Other securities				116,613,626		2.2


			156,121,296		3.0

Chemicals
Other securities				85,461,307		1.6


Commercial Services & Supplies
Other securities				18,616,670		0.4


Communications Equipment
Cisco Systems Inc.		2,246,468		88,308,657		1.7
Other securities				10,171,341		0.2


			98,479,998		1.9

Construction & Engineering
Other securities				12,071,449		0.2


Consumer Finance
Other securities				28,876,596		0.6


Containers & Packaging
Other securities				33,496,297		0.6


Security	Shares		Value		% of Net Assets

Distributors
Other securities			$	6,757,568		0.1	%


Diversified Consumer Services
Other securities				7,048,223		0.1


Diversified Financial Services
Berkshire Hathaway Inc., Class B^(a)		1,035,802		189,375,680		3.6
Other securities				1,727,437		0.0


			191,103,117		3.6

Diversified Telecommunication Services
AT&T Inc.		3,868,343		112,762,198		2.2
Verizon Communications Inc.		2,190,105		117,674,342		2.2
Other securities				4,893,772		0.1


			235,330,312		4.5

Electric Utilities
Duke Energy Corp.		386,052		31,223,886		0.6
NextEra Energy Inc.		121,640		29,269,017		0.6
Southern Co. (The)		555,359		30,067,136		0.6
Other securities				137,338,049		2.5


			227,898,088		4.3

Electrical Equipment
Other securities				33,751,638		0.6


Electronic Equipment, Instruments & Components
Other securities				24,672,716		0.5


Energy Equipment & Services
Other securities				21,480,546		0.4


Entertainment
Walt Disney Co. (The)		372,234		35,957,804		0.7
Other securities				33,544,247		0.6


			69,502,051		1.3

Equity Real Estate Investment Trusts (REITs)
Other securities				192,245,851		3.7


Food & Staples Retailing
Costco Wholesale Corp.		95,917		27,348,814		0.5
Walmart Inc.		751,204		85,351,798		1.6
Other securities				40,536,721		0.8


			153,237,333		2.9

Food Products
Mondelez International Inc., Class A		762,452		38,183,596		0.7
Other securities				92,952,912		1.8


			131,136,508		2.5

Gas Utilities
Other securities				17,883,164		0.3


Health Care Equipment & Supplies
Abbott Laboratories		393,079		31,017,864		0.6
Becton Dickinson and Co.		143,230		32,909,957		0.6
Medtronic PLC		709,794		64,009,223		1.2
Other securities				78,292,871		1.5


			206,229,915		3.9

Health Care Providers & Services
Anthem Inc.		134,279		30,486,704		0.6
Cigna Corp.^(a)		197,758		35,038,762		0.7
CVS Health Corp.		688,927		40,874,039		0.8
UnitedHealth Group Inc.		501,707		125,115,692		2.4


52		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value		% of Net Assets

Health Care Providers & Services (continued)
Other securities			$	111,871,090		2.0	%


			343,386,287		6.5

Health Care Technology
Other securities				4,456,534		0.1


Hotels, Restaurants & Leisure
McDonald’s Corp.		223,332		36,927,946		0.7
Other securities				18,492,667		0.4


			55,420,613		1.1

Household Durables
Other securities				17,524,169		0.3


Household Products
Procter & Gamble Co. (The)		554,648		61,011,280		1.2
Other securities				43,705,392		0.8


			104,716,672		2.0

Independent Power and Renewable Electricity Producers
Other securities				4,755,716		0.1


Industrial Conglomerates
3M Co.		304,519		41,569,889		0.8
General Electric Co.		4,624,812		36,721,007		0.7
Honeywell International Inc.		204,323		27,336,374		0.5


			105,627,270		2.0

Insurance
Chubb Ltd.		239,987		26,804,148		0.5
Other securities				174,727,670		3.3


			201,531,818		3.8

Interactive Media & Services
Other securities				11,049,970		0.2


Internet & Direct Marketing Retail
Other securities				5,050,217		0.1


IT Services
Fidelity National Information Services Inc.		325,456		39,588,468		0.8
International Business Machines Corp.		468,987		52,024,728		1.0
Other securities				81,319,151		1.5


			172,932,347		3.3

Leisure Products
Other securities				7,247,938		0.1


Life Sciences Tools & Services
Other securities				25,454,559		0.5


Machinery
Other securities				84,898,993		1.6


Marine
Other securities				666,743		0.0


Media
Comcast Corp., Class A		1,057,779		36,366,442		0.7
Other securities				33,727,222		0.6


			70,093,664		1.3

Metals & Mining
Other securities				31,882,177		0.6


Multi-Utilities
Dominion Energy Inc.		435,867		31,465,239		0.6


Security	Shares		Value		% of Net Assets

Multi-Utilities (continued)
Other securities			$	90,670,115		1.7	%


			122,135,354		2.3

Multiline Retail
Other securities				21,837,574		0.4


Oil, Gas & Consumable Fuels
Chevron Corp.		1,001,298		72,554,053		1.4
Exxon Mobil Corp.		2,240,579		85,074,785		1.6
Other securities				84,826,685		1.6


			242,455,523		4.6

Paper & Forest Products
Other securities				960,601		0.0


Personal Products
Other securities				1,772,317		0.0


Pharmaceuticals
Allergan PLC		173,833		30,785,824		0.6
Bristol-Myers Squibb Co.		558,619		31,137,423		0.6
Eli Lilly & Co.		201,333		27,928,914		0.5
Johnson & Johnson		808,356		105,999,722		2.0
Merck & Co. Inc.		606,704		46,679,806		0.9
Pfizer Inc.		2,930,577		95,654,033		1.8
Other securities				9,659,588		0.2


			347,845,310		6.6

Professional Services
Other securities				18,081,831		0.3


Real Estate Management & Development
Other securities				1,439,369		0.0


Road & Rail
Other securities				44,712,022		0.9


Semiconductors & Semiconductor Equipment
Intel Corp.		990,518		53,606,834		1.0
Other securities				34,543,297		0.7


			88,150,131		1.7

Software
Other securities				33,985,923		0.7


Specialty Retail
Home Depot Inc. (The)		167,504		31,274,672		0.6
Other securities				35,235,221		0.7


			66,509,893		1.3

Technology Hardware, Storage & Peripherals
Other securities				32,593,818		0.6


Textiles, Apparel & Luxury Goods
Other securities				32,699,158		0.6


Thrifts & Mortgage Finance
Other securities				1,569,587		0.0


Tobacco
Philip Morris International Inc.		461,384		33,662,577		0.6
Other securities				23,343,764		0.5


			57,006,341		1.1

Trading Companies & Distributors
Other securities				12,719,144		0.2


SCHEDULE OF INVESTMENTS			53

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value			% of Net Assets

Water Utilities
Other securities			$	7,806,116			0.2	%


Wireless Telecommunication Services
Other securities				14,905,891			0.3


Total Common Stocks (Cost: $6,486,901,082)				5,249,305,912			99.6


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(b)(c)(d)		67,519,896		67,506,392			1.3
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(b)(c)		9,543,000		9,543,000			0.2

				77,049,392			1.5


Total Short-Term Investments (Cost: $77,030,460)				77,049,392			1.5


Total Investments In Securities (Cost: $6,563,931,542)				5,326,355,304			101.1

Other Assets, Less Liabilities				(55,972,370	)		(1.1	)


Net Assets			$	5,270,382,934			100.0	%

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	37,706,307	29,813,589	^(b)	—		67,519,896	$	67,506,392	$	327,088	^(c)	$	(64,618	)	$	10,347
BlackRock Cash Funds: Treasury, SL Agency Shares	7,711,237	1,831,763	^(b)	—		9,543,000		9,543,000		214,061			—			—
BlackRock Inc.	53,402	27,783		(50,684	)	30,501		13,419,525		672,951			2,833,054			(446,434	)

							$	90,468,917	$	1,214,100		$	2,768,436		$	(436,087	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
S&P 500 E-Mini Index		109		06/19/20	$	14,005	$	(171,773	)
S&P MidCap 400 E-Mini		40		06/19/20		5,751		(29,587	)

							$	(201,360	)


54		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	201,360

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(3,563,539	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(554,775	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	15,057,769

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

Fair Value Measurements


	Level 1			Level 2		Level 3			Total
Investments
Assets
Common Stocks	$	5,249,305,912		$	—	$	0	^(a)	$	5,249,305,912
Money Market Funds		77,049,392			—		—			77,049,392

	$	5,326,355,304		$	—	$	—		$	5,326,355,304

Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(201,360	)	$	—	$	—		$	(201,360	)

^(a)

Rounds to less than $1.

^(b)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			55

Statements of Assets and Liabilities

March 31, 2020


	iShares Core S&P 500 ETF			iShares Core S&P Mid-Cap ETF			iShares Core S&P Small-Cap ETF			iShares Core S&P Total U.S. Stock Market ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	160,998,349,583		$	35,560,004,224		$	4,217,157,533		$	21,324,444,030
Affiliated^(c)		4,146,116,324			3,045,031,712			30,057,134,054			1,010,796,963
Cash		1,240,407			7,585			3,016,130			2,353,200
Cash pledged:
Futures contracts		58,052,800			18,372,100			17,062,000			6,808,790
Receivables:
Investments sold		1,921,252			11,006			6,437			660,624
Securities lending income — Affiliated		2,905,679			1,639,648			2,606,195			765,809
Capital shares sold		—			593,614			16,901,722			494,790
Dividends		176,706,547			53,489,059			47,029,275			23,269,036

Total assets		165,385,292,592			38,679,148,948			34,360,913,346			22,369,593,242


LIABILITIES
Collateral on securities loaned, at value		3,346,635,398			2,953,024,761			2,494,655,858			928,426,226
Payables:
Investments purchased		—			—			—			488
Variation margin on futures contracts		10,172,843			1,669,213			874,637			1,012,210
Capital shares redeemed		3,685,313			11,006			—			578,864
Investment advisory fees		5,842,698			1,987,921			2,050,749			542,749

Total liabilities		3,366,336,252			2,956,692,901			2,497,581,244			930,560,537


NET ASSETS	$	162,018,956,340		$	35,722,456,047		$	31,863,332,102		$	21,439,032,705


NET ASSETS CONSIST OF:
Paid-in capital	$	178,767,533,915		$	47,086,423,102		$	45,844,765,862		$	22,732,702,559
Accumulated loss		(16,748,577,575	)		(11,363,967,055	)		(13,981,433,760	)		(1,293,669,854	)

NET ASSETS	$	162,018,956,340		$	35,722,456,047		$	31,863,332,102		$	21,439,032,705


Shares outstanding		626,900,000			248,300,000			566,750,000			374,900,000

Net asset value	$	258.44		$	143.87		$	56.22		$	57.19

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a)Securities loaned, at value	$	3,214,739,351		$	2,849,758,826		$	2,372,052,086		$	889,334,477
^(b)Investments, at cost — Unaffiliated	$	174,561,921,419		$	44,199,302,320		$	5,751,569,063		$	22,246,921,097
^(c)Investments, at cost — Affiliated	$	4,161,565,684		$	3,045,368,376		$	39,128,411,886		$	1,010,245,945

See notes to financial statements.


56		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (continued)

March 31, 2020


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


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	6,862,409,414		$	5,235,886,387
Affiliated^(c)		307,086,243			90,468,917
Cash		65,503			630,453
Cash pledged:
Futures contracts		1,546,620			2,133,190
Receivables:
Securities lending income — Affiliated		132,710			112,118
Capital shares sold		52,076			98,809
Dividends		3,845,204			9,084,289

Total assets		7,175,137,770			5,338,414,163


LIABILITIES
Collateral on securities loaned, at value		281,332,970			67,560,507
Payables:
Variation margin on futures contracts		240,696			288,550
Investment advisory fees		234,842			182,172

Total liabilities		281,808,508			68,031,229


NET ASSETS	$	6,893,329,262		$	5,270,382,934


NET ASSETS CONSIST OF:
Paid-in capital	$	7,018,837,542		$	6,858,503,951
Accumulated loss		(125,508,280	)		(1,588,121,017	)

NET ASSETS	$	6,893,329,262		$	5,270,382,934


Shares outstanding		120,600,000			114,000,000

Net asset value	$	57.16		$	46.23

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Securities loaned, at value	$	270,819,334		$	65,451,260
^(b)Investments, at cost — Unaffiliated	$	6,631,665,012		$	6,474,596,425
^(c)Investments, at cost — Affiliated	$	308,959,735		$	89,335,117

See notes to financial statements.


FINANCIAL STATEMENTS			57

Statements of Operations

Year Ended March 31, 2020


										iShares
	iShares			iShares			iShares			Core S&P Total
	Core S&P 500			Core S&P			Core S&P			U.S. Stock
	ETF			Mid-Cap ETF			Small-Cap ETF			Market ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	3,715,492,229		$	823,210,451		$	41,664,994		$	421,838,923
Dividends — Affiliated		18,841,462			1,274,468			568,921,826			2,185,218
Interest — Unaffiliated		376,254			63,332			45,986			39,791
Securities lending income — Affiliated — net		7,842,337			12,925,588			23,464,576			5,553,731
Foreign taxes withheld		—			(365,647	)		(293,372	)		(26,049	)

Total investment income		3,742,552,282			837,108,192			633,804,010			429,591,614


EXPENSES
Investment advisory fees		74,924,021			33,218,024			30,926,871			6,752,170

Total expenses		74,924,021			33,218,024			30,926,871			6,752,170

Net investment income		3,667,628,261			803,890,168			602,877,139			422,839,444


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,315,561,719	)		(1,724,237,029	)		(257,792,155	)		3,455,649
Investments — Affiliated		(5,600,977	)		(650,250	)		(1,701,384,518	)		(634,154	)
In-kind redemptions — Unaffiliated		14,249,713,939			2,431,340,546			115,822,132			726,454,627
In-kind redemptions — Affiliated		22,038,654			—			2,944,400,696			983,363
Futures contracts		(118,275,890	)		(24,472,516	)		(16,500,129	)		(7,274,620	)

Net realized gain		12,832,314,007			681,980,751			1,084,546,026			722,984,865

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(31,275,686,472	)		(12,339,884,689	)		(1,722,678,485	)		(3,308,158,945	)
Investments — Affiliated		(13,904,393	)		(1,086,511	)		(11,453,217,650	)		(401,357	)
Futures contracts		(24,696,201	)		(8,318,457	)		1,520,850			(2,213,660	)

Net change in unrealized appreciation (depreciation)		(31,314,287,066	)		(12,349,289,657	)		(13,174,375,285	)		(3,310,773,962	)

Net realized and unrealized loss		(18,481,973,059	)		(11,667,308,906	)		(12,089,829,259	)		(2,587,789,097	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,814,344,798	)	$	(10,863,418,738	)	$	(11,486,952,120	)	$	(2,164,949,653	)

See notes to financial statements.


58		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (continued)

Year Ended March 31, 2020


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


INVESTMENT INCOME
Dividends — Unaffiliated	$	102,499,758		$	152,760,931
Dividends — Affiliated		333,560			887,012
Interest — Unaffiliated		10,542			11,250
Securities lending income — Affiliated — net		613,325			327,088
Foreign taxes withheld		(3,255	)		(2,709	)

Total investment income		103,453,930			153,983,572


EXPENSES
Investment advisory fees		2,802,987			2,410,447

Total expenses		2,802,987			2,410,447

Net investment income		100,650,943			151,573,125


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(55,632,516	)		(102,046,141	)
Investments —Affiliated		(198,210	)		(167,259	)
In-kind redemptions — Unaffiliated		326,727,923			669,588,684
In-kind redemptions — Affiliated		12,026			2,935,695
Futures contracts		161,577			(3,563,539	)

Net realized gain		271,070,800			566,747,440

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(682,073,313	)		(1,525,481,028	)
Investments —Affiliated		(1,890,012	)		(436,087	)
Futures contracts		56,553			(554,775	)

Net change in unrealized appreciation (depreciation)		(683,906,772	)		(1,526,471,890	)

Net realized and unrealized loss		(412,835,972	)		(959,724,450	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(312,185,029	)	$	(808,151,325	)

See notes to financial statements.


FINANCIAL STATEMENTS			59

Statements of Changes in Net Assets


	iShares Core S&P 500 ETF						iShares Core S&P Mid-Cap ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,667,628,261		$	3,030,172,654		$	803,890,168		$	705,374,630
Net realized gain		12,832,314,007			10,375,397,024			681,980,751			2,310,000,098
Net change in unrealized appreciation (depreciation)		(31,314,287,066	)		519,478,757			(12,349,289,657	)		(2,038,136,896	)

Net increase (decrease) in net assets resulting from operations		(14,814,344,798	)		13,925,048,435			(10,863,418,738	)		977,237,832


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,247,618,450	)		(3,114,474,276	)		(881,841,983	)		(709,580,508	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		11,733,753,324			18,201,161,507			(738,612,388	)		3,274,690,337


NET ASSETS
Total increase (decrease) in net assets		(7,328,209,924	)		29,011,735,666			(12,483,873,109	)		3,542,347,661
Beginning of year		169,347,166,264			140,335,430,598			48,206,329,156			44,663,981,495

End of year	$	162,018,956,340		$	169,347,166,264		$	35,722,456,047		$	48,206,329,156

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

See notes to financial statements.


60		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares Core S&P Small-Cap ETF						iShares Core S&P Total U.S. Stock Market ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	602,877,139		$	572,817,591		$	422,839,444		$	292,347,961
Net realized gain		1,084,546,026			1,857,060,721			722,984,865			564,001,178
Net change in unrealized appreciation (depreciation)		(13,174,375,285	)		(2,189,545,782	)		(3,310,773,962	)		483,708,007

Net increase (decrease) in net assets resulting from operations		(11,486,952,120	)		240,332,530			(2,164,949,653	)		1,340,057,146


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(682,114,295	)		(599,132,603	)		(473,339,349	)		(307,131,982	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		968,315,534			6,786,495,213			5,326,635,432			4,769,129,713


NET ASSETS
Total increase (decrease) in net assets		(11,200,750,881	)		6,427,695,140			2,688,346,430			5,802,054,877
Beginning of year		43,064,082,983			36,636,387,843			18,750,686,275			12,948,631,398

End of year	$	31,863,332,102		$	43,064,082,983		$	21,439,032,705		$	18,750,686,275

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

See notes to financial statements.


FINANCIAL STATEMENTS			61

Statements of Changes in Net Assets (continued)


	iShares Core S&P U.S. Growth ETF						iShares Core S&P U.S. Value ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	100,650,943		$	70,099,746		$	151,573,125		$	111,564,257
Net realized gain (loss)		271,070,800			(42,125,545	)		566,747,440			(109,566,476	)
Net change in unrealized appreciation (depreciation)		(683,906,772	)		505,237,147			(1,526,471,890	)		226,054,324

Net increase (decrease) in net assets resulting from operations		(312,185,029	)		533,211,348			(808,151,325	)		228,052,105


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(123,268,559	)		(67,683,735	)		(155,162,272	)		(111,987,729	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,342,992,470			1,826,589,361			1,025,347,049			1,658,135,053


NET ASSETS
Total increase in net assets		907,538,882			2,292,116,974			62,033,452			1,774,199,429
Beginning of year		5,985,790,380			3,693,673,406			5,208,349,482			3,434,150,053

End of year	$	6,893,329,262		$	5,985,790,380		$	5,270,382,934		$	5,208,349,482

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

See notes to financial statements.


62		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core S&P 500 ETF

	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	284.57		$	265.21		$	237.21		$	206.63		$	207.87

Net investment income^(a)		5.90			5.38			5.00			4.53			4.28
Net realized and unrealized gain (loss)^(b)		(25.20	)		19.43			27.90			30.49			(0.76	)

Net increase (decrease) from investment operations		(19.30	)		24.81			32.90			35.02			3.52


Distributions^(c)
From net investment income		(6.83	)		(5.45	)		(4.90	)		(4.44	)		(4.76	)

Total distributions		(6.83	)		(5.45	)		(4.90	)		(4.44	)		(4.76	)


Net asset value, end of year	$	258.44		$	284.57		$	265.21		$	237.21		$	206.63


Total Return
Based on net asset value		(7.01	)%		9.46	%		13.95	%		17.12	%		1.74	%^(d)


Ratios to Average Net Assets
Total expenses		0.04	%		0.04	%		0.04	%		0.05	%		0.07	%

Net investment income		1.96	%		1.95	%		1.94	%		2.05	%		2.09	%


Supplemental Data
Net assets, end of year (000)	$	162,018,956		$	169,347,166		$	140,335,431		$	101,821,909		$	71,101,255

Portfolio turnover rate^(e)		4	%		5	%		4	%		5	%		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 impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 1.73%.

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			63

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P Mid-Cap ETF

	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	189.34		$	187.51		$	171.29		$	144.16		$	151.99

Net investment income^(a)		3.12			2.85			2.69			2.35			2.16
Net realized and unrealized gain (loss)^(b)		(45.14	)		1.84			15.96			27.42			(7.77	)

Net increase (decrease) from investment operations		(42.02	)		4.69			18.65			29.77			(5.61	)


Distributions^(c)
From net investment income		(3.45	)		(2.86	)		(2.43	)		(2.64	)		(2.22	)

Total distributions		(3.45	)		(2.86	)		(2.43	)		(2.64	)		(2.22	)


Net asset value, end of year	$	143.87		$	189.34		$	187.51		$	171.29		$	144.16


Total Return
Based on net asset value		(22.53	)%		2.50	%		10.95	%		20.81	%		(3.67	)%


Ratios to Average Net Assets
Total expenses		0.07	%		0.07	%		0.07	%		0.09	%		0.12	%

Net investment income		1.62	%		1.50	%		1.49	%		1.49	%		1.50	%


Supplemental Data
Net assets, end of year (000)	$	35,722,456		$	48,206,329		$	44,663,981		$	39,234,502		$	26,582,939

Portfolio turnover rate^(d)		15	%		17	%		10	%		14	%		15	%

^(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.


64		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P Small-Cap ETF

		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17	^(a)		Year Ended 03/31/16	^(a)


Net asset value, beginning of year	$	77.13		$	77.05		$	69.23		$	56.31		$	59.02

Net investment income^(b)		1.06			1.09			0.98			0.87			0.81
Net realized and unrealized gain (loss)^(c)		(20.77	)		0.11			7.78			12.90			(2.70	)

Net increase (decrease) from investment operations		(19.71	)		1.20			8.76			13.77			(1.89	)


Distributions^(d)
From net investment income		(1.20	)		(1.12	)		(0.94	)		(0.85	)		(0.82	)

Total distributions		(1.20	)		(1.12	)		(0.94	)		(0.85	)		(0.82	)


Net asset value, end of year	$	56.22		$	77.13		$	77.05		$	69.23		$	56.31


Total Return
Based on net asset value		(25.89	)%		1.53	%^(e)		12.71	%		24.56	%		(3.19	)%


Ratios to Average Net Assets
Total expenses		0.07	%		0.07	%		0.07	%		0.09	%		0.12	%

Net investment income		1.36	%		1.35	%		1.33	%		1.38	%		1.44	%


Supplemental Data
Net assets, end of year (000)	$	31,863,332		$	43,064,083		$	36,636,388		$	29,968,134		$	17,311,033

Portfolio turnover rate^(f)		16	%		14	%		12	%		13	%		17	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on January 18, 2017.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(f)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			65

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P Total U.S. Stock Market ETF

		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17	^(a)		Year Ended 03/31/16	^(a)


Net asset value, beginning of year	$	64.40		$	60.42		$	54.02		$	46.65		$	47.35

Net investment income^(b)		1.27			1.19			1.09			1.00			0.96
Net realized and unrealized gain (loss)^(c)		(7.09	)		4.00			6.37			7.33			(0.73	)

Net increase (decrease)from investment operations		(5.82	)		5.19			7.46			8.33			0.23


Distributions^(d)
From net investment income		(1.39	)		(1.21	)		(1.06	)		(0.96	)		(0.93	)

Total distributions		(1.39	)		(1.21	)		(1.06	)		(0.96	)		(0.93	)


Net asset value, end of year	$	57.19		$	64.40		$	60.42		$	54.02		$	46.65


Total Return
Based on net asset value		(9.28	)%		8.68	%		13.88	%		18.02	%		0.51	%


Ratios to Average Net Assets
Total expenses		0.03	%		0.03	%		0.03	%		0.03	%		0.05	%

Net investment income		1.88	%		1.90	%		1.85	%		1.99	%		2.08	%


Supplemental Data
Net assets, end of year (000)	$	21,439,033		$	18,750,686		$	12,948,631		$	8,035,118		$	3,699,212

Portfolio turnover rate^(e)		4	%		6	%		8	%		8	%		14	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


66		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P U.S. Growth ETF

		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17	^(a)		Year Ended 03/31/16	^(a)


Net asset value, beginning of year	$	60.31		$	54.56		$	46.36		$	40.53		$	40.55

Net investment income^(b)		0.92			0.81			0.76			0.65			0.61
Net realized and unrealized gain (loss)^(c)		(2.97	)		5.68			8.16			5.77			(0.08	)

Net increase (decrease)from investment operations		(2.05	)		6.49			8.92			6.42			0.53


Distributions^(d)
From net investment income		(1.10	)		(0.74	)		(0.72	)		(0.59	)		(0.55	)

Total distributions		(1.10	)		(0.74	)		(0.72	)		(0.59	)		(0.55	)


Net asset value, end of year	$	57.16		$	60.31		$	54.56		$	46.36		$	40.53


Total Return
Based on net asset value		(3.54	)%		11.95	%		19.33	%		15.98	%		1.31	%


Ratios to Average Net Assets
Total expenses		0.04	%		0.04	%		0.05	%		0.06	%		0.08	%

Total expenses after fees waived		0.04	%		0.04	%		0.05	%		0.06	%		0.08	%

Net investment income		1.44	%		1.41	%		1.46	%		1.51	%		1.52	%


Supplemental Data
Net assets, end of year (000)	$	6,893,329		$	5,985,790		$	3,693,673		$	1,657,371		$	867,283

Portfolio turnover rate^(e)		35	%		31	%		24	%		43	%		14	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			67

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P U.S. Value ETF

		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17	^(a)		Year Ended 03/31/16	^(a)


Net asset value, beginning of year	$	54.82		$	53.08		$	50.45		$	42.89		$	44.94

Net investment income^(b)		1.45			1.37			1.28			1.12			1.04
Net realized and unrealized gain (loss)^(c)		(8.57	)		1.68			2.51			7.45			(1.97	)

Net increase (decrease)from investment operations		(7.12	)		3.05			3.79			8.57			(0.93	)


Distributions^(d)
From net investment income		(1.47	)		(1.31	)		(1.16	)		(1.01	)		(1.12	)

Total distributions		(1.47	)		(1.31	)		(1.16	)		(1.01	)		(1.12	)


Net asset value, end of year	$	46.23		$	54.82		$	53.08		$	50.45		$	42.89


Total Return
Based on net asset value		(13.34	)%		5.83	%		7.55	%		20.18	%		(2.05	)%


Ratios to Average Net Assets
Total expenses		0.04	%		0.04	%		0.05	%		0.06	%		0.08	%

Total expenses after fees waived		0.04	%		0.04	%		0.05	%		0.06	%		0.08	%

Net investment income		2.52	%		2.53	%		2.42	%		2.36	%		2.41	%


Supplemental Data
Net assets, end of year (000)	$	5,270,383		$	5,208,349		$	3,434,150		$	1,692,709		$	720,541

Portfolio turnover rate^(e)		34	%		35	%		27	%		49	%		18	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


68		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
Core S&P 500		Diversified
Core S&P Mid-Cap		Diversified
Core S&P Small-Cap		Diversified
Core S&P Total U.S. Stock Market		Diversified
Core S&P U.S. Growth^(a)		Diversified
Core S&P U.S. Value		Diversified

^(a)

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


NOTES TO FINANCIAL STATEMENTS			69

Notes to Financial Statements (continued)

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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


70		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Core S&P 500
Barclays Bank PLC	$	383,894,454	$	383,894,454		$	—	$	—
Barclays Capital Inc.		6,013,360		6,013,360			—		—
BNP Paribas Prime Brokerage International Ltd.		123,242,399		123,242,399			—		—
BNP Paribas Securities Corp.		11,106,643		11,106,643			—		—
BofA Securities, Inc.		655,805,366		655,805,366			—		—
Citadel Clearing LLC		63,459,060		63,459,060			—		—
Citigroup Global Markets Inc.		273,745,288		273,745,288			—		—
Credit Suisse AG		117,978,947		117,978,947			—		—
Credit Suisse Securities (USA) LLC		29,312,842		29,312,842			—		—
Deutsche Bank Securities Inc.		20,887		20,887			—		—
Goldman Sachs & Co.		280,888,434		280,888,434			—		—
HSBC Bank PLC		20,409,791		20,409,791			—		—
Jefferies LLC		449,059		449,059			—		—
JPMorgan Securities LLC		401,325,910		401,325,910			—		—
Morgan Stanley & Co. LLC		352,697,671		352,697,671			—		—
National Financial Services LLC		3,220,671		3,220,671			—		—
Nomura Securities International Inc.		2,188,405		2,188,405			—		—
RBC Capital Markets LLC		11,813,376		11,813,376			—		—
Scotia Capital (USA) Inc.		4,771,661		4,771,661			—		—
SG Americas Securities LLC		153,109,308		153,109,308			—		—
State Street Bank & Trust Company		18,139,784		18,139,784			—		—
UBS AG		43,536,829		43,536,829			—		—
UBS Securities LLC		62,402,997		62,402,997			—		—
Virtu Americas LLC		22,292,933		22,292,933			—		—
Wells Fargo Bank, National Association		145,963,371		145,963,371			—		—
Wells Fargo Securities LLC		26,949,905		26,949,905			—		—

	$	3,214,739,351	$	3,214,739,351		$	—	$	—


NOTES TO FINANCIAL STATEMENTS			71

Notes to Financial Statements (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Core S&P Mid-Cap
Barclays Bank PLC	$	70,957,750	$	70,957,750		$	—	$	—
Barclays Capital Inc.		70,834,032		70,834,032			—		—
BMO Capital Markets		1,676,142		1,676,142			—		—
BNP Paribas Prime Brokerage International Ltd.		78,237,746		78,237,746			—		—
BNP Paribas Securities Corp.		13,679,091		13,679,091			—		—
BofA Securities, Inc.		308,710,054		308,710,054			—		—
Citadel Clearing LLC		79,788,107		79,788,107			—		—
Citigroup Global Markets Inc.		176,868,946		176,868,946			—		—
Credit Suisse AG		123,749,931		123,749,931			—		—
Credit Suisse Securities (USA) LLC		28,081,734		28,081,734			—		—
Deutsche Bank Securities Inc.		5,591,883		5,563,949			—		(27,934	)^(b)
Goldman Sachs & Co.		340,269,612		340,269,612			—		—
HSBC Bank PLC		33,535,411		33,535,411			—		—
Jefferies LLC		611,485		611,485			—		—
JPMorgan Securities LLC		720,941,819		720,941,819			—		—
Morgan Stanley & Co. LLC		243,990,263		243,990,263			—		—
National Financial Services LLC		50,398,840		50,398,840			—		—
Natixis Securities Americas LLC		13,411,929		12,986,555			—		(425,374	)^(b)
Nomura Securities International Inc.		196,344		196,344			—		—
RBC Capital Markets LLC		13,106,472		13,106,472			—		—
Scotia Capital (USA) Inc.		1,524,571		1,524,571			—		—
SG Americas Securities LLC		21,682,148		21,682,148			—		—
State Street Bank & Trust Company		2,257,895		2,257,895			—		—
TD Prime Services LLC		18,131,471		18,131,471			—		—
UBS AG		121,663,891		121,663,891			—		—
UBS Securities LLC		56,730,999		56,730,999			—		—
Virtu Americas LLC		7,555,373		7,555,373			—		—
Wells Fargo Bank, National Association		159,353,425		159,353,425			—		—
Wells Fargo Securities LLC		86,221,462		86,221,462			—		—

	$	2,849,758,826	$	2,849,305,518		$	—	$	(453,308	)


72		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Core S&P Small-Cap
Barclays Bank PLC	$	47,111,734	$	47,111,734		$	—	$	—
Barclays Capital Inc.		64,532,164		64,532,164			—		—
BMO Capital Markets		6,738,521		6,353,320			—		(385,201	)^(b)
BNP Paribas Prime Brokerage International Ltd.		123,591,663		123,591,663			—		—
BNP Paribas Securities Corp.		21,017,514		21,017,514			—		—
BofA Securities, Inc.		253,924,332		253,924,332			—		—
Citadel Clearing LLC		20,786,275		20,786,275			—		—
Citigroup Global Markets Inc.		169,913,313		169,913,313			—		—
Credit Suisse AG		94,136,006		94,136,006			—		—
Credit Suisse Securities (USA) LLC		48,147,115		48,147,115			—		—
Deutsche Bank Securities Inc.		10,464,328		10,464,328			—		—
Goldman Sachs & Co.		393,251,910		393,251,910			—		—
HSBC Bank PLC		25,777,344		25,777,344			—		—
ING Financial Markets LLC		583,799		583,799			—		—
Jefferies LLC		3,407,011		3,407,011			—		—
JPMorgan Securities LLC		384,365,921		384,365,921			—		—
Morgan Stanley & Co. LLC		305,457,120		305,457,120			—		—
National Financial Services LLC		99,911,932		99,911,932			—		—
Natixis Securities Americas LLC		31,731		31,731			—		—
Nomura Securities International Inc.		1,497,595		1,497,595			—		—
RBC Capital Markets LLC		2,171,527		2,171,527			—		—
Scotia Capital (USA) Inc.		27,556,327		27,556,327			—		—
SG Americas Securities LLC		9,338,290		9,219,495			—		(118,795	)^(b)
State Street Bank & Trust Company		6,143,901		6,143,901			—		—
TD Prime Services LLC		1,191,109		1,191,109			—		—
UBS AG		102,515,408		102,515,408			—		—
UBS Securities LLC		34,116,313		34,116,313			—		—
Virtu Americas LLC		7,968,165		7,968,165			—		—
Wells Fargo Securities LLC		106,403,718		106,403,718			—		—

	$	2,372,052,086	$	2,371,548,090		$	—	$	(503,996	)


NOTES TO FINANCIAL STATEMENTS			73

Notes to Financial Statements (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Core S&P Total U.S. Stock Market
Barclays Bank PLC	$	162,504,833	$	162,504,833		$	—	$	—
Barclays Capital Inc.		19,570,308		19,570,308			—		—
BMO Capital Markets		445,174		419,273			—		(25,901	)^(b)
BNP Paribas Prime Brokerage International Ltd.		80,863,286		80,863,286			—		—
BNP Paribas Securities Corp.		4,796,993		4,796,993			—		—
BofA Securities, Inc.		68,579,862		68,579,862			—		—
Citadel Clearing LLC		4,812,161		4,812,161			—		—
Citigroup Global Markets Inc.		68,575,708		68,575,708			—		—
Credit Suisse AG		38,671,299		38,671,299			—		—
Credit Suisse Securities (USA) LLC		4,713,506		4,713,506			—		—
Deutsche Bank Securities Inc.		2,774,124		2,774,124			—		—
Goldman Sachs & Co.		81,164,371		81,164,371			—		—
HSBC Bank PLC		16,346,284		16,147,797			—		(198,487	)^(b)
ING Financial Markets LLC		205,236		205,236			—		—
Jefferies LLC		3,814,956		3,814,956			—		—
JPMorgan Securities LLC		98,437,828		98,437,828			—		—
Mizuho Securities USA Inc.		88		88			—		—
Morgan Stanley & Co. LLC		74,418,135		74,418,135			—		—
National Financial Services LLC		9,594,378		9,594,378			—		—
Nomura Securities International Inc.		668,056		668,056			—		—
RBC Capital Markets LLC		465,548		465,548			—		—
Scotia Capital (USA) Inc.		2,023,075		2,023,075			—		—
SG Americas Securities LLC		12,344,583		12,344,583			—		—
State Street Bank & Trust Company		347,339		347,339			—		—
TD Prime Services LLC		7,302,317		7,302,317			—		—
UBS AG		44,139,505		44,139,505			—		—
UBS Securities LLC		16,197,929		16,197,929			—		—
Virtu Americas LLC		2,196,624		2,196,624			—		—
Wells Fargo Bank, National Association		51,399,528		51,399,528			—		—
Wells Fargo Securities LLC		11,961,443		11,961,443			—		—

	$	889,334,477	$	889,110,089		$	—	$	(224,388	)

Core S&P U.S. Growth
Barclays Bank PLC	$	1,052,016	$	1,052,016		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		14,839,606		14,839,606			—		—
BNP Paribas Securities Corp.		6,339,669		6,309,682			—		(29,987	)^(b)
BofA Securities, Inc.		89,866,605		89,866,605			—		—
Citigroup Global Markets Inc.		6,569,759		6,569,759			—		—
Credit Suisse AG		6,796,443		6,796,443			—		—
Credit Suisse Securities (USA) LLC		60,942		60,942			—		—
Deutsche Bank Securities Inc.		49,328		49,328			—		—
Goldman Sachs & Co.		88,648,308		88,648,308			—		—
HSBC Bank PLC		5,612,505		4,758,796			—		(853,709	)^(b)
Jefferies LLC		712,711		712,711			—		—
JPMorgan Securities LLC		11,485,259		11,485,259			—		—
Morgan Stanley & Co. LLC		12,574,259		12,574,259			—		—
National Financial Services LLC		50,974		50,974			—		—
RBC Capital Markets LLC		237,275		237,275			—		—
SG Americas Securities LLC		5,105,484		5,105,484			—		—
UBS AG		6,463,070		6,463,070			—		—
UBS Securities LLC		1,846,204		1,846,204			—		—
Virtu Americas LLC		347,888		347,888			—		—
Wells Fargo Bank, National Association		11,431,211		11,431,211			—		—
Wells Fargo Securities LLC		729,818		729,818			—		—

	$	270,819,334	$	269,935,638		$	—	$	(883,696	)


74		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Core S&P U.S. Value
Barclays Bank PLC	$	1,590,079	$	1,590,079		$	—	$	—
Barclays Capital Inc.		3,112,925		3,112,925			—		—
BNP Paribas Prime Brokerage International Ltd.		2,000,119		2,000,119			—		—
BofA Securities, Inc.		13,494,044		13,494,044			—		—
Citadel Clearing LLC		4,628,808		4,628,808			—		—
Citigroup Global Markets Inc.		6,331,357		6,331,357			—		—
Credit Suisse AG		4,612,618		4,612,618			—		—
Credit Suisse Securities (USA) LLC		259,259		257,597			—		(1,662	)^(b)
Deutsche Bank Securities Inc.		122,763		122,763			—		—
Goldman Sachs & Co.		7,813,875		7,813,875			—		—
HSBC Bank PLC		249,631		249,631			—		—
Jefferies LLC		21,376		21,376			—		—
JPMorgan Securities LLC		2,883,909		2,883,909			—		—
Morgan Stanley & Co. LLC		9,850,581		9,850,581			—		—
National Financial Services LLC		854,634		854,634			—		—
RBC Capital Markets LLC		3,123,733		3,123,733			—		—
SG Americas Securities LLC		2,052,919		2,052,919			—		—
State Street Bank & Trust Company		3,542		3,500			—		(42	)^(b)
UBS AG		306,745		290,157			—		(16,588	)^(b)
UBS Securities LLC		915,923		915,923			—		—
Virtu Americas LLC		212,325		212,325			—		—
Wells Fargo Securities LLC		1,010,095		1,010,095			—		—

	$	65,451,260	$	65,432,968		$	—	$	(18,292	)

^(a)

^(b)

5.	DERIVATIVE FINANCIAL INSTRUMENTS


NOTES TO FINANCIAL STATEMENTS			75

Notes to Financial Statements (continued)

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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


iShares ETF	Investment Advisory Fee
Core S&P 500		0.04	%
Core S&P Mid-Cap		0.06
Core S&P Small-Cap		0.07
Core S&P Total U.S. Stock Market		0.03
Core S&P U.S. Growth		0.04
Core S&P U.S. Value		0.04

Prior to December 13, 2019, for its investment advisory services to the iShares Core S&P Mid-Cap ETF, BFA was entitled to an annual investment advisory fee of 0.07%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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.

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, 2020, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
Core S&P 500	$	3,079,893
Core S&P Mid-Cap		5,435,010
Core S&P Small-Cap		9,461,716
Core S&P Total U.S. Stock Market		2,203,573
Core S&P U.S. Growth		255,921
Core S&P U.S. Value		125,662

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


76		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

For the year ended March 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core S&P 500	$	3,232,366,107	$	946,676,000	$	(375,049,231	)
Core S&P Mid-Cap		1,454,696,325		1,550,992,132		(1,151,025,247	)
Core S&P Small-Cap		983,766,118		942,135,242		(123,609,750	)
Core S&P Total U.S. Stock Market		46,465,462		39,013,401		(485,176	)
Core S&P U.S. Growth		1,141,182,187		1,459,502,788		7,176,862
Core S&P U.S. Value		1,323,882,650		1,107,407,600		(38,231,221	)

7.	PURCHASES AND SALES

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Core S&P 500	$	7,098,406,683	$	8,365,195,433
Core S&P Mid-Cap		7,131,194,915		7,213,180,412
Core S&P Small-Cap		7,226,542,975		6,886,897,916
Core S&P Total U.S. Stock Market		883,017,671		880,661,026
Core S&P U.S. Growth		2,390,505,332		2,407,462,285
Core S&P U.S. Value		2,005,173,418		2,013,145,346

For the year ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Core S&P 500	$	57,846,985,401	$	45,697,666,856
Core S&P Mid-Cap		7,321,602,940		8,075,119,331
Core S&P Small-Cap		8,815,067,422		8,222,541,502
Core S&P Total U.S. Stock Market		7,144,916,587		1,850,248,074
Core S&P U.S. Growth		2,446,043,896		1,108,853,071
Core S&P U.S. Value		3,146,789,435		2,123,550,829

8.	INCOME TAX INFORMATION


NOTES TO FINANCIAL STATEMENTS			77

Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2020, 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:


iShares ETF	Paid-in Capital		Accumulated Loss
Core S&P 500	$	13,540,902,022	$	(13,540,902,022	)
Core S&P Mid-Cap		2,023,835,610		(2,023,835,610	)
Core S&P Small-Cap		2,625,304,008		(2,625,304,008	)
Core S&P Total U.S. Stock Market		706,245,817		(706,245,817	)
Core S&P U.S. Growth		311,548,915		(311,548,915	)
Core S&P U.S. Value		614,631,440		(614,631,440	)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
Core S&P 500
Ordinary income	$	4,247,618,450	$	3,114,474,276

Core S&P Mid-Cap
Ordinary income	$	881,841,983	$	709,580,508

Core S&P Small-Cap
Ordinary income	$	682,114,295	$	599,132,603

Core S&P Total U.S. Stock Market
Ordinary income	$	473,339,349	$	307,131,982

Core S&P U.S. Growth
Ordinary income	$	123,268,559	$	67,683,735

Core S&P U.S. Value
Ordinary income	$	155,162,272	$	111,987,729

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
Core S&P 500	$	36,436,709	$	(634,578,764	)	$	(16,150,435,520	)	$	(16,748,577,575	)
Core S&P Mid-Cap		—		(1,516,049,353	)		(9,847,917,702	)		(11,363,967,055	)
Core S&P Small-Cap		—		(1,203,230,804	)		(12,778,202,956	)		(13,981,433,760	)
Core S&P Total U.S. Stock Market		9,876,992		(170,767,501	)		(1,132,779,345	)		(1,293,669,854	)
Core S&P U.S. Growth		3,096,316		(236,982,442	)		108,377,846			(125,508,280	)
Core S&P U.S. Value		—		(116,887,568	)		(1,471,233,449	)		(1,588,121,017	)

^(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.

For the year ended March 31, 2020, the Funds utilized the following amounts of their capital loss carryforwards as follows:


iShares ETF	Utilized
Core S&P Total U.S. Stock Market	$	27,604,339
Core S&P U.S. Growth		19,217,919


78		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

As of March 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any)for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core S&P 500	$	181,294,901,427	$	13,873,050,978	$	(30,023,486,498	)	$	(16,150,435,520	)
Core S&P Mid-Cap		48,452,953,638		3,466,371,677		(13,314,289,379	)		(9,847,917,702	)
Core S&P Small-Cap		47,052,494,543		2,501,339,859		(15,279,542,815	)		(12,778,202,956	)
Core S&P Total U.S. Stock Market		23,468,020,338		2,283,096,802		(3,415,876,147	)		(1,132,779,345	)
Core S&P U.S. Growth		7,061,117,811		612,547,856		(504,170,010	)		108,377,846
Core S&P U.S. Value		6,797,588,753		121,917,319		(1,593,150,768	)		(1,471,233,449	)

9.	PRINCIPAL RISKS

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.

10.

CAPITAL SHARE TRANSACTIONS


NOTES TO FINANCIAL STATEMENTS			79

Notes to Financial Statements (continued)

Transactions in capital shares were as follows:



	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount

Core S&P 500
Shares sold		190,300,000		$	58,035,374,955			191,400,000		$	52,637,369,658
Shares redeemed		(158,500,000	)		(46,301,621,631	)		(125,450,000	)		(34,436,208,151	)

Net increase		31,800,000		$	11,733,753,324			65,950,000		$	18,201,161,507

Core S&P Mid-Cap
Shares sold		38,600,000		$	7,474,531,928			62,800,000		$	12,013,304,636
Shares redeemed		(44,900,000	)		(8,213,144,316	)		(46,400,000	)		(8,738,614,299	)

Net increase(decrease)		(6,300,000	)	$	(738,612,388	)		16,400,000		$	3,274,690,337

Core S&P Small-Cap
Shares sold		126,600,000		$	9,917,239,091			175,050,000		$	14,222,802,615
Shares redeemed		(118,150,000	)		(8,948,923,557	)		(92,250,000	)		(7,436,307,402	)

Net increase		8,450,000		$	968,315,534			82,800,000		$	6,786,495,213

Core S&P Total U.S. Stock Market
Shares sold		110,900,000		$	7,197,214,337			110,800,000		$	6,808,834,600
Shares redeemed		(27,150,000	)		(1,870,578,905	)		(33,950,000	)		(2,039,704,887	)

Net increase		83,750,000		$	5,326,635,432			76,850,000		$	4,769,129,713

Core S&P U.S. Growth
Shares sold		38,100,000		$	2,456,755,648			44,550,000		$	2,541,347,484
Shares redeemed		(16,750,000	)		(1,113,763,178	)		(13,000,000	)		(714,758,123	)

Net increase		21,350,000		$	1,342,992,470			31,550,000		$	1,826,589,361

Core S&P U.S. Value
Shares sold		53,700,000		$	3,167,315,935			56,800,000		$	2,978,859,329
Shares redeemed		(34,700,000	)		(2,141,968,886	)		(26,500,000	)		(1,320,724,276	)

Net increase		19,000,000		$	1,025,347,049			30,300,000		$	1,658,135,053

11.

LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF)filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a‘ flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

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 Core S&P 500 ETF, iShares Core S&P Total U.S. Stock Market ETF and iShares Core S&P U.S. Value ETF received proceeds of $3,938,764, $41,582 and $255,306, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to appeals in multiple appellate courts. The outcome of these appeals 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.


80		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

12.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			81

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF,

iShares Core S&P Small-Cap ETF, iShares Core S&P Total U.S. Stock Market ETF,

iShares Core S&P U.S. Growth ETF and iShares Core S&P U.S. Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedule of investments of iShares Core S&P Small-Cap ETF and summary schedules of investments of iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF, iShares Core S&P Total U.S. Stock Market ETF, iShares Core S&P U.S. Growth ETF and iShares Core S&P U.S. Value ETF (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2020 (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, 2020, 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, 2020 and each of the financial highlights for each of the five years in the period ended March 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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, 2020 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 26, 2020

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


82		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended March 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
Core S&P 500		93.75	%
Core S&P Mid-Cap		78.75	%
Core S&P Small-Cap		73.70	%
Core S&P Total U.S. Stock Market		89.69	%
Core S&P U.S. Growth		94.23	%
Core S&P U.S. Value		91.60	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
Core S&P 500	$	3,860,838,193
Core S&P Mid-Cap		672,408,427
Core S&P Small-Cap		512,025,812
Core S&P Total U.S. Stock Market		423,369,863
Core S&P U.S. Growth		114,371,195
Core S&P U.S. Value		146,637,520

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Business Income
Core S&P 500	$	100,720,695
Core S&P Mid-Cap		96,511,361
Core S&P Small-Cap		86,931,217
Core S&P Total U.S. Stock Market		18,561,540
Core S&P U.S. Growth		4,767,019
Core S&P U.S. Value		3,309,097


IMPORTANT TAX INFORMATION			83

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF, iShares Core S&P Total U.S. Stock Market ETF, iShares Core S&P U.S. Growth ETF and iShares Core S&P U.S. Value ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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:


84		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

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.


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core S&P 500^(a)	$	6.373296	$	—	$	0.457595	$	6.830891		93	%		—	%		7	%		100	%
Core S&P Mid-Cap^(a)		3.281783		—		0.164280		3.446063		95			—			5			100
Core S&P Small-Cap^(a)		1.121015		—		0.078415		1.199430		93			—			7			100
Core S&P Total U.S. Stock Market^(a)		1.327538		—		0.065974		1.393512		95			—			5			100
Core S&P U.S. Growth^(a)		0.971611		—		0.128802		1.100413		88			—			12			100
Core S&P U.S. Value^(a)		1.453317		—		0.014972		1.468289		99			—			1			100

^(a)

Premium/Discount Information

iShares Core S&P 500 ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		599		45.38	%
At NAV		270		20.45
Less than 0.0% and Greater than –0.5%		451		34.17

		1,320		100.00	%


SUPPLEMENTAL INFORMATION			85

Supplemental Information (unaudited) (continued)

iShares Core S&P Mid-Cap ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0% and Less than 3.5%		1		0.08	%
Greater than 0.0% and Less than 0.5%		690		52.26
At NAV		192		14.55
Less than 0.0% and Greater than –0.5%		435		32.95
Less than –0.5% and Greater than –1.0%		1		0.08
Less than –1.0% and Greater than –1.5%		1		0.08

		1,320		100.00	%

iShares Core S&P Small-Cap ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.5% and Less than 1.0%		1		0.08	%
Greater than 0.0% and Less than 0.5%		746		56.51
At NAV		138		10.45
Less than 0.0% and Greater than –0.5%		433		32.80
Less than –0.5% and Greater than –1.0%		1		0.08
Less than –1.0% and Greater than –1.5%		1		0.08

		1,320		100.00	%

iShares Core S&P Total U.S. Stock Market ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.5% and Less than 1.0%		2		0.15	%
Greater than 0.0% and Less than 0.5%		844		63.94
At NAV		194		14.70
Less than 0.0% and Greater than –0.5%		280		21.21

		1,320		100.00	%

iShares Core S&P U.S. Growth ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		811		61.44	%
At NAV		186		14.09
Less than 0.0% and Greater than –0.5%		323		24.47

		1,320		100.00	%

iShares Core S&P U.S. Value ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0% and Less than 2.5%		1		0.08	%
Greater than 0.0% and Less than 0.5%		825		62.50
At NAV		169		12.80
Less than 0.0% and Greater than –0.5%		325		24.62

		1,320		100.00	%


86		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap 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

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.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

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 Core S&P 500 ETF in respect of the Company’s financial year ending 31 December 2019 is USD 16.59 million. This figure is comprised of fixed remuneration of USD 7.67 million and variable remuneration of USD 8.92 million. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares Core S&P 500 ETF in respect of the Company’s financial year ending 31 December 2019, to its senior management was USD 2.12 million, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 248.62 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares Core S&P Mid-Cap ETF in respect of the Company’s financial year ending 31 December 2019 is USD 4.42 million. This figure is comprised of fixed remuneration of USD 2.04 million and variable remuneration of USD 2.38 million. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares Core S&P Mid-Cap ETF in respect of the Company’s financial year ending 31 December 2019, to its senior management was USD 563.27 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 66.2 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares Core S&P Small-Cap ETF in respect of the Company’s financial year ending 31 December 2019 is USD 4 million. This figure is comprised of fixed remuneration of USD 1.85 million and variable remuneration of USD 2.15 million. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares Core S&P Small-Cap ETF in respect of the Company’s financial year ending 31 December 2019, to its senior management was USD 509.62 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 59.9 thousand.


SUPPLEMENTAL INFORMATION			87

Trustee and Officer Information

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 367 funds as of March 31, 2020. 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., ParkAvenue 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

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

Robert S. Kapito^(a)(63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(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

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

Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018);Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S.ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S.ETF Trust (since 2016);Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S.ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


88		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (continued)


Independent Trustees (continued)

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

John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005);Trustee of iShares U.S.ETF Trust (since 2011).

Drew E. Lawton (61)	Trustee (since 2017);15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S.ETF Trust (since 2017).

John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S.ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S.ETF Trust (since 2011).


Officers

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

Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


TRUSTEE AND OFFICER INFORMATION			89

General Information

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Householding

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

Complete Schedules of Portfolio Holdings


90		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

NVS Non-Voting Shares


GLOSSARY OF TERMS USED IN THIS REPORT			91

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”).

iS-AR-302-0320


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares Global 100 ETF | IOO | NYSE Arca

iShares Global Clean Energy ETF | ICLN | NASDAQ

iShares Global Infrastructure ETF | IGF | NASDAQ

iShares Global Timber & Forestry ETF | WOOD | NASDAQ

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		12
Shareholder Expenses		12
Schedules of Investments		13
Financial Statements
Statements of Assets and Liabilities		24
Statements of Operations		25
Statements of Changes in Net Assets		26
Financial Highlights		28
Notes to Financial Statements		32
Report of Independent Registered Public Accounting Firm		40
Important Tax Information (Unaudited)		41
Statement Regarding Liquidity Risk Management Program		42
Supplemental Information		43
Trustee and Officer Information		45
General Information		47
Glossary of Terms Used in this Report		48


2

Market Overview

iShares Trust

Global Market Overview


MARKET OVERVIEW			3

Fund Summary as of March 31, 2020

iShares^® Global 100 ETF

Investment Objective

The iShares Global 100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization global equities, as represented by the S&P Global 100^TM (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		(3.91	)%		5.69	%		6.78	%		(3.91	)%		31.89	%		92.67	%
Fund Market		(4.00	)		5.67			6.77			(4.00	)		31.77			92.50
Index		(4.05	)		5.53			6.64			(4.05	)		30.91			90.24

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
$	1,000.00	$	911.00	$	1.91	$	1,000.00	$	1,023.00	$	2.02		0.40	%

^(a)


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Global 100 ETF

Portfolio Management Commentary

Amid worldwide economic disruption following the coronavirus outbreak, large-capitalization global stocks posted a negative return for the reporting period. While concerns about an economic slowdown weighed on all equities, the large-capitalization companies proved more resilient than smaller firms due to their relatively stronger balance sheets.

Stocks from the U.K. were the most significant detractors from the Index’s return, led by the energy sector, which endured significant declines. Low oil prices drove negative performance for the integrated oil and gas industry, particularly toward the end of the reporting period, when oil prices hit a 21-year low. This resulted in a sharp decline in profits, and pressure mounted on large-capitalization oil producers to reduce dividends. In response, oil producers made plans for cost cutting, which included asset sales, suspended stock buybacks, and lower investment in U.S. operations. The U.K. financials sector also struggled, as banks were weakened by the economic downturn and stopped making dividend payments under regulatory pressure.

Large-capitalization companies in Europe also detracted from the Index’s return, mostly due to weakness in the financials and energy sectors. The German multi-line insurance industry declined, driven by increased corporate claims from the U.S. and Australia and poor performance from investments designed to hedge against market downturns. French energy stocks struggled, constrained by low oil prices, which prompted steep reductions in capital expenditures. Banks were also a source of weakness in France and in Spain, where the economic downturn prompted the industry to lower executive compensation and review dividend policy.

On the upside, U.S. stocks contributed slightly to the Index’s return, as a strong performance by the information technology sector somewhat offset declines in other areas, particularly energy. Information technology stocks gained due to solid growth and optimism surrounding the rollout of 5G networks, whereas energy companies struggled amid low oil prices and declining demand. Swiss stocks also gained modestly, led by the pharmaceuticals industry, which advanced due to strong sales growth of multiple sclerosis and hemophilia treatments.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Information Technology		25.8	%
Health Care		16.2
Consumer Staples		13.4
Consumer Discretionary		13.2
Financials		9.8
Communication Services		7.3
Energy		5.6
Industrials		5.3
Materials		1.7
Other (each representing less than 1%)		1.7

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
United States		68.9	%
Switzerland		7.6
United Kingdom		7.5
France		4.7
Japan		3.7
Germany		3.4
South Korea		1.8
Netherlands		1.1
Spain		0.8
Australia		0.5


FUND SUMMARY			5


Fund Summary as of March 31, 2020		iShares^® Global Clean Energy ETF

Investment Objective

The iSharesGlobalClean Energy ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the clean energy sector, as represented by the S&P Global Clean Energy IndexTM (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		0.12	%		(1.65	)%		(4.01	)%		0.12	%		(8.00	)%		(33.55	)%
Fund Market		0.02			(1.72	)		(3.94	)		0.02			(8.33	)		(33.11	)
Index		0.32			(2.12	)		(4.94	)		0.32			(10.16	)		(39.74	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
$	1,000.00	$	890.50	$	2.13	$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Global Clean Energy ETF

Portfolio Management Commentary

Global investment in clean energy increased slightly in 2019, driven by a substantial number of new offshore wind projects in Europe and Asia. Clean energy projects made up a considerable proportion of new energy capacity worldwide, as approximately 72% of power generation brought online in 2019 came from renewable sources. Supported by these trends, clean energy stocks advanced for most of the reporting period before declining sharply following the coronavirus-related economic downturn.

A sharp decline in oil prices also weighed on clean energy companies. Fossil fuels are a substitute for clean energy, and lower oil prices make alternative energy sources relatively less attractive. In early 2020, oil markets experienced twin supply and demand shocks, which sent the price of oil down to nearly $20 per barrel. On the supply side, Russia and Saudi Arabia failed to agree on terms for production reductions, which drove oil prices for U.S. producers to a 21-year low. Higher production levels and lower prices from Saudi Arabia, the world’s lowest-cost oil producer, pressured energy markets through the end of the reporting period. On the demand side, the global spread of the coronavirus led to an economic standstill. As businesses closed, consumers stayed home, airlines canceled flights, and the demand for oil sank. This led to concerns that the pace of investment in clean energy would slow, and demand for electric vehicles would fall.

Clean energy stocks in the U.S., where new investments increased substantially in 2019, were the largest contributors to the Index’s return. State and municipal governments took the lead in setting targets for decarbonization, and clean energy for the first time surpassed coal as an electricity source. Renewable electricity utilities, which build solar, wind, and geothermal projects that generate electricity that is then sold to consumers, were a significant source of strength amid falling costs for high-capacity batteries. The growth of the market for clean energy storage also boosted the semiconductor equipment industry, where a strong market for residential solar power drove increased sales of batteries and other components used in these systems.

Canadian renewable electricity utilities also contributed to the Index’s return amid strong public support for clean energy. Solid revenues generated from long-term contracts helped to boost the industry.

On the downside, Chinese clean energy companies detracted from the Index’s performance, particularly the industrials sector. While China significantly expanded its clean energy capacity in 2019 and set policy standards for renewable consumption by provinces, the Chinese industrials sector was significantly weakened by the economic restrictions taken to contain the coronavirus. Consequently, clean energy companies in the environmental and facilities services industry and the heavy electrical equipment industry struggled as the Chinese economy weakened.

Brazilian stocks also detracted from the Index’s return, driven by the electric utilities industry. Demand for electricity slowed due to the economic downturn, while intervention by state governments made it more difficult for utilities to collect from customers.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Renewable Electricity		31.1	%
Semiconductor Equipment		20.4
Heavy Electrical Equipment		18.7
Electric Utilities		14.3
Semiconductors		8.4
Electrical Components & Equipment		4.7
Oil & Gas Refining & Marketing		2.4

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
United States		35.9	%
Canada		10.5
China		10.3
New Zealand		8.2
Spain		7.4
Denmark		6.6
Brazil		6.3
Austria		4.3
United Kingdom		3.9
Norway		3.4


FUND SUMMARY			7


Fund Summary as of March 31, 2020		iShares^® Global Infrastructure ETF

Investment Objective

The iShares Global Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities in the infrastructure industry, as represented by the S&P Global Infrastructure 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		(21.75	)%		(1.09	)%		3.45	%		(21.75	)%		(5.35	)%		40.37	%
Fund Market		(21.35	)		(0.95	)		3.48			(21.35	)		(4.65	)		40.85
Index		(21.91	)		(1.29	)		3.28			(21.91	)		(6.28	)		38.07

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
$	1,000.00	$	741.80	$	1.96	$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of March 31, 2020 (continued)

iShares^® Global Infrastructure ETF

Portfolio Management Commentary

Global infrastructure stocks posted a significantly negative return for the reporting period, driven by a sharp decline when the coronavirus outbreak worsened in February 2020. The impending global recession and travel restrictions enacted to control the spread of the virus created a difficult environment for companies involved in maintaining and expanding global infrastructure.

U.S. stocks were the largest detractors from the Index’s return, led by the energy sector, which endured substantial declines due to a significant decrease in oil prices. Already low throughout much of the reporting period in an environment of slowing global growth and trade tensions, oil prices declined rapidly in February 2020 to their lowest levels in 21 years. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Midstream energy companies, which are involved in the transport, processing, and storage of oil and gas, struggled as low prices affected energy producers. With fracking increasingly unprofitable, producers cut back on expenditures and production targets, and oil and gas storage and transportation companies, whose profits are determined by the volume of oil moved, were pressured by lower activity. Consequently, pipeline operators reduced capital outlays for new projects in anticipation of lower demand.

Australian infrastructure stocks also declined, driven entirely by the transportation infrastructure industry. In March 2020, the Australian government restricted travel into the country by non-citizens, and advised against non-essential domestic travel. The highways and railtracks industry, which generates revenue from road tolls, struggled as toll-road traffic declined dramatically. Airport services companies also declined, as both international and domestic air travel at Australia’s largest airport sank following the imposition of travel restrictions.

Lower travel also worked against transportation companies in Italy, which was one of the countries most seriously affected by the coronavirus. A lockdown that restricted movement and led to a steep decline in traffic weighed on the earnings of the highways and railtracks industry. A dispute with the Italian government over a large motorway concession also weighed on the industry.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Electric Utilities		31.2	%
Oil & Gas Storage & Transportation		17.4
Airport Services		16.6
Multi-Utilities		14.7
Highways & Railtracks		14.3
Marine Ports & Services		2.9
Water Utilities		1.9
Other (each representing less than 1%)		1.0

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
United States		43.3	%
Canada		11.0
Australia		9.2
Spain		7.6
Italy		7.1
France		5.6
China		5.3
United Kingdom		3.4
Mexico		2.6
New Zealand		1.4


FUND SUMMARY			9

Fund Summary as of March 31, 2020

iShares^® Global Timber & Forestry ETF

Investment Objective

The iShares Global Timber & Forestry ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in or related to the timber and forestry industry, as represented by the S&P Global Timber & Forestry Index^TM (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		(23.04	)%		(0.64	)%		3.55	%		(23.04	)%		(3.17	)%		41.78	%
Fund Market		(23.46	)		(0.75	)		3.44			(23.46	)		(3.69	)		40.29
Index		(23.36	)		(0.85	)		3.20			(23.36	)		(4.20	)		37.09

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
$	1,000.00	$	824.40	$	2.05	$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of March 31, 2020 (continued)

iShares^® Global Timber & Forestry ETF

Portfolio Management Commentary

Prior to the coronavirus outbreak, global timber and forestry stocks struggled in a difficult competitive landscape, with nearly flat returns. Although lumber prices rose slightly for much of the reporting period, the rise of low-cost lumber producers from central Europe strained the industry’s profitability. Production increases made in an attempt to salvage wood damaged by beetle infestation contributed to oversupply of lumber in most parts of the world. After the coronavirus outbreak, timber industry stocks declined sharply, driven primarily by concerns about the effect of an economic downturn on construction. Because demand for lumber tends to be closely associated with new housing construction, when expectations for homebuilding weakened, lumber prices declined sharply and sawmills scaled back their production.

U.S. based lumber companies, particularly specialized real estate investment trusts (“REITs”) engaged in logging and forest management, were the largest detractors from the Index’s return. The value of timber REITs is highly sensitive to the price of timber and prevailing homebuilding conditions, so the industry declined along with traditional loggers as the U.S. economy slowed to a standstill in March 2020. Companies in the paper products and paper packaging industries were also significant sources of weakness. Distancing measures to protect workers from the coronavirus outbreak disrupted suppliers of paper product companies, many of which source a significant amount of their supply from China.

Forest product companies in Canada, where large job losses made an impending recession likely, also detracted from the Index’s performance. Shifts in the lumber market meant that Canadian suppliers went from producing wood at relatively low cost to being one of the most expensive lumber producers in the world. Exports to China from North American producers lagged as lower-cost European suppliers made up an increasing share of Chinese imports.

Brazilian timber producers were notable detractors from the Index’s return, amid a substantial reduction in exports of plywood and pine lumber. The paper products industry in South Africa struggled when the price of a key type of wood pulp declined, leading to lowered capital expenditures and suspended dividends.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Paper Products		39.1	%
Specialized REITs		23.1
Forest Products		17.6
Paper Packaging		16.2
Homebuilding		4.0

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
United States		33.2	%
Sweden		15.9
Japan		15.2
Finland		10.7
Brazil		9.4
Canada		5.7
Ireland		4.5
United Kingdom		4.2
South Africa		1.2


FUND SUMMARY			11

About Fund Performance

Past performance is no guarantee 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.

Shareholder Expenses


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Global 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.5%
BHP Group Ltd.		473,769	$	8,403,342


France — 4.6%
AXA SA		312,203		5,408,414
Cie. de Saint-Gobain		88,000		2,140,209
Engie SA		297,374		3,071,077
L’Oreal SA		39,877		10,453,082
LVMH Moet Hennessy Louis Vuitton SE		43,723		16,237,166
Orange SA		313,755		3,833,422
Sanofi		185,961		16,352,229
Schneider Electric SE		89,131		7,685,047
Societe Generale SA		128,158		2,158,258
TOTAL SA		408,018		15,844,029
Vivendi SA		133,417		2,858,301

				86,041,234

Germany — 3.4%
Allianz SE, Registered		67,809		11,672,414
BASF SE		149,835		7,093,319
Bayer AG, Registered		158,754		9,206,094
Daimler AG, Registered		144,313		4,357,723
Deutsche Bank AG, Registered^(a)		334,206		2,188,878
Deutsche Telekom AG, Registered		524,165		6,794,707
E.ON SE		352,949		3,656,248
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		23,633		4,773,956
RWE AG		92,926		2,443,036
Siemens AG, Registered		130,334		11,078,910

				63,265,285

Japan — 3.6%
Bridgestone Corp.		100,400		3,090,447
Canon Inc.		177,150		3,871,028
Honda Motor Co. Ltd.		295,500		6,651,521
Mitsubishi UFJ Financial Group Inc.		2,088,000		7,794,581
Nissan Motor Co. Ltd.^(a)		385,700		1,274,055
Panasonic Corp.		373,100		2,851,257
Seven & i Holdings Co. Ltd.		131,520		4,356,589
Sony Corp.		207,000		12,312,047
Toyota Motor Corp.		422,800		25,460,820

				67,662,345

Netherlands — 1.1%
ING Groep NV		628,398		3,296,892
Koninklijke Philips NV		145,593		5,897,244
Unilever NV		237,142		11,658,447

				20,852,583

South Korea — 1.8%
Samsung Electronics Co. Ltd., GDR^(b)		33,050		32,818,650
Samsung Electronics Co. Ltd., New, GDR^(b)		35		34,755

				32,853,405

Spain — 0.8%
Banco Bilbao Vizcaya Argentaria SA		1,072,445		3,430,787
Banco Santander SA		2,680,360		6,523,196
Repsol SA		242,797		2,219,721
Telefonica SA		734,462		3,363,377

				15,537,081

Switzerland — 7.6%
ABB Ltd., Registered		314,861		5,533,783
Credit Suisse Group AG, Registered		392,387		3,244,376


Security	Shares		Value

Switzerland (continued)
Nestle SA, Registered		482,225	$	49,565,683
Novartis AG, Registered		413,833		34,152,824
Roche Holding AG, Bearer		4,515		1,447,525
Roche Holding AG, NVS		113,689		36,901,484
Swiss Re AG		47,173		3,635,180
UBS Group AG, Registered		616,148		5,760,606

				140,241,461

United Kingdom — 7.5%
Anglo American PLC		223,462		3,924,586
AstraZeneca PLC		212,942		19,052,944
Aviva PLC		633,126		2,107,845
Barclays PLC		2,600,255		3,034,282
BP PLC		3,269,141		13,952,395
Diageo PLC		381,075		12,221,575
GlaxoSmithKline PLC		806,916		15,154,113
HSBC Holdings PLC		3,342,826		18,828,380
National Grid PLC		605,369		7,105,439
Prudential PLC		417,405		5,359,348
Rio Tinto PLC		161,839		7,462,000
Royal Dutch Shell PLC, Class A		679,083		11,948,393
Royal Dutch Shell PLC, Class B		608,424		10,258,542
Standard Chartered PLC		432,500		2,390,729
Vodafone Group PLC		4,335,121		6,074,128

				138,874,699

United States — 68.6%
3M Co.		92,960		12,689,970
Abbott Laboratories		286,526		22,609,767
Alphabet Inc., Class A^(a)(c)		48,521		56,378,976
Alphabet Inc., Class C, NVS^(c)		48,431		56,316,051
Amazon.com Inc.^(c)		67,483		131,572,955
American Tower Corp.		71,585		15,587,634
Aon PLC^(a)		37,924		6,258,977
Apple Inc.		677,001		172,154,584
Bristol-Myers Squibb Co.		380,186		21,191,568
Caterpillar Inc.		90,480		10,499,299
Chevron Corp.		306,855		22,234,713
Citigroup Inc.		354,961		14,950,957
Coca-Cola Co. (The)		624,861		27,650,099
Colgate-Palmolive Co.		137,993		9,157,215
DuPont de Nemours Inc.		119,893		4,088,351
Emerson Electric Co.		98,929		4,713,967
Exxon Mobil Corp.		685,956		26,045,749
Ford Motor Co.		630,313		3,044,412
General Electric Co.^(a)		1,414,542		11,231,463
Goldman Sachs Group Inc. (The)		51,913		8,025,231
Honeywell International Inc.		115,716		15,481,644
HP Inc.		238,344		4,137,652
Intel Corp.		704,512		38,128,189
International Business Machines Corp.		143,134		15,877,855
Johnson & Johnson		426,652		55,946,877
Johnson Controls International PLC		127,976		3,450,233
JPMorgan Chase & Co.		508,531		45,783,046
Kimberly-Clark Corp.		55,351		7,077,732
Marsh & McLennan Companies Inc.		81,427		7,040,178
McDonald’s Corp.		121,597		20,106,064
Merck & Co. Inc.		412,916		31,769,757
Microsoft Corp.		1,236,162		194,955,109
Morgan Stanley		190,624		6,481,216
NIKE Inc., Class B		201,338		16,658,706


SCHEDULES OF INVESTMENTS			13

Schedule of Investments (continued)

March 31, 2020

iShares^® Global 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
PepsiCo Inc.		226,170	$	27,163,017
Pfizer Inc.		896,537		29,262,968
Philip Morris International Inc.		251,435		18,344,698
Procter & Gamble Co. (The)		404,092		44,450,120
Texas Instruments Inc.		152,013		15,190,659
United Technologies Corp.		131,870		12,439,297
Walmart Inc.		229,837		26,114,080

				1,272,261,035


Total Common Stocks — 99.5% (Cost: $1,716,374,482)				1,845,992,470


Short-Term Investments

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(d)(e)(f)		16,118,093		16,114,869
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(d)(e)		4,906,000		4,906,000

				21,020,869


Total Short-Term Investments — 1.1% (Cost: $21,018,674)				21,020,869


Total Investments in Securities — 100.6% (Cost: $1,737,393,156)				1,867,013,339

Other Assets, Less Liabilities — (0.6)%				(11,445,019	)


Net Assets — 100.0%			$	1,855,568,320

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

^(b)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(c)	Non-income producing security.

^(d)	Affiliate of the Fund.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19		Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		16,118,093		16,118,093	$	16,114,869	$	30,956	^(b)	$	(24,492	)	$	2,195
BlackRock Cash Funds: Treasury, SL Agency Shares		1,516,312		3,389,688		4,906,000		4,906,000		61,507			—			—

							$	21,020,869	$	92,463		$	(24,492	)	$	2,195

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50		46		06/19/20	$	1,386	$	66,874
FTSE 100 Index		13		06/19/20		908		88,379
S&P 500 E-Mini Index		61		06/19/20		7,838		(374,077	)

							$	(218,824	)


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global 100 ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	155,253

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	374,077

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,338,488	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(218,824	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	5,184,453

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,845,992,470		$	—	$	—	$	1,845,992,470
Money Market Funds		21,020,869			—		—		21,020,869

	$	1,867,013,339		$	—	$	—	$	1,867,013,339

Derivative financial instruments^(a)
Assets
Futures Contracts	$	155,253		$	—	$	—	$	155,253
Liabilities
Futures Contracts		(374,077	)		—		—		(374,077	)

	$	(218,824	)	$	—	$	—	$	(218,824	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			15

Schedule of Investments

March 31, 2020

iShares^® Global Clean Energy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Austria — 4.3%
Verbund AG		594,241	$	21,530,070


Canada — 10.5%
Boralex Inc., Class A		1,001,539		17,591,228
Canadian Solar Inc.^(a)(b)		666,250		10,600,038
Innergex Renewable Energy Inc.		1,790,194		24,085,583

				52,276,849

China — 10.2%
GCL-Poly Energy Holdings Ltd.^(a)		196,647,000		6,317,344
JinkoSolar Holding Co. Ltd., ADR^(a)(b)		455,321		6,761,517
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		11,264,232		9,809,643
Xinyi Solar Holdings Ltd.		49,302,000		27,923,955

				50,812,459

Denmark — 6.5%
Vestas Wind Systems A/S		399,849		32,489,789


Germany —1.4%
Nordex SE^(a)		904,457		7,046,152


Italy —1.8%
Falck Renewables SpA		1,698,531		8,904,825


New Zealand — 8.2%
Contact Energy Ltd.		5,402,616		18,448,943
Meridian Energy Ltd.		9,365,695		22,431,911

				40,880,854

Norway —3.4%
Scatec Solar ASA^(c)		1,349,592		16,977,536


Spain — 7.4%
Siemens Gamesa Renewable Energy SA		2,433,167		36,656,264


United Kingdom — 3.8%
Atlantica Yield PLC		857,538		19,123,098


United States — 35.6%
Enphase Energy Inc.^(a)(b)		1,154,858		37,290,365
First Solar Inc.^(a)(b)		547,822		19,754,461
Ormat Technologies Inc.^(b)		415,233		28,094,665
Plug Power Inc.^(a)(b)		3,373,606		11,942,565
Renewable Energy Group Inc.^(a)(b)		567,032		11,641,167
SolarEdge Technologies Inc.^(a)(b)		359,755		29,456,739
SunPower Corp.^(a)(b)		910,666		4,617,077
Sunrun Inc.^(a)(b)		1,131,681		11,429,978


Security	Shares		Value

United States (continued)
TerraForm Power Inc., Class A		1,066,819	$	16,823,736
TPI Composites Inc.^(a)(b)		461,148		6,815,767

				177,866,520


Total Common Stocks — 93.1% (Cost: $510,793,954)				464,564,416


Preferred Stocks

Brazil — 6.2%
Cia. Energetica de Minas Gerais, Preference Shares, ADR, NVS		9,275,535		15,768,410
Cia. Paranaense de Energia, Class B, Preference Shares, ADR, NVS		1,474,917		15,353,886

				31,122,296

Total Preferred Stocks — 6.2% (Cost: $47,440,123)				31,122,296


Short-Term Investments

Money Market Funds — 14.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(d)(e)(f)		73,148,682		73,134,052
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(d)(e)		460,000		460,000

				73,594,052


Total Short-Term Investments — 14.7% (Cost: $73,602,835)				73,594,052


Total Investments in Securities — 114.0% (Cost: $631,836,912)				569,280,764

Other Assets, Less Liabilities — (14.0)%				(70,053,508	)


Net Assets — 100.0%			$	499,227,256

^(a)	Non-income producing security.

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

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(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.


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Clean Energy ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19		Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SLAgency Shares		24,723,541		48,425,141		73,148,682	$	73,134,052	$	321,620	^(b)	$	(10,269	)	$	(16,264	)
BlackRock Cash Funds: Treasury, SLAgency Shares		305,777		154,223		460,000		460,000		6,608			—			—

							$	73,594,052	$	328,228		$	(10,269	)	$	(16,264	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Hang Seng Index		4		04/28/20	$	612	$	6,755
S&P 500 E-Mini Index		22		06/19/20		2,827		151,775

							$	158,530

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	158,530

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(233,238	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	158,530

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,515,591

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

Fair Value Measurements


SCHEDULES OF INVESTMENTS			17

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Clean Energy ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	464,564,416	$	—	$	—	$	464,564,416
Preferred Stocks		31,122,296		—		—		31,122,296
Money Market Funds		73,594,052		—		—		73,594,052

	$	569,280,764	$	—	$	—	$	569,280,764

Derivative financial instruments^(a)
Assets
Futures Contracts	$	158,530	$	—	$	—	$	158,530

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Global Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Argentina — 0.0%
Corp. America Airports SA^(a)(b)		395,292	$	731,290


Australia — 9.2%
Atlas Arteria Ltd.		9,380,784		31,635,722
Qube Holdings Ltd.		22,459,871		29,555,121
Sydney Airport		15,463,769		52,907,127
Transurban Group		18,574,128		136,874,310

				250,972,280

Brazil — 0.4%
Centrais Eletricas Brasileiras SA, ADR		435,259		2,006,544
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		547,777		4,042,594
Ultrapar Participacoes SA, ADR		1,939,426		4,712,805

				10,761,943

Canada — 10.9%
Enbridge Inc.		5,191,701		149,475,468
Gibson Energy Inc.		372,430		4,251,932
Inter Pipeline Ltd.		1,055,548		6,244,223
Keyera Corp.		549,028		5,045,341
Pembina Pipeline Corp.		1,309,608		24,290,337
TC Energy Corp.		2,393,896		105,201,247
Westshore Terminals Investment Corp.^(b)		611,428		5,618,771

				300,127,319

Chile — 0.3%
Enel Americas SA, ADR		1,177,623		7,136,395


China — 5.2%
Beijing Capital International Airport Co. Ltd., Class H		22,958,000		14,632,174
Beijing Enterprises Water Group Ltd.		9,824,000		3,840,421
CGN Power Co. Ltd., Class H^(c)		16,313,000		3,746,293
China Gas Holdings Ltd.		3,385,600		11,793,624
China Merchants Port Holdings Co. Ltd.		18,200,000		20,804,294
China Resources Gas Group Ltd.		1,304,000		6,561,303
COSCO SHIPPING Ports Ltd.		23,912,000		11,538,128
Guangdong Investment Ltd.		4,662,000		8,986,089
Jiangsu Expressway Co. Ltd., Class H		17,144,000		19,132,694
Kunlun Energy Co. Ltd.		6,518,000		3,809,434
Shenzhen International Holdings Ltd.		13,295,000		24,357,042
Zhejiang Expressway Co. Ltd., Class H		19,990,000		13,926,899

				143,128,395

France — 5.6%
Aeroports de Paris		456,924		43,843,936
Engie SA		2,972,995		30,703,073
Gaztransport Et Technigaz SA		56,315		4,140,041
Getlink SE		6,086,361		73,394,100

				152,081,150

Germany — 0.9%
Fraport AG Frankfurt Airport Services Worldwide		516,012		20,892,572
Hamburger Hafen und Logistik AG		291,661		4,067,520

				24,960,092

Italy — 7.1%
ASTM SpA		518,676		9,094,497
Atlantia SpA		6,580,321		82,527,570
Enav SpA^(c)		3,531,105		15,544,519
Enel SpA		12,485,419		86,841,961

				194,008,547


Security	Shares		Value

Mexico — 2.6%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		600,965	$	16,189,997
Grupo Aeroportuario del Pacifico SAB de CV, ADR		527,339		28,444,666
Grupo Aeroportuario del Sureste SAB de CV, ADR		283,741		26,711,378

				71,346,041

Netherlands — 0.3%
Koninklijke Vopak NV		170,730		8,883,358


New Zealand — 1.4%
Auckland International Airport Ltd.		13,222,739		39,117,120


Singapore — 0.4%
Hutchison Port Holdings Trust, Class U		75,777,900		7,805,124
SIA Engineering Co. Ltd.		3,458,000		4,152,951

				11,958,075

Spain — 7.6%
Aena SME SA^(c)		1,029,516		112,421,458
Iberdrola SA.		9,683,204		95,454,097

				207,875,555

Switzerland — 1.1%
Flughafen Zurich AG, Registered		266,910		30,068,927


United Kingdom — 3.4%
National Grid PLC		6,076,614		71,323,459
Signature Aviation PLC		10,168,346		20,803,600

				92,127,059

United States — 43.1%
American Electric Power Co. Inc.		800,109		63,992,718
American Water Works Co. Inc.		292,402		34,959,583
Cheniere Energy Inc.^(a)		600,955		20,131,993
Consolidated Edison Inc.		537,570		41,930,460
Dominion Energy Inc.		1,330,821		96,071,968
DTE Energy Co.		296,954		28,201,721
Duke Energy Corp.		1,180,088		95,445,517
Edison International		579,512		31,751,462
Equitrans Midstream Corp.		520,188		2,616,546
Eversource Energy^(b)		524,513		41,022,162
Exelon Corp.		1,574,271		57,948,916
FirstEnergy Corp.		873,872		35,016,051
Kinder Morgan Inc./DE		4,994,789		69,527,463
Macquarie Infrastructure Corp.		1,086,438		27,432,560
NextEra Energy Inc.		791,370		190,419,449
ONEOK Inc.		1,057,245		23,058,513
Public Service Enterprise Group Inc.		817,984		36,735,661
Sempra Energy		444,159		50,185,525
Southern Co. (The)		1,693,170		91,668,224
Targa Resources Corp.		594,389		4,107,228
WEC Energy Group Inc.		511,025		45,036,633
Williams Companies Inc. (The)		3,105,658		43,945,061
Xcel Energy Inc.		849,042		51,197,233

				1,182,402,647


Total Common Stocks — 99.5% (Cost: $3,455,489,736)				2,727,686,193


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Stocks

Brazil — 0.1%
Cia. Energetica de Minas Gerais, Preference Shares, ADR, NVS		1,556,577	$	2,646,181


Total Preferred Stocks — 0.1% (Cost: $5,453,086)				2,646,181


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(d)(e)(f)		5,355,460		5,354,389
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(d)(e)		4,288,000		4,288,000

				9,642,389


Total Short-Term Investments — 0.3% (Cost: $9,638,105)				9,642,389


Total Investments in Securities — 99.9% (Cost: $3,470,580,927)				2,739,974,763

Other Assets, Less Liabilities — 0.1%				1,671,874


Net Assets — 100.0%			$	2,741,646,637

^(a)	Non-income producing security.

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

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19		Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		4,259,171		1,096,289		5,355,460	$	5,354,389	$	145,484	^(b)	$	(13,846	)	$	3,424
BlackRock Cash Funds: Treasury, SL Agency Shares		1,479,518		2,808,482		4,288,000		4,288,000		61,097			—			—

							$	9,642,389	$	206,581		$	(13,846	)	$	3,424

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		22		06/18/20	$	1,720	$	41,362
DJ U.S. Real Estate		105		06/19/20		2,883		(178,323	)
IBEX 35 Index		28		04/17/20		2,078		189,118
S&P/TSX 60 Index		37		06/18/20		4,233		(48,076	)

							$	4,081


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Infrastructure ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	230,480


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	226,399

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,583,328	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,081

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	7,903,326

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,727,686,193		$	—	$	—	$	2,727,686,193
Preferred Stocks		2,646,181			—		—		2,646,181
Money Market Funds		9,642,389			—		—		9,642,389

	$	2,739,974,763		$	—	$	—	$	2,739,974,763

Derivative financial instruments^(a)
Assets
Futures Contracts	$	230,480		$	—	$	—	$	230,480
Liabilities
Futures Contracts		(226,399	)		—		—		(226,399	)

	$	4,081		$	—	$	—	$	4,081

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			21

Schedule of Investments

March 31, 2020

iShares^® Global Timber & Forestry ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 9.3%
Duratex SA		954,000	$	1,719,797
Klabin SA		2,268,000		6,992,118
Suzano SA		1,072,628		7,401,642

				16,113,557

Canada — 5.7%
Canfor Corp.^(a)		385,620		1,977,747
Interfor Corp.^(a)		422,880		1,859,858
West Fraser Timber Co. Ltd.		317,040		5,978,398

				9,816,003

Finland — 10.7%
Metsa Board OYJ		633,300		3,452,207
Stora Enso OYJ, Class R		691,860		7,019,042
UPM-Kymmene OYJ		291,360		8,021,145

				18,492,394

Ireland — 4.4%
Smurfit Kappa Group PLC		273,900		7,729,809


Japan — 15.1%
Daio Paper Corp.		376,000		5,060,701
Nippon Paper Industries Co. Ltd.		328,600		4,684,502
Oji Holdings Corp.		1,784,100		9,568,745
Sumitomo Forestry Co. Ltd.		538,600		6,909,926

				26,223,874

South Africa — 1.2%
Sappi Ltd.^(a)		1,721,640		2,024,325


Sweden — 15.9%
Holmen AB, Class B		312,600		8,607,172
Svenska Cellulosa AB SCA, Class B		1,861,380		18,871,748

				27,478,920

United Kingdom — 4.1%
Mondi PLC		420,420		7,199,151


Security	Shares		Value

United States — 33.1%
CatchMark Timber Trust Inc., Class A		308,880	$	2,230,114
Domtar Corp.		196,740		4,257,454
International Paper Co.		209,340		6,516,754
PotlatchDeltic Corp.^(b)		411,780		12,925,774
Rayonier Inc.^(b)		603,780		14,219,019
Westrock Co.		237,660		6,716,271
Weyerhaeuser Co.		613,680		10,401,876

				57,267,262


Total Common Stocks — 99.5% (Cost: $257,545,744)				172,345,295


Short-Term Investments

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		2,102,893		2,102,473
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		454,000		454,000

				2,556,473


Total Short-Term Investments — 1.5% (Cost: $2,555,582)				2,556,473


Total Investments in Securities — 101.0% (Cost: $260,101,326)				174,901,768

Other Assets, Less Liabilities — (1.0)%				(1,723,895	)


Net Assets — 100.0%			$	173,177,873

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19		Net Activity			Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		2,102,893			2,102,893	$	2,102,473	$	2,389	^(b)	$	(118	)	$	891
BlackRock Cash Funds: Treasury, SL Agency Shares		752,201		(298,201	)		454,000		454,000		4,438			—			—

								$	2,556,473	$	6,827		$	(118	)	$	891

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Timber & Forestry ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	172,345,295	$	—	$	—	$	172,345,295
Money Market Funds		2,556,473		—		—		2,556,473

	$	174,901,768	$	—	$	—	$	174,901,768

See notes to financial statements.


SCHEDULES OF INVESTMENTS			23

Statements of Assets and Liabilities

March 31, 2020


	iShares Global 100 ETF		iShares Global Clean Energy ETF			iShares Global Infrastructure ETF			iShares Global Timber & Forestry ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,845,992,470	$	495,686,712		$	2,730,332,374		$	172,345,295
Affiliated^(c)		21,020,869		73,594,052			9,642,389			2,556,473
Cash		4,752		81,231			35,064			6,324
Foreign currency, at value^(d)		2,050,378		606,049			3,153,693			25,464
Cash pledged:
Futures contracts		752,000		207,000			346,999			—
Foreign currency collateral pledged:
Futures contracts^(e)		378,754		60,510			631,702			—
Receivables:
Investments sold		—		332,877			—			267,757
Securities lending income — Affiliated		6,674		48,839			15,783			515
Variation margin on futures contracts		—		—			143,547			—
Capital shares sold		—		332,504			1,545,234			—
Dividends		3,711,417		1,926,059			3,612,243			339,835
Tax reclaims		1,502,474		80,576			232,417			—
Foreign withholding tax claims		21,809		—			—			94,333

Total assets		1,875,441,597		572,956,409			2,749,691,445			175,635,996


LIABILITIES
Collateral on securities loaned, at value		16,137,468		73,147,771			5,363,454			2,101,550
Payables:
Investments purchased		3,009,441		332,504			1,545,234			124
Variation margin on futures contracts		94,938		37,744			—			—
Capital shares redeemed		—		—			—			285,211
Investment advisory fees		630,609		211,134			1,136,120			70,295
Professional fees		821		—			—			943

Total liabilities		19,873,277		73,729,153			8,044,808			2,458,123


NET ASSETS	$	1,855,568,320	$	499,227,256		$	2,741,646,637		$	173,177,873


NET ASSETS CONSIST OF:
Paid-in capital	$	1,848,921,801	$	625,750,814		$	3,662,441,249		$	267,116,416
Accumulated earnings (loss)		6,646,519		(126,523,558	)		(920,794,612	)		(93,938,543	)

NET ASSETS	$	1,855,568,320	$	499,227,256		$	2,741,646,637		$	173,177,873


Shares outstanding		41,500,000		51,900,000			80,900,000			3,600,000


Net asset value	$	44.71	$	9.62		$	33.89		$	48.10


Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited


Par value		None		None			None			None


^(a) Securities loaned, at value	$	15,537,844	$	71,018,714		$	3,349,485		$	2,079,459
^(b) Investments, at cost — Unaffiliated	$	1,716,374,482	$	558,234,077		$	3,460,942,822		$	257,545,744
^(c) Investments, at cost — Affiliated	$	21,018,674	$	73,602,835		$	9,638,105		$	2,555,582
^(d) Foreign currency, at cost	$	2,035,668	$	600,772		$	3,168,207		$	25,384
^(e) Foreign currency collateral pledged, at cost	$	375,147	$	60,374		$	638,377		$	—

See notes to financial statements.


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

Year Ended March 31, 2020


	iShares Global 100 ETF			iShares Global Clean Energy ETF			iShares Global Infrastructure ETF			iShares Global Timber & Forestry ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	54,453,613		$	5,746,285		$	130,785,374		$	4,105,059
Dividends — Affiliated		61,507			6,608			61,097			4,438
Securities lending income — Affiliated — net		30,956			321,620			145,484			2,389
Other income — Unaffiliated		1,370			—			—			64,998
Foreign taxes withheld		(2,808,894	)		(741,335	)		(8,356,171	)		(177,862	)
IRS Compliance fee for foreign withholding tax claims		—			—			—			102,397

Total investment income		51,738,552			5,333,178			122,635,784			4,101,419


EXPENSES
Investment advisory fees		8,239,730			1,653,503			14,567,869			1,064,093
Professional fees		177			—			—			—

Total expenses		8,239,907			1,653,503			14,567,869			1,064,093

Net investment income		43,498,645			3,679,675			108,067,915			3,037,326


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(3,938,825	)		608,443			(20,181,700	)		(4,340,794	)
Investments —Affiliated		(24,492	)		(10,269	)		(13,846	)		(118	)
In-kind redemptions — Unaffiliated		155,387,240			10,335,981			31,988,797			4,399,722
Futures contracts		(1,338,488	)		(233,238	)		(2,583,328	)		—
Foreign currency transactions		1,133			(104,924	)		(291,795	)		(47,254	)

Net realized gain		150,086,568			10,595,993			8,918,128			11,556

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(262,913,913	)		(84,299,680	)		(900,144,028	)		(57,422,754	)
Investments —Affiliated		2,195			(16,264	)		3,424			891
Futures contracts		(218,824	)		158,530			4,081			—
Foreign currency translations		59,837			10,297			(39,834	)		451

Net change in unrealized appreciation (depreciation)		(263,070,705	)		(84,147,117	)		(900,176,357	)		(57,421,412	)

Net realized and unrealized loss		(112,984,137	)		(73,551,124	)		(891,258,229	)		(57,409,856	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(69,485,492	)	$	(69,871,449	)	$	(783,190,314	)	$	(54,372,530	)

See notes to financial statements.


FINANCIAL STATEMENTS			25

Statements of Changes in Net Assets


	iShares Global 100 ETF						iShares Global Clean Energy ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	43,498,645		$	45,836,906		$	3,679,675		$	3,713,701
Net realized gain (loss)		150,086,568			79,608,950			10,595,993			(6,288,318	)
Net change in unrealized appreciation (depreciation)		(263,070,705	)		2,352,493			(84,147,117	)		11,666,002

Net increase (decrease) in net assets resulting from operations		(69,485,492	)		127,798,349			(69,871,449	)		9,091,385


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(45,515,159	)		(42,460,909	)		(4,615,502	)		(4,413,876	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(60,711,857	)		165,436,043			365,118,771			47,708,758


NET ASSETS
Total increase (decrease) in net assets		(175,712,508	)		250,773,483			290,631,820			52,386,267
Beginning of year		2,031,280,828			1,780,507,345			208,595,436			156,209,169

End of year	$	1,855,568,320		$	2,031,280,828		$	499,227,256		$	208,595,436

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

See notes to financial statements.


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares Global Infrastructure ETF						iShares Global Timber & Forestry ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	108,067,915		$	83,142,815		$	3,037,326		$	8,983,142
Net realized gain (loss)		8,918,128			(44,540,561	)		11,556			57,899,867
Net change in unrealized appreciation (depreciation)		(900,176,357	)		171,493,004			(57,421,412	)		(141,914,436	)

Net increase (decrease) in net assets resulting from operations		(783,190,314	)		210,095,258			(54,372,530	)		(75,031,427	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(107,312,974	)		(86,415,467	)		(4,788,449	)		(9,560,479	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		806,319,774			198,463,264			(47,214,306	)		(76,396,878	)


NET ASSETS
Total increase (decrease) in net assets		(84,183,514	)		322,143,055			(106,375,285	)		(160,988,784	)
Beginning of year		2,825,830,151			2,503,687,096			279,553,158			440,541,942

End of year	$	2,741,646,637		$	2,825,830,151		$	173,177,873		$	279,553,158

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

See notes to financial statements.


FINANCIAL STATEMENTS			27

Financial Highlights

(For a share outstanding throughout each period)


	iShares Global 100 ETF
	Year Ended 03/31/20			Year Ended 03/31/19^(a)			Year Ended 03/31/18^(a)			Year Ended 03/31/17^(a)			Year Ended 03/31/16^(a)

Net asset value, beginning of year	$	47.57		$	45.54		$	40.90		$	36.07		$	38.43

Net investment income^(b)		1.06			1.14			1.02			1.05			1.03
Net realized and unrealized gain (loss)^(c)		(2.83	)		1.97			4.65			4.84			(2.34	)

Net increase (decrease) from investment operations		(1.77	)		3.11			5.67			5.89			(1.31	)


Distributions^(d)
From net investment income		(1.09	)		(1.08	)		(1.03	)		(1.06	)		(1.05	)

Total distributions		(1.09	)		(1.08	)		(1.03	)		(1.06	)		(1.05	)


Net asset value, end of year	$	44.71		$	47.57		$	45.54		$	40.90		$	36.07


Total Return
Based on net asset value		(3.91	)%		7.00	%		13.97	%		16.66	%^(e)		(3.52	)%


Ratios to Average Net Assets
Total expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%

Total expenses excluding professional fees for foreign withholding tax claims		0.40	%		N/A			N/A			0.40	%		N/A

Net investment income		2.11	%		2.46	%		2.30	%		2.78	%		2.78	%


Supplemental Data
Net assets, end of year (000)	$	1,855,568		$	2,031,281		$	1,780,507		$	1,590,950		$	1,630,166

Portfolio turnover rate^(f)		5	%		9	%		8	%		5	%		5	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

•

Total return by 0.01%

^(f)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Clean Energy ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	9.75		$	9.47		$	8.54		$	9.27		$	11.86

Net investment income^(a)		0.11			0.19			0.26			0.25			0.23
Net realized and unrealized gain (loss)^(b)		(0.08	)		0.32			0.90			(0.67	)		(2.59	)

Net increase (decrease) from investment operations		0.03			0.51			1.16			(0.42	)		(2.36	)


Distributions^(c)
From net investment income		(0.16	)		(0.23	)		(0.23	)		(0.31	)		(0.23	)

Total distributions		(0.16	)		(0.23	)		(0.23	)		(0.31	)		(0.23	)


Net asset value, end of year	$	9.62		$	9.75		$	9.47		$	8.54		$	9.27


Total Return
Based on net asset value		0.12	%		5.69	%		13.90	%		(4.39	)%		(20.17	)%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.47	%

Net investment income		1.01	%		2.13	%		2.91	%		2.86	%		2.28	%


Supplemental Data
Net assets, end of year (000)	$	499,227		$	208,595		$	156,209		$	80,235		$	83,418

Portfolio turnover rate^(d)		37	%		42	%		29	%		35	%		39	%

^(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.


FINANCIAL HIGHLIGHTS			29

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Infrastructure ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	44.78		$	42.73		$	42.18		$	39.18		$	41.89

Net investment income^(a)		1.54			1.34			1.44			1.29			1.26
Net realized and unrealized gain (loss)^(b)		(10.86	)		2.10			0.45			2.88			(2.80	)

Net increase (decrease) from investment operations		(9.32	)		3.44			1.89			4.17			(1.54	)


Distributions^(c)
From net investment income		(1.57	)		(1.39	)		(1.34	)		(1.17	)		(1.17	)

Total distributions		(1.57	)		(1.39	)		(1.34	)		(1.17	)		(1.17	)


Net asset value, end of year	$	33.89		$	44.78		$	42.73		$	42.18		$	39.18


Total Return
Based on net asset value		(21.75	)%		8.40	%		4.37	%		10.85	%		(3.55	)%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.47	%

Net investment income		3.38	%		3.15	%		3.24	%		3.22	%		3.21	%


Supplemental Data
Net assets, end of year (000)	$	2,741,647		$	2,825,830		$	2,503,687		$	1,560,481		$	932,422

Portfolio turnover rate^(d)		9	%		19	%		11	%		23	%		17	%

^(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.


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Timber & Forestry ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	63.82		$	78.11		$	57.39		$	47.07		$	54.68

Net investment income^(a)		0.79			1.57			0.82			1.06	^(b)		0.66
Net realized and unrealized gain (loss)^(c)		(15.27	)		(14.25	)		20.75			10.14			(7.30	)

Net increase (decrease)from investment operations		(14.48	)		(12.68	)		21.57			11.20			(6.64	)


Distributions^(d)
From net investment income		(1.24	)		(1.61	)		(0.85	)		(0.88	)		(0.97	)

Total distributions		(1.24	)		(1.61	)		(0.85	)		(0.88	)		(0.97


Net asset value, end of year	$	48.10		$	63.82		$	78.11		$	57.39		$	47.07


Total Return
Based on net asset value		(23.04	)%		(16.22	)%		37.92	%		24.18	%^(b)		(12.25	)%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.51	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.46	%		N/A			0.48	%		N/A

Net investment income		1.30	%		2.17	%		1.21	%		2.09	%^(b)		1.33	%


Supplemental Data
Net assets, end of year (000)	$	173,178		$	279,553		$	440,542		$	234,161		$	180,739

Portfolio turnover rate^(e)		10	%		18	%		31	%		17	%		22	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

•

Net investment income per share by $0.14.

•

Total return by 0.30%.

•

Ratio of net investment income to average net assets by 0.27%.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			31

Notes to Financial Statements

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
Global 100^(a)		Diversified
Global Clean Energy		Non-diversified
Global Infrastructure		Diversified
Global Timber & Forestry		Non-diversified

^(a)

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign CurrencyTranslation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. 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


NOTES TO FINANCIAL STATEMENTS			33


Notes to Financial Statements (continued)

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.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
Global 100
Citigroup Global Markets Inc.	$	12,082,125	$	12,082,125	$	—	$	—
HSBC Bank PLC		4,648		4,648		—		—
Morgan Stanley & Co. LLC		3,451,071		3,451,071		—		—

	$	15,537,844	$	15,537,844	$	—	$	—

Global Clean Energy
Barclays Bank PLC	$	127,784	$	127,784	$	—	$	—
Barclays Capital Inc.		82,713		82,713		—		—
BMO Capital Markets		53,378		50,041		—		(3,337	)^(b)
BNP Paribas Prime Brokerage International Ltd.		1,408,938		1,371,043		—		(37,895	)^(b)
Citigroup Global Markets Inc.		5,733,683		5,733,683		—		—
Credit Suisse AG		2,244,901		2,244,901		—		—
Credit Suisse Securities (USA) LLC		1,002,524		1,002,524		—		—
Deutsche Bank Securities Inc.		2,956		2,956		—		—
Goldman Sachs & Co.		21,245,691		21,245,691		—		—
JPMorgan Securities LLC		19,383,281		19,383,281		—		—
Morgan Stanley & Co. LLC		8,047,675		8,047,675		—		—
National Financial Services LLC		1,469,574		1,469,574		—		—
Natixis Securities Americas LLC		212,888		212,888		—		—
Nomura Securities International Inc.		346,704		346,704		—		—
Scotia Capital (USA) Inc.		720,258		720,258		—		—
UBS AG		8,294,892		8,294,892		—		—
Wells Fargo Securities LLC		640,874		640,874		—		—

	$	71,018,714	$	70,977,482	$	—	$	(41,232	)

Global Infrastructure
BofA Securities, Inc.	$	2,303,563	$	2,303,563	$	—	$	—
JPMorgan Securities LLC		98,329		98,329		—		—
Morgan Stanley & Co. LLC		306,915		306,915		—		—
National Financial Services LLC		69,745		69,745		—		—
Natixis Securities Americas LLC		570,933		570,933		—		—

	$	3,349,485	$	3,349,485	$	—	$	—

Global Timber & Forestry
Deutsche Bank Securities Inc.	$	18,834	$	18,834	$	—	$	—
Goldman Sachs & Co.		2,060,625		2,060,625		—		—

	$	2,079,459	$	2,079,459	$	—	$	—

^(a)

^(b)


34		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equalization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract 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.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to the iShares Global 100 ETF, BFA is entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to each of the iShares Global Clean Energy, iShares Global Infrastructure and iShares Global Timber & Forestry ETFs, BFA is entitled to 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 $10 billion		0.48	%
Over $10 billion, up to and including $20 billion		0.43
Over $20 billion		0.38

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.


NOTES TO FINANCIAL STATEMENTS			35

Notes to Financial Statements (continued)

will retain for the remainder of that calendar year 85% 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.


iShares ETF	Fees Paid to BTC
Global 100	$	7,419
Global Clean Energy		87,950
Global Infrastructure		36,699
Global Timber & Forestry		607

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

For the year ended March 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Global 100	$	9,920,363	$	5,033,515	$	(15,980	)
Global Clean Energy		2,522,372		—		—
Global Infrastructure		4,120,514		8,681,880		(341,750	)
Global Timber & Forestry		24,131		546,694		(250,918	)

7.	PURCHASES AND SALES

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Global 100	$	117,719,741	$	104,478,190
Global Clean Energy		146,639,881		135,405,048
Global Infrastructure		370,672,987		297,220,401
Global Timber & Forestry		23,693,617		22,478,637

For the year ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Global 100	$	293,665,152	$	371,315,654
Global Clean Energy		380,303,121		26,238,034
Global Infrastructure		839,304,633		121,844,129
Global Timber & Forestry		34,603,790		77,401,677

8.	INCOME TAX INFORMATION


36		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2020, 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:


iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
Global 100	$	148,726,581	$	(148,726,581	)
Global Clean Energy		8,713,542		(8,713,542	)
Global Infrastructure		28,225,054		(28,225,054	)
Global Timber & Forestry		410,790		(410,790	)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
Global 100 Ordinary income	$	45,515,159	$	42,460,909

Global Clean Energy Ordinary income	$	4,615,502	$	4,413,876

Global Infrastructure Ordinary income	$	107,312,974	$	86,415,467

Global Timber & Forestry Ordinary income	$	4,788,449	$	9,560,479

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards^(a)			Net Unrealized Gains (Losses)^(b)			Qualified Late-Year Losses^(c)			Total
Global 100	$	11,718,041	$	(73,980,341	)	$	68,908,819		$	—		$	6,646,519
Global Clean Energy		—		(57,255,565	)		(69,189,161	)		(78,832	)		(126,523,558	)
Global Infrastructure		11,218,799		(151,587,611	)		(780,425,800	)		—			(920,794,612	)
Global Timber & Forestry		—		(4,917,787	)		(88,993,889	)		(26,867	)		(93,938,543	)

^(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, foreign withholding tax reclaims and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended March 31, 2020, the iShares Global Clean Energy ETF utilized $43,779 of its capital loss carryforwards.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global 100	$	1,798,146,340	$	395,958,562	$	(327,091,563	)	$	68,866,999
Global Clean Energy		638,484,378		15,681,960		(84,878,819	)		(69,196,859	)
Global Infrastructure		3,520,531,373		137,683,351		(918,057,557	)		(780,374,206	)
Global Timber & Forestry		263,985,357		3,326,819		(92,410,408	)		(89,083,589	)

9.	PRINCIPAL RISKS


NOTES TO FINANCIAL STATEMENTS			37

Notes to Financial Statements (continued)

instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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.

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
Global 100
Shares sold		6,250,000		$	316,754,780			8,400,000	^(a)	$	388,947,876
Shares redeemed		(7,450,000	)		(377,466,637	)		(4,800,000	)^(a)		(223,511,833	)

Net increase(decrease)		(1,200,000	)	$	(60,711,857	)		3,600,000		$	165,436,043

Global Clean Energy
Shares sold		33,000,000		$	391,505,957			6,000,000		$	56,922,819
Shares redeemed		(2,500,000	)		(26,387,186	)		(1,100,000	)		(9,214,061	)

Net increase		30,500,000		$	365,118,771			4,900,000		$	47,708,758


38		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
Global Infrastructure
Shares sold		20,500,000		$	930,076,317			9,900,000		$	422,092,787
Shares redeemed		(2,700,000	)		(123,756,543	)		(5,400,000	)		(223,629,523	)

Net increase		17,800,000		$	806,319,774			4,500,000		$	198,463,264

Global Timber & Forestry
Shares sold		600,000		$	38,385,351			1,500,000		$	118,633,716
Shares redeemed		(1,380,000	)		(85,599,657	)		(2,760,000	)		(195,030,594	)

Net decrease		(780,000	)	$	(47,214,306	)		(1,260,000	)	$	(76,396,878	)

^(a)

Share transactions reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

11.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares Global 100 ETF and iShares Global Timber & Forestry ETF have filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded receivables for all recoverable taxes withheld by Finland based upon recent favorable determinations issued by the Finnish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Funds continue to evaluate developments in Finland for potential impact to the receivables and payables recorded. Finnish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities.

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares Global 100 ETF and iShares Global Timber & Forestry ETF is able to pass through to its shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

12.

LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

13.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			39

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Global 100 ETF, iShares Global Clean Energy ETF,

iShares Global Infrastructure ETF and iShares Global Timber & Forestry ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Global 100 ETF, iShares Global Clean Energy ETF, iShares Global Infrastructure ETF and iShares Global Timber & Forestry ETF (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2020 (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, 2020, 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, 2020 and each of the financial highlights for each of the five years in the period ended March 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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, 2020 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 26, 2020

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


40		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended March 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
Global 100		62.03	%
Global Clean Energy		26.75	%
Global Infrastructure		35.35	%
Global Timber & Forestry		27.04	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
Global 100	$	54,772,706
Global Clean Energy		5,470,127
Global Infrastructure		123,300,020
Global Timber & Forestry		3,611,727

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Business Income
Global 100	$	218,235

For the fiscal year ended March 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Global Clean Energy	$	6,629,996	$	482,495
Global Infrastructure		88,883,089		8,333,719
Global Timber & Forestry		3,016,107		2,397


IMPORTANT TAX INFORMATION			41

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Global 100 ETF, iShares Global Clean Energy ETF, iShares Global Infrastructure ETF and iShares Global Timber & Forestry ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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:


42		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

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.


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Global 100^(a)	$	1.063271	$	—	$	0.024367	$	1.087638		98	%		—	%		2	%		100	%
Global Clean Energy^(a)		0.140127		—		0.019699		0.159826		88			—			12			100
Global Infrastructure^(a)		1.475220		—		0.092841		1.568061		94			—			6			100
Global Timber & Forestry^(a)		1.027174		—		0.210661		1.237835		83			—			17			100

^(a)

Premium/Discount Information

iShares Global 100 ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.0% and Less than 1.5%		1		0.08	%
Greater than 0.5% and Less than 1.0%		7		0.53
Greater than 0.0% and Less than 0.5%		598		45.30
At NAV		36		2.73
Less than 0.0% and Greater than –0.5%		659		49.92
Less than –0.5% and Greater than –1.0%		17		1.29
Less than –1.0% and Greater than –1.5%		2		0.15

		1,320		100.00	%


SUPPLEMENTAL INFORMATION			43

Supplemental Information (unaudited) (continued)

iShares Global Clean Energy ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.0% and Less than 1.5%		26		1.97	%
Greater than 0.5% and Less than 1.0%		173		13.11
Greater than 0.0% and Less than 0.5%		749		56.73
At NAV		19		1.44
Less than 0.0% and Greater than –0.5%		298		22.58
Less than –0.5% and Greater than –1.0%		45		3.41
Less than –1.0% and Greater than –1.5%		8		0.61
Less than –1.5% and Greater than –2.0%		2		0.15

		1,320		100.00	%

iShares Global Infrastructure ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5% and Less than 2.0%		1		0.08	%
Greater than 1.0% and Less than 1.5%		2		0.15
Greater than 0.5% and Less than 1.0%		37		2.80
Greater than 0.0% and Less than 0.5%		792		60.00
At NAV		33		2.50
Less than 0.0% and Greater than –0.5%		423		32.05
Less than –0.5% and Greater than –1.0%		28		2.12
Less than –1.0% and Greater than –1.5%		4		0.30

		1,320		100.00	%

iShares Global Timber & Forestry ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0% and Less than 2.5%		1		0.08	%
Greater than 0.5% and Less than 1.0%		18		1.36
Greater than 0.0% and Less than 0.5%		638		48.33
At NAV		28		2.12
Less than 0.0% and Greater than –0.5%		587		44.47
Less than –0.5% and Greater than –1.0%		40		3.03
Less than –1.0% and Greater than –1.5%		4		0.30
Less than –1.5% and Greater than –2.0%		3		0.23
Less than –2.0% and Greater than –2.5%		1		0.08

		1,320		100.00	%


44		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

The registered investment companies advised by BFAor 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 367 funds as of March 31, 2020. 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., ParkAvenue 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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito^(a) (63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji^(b) (49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


TRUSTEE AND OFFICER INFORMATION			45

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).
Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017);Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


46		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q.The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			47

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

NVS		Non-Voting Shares


48		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

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”).

iS-AR-303-0320


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares Global Comm Services ETF | IXP | NYSE Arca

iShares Global Consumer Discretionary ETF | RXI | NYSE Arca

iShares Global Consumer Staples ETF | KXI | NYSE Arca

iShares Global Energy ETF | IXC | NYSE Arca

iShares Global Financials ETF | IXG | NYSE Arca

iShares Global Healthcare ETF | IXJ | NYSE Arca

iShares Global Industrials ETF | EXI | NYSE Arca

iShares Global Materials ETF | MXI | NYSE Arca

iShares Global Tech ETF | IXN | NYSE Arca

iShares Global Utilities ETF | JXI | NYSE Arca

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		24
Shareholder Expenses		24
Schedules of Investments		25
Financial Statements
Statements of Assets and Liabilities		59
Statements of Operations		62
Statements of Changes in Net Assets		65
Financial Highlights		70
Notes to Financial Statements		80
Report of Independent Registered Public Accounting Firm		91
Important Tax Information (Unaudited)		92
Statement Regarding Liquidity Risk Management Program		93
Supplemental Information		94
Trustee and Officer Information		99
General Information		101
Glossary of Terms Used in this Report		102

Market Overview

iShares Trust

Global Market Overview


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		iShares^® Global Comm Services ETF

Investment Objective

The iShares Global Comm Services ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the communication services sector, as represented by the S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index^TM (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		(5.70	)%		0.11	%		4.60	%		(5.70	)%		0.53	%		56.81	%
Fund Market		(5.63	)		0.15			4.59			(5.63	)		0.75			56.69
Index^(a)		(5.31	)		0.08			4.52			(5.31	)		0.41			55.66
S&P Global 1200 Communication Services Sector Index^™		(4.87	)		0.18			4.57			(4.87	)		0.88			56.27
S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index^™^(b)		(5.37	)		N/A			N/A			(5.37	)		N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through June 23, 2019 reflects the performance of the S&P Global 1200 Communication Services Sector Index^TM. Index performance beginning on June 24, 2019 reflects the performance of S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index^TM, which, effective as of June 24, 2019, replaced the S&P Global 1200 Communication Services Sector Index^TM as the underlying index of the fund.

^(b)

The inception date of the S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index^TM was February 11, 2019.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	910.50	$	2.15		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Global Comm Services ETF

Portfolio Management Commentary

Global communication services stocks declined during the reporting period in a rapidly changing environment complicated by the coronavirus outbreak. While the global streaming entertainment market grew, the introduction of new services increased competition. The coronavirus outbreak led consumers to spend more time at home, leading to higher viewership and interactive video use, but communication services stocks declined amid the resulting economic disruptions.

U.S. media stocks detracted the most from the Index’s return. For much of the reporting period, costs associated with consolidation in the industry, reduced revenue from advertising, and the loss of traditional cable customers due to competition from streaming services weighed on returns. Following the coronavirus outbreak, stocks declined sharply on expectations that economic disruption could reduce consumer spending on media, accelerating the loss of cable subscriptions and reducing advertising revenues. The cancellation of major revenue-generating sporting events, such as the Olympics, as well as the closure of theme parks, to which the industry is exposed, was also detrimental.

The U.S. telecommunications services industry also detracted from the Index’s return. Despite expectations of higher demand for streaming services due to ongoing stay-at-home orders, diversified telecommunication services stocks nevertheless declined. Concerns that the impending recession would lower disposable incomes and lead to reduced subscription revenue drove the industry lower. Anticipated supply disruptions from China, especially of 5G equipment and smartphones, and the suspension of planned stock buybacks also weighed on returns.

Telecommunications services stocks in the U.K. were also Index detractors. Concerns about possible government intervention in the industry, declining revenues due to the highly competitive environment, and increased costs associated with the rollout of 5G networks weighed on returns. The French media and entertainment industry also detracted meaningfully from the Index’s return on declining advertising revenues, exacerbated by concerns about the economic effects of the coronavirus outbreak.

On the upside, the Japanese telecommunications services industry contributed to the Index’s returns. Stocks gained amid expanding 5G networks and new plans and services that take advantage of the technology.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Interactive Media & Services	42.6	%
Diversified Telecommunication Services	20.9
Entertainment	15.5
Wireless Telecommunication Services	10.6
Media	10.4

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	64.2	%
China	9.9
Japan	9.4
Canada	2.9
United Kingdom	2.8
France	2.0
Germany	1.7
Spain	1.2
Australia	0.8
South Korea	0.8


FUND SUMMARY			5


Fund Summary as of March 31, 2020		iShares^® Global Consumer Discretionary ETF

Investment Objective

The iShares Global Consumer Discretionary ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the consumer discretionary sector, as represented by the S&P Global 1200 Consumer Discretionary (Sector) Capped Index^TM (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		(14.71	)%		2.49	%		8.97	%		(14.71	)%		13.09	%		136.00	%
Fund Market		(14.95	)		2.47			8.92			(14.95	)		12.95			135.00
Index^(a)		(14.76	)		2.57			8.97			(14.76	)		13.55			136.10
S&P Global 1200 Consumer Discretionary Sector Index^™		(12.20	)		3.18			9.29			(12.20	)		16.97			143.13
S&P Global 1200 Consumer Discretionary (Sector) Capped Index^™^(b)		N/A			N/A			N/A			N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through September 22, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary Sector Index^TM. Index performance beginning on September 23, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary (Sector) Capped Index^TM, which, effective as of September 23, 2019, replaced the S&P Global 1200 Consumer Discretionary Sector Index^TM as the underlying index of the fund.

^(b)

The inception date of the S&P Global 1200 Consumer Discretionary (Sector) Capped IndexTM was May 20, 2019.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	799.20	$	2.02		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Global Consumer Discretionary ETF

Portfolio Management Commentary

Global consumer discretionary stocks declined for the reporting period, due largely to the economic effects of the coronavirus outbreak. In the U.S., which represented approximately 59% of the Index on average, the hotels, resorts, and cruise lines industry detracted the most from the Index’s performance. Cruise lines declined substantially following a series of negative developments, including cruise ship passengers contracting the virus, a subsequent U.S. State Department recommendation that Americans avoid travel on cruise ships, and President Trump’s ban on travel from European countries. Travel restrictions and bans on large gatherings weighed on the hotels industry, as bookings declined precipitously. U.S.-based restaurants companies were similarly pressured by coronavirus fallout, as many states mandated restaurant closures or limited the scope of their services. The prospect of a prolonged disruption and uncertainty surrounding the extent of the restrictions further dampened performance.

The U.S. retail industry also detracted from the Index’s return. Even before the potential economic effects of the coronavirus outbreak began to emerge, major home improvement retailers struggled due to competition within the space. Automotive retailers and apparel companies were negatively affected by the widespread closure of non-essential businesses. Auto parts sellers declined sharply, as social distancing rules kept consumers at home and driving less. With shoppers buying mainly essential items and a recession looming, stocks of discount apparel retailers faced steep selloffs.

Also within the U.S., the homebuilding industry detracted from the Index’s performance. Global supply chain disruptions and an anticipated decline in demand for new homes as unemployment claims reached record levels weighed on homebuilding companies.

Companies based in Germany also detracted from the Index’s performance, notably those in the automobiles and auto parts and equipment industries. German automobile manufacturers halted production to curb the spread of the coronavirus, and warned of the potential for significant declines in sales and profits. Factory shutdowns by automakers also weighed on German auto parts suppliers.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Retailing	41.5	%
Consumer Durables & Apparel	23.4
Automobiles & Components	18.6
Consumer Services	16.5

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	54.1	%
Japan	18.0
France	8.4
Germany	5.0
United Kingdom	4.2
China	1.5
Switzerland	1.3
Australia	1.3
Canada	1.3
Netherlands	1.0


FUND SUMMARY			7


Fund Summary as of March 31, 2020		iShares^® Global Consumer Staples ETF

Investment Objective

The iShares Global Consumer Staples ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the consumer staples sector, as represented by the S&P Global 1200 Consumer Staples (Sector) Capped Index^TM (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		(5.10	)%		3.29	%		7.56	%		(5.10	)%		17.57	%		107.28	%
Fund Market		(5.27	)		3.28			7.54			(5.27	)		17.51			106.87
Index^(a)		(5.23	)		3.21			7.53			(5.23	)		17.11			106.70
S&P Global 1200 Consumer Staples Sector Index^™		(5.31	)		3.19			7.52			(5.31	)		17.01			106.45
S&P Global 1200 Consumer Staples (Sector) Capped Index^™^(b)		N/A			N/A			N/A			N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Index performance through June 23, 2019 reflects the performance of the S&P Global 1200 Consumer Staples Sector Index^TM. Index performance beginning on June 24, 2019 reflects the performance of the S&P Global 1200 Consumer Staples (Sector) Capped Index^TM, which, effective as of June 24, 2019, replaced the S&P Global 1200 Consumer Staples Sector Index^TM as the underlying index of the fund.

^(b)

The inception date of the S&P Global 1200 Consumer Staples (Sector) Capped Index^TM was May 20, 2019.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	885.40	$	2.12		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Global Consumer Staples ETF

Portfolio Management Commentary

Global consumer staples stocks declined during the reporting period, as a sharp downturn caused by the economic impact of the coronavirus outbreak erased earlier gains for the sector. In the U.K., the most significant detractor from the Index’s return, tobacco companies were a source of weakness, pressured by decreasing sales of tobacco products in the U.S., a major market. The distillers and vintners industry also detracted from the Index’s performance. Before coronavirus containment efforts prompted governments in many countries to close bars and restaurants, the industry performed strongly based on prospects for increased sales of scotch and beer. However, the likelihood of lower sales due to restrictions on social gatherings, particularly in Asia, led to substantially lower expectations for 2020 profits.

Distillers were not the only companies in the beverages industry to feel an impact from the coronavirus, as the Belgian brewers industry was another area of weakness for the Index. Prior to the coronavirus outbreak, the industry faced headwinds from the growth in popularity of hard seltzer drinks, which reduced brewers’ market share. After the outbreak, with consumers unable to drink at bars or sporting events, profits declined.

The household and personal products industry in the Netherlands also detracted notably from the Index’s return. The industry experienced a slowdown in sales, particularly in regions such as India and the Middle East. U.S.-based companies also struggled, especially in the tobacco industry. Cigarette makers declined after the implementation of coronavirus-related distancing measures halted production at manufacturing facilities in the U.S. and Italy.

On the upside, the packaged foods and meats industry in Switzerland contributed the most to the Index’s return. Swiss global food manufacturers benefited from significant growth in net profits driven by a focus on meeting consumer demand for premium offerings in faster-growing areas, such as coffee and plant-based food products. Swiss food makers also posted strong gains on the basis of chocolate sales growth in Europe and the opening of new stores.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Packaged Foods & Meats	23.8	%
Household Products	17.1
Tobacco	10.6
Personal Products	10.4
Hypermarkets & Super Centers	9.8
Soft Drinks	9.8
Food Retail	6.5
Distillers & Vintners	4.9
Brewers	4.4
Drug Retail	1.2
Other (each representing less than 1%)	1.5

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	51.6	%
United Kingdom	11.4
Switzerland	10.5
Japan	7.8
France	5.0
Netherlands	4.3
Canada	1.7
Australia	1.5
Belgium	1.3
Sweden	1.0


FUND SUMMARY			9


Fund Summary as of March 31, 2020		iShares^® Global Energy ETF

Investment Objective

The iShares Global Energy ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the energy sector, as represented by the S&P Global 1200 Energy Sector Index^TM (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		(45.73	)%		(10.26	)%		(3.98	)%		(45.73	)%		(41.81	)%		(33.37	)%
Fund Market		(46.28	)		(10.45	)		(4.10	)		(46.28	)		(42.42	)		(34.23	)
Index		(46.04	)		(10.50	)		(4.09	)		(46.04	)		(42.57	)		(34.11	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	584.90	$	1.78		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Global Energy ETF

Portfolio Management Commentary

Global energy stocks posted sharply negative returns during the reporting period as the price of oil declined by approximately 64%. Oil prices fluctuated throughout 2019 but remained low despite production cuts by OPEC and reduced capacity due to geopolitical tensions in the Middle East. Demand for crude oil slumped as expectations for global economic growth were revised lower due to the ongoing trade dispute between the U.S. and China, the world’s top consumers of oil, which further weighed on oil prices.

In early 2020, energy markets experienced twin supply and demand shocks, which drove down the price of oil to $20 per barrel, a 21-year low. A disagreement between Saudi Arabia and Russia, the second and third largest oil producers in the world, raised expectations for a large increase in oil production. On the demand side, the global spread of the coronavirus led to an economic standstill. As businesses closed, consumers stayed home, airlines canceled flights, and the demand for oil sank.

Oil, gas, and consumable fuels stocks in the U.S., the U.K., and Canada, which together constituted approximately 75% of the Index on average for the reporting period, were the primary detractors from return. The industry, which relies heavily on borrowing, struggled amid credit downgrades and defaults. Multinational integrated oil and gas companies with heavy debt loads reduced capital expenses and considered suspending dividends and stock buyback programs. Oil and gas exploration and production companies scaled back drilling operations and lowered production estimates as oil declined well below $50 per barrel. As drillers reduced capital spending budgets and production targets, oil and gas storage and transportation companies, whose profits are determined by the volume of oil moved, struggled due to lower activity. Refiners, who use oil as an input and typically benefit when prices fall, were negatively affected by travel restrictions, which led to lower demand for their finished product.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Integrated Oil & Gas	62.2	%
Oil & Gas Storage & Transportation	13.4
Oil & Gas Exploration & Production	13.2
Oil & Gas Refining & Marketing	7.5
Oil & Gas Equipment & Services	3.4
Other (each representing less than 1%)	0.3

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	46.8	%
United Kingdom	17.9
Canada	12.8
France	8.1
China	2.4
Italy	2.4
Australia	2.0
Brazil	1.8
Japan	1.4
Finland	1.2


FUND SUMMARY			11


Fund Summary as of March 31, 2020		iShares^® Global Financials ETF

Investment Objective

The iShares Global Financials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the financials sector, as represented by the S&P Global 1200 Financials Sector Index^TM (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		(20.85	)%^(a)		(1.06	)%		2.64	%		(20.85	)%^(a)		(5.18	)%		29.76	%
Fund Market		(20.72	)		(1.03	)		2.66			(20.72	)		(5.07	)		30.03
Index		(20.76	)		(1.01	)		2.70			(20.76	)		(4.94	)		30.59

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

The NAV total return presented in the table for the one-year period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	749.50	$	1.97		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Global Financials ETF

Portfolio Management Commentary

Global financials stocks declined sharply for the reporting period. Despite solid gains during 2019, financials stocks struggled amid the sudden decrease in economic activity following the coronavirus outbreak, which led to expectations of a global recession and weighed heavily on financials stocks.

Financials stocks in the U.S., which constituted approximately 48% of the Index on average during the reporting period, were the leading detractors from the Index’s return. Prior to the coronavirus outbreak, financials companies — particularly banks, supported by increased deposits, higher trading revenues, and a rise in consumer lending — posted solid returns. Following the outbreak, social distancing measures aimed at slowing the spread of the virus negatively affected banks, which lend to companies in many industries that were disrupted by broad shutdowns. Concerns that an impending recession would reduce the demand for loans and increase the risk of loan defaults weighed heavily on industry returns, as did the Fed’s emergency interest rate cuts, which are likely to pressure profitability, particularly for banks that already had low deposit costs.

Diversified financials stocks also detracted from the Index’s return. The consumer finance industry struggled due to a sharp decline in consumer transactions, a major source of credit card company revenues. Among capital markets stocks, investment banks and asset managers declined amid expectations of reduced underwriting and advisory fees due to reductions in capital-raising, fewer assets under management, and lower asset valuations.

U.K. and Australian banks were also notable detractors from the Index’s return, struggling with the pessimistic revenue outlook from a reduction in loans due to the economic effects of the pandemic. At the end of reporting period, U.K. banks announced that they would comply with the Bank of England’s request to suspend stock buybacks and dividends to shareholders, driving their stock prices sharply lower. Australian bank stocks also weakened after a suspension of dividend payments. An interest rate decrease by Australia’s central bank, which was passed directly to consumers in the form of lower mortgage rates, further weighed on the industry.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Banks	47.5	%
Insurance	23.6
Capital Markets	18.1
Diversified Financial Services	8.8
Consumer Finance	2.0
Equity Real Estate Investment Trusts (REITs)	0.0	^(b)

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	48.2	%
Canada	7.8
United Kingdom	6.6
Japan	5.3
China	5.2
Australia	4.5
Switzerland	3.5
Hong Kong	3.3
Germany	3.2
France	1.9


FUND SUMMARY			13


Fund Summary as of March 31, 2020		iShares^® Global Healthcare ETF

Investment Objective

The iShares Global Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the healthcare sector, as represented by the S&P Global 1200 Health Care Sector Index^TM (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		1.23	%		4.49	%		10.94	%		1.23	%		24.54	%		182.47	%
Fund Market		1.38			4.49			10.95			1.38			24.55			182.72
Index		1.21			4.55			11.00			1.21			24.94			183.94

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,005.40	$	2.26		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Global Healthcare ETF

Portfolio Management Commentary

Global healthcare stocks advanced modestly during the reporting period. Healthcare stocks gained throughout most of the reporting period amid supportive secular trends including an aging population and the associated higher demand for healthcare goods and services around the world. Although the sharp market decline due to economic uncertainty surrounding the coronavirus outbreak largely reversed these gains, healthcare stocks recovered somewhat to end the reporting period with positive overall returns. Pharmaceuticals stocks based in Switzerland were the leading contributors to the Index’s return, advancing due to strong sales growth of multiple sclerosis and hemophilia treatments. The U.S. Food and Drug Administration’s emergency approval of a coronavirus test produced by a Swiss pharmaceutical manufacturer also bolstered performance.

Japanese healthcare stocks also contributed to the Index’s return, with healthcare equipment and supplies manufacturers and pharmaceuticals companies driving the country’s gains. Medical equipment makers were key beneficiaries of rising demand for goods and services from the expanding elderly population. Manufacturers of remote monitoring equipment for conditions such as diabetes gained amid the country’s rising healthcare expenditures and an ongoing shift from onsite to home-based medical care. In the pharmaceuticals industry, strong revenues from new and existing therapies for blood disorders, vaccines, and cancer treatments bolstered performance.

On the downside, healthcare stocks in the U.S. weighed on performance. Much of the detraction stemmed from sharp market declines that began in mid-February 2020 as concerns about the economic impact of the coronavirus mounted. The healthcare equipment and supplies industry was the largest detractor, as a reduction in elective procedures caused lower demand for many types of medical equipment. The pharmaceuticals industry struggled during much of the reporting period, weighed down by competition from generic drug manufacturers. Following the emergence of the coronavirus, drug makers declined due to concerns about production disruptions, as the majority of their ingredients are sourced from Asia, where manufacturing activity slowed or stopped. Expectations of slower sales to China, a large market for U.S. pharmaceutical companies, and delayed drug development schedules also suppressed performance.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Pharmaceuticals	46.2	%
Health Care Equipment & Supplies	20.5
Health Care Providers & Services	13.7
Biotechnology	13.3
Life Sciences Tools & Services	5.6
Health Care Technology	0.7

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	67.0	%
Switzerland	10.8
Japan	6.4
United Kingdom	4.6
Denmark	2.6
Germany	2.2
Australia	2.1
France	2.1
Netherlands	0.8
Belgium	0.4


FUND SUMMARY			15


Fund Summary as of March 31, 2020		iShares^® Global Industrials ETF

Investment Objective

The iShares Global Industrials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the industrials sector, as represented by the S&P Global 1200 Industrials Sector Index^TM (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		(18.08	)%		1.69	%		5.96	%		(18.08	)%		8.72	%		78.46	%
Fund Market		(18.14	)		1.65			5.95			(18.14	)		8.55			78.18
Index		(17.98	)		1.67			5.93			(17.98	)		8.66			77.92

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	788.00	$	2.01		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Global Industrials ETF

Portfolio Management Commentary

Global industrials stocks declined sharply during the reporting period as losses due to the coronavirus outbreak erased earlier gains from 2019. Easing trade tensions between the U.S. and China and loosening monetary policies by central banks benefited industrials stocks in 2019. In 2020, however, the coronavirus outbreak and international efforts to contain the pandemic led to a disruption of global manufacturing, which weighed heavily on industrials stocks.

The U.S. capital goods industry, which produces heavy equipment and machinery, was the largest detractor amid declines in factory orders and employment. Aerospace and defense companies struggled as travel volumes dwindled due to the coronavirus outbreak, and airlines cancelled or delayed orders for new aircraft to preserve capital, hindering U.S. aircraft and component manufacturers. Government directives for workers to stay home forced factory closures, leading to reduced production. Investor concerns surrounding supply chain disruptions for parts needed for manufacturing and ongoing technical problems with some aircraft also weighed on returns.

The global economic slowdown also weighed on U.S. industrial conglomerates stocks, whose declines were exacerbated by oil price volatility amid intense competition between Saudi Arabia and Russia due to the industry’s sizable exposure to energy companies. The machinery industry also weighed on performance amid expectations of reduced demand, particularly from energy and mining companies. Supply disruptions, especially in Asia, where many factories were forced to shut down, also had a negative effect on the industry.

U.S. transportation stocks also detracted from the Index’s return. As governments imposed travel restrictions, air travel was sharply curtailed, which hindered airline stocks. The road and rail industry was similarly affected due to reduced demand for cargo transport.

Outside of the U.S., Japanese and French industrials stocks were smaller, although meaningful, detractors from the Index’s returns. In both countries, the capital goods industry was the largest detractor as French and Japanese factories were forced to shut down in early 2020 to comply with government policies designed to reduce the spread of the coronavirus.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Capital Goods	66.5	%
Transportation	21.2
Commercial & Professional Services	12.3

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	50.9	%
Japan	16.7
France	7.0
United Kingdom	5.4
Canada	3.5
Sweden	3.4
Germany	3.3
Switzerland	2.6
Australia	1.3
Denmark	1.3


FUND SUMMARY			17


Fund Summary as of March 31, 2020		iShares^® Global Materials ETF

Investment Objective

The iShares Global Materials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the materials sector, as represented by the S&P Global 1200 Materials Sector Index^TM (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		(19.66	)%		(0.17	)%		(0.12	)%		(19.66	)%		(0.87	)%		(1.17	)%
Fund Market		(19.69	)		(0.16	)		(0.13	)		(19.69	)		(0.81	)		(1.26	)
Index		(19.57	)		(0.07	)		0.05			(19.57	)		(0.37	)		0.47

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	800.50	$	2.03		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Global Materials ETF

Portfolio Management Commentary

Global materials stock prices declined sharply during the reporting period, primarily due to the coronavirus outbreak. Materials stocks advanced in 2019 despite uncertainty about global growth and trade tensions between the U.S. and China, which negatively affected commodities and chemicals due to China’s leading role in demand in both industries. The coronavirus pandemic exacerbated weaknesses in the materials sector, as quarantine orders by governments forced mining operations to close and lower manufacturing activity in China led to a sharp reduction in demand for chemicals.

Materials stocks in the U.S. detracted the most from the Index’s performance, led by the chemicals industry. Before the outbreak, the industry was weighed down by costly reorganization and concerns regarding legal liability tied to environmental impacts of specialty chemicals products. As the outbreak continued, concerns about lower demand for chemicals, particularly from the construction and automotive industries, mounted. To slow the spread of the virus, commodity chemicals companies closed plants and refineries. Chemical manufacturing was also affected by lower supplies of raw materials, many of which are produced in China, further weighing on the industry.

Detraction among U.K. materials stocks was driven by the diversified metals and mining industry, which struggled even before the pandemic amid weakening production of metals such as iron and copper, and sharply falling prices for commodities such as cobalt. After the onset of the coronavirus pandemic, commodities metals prices dropped further and companies were forced to reduce or close some of their operations to comply with government restrictions, which reduced the global supply of metals.

Materials stocks in Australia and Germany were also meaningful detractors. In Australia, metals and mining companies were challenged as decreased manufacturing in China due to ongoing trade tensions with the U.S reduced demand for commodities such as steel. The pandemic further reduced demand for commodities such as copper and forced mining companies to modify operations, threatening supply. In Germany, lower demand from auto makers weighed on chemicals companies, the largest materials detractors.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Chemicals	54.1	%
Metals & Mining	31.1
Containers & Packaging	6.2
Construction Materials	5.6
Paper & Forest Products	3.0

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	28.8	%
Australia	9.4
United Kingdom	8.6
Ireland	8.4
Japan	8.1
Canada	8.1
Germany	5.0
Switzerland	4.7
France	4.5
Netherlands	2.8


FUND SUMMARY			19


Fund Summary as of March 31, 2020		iShares^® Global Tech ETF

Investment Objective

The iShares Global Tech ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the technology sector, as represented by the S&P Global 1200 Information Technology Sector Index^TM (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		8.33	%		14.79	%		13.37	%		8.33	%		99.34	%		250.79	%
Fund Market		8.16			14.75			13.34			8.16			98.93			249.94
Index		8.43			14.92			13.62			8.43			100.46			258.70

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	996.60	$	2.25		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Global Tech ETF

Portfolio Management Commentary

Global information technology stocks advanced during the reporting period. Technology companies gained throughout most of the reporting period amid strong sales and earnings. The sector benefited from loosening global monetary policy and progress in reducing trade tensions. Although the sharp market decline due to economic uncertainty surrounding the coronavirus outbreak largely reversed these gains, technology stocks recovered somewhat to end the reporting period with positive returns.

The U.S., which constituted approximately 80% of the Index on average for the reporting period, was the largest contributor to the Index’s return. The systems software industry was the largest U.S. contributor. Revenues and profits rose amid increasing demand for cloud computing as well as for productivity software subscriptions, particularly on the commercial side. The industry’s gains were tempered by declines during the coronavirus outbreak, as consumers shifted from discretionary purchases to essential products. Concerns about delayed corporate spending on cloud computing as well as hardware production postponement from China also weighed on returns.

Technology hardware, storage and peripherals stocks also contributed to returns in the U.S. Before the coronavirus outbreak, the industry advanced sharply due to strong growth in services, mobile phones, and wearable technology such as headphones and smart watches. Reduced uncertainty about Brexit and progress in resolving trade tensions between the U.S. and China also aided returns. However, the industry struggled at the end of the reporting period as forced closures of factories and stores led to reduced supply and demand for these products.

The semiconductors and semiconductor equipment industry also bolstered the Index’s return, supported by higher demand for chips used in data centers due to continued investment in AI as well as anticipated demand for 5G-capable cell phones.

Outside of the U.S., Dutch and Taiwanese semiconductors and semiconductor equipment stocks were notable contributors to the Index’s return. In both countries, the semiconductors and semiconductor equipment industry benefited from new manufacturing technology and robust demand for leading-edge chips used in smartphones and 5G telecommunications networks. Strong revenue growth in high-performance computing chips also aided performance.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Software	29.9	%
Technology Hardware, Storage & Peripherals	21.2
Semiconductors & Semiconductor Equipment	20.2
IT Services	20.1
Electronic Equipment, Instruments & Components	4.9
Communications Equipment	3.7

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	80.3	%
Japan	4.1
South Korea	3.9
Taiwan	3.4
Germany	2.3
Netherlands	2.0
Canada	1.2
France	0.9
Sweden	0.5
Spain	0.3


FUND SUMMARY			21


Fund Summary as of March 31, 2020		iShares^® Global Utilities ETF

Investment Objective

The iShares Global Utilities ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the utilities sector, as represented by the S&P Global 1200 Utilities Sector Index^TM (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		(2.84	)%		5.55	%		5.08	%		(2.84	)%		31.03	%		64.15	%
Fund Market		(2.77	)		5.59			5.12			(2.77	)		31.24			64.72
Index		(3.13	)		5.24			4.80			(3.13	)		29.09			59.79

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	883.90	$	2.12		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Global Utilities ETF

Portfolio Management Commentary

Stocks of global utilities companies declined modestly during the reporting period. Utilities companies performed well during 2019, supported by solid earnings. Investor concerns about slowing economic growth and ongoing global trade tensions benefited utilities, whose steady dividends mean that they typically hold their value relatively well during times of uncertainty. Although the sharp market selloff due to the effects of the coronavirus outbreak reversed earlier gains, utilities stocks recovered somewhat to end the reporting period with only a slightly negative return.

U.S.-based utilities stocks detracted the most from the Index’s return. Through much of the reporting period, declining interest rates supported capital-intensive utilities, which rely heavily on borrowing, allowing them to refinance existing debt at lower interest rates. However, limited regulatory rate increases and lowered earnings expectations constrained the sector’s performance, particularly the multi-utilities industry. Disagreements between Saudi Arabia and Russia about oil production limits led to steep oil price declines, further hindering the industry due to its exposure to oil pipelines. After the coronavirus outbreak, multi-utilities stocks struggled amid concerns about customers’ ability to pay their bills. Nevertheless, the characteristic stability of this highly-regulated industry with its significant barriers to new entrants helped limit declines. In addition, investors expected electricity demand to remain stable as increased residential use during lockdowns would help offset reductions in commercial consumption.

Detraction among French utilities was similarly driven by multi-utilities companies, which were pressured by an oversupply of natural gas leading to lower prices. The coronavirus outbreak led to concerns that commercial and industrial demand for electricity would decline sharply and President Macron’s order allowing small businesses to suspend bill payments would pressure revenue.

In Hong Kong, gas utilities weighed on returns, as profits declined amid social unrest and slowing economic growth in China, to which the industry is exposed. New government price regulations and increased competition in Australia, particularly from renewable energy producers, weighed on Hong Kong’s electric utilities industry, another detractor, due to its presence in that country.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Electric Utilities	60.1	%
Multi-Utilities	30.3
Gas Utilities	6.0
Water Utilities	2.9
Independent Power and Renewable Electricity Producers	0.7

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	61.5	%
Spain	6.8
United Kingdom	6.3
Italy	5.9
Japan	3.3
Canada	3.1
France	3.1
Germany	3.0
Hong Kong	2.6
Denmark	1.3


FUND SUMMARY			23

About Fund Performance

Shareholder Expenses


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Global Comm Services ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.8%
Telstra Corp. Ltd.		996,791	$	1,872,964


Belgium — 0.1%
Proximus SADP		13,005		297,810


Canada — 2.9%
BCE Inc.		75,869		3,077,189
Rogers Communications Inc., Class B, NVS		30,022		1,238,973
Shaw Communications Inc., Class B, NVS		38,158		612,040
TELUS Corp.		106,388		1,663,072

				6,591,274

China — 9.9%
China Mobile Ltd.		464,500		3,454,880
Tencent Holdings Ltd.		383,900		18,831,204

				22,286,084

Finland — 0.3%
Elisa OYJ		12,519		775,836


France — 2.0%
Orange SA		159,704		1,951,245
Publicis Groupe SA		18,697		535,859
SES SA		32,073		188,207
Ubisoft Entertainment SA^(a)		6,032		444,639
Vivendi SA		67,327		1,442,401

				4,562,351

Germany — 1.7%
Deutsche Telekom AG,Registered		271,659		3,521,493
United Internet AG,Registered^(b)		10,459		308,364

				3,829,857

Italy — 0.2%
Telecom Italia SpA/Milano^(a)		902,834		368,912


Japan — 9.4%
Dentsu Group Inc.		20,700		400,175
KDDI Corp.		134,000		3,959,613
Nintendo Co. Ltd.		10,000		3,854,384
Nippon Telegraph & Telephone Corp.		206,100		4,916,961
NTT DOCOMO Inc.		100,400		3,140,668
SoftBank Group Corp.		138,500		4,859,784

				21,131,585

Mexico — 0.6%
America Movil SAB de CV, Series L, NVS		1,951,721		1,168,907
Grupo Televisa SAB, CPO		211,593		246,235

				1,415,142

Netherlands — 0.3%
Koninklijke KPN NV		295,284		705,025


Norway — 0.4%
Telenor ASA		54,300		785,465


Singapore — 0.5%
Singapore Telecommunications Ltd.		682,950		1,218,312


South Korea — 0.8%
NAVER Corp.		12,131		1,694,065


Spain — 1.2%
Cellnex Telecom SA^(c)		22,560		1,026,052


Security	Shares		Value

Spain (continued)
Telefonica SA		384,563	$	1,761,058

				2,787,110

Sweden — 0.6%
Tele2 AB, Class B		41,766		562,349
Telia Co. AB		218,295		786,573

				1,348,922

Switzerland — 0.5%
Swisscom AG,Registered		2,144		1,152,714


Taiwan — 0.5%
Chunghwa Telecom Co. Ltd., ADR^(d)		32,033		1,139,414


United Kingdom — 2.8%
BT Group PLC		734,913		1,074,370
Informa PLC		104,685		574,513
ITV PLC		309,929		253,713
Pearson PLC		66,388		454,888
Vodafone Group PLC		2,248,802		3,150,895
WPP PLC		105,376		720,465

				6,228,844

United States — 64.0%
Activision Blizzard Inc.		64,451		3,833,545
Alphabet Inc., Class A^(a)		20,068		23,318,013
Alphabet Inc., Class C, NVS^(a)		20,019		23,278,293
AT&T Inc.		283,523		8,264,695
CenturyLink Inc.		82,069		776,373
Charter Communications Inc., Class A^(a)		13,150		5,737,477
Comcast Corp., Class A		261,035		8,974,383
Discovery Inc., Class A^(a)(d)		13,234		257,269
Discovery Inc., Class C,NVS^(a)		28,054		492,067
DISH Network Corp., Class A^(a)		21,413		428,046
Electronic Arts Inc.^(a)		24,537		2,457,871
Facebook Inc., Class A^(a)		161,180		26,884,824
Fox Corp., Class A, NVS		29,651		700,653
Fox Corp., Class B^(a)		13,417		306,981
Interpublic Group of Companies Inc. (The)		32,430		525,042
Live Nation Entertainment Inc.^(a)		11,786		535,792
Netflix Inc.^(a)		29,523		11,085,886
News Corp., Class A, NVS		32,499		291,679
News Corp., Class B		10,216		91,842
Omnicom Group Inc		18,211		999,784
Take-Two Interactive Software Inc.^(a)		9,466		1,122,762
T-Mobile U.S.Inc.^(a)		26,612		2,232,747
Twitter Inc.^(a)		65,116		1,599,249
Verizon Communications Inc.		171,460		9,212,546
ViacomCBS Inc., Class B, NVS		45,199		633,238
Walt Disney Co. (The)		104,884		10,131,794

				144,172,851


Total Common Stocks — 99.5% (Cost: $260,436,778)				224,364,537


Preferred Stocks

Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		504,028		199,373


Total Preferred Stocks — 0.1% (Cost: $433,161)				199,373


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Comm Services ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(e)(f)(g)		782,613	$	782,456
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(e)(f)		743,000		743,000

				1,525,456


Total Short-Term Investments — 0.7% (Cost: $1,524,917)				1,525,456


Total Investments in Securities — 100.3% (Cost: $262,394,856)				226,089,366

Other Assets, Less Liabilities — (0.3)%				(726,381	)


Net Assets — 100.0%			$	225,362,985

^(a)	Non-income producing security.

^(b)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(e)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	942,123	(159,510	)	782,613	$	782,456	$	8,867	^(b)	$	(10,300	)	$	539
BlackRock Cash Funds: Treasury, SLAgencyShares	206,818	536,182		743,000		743,000		5,127			—			—

					$	1,525,456	$	13,994		$	(10,300	)	$	539

^(a)

Includes realized capital gain distributions fromanaffiliated fund, if any.

^(b)

Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net offees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
LongContracts
Euro STOXX 50		4		06/19/20	$	121	$	1,755
S&P Communication Services Select Sector E-Mini		10		06/19/20		576		(3,653	)
TOPIX Index		7		06/11/20		91		(1,467	)

							$	(3,365	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	1,755


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Comm Services ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	5,120

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(95,942	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,365	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	157,533

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	224,364,537		$	—	$	—	$	224,364,537
Preferred Stocks		199,373			—		—		199,373
Money Market Funds		1,525,456			—		—		1,525,456

	$	226,089,366		$	—	$	—	$	226,089,366

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,755		$	—	$	—	$	1,755
Liabilities
Futures Contracts		(5,120	)		—		—		(5,120	)

	$	(3,365	)	$	—	$	—		$ (3,365	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			27

Schedule of Investments

March 31, 2020

iShares^® Global Consumer Discretionary ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.3%
Aristocrat Leisure Ltd.		36,712	$	479,726
Tabcorp Holdings Ltd.		130,911		202,714
Wesfarmers Ltd.		63,712		1,336,356

				2,018,796

Brazil — 0.0%
Cogna Educacao		100		77


Canada — 1.3%
Canadian Tire Corp. Ltd., Class A, NVS		3,334		198,960
Dollarama Inc.		16,236		445,325
Gildan Activewear Inc.		11,183		140,951
Magna International Inc.		16,493		520,393
Restaurant Brands International Inc.		16,566		660,033

				1,965,662

Chile — 0.0%
SACI Falabella		100		221


China — 1.5%
Meituan Dianping, Class B^(a)		194,800		2,353,665


Denmark — 0.1%
Pandora A/S		5,479		177,966


France — 8.3%
Accor SA		9,865		270,609
Cie. Generale des Etablissements Michelin SCA		10,197		906,953
EssilorLuxottica SA		15,865		1,710,846
Hermes International		1,917		1,322,636
Kering SA		4,084		2,132,589
LVMH Moet Hennessy Louis Vuitton SE		14,768		5,484,309
Peugeot SA		31,925		426,137
Renault SA		11,722		227,760
Sodexo SA		4,600		311,119
Valeo SA		13,511		226,081

				13,019,039

Germany — 3.9%
adidas AG		10,123		2,287,027
Bayerische Motoren Werke AG		18,101		935,766
Continental AG		6,205		446,702
Daimler AG, Registered		49,216		1,486,143
Delivery Hero SE^(a)(b)		7,227		538,911
TUI AG^(c)		22,860		102,837
Volkswagen AG		1,891		251,893

				6,049,279

Hong Kong — 0.8%
Galaxy Entertainment Group Ltd.		146,000		778,890
Sands China Ltd.		138,800		508,576

				1,287,466

Ireland — 0.2%
Flutter Entertainment PLC		4,224		382,555


Italy — 0.9%
Ferrari NV		7,037		1,092,957
Moncler SpA		10,222		373,384

				1,466,341

Japan — 17.9%
Aisin Seiki Co. Ltd.		9,800		241,834
Bandai Namco Holdings Inc		12,000		582,576
Bridgestone Corp.		33,100		1,018,862


Security	Shares		Value

Japan (continued)
Denso Corp.		29,000	$	937,789
Fast Retailing Co. Ltd.		3,500		1,432,680
Honda Motor Co. Ltd.		98,243		2,211,389
Isuzu Motors Ltd.		36,700		243,171
Koito Manufacturing Co. Ltd.		7,700		260,697
Mazda Motor Corp.		35,500		188,097
Nikon Corp.		23,500		217,248
Nissan Motor Co. Ltd.		138,600		457,827
Nitori Holdings Co. Ltd.		4,600		621,259
Oriental Land Co. Ltd.		12,400		1,587,402
Pan Pacific International Holdings Corp.		32,200		611,160
Panasonic Corp.		131,000		1,001,112
Rakuten Inc.		46,200		350,924
Ryohin Keikaku Co. Ltd.		14,600		164,183
Sekisui House Ltd.		35,800		591,775
Shimano Inc.		4,600		657,904
Sony Corp.		70,100		4,169,442
Subaru Corp.		34,288		658,572
Sumitomo Electric Industries Ltd.		46,300		488,068
Suzuki Motor Corp.		25,000		598,513
Toyota Industries Corp.		11,100		532,611
Toyota Motor Corp.		134,300		8,087,484
Yamaha Motor Co. Ltd.		17,013		205,975

				28,118,554

Netherlands — 1.0%
Prosus NV^(a)		23,216		1,608,668


South Korea — 0.2%
Hyundai Motor Co., GDR		7,049		256,806


Spain — 1.0%
Industria de Diseno Textil SA		58,961		1,530,683


Sweden — 0.5%
Electrolux AB, Series B		15,455		193,116
Hennes & Mauritz AB, Class B		43,151		557,478

				750,594

Switzerland — 1.3%
Cie. Financiere Richemont SA, Registered		28,699		1,573,840
Swatch Group AG (The), Bearer		1,785		356,889
Swatch Group AG (The), Registered		3,154		124,133

				2,054,862

United Kingdom — 4.2%
Aptiv PLC		14,197		699,060
Barratt Developments PLC		56,034		306,404
Berkeley Group Holdings PLC		6,936		310,901
Burberry Group PLC		22,855		375,351
Capri Holdings Ltd.^(a)		8,458		91,262
Carnival PLC		10,912		132,787
Compass Group PLC		87,465		1,370,836
Fiat Chrysler Automobiles NV		60,410		435,624
GVC Holdings PLC		31,468		218,895
InterContinental Hotels Group PLC		10,495		457,482
Kingfisher PLC		117,247		209,203
Marks &Spencer Group PLC		106,701		131,298
Next PLC		7,421		374,692
Ocado Group PLC^(a)		32,193		486,996
Persimmon PLC		17,607		418,407
Taylor Wimpey PLC		179,335		261,281


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Consumer Discretionary ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Whitbread PLC		7,520	$	282,530

				6,563,009

United States — 53.7%
Advance Auto Parts Inc.		3,836		357,976
Amazon.com Inc.^(a)		7,486		14,595,604
AutoZone Inc.^(a)		1,316		1,113,336
Best Buy Co. Inc.		12,446		709,422
Booking Holdings Inc.^(a)		2,296		3,088,855
BorgWarner Inc.^(c)		11,629		283,399
CarMax Inc.^(a)(c)		9,014		485,224
Carnival Corp.		21,253		279,902
Chipotle Mexican Grill Inc.^(a)(c)		1,386		906,998
Darden Restaurants Inc.		6,711		365,481
Dollar General Corp.		13,951		2,106,741
Dollar Tree Inc.^(a)(c)		12,995		954,743
DR Horton Inc.		18,311		622,574
eBay Inc.		41,877		1,258,823
Expedia Group Inc.		7,703		433,448
Ford Motor Co.		214,356		1,035,339
Gap Inc. (The)		11,570		81,453
Garmin Ltd.		7,890		591,434
General Motors Co.		69,597		1,446,226
Genuine Parts Co.		8,033		540,862
H&R Block Inc.^(c)		10,329		145,432
Hanesbrands Inc.		20,234		159,242
Harley-Davidson Inc.		8,960		169,613
Hasbro Inc.		7,003		501,065
Hilton Worldwide Holdings Inc.		15,522		1,059,221
Home Depot Inc. (The)		59,559		11,120,261
Kohl’s Corp.		8,520		124,307
L Brands Inc.		12,777		147,702
Las Vegas Sands Corp.		18,585		789,305
Leggett & Platt Inc.		7,069		188,601
Lennar Corp., Class A		15,292		584,154
LKQ Corp.^(a)		16,731		343,153
Lowe’s Companies Inc.		42,078		3,620,812
Macy’s Inc.		16,334		80,200
Marriott International Inc./MD, Class A		14,899		1,114,594
McDonald’s Corp.		41,276		6,824,987
MGM Resorts International		28,210		332,878
Mohawk Industries Inc.^(a)		3,300		251,592
Newell Brands Inc.		20,814		276,410
NIKE Inc., Class B		68,346		5,654,948
Nordstrom Inc.		5,882		90,230
Norwegian Cruise Line Holdings Ltd.^(a)(c)		11,649		127,673
NVR Inc.^(a)		186		477,854
O’Reilly Automotive Inc.^(a)		4,167		1,254,475
PulteGroup Inc.		13,901		310,270
PVH Corp.		4,029		151,652
Ralph Lauren Corp.		2,743		183,315
Ross Stores Inc.		19,857		1,726,963
Royal Caribbean Cruises Ltd.		9,442		303,749
Starbucks Corp.		64,658		4,250,617
Tapestry Inc.		15,345		198,718
Target Corp.		27,766		2,581,405


Security	Shares		Value

United States (continued)
Tiffany & Co.		5,941	$	769,359
TJX Companies Inc. (The)		66,456		3,177,261
Tractor Supply Co.		6,474		547,377
Ulta Beauty Inc.^(a)		3,146		552,752
Under Armour Inc., Class A^(a)(c)		10,129		93,288
Under Armour Inc., Class C, NVS^(a)		10,408		83,888
VF Corp.		17,981		972,412
Whirlpool Corp.		3,394		291,205
Wynn Resorts Ltd.		5,364		322,859
Yum! Brands Inc.		16,614		1,138,557

				84,352,196


Total Common Stocks — 98.1% (Cost: $206,785,096)				153,956,439


Preferred Stocks

Germany —1.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		3,303		141,924
Porsche Automobil Holding SE, Preference Shares, NVS		8,977		380,999
Volkswagen AG, Preference Shares, NVS		10,178		1,193,169

				1,716,092

South Korea — 0.2%
Hyundai Motor Co., Preference Shares, GDR^(c)(d)		13,511		291,838


Total Preferred Stocks — 1.3% (Cost: $4,115,299)				2,007,930


Short-Term Investments

Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(e)(f)(g)		2,983,840		2,983,243
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(e)(f)		210,000		210,000

				3,193,243


Total Short-Term Investments — 2.0% (Cost: $3,192,353)				3,193,243


Total Investments in Securities — 101.4% (Cost: $214,092,748)				159,157,612

Other Assets, Less Liabilities — (1.4)%				(2,208,468	)


Net Assets — 100.0%			$	156,949,144

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)	Affiliate of the Fund.

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

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


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Consumer Discretionary ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	2,140,835	843,005	2,983,840	$	2,983,243	$	15,100	^(b)	$	(949	)	$	859
BlackRock Cash Funds: Treasury, SL Agency Shares	202,980	7,020	210,000		210,000		4,886			—			—

				$	3,193,243	$	19,986		$	(949	)	$	859

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini S&P Select Sector Consumer Discretionary Index		5		06/19/20	$	494	$	24,838
Euro STOXX 50		10		06/19/20		301		18,346
TOPIX Index		1		06/11/20		130		13,566

							$	56,750

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	56,750

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(321,632	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	56,750

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	309,503

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

Fair Value Measurements


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Consumer Discretionary ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	153,699,633	$	256,806	$	—	$	153,956,439
Preferred Stocks		2,007,930		—		—		2,007,930
Money Market Funds		3,193,243		—		—		3,193,243

	$	158,900,806	$	256,806	$	—	$	159,157,612

Derivative financial instruments^(a)
Assets
Futures Contracts	$	56,750	$	—	$	—	$	56,750

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			31

Schedule of Investments

March 31, 2020

iShares^® Global Consumer Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.5%
Coles Group Ltd.		270,853	$	2,513,159
Treasury Wine Estates Ltd.		175,305		1,076,173
Woolworths Group Ltd.		307,940		6,615,463

				10,204,795

Belgium — 1.3%
Anheuser-Busch InBev SA/NV		194,425		8,633,583


Brazil — 0.4%
Ambev SA, ADR		1,073,395		2,468,809
BRF SA, ADR^(a)(b)		168,030		487,287

				2,956,096

Canada — 1.7%
Alimentation Couche-Tard Inc., Class B		201,031		4,682,037
George Weston Ltd.		16,635		1,176,085
Loblaw Companies Ltd.		42,407		2,161,540
Metro Inc.		60,545		2,420,779
Saputo Inc.		58,829		1,398,653

				11,839,094

Denmark — 0.4%
Carlsberg A/S, Class B		24,694		2,795,177


France — 4.9%
Carrefour SA		132,519		2,096,035
Danone SA		149,515		9,620,208
L’Oreal SA		56,921		14,920,879
Pernod Ricard SA		51,034		7,248,822

				33,885,944

Germany —0.3%
Beiersdorf AG		24,020		2,439,507


Ireland — 0.6%
Kerry Group PLC, Class A		35,046		4,045,386


Japan — 7.8%
Aeon Co. Ltd.		198,717		4,415,933
Ajinomoto Co. Inc.		127,400		2,372,634
Asahi Group Holdings Ltd.		103,398		3,361,836
FamilyMart Co. Ltd.		56,300		1,010,693
Japan Tobacco Inc.		262,600		4,855,260
Kao Corp.		111,600		9,128,137
Kikkoman Corp.		44,000		1,876,893
Kirin Holdings Co. Ltd.		211,196		4,181,663
MEIJI Holdings Co. Ltd.		35,500		2,525,497
Nissin Foods Holdings Co. Ltd.		19,800		1,650,688
Seven & i Holdings Co. Ltd.		183,837		6,089,585
Shiseido Co. Ltd.		92,100		5,444,696
Unicharm Corp.		103,000		3,865,064
Yakult Honsha Co. Ltd.		39,220		2,321,484

				53,100,063

Mexico — 0.8%
Fomento Economico Mexicano SAB de CV		443,943		2,710,296
Wal-Mart de Mexico SAB de CV		1,238,180		2,942,487

				5,652,783

Netherlands — 4.3%
Heineken Holding NV		25,409		1,947,420
Heineken NV		55,818		4,664,520
Koninklijke Ahold Delhaize NV		253,186		5,913,153


Security	Shares		Value

Netherlands (continued)
Unilever NV		338,529	$	16,642,866

				29,167,959

New Zealand — 0.3%
a2 Milk Co. Ltd.^(a)(b)		178,046		1,808,953


Norway — 0.5%
Mowi ASA		103,407		1,562,282
Orkla ASA		204,735		1,735,597

				3,297,879

Sweden — 1.0%
Essity AB, Class B		144,746		4,470,490
Swedish Match AB		39,403		2,258,941

				6,729,431

Switzerland — 10.4%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		256		2,157,697
Chocoladefabriken Lindt & Spruengli AG, Registered		26		2,267,997
Nestle SA, Registered		646,403		66,440,782

				70,866,476

United Kingdom — 11.3%
Associated British Foods PLC		82,624		1,858,437
British American Tobacco PLC		524,495		17,943,092
Diageo PLC		542,629		17,402,824
Imperial Brands PLC		218,799		4,060,816
J Sainsbury PLC		387,623		1,011,252
Reckitt Benckiser Group PLC		169,785		12,947,284
Tate & Lyle PLC		107,349		873,185
Tesco PLC		2,238,486		6,350,598
Unilever PLC		267,152		13,500,305
Wm Morrison Supermarkets PLC		560,963		1,238,108

				77,185,901

United States — 51.2%
Altria Group Inc.		428,882		16,584,867
Archer-Daniels-Midland Co.		126,787		4,460,367
Brown-Forman Corp., Class B, NVS^(b)		41,050		2,278,685
Campbell Soup Co.		39,016		1,800,979
Church & Dwight Co. Inc.		56,859		3,649,211
Clorox Co. (The)		29,193		5,057,687
Coca-Cola Co. (The)		660,388		29,222,169
Colgate-Palmolive Co.		198,545		13,175,446
Conagra Brands Inc.		111,415		3,268,916
Constellation Brands Inc., Class A		38,136		5,467,177
Costco Wholesale Corp.		96,074		27,393,580
Coty Inc., Class A		66,503		343,155
Estee Lauder Companies Inc. (The), Class A		50,920		8,113,593
General Mills Inc.		139,091		7,339,832
Hershey Co. (The)		33,888		4,490,160
Hormel Foods Corp.		64,680		3,016,675
JM Smucker Co. (The)		26,351		2,924,961
Kellogg Co.		57,129		3,427,169
Kimberly-Clark Corp.		79,370		10,149,042
Kraft Heinz Co. (The)^(b)		143,247		3,543,931
Kroger Co. (The)		183,997		5,541,990
Lamb Weston Holdings Inc.		32,915		1,879,446
McCormick &Co. Inc./MD, NVS		28,483		4,022,084
Molson Coors Beverage Co., Class B^(b)		42,456		1,656,209
Mondelez International Inc., Class A		330,647		16,558,802
Monster Beverage Corp.^(a)		88,681		4,989,193
PepsiCo Inc.		245,335		29,464,733


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Consumer Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Philip Morris International Inc.		356,703	$	26,025,051
Procter & Gamble Co. (The)		540,911		59,500,210
Sysco Corp.		116,390		5,310,876
Tyson Foods Inc., Class A		66,882		3,870,461
Walgreens Boots Alliance Inc.		172,124		7,874,673
Walmart Inc.		241,549		27,444,797

				349,846,127


Total Common Stocks — 98.7% (Cost: $711,513,045)				674,455,154


Preferred Stocks

Germany — 0.5%
Henkel AG & Co. KGaA, Preference Shares, NVS		42,637		3,424,550


Total Preferred Stocks — 0.5% (Cost: $4,829,483)				3,424,550


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		4,388,840		4,387,962


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		1,267,000	$	1,267,000

				5,654,962


Total Short-Term Investments — 0.8% (Cost: $5,652,679)				5,654,962


Total Investments in Securities — 100.0% (Cost: $721,995,207)				683,534,666

Other Assets, Less Liabilities — (0.0)%				(154,445	)


Net Assets — 100.0%			$	683,380,221

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,172,087	3,216,753	4,388,840	$	4,387,962	$	34,619	^(b)	$	(3,070	)	$	2,284
BlackRock Cash Funds: Treasury, SL Agency Shares	948,581	318,419	1,267,000		1,267,000		18,742			—			—

				$	5,654,962	$	53,361		$	(3,070	)	$	2,284

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini S&P Select Sector Consumer Staples Index		75		06/19/20	$	4,077	$	142,190
Euro STOXX 50		18		06/19/20		542		43,780
FTSE 100 Index		9		06/19/20		629		64,960

							$	250,930


SCHEDULES OF INVESTMENTS			33

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Consumer Staples ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	250,930

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(540,575	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	250,930

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	2,843,050

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	674,455,154	$	—	$	—	$	674,455,154
Preferred Stocks		3,424,550		—		—		3,424,550
Money Market Funds		5,654,962		—		—		5,654,962

	$	683,534,666	$	—	$	—	$	683,534,666

Derivative financial instruments^(a)
Assets
Futures Contracts	$	250,930	$	—	$	—	$	250,930

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


34		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Global Energy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.0%
Caltex Australia Ltd.		132,332	$	1,807,782
Oil Search Ltd.		680,228		990,874
Origin Energy Ltd.		879,975		2,359,019
Santos Ltd.		891,594		1,866,295
Woodside Petroleum Ltd.		468,300		5,219,407

				12,243,377

Austria — 0.3%
OMV AG		74,803		2,065,073


Brazil — 0.8%
Petroleo Brasileiro SA, ADR		672,026		3,696,143
Ultrapar Participacoes SA, ADR		395,106		960,108

				4,656,251

Canada — 12.6%
Cameco Corp.		200,757		1,513,417
Canadian Natural Resources Ltd.		591,784		8,003,542
Cenovus Energy Inc.		521,955		1,041,453
Enbridge Inc.		928,999		26,747,026
Imperial Oil Ltd.		119,820		1,339,331
Inter Pipeline Ltd.		213,390		1,262,335
Pembina Pipeline Corp.		261,065		4,842,179
Suncor Energy Inc.		771,178		12,168,938
TC Energy Corp.		467,908		20,562,508

				77,480,729

Chile — 0.0%
Empresas COPEC SA		100		575


China — 2.4%
China Petroleum & Chemical Corp., Class H		12,850,400		6,333,268
CNOOC Ltd.		8,057,000		8,451,072

				14,784,340

Colombia — 0.2%
Ecopetrol SA, ADR		130,773		1,243,651


Finland — 1.2%
Neste OYJ		216,306		7,321,996


France — 7.9%
TOTAL SA		1,263,365		49,058,600


Italy —2.3%
Eni SpA		1,273,514		12,883,694
Tenaris SA		240,867		1,474,746

				14,358,440

Japan — 1.4%
Inpex Corp.		542,000		3,056,547
JXTG Holdings Inc.		1,616,920		5,544,753

				8,601,300

Norway — 1.1%
Equinor ASA		552,249		6,897,196


Portugal — 0.4%
Galp Energia SGPS SA		230,039		2,623,806


Spain — 1.1%
Repsol SA		736,292		6,731,395


United Kingdom — 17.6%
BP PLC		10,120,300		43,192,515
Royal Dutch Shell PLC, Class A		2,092,566		36,818,476


Security	Shares		Value

United Kingdom (continued)
Royal Dutch Shell PLC, Class B		1,685,510	$	28,419,119

				108,430,110

United States — 46.0%
Apache Corp.		192,846		806,096
Baker Hughes Co.		327,096		3,434,508
Cabot Oil & Gas Corp.		204,720		3,519,137
Chevron Corp.		945,859		68,536,943
Concho Resources Inc.^(a)		101,076		4,331,107
ConocoPhillips		548,676		16,899,221
Devon Energy Corp.		195,976		1,354,194
Diamondback Energy Inc.		81,465		2,134,383
EOG Resources Inc.		291,266		10,462,275
Exxon Mobil Corp.		2,116,509		80,363,847
Halliburton Co.		441,622		3,025,111
Helmerich & Payne Inc.		55,520		868,888
Hess Corp.		130,290		4,338,657
HollyFrontier Corp.		75,054		1,839,574
Kinder Morgan Inc./DE		974,568		13,565,987
Marathon Oil Corp.		406,380		1,336,990
Marathon Petroleum Corp.		324,497		7,664,619
National Oilwell Varco Inc.^(a)		193,146		1,898,625
Noble Energy Inc.		243,711		1,472,014
Occidental Petroleum Corp.		446,745		5,173,307
ONEOK Inc.		207,858		4,533,383
Phillips 66		222,409		11,932,243
Pioneer Natural Resources Co.		82,932		5,817,680
Schlumberger Ltd.		689,701		9,304,066
TechnipFMC PLC		212,537		1,432,499
Valero Energy Corp.		205,150		9,305,604
Williams Companies Inc. (The)		605,923		8,573,810

				283,924,768


Total Common Stocks — 97.3% (Cost: $1,182,592,356)				600,421,607


Preferred Stocks

Brazil — 1.0%
Petroleo Brasileiro SA, Preference Shares, ADR^(a)		1,130,350		6,092,586


Total Preferred Stocks — 1.0% (Cost: $20,534,842)				6,092,586


Short-Term Investments

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(b)(c)(d)		6,689,938		6,688,600
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(b)(c)		680,000		680,000

				7,368,600


Total Short-Term Investments — 1.2% (Cost: $7,364,976)				7,368,600


Total Investments in Securities — 99.5% (Cost: $1,210,492,174)				613,882,793

Other Assets, Less Liabilities — 0.5%				2,935,452


Net Assets — 100.0%			$	616,818,245

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


SCHEDULES OF INVESTMENTS			35

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Energy ETF

^(b)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,519,205	5,170,733		6,689,938	$	6,688,600	$	16,764	^(b)	$	(4,443	)	$	3,624
BlackRock Cash Funds: Treasury, SL Agency Shares	1,270,141	(590,141	)	680,000		680,000		22,219			—			—

					$	7,368,600	$	38,983		$	(4,443	)	$	3,624

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 100 Index		28		06/19/20	$	1,957	$	58,434
S&P Select Sector Energy Index E-Mini		266		06/19/20		7,961		192,175

							$	250,609

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	250,609

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(3,232,808	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	250,609

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	3,164,905

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


36		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Energy ETF

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	600,421,607	$	—	$	—	$	600,421,607
Preferred Stocks		6,092,586		—		—		6,092,586
Money Market Funds		7,368,600		—		—		7,368,600

	$	613,882,793	$	—	$	—	$	613,882,793

Derivative financial instruments^(a)
Assets
Futures Contracts	$	250,609	$	—	$	—	$	250,609

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			37

Schedule of Investments

March 31, 2020

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 4.5%
AMP Ltd.^(a)		140,598	$	114,881
ASX Ltd.		9,378		442,482
Australia & New Zealand Banking Group Ltd.		121,375		1,259,918
Commonwealth Bank of Australia		73,102		2,765,956
Insurance Australia Group Ltd.		95,516		362,456
Macquarie Group Ltd.		13,158		690,575
Medibank Pvt Ltd.		117,476		191,257
National Australia Bank Ltd.		120,830		1,233,553
QBE Insurance Group Ltd.		58,097		305,801
Suncorp Group Ltd.		55,808		311,856
Westpac Banking Corp.		144,061		1,454,847

				9,133,582

Austria — 0.1%
Erste Group Bank AG		13,158		243,779


Belgium — 0.6%
Ageas		8,225		342,134
Groupe Bruxelles Lambert SA		4,128		324,399
KBC Group NV		14,184		653,974

				1,320,507

Canada — 7.8%
Bank of Montreal		26,329		1,314,461
Bank of Nova Scotia (The)		50,827		2,052,220
Brookfield Asset Management Inc., Class A		39,302		1,722,457
Canadian Imperial Bank of Commerce		18,492		1,065,334
Manulife Financial Corp.		81,098		1,006,781
National Bank of Canada		15,222		581,673
Power Corp. of Canada		24,018		382,034
Royal Bank of Canada		59,634		3,652,156
Sun Life Financial Inc.		24,940		793,223
Toronto-Dominion Bank (The)		75,528		3,174,792

				15,745,131

Chile — 0.2%
Banco de Chile, ADR		15,825		254,941
Banco Santander Chile, ADR		6,450		97,588

				352,529

China — 5.2%
Bank of China Ltd., Class H		3,186,000		1,220,816
China Construction Bank Corp., Class H		4,163,720		3,405,796
China Life Insurance Co. Ltd., Class H		345,000		675,676
China Merchants Bank Co. Ltd., Class H		172,000		776,684
Industrial &Commercial Bank of China Ltd., Class H		3,268,000		2,238,847
Ping An Insurance Group Co. of China Ltd., Class H		223,500		2,195,813

				10,513,632

Colombia — 0.1%
Bancolombia SA, ADR		6,624		165,335


Denmark — 0.1%
Danske Bank A/S		27,482		310,752


Finland — 0.7%
Nordea Bank Abp		128,870		729,436
Sampo OYJ, Class A		21,276		621,446

				1,350,882

France — 1.9%
AXA SA		79,809		1,382,562
BNP Paribas SA		47,042		1,419,980
Credit Agricole SA		53,015		389,162


Security	Shares		Value

France (continued)
SCOR SE		6,601	$	145,439
Societe Generale SA		32,250		543,109

				3,880,252

Germany — 3.1%
Allianz SE, Registered		17,288		2,975,898
Commerzbank AG		38,872		141,115
Deutsche Bank AG, Registered		85,916		562,706
Deutsche Boerse AG		7,835		1,074,620
Hannover Rueck SE		2,626		377,461
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		6,130		1,238,283

				6,370,083

Hong Kong — 3.3%
AIA Group Ltd.		498,800		4,514,420
Hang Seng Bank Ltd.		34,400		588,061
Hong Kong Exchanges &Clearing Ltd.		50,400		1,520,278

				6,622,759

Ireland — 0.0%
Bank of Ireland Group PLC		38,448		72,730
Irish Bank Resolution Corp. Ltd.^(a)(b)		47,975		1

				72,731

Italy —1.2%
Assicurazioni Generali SpA		49,880		679,210
Intesa Sanpaolo SpA		642,250		1,048,889
Mediobanca Banca di Credito Finanziario SpA		28,553		157,526
UniCredit SpA		83,592		655,532

				2,541,157

Japan — 5.3%
Dai-ichi Life Holdings Inc.		54,300		651,620
Daiwa Securities Group Inc.		64,800		251,625
Japan Exchange Group Inc.		25,900		457,278
Mitsubishi UFJ Financial Group Inc.		524,600		1,958,351
Mizuho Financial Group Inc.		1,010,700		1,157,172
MS&AD Insurance Group Holdings Inc.		23,500		658,492
Nomura Holdings Inc.		142,500		604,294
ORIX Corp.		51,600		621,609
Resona Holdings Inc.		77,400		233,157
Sompo Holdings Inc.		17,800		551,206
Sumitomo Mitsui Financial Group Inc.		60,200		1,462,689
Sumitomo Mitsui Trust Holdings Inc.		18,827		544,815
T&D Holdings Inc.		25,800		211,266
Tokio Marine Holdings Inc.		29,300		1,343,476

				10,707,050

Malta — 0.0%
BGP Holdings PLC^(a)(b)		608,993		7


Mexico — 0.2%
Grupo Financiero Banorte SAB de CV, Class O		121,240		335,927


Netherlands — 0.8%
ABN AMRO Bank NV, CVA^(c)		19,202		157,683
Aegon NV		58,910		149,575
EXOR NV		4,218		217,526
ING Groep NV		159,468		836,649
NN Group NV		13,162		355,273

				1,716,706

Norway — 0.2%
DNB ASA		42,398		471,380


38		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Peru — 0.2%
Credicorp Ltd.		2,782	$	398,021


Singapore — 1.4%
DBS Group Holdings Ltd.		74,300		969,028
Oversea-Chinese Banking Corp. Ltd.		162,200		984,239
United Overseas Bank Ltd.		63,200		863,321

				2,816,588

South Korea — 0.4%
KB Financial Group Inc., ADR^(a)(d)		15,375		418,046
Shinhan Financial Group Co. Ltd., ADR^(a)(d)		18,641		434,522

				852,568

Spain — 1.5%
Banco Bilbao Vizcaya Argentaria SA		277,694		888,352
Banco de Sabadell SA		228,847		117,767
Banco Santander SA		698,899		1,700,912
CaixaBank SA		156,152		291,274

				2,998,305

Sweden — 1.4%
Industrivarden AB, Class A		6,248		122,088
Industrivarden AB, Class C		8,256		161,575
Investor AB, Class B		20,695		954,781
Kinnevik AB, Class B		10,427		173,754
Skandinaviska Enskilda Banken AB, Class A		66,564		451,343
Svenska Handelsbanken AB, Class A^(a)		64,278		539,386
Swedbank AB, Class A		39,132		437,819

				2,840,746

Switzerland — 3.5%
Baloise Holding AG, Registered		1,978		259,427
Credit Suisse Group AG, Registered		100,473		830,742
Julius Baer Group Ltd.		9,202		314,136
Partners Group Holding AG		860		595,169
Swiss Life Holding AG, Registered		1,417		482,414
Swiss Re AG		12,058		929,197
UBS Group AG, Registered		161,123		1,506,401
Zurich Insurance Group AG		6,278		2,228,169

				7,145,655

United Kingdom — 6.6%
3i Group PLC		41,110		403,819
Admiral Group PLC		10,515		290,749
Aviva PLC		166,324		553,737
Barclays PLC		639,153		745,839
Direct Line Insurance Group PLC		55,874		205,002
Hargreaves Lansdown PLC		11,352		195,092
HSBC Holdings PLC		849,337		4,783,868
Legal &General Group PLC		246,476		592,441
Lloyds Banking Group PLC		2,882,780		1,143,841
London Stock Exchange Group PLC		13,161		1,188,022
M&G PLC^(a)		104,815		146,341
Prudential PLC		105,847		1,359,042
Royal Bank of Scotland Group PLC		184,714		258,582
RSA Insurance Group PLC		42,399		221,015
Schroders PLC		5,848		180,121
St. James’s Place PLC		22,534		212,240
Standard Chartered PLC		111,200		614,680
Standard Life Aberdeen PLC		100,448		278,869

				13,373,300

United States — 47.8%
Aflac Inc.		28,897		989,433
Allstate Corp. (The)^(d)		13,330		1,222,761


Security	Shares		Value

United States (continued)
American Express Co.		27,778	$	2,378,075
American International Group Inc.		35,432		859,226
Ameriprise Financial Inc.		5,504		564,050
Aon PLC		9,632		1,589,665
Arthur J Gallagher &Co.		7,988		651,102
Assurant Inc.^(d)		2,546		265,013
Bank of America Corp.		335,504		7,122,750
Bank of New York Mellon Corp. (The)		34,798		1,171,997
Berkshire Hathaway Inc., Class B^(a)		81,202		14,846,162
BlackRock Inc.^(e)		4,955		2,180,051
Capital One Financial Corp.		18,986		957,274
Cboe Global Markets Inc.		4,644		414,477
Charles Schwab Corp. (The)^(d)		47,473		1,596,042
Chubb Ltd.		18,802		2,099,995
Cincinnati Financial Corp.		6,106		460,698
Citigroup Inc.		90,511		3,812,323
Citizens Financial Group Inc.		18,232		342,944
CME Group Inc.		14,884		2,573,592
Comerica Inc.		5,817		170,671
Discover Financial Services		12,900		460,143
E*TRADE Financial Corp.		9,470		325,010
Everest Re Group Ltd.		1,720		330,962
Fifth Third Bancorp.		29,444		437,243
First Republic Bank/CA^(d)		6,797		559,257
Franklin Resources Inc.		11,960		199,612
Globe Life Inc.		4,303		309,687
Goldman Sachs Group Inc. (The)		13,389		2,069,806
Hartford Financial Services Group Inc. (The)		14,881		524,406
Huntington Bancshares Inc./OH		43,812		359,697
Intercontinental Exchange Inc.		23,134		1,868,071
Invesco Ltd.		16,393		148,848
JPMorgan Chase &Co.		129,990		11,703,000
KeyCorp.		41,858		434,067
Lincoln National Corp.		7,998		210,507
Loews Corp.		10,750		374,423
M&T Bank Corp.		5,465		565,245
MarketAxess Holdings Inc.		1,550		515,484
Marsh & McLennan Companies Inc.		20,727		1,792,056
MetLife Inc.		30,790		941,250
Moody’s Corp.		6,798		1,437,777
Morgan Stanley		48,153		1,637,202
MSCI Inc.		3,312		957,036
Nasdaq Inc.		5,076		481,966
Northern Trust Corp.		8,961		676,197
People’s United Financial Inc.		17,424		192,535
PNC Financial Services Group Inc. (The)		18,235		1,745,454
Principal Financial Group Inc.		10,664		334,210
Progressive Corp. (The)		24,157		1,783,753
Prudential Financial Inc.		16,642		867,714
Raymond James Financial Inc.		5,332		336,982
Regions Financial Corp.		40,531		363,563
S&P Global Inc.		10,234		2,507,842
State Street Corp.		14,870		792,125
SVB Financial Group^(a)(d)		2,182		329,657
Synchrony Financial		23,306		374,994
T Rowe Price Group Inc.		9,670		944,276
Travelers Companies Inc. (The)		10,492		1,042,380
Truist Financial Corp.		55,192		1,702,121
U.S. Bancorp.		58,740		2,023,593
Unum Group		8,085		121,356


SCHEDULES OF INVESTMENTS			39

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Wells Fargo & Co.		159,515	$	4,578,081
Willis Towers Watson PLC		5,032		854,685
WR Berkley Corp.		6,009		313,490
Zions Bancorp. N.A.		7,138		191,013

				96,987,077


Total Common Stocks — 98.1% (Cost: $327,154,882)				199,266,441


Preferred Stocks

Brazil — 1.1%
Banco Bradesco SA, Preference Shares, ADR		230,463		935,680
Itau Unibanco Holding SA, Preference Shares, ADR^(d)		261,692		1,174,997
Itausa-Investimentos Itau SA, Preference Shares, NVS		100		169

				2,110,846


Total Preferred Stocks — 1.1% (Cost: $4,372,516)				2,110,846


Short-Term Investments

Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SLAgency Shares,
1.32%^(e)(f)(g)		3,911,184		3,910,402


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SLAgency Shares,
0.22%^(e)(f)		380,000	$	380,000

				4,290,402


Total Short-Term Investments — 2.1% (Cost: $4,289,644)				4,290,402


Total Investments in Securities — 101.3% (Cost: $335,817,042)				205,667,689

Other Assets, Less Liabilities — (1.3)%				(2,594,532	)


Net Assets — 100.0%			$	203,073,157

^(a)	Non-income producing security.

^(b)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(e)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SLAgency Shares	1,208,275	2,702,909	^(b)	—		3,911,184	$	3,910,402	$	21,479	^(c)	$	(6,281	)	$	529
BlackRock Cash Funds: Treasury, SLAgency Shares	376,158	3,842	^(b)	—		380,000		380,000		8,219			—			—
BlackRock Inc.	6,380	4,388		(5,813	)	4,955		2,180,051		79,020			163,686			(180,671	)

							$	6,470,453	$	108,718		$	157,405		$	(180,142	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50		14		06/19/20	$	422	$	23,369
Hang Seng Index		1		04/28/20		153		1,171
S&P Select Sector Financial Index E-Mini		24		06/19/20		1,528		56,106

							$	80,646


40		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Financials ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	80,646

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(436,215	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	80,646

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	992,415

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	199,266,433	$	—	$	8	$	199,266,441
Preferred Stocks		2,110,846		—		—		2,110,846
Money Market Funds		4,290,402		—		—		4,290,402

	$	205,667,681	$	—	$	8	$	205,667,689

Derivative financial instruments^(a)
Assets
Futures Contracts	$	80,646	$	—	$	—	$	80,646

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			41

Schedule of Investments

March 31, 2020

iShares^® Global Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.1%
Cochlear Ltd.		22,722	$	2,606,868
CSL Ltd.		178,752		32,458,332
Ramsay Health Care Ltd.		63,478		2,225,427
Sonic Healthcare Ltd.		177,842		2,648,277

				39,938,904

Belgium — 0.4%
Galapagos NV^(a)		19,865		3,945,235
UCB SA		50,745		4,398,718

				8,343,953

Canada — 0.2%
Bausch Health Companies Inc.^(a)		122,402		1,875,567
Canopy Growth Corp.^(a)(b)		86,940		1,249,722

				3,125,289

Denmark — 2.6%
Coloplast A/S, Class B		45,773		6,640,342
Genmab A/S^(a)		25,618		5,187,035
Novo Nordisk A/S, Class B		654,865		39,398,014

				51,225,391

France — 2.1%
Sanofi		452,906		39,825,676


Germany —2.2%
Bayer AG,Registered		388,105		22,506,086
Fresenius Medical Care AG & Co. KGaA		83,722		5,530,213
Fresenius SE & Co. KGaA		162,112		6,035,382
Merck KGaA		51,362		5,276,140
QIAGEN NV^(a)		89,602		3,599,342

				42,947,163

Ireland — 0.2%
Steris PLC		33,355		4,668,699


Japan — 6.3%
Astellas Pharma Inc.		708,875		10,972,443
Chugai Pharmaceutical Co. Ltd.		84,000		9,726,275
Daiichi Sankyo Co. Ltd.		240,900		16,588,862
Eisai Co. Ltd.		117,200		8,610,191
Hoya Corp.		149,500		12,740,494
M3 Inc.		169,200		5,007,587
Olympus Corp.		513,500		7,429,827
Ono Pharmaceutical Co. Ltd.		200,300		4,612,531
Otsuka Holdings Co. Ltd.		219,700		8,610,539
Shionogi & Co. Ltd.		114,500		5,639,354
Sysmex Corp.		65,300		4,745,902
Takeda Pharmaceutical Co. Ltd.		622,692		19,080,776
Terumo Corp.		276,200		9,517,521

				123,282,302

Netherlands — 0.8%
Koninklijke Philips NV		357,628		14,485,722


South Korea — 0.4%
Celltrion Inc.^(a)		42,588		8,011,379


Spain — 0.2%
Grifols SA		116,156		3,951,019


Switzerland — 10.7%
Alcon Inc.^(a)		193,060		9,843,057
Lonza Group AG, Registered		29,419		12,229,158
Novartis AG, Registered		1,007,621		83,156,981


Security	Shares		Value

Switzerland (continued)
Roche Holding AG, Bearer		10,685	$	3,425,649
Roche Holding AG, NVS		277,547		90,086,957
Sonova Holding AG, Registered		21,649		3,902,212
Straumann Holding AG, Registered		4,440		3,310,440
Vifor Pharma AG		16,948		2,342,820

				208,297,274

United Kingdom — 4.6%
AstraZeneca PLC		518,216		46,367,276
GlaxoSmithKline PLC		1,972,050		37,035,663
Smith & Nephew PLC		350,931		6,242,040

				89,644,979

United States — 66.6%
Abbott Laboratories		698,208		55,095,593
AbbVie Inc.		584,206		44,510,655
ABIOMED Inc.^(a)(b)		17,847		2,590,671
Agilent Technologies Inc.		122,026		8,739,502
Alexion Pharmaceuticals Inc.^(a)		87,446		7,851,776
Align Technology Inc.^(a)		28,555		4,967,142
Allergan PLC		129,685		22,967,213
AmerisourceBergen Corp.		59,713		5,284,600
Amgen Inc.		234,732		47,587,218
Anthem Inc.		100,170		22,742,597
Baxter International Inc.^(b)		201,694		16,375,536
Becton Dickinson and Co.^(b)		106,845		24,549,776
Biogen Inc.^(a)		71,283		22,552,516
Boston Scientific Corp.^(a)		550,628		17,966,992
Bristol-Myers Squibb Co.		926,067		51,618,975
Cardinal Health Inc.		117,095		5,613,534
Centene Corp.^(a)		230,690		13,705,293
Cerner Corp.		123,699		7,791,800
Cigna Corp.^(a)		147,521		26,137,771
Cooper Companies Inc. (The)^(b)		19,618		5,408,094
CVS Health Corp.		513,944		30,492,297
Danaher Corp.		252,543		34,954,477
DaVita Inc.^(a)		35,361		2,689,558
Dentsply Sirona Inc.		88,493		3,436,183
Edwards Lifesciences Corp.^(a)		82,395		15,541,345
Eli Lilly & Co.		333,783		46,302,378
Gilead Sciences Inc.		499,794		37,364,599
HCA Healthcare Inc.		104,614		9,399,568
Henry Schein Inc.^(a)(b)		58,711		2,966,080
Hologic Inc.^(a)		105,659		3,708,631
Humana Inc.		52,314		16,427,642
IDEXX Laboratories Inc.^(a)		33,927		8,218,476
Illumina Inc.^(a)(b)		58,072		15,860,625
Incyte Corp.^(a)		70,627		5,172,015
Intuitive Surgical Inc.^(a)		45,657		22,609,803
IQVIA Holdings Inc.^(a)		71,309		7,691,389
Johnson & Johnson		1,039,717		136,338,090
Laboratory Corp. of America Holdings^(a)		38,224		4,831,131
McKesson Corp.		63,802		8,629,859
Medtronic PLC		529,514		47,751,572
Merck &Co. Inc.^(b)		1,005,788		77,385,329
Mettler-Toledo International Inc.^(a)		9,621		6,643,397
Mylan NV^(a)(b)		201,947		3,011,030
PerkinElmer Inc.^(b)		43,480		3,273,174
Perrigo Co. PLC		53,307		2,563,534
Pfizer Inc.		2,186,247		71,359,102
Quest Diagnostics Inc.		52,916		4,249,155


42		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Regeneron Pharmaceuticals Inc.^(a)(b)		31,553	$	15,407,014
ResMed Inc.^(b)		56,694		8,350,459
Stryker Corp.		127,199		21,177,361
Teleflex Inc.^(b)		18,252		5,345,281
Thermo Fisher Scientific Inc.		158,411		44,925,360
UnitedHealth Group Inc.		374,275		93,336,699
Universal Health Services Inc., Class B		31,671		3,137,963
Varian Medical Systems Inc.^(a)		35,823		3,677,589
Vertex Pharmaceuticals Inc.^(a)		101,587		24,172,627
Waters Corp.^(a)(b)		25,455		4,634,083
Zimmer Biomet Holdings Inc.		81,262		8,213,963
Zoetis Inc.		188,096		22,137,018

				1,297,443,110


Total Common Stocks — 99.4% (Cost: $1,793,891,461)				1,935,190,860


Short-Term Investments

Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SLAgency Shares,
1.32%^(c)(d)(e)		33,614,870		33,608,147


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SLAgency Shares,
0.22%^(c)(d)		3,864,000	$	3,864,000

				37,472,147


Total Short-Term Investments — 1.9% (Cost: $37,461,520)				37,472,147


Total Investments in Securities — 101.3% (Cost: $1,831,352,981)				1,972,663,007

Other Assets, Less Liabilities — (1.3)%				(25,271,152	)


Net Assets — 100.0%			$	1,947,391,855

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SLAgency Shares	—	33,614,870	33,614,870	$	33,608,147	$	584,703	^(b)	$	(44,616	) $	10,627
BlackRock Cash Funds: Treasury, SLAgency Shares	2,712,643	1,151,357	3,864,000		3,864,000		55,749			—		—

				$	37,472,147	$	640,452		$	(44,616	) $	10,627

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount (000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P Select Sector Health Care Index E-Mini

126

06/19/20

11,246

798,617

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	798,617

^(a)


SCHEDULES OF INVESTMENTS			43

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Healthcare ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,161,173	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	798,617

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	5,005,738

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,935,190,860	$	—	$	—	$	1,935,190,860
Money Market Funds		37,472,147		—		—		37,472,147

	$	1,972,663,007	$	—	$	—	$	1,972,663,007

Derivative financial instruments^(a)
Assets
Futures Contracts	$	798,617	$	—	$	—	$	798,617

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


44		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.3%
Aurizon Holdings Ltd.		86,022	$	222,709
Brambles Ltd.		68,429		442,274
Qantas Airways Ltd.		64,843		128,190
Sydney Airport		95,845		327,920
Transurban Group		112,791		831,166

				1,952,259

Brazil — 0.1%
CCR SA		100		226
Embraer SA, ADR^(a)		17,302		128,035

				128,261

Canada — 3.5%
Bombardier Inc., Class B^(a)(b)		89,667		28,664
Canadian National Railway Co.		30,637		2,368,349
Canadian Pacific Railway Ltd.		5,865		1,279,640
SNC-Lavalin Group Inc.		7,544		110,032
Thomson Reuters Corp.		7,298		491,609
Waste Connections Inc.		11,234		861,877

				5,140,171

Chile — 0.0%
LATAM Airlines Group SA, ADR		10,578		28,032


Denmark — 1.3%
AP Moller — Maersk A/S, Class A		125		103,572
AP Moller — Maersk A/S, Class B, NVS		287		257,088
DSV PANALPINA A/S		8,672		788,294
Vestas Wind Systems A/S		8,410		683,356

				1,832,310

Finland — 0.9%
Kone OYJ, Class B		17,275		978,457
Metso OYJ		5,617		133,866
Wartsila OYJ Abp		20,746		152,288

				1,264,611

France — 6.9%
Aeroports de Paris		1,394		133,761
Airbus SE		25,638		1,669,312
Alstom SA		8,036		336,300
Bouygues SA		10,504		307,962
Bureau Veritas SA		12,136		230,504
Cie. de Saint-Gobain		23,173		563,580
Eiffage SA		3,490		246,996
Legrand SA		11,117		713,347
Safran SA		14,273		1,255,077
Schneider Electric SE		23,540		2,029,664
Teleperformance		2,505		521,686
Thales SA		4,387		367,666
Vinci SA		21,635		1,789,921

				10,165,776

Germany —3.3%
Brenntag AG		6,560		243,507
Deutsche Lufthansa AG,Registered^(b)		10,256		96,352
Deutsche Post AG,Registered		41,536		1,129,130
GEA Group AG		7,052		144,891
MTU Aero Engines AG		2,216		324,241
Siemens AG,Registered		34,374		2,921,927

				4,860,048

Hong Kong —0.5%
CK Hutchison Holdings Ltd.		118,520		799,726


Security	Shares		Value

Ireland — 1.0%
Kingspan Group PLC		6,601	$	352,732
Ryanair Holdings PLC, ADR^(a)(b)		3,885		206,254
Trane Technologies PLC		10,459		863,809

				1,422,795

Italy — 0.5%
Atlantia SpA		20,049		251,446
CNH Industrial NV		42,875		245,384
Leonardo SpA		17,370		115,728
Prysmian SpA		11,582		185,542

				798,100

Japan — 16.6%
AGC Inc.		9,600		236,454
ANA Holdings Inc.		15,100		369,125
Central Japan Railway Co.		8,800		1,411,848
Dai Nippon Printing Co. Ltd.		12,300		262,168
Daikin Industries Ltd.		12,300		1,500,542
East Japan Railway Co.		16,400		1,242,058
FANUC Corp.		8,200		1,113,158
Hankyu Hanshin Holdings Inc.		11,200		377,120
ITOCHU Corp.		66,900		1,389,683
Japan Airlines Co. Ltd.		15,400		283,878
Kajima Corp.		20,500		210,592
Kintetsu Group Holdings Co. Ltd.		8,200		379,788
Komatsu Ltd.		41,300		680,395
Kubota Corp.		49,200		629,612
Makita Corp.		12,300		377,699
Marubeni Corp.		69,700		348,000
Mitsubishi Corp.		67,500		1,432,784
Mitsubishi Electric Corp.		91,400		1,130,276
Mitsubishi Heavy Industries Ltd.		14,500		367,016
Mitsui &Co. Ltd.		71,400		994,395
Nidec Corp.		23,000		1,194,581
Nippon Express Co. Ltd.		4,100		200,908
Obayashi Corp.		30,800		264,192
Odakyu Electric Railway Co. Ltd.		13,700		301,018
Recruit Holdings Co. Ltd.		69,800		1,807,798
Secom Co. Ltd.		9,000		748,145
Shimizu Corp.		28,700		224,645
SMC Corp.		2,900		1,228,984
Sumitomo Corp.		53,300		611,724
Taisei Corp.		9,700		296,962
Tokyu Corp.		24,600		387,384
Toppan Printing Co. Ltd.		13,700		210,154
Toshiba Corp.		19,400		427,697
TOTO Ltd.		7,300		243,097
Toyota Tsusho Corp.		10,600		249,989
West Japan Railway Co.		8,200		561,782
Yamato Holdings Co. Ltd.		18,100		284,523
Yaskawa Electric Corp.		12,300		339,075

				24,319,249

Mexico — 0.0%
Alfa SAB de CV, Class A		129,638		35,367


Netherlands — 0.7%
Randstad NV		5,500		194,142
Wolters Kluwer NV		11,585		815,833

				1,009,975

Spain — 0.8%
ACS Actividades de Construccion y Servicios SA		12,227		239,007


SCHEDULES OF INVESTMENTS			45

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Spain (continued)
Aena SME SA^(c)		3,161	$	345,176
Ferrovial SA		20,170		484,017
International Consolidated Airlines Group SA		37,766		100,727

				1,168,927

Sweden — 3.4%
Alfa Laval AB		12,751		221,682
Assa Abloy AB, Class B		42,177		799,038
Atlas Copco AB, Class A		28,992		977,061
Atlas Copco AB, Class B		14,965		442,559
Epiroc AB, Class A		26,885		267,176
Epiroc AB, Class B		16,524		164,144
Sandvik AB		46,945		669,276
Securitas AB, Class B		14,022		152,070
Skanska AB, Class B^(a)		15,282		233,602
SKF AB, Class B		16,372		225,890
Volvo AB, Class B		70,417		849,322

				5,001,820

Switzerland — 2.6%
ABB Ltd., Registered		82,206		1,444,797
Adecco Group AG, Registered		7,011		276,368
Geberit AG, Registered		1,560		686,848
Kuehne + Nagel International AG, Registered		2,184		299,875
Schindler Holding AG, Participation Certificates, NVS		1,804		396,021
Schindler Holding AG, Registered		738		155,906
SGS SA, Registered		227		526,003

				3,785,818

United Kingdom — 5.4%
Ashtead Group PLC		19,272		421,890
BAE Systems PLC		136,079		880,439
Bunzl PLC		14,522		293,417
DCC PLC		4,346		274,830
easyJet PLC		11,728		83,036
Experian PLC		39,024		1,089,210
Ferguson PLC		9,855		617,828
G4S PLC		65,891		75,411
IMI PLC		12,382		114,749
Intertek Group PLC		6,847		401,234
Melrose Industries PLC		209,025		237,150
RELX PLC		85,713		1,840,767
Rentokil Initial PLC		78,036		375,238
Rolls-Royce Holdings PLC		81,291		343,314
Smiths Group PLC		16,646		253,049
Spirax-Sarco Engineering PLC		3,134		317,292
Travis Perkins PLC		10,742		117,558
Weir Group PLC (The)		11,347		101,443

				7,837,855

United States — 50.6%
3M Co.		24,477		3,341,355
Alaska Air Group Inc.		5,294		150,720
Allegion PLC		3,936		362,191
American Airlines Group Inc.		16,974		206,913
AMETEK Inc.		9,725		700,395
AO Smith Corp.		5,809		219,638
Boeing Co. (The)		22,752		3,393,233
Caterpillar Inc.		23,541		2,731,698
CH Robinson Worldwide Inc.		5,703		377,539
Cintas Corp.		3,569		618,222
Copart Inc.^(a)		8,741		598,933
CSX Corp.		33,178		1,901,099


Security	Shares		Value

United States (continued)
Cummins Inc.		6,527	$	883,234
Deere &Co.		13,399		1,851,206
Delta Air Lines Inc.		24,695		704,548
Dover Corp.		6,232		523,114
Eaton Corp. PLC		17,566		1,364,703
Emerson Electric Co.		25,811		1,229,894
Equifax Inc.		5,170		617,557
Expeditors International of Washington Inc.		7,257		484,187
Fastenal Co.		24,284		758,875
FedEx Corp.		10,214		1,238,550
Flowserve Corp.		5,582		133,354
Fortive Corp.		12,533		691,696
Fortune Brands Home &Security Inc.^(b)		5,919		255,997
General Dynamics Corp.		9,900		1,309,869
General Electric Co.		371,443		2,949,257
Honeywell International Inc.		30,315		4,055,844
Howmet Aerospace Inc.		16,486		264,765
Huntington Ingalls Industries Inc.		1,741		317,228
IDEX Corp.		3,239		447,338
IHS Markit Ltd.		17,066		1,023,960
Illinois Tool Works Inc.		12,464		1,771,384
Ingersoll Rand Inc.^(a)(b)		14,732		365,354
Jacobs Engineering Group Inc.		5,785		458,577
JB Hunt Transport Services Inc.		3,666		338,115
Johnson Controls International PLC		32,841		885,393
Kansas City Southern^(b)		4,268		542,804
L3Harris Technologies Inc.		9,430		1,698,532
Lockheed Martin Corp.		10,584		3,587,447
Masco Corp.		12,164		420,509
Nielsen Holdings PLC		15,357		192,577
Norfolk Southern Corp.		11,158		1,629,068
Northrop Grumman Corp.		6,691		2,024,362
Old Dominion Freight Line Inc.		4,086		536,328
PACCAR Inc.		14,725		900,139
Parker-Hannifin Corp.		5,459		708,196
Pentair PLC		7,093		211,088
Quanta Services Inc.		6,027		191,237
Raytheon Co.		11,810		1,548,881
Republic Services Inc.		8,905		668,409
Robert Half International Inc.		5,050		190,638
Rockwell Automation Inc.		4,962		748,815
Rollins Inc.		5,953		215,141
Roper Technologies Inc.		4,428		1,380,695
Snap-on Inc.		2,296		249,851
Southwest Airlines Co.		20,172		718,325
Stanley Black & Decker Inc.		6,510		651,000
Textron Inc.		9,764		260,406
TransDigm Group Inc.		2,134		683,285
Union Pacific Corp.		29,587		4,172,950
United Airlines Holdings Inc.^(a)		9,313		293,825
United Parcel Service Inc., Class B		29,849		2,788,494
United Rentals Inc.^(a)		3,202		329,486
United Technologies Corp.		34,469		3,251,461
Verisk Analytics Inc.		6,965		970,782
Waste Management Inc.		16,531		1,530,109
Westinghouse Air Brake Technologies Corp.		7,749		372,959
WW Grainger Inc.		1,847		458,980


46		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Xylem Inc./NY		7,626	$	496,681

				74,149,395


Total Common Stocks — 99.4% (Cost: $213,134,914)				145,700,495


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SLAgency Shares,
1.32%^(d)(e)(f)		861,163		860,991
BlackRock Cash Funds: Treasury, SLAgency Shares,
0.22%^(d)(e)		315,000		315,000

				1,175,991


Total Short-Term Investments — 0.8% (Cost: $1,175,732)				1,175,991


Total Investments in Securities — 100.2% (Cost: $214,310,646)				146,876,486

Other Assets, Less Liabilities — (0.2)%				(296,962	)


Net Assets — 100.0%			$	146,579,524

^(a)	Non-income producing security.

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

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SLAgency Shares	764,975	96,188		861,163	$	860,991	$	27,915	^(b)	$	(6,077	)	$	220
BlackRock Cash Funds: Treasury, SLAgency Shares	399,619	(84,619	)	315,000		315,000		5,605			—			—

					$	1,175,991	$	33,520		$	(6,077	)	$	220

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts	Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50	7		06/19/20	$	211	$	5,111
S&P Select Sector Industrial Index E-Mini	9		06/19/20		532		10,689
TOPIX Index	1		06/11/20		130		5,535

						$	21,335


SCHEDULES OF INVESTMENTS			47

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Industrials ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	21,335

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(228,474	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	21,335

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	469,207

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	145,700,495	$	—	$	—	$	145,700,495
Money Market Funds		1,175,991		—		—		1,175,991

	$	146,876,486	$	—	$	—	$	146,876,486

Derivative financial instruments^(a)
Assets
Futures Contracts	$	21,335	$	—	$	—	$	21,335

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


48		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Global Materials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 9.3%
BHP Group Ltd.		260,610	$	4,622,495
BHP Group PLC		187,147		2,905,303
Fortescue Metals Group Ltd.		151,773		928,927
James Hardie Industries PLC		39,315		445,642
Newcrest Mining Ltd.		67,464		951,766
Rio Tinto Ltd.		32,926		1,704,286
South32 Ltd.		455,625		492,197

				12,050,616

Belgium — 0.8%
Solvay SA		6,390		465,419
Umicore SA		17,696		618,429

				1,083,848

Brazil — 1.8%
Vale SA, ADR		281,113		2,330,427


Canada — 8.0%
Agnico Eagle Mines Ltd.		21,170		835,585
Barrick Gold Corp.		157,409		2,859,871
CCL Industries Inc., Class B, NVS		12,852		386,368
First Quantum Minerals Ltd.		60,825		307,255
Franco-Nevada Corp.		16,666		1,646,402
Kinross Gold Corp.^(a)		111,384		442,140
Kirkland Lake Gold Ltd.		23,685		689,741
Nutrien Ltd.		50,635		1,711,490
Teck Resources Ltd., Class B		43,301		324,602
Wheaton Precious Metals Corp.		39,571		1,076,745

				10,280,199

Chile — 0.3%
Empresas CMPC SA		99,304		213,097
Sociedad Quimica y Minera de Chile SA, ADR		9,834		221,757

				434,854

Denmark — 1.2%
Chr Hansen Holding A/S		9,121		682,385
Novozymes A/S, Class B		18,928		860,845

				1,543,230

Finland — 1.4%
Stora Enso OYJ, Class R		53,451		542,270
UPM-Kymmene OYJ		46,988		1,293,580

				1,835,850

France — 4.5%
Air Liquide SA		41,707		5,338,257
Arkema SA		6,365		439,992

				5,778,249

Germany —4.9%
BASF SE		81,324		3,849,949
Covestro AG^(b)		14,987		458,308
HeidelbergCement AG		12,843		550,856
LANXESS AG		7,365		294,319
Symrise AG		11,272		1,051,297
thyssenkrupp AG^(a)(c)		36,042		188,561

				6,393,290

Ireland — 8.3%
CRH PLC		70,179		1,913,548
Linde PLC		47,563		8,228,399
Smurfit Kappa Group PLC		21,008		592,872

				10,734,819


Security	Shares		Value

Japan — 8.0%
Asahi Kasei Corp.		123,300	$	873,511
JFE Holdings Inc.		51,200		333,413
Kuraray Co. Ltd.		31,200		315,598
Mitsubishi Chemical Holdings Corp.		125,500		747,269
Mitsui Chemicals Inc.		17,200		326,777
Nippon Paint Holdings Co. Ltd.		17,600		922,755
Nippon Steel Corp.		84,029		720,304
Nitto Denko Corp.		13,900		621,254
Oji Holdings Corp.		90,600		485,919
Shin-Etsu Chemical Co. Ltd.		34,000		3,379,371
Sumitomo Chemical Co. Ltd.		144,900		430,855
Sumitomo Metal Mining Co. Ltd.		24,300		499,258
Toray Industries Inc.		144,300		626,897

				10,283,181

Mexico — 0.6%
Cemex SAB de CV, CPO,NVS		1,349,284		283,554
Grupo Mexico SAB de CV, Series B		277,200		516,842

				800,396

Netherlands — 2.7%
Akzo Nobel NV		18,005		1,185,557
ArcelorMittal SA		56,709		538,922
Koninklijke DSM NV		16,074		1,825,451

				3,549,930

Norway — 0.6%
Norsk Hydro ASA		121,940		262,669
Yara International ASA		15,601		489,230

				751,899

Peru — 0.2%
Southern Copper Corp.		7,629		214,833


South Korea — 1.5%
LG Chem Ltd.		4,181		1,047,525
POSCO		6,256		827,384

				1,874,909

Sweden — 0.8%
Boliden AB		24,289		444,462
Svenska Cellulosa AB SCA, Class B		53,838		545,841

				990,303

Switzerland — 4.6%
Clariant AG, Registered		21,768		365,931
Givaudan SA, Registered		703		2,176,099
LafargeHolcim Ltd., Registered		43,083		1,574,508
Sika AG,Registered		11,154		1,843,917

				5,960,455

Taiwan — 2.1%
Formosa Chemicals & Fibre Corp.		359,100		795,585
Formosa Plastics Corp.		388,720		965,325
Nan Ya Plastics Corp.		498,940		902,469

				2,663,379

United Kingdom — 8.5%
Amcor PLC^(a)		143,461		1,164,903
Anglo American PLC		122,295		2,147,825
Croda International PLC		11,687		619,068
DS Smith PLC		121,537		415,027
Glencore PLC		966,551		1,483,712
Johnson Matthey PLC		17,665		393,829
Mondi PLC		42,992		736,183


SCHEDULES OF INVESTMENTS			49

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Materials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Rio Tinto PLC		88,145	$	4,064,150

				11,024,697

United States — 28.5%
Air Products & Chemicals Inc.		19,518		3,895,988
Albemarle Corp.		9,409		530,385
Avery Dennison Corp.		7,406		754,449
Ball Corp.^(c)		28,876		1,867,122
Celanese Corp.		10,707		785,787
CF Industries Holdings Inc.		19,269		524,117
Corteva Inc.^(a)		66,487		1,562,445
Dow Inc.^(a)		65,539		1,916,360
DuPont de Nemours Inc.		65,593		2,236,721
Eastman Chemical Co.		12,097		563,478
Ecolab Inc.		22,213		3,461,452
FMC Corp.		11,401		931,348
Freeport-McMoRan Inc.		128,467		867,152
International Flavors & Fragrances Inc.		9,398		959,348
International Paper Co.		34,624		1,077,845
LyondellBasell Industries NV, Class A		22,851		1,134,095
Martin Marietta Materials Inc.^(c)		5,525		1,045,496
Mosaic Co. (The)		31,090		336,394
Newmont Corp.		72,600		3,287,328
Nucor Corp.		26,965		971,279
Packaging Corp. of America		8,405		729,806
PPG Industries Inc.		20,872		1,744,899
Sealed Air Corp.		13,727		339,194
Sherwin-Williams Co. (The)		7,279		3,344,846
Vulcan Materials Co.		11,778		1,272,849
Westrock Co.		22,590		638,394

				36,778,577


Total Common Stocks — 98.6% (Cost: $224,480,229)				127,357,941


Security	Shares		Value

Preferred Stocks

Brazil — 0.2%
Gerdau SA, Preference Shares, ADR		94,080	$	179,693


Total Preferred Stocks — 0.2% (Cost: $1,254,803)				179,693


Short-Term Investments

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(d)(e)(f)		1,089,316		1,089,098
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(d)(e)		227,000		227,000

				1,316,098


Total Short-Term Investments — 1.0% (Cost: $1,315,771)				1,316,098


Total Investments in Securities — 99.8% (Cost: $227,050,803)				128,853,732

Other Assets, Less Liabilities — 0.2%				278,070


Net Assets — 100.0%			$	129,131,802

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)	Affiliate of the Fund.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	4,861,235	(3,771,919	)	1,089,316	$	1,089,098	$	23,004	^(b)	$	(2,020	)	$	153
BlackRock Cash Funds: Treasury, SL Agency Shares	230,581	(3,581	)	227,000		227,000		4,396			—			—

					$	1,316,098	$	27,400		$	(2,020	)	$	153

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts	Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 100 Index	6		06/19/20	$	419	$	41,355
MSCI Emerging Markets E-Mini	8		06/19/20		337		7,591


50		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Materials ETF

Futures Contracts (continued)


Description	Number of Contracts	Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index	4		06/19/20	$	514	$	(9,043	)
S&P/TSX 60 Index	2		06/18/20		229		12,910

						$	52,813

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	61,856


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	9,043

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(298,592	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	52,813

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	612,816

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

Fair Value Measurements


SCHEDULES OF INVESTMENTS			51

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Materials ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	127,357,941		$	—	$	—	$	127,357,941
Preferred Stocks		179,693			—		—		179,693
Money Market Funds		1,316,098			—		—		1,316,098

	$	128,853,732		$	—	$	—	$	128,853,732

Derivative financial instruments^(a)
Assets
Futures Contracts	$	61,856		$	—	$	—	$	61,856
Liabilities
Futures Contracts		(9,043	)		—		—		(9,043	)

	$	52,813		$	—	$	—	$	52,813

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


52		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Global Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.0%
Computershare Ltd.		202,110	$	1,201,141


Brazil — 0.1%
Pagseguro Digital Ltd., Class A^(a)(b)		71,763		1,387,179


Canada — 1.2%
CGI Inc.^(a)		96,661		5,174,132
Constellation Software Inc.		7,984		7,174,409
Open Text Corp.		108,888		3,764,625
Shopify Inc., Class A^(a)		41,789		17,311,013

				33,424,179

China — 0.3%
Xiaomi Corp., Class B^(a)(c)		5,318,800		7,164,106


Finland — 0.3%
Nokia OYJ		2,272,383		7,153,488


France — 0.9%
Atos SE		38,709		2,622,312
Capgemini SE		63,464		5,361,964
Dassault Systemes SE		55,170		8,172,266
Edenred		98,018		4,096,591
STMicroelectronics NV , New		264,481		5,767,762

				26,020,895

Germany —2.2%
Infineon Technologies AG		504,106		7,428,543
SAP SE		435,699		49,145,689
Wirecard AG^(b)		46,353		5,322,587

				61,896,819

Japan — 4.1%
Canon Inc.		433,900		9,481,451
FUJIFILM Holdings Corp.		166,600		8,393,658
Fujitsu Ltd.		76,900		6,948,817
Hitachi Ltd.		390,000		11,354,453
Keyence Corp.		75,540		24,371,805
Kyocera Corp.		141,700		8,411,038
Murata Manufacturing Co. Ltd.		258,900		13,123,068
NEC Corp.		105,700		3,862,596
NTT Data Corp.		262,000		2,524,015
Omron Corp.		83,800		4,370,284
Ricoh Co. Ltd.		301,000		2,213,830
Rohm Co. Ltd.		38,400		2,109,323
TDK Corp.		52,400		4,067,547
Tokyo Electron Ltd.		66,600		12,557,482

				113,789,367

Netherlands — 2.0%
Adyen NV^(a)(c)		9,788		8,276,157
ASML Holding NV		171,551		45,637,431

				53,913,588

South Korea — 3.5%
Samsung Electronics Co. Ltd.		2,069,111		81,159,938
SK Hynix Inc.		217,082		14,854,340

				96,014,278

Spain — 0.3%
Amadeus IT Group SA		173,811		8,238,853


Sweden — 0.5%
Hexagon AB, Class B		111,574		4,774,809


Security	Shares		Value

Sweden (continued)
Telefonaktiebolaget LM Ericsson, Class B		1,056,090	$	8,640,417

				13,415,226

Switzerland — 0.2%
Logitech International SA, Registered		67,361		2,912,908
Temenos AG, Registered		25,970		3,406,122

				6,319,030

Taiwan — 3.4%
Hon Hai Precision Industry Co. Ltd.		5,041,378		11,652,607
Largan Precision Co. Ltd.		43,000		5,445,828
MediaTek Inc.		591,000		6,400,228
Taiwan Semiconductor Manufacturing Co. Ltd.		7,629,600		69,127,206

				92,625,869

United Kingdom — 0.3%
Halma PLC		152,705		3,637,348
Micro Focus International PLC		146,726		727,732
Sage Group PLC (The)		453,027		3,324,323

				7,689,403

United States — 79.9%
Accenture PLC, Class A		255,944		41,785,417
Adobe Inc.^(a)		195,262		62,140,179
Advanced Micro Devices Inc.^(a)		471,066		21,424,082
Akamai Technologies Inc.^(a)		65,129		5,958,652
Alliance Data Systems Corp.		16,610		558,927
Amphenol Corp., Class A		120,033		8,748,005
Analog Devices Inc.		148,433		13,307,018
ANSYS Inc.^(a)		34,375		7,991,156
Apple Inc.		1,683,282		428,041,780
Applied Materials Inc.		372,749		17,079,359
Arista Networks Inc.^(a)(b)		21,943		4,444,555
Autodesk Inc.^(a)		88,734		13,851,377
Automatic Data Processing Inc.		174,555		23,858,177
Broadcom Inc.		159,867		37,904,466
Broadridge Financial Solutions Inc.		46,115		4,373,085
Cadence Design Systems Inc.^(a)		112,647		7,439,208
CDW Corp./DE		58,396		5,446,595
Cisco Systems Inc.		1,709,718		67,209,015
Citrix Systems Inc.		49,040		6,941,612
Cognizant Technology Solutions Corp., Class A		220,680		10,255,000
Corning Inc.		309,503		6,357,192
DXC Technology Co.		103,174		1,346,421
F5 Networks Inc.^(a)		24,383		2,599,959
Fidelity National Information Services Inc.		247,551		30,112,104
Fiserv Inc.^(a)(b)		230,466		21,891,965
FleetCor Technologies Inc.^(a)		34,931		6,516,029
FLIR Systems Inc.		54,625		1,741,991
Fortinet Inc.^(a)		57,268		5,793,804
Gartner Inc.^(a)		36,382		3,622,556
Global Payments Inc.		120,843		17,429,186
Hewlett Packard Enterprise Co.		514,619		4,996,950
HP Inc.		594,808		10,325,867
Intel Corp.		1,753,138		94,879,829
International Business Machines Corp.		356,931		39,594,356
Intuit Inc.		105,053		24,162,190
IPG Photonics Corp.^(a)(b)		14,471		1,595,862
Jack Henry & Associates Inc.		30,823		4,784,963
Juniper Networks Inc.		134,894		2,581,871
Keysight Technologies Inc.^(a)		75,695		6,334,158
KLA Corp.		63,435		9,118,147
Lam Research Corp.		58,403		14,016,720


SCHEDULES OF INVESTMENTS			53

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Leidos Holdings Inc.		53,630	$	4,915,189
Mastercard Inc., Class A		357,774		86,423,887
Maxim Integrated Products Inc.		109,468		5,321,239
Microchip Technology Inc.		96,055		6,512,529
Micron Technology Inc.^(a)		445,953		18,756,783
Microsoft Corp.		3,074,564		484,889,488
Motorola Solutions Inc.		69,104		9,185,304
NetApp Inc.		90,648		3,779,115
NortonLifeLock Inc.		231,000		4,322,010
NVIDIA Corp.		246,649		65,016,676
Oracle Corp.		873,129		42,198,325
Paychex Inc.		129,060		8,120,455
Paycom Software Inc.^(a)		19,789		3,997,576
PayPal Holdings Inc.^(a)		473,223		45,306,370
Qorvo Inc.^(a)		46,822		3,775,258
QUALCOMM Inc.		460,188		31,131,718
salesforce.com Inc.^(a)		357,480		51,469,970
Seagate Technology PLC		91,460		4,463,248
ServiceNow Inc.^(a)		76,011		21,783,232
Skyworks Solutions Inc.		69,284		6,192,604
Synopsys Inc.^(a)		60,422		7,781,749
TE Connectivity Ltd.		134,316		8,459,222
Texas Instruments Inc.		376,732		37,646,829
VeriSign Inc.^(a)		41,461		7,466,711
Visa Inc., Class A^(b)		689,905		111,157,494
Western Digital Corp.		119,451		4,971,551
Western Union Co. (The)		171,048		3,101,100
Xerox Holdings Corp.^(a)		77,189		1,461,960
Xilinx Inc.		101,268		7,892,828
Zebra Technologies Corp., Class A^(a)(b)		21,522		3,951,439

				2,200,011,644


Total Common Stocks — 99.2% (Cost: $2,449,213,269)				2,730,265,065


Security	Shares		Value

Preferred Stocks

South Korea — 0.4%
Samsung Electronics Co. Ltd., Preference Shares, NVS		332,044	$	10,937,663


Total Preferred Stocks — 0.4% (Cost: $11,130,442)				10,937,663


Short-Term Investments

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(d)(e)(f)		31,711,666		31,705,324
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(d)(e)		5,162,000		5,162,000

				36,867,324


Total Short-Term Investments — 1.3% (Cost: $36,845,125)				36,867,324


Total Investments in Securities — 100.9% (Cost: $2,497,188,836)				2,778,070,052

Other Assets, Less Liabilities — (0.9)%				(25,197,570	)


Net Assets — 100.0%			$	2,752,872,482

^(a)	Non-income producing security.

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

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	4,656,392	27,055,274		31,711,666	$	31,705,324	$	138,780	^(b)	$ (30,657)		$	20,600
BlackRock Cash Funds: Treasury, SL Agency Shares	5,794,378	(632,378	)	5,162,000		5,162,000		72,008		—			—

					$	36,867,324	$	210,788		$ (30,657)		$	20,600

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount (000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P Select Sector Technology Index E-Mini

133

06/19/20

10,729

953,175


54		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Tech ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	953,175

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,339,605	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	953,175

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	4,092,758

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,730,265,065	$	—	$	—	$	2,730,265,065
Preferred Stocks		10,937,663		—		—		10,937,663
Money Market Funds		36,867,324		—		—		36,867,324

	$	2,778,070,052	$	—	$	—	$	2,778,070,052

Derivative financial instruments^(a)
Assets
Futures Contracts	$	953,175	$	—	$	—	$	953,175

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			55

Schedule of Investments

March 31, 2020

iShares^® Global Utilities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.2%
AGL Energy Ltd.		80,703	$	849,088
APA Group		143,292		899,821

				1,748,909

Canada — 3.1%
Brookfield Infrastructure Corp.^(a)		4,035		139,742
Brookfield Infrastructure Partners LP^(a)		36,318		1,303,860
Emera Inc.		29,441		1,147,979
Fortis Inc.		56,508		2,154,557

				4,746,138

Chile — 0.5%
Enel Americas SA, ADR		89,489		542,303
Enel Chile SA, ADR		65,659		217,988

				760,291

Denmark — 1.3%
Orsted A/S^(b)		20,254		1,984,658


Finland — 0.5%
Fortum OYJ		53,380		783,390


France — 3.1%
Electricite de France SA		56,042		441,882
Engie SA		223,624		2,309,437
Suez		51,656		525,760
Veolia Environnement SA		68,213		1,457,640

				4,734,719

Germany —3.0%
E.ON SE		266,714		2,762,928
RWE AG		70,308		1,848,406

				4,611,334

Hong Kong —2.6%
CLP Holdings Ltd.		211,500		1,951,031
Hong Kong & China Gas Co. Ltd.		1,203,247		1,983,963

				3,934,994

Italy —5.8%
Enel SpA		938,639		6,528,675
Snam SpA		276,132		1,273,753
Terna Rete Elettrica Nazionale SpA		168,435		1,066,385

				8,868,813

Japan — 3.3%
Chubu Electric Power Co. Inc.		87,800		1,239,879
Kansai Electric Power Co. Inc. (The)		101,100		1,127,079
Kyushu Electric Power Co. Inc.		58,600		471,709
Osaka Gas Co. Ltd.		51,000		961,845
Tokyo Gas Co. Ltd.		47,700		1,129,371

				4,929,883

Mexico — 0.1%
Infraestructura Energetica Nova SAB de CV		64,472		199,716


Portugal — 0.7%
EDP - Energias de Portugal SA		264,276		1,060,736


Spain — 6.7%
Enagas SA		22,474		446,216
Endesa SA		40,031		855,201
Iberdrola SA		732,572		7,221,473
Naturgy Energy Group SA		42,160		745,481


Security	Shares		Value

Spain (continued)
Red Electrica Corp. SA		54,628	$	980,928

				10,249,299

United Kingdom — 6.3%
Centrica PLC		715,382		337,784
National Grid PLC		456,874		5,362,499
Severn Trent PLC		29,248		826,866
SSE PLC		125,791		2,035,468
United Utilities Group PLC		83,227		931,666

				9,494,283

United States — 61.2%
AES Corp./VA		80,859		1,099,682
Alliant Energy Corp.		29,304		1,415,090
Ameren Corp.^(c)		29,871		2,175,505
American Electric Power Co. Inc.		60,151		4,810,877
American Water Works Co. Inc.^(c)		21,950		2,624,342
Atmos Energy Corp.		14,678		1,456,498
CenterPoint Energy Inc.		61,144		944,675
CMS Energy Corp.		34,496		2,026,640
Consolidated Edison Inc.		40,470		3,156,660
Dominion Energy Inc.		100,285		7,239,574
DTE Energy Co.		23,517		2,233,410
Duke Energy Corp.		88,709		7,174,784
Edison International		43,623		2,390,104
Entergy Corp.		24,356		2,288,733
Evergy Inc.		27,760		1,528,188
Eversource Energy		39,419		3,082,960
Exelon Corp.		118,249		4,352,746
FirstEnergy Corp.		66,117		2,649,308
NextEra Energy Inc.		59,487		14,313,762
NiSource Inc.		45,617		1,139,056
NRG Energy Inc.		31,153		849,231
Pinnacle West Capital Corp.		13,643		1,034,003
PPL Corp.		93,204		2,300,275
Public Service Enterprise Group Inc.		61,525		2,763,088
Sempra Energy		34,458		3,893,409
Southern Co. (The)		127,849		6,921,745
WEC Energy Group Inc.		38,308		3,376,084
Xcel Energy Inc.		63,763		3,844,909

				93,085,338


Total Common Stocks — 99.4% (Cost: $199,424,598)				151,192,501


Preferred Stocks

Brazil — 0.1%
Cia. Energetica de Minas Gerais, Preference Shares, ADR, NVS		120,238		204,405


Total Preferred Stocks — 0.1% (Cost: $771,792)				204,405


Short-Term Investments

Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(d)(e)(f)		3,776,311		3,775,555


56		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Utilities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(d)(e)		268,000	$	268,000

				4,043,555


Total Short-Term Investments — 2.7% (Cost: $4,042,168)				4,043,555


Total Investments in Securities — 102.2% (Cost: $204,238,558)				155,440,461

Other Assets, Less Liabilities — (2.2)%				(3,317,621	)


Net Assets — 100.0%			$	152,122,840

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)	Affiliate of the Fund.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	3,776,311		3,776,311	$	3,775,555	$	2,518	^(b)	$ (1,102)		$	1,388
BlackRock Cash Funds: Treasury, SL Agency Shares	338,026	(70,026	)	268,000		268,000		6,468		—			—

					$	4,043,555	$	8,986		$ (1,102)		$	1,388

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini S&P Select Sector Utilities Index		11		06/19/20	$	613	$	36,439
IBEX 35 Index		1		04/17/20		74		8,738

							$	45,177

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	45,177

^(a)


SCHEDULES OF INVESTMENTS			57

Schedule of Investments (continued)

March 31, 2020

iShares^® Global Utilities ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(172,239	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	45,177

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	591,057

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	151,192,501	$	—	$	—	$	151,192,501
Preferred Stocks		204,405		—		—		204,405
Money Market Funds		4,043,555		—		—		4,043,555

	$	155,440,461	$	—	$	—	$	155,440,461

Derivative financial instruments^(a)
Assets
Futures Contracts	$	45,177	$	—	$	—	$	45,177

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


58		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

March 31, 2020


	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF			iShares Global Energy ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	224,563,910		$	155,964,369		$	677,879,704		$	606,514,193
Affiliated^(c)		1,525,456			3,193,243			5,654,962			7,368,600
Cash		2,214			41,982			163,842			586
Foreign currency, at value^(d)		151,637			197,212			930,513			1,238,122
Cash pledged:
Futures contracts		136,000			64,000			402,000			752,000
Foreign currency collateral pledged:
Futures contracts^(e)		33,859			69,783			180,831			106,635
Receivables:
Investments sold		—			—			—			5,573,472
Securities lending income — Affiliated		3,521			1,279			3,501			3,604
Variation margin on futures contracts		—			—			—			57,457
Capital shares sold		96,583			—			—			88,412
Dividends		436,545			424,783			2,187,797			1,981,210
Tax reclaims		23,021			50,310			704,654			56,740

Total assets		226,972,746			160,006,961			688,107,804			623,741,031


LIABILITIES
Collateral on securities loaned, at value		792,217			2,979,860			4,388,782			6,687,887
Payables:
Investments purchased		728,699			74			—			24,604
Variation margin on futures contracts		6,563			11,195			76,932			—
Investment advisory fees		82,282			66,688			261,869			210,295

Total liabilities		1,609,761			3,057,817			4,727,583			6,922,786


NET ASSETS	$	225,362,985		$	156,949,144		$	683,380,221		$	616,818,245


NET ASSETS CONSIST OF:
Paid-in capital	$	367,087,794		$	224,124,336		$	733,589,752		$	1,355,132,037
Accumulated loss		(141,724,809	)		(67,175,192	)		(50,209,531	)		(738,313,792	)

NET ASSETS	$	225,362,985		$	156,949,144		$	683,380,221		$	616,818,245


Shares outstanding		4,350,000			1,650,000			14,250,000			36,150,000


Net asset value	$	51.81		$	95.12		$	47.96		$	17.06


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a)Securities loaned, at value	$	768,931		$	2,426,876		$	4,183,971		$	6,797,617
^(b)Investments, at cost — Unaffiliated	$	260,869,939		$	210,900,395		$	716,342,528		$	1,203,127,198
^(c)Investments, at cost — Affiliated	$	1,524,917		$	3,192,353		$	5,652,679		$	7,364,976
^(d)Foreign currency, at cost	$	154,718		$	197,815		$	931,178		$	1,221,698
^(e)Foreign currency collateral pledged, at cost	$	33,946		$	69,167		$	179,050		$	107,765

See notes to financial statements.


FINANCIAL STATEMENTS			59

Statements of Assets and Liabilities (continued)

March 31, 2020


	iShares Global Financials ETF			iShares Global Healthcare ETF		iShares Global Industrials ETF			iShares Global Materials ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	199,197,236		$	1,935,190,860	$	145,700,495		$	127,537,634
Affiliated^(c)		6,470,453			37,472,147		1,175,991			1,316,098
Cash		9,711			475,167		20,422			3,374
Foreign currency, at value^(d)		372,306			1,528,446		148,214			117,472
Cash pledged:
Futures contracts		230,000			1,082,000		84,000			80,999
Foreign currency collateral pledged:
Futures contracts^(e)		103,647			—		52,229			77,701
Receivables:
Investments sold		543,682			—		81,909			—
Securities lending income — Affiliated		2,393			111,344		1,523			645
Variation margin on futures contracts		—			—		—			8,481
Dividends		565,529			2,976,270		407,605			1,004,752
Tax reclaims		179,069			2,989,728		77,815			122,985
Foreign withholding tax claims		—			—		—			11,874

Total assets		207,674,026			1,981,825,962		147,750,203			130,282,015


LIABILITIES
Collateral on securities loaned, at value		3,914,631			33,642,136		867,366			1,088,758
Payables:
Investments purchased		—			9,036		145,628			—
Variation margin on futures contracts		44,259			41,579		10,647			—
Capital shares redeemed		543,682			—		81,909			—
Investment advisory fees		98,297			741,213		65,129			61,336
Professional fees		—			—		—			119
Foreign taxes		—			143		—			—

Total liabilities		4,600,869			34,434,107		1,170,679			1,150,213


NET ASSETS	$	203,073,157		$	1,947,391,855	$	146,579,524		$	129,131,802


NET ASSETS CONSIST OF:
Paid-in capital	$	384,227,268		$	1,861,111,921	$	230,825,823		$	309,840,463
Accumulated earnings (loss)		(181,154,111	)		86,279,934		(84,246,299	)		(180,708,661	)

NET ASSETS	$	203,073,157		$	1,947,391,855	$	146,579,524		$	129,131,802


Shares outstanding		4,300,000			31,950,000		2,050,000			2,600,000


Net asset value	$	47.23		$	60.95	$	71.50		$	49.67


Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited


Par value		None			None		None			None


^(a)Securities loaned, at value	$	3,707,306		$	32,869,160	$	843,807		$	1,089,456
^(b)Investments, at cost — Unaffiliated	$	328,950,280		$	1,793,891,461	$	213,134,914		$	225,735,032
^(c)Investments, at cost — Affiliated	$	6,866,762		$	37,461,520	$	1,175,732		$	1,315,771
^(d)Foreign currency, at cost	$	373,593		$	1,530,633	$	149,606		$	119,222
^(e)Foreign currency collateral pledged, at cost	$	103,026		$	—	$	52,149		$	78,052

See notes to financial statements.


60		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (continued)

March 31, 2020


	iShares Global Tech ETF		iShares Global Utilities ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	2,741,202,728	$	151,396,906
Affiliated^(c)		36,867,324		4,043,555
Cash.		377,911		28,265
Foreign currency, at value^(d)		2,808,817		136,337
Cash pledged:
Futures contracts		1,178,000		86,000
Foreign currency collateral pledged:
Futures contracts^(e)		—		10,973
Receivables:
Investments sold		34,239		—
Securities lending income — Affiliated		26,996		1,114
Dividends		3,348,469		243,200
Tax reclaims		46,028		31,100
Foreign withholding tax claims		39,444		12,980

Total assets		2,785,929,956		155,990,430


LIABILITIES
Collateral on securities loaned, at value		31,717,353		3,775,245
Payables:
Variation margin on futures contracts		214,002		25,175
Capital shares redeemed		34,239		—
Investment advisory fees		1,091,486		67,040
Professional fees		394		130

Total liabilities		33,057,474		3,867,590


NET ASSETS	$	2,752,872,482	$	152,122,840


NET ASSETS CONSIST OF:
Paid-in capital	$	2,532,400,490	$	232,267,884
Accumulated earnings (loss)		220,471,992		(80,145,044	)

NET ASSETS	$	2,752,872,482	$	152,122,840


Shares outstanding		15,050,000		3,000,000


Net asset value	$	182.92	$	50.71


Shares authorized		Unlimited		Unlimited


Par value		None		None


^(a)Securities loaned, at value	$	30,498,870	$	3,473,467
^(b)Investments, at cost — Unaffiliated	$	2,460,343,711	$	200,196,390
^(c)Investments, at cost — Affiliated	$	36,845,125	$	4,042,168
^(d)Foreign currency,at cost	$	2,921,150	$	136,398
^(e)Foreign currency collateral pledged, at cost	$	—	$	11,083

See notes to financial statements.


FINANCIAL STATEMENTS			61

Statements of Operations

Year Ended March 31, 2020


	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF			iShares Global Energy ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	4,776,452		$	4,363,514		$	21,785,799		$	39,857,942
Dividends — Affiliated		5,127			4,886			18,742			22,219
Securities lending income — Affiliated — net		8,867			15,100			34,619			16,764
Other income — Unaffiliated		—			—			—			146
Foreign taxes withheld		(245,635	)		(261,943	)		(850,008	)		(2,167,546	)

Total investment income		4,544,811			4,121,557			20,989,152			37,729,525


EXPENSES
Investment advisory fees		1,154,795			975,752			3,590,044			4,063,298

Total expenses		1,154,795			975,752			3,590,044			4,063,298

Net investment income		3,390,016			3,145,805			17,399,108			33,666,227


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(5,862,496	)		(3,509,712	)		(5,538,013	)		(34,681,555	)
Investments — Affiliated		(10,300	)		(949	)		(3,070	)		(4,443	)
In-kind redemptions — Unaffiliated		20,254,258			7,969,974			38,193,581			(49,445,212	)
Futures contracts		(95,942	)		(321,632	)		(540,575	)		(3,232,808	)
Foreign currency transactions		(308	)		(35,768	)		(82,870	)		(139,588	)
Payment by affiliate		—			2,355			—			—

Net realized gain (loss)		14,285,212			4,104,268			32,029,053			(87,503,606	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(24,733,963	)		(36,218,415	)		(79,191,391	)		(367,819,254	)
Investments — Affiliated		539			859			2,284			3,624
Futures contracts		(3,365	)		56,750			250,930			250,609
Foreign currency translations		(2,480	)		3,816			25,067			19,114

Net change in unrealized appreciation (depreciation)		(24,739,269	)		(36,156,990	)		(78,913,110	)		(367,545,907	)

Net realized and unrealized loss		(10,454,057	)		(32,052,722	)		(46,884,057	)		(455,049,513	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,064,041	)	$	(28,906,917	)	$	(29,484,949	)	$	(421,383,286	)

See notes to financial statements.


62		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (continued)

Year Ended March 31, 2020


	iShares Global Financials ETF			iShares Global Healthcare ETF			iShares Global Industrials ETF			iShares Global Materials ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	11,573,646		$	42,598,578		$	5,279,075		$	7,165,402
Dividends — Affiliated		87,239			55,749			5,605			4,396
Securities lending income — Affiliated — net		21,479			584,703			27,915			23,004
Other income — Unaffiliated		2,561			—			982			2,778
Foreign taxes withheld		(700,274	)		(2,568,082	)		(290,037	)		(415,624	)

Total investment income		10,984,651			40,670,948			5,023,540			6,779,956


EXPENSES
Investment advisory fees		1,605,234			9,388,488			1,037,852			1,069,390

Total expenses		1,605,234			9,388,488			1,037,852			1,069,390

Net investment income		9,379,417			31,282,460			3,985,688			5,710,566


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(6,782,255	)		(16,639,690	)		(2,551,354	)		(12,858,838	)
Investments — Affiliated		(16,092	)		(44,616	)		(6,077	)		(2,020	)
In-kind redemptions — Unaffiliated		(8,819,628	)		126,893,215			4,649,654			(16,188,811	)
In-kind redemptions — Affiliated		173,497			—			—			—
Futures contracts		(436,215	)		(1,161,173	)		(228,474	)		(298,592	)
Foreign currency transactions		(28,428	)		145,339			(939	)		(39,307	)
Payment by affiliate		3,364			—			—			—

Net realized gain (loss)		(15,905,757	)		109,193,075			1,862,810			(29,387,568	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(73,125,650	)		(125,564,104	)		(45,828,047	)		(36,768,064	)
Investments — Affiliated		(180,142	)		10,627			220			153
Futures contracts		80,646			798,617			21,335			52,813
Foreign currency translations		2,696			56,151			1,239			(24,270	)

Net change in unrealized appreciation (depreciation)		(73,222,450	)		(124,698,709	)		(45,805,253	)		(36,739,368	)

Net realized and unrealized loss		(89,128,207	)		(15,505,634	)		(43,942,443	)		(66,126,936	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(79,748,790	)	$	15,776,826		$	(39,956,755	)	$	(60,416,370	)

See notes to financial statements.


FINANCIAL STATEMENTS			63

Statements of Operations (continued)

Year Ended March 31, 2020


	iShares Global Tech ETF			iShares Global Utilities ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	49,856,267		$	7,020,116
Dividends — Affiliated		72,008			6,468
Non-cash dividends — Unaffiliated		—			362,360
Securities lending income — Affiliated — net		138,780			2,518
Other income — Unaffiliated		3,502			2,417
Foreign taxes withheld		(2,105,328	)		(269,167	)

Total investment income		47,965,229			7,124,712


EXPENSES
Investment advisory fees		13,148,855			975,604

Total expenses		13,148,855			975,604

Net investment income		34,816,374			6,149,108


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(12,272,143	)		(3,255,507	)
Investments — Affiliated		(30,657	)		(1,102	)
In-kind redemptions — Unaffiliated		341,149,934			25,150,313
Futures contracts		(1,339,605	)		(172,239	)
Foreign currency transactions		(52,090	)		(33,573	)

Net realized gain		327,455,439			21,687,892

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(130,430,457	)		(31,991,566	)
Investments — Affiliated		20,600			1,388
Futures contracts		953,175			45,177
Foreign currency translations		(120,753	)		580

Net change in unrealized appreciation (depreciation)		(129,577,435	)		(31,944,421	)

Net realized and unrealized gain (loss)		197,878,004			(10,256,529	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	232,694,378		$	(4,107,421	)

See notes to financial statements.


64		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares Global Comm Services ETF						iShares Global Consumer Discretionary ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,390,016		$	9,907,258		$	3,145,805		$	4,006,658
Net realized gain (loss)		14,285,212			(44,575,521	)		4,104,268			36,889,989
Net change in unrealized appreciation (depreciation)		(24,739,269	)		39,728,470			(36,156,990	)		(30,379,551	)

Net increase (decrease) in net assets resulting from operations		(7,064,041	)		5,060,207			(28,906,917	)		10,517,096


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,609,991	)		(12,012,028	)		(3,378,514	)		(3,925,726	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,932,036			(157,282,291	)		(14,654,385	)		(81,319,749	)


NET ASSETS
Total decrease in net assets		(10,741,996	)		(164,234,112	)		(46,939,816	)		(74,728,379	)
Beginning of year		236,104,981			400,339,093			203,888,960			278,617,339

End of year	$	225,362,985		$	236,104,981		$	156,949,144		$	203,888,960

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

See notes to financial statements.


FINANCIAL STATEMENTS			65

Statements of Changes in Net Assets (continued)


	iShares Global Consumer Staples ETF						iShares Global Energy ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	17,399,108		$	14,672,738		$	33,666,227		$	45,698,409
Net realized gain (loss)		32,029,053			60,174,313			(87,503,606	)		(15,300,574	)
Net change in unrealized appreciation (depreciation)		(78,913,110	)		(28,623,696	)		(367,545,907	)		(49,583,590	)

Net increase (decrease) in net assets resulting from operations		(29,484,949	)		46,223,355			(421,383,286	)		(19,185,755	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(17,461,335	)		(15,943,235	)		(56,008,845	)		(46,443,863	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(8,505,087	)		172,044,541			62,965,822			(57,677,840	)


NET ASSETS
Total increase (decrease) in net assets		(55,451,371	)		202,324,661			(414,426,309	)		(123,307,458	)
Beginning of year		738,831,592			536,506,931			1,031,244,554			1,154,552,012

End of year	$	683,380,221		$	738,831,592		$	616,818,245		$	1,031,244,554

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

See notes to financial statements.


66		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares Global Financials ETF						iShares Global Healthcare ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	9,379,417		$	13,545,518		$	31,282,460		$	27,268,438
Net realized gain (loss)		(15,905,757	)		17,552,626			109,193,075			99,874,646
Net change in unrealized appreciation (depreciation)		(73,222,450	)		(87,920,003	)		(124,698,709	)		84,263,900

Net increase (decrease) in net assets resulting from operations		(79,748,790	)		(56,821,859	)		15,776,826			211,406,984


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(10,044,010	)		(14,116,801	)		(32,134,347	)		(34,238,159	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(49,051,895	)		(221,263,309	)		(157,537,444	)		376,008,089


NET ASSETS
Total increase (decrease) in net assets		(138,844,695	)		(292,201,969	)		(173,894,965	)		553,176,914
Beginning of year		341,917,852			634,119,821			2,121,286,820			1,568,109,906

End of year	$	203,073,157		$	341,917,852		$	1,947,391,855		$	2,121,286,820

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

See notes to financial statements.


FINANCIAL STATEMENTS			67

Statements of Changes in Net Assets (continued)


	iShares Global Industrials ETF						iShares Global Materials ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,985,688		$	4,347,205		$	5,710,566		$	8,525,771
Net realized gain (loss)		1,862,810			13,515,255			(29,387,568	)		14,512,959
Net change in unrealized appreciation (depreciation)		(45,805,253	)		(21,890,116	)		(36,739,368	)		(32,257,351	)

Net decrease in net assets resulting from operations		(39,956,755	)		(4,027,656	)		(60,416,370	)		(9,218,621	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,190,117	)		(4,579,129	)		(7,514,779	)		(7,967,808	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions.		(27,017,411	)		(133,987,628	)		(11,640,752	)		(174,777,186	)


NET ASSETS
Total decrease in net assets		(71,164,283	)		(142,594,413	)		(79,571,901	)		(191,963,615	)
Beginning of year		217,743,807			360,338,220			208,703,703			400,667,318

End of year	$	146,579,524		$	217,743,807		$	129,131,802		$	208,703,703

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

See notes to financial statements.


68		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares Global Tech ETF						iShares Global Utilities ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	34,816,374		$	24,875,230		$	6,149,108		$	6,210,579
Net realized gain		327,455,439			212,029,541			21,687,892			6,471,525
Net change in unrealized appreciation (depreciation)		(129,577,435	)		(63,096,185	)		(31,944,421	)		15,590,923

Net increase (decrease) in net assets resulting from operations		232,694,378			173,808,586			(4,107,421	)		28,273,027


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(34,154,155	)		(18,652,610	)		(7,017,135	)		(5,008,497	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(264,845,973	)		1,125,023,919			(44,974,739	)		53,249,936


NET ASSETS
Total increase (decrease) in net assets		(66,305,750	)		1,280,179,895			(56,099,295	)		76,514,466
Beginning of year		2,819,178,232			1,538,998,337			208,222,135			131,707,669

End of year	$	2,752,872,482		$	2,819,178,232		$	152,122,840		$	208,222,135

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

See notes to financial statements.


FINANCIAL STATEMENTS			69

Financial Highlights

(For a share outstanding throughout each period)


	iShares Global Comm Services ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	56.22		$	57.19		$	59.45		$	62.37		$	61.30

Net investment income^(a)		0.78			1.82			2.21			2.28			2.28
Net realized and unrealized gain (loss)^(b)		(3.85	)		(0.62	)		(2.41	)		(2.84	)		1.04

Net increase (decrease) from investment operations		(3.07	)		1.20			(0.20	)		(0.56	)		3.32


Distributions^(c)
From net investment income		(1.34	)		(2.17	)		(2.06	)		(2.36	)		(2.25	)

Total distributions		(1.34	)		(2.17	)		(2.06	)		(2.36	)		(2.25	)


Net asset value, end of year	$	51.81		$	56.22		$	57.19		$	59.45		$	62.37


Total Return
Based on net asset value		(5.70	)%		2.37	%		(0.46	)%		(0.91	)%		5.59	%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.47	%

Net investment income		1.34	%		3.28	%		3.71	%		3.74	%		3.74	%


Supplemental Data
Net assets, end of year (000)	$	225,363		$	236,105		$	400,339		$	303,171		$	408,503

Portfolio turnover rate^(d)		24	%		79	%		3	%		5	%		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)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


70		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Consumer Discretionary ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	113.27		$	111.45		$	96.61		$	88.72		$	90.55

Net investment income^(a)		1.75			1.70			1.42			1.51			1.27
Net realized and unrealized gain (loss)^(b)		(18.03	)		1.87			14.79			7.97			(2.06	)

Net increase (decrease) from investment operations		(16.28	)		3.57			16.21			9.48			(0.79	)


Distributions^(c)
From net investment income		(1.87	)		(1.75	)		(1.37	)		(1.59	)		(1.04	)

Total distributions		(1.87	)		(1.75	)		(1.37	)		(1.59	)		(1.04	)


Net asset value, end of year	$	95.12		$	113.27		$	111.45		$	96.61		$	88.72


Total Return
Based on net asset value		(14.71	)%^(d)		3.32	%		16.81	%		10.86	%		(0.90	)%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.47	%

Net investment income		1.47	%		1.51	%		1.35	%		1.68	%		1.42	%


Supplemental Data
Net assets, end of year (000)	$	156,949		$	203,889		$	278,617		$	202,874		$	266,163

Portfolio turnover rate^(e)		17	%		30	%		6	%		13	%		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)	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.


FINANCIAL HIGHLIGHTS			71

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Consumer Staples ETF
	Year Ended 03/31/20			Year Ended 03/31/19^(a)			Year Ended 03/31/18 ^(a)			Year Ended 03/31/17 ^(a)			Year Ended 03/31/16 ^(a)

Net asset value, beginning of year	$	51.67		$	50.14		$	49.65		$	48.74		$	45.87

Net investment income^(b)		1.18			1.20			1.12			1.01			1.00
Net realized and unrealized gain (loss)^(c)		(3.69	)		1.70			0.52			0.98			2.90

Net increase (decrease) from investment operations		(2.51	)		2.90			1.64			1.99			3.90


Distributions^(d)
From net investment income		(1.20	)		(1.37	)		(1.15	)		(1.08	)		(1.03	)

Total distributions		(1.20	)		(1.37	)		(1.15	)		(1.08	)		(1.03	)


Net asset value, end of year	$	47.96		$	51.67		$	50.14		$	49.65		$	48.74


Total Return
Based on net asset value		(5.10	)%		6.07	%		3.19	%		4.18	%		8.64	%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.47	%

Net investment income		2.21	%		2.43	%		2.18	%		2.09	%		2.16	%


Supplemental Data
Net assets, end of year (000)	$	683,380		$	738,832		$	536,507		$	605,760		$	638,557

Portfolio turnover rate^(e)		7	%		7	%		5	%		4	%		3	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


72		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Energy ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	33.70		$	33.91		$	33.19		$	29.58		$	35.69

Net investment income^(a)		1.13			1.11			1.14			0.97			1.10
Net realized and unrealized gain (loss)^(b)		(15.61	)		(0.29	)		0.66			3.64			(6.15	)

Net increase (decrease) from investment operations		(14.48	)		0.82			1.80			4.61			(5.05	)


Distributions^(c)
From net investment income		(2.16	)		(1.03	)		(1.08	)		(1.00	)		(1.06	)

Total distributions		(2.16	)		(1.03	)		(1.08	)		(1.00	)		(1.06	)


Net asset value, end of year	$	17.06		$	33.70		$	33.91		$	33.19		$	29.58


Total Return
Based on net asset value		(45.73	)%		2.56	%		5.56	%		15.54	%		(14.27	)%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.47	%

Net investment income		3.78	%		3.17	%		3.39	%		2.98	%		3.46	%


Supplemental Data
Net assets, end of year (000)	$	616,818		$	1,031,245		$	1,154,552		$	950,763		$	1,020,607

Portfolio turnover rate^(d)		7	%		6	%		4	%		4	%		6	%

^(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.


FINANCIAL HIGHLIGHTS			73

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Financials ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	61.61		$	68.93		$	60.82		$	49.45		$	56.94

Net investment income^(a)		1.71			1.84			1.47			1.35			1.31
Net realized and unrealized gain (loss)^(b)		(14.12	)		(7.38	)		8.12			11.30			(7.32	)

Net increase (decrease) from investment operations		(12.41	)		(5.54	)		9.59			12.65			(6.01	)


Distributions^(c)
From net investment income		(1.97	)		(1.78	)		(1.48	)		(1.28	)		(1.48	)

Total distributions		(1.97	)		(1.78	)		(1.48	)		(1.28	)		(1.48	)


Net asset value, end of year	$	47.23		$	61.61		$	68.93		$	60.82		$	49.45


Total Return
Based on net asset value		(20.99	)%^(d)		(8.02	)%		15.91	%		26.03	%		(10.84	)%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.46	%		N/A			N/A			N/A

Net investment income		2.66	%		2.84	%		2.19	%		2.46	%		2.41	%


Supplemental Data
Net assets, end of year (000)	$	203,073		$	341,918		$	634,120		$	386,189		$	227,455

Portfolio turnover rate^(e)		7	%		7	%		4	%		16	%		9	%

^(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.


74		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Healthcare ETF
	Year Ended 03/31/20			Year Ended 03/31/19 ^(a)			Year Ended 03/31/18 ^(a)			Year Ended 03/31/17 ^(a)			Year Ended 03/31/16 ^(a)

Net asset value, beginning of year	$	61.13		$	55.61		$	51.44		$	48.21		$	53.86

Net investment income^(b)		0.96			0.92			0.79			0.76			0.77
Net realized and unrealized gain (loss)^(c)		(0.16	)		5.80			4.20			3.29			(4.95	)

Net increase (decrease) from investment operations		0.80			6.72			4.99			4.05			(4.18	)


Distributions^(d)
From net investment income		(0.98	)		(1.20	)		(0.82	)		(0.82	)		(1.15	)
In excess of net investment income		—			—			—			—			(0.32	)

Total distributions		(0.98	)		(1.20	)		(0.82	)		(0.82	)		(1.47	)


Net asset value, end of year	$	60.95		$	61.13		$	55.61		$	51.44		$	48.21


Total Return
Based on net asset value		1.23	%		12.29	%		9.70	%		8.52	%		(7.97	)%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.47	%

Net investment income		1.52	%		1.55	%		1.42	%		1.51	%		1.48	%


Supplemental Data
Net assets, end of year (000)	$	1,947,392		$	2,121,287		$	1,568,110		$	1,476,384		$	1,610,047

Portfolio turnover rate^(e)		5	%		8	%		4	%		5	%		5	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			75

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Industrials ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	88.88		$	91.22		$	80.47		$	70.40		$	72.00

Net investment income^(a)		1.61			1.65			1.43			1.37	^(b)		1.27
Net realized and unrealized gain (loss)^(c)		(17.32	)		(2.27	)		10.69			10.02			(1.55	)

Net increase (decrease) from investment operations		(15.71	)		(0.62	)		12.12			11.39			(0.28	)


Distributions^(d)
From net investment income		(1.67	)		(1.72	)		(1.37	)		(1.32	)		(1.32	)

Total distributions		(1.67	)		(1.72	)		(1.37	)		(1.32	)		(1.32	)


Net asset value, end of year	$	71.50		$	88.88		$	91.22		$	80.47		$	70.40


Total Return
Based on net asset value		(18.08	)%		(0.59	)%		15.14	%		16.38	%^(b)		(0.37	)%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			N/A			N/A			0.48	%		N/A

Net investment income		1.75	%		1.87	%		1.61	%		1.85	%^(b)		1.82	%


Supplemental Data
Net assets, end of year (000)	$	146,580		$	217,744		$	360,338		$	209,222		$	190,089

Portfolio turnover rate^(e)		5	%		5	%		6	%		9	%		7	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

•

Net investment income per share by $0.01.

•

Total return by 0.02%.

•

Ratio of net investment income to average net assets by 0.02%.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


76		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Materials ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	64.22		$	67.34		$	59.25		$	47.64		$	56.97

Net investment income^(a)		1.54			1.91			1.33			0.93	^(b)		1.24
Net realized and unrealized gain (loss)^(c)		(13.63	)		(3.44	)		7.99			11.40			(8.93	)

Net increase (decrease) from investment operations		(12.09	)		(1.53	)		9.32			12.33			(7.69	)


Distributions^(d)
From net investment income		(2.46	)		(1.59	)		(1.23	)		(0.72	)		(1.64	)

Total distributions		(2.46	)		(1.59	)		(1.23	)		(0.72	)		(1.64	)


Net asset value, end of year	$	49.67		$	64.22		$	67.34		$	59.25		$	47.64


Total Return
Based on net asset value		(19.66	)%		(2.14	)%		15.84	%		26.13	%^(b)		(13.70	)%


Ratios to Average Net Assets
Total expenses		0.45	%		0.46	%		0.47	%		0.48	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.46	%		N/A			0.48	%		N/A

Net investment income		2.43	%		2.91	%		2.02	%		1.73	%^(b)		2.44	%


Supplemental Data
Net assets, end of year (000)	$	129,132		$	208,704		$	400,667		$	260,683		$	178,653

Portfolio turnover rate^(e)		12	%		11	%		8	%		10	%		9	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

•

Net investment income per share by $0.03.

•

Total return by 0.07%.

•

Ratio of net investment income to average net assets by 0.05%.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			77

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Tech ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	170.86		$	157.85		$	124.07		$	100.03		$	96.71

Net investment income^(a)		2.30			1.77			1.20			1.24	^(b)		1.15
Net realized and unrealized gain^(c)		11.99			12.60			34.01			23.94			3.27

Net increase from investment operations		14.29			14.37			35.21			25.18			4.42


Distributions^(d)
From net investment income		(2.23	)		(1.36	)		(1.43	)		(1.14	)		(1.10	)

Total distributions		(2.23	)		(1.36	)		(1.43	)		(1.14	)		(1.10	)


Net asset value, end of year	$	182.92		$	170.86		$	157.85		$	124.07		$	100.03


Total Return
Based on net asset value		8.33	%		9.19	%		28.49	%		25.40	%^(b)		4.59	%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.46	%		N/A			0.48	%		N/A

Net investment income		1.21	%		1.09	%		0.82	%		1.15	%^(b)		1.20	%


Supplemental Data
Net assets, end of year (000)	$	2,752,872		$	2,819,178		$	1,538,998		$	1,054,554		$	765,215

Portfolio turnover rate^(e)		7	%		17	%		5	%		6	%		5	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

•

Net investment income per share by $0.02.

•

Total return by 0.02%.

•

Ratio of net investment income to average net assets by 0.02%.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


78		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Utilities ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	54.08		$	48.78		$	48.09		$	48.11		$	46.57

Net investment income^(a)		1.62			1.78			1.79			1.92	^(b)		1.54
Net realized and unrealized gain (loss)^(c)		(2.98	)		5.07			0.69			0.19			1.66

Net increase (decrease) from investment operations		(1.36	)		6.85			2.48			2.11			3.20


Distributions^(d)
From net investment income		(2.01	)		(1.55	)		(1.79	)		(2.13	)		(1.66	)

Total distributions		(2.01	)		(1.55	)		(1.79	)		(2.13	)		(1.66	)


Net asset value, end of year	$	50.71		$	54.08		$	48.78		$	48.09		$	48.11


Total Return
Based on net asset value		(2.84	)%		14.40	%		5.13	%		4.61	%^(b)		7.19	%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.46	%		N/A			0.48	%		N/A

Net investment income		2.87	%		3.53	%		3.58	%		4.07	%^(b)		3.37	%


Supplemental Data
Net assets, end of year (000)	$	152,123		$	208,222		$	131,708		$	137,044		$	168,382

Portfolio turnover rate^(e)		6	%		8	%		4	%		15	%		9	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

•

Net investment income per share by $0.03.

•

Total return by 0.09%.

•

Ratio of net investment income to average net assets by 0.06%.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			79

Notes to Financial Statements

1.	*ORGANIZATION*

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


iShares ETF		Diversification Classification
Global Comm Services		Non-diversified
Global Consumer Discretionary		Diversified
Global Consumer Staples		Diversified
Global Energy		Non-diversified
Global Financials		Diversified
Global Healthcare		Diversified
Global Industrials		Diversified
Global Materials		Diversified
Global Tech		Non-diversified
Global Utilities		Diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.


80		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. 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*


NOTES TO FINANCIAL STATEMENTS			81

Notes to Financial Statements (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
Global Comm Services
BNP Paribas Securities Corp.	$	526,436	$	526,436	$	—	$	—
JPMorgan Securities LLC		242,495		242,495		—		—

	$	768,931	$	768,931	$	—	$	—

Global Consumer Discretionary
BNP Paribas Prime Brokerage International Ltd.	$	283,399	$	283,399	$	—	$	—
BofA Securities, Inc.		145,432		145,432		—		—
Citigroup Global Markets Inc.		332,965		332,965		—		—
Credit Suisse Securities (USA) LLC		48,125		48,125		—		—
Morgan Stanley & Co. LLC		129,544		129,544		—		—
RBC Capital Markets LLC		906,998		906,086		—		(912	)^(b)
Wells Fargo Bank, National Association		580,413		580,413		—		—

	$	2,426,876	$	2,425,964	$	—	$	(912	)

Global Consumer Staples
BofA Securities, Inc.	$	1,266,031	$	1,266,031	$	—	$	—
Citigroup Global Markets Inc.		34,042		34,042		—		—
Goldman Sachs & Co.		105,337		105,317		—		(20	)^(b)
JPMorgan Securities LLC		1,625,605		1,625,605		—		—
Morgan Stanley & Co. LLC		367,320		367,320		—		—
SG Americas Securities LLC		102,752		102,752		—		—
State Street Bank & Trust Company		111		111		—		—
Wells Fargo Bank, National Association		682,773		682,773		—		—

	$	4,183,971	$	4,183,951	$	—	$	(20	)

Global Energy
BofA Securities, Inc.	$	1,709,653	$	1,695,921	$	—	$	(13,732	)^(b)
Citigroup Global Markets Inc.		85,162		83,749		—		(1,413	)^(b)
Morgan Stanley & Co. LLC		3,466,436		3,398,037		—		(68,399	)^(b)
SG Americas Securities LLC		539		539		—		—
UBS AG		1,535,827		1,510,343		—		(25,484	)^(b)

	$	6,797,617	$	6,688,589	$	—	$	(109,028	)


82		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
Global Financials
Barclays Capital Inc.	$	460,034	$	460,034	$	—	$	—
BofA Securities, Inc.		27,190		27,190		—		—
Citigroup Global Markets Inc.		1,397,684		1,397,684		—		—
Credit Suisse AG		83,868		83,868		—		—
JPMorgan Securities LLC		715,022		715,022		—		—
Morgan Stanley & Co. LLC		540,596		540,596		—		—
SG Americas Securities LLC		7,381		7,381		—		—
UBS AG		68,951		68,951		—		—
UBS Securities LLC		20,979		20,979		—		—
Wells Fargo Bank, National Association		329,657		329,657		—		—
Wells Fargo Securities LLC		55,944		55,944		—		—

	$	3,707,306	$	3,707,306	$	—	$	—

Global Healthcare
Citigroup Global Markets Inc.	$	63,032	$	63,032	$	—	$	—
Goldman Sachs & Co.		3,430,292		3,430,292		—		—
JPMorgan Securities LLC		3,252,698		3,252,698		—		—
Morgan Stanley & Co. LLC		4,753,968		4,753,968		—		—
RBC Capital Markets LLC		87,858		87,858		—		—
SG Americas Securities LLC		781,264		771,220		—		(10,044	)^(b)
UBS AG		9,202,920		9,114,104		—		(88,816	)^(b)
UBS Securities LLC		10,198,896		10,198,896		—		—
Wells Fargo Bank, National Association		330,804		330,804		—		—
Wells Fargo Securities LLC		767,428		767,428		—		—

	$	32,869,160	$	32,770,300	$	—	$	(98,860	)

Global Industrials
BNP Paribas Prime Brokerage International Ltd.	$	65,697	$	65,697	$	—	$	—
HSBC Bank PLC		16,347		16,347		—		—
JPMorgan Securities LLC		278,954		278,954		—		—
SG Americas Securities LLC		190,300		190,300		—		—
UBS AG		86,254		76,427		—		(9,827	)^(b)
UBS Securities LLC		206,255		206,255		—		—

	$	843,807	$	833,980	$	—	$	(9,827	)

Global Materials
Barclays Capital Inc.	$	426,756	$	426,756	$	—	$	—
Citigroup Global Markets Inc.		629,379		609,247		—		(20,132	)^(b)
Goldman Sachs & Co.		33,321		33,321		—		—

	$	1,089,456	$	1,069,324	$	—	$	(20,132	)

Global Tech
BNP Paribas Prime Brokerage International Ltd.	$	336,381	$	336,381	$	—	$	—
Citigroup Global Markets Inc.		47,397		47,397		—		—
Goldman Sachs & Co.		20,946,011		20,946,011		—		—
JPMorgan Securities LLC		385,560		385,560		—		—
Scotia Capital (USA) Inc.		13,531		13,531		—		—
UBS AG		7,818,005		7,818,005		—		—
Virtu Americas LLC		951,985		951,985		—		—

	$	30,498,870	$	30,498,870	$	—	$	—

Global Utilities
BofA Securities, Inc.	$	2,624,342	$	2,624,342	$	—	$	—
JPMorgan Securities LLC		849,125		849,125		—		—

	$	3,473,467	$	3,473,467	$	—	$	—

^(a)

^(b)


NOTES TO FINANCIAL STATEMENTS			83

Notes to Financial Statements (continued)

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

For its investment advisory services to each Fund, BFA is entitled to 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 $10 billion		0.48	%
Over $10 billion, up to and including $20 billion		0.43
Over $20 billion		0.38

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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, the iShares Global Tech ETF (the “Group 1 Fund”), retains 75% 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.

Pursuant to the current securities lending agreement, each of iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF and iShares Global Utilities ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.


84		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

lending agreement, will retain for the remainder of that calendar year 80% 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, and (2) Each Group 2 Fund will retain for the remainder of that calendar year 85% 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, 2020, the Group 1 Fund retained 73.5% 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. Each Group 2 Fund retained 82% 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: (1) the Group 1 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, and (2) Each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% 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.


iShares ETF	Fees Paid to BTC
Global Comm Services	$	2,888
Global Consumer Discretionary		3,164
Global Consumer Staples		5,060
Global Energy		4,563
Global Financials		5,515
Global Healthcare		135,088
Global Industrials		6,582
Global Materials		4,764
Global Tech		57,162

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

For the year ended March 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Global Comm Services	$	11,313,317	$	22,401,772	$	(1,027,639	)
Global Consumer Discretionary		9,855,142		5,581,219		(814,615	)
Global Consumer Staples		14,151,063		13,972,272		155,586
Global Energy		8,539,001		4,532,541		(3,641,681	)
Global Financials		2,889,531		1,682,915		(519,255	)
Global Healthcare		9,393,538		12,022,111		(2,639,987	)
Global Industrials		2,979,671		1,715,952		(283,047	)
Global Materials		1,226,887		858,281		(386,654	)
Global Tech		65,951,716		32,556,958		(798,447	)
Global Utilities		2,203,065		2,428,324		(234,501	)

During the year ended March 31, 2020, iShares Global Consumer Discretionary ETF and iShares Global Financials ETF received reimbursement of $2,355 and $3,364 from an affiliate, which is included in payments by affiliates in the statement of operations, related to operating events.


NOTES TO FINANCIAL STATEMENTS			85

Notes to Financial Statements (continued)

7.	*PURCHASES AND SALES*

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Global Comm Services	$	59,448,864	$	58,419,442
Global Consumer Discretionary		36,527,205		37,592,009
Global Consumer Staples		63,208,382		57,489,344
Global Energy		72,818,026		64,208,624
Global Financials		24,991,862		28,127,685
Global Healthcare		113,602,551		106,248,611
Global Industrials		11,385,480		12,195,651
Global Materials		27,838,969		30,469,337
Global Tech		211,099,977		221,537,269
Global Utilities		13,282,578		12,120,668

For the year ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Global Comm Services	$	144,206,254	$	145,038,613
Global Consumer Discretionary		53,545,648		67,775,223
Global Consumer Staples		127,543,790		143,326,635
Global Energy		722,048,461		695,561,034
Global Financials		245,458,734		291,962,865
Global Healthcare		255,213,744		422,594,007
Global Industrials		155,211,962		181,493,841
Global Materials		304,199,724		315,080,400
Global Tech		497,622,797		754,068,433
Global Utilities		254,050,100		301,451,345

8.	*INCOME TAX INFORMATION*


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Global Comm Services	$	15,920,240		$	(15,920,240	)
Global Consumer Discretionary		6,753,655			(6,753,655	)
Global Consumer Staples		37,078,027			(37,078,027	)
Global Energy		(84,924,129	)		84,924,129
Global Financials		(12,161,431	)		12,161,431
Global Healthcare		119,156,552			(119,156,552	)
Global Industrials		2,955,799			(2,955,799	)
Global Materials		(19,671,377	)		19,671,377
Global Tech		333,532,203			(333,532,203	)
Global Utilities		21,040,965			(21,040,965	)


86		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
Global Comm Services
Ordinary income	$	5,609,991	$	12,012,028

Global Consumer Discretionary
Ordinary income	$	3,378,514	$	3,925,726

Global Consumer Staples
Ordinary income	$	17,461,335	$	15,943,235

Global Energy
Ordinary income	$	56,008,845	$	46,443,863

Global Financials
Ordinary income	$	10,044,010	$	14,116,801

Global Healthcare
Ordinary income	$	32,134,347	$	34,238,159

Global Industrials
Ordinary income	$	4,190,117	$	4,579,129

Global Materials
Ordinary income	$	7,514,779	$	7,967,808

Global Tech
Ordinary income	$	34,154,155	$	18,652,610

Global Utilities
Ordinary income	$	7,017,135	$	5,008,497

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards^(a)			Net Unrealized Gains (Losses)^(b)			Total
Global Comm Services	$	734,334	$	(103,327,199	)	$	(39,131,944	)	$	(141,724,809	)
Global Consumer Discretionary		658,166		(11,646,660	)		(56,186,698	)		(67,175,192	)
Global Consumer Staples		3,248,776		(9,433,515	)		(44,024,792	)		(50,209,531	)
Global Energy		7,229,720		(127,386,605	)		(618,156,907	)		(738,313,792	)
Global Financials		1,639,418		(48,803,263	)		(133,990,266	)		(181,154,111	)
Global Healthcare		10,552,875		(42,231,768	)		117,958,827			86,279,934
Global Industrials		1,035,746		(16,778,402	)		(68,503,643	)		(84,246,299	)
Global Materials		1,354,451		(76,757,867	)		(105,305,245	)		(180,708,661	)
Global Tech		8,992,931		(41,676,224	)		253,155,285			220,471,992
Global Utilities		1,231,911		(30,869,715	)		(50,507,240	)		(80,145,044	)

^(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.


NOTES TO FINANCIAL STATEMENTS			87

Notes to Financial Statements (continued)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global Comm Services	$	265,215,984	$	4,027,459	$	(43,155,544	)	$	(39,128,085	)
Global Consumer Discretionary		215,358,453		4,806,249		(60,993,525	)		(56,187,276	)
Global Consumer Staples		727,568,159		51,811,236		(95,844,729	)		(44,033,493	)
Global Energy		1,232,048,184		535,001		(618,700,392	)		(618,165,391	)
Global Financials		339,657,480		393,094		(134,381,714	)		(133,988,620	)
Global Healthcare		1,854,700,374		218,790,249		(100,827,616	)		117,962,633
Global Industrials		215,384,182		1,015,522		(69,517,683	)		(68,502,161	)
Global Materials		234,152,798		284,287		(105,570,443	)		(105,286,156	)
Global Tech		2,524,810,859		408,508,264		(155,249,071	)		253,259,193
Global Utilities		205,955,283		513,688		(51,019,772	)		(50,506,084	)

9.	*PRINCIPAL RISKS*

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.


88		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
Global Comm Services
Shares sold		2,550,000		$	148,292,490			450,000		$	23,495,379
Shares redeemed		(2,400,000	)		(146,360,454	)		(3,250,000	)		(180,777,670	)

Net increase (decrease)		150,000		$	1,932,036			(2,800,000	)	$	(157,282,291	)

Global Consumer Discretionary
Shares sold		450,000		$	54,529,280			1,500,000		$	162,630,548
Shares redeemed		(600,000	)		(69,183,665	)		(2,200,000	)		(243,950,297	)

Net decrease		(150,000	)	$	(14,654,385	)		(700,000	)	$	(81,319,749	)

Global Consumer Staples
Shares sold		2,650,000		$	138,156,032			9,050,000	^(a)	$	442,307,371
Shares redeemed		(2,700,000	)		(146,661,119	)		(5,450,000	)^(a)		(270,262,830	)

Net increase (decrease)		(50,000	)	$	(8,505,087	)		3,600,000		$	172,044,541

Global Energy
Shares sold		28,650,000		$	763,771,157			24,450,000		$	888,792,972
Shares redeemed		(23,100,000	)		(700,805,335	)		(27,900,000	)		(946,470,812	)

Net increase (decrease)		5,550,000		$	62,965,822			(3,450,000	)	$	(57,677,840	)

Global Financials
Shares sold		3,750,000		$	255,024,278			2,100,000		$	131,594,390
Shares redeemed		(5,000,000	)		(304,076,173	)		(5,750,000	)		(352,857,699	)

Net decrease		(1,250,000	)	$	(49,051,895	)		(3,650,000	)	$	(221,263,309	)

Global Healthcare
Shares sold		4,300,000		$	273,454,062			12,950,000	^(a)	$	760,986,971
Shares redeemed		(7,050,000	)		(430,991,506	)		(6,450,000	)^(a)		(384,978,882	)

Net increase (decrease)		(2,750,000	)	$	(157,537,444	)		6,500,000		$	376,008,089

Global Industrials
Shares sold		1,700,000		$	158,861,984			550,000		$	48,013,795
Shares redeemed		(2,100,000	)		(185,879,395	)		(2,050,000	)		(182,001,423	)

Net decrease		(400,000	)	$	(27,017,411	)		(1,500,000	)	$	(133,987,628	)

Global Materials
Shares sold		4,800,000		$	319,664,248			650,000		$	44,037,482
Shares redeemed		(5,450,000	)		(331,305,000	)		(3,350,000	)		(218,814,668	)

Net decrease		(650,000	)	$	(11,640,752	)		(2,700,000	)	$	(174,777,186	)

Global Tech
Shares sold		3,000,000		$	573,397,943			10,700,000		$	1,773,267,946
Shares redeemed		(4,450,000	)		(838,243,916	)		(3,950,000	)		(648,244,027	)

Net increase (decrease)		(1,450,000	)	$	(264,845,973	)		6,750,000		$	1,125,023,919

Global Utilities
Shares sold		4,550,000		$	260,591,326			3,800,000		$	191,541,731
Shares redeemed		(5,400,000	)		(305,566,065	)		(2,650,000	)		(138,291,795	)

Net increase (decrease)		(850,000	)	$	(44,974,739	)		1,150,000		$	53,249,936

^(a)

Share transactions reflect a two-for-one stock split effective after the close of trading on May 1, 2018.


NOTES TO FINANCIAL STATEMENTS			89

Notes to Financial Statements (continued)

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.

11.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF have filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded receivables for all recoverable taxes withheld by Finland based upon recent favorable determinations issued by the Finnish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Funds continue to evaluate developments in Finland for potential impact to the receivables and payables recorded. Finnish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities.

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

12.

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 Global Consumer Discretionary ETF received proceeds of $21,522 in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to appeals in multiple appellate courts. The outcome of these appeals 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.

13.

SUBSEQUENT EVENTS


90		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF (ten of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2020 (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, 2020, 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, 2020 and each of the financial highlights for each of the five years in the period ended March 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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, 2020 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 26, 2020

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


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			91

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended March 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
Global Comm Services		65.54	%
Global Consumer Discretionary		55.83	%
Global Consumer Staples		66.88	%
Global Energy		29.03	%
Global Financials		36.70	%
Global Healthcare		76.19	%
Global Industrials		55.19	%
Global Materials		23.79	%
Global Tech		96.44	%
Global Utilities		64.26	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
Global Comm Services	$	4,590,805
Global Consumer Discretionary		4,230,931
Global Consumer Staples		21,786,735
Global Energy		38,735,399
Global Financials		10,991,500
Global Healthcare		43,433,757
Global Industrials		5,066,134
Global Materials		6,398,251
Global Tech		44,821,863
Global Utilities		6,970,860

For the fiscal year ended March 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Global Energy	$	23,933,631	$	1,924,743
Global Financials		7,956,205		699,749
Global Industrials		3,008,426		193,316
Global Materials		5,696,799		262,259


92		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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 investment 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 also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. 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. Derivative exposure was considered in the calculation of liquidity classification.

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. 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 minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

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 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.


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			93

Supplemental Information (unaudited)

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.


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Global Comm Services^(a)	$	1.281639	$	—	$	0.054259	$	1.335898		96	%		—	%		4	%		100	%
Global Consumer Discretionary^(a)		1.790172		—		0.075958		1.866130		96			—			4			100
Global Consumer Staples^(a)		1.099247		—		0.102835		1.202082		91			—			9			100
Global Energy^(a)		1.356110		—		0.802227		2.158337		63			—			37			100
Global Financials^(a)		1.900960		—		0.069740		1.970700		96			—			4			100
Global Healthcare^(a)		0.878637		—		0.097530		0.976167		90			—			10			100
Global Industrials^(a)		1.623365		—		0.050132		1.673497		97			—			3			100
Global Materials^(a)		2.340810		—		0.116354		2.457164		95			—			5			100
Global Tech^(a)		2.064119		—		0.170156		2.234275		92			—			8			100
Global Utilities^(a)		1.963418		—		0.051203		2.014621		97			—			3			100

^(a)

Premium/Discount Information


94		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)

iShares Global Comm Services ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0% and Less than 3.5%		1		0.08	%
Greater than 1.0% and Less than 1.5%		2		0.15
Greater than 0.5% and Less than 1.0%		16		1.21
Greater than 0.0% and Less than 0.5%		565		42.80
At NAV		32		2.42
Less than 0.0% and Greater than –0.5%		665		50.39
Less than –0.5% and Greater than –1.0%		37		2.80
Less than –1.0% and Greater than –1.5%		2		0.15

		1,320		100.00	%

iShares Global Consumer Discretionary ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.0% and Less than 1.5%		1		0.08	%
Greater than 0.5% and Less than 1.0%		13		0.98
Greater than 0.0% and Less than 0.5%		630		47.73
At NAV		38		2.88
Less than 0.0% and Greater than –0.5%		606		45.91
Less than –0.5% and Greater than –1.0%		28		2.12
Less than –1.0% and Greater than –1.5%		4		0.30

		1,320		100.00	%

iShares Global Consumer Staples ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.0% and Less than 1.5%		1		0.08	%
Greater than 0.5% and Less than 1.0%		12		0.91
Greater than 0.0% and Less than 0.5%		591		44.78
At NAV		39		2.95
Less than 0.0% and Greater than –0.5%		661		50.07
Less than –0.5% and Greater than –1.0%		13		0.98
Less than –1.0% and Greater than –1.5%		3		0.23

		1,320		100.00	%

iShares Global Energy ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 6.0%		1		0.08	%
Greater than 2.0% and Less than 2.5%		1		0.08
Greater than 1.0% and Less than 1.5%		2		0.15
Greater than 0.5% and Less than 1.0%		26		1.97
Greater than 0.0% and Less than 0.5%		663		50.22
At NAV		39		2.95
Less than 0.0% and Greater than –0.5%		569		43.11
Less than –0.5% and Greater than –1.0%		17		1.29
Less than –1.0% and Greater than –1.5%		2		0.15

		1,320		100.00	%


SUPPLEMENTAL INFORMATION			95

Supplemental Information (unaudited) (continued)

iShares Global Financials ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.0% and Less than 1.5%		2		0.15	%
Greater than 0.5% and Less than 1.0%		23		1.74
Greater than 0.0% and Less than 0.5%		605		45.84
At NAV		32		2.42
Less than 0.0% and Greater than –0.5%		603		45.68
Less than –0.5% and Greater than –1.0%		49		3.71
Less than –1.0% and Greater than –1.5%		5		0.38
Less than –1.5% and Greater than –2.0%		1		0.08

		1,320		100.00	%

iShares Global Healthcare ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5% and Less than 2.0%		1		0.08	%
Greater than 0.5% and Less than 1.0%		5		0.38
Greater than 0.0% and Less than 0.5%		656		49.69
At NAV		58		4.39
Less than 0.0% and Greater than –0.5%		585		44.32
Less than –0.5% and Greater than –1.0%		14		1.06
Less than –1.0% and Greater than –1.5%		1		0.08

		1,320		100.00	%

iShares Global Industrials ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5% and Less than 2.0%		1		0.08	%
Greater than 0.5% and Less than 1.0%		15		1.14
Greater than 0.0% and Less than 0.5%		625		47.34
At NAV		34		2.58
Less than 0.0% and Greater than –0.5%		601		45.53
Less than –0.5% and Greater than –1.0%		39		2.95
Less than –1.0% and Greater than –1.5%		4		0.30
Less than –1.5% and Greater than –2.0%		1		0.08

		1,320		100.00	%


96		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)

iShares Global Materials ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5% and Less than 3.0%		1		0.08	%
Greater than 1.5% and Less than 2.0%		1		0.08
Greater than 1.0% and Less than 1.5%		4		0.30
Greater than 0.5% and Less than 1.0%		46		3.48
Greater than 0.0% and Less than 0.5%		584		44.23
At NAV		17		1.29
Less than 0.0% and Greater than –0.5%		591		44.78
Less than –0.5% and Greater than –1.0%		62		4.70
Less than –1.0% and Greater than –1.5%		13		0.98
Less than –1.5% and Greater than –2.0%		1		0.08

		1,320		100.00	%

iShares Global Tech ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.5% and Less than 1.0%		3		0.23	%
Greater than 0.0% and Less than 0.5%		705		53.40
At NAV		34		2.58
Less than 0.0% and Greater than –0.5%		568		43.03
Less than –0.5% and Greater than –1.0%		8		0.61
Less than –1.0% and Greater than –1.5%		2		0.15

		1,320		100.00	%

iShares Global Utilities ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.0% and Less than 1.5%		1		0.08	%
Greater than 0.5% and Less than 1.0%		11		0.83
Greater than 0.0% and Less than 0.5%		528		40.00
At NAV		41		3.11
Less than 0.0% and Greater than –0.5%		725		54.92
Less than –0.5% and Greater than –1.0%		11		0.83
Less than –1.0% and Greater than –1.5%		2		0.15
Less than –2.5% and Greater than –3.0%		1		0.08

		1,320		100.00	%

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares Global Consumer Staples ETF and iShares Global Energy 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


SUPPLEMENTAL INFORMATION			97

Supplemental Information (unaudited) (continued)

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.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

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 Global Consumer Staples ETF in respect of the Company’s financial year ending 31 December 2019 is USD 67.27 thousand. This figure is comprised of fixed remuneration of USD 31.1 thousand and variable remuneration of USD 36.17 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares Global Consumer Staples ETF in respect of the Company’s financial year ending 31 December 2019, to its senior management was USD 8.58 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 1.01 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares Global Energy ETF in respect of the Company’s financial year ending 31 December 2019 is USD 69.73 thousand. This figure is comprised of fixed remuneration of USD 32.24 thousand and variable remuneration of USD 37.49 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares Global Energy ETF in respect of the Company’s financial year ending 31 December 2019, to its senior management was USD 8.89 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 1.04 thousand.


98		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

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 367 funds as of March 31, 2020. 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., ParkAvenue 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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito^(a) (63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji^(b) (49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


TRUSTEE AND OFFICER INFORMATION			99

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).
Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019);
Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, Bank of America Merrill Lynch (1994-2006). Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO(2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017);Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


100		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can signup 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:

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Go to icsdelivery.com.

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

Householding

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			101

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

GDR		Global Depositary Receipt

NVS		Non-Voting Shares


102		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

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”).

iS-AR-300-0320


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares Asia 50 ETF | AIA | NASDAQ

iShares Emerging Markets Infrastructure ETF | EMIF | NASDAQ

iShares Europe ETF | IEV | NYSE Arca

iShares International Developed Property ETF | WPS | NYSE Arca

iShares International Dividend Growth ETF | IGRO | Cboe BZX

iShares Latin America 40 ETF | ILF | NYSE Arca

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		16
Shareholder Expenses		16
Schedules of Investments		17
Financial Statements
Statements of Assets and Liabilities		41
Statements of Operations		43
Statements of Changes in Net Assets		45
Financial Highlights		48
Notes to Financial Statements		54
Report of Independent Registered Public Accounting Firm		64
Important Tax Information (Unaudited)		65
Statement Regarding Liquidity Risk Management Program		66
Supplemental Information		67
Trustee and Officer Information		71
General Information		73
Glossary of Terms Used in this Report		74


Market Overview

iShares Trust

Global Market Overview


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		iShares^® Asia 50 ETF

Investment Objective

The iShares Asia 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Asian equities, as represented by the S&P Asia 50^™ (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		(6.00	)%		4.77	%		5.76	%		(6.00	)%		26.26	%		75.11	%
Fund Market		(6.69	)		4.58			5.65			(6.69	)		25.07			73.25
Index		(5.51	)		5.37			6.34			(5.51	)		29.89			84.94

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period ^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	965.20	$	2.46	$	1,000.00	$	1,022.50	$	2.53		0.50	%

^(a)


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Asia 50 ETF

Portfolio Management Commentary

Large-capitalization stocks in Asia posted a negative return for the reporting period, as the cost of containing the coronavirus became clear. There was significant disruption when virus containment measures first idled factories and created shortages, followed by an increase in inventories after the shutdown of nonessential retailers in export markets decreased demand. Asian consumer demand for nonessential goods and services also declined sharply due to concerns over the spread of the coronavirus. Trade tensions between the U.S. and Asia, particularly China, were exacerbated, as borders were closed to most travel in an attempt to slow the advance of the virus.

Hong Kong stocks detracted the most from the Index’s performance, as months of political turmoil and coronavirus countermeasures reduced prospects for economic growth. The real estate sector declined sharply, due in part to disruption created by civil disorder. Potential customers stayed away from commercial real estate locations, causing property values to decline. Furthermore, fear of the coronavirus nearly eliminated turnover in the residential real estate market. The financials sector also weighed on the Index’s return, as political instability raised questions about Hong Kong’s future as a financial hub. The industrials sector detracted as well, due in part to the appreciation of the Hong Kong dollar relative to the British pound and the subsequent reduction of expected profits.

Most other markets in Asia also detracted from the Index’s performance. Equities in Singapore detracted meaningfully, as investors anticipated a decline in earnings. Banks were the largest detractors in Singapore, where bankruptcies were increasing before coronavirus concerns diminished trade. The overall decline of stocks in China was comparatively modest, but the energy and financials sectors substantially detracted, driven by decreased oil consumption due to virus-related restrictions and excessive bank debt. South Korean equities were also detractors, as disruptions related to the coronavirus weighed on trade and the materials sector.

On the upside, Taiwan was a modest contributor to the Index’s return. The information technology sector was the most significant contributor in Taiwan, driven by strong demand for next-generation semiconductor products.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Information Technology		29.9	%
Financials		29.8
Communication Services		21.6
Consumer Discretionary		5.0
Real Estate		3.7
Materials		3.0
Utilities		1.9
Energy		1.7
Health Care		1.2
Consumer Staples		1.1
Industrials		1.1

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
China		39.0	%
South Korea		22.0
Taiwan		17.8
Hong Kong		16.5
Singapore		4.7

^(a)

Excludes money market funds.


FUND SUMMARY			5


Fund Summary as of March 31, 2020		iShares^® Emerging Markets Infrastructure ETF

Investment Objective

The iShares Emerging Markets Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of 30 of the largest emerging market equities in the infrastructure industry, as represented by the S&P Emerging Markets Infrastructure 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		(29.33	)%		(7.39	)%		(1.73	)%		(29.33	)%		(31.86	)%		(16.05	)%
Fund Market		(29.53	)		(7.43	)		(1.81	)		(29.53	)		(32.03	)		(16.66	)
Index		(29.31	)		(7.13	)		(1.42	)		(29.31	)		(30.92	)		(13.28	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period ^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	704.80	$	3.20	$	1,000.00	$	1,021.20	$	3.79		0.75	%

^(a)


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Emerging Markets Infrastructure ETF

Portfolio Management Commentary

Emerging market infrastructure stocks posted a significantly negative return for the reporting period, driven by a sharp decline when the coronavirus outbreak worsened in February 2020. The impending global recession and travel restrictions enacted to control the spread of the virus created a difficult environment for companies involved in maintaining and expanding infrastructure.

Chinese infrastructure stocks were the leading detractors from the Index’s return. China was the first country to be affected by the coronavirus, and measures taken to slow its spread significantly disrupted the economy. Travel restrictions, which came into place shortly before the Lunar New Year – ordinarily the most active travel season of the year – substantially reduced the number of trips taken within the country. These restrictions weakened stocks in the transportation infrastructure industry, the largest detractor within China. Marine ports and services companies were pressured by lower container ship volumes, at first due to factory shutdowns that disrupted supply, then later driven by dampened demand as the global economy softened.

The Chinese highways and rail tracks industry was another source of weakness. These companies collect tolls along China’s major highways, and a decision by the Chinese government to temporarily suspend toll collection nationwide in February 2020 constrained revenues.

Brazilian stocks were also notable detractors from the Index’s performance, particularly the energy sector, which declined substantially due to a sharp decrease in oil prices. Already low throughout much of the reporting period in an environment of slowing global growth and trade tensions, oil prices declined rapidly in February 2020 to their lowest levels in 21 years. The difficult environment for energy companies led the oil and gas storage and transportation industry to reduce investments and cancel projects. The Brazilian utilities sector also weighed on performance, as demand for electricity slowed due to the economic downturn, while intervention by state governments made it more difficult for utilities to collect debts from customers.

Transportation stocks in Mexico also declined following coronavirus-related disruption. Airport services companies struggled amid sharply lower domestic and international air passenger traffic.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Utilities		44.6	%
Industrials		37.5
Energy		17.9

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
China		42.3	%
Brazil		14.9
Thailand		9.2
Mexico		9.1
Malaysia		8.1
Russia		7.9
Chile		4.3
South Korea		3.8
United States		0.4

^(a)

Excludes money market funds.


FUND SUMMARY			7


Fund Summary as of March 31, 2020		iShares^® Europe ETF

Investment Objective

The iShares Europe ETF (the “Fund”) seeks to track the investment results of an index composed of European equities, as represented by the S&P Europe 350^™ (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		(15.61	)%		(1.56	)%		2.21	%		(15.61	)%		(7.55	)%		24.38	%
Fund Market		(15.90	)		(1.63	)		2.19			(15.90	)		(7.87	)		24.20
Index		(15.33	)		(1.25	)		2.55			(15.33	)		(6.08	)		28.69

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period ^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	823.50	$	2.69	$	1,000.00	$	1,022.00	$	2.98		0.59	%

^(a)


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Europe ETF

Portfolio Management Commentary

European equities declined significantly during the reporting period, as coronavirus concerns and containment measures weighed on markets. Euro area institutions came under increased stress due to the disproportionate impact of the virus and associated lockdowns on highly indebted Italy. Early measures by the ECB to provide liquidity to banks were perceived as inadequate, and several E.U. members opposed calls for jointly issued debt. Furthermore, business activity decreased rapidly, as manufacturers shut factories across Europe to protect workers from the virus and consumers lost confidence amid lockdowns. A U.S. travel ban on Europe and border closures within the E.U. also created doubts about the future of trade and tourism in Europe.

U.K. stocks detracted the most from the Index’s return, despite the implementation of a large coronavirus-aid package. The energy sector was the largest detractor in the U.K., with sharply declining oil prices caused by increased competition between producers in Saudi Arabia and Russia and decreased demand due to the economic slowdown. The financials sector also detracted meaningfully, driven by growing concerns in the banking industry that many smaller businesses would become insolvent before they could access coronavirus-related aid. Finally, the materials sector detracted from the Index’s performance, driven by shutdowns that decreased demand for metals from U.K. mining companies with global operations.

French equities also weighed significantly on the Index’s return, as lockdowns were predicted to significantly reduce the size of the economy and lead to a recession. The industrials sector was the largest detractor in France, as travel restrictions, social distancing, and increased tariffs negatively affected French aerospace companies. The financials sector also detracted, pressured by the weakened credit outlook for French banks.

German stocks detracted from the Index’s performance as well, with virus-related border closures leading to a record decline in export business. The consumer discretionary and materials sectors were the largest detractors in Germany, as the nation’s export-driven auto manufacturers and supporting raw-materials industries were affected by lower demand and virus-containment measures, including factory shutdowns.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Health Care		16.9	%
Financials		15.5
Consumer Staples		15.5
Industrials		13.0
Consumer Discretionary		9.1
Materials		7.1
Information Technology		6.7
Energy		5.8
Utilities		5.0
Communication Services		4.0
Real Estate		1.4

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
United Kingdom		24.7	%
Switzerland		18.2
France		16.8
Germany		13.1
Netherlands		6.4
Spain		4.2
Sweden		4.2
Denmark		3.3
Italy		3.1
Finland		1.9

^(a)

Excludes money market funds.


FUND SUMMARY			9


Fund Summary as of March 31, 2020		iShares^® International Developed Property ETF

Investment Objective

The iShares International Developed Property ETF (the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed non-U.S. markets, as represented by the S&P Developed ex-U.S. Property 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		(22.52	)%		(1.31	)%		3.92	%		(22.52	)%		(6.38	)%		46.90	%
Fund Market		(22.78	)		(1.35	)		3.85			(22.78	)		(6.57	)		45.90
Index		(22.38	)		(1.27	)		4.03			(22.38	)		(6.20	)		48.43

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period ^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	763.00	$	2.12	$	1,000.00	$	1,022.60	$	2.43		0.48	%

^(a)


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® International Developed Property ETF

Portfolio Management Commentary

International developed property stocks declined sharply for the reporting period against a backdrop of declining global real estate investment, lower leasing volumes, and the economic slowdown caused by the global spread of the coronavirus. Property stocks in the Asia Pacific region were the largest detractors, led by Hong Kong-based real estate companies. Hong Kong property stocks were first pressured by the economic slowdown in China amid the trade dispute between the U.S. and China. Property investors from mainland China are among the largest buyers of Hong Kong properties. Real estate companies were also negatively affected by mass pro-democracy protests during the summer of 2019. In early 2020, property stocks declined significantly as the outbreak of the coronavirus led to government-imposed social distancing measures aimed at slowing the spread of the virus. This led to sales of residential real estate at steep losses and postponement of new real estate project launches by developers.

Japanese property stocks were also key Index detractors. Real estate stocks, which were supported for much of the reporting period by their relatively attractive yields in a very low interest rate environment, posted sharp declines as the coronavirus outbreak intensified. Concern about a potential decline in demand for office space mounted as businesses increasingly worked remotely in order to slow coronavirus transmission rates. The postponement of the 2020 Tokyo Olympics weighed on the industry as Olympic Village property developers considered delaying future plans.

Australia was another key detractor, driven by real estate investment trusts (“REITs”). Although REITs advanced during 2019 amid low interest rates and attractive yields compared to Australian bonds, the coronavirus global equity market selloff led to declines for the reporting period. Detraction was particularly significant among retail and diversified REITs, as government mandates for nonessential businesses to close heightened expectations that shuttered retailers would be unable to meet rent obligations during a prolonged quarantine. For similar reasons, French retail REITs were smaller, although still notable, detractors.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Diversified Real Estate Activities		21.9	%
Real Estate Operating Companies		21.6
Diversified REITs		12.9
Retail REITs		11.3
Office REITs		11.2
Industrial REITs		10.0
Real Estate Development		4.0
Residential REITs		3.5
Health Care REITs		1.5
Specialized REITs		1.1
Other (each representing less than 1%)		1.0

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
Japan		30.9	%
Hong Kong		13.8
Germany		9.7
United Kingdom		8.7
Australia		8.2
Singapore		8.0
France		3.9
Sweden		3.7
Canada		2.9
Switzerland		2.7

^(a)

Excludes money market funds.


FUND SUMMARY			11


Fund Summary as of March 31, 2020		iShares^® International Dividend Growth ETF

Investment Objective

The iShares International Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of international equities with a history of consistently growing dividends, as represented by the Morningstar^® Global ex-US Dividend Growth Index^SM (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			Since Inception			1 Year			Since Inception
Fund NAV		(12.75	)%		1.10	%		(12.75	)%		4.33	%
Fund Market		(13.80	)		0.94			(13.80	)		3.69
Index		(12.73	)		1.06			(12.73	)		4.18

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 5/17/16. The first day of secondary market trading was 5/19/16.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period ^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	836.00	$	1.01	$	1,000.00	$	1,023.90	$	1.11		0.22	%

^(a)


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® International Dividend Growth ETF

Portfolio Management Commentary

Dividend growth stocks outside the U.S. posted a negative return for the reporting period, as the economic downturn following the spread of the coronavirus placed many dividends in doubt. Global efforts to contain the virus significantly decreased both supply and demand by closing factories and keeping consumers home, pressuring equities worldwide. Reduced revenues and political factors pressured firms to decrease or eliminate dividends, which substantially lowered expected income for investors. The increased demand for U.S. dollars also weighed on international equities, especially in the financial sector.

Canadian companies were the largest detractors from the Index’s return, as lower oil prices negatively affected the nation’s economy. The financials sector declined significantly, despite substantial support from the government and the Bank of Canada. Investors were concerned about expected dividend reductions and delinquent loans to energy firms from banks. The energy sector was also a detractor, as a dispute between Russia and Saudi Arabia increased the supply of oil while coronavirus lockdowns sharply decreased demand. Consequently, investors became concerned about the sustainability of dividend payments from oil companies.

German equities detracted substantially from the Index’s performance. The industrials sector was the principal source of weakness, as it was already hindered before the coronavirus outbreak by an industrial recession, partly driven by trade tensions. Materials stocks also declined in Germany, as coronavirus-related disruptions reduced demand for chemicals. The financials sector was another detractor, due in part to the disproportionate impact of the pandemic on European insurers.

Stocks of dividend-paying companies from the U.K. declined considerably. The consumer discretionary sector was the most significant detractor in the U.K., as coronavirus concerns and lockdowns kept consumers away from travel and restaurants. In the consumer staples sector, the decrease in dining out led to reduced sales for the beverages industry. The financials sector was another detractor, as leading U.K. banks eliminated dividends.

French equities detracted modestly from the Index’s return. The industrials sector was the largest detractor in France, as coronavirus concerns and travel restrictions reduced demand for aircraft and led to suspended dividends.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Financials		26.0	%
Industrials		14.0
Consumer Staples		12.7
Health Care		10.7
Information Technology		7.8
Materials		6.7
Consumer Discretionary		6.5
Communication Services		4.5
Real Estate		3.9
Energy		3.8
Utilities		3.4

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
Canada		18.3	%
Japan		14.5
Germany		11.7
France		10.3
Switzerland		9.8
United Kingdom		9.2
Netherlands		3.5
Hong Kong		3.4
Taiwan		3.2
Italy		2.4

^(a)

Excludes money market funds.


FUND SUMMARY			13


Fund Summary as of March 31, 2020		iShares^® Latin America 40 ETF

Investment Objective

The iShares Latin America 40 ETF (the “Fund”) seeks to track the investment results of an index composed of 40 of the largest Latin American equities, as represented by the S&P Latin America 40^™ (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		(43.05	)%		(6.64	)%		(6.78	)%		(43.05	)%		(29.07	)%		(50.42	)%
Fund Market		(43.39	)		(6.75	)		(6.84	)		(43.39	)		(29.50	)		(50.78	)
Index		(43.38	)		(6.40	)		(6.40	)		(43.38	)		(28.17	)		(48.36	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period ^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	590.90	$	1.91	$	1,000.00	$	1,022.60	$	2.43		0.48	%

^(a)


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Latin America 40 ETF

Portfolio Management Commentary

Latin American stocks declined sharply during the reporting period, as prices for many commodities decreased substantially, local currencies depreciated significantly against the U.S. dollar, and credit quality diminished. Commodities prices were negatively affected by reduced demand from countries with coronavirus restrictions, as well as increased oil supply following a dispute between Russia and Saudi Arabia. Lower commodities prices decreased projected growth in Latin America, and regional policymakers responded by lowering interest rates, which reduced the value of Latin American currencies relative to the U.S. dollar. The economic downturn put pressure on government revenues. Consequently credit ratings were downgraded for many governments and companies in Latin America. The anticipated costs of mitigating the effects of the coronavirus added to concerns surrounding the region.

Brazilian equities detracted significantly from the Index’s return, as the Brazilian real depreciated considerably against the U.S. dollar, and the nation’s banking system came under renewed stress. The financials sector detracted the most, as the credit outlook for the Brazilian banking system weakened, despite a new $60 billion swap line (a reciprocal currency arrangement) from the Fed for Brazil’s central bank. The Brazilian government had relatively limited resources to support financial institutions, partly due to the strains of previous recessions. The energy sector was also a strong detractor from the Index’s performance, as oil deposit auctions failed, and a sharp decline in oil prices sent Brazil’s stocks into a bear market. Finally, the materials sector declined significantly, due in part to decreased demand and higher U.S. tariffs on Brazilian steel producers.

Mexican stocks also detracted substantially from the Index’s performance. Lower oil prices drove a downgrade of Mexico’s sovereign credit rating and depreciation of the Mexican peso against the U.S. dollar. However, the consumer staples sector was the largest detractor in Mexico, as income from soft drinks decreased, partly due to higher operating expenses. Chilean stocks were another detractor from the Index’s return, as the decline of the Chilean peso relative to the U.S. dollar and civil disorder decreased bank profits.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Financials		38.5	%
Materials		18.9
Consumer Staples		14.7
Energy		10.8
Communication Services		7.1
Utilities		4.0
Industrials		2.2
Information Technology		1.5
Consumer Discretionary		1.3
Real Estate		1.0

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
Brazil		58.2	%
Mexico		25.0
Chile		9.6
Peru		5.0
Colombia		2.2

^(a)

Excludes money market funds.


FUND SUMMARY			15


About Fund Performance

Shareholder Expenses


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Asia 50 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

China — 38.7%
Bank of China Ltd., Class H		47,210,000	$	18,089,990
China Construction Bank Corp., Class H		57,912,960		47,371,036
China Life Insurance Co. Ltd., Class H		4,562,000		8,934,596
China Merchants Bank Co. Ltd., Class H		2,312,000		10,440,078
China Mobile Ltd.		3,391,500		25,225,454
China Overseas Land & Investment Ltd.		2,286,000		7,093,150
China Petroleum & Chemical Corp., Class H		15,667,600		7,721,714
CNOOC Ltd.		9,863,000		10,345,404
Industrial & Commercial Bank of China Ltd., Class H		47,925,115		32,832,621
Meituan Dianping, Class B^(a)		2,173,200		26,257,619
Ping An Insurance Group Co. of China Ltd., Class H		3,290,000		32,323,150
Tencent Holdings Ltd.		3,517,000		172,517,179
Xiaomi Corp., Class B^(a)(b)(c)		8,102,800		10,913,988

				410,065,979

Hong Kong — 16.3%
AIA Group Ltd.		7,418,600		67,142,498
CK Asset Holdings Ltd.		1,563,148		8,561,023
CK Hutchison Holdings Ltd.		1,651,148		11,141,292
CLP Holdings Ltd.		1,070,500		9,875,079
Galaxy Entertainment Group Ltd.		1,596,000		8,514,444
Hang Seng Bank Ltd.		445,400		7,614,019
Hong Kong & China Gas Co. Ltd.		6,014,662		9,917,220
Hong Kong Exchanges & Clearing Ltd.		717,900		21,654,907
Link REIT		1,286,700		10,906,629
Sands China Ltd.		1,488,800		5,455,098
Sun Hung Kai Properties Ltd.		904,500		11,926,344

				172,708,553

Singapore — 4.7%
DBS Group Holdings Ltd.		1,098,700		14,329,360
Oversea-Chinese Banking Corp. Ltd.^(c)		2,404,874		14,592,908
Singapore Telecommunications Ltd.^(c)		5,012,900		8,942,491
United Overseas Bank Ltd.^(c)		847,400		11,575,608

				49,440,367

South Korea — 20.2%
Celltrion Inc.^(a)(c)		66,229		12,458,571
Hyundai Mobis Co. Ltd.		41,517		5,780,697
Hyundai Motor Co.		87,990		6,411,232
KB Financial Group Inc.		241,111		6,843,048
KT&G Corp.		77,509		4,756,169
LG Chem Ltd.		29,028		7,272,798
NAVER Corp.		89,001		12,428,776
POSCO		43,418		5,742,225
Samsung Electronics Co. Ltd.		3,150,580		123,580,067
Shinhan Financial Group Co. Ltd.		288,443		6,776,580
SK Hynix Inc.		330,337		22,604,076

				214,654,239


Security	Shares		Value
Taiwan — 17.7%
Cathay Financial Holding Co. Ltd.		5,183,668	$	6,050,741
Chunghwa Telecom Co. Ltd.		2,325,551		8,266,677
CTBC Financial Holding Co. Ltd.		11,950,359		7,073,440
Formosa Chemicals & Fibre Corp.		2,478,804		5,491,787
Formosa Plastics Corp.		2,697,071		6,697,751
Hon Hai Precision Industry Co. Ltd.		7,664,052		17,714,638
Largan Precision Co. Ltd.		64,000		8,105,418
MediaTek Inc.		898,112		9,726,094
Nan Ya Plastics Corp.		3,457,510		6,253,850
Taiwan Semiconductor Manufacturing Co. Ltd.		11,615,343		105,239,620
Uni-President Enterprises Corp.		3,123,000		6,774,426

				187,394,442


Total Common Stocks — 97.6% (Cost: $1,033,249,827)				1,034,263,580


Preferred Stocks

South Korea — 1.6%
Samsung Electronics Co. Ltd., Preference Shares, NVS .		504,963		16,633,685


Total Preferred Stocks — 1.6% (Cost: $18,749,077)				16,633,685


Short-Term Investments

Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(d)(e)(f)		21,972,650		21,968,255
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(d)(e)		900,000		900,000

				22,868,255


Total Short-Term Investments — 2.2% (Cost: $22,880,953)				22,868,255


Total Investments in Securities — 101.4% (Cost: $1,074,879,857)				1,073,765,520

Other Assets, Less Liabilities — (1.4)%				(14,476,866	)


Net Assets — 100.0%			$	1,059,288,654

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)	Affiliate of the Fund.

^(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.


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (continued)

March 31, 2020

iShares^® Asia 50 ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19		Net Activity			Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		16,829,243		5,143,407			21,972,650	$	21,968,255	$	238,767	^(b)	$	(39,512	)	$	(14,239	)
BlackRock Cash Funds: Treasury, SL Agency Shares		1,051,537		(151,537	)		900,000		900,000		20,982			—			—

								$	22,868,255	$	259,749		$	(39,512	)	$	(14,239	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,034,263,580	$	—	$	—	$	1,034,263,580
Preferred Stocks		16,633,685		—		—		16,633,685
Money Market Funds		22,868,255		—		—		22,868,255

	$	1,073,765,520	$	—	$	—	$	1,073,765,520

See notes to financial statements.


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Emerging Markets Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 13.2%
CCR SA		263,900	$	596,836
Centrais Eletricas Brasileiras SA, ADR		34,229		157,796
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		42,835		316,122
Ultrapar Participacoes SA, ADR		260,624		633,316

				1,704,070

Chile — 4.3%
Enel Americas SA, ADR		91,299		553,272


China — 42.0%
Beijing Capital International Airport Co. Ltd., Class H		364,000		231,994
Beijing Enterprises Water Group Ltd.		754,000		294,755
CGN Power Co. Ltd., Class H^(a)		1,274,000		292,575
China Gas Holdings Ltd.		260,000		905,701
China Merchants Port Holdings Co. Ltd.		286,000		326,925
China Oilfield Services Ltd., Class H		556,000		429,684
China Resources Gas Group Ltd.		106,000		533,357
China Suntien Green Energy Corp. Ltd., Class H		598,000		104,156
COSCO SHIPPING Ports Ltd.		390,000		188,185
Guangdong Investment Ltd.		364,000		701,617
Jiangsu Expressway Co. Ltd., Class H		286,000		319,176
Kunlun Energy Co. Ltd.		494,000		288,717
Shenzhen Expressway Co. Ltd., Class H		156,000		159,001
Shenzhen International Holdings Ltd.		214,999		393,888
Zhejiang Expressway Co. Ltd., Class H		338,000		235,482

				5,405,213

Malaysia — 8.0%
Sapura Energy Bhd		3,373,500		62,472
Tenaga Nasional Bhd		348,400		969,391

				1,031,863

Mexico — 9.0%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR .		9,776		263,365
Grupo Aeroportuario del Pacifico SAB de CV, ADR		8,619		464,909
Grupo Aeroportuario del Sureste SAB de CV, ADR		4,628		435,680

				1,163,954

South Korea — 3.8%
Korea Electric Power Corp., ADR^(b)(c)		64,233		484,959


Thailand — 9.2%
Airports of Thailand PCL, NVDR		763,100		1,180,082


Security	Shares		Value

United States — 0.4%
GasLog Ltd.		13,676	$	49,507


Total Common Stocks — 89.9% (Cost: $15,321,790)				11,572,920


Preferred Stocks

Brazil — 1.6%
Cia. Energetica de Minas Gerais, Preference Shares, ADR, NVS		121,225		206,082


Russia — 7.9%
Transneft PJSC, Preference Shares, NVS		533		1,007,897


Total Preferred Stocks — 9.5% (Cost: $1,718,001)				1,213,979


Short-Term Investments

Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(d)(e)(f)		226,705		226,659
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(d)(e)		20,000		20,000

				246,659


Total Short-Term Investments — 1.9% (Cost: $246,581)				246,659


Total Investments in Securities — 101.3% (Cost: $17,286,372)				13,033,558

Other Assets, Less Liabilities — (1.3)%				(163,529	)


Net Assets — 100.0%			$	12,870,029

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Non-income producing security.

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

^(d)	Affiliate of the Fund.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19		Net Activity			Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		1,825,420		(1,598,715	)		226,705	$	226,659	$	4,091	^(b)	$	(113	)	$	78
BlackRock Cash Funds: Treasury, SL Agency Shares		47,828		(27,828	)		20,000		20,000		1,097			—			—

								$	246,659	$	5,188		$	(113	)	$	78

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


SCHEDULE OF INVESTMENTS			19

Schedule of Investments (continued)

March 31, 2020

iShares^® Emerging Markets Infrastructure ETF

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	11,572,920	$	—	$	—	$	11,572,920
Preferred Stocks		1,213,979		—		—		1,213,979
Money Market Funds		246,659		—		—		246,659

	$	13,033,558	$	—	$	—	$	13,033,558

See notes to financial statements.


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.5%
BHP Group PLC		380,655	$	5,909,355


Austria — 0.1%
Erste Group Bank AG		54,005		1,000,554
OMV AG		25,109		693,180

				1,693,734

Belgium — 1.5%
Ageas		34,070		1,417,202
Anheuser-Busch InBev SA/NV		152,740		6,782,530
Galapagos NV^(a)		9,125		1,812,246
Groupe Bruxelles Lambert SA		14,157		1,112,529
KBC Group NV		61,119		2,817,981
Proximus SADP		28,285		647,716
Solvay SA		12,719		926,394
UCB SA		22,376		1,939,614
Umicore SA		36,130		1,262,650

				18,718,862

Denmark — 3.3%
AP Moller - Maersk A/S, Class A		696		576,691
AP Moller - Maersk A/S, Class B, NVS		1,058		947,732
Carlsberg A/S, Class B		19,011		2,151,904
Chr Hansen Holding A/S		18,629		1,393,724
Coloplast A/S, Class B		21,190		3,074,058
Danske Bank A/S		123,232		1,393,445
DSV PANALPINA A/S		36,770		3,342,432
Genmab A/S^(a)		11,786		2,386,384
Novo Nordisk A/S, Class B		297,685		17,909,337
Novozymes A/S, Class B		37,714		1,715,231
Orsted A/S^(b)		30,079		2,947,395
Pandora A/S		18,118		588,499
Vestas Wind Systems A/S		35,741		2,904,140

				41,330,972

Finland — 1.9%
Elisa OYJ		26,985		1,672,333
Fortum OYJ		78,358		1,149,960
Kone OYJ, Class B		72,822		4,124,643
Metso OYJ		23,110		550,764
Neste OYJ		77,981		2,639,671
Nokia OYJ		1,007,316		3,171,042
Nordea Bank Abp		584,282		3,307,179
Sampo OYJ, Class A		89,546		2,615,532
Stora Enso OYJ, Class R		110,878		1,124,877
UPM-Kymmene OYJ		95,940		2,641,229
Wartsila OYJ Abp		88,441		649,211

				23,646,441

France — 16.6%
Accor SA		32,528		892,284
Aeroports de Paris		6,054		580,909
Air Liquide SA		84,970		10,875,672
Airbus SE		108,752		7,080,934
Alstom SA		34,544		1,445,636
Arkema SA		13,189		911,713
Atos SE		17,549		1,188,844
AXA SA		350,680		6,074,966
BNP Paribas SA		205,286		6,196,631
Bouygues SA		45,084		1,321,797
Bureau Veritas SA		46,411		881,503
Capgemini SE		28,726		2,427,010


Security	Shares		Value

France (continued)
Carrefour SA		100,912	$	1,596,111
Cie. de Saint-Gobain		98,552		2,396,839
Cie. Generale des Etablissements Michelin SCA		32,525		2,892,875
Credit Agricole SA		229,776		1,686,695
Danone SA		116,080		7,468,908
Dassault Systemes SE		24,686		3,656,708
Edenred		43,129		1,802,545
Eiffage SA		14,570		1,031,157
Electricite de France SA		79,179		624,314
Engie SA		330,522		3,413,407
EssilorLuxottica SA		52,047		5,612,632
Gecina SA		9,935		1,315,773
Hermes International		6,344		4,377,049
Kering SA		13,354		6,973,211
Klepierre SA		37,869		730,065
Legrand SA		47,742		3,063,471
L’Oreal SA		44,227		11,593,362
LVMH Moet Hennessy Louis Vuitton SE		48,605		18,050,167
Orange SA		345,194		4,217,540
Pernod Ricard SA		39,408		5,597,475
Peugeot SA		101,268		1,351,730
Publicis Groupe SA		41,038		1,176,156
Renault SA		37,315		725,035
Safran SA		60,760		5,342,848
Sanofi		206,445		18,153,462
Schneider Electric SE		99,187		8,552,095
SCOR SE		28,289		623,286
SES SA		69,006		404,934
Societe Generale SA		143,277		2,412,871
Sodexo SA^(c)		15,781		1,067,340
STMicroelectronics NV, New		118,538		2,585,059
Suez		76,376		777,362
Teleperformance		10,442		2,174,631
Thales SA		18,314		1,534,859
TOTAL SA		457,169		17,752,646
Ubisoft Entertainment SA^(a)		12,515		922,522
Unibail-Rodamco-Westfield		24,937		1,410,792
Valeo SA		43,026		719,957
Veolia Environnement SA		101,354		2,165,829
Vinci SA		90,503		7,487,556
Vivendi SA		144,473		3,095,163

				208,414,336

Germany — 12.3%
adidas AG		33,001		7,455,713
Allianz SE, Registered		74,879		12,889,420
Aroundtown SA		199,162		995,188
BASF SE		164,936		7,808,213
Bayer AG, Registered		176,938		10,260,579
Bayerische Motoren Werke AG		57,090		2,951,379
Beiersdorf AG		17,684		1,796,014
Brenntag AG		27,829		1,033,012
Commerzbank AG		176,742		641,618
Continental AG		19,458		1,400,793
Covestro AG^(b)		30,532		933,680
Daimler AG, Registered		160,180		4,836,848
Delivery Hero SE^(a)(b)		23,363		1,742,159
Deutsche Bank AG, Registered^(c)		374,101		2,450,170
Deutsche Boerse AG		34,039		4,668,663
Deutsche Lufthansa AG, Registered		42,647		400,654
Deutsche Post AG, Registered		175,346		4,766,672


SCHEDULE OF INVESTMENTS			21

Schedule of Investments (continued)

March 31, 2020

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Deutsche Telekom AG, Registered		582,796	$	7,554,736
Deutsche Wohnen SE		64,339		2,450,387
E.ON SE		396,030		4,102,531
Fresenius Medical Care AG & Co. KGaA		38,187		2,522,422
Fresenius SE & Co. KGaA		73,835		2,748,855
GEA Group AG		29,695		610,114
Hannover Rueck SE		10,705		1,538,735
HeidelbergCement AG		26,349		1,130,149
Infineon Technologies AG		223,742		3,297,078
LANXESS AG		15,048		601,346
LEG Immobilien AG		12,064		1,359,463
Merck KGaA		23,025		2,365,234
MTU Aero Engines AG		9,364		1,370,125
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		25,816		5,214,930
QIAGEN NV^(a)		39,988		1,606,331
RWE AG		103,392		2,718,188
SAP SE		194,553		21,945,061
Siemens AG, Registered		145,193		12,341,984
Symrise AG		22,880		2,133,933
thyssenkrupp AG^(a)(c)		72,831		381,029
TUI AG^(c)		80,269		361,093
United Internet AG, Registered		22,636		667,380
Volkswagen AG		5,944		791,778
Vonovia SE		98,189		4,833,123
Wirecard AG^(c)		20,712		2,378,302

				154,055,082

Ireland — 1.0%
Bank of Ireland Group PLC		166,976		315,862
CRH PLC		146,800		4,002,748
Flutter Entertainment PLC		14,546		1,317,388
Irish Bank Resolution Corp. Ltd.^(a)(d)		211,770		2
Kerry Group PLC, Class A		27,305		3,151,836
Kingspan Group PLC		27,579		1,473,714
Ryanair Holdings PLC, ADR^(a)(c)		15,052		799,111
Smurfit Kappa Group PLC		42,524		1,200,082

				12,260,743

Italy —3.1%
Assicurazioni Generali SpA		218,196		2,971,148
Atlantia SpA		84,784		1,063,325
CNH Industrial NV		178,195		1,019,856
Enel SpA		1,386,579		9,644,309
Eni SpA		456,714		4,620,415
Ferrari NV		22,773		3,537,007
Intesa Sanpaolo SpA		2,844,624		4,645,691
Leonardo SpA		73,595		490,327
Mediobanca Banca di Credito Finanziario SpA		126,021		695,255
Moncler SpA		34,092		1,245,294
Prysmian SpA		48,270		773,278
Snam SpA		391,778		1,807,209
Telecom Italia SpA/Milano^(a)		1,953,827		798,365
Tenaris SA		84,537		517,591
Terna Rete Elettrica Nazionale SpA		251,929		1,594,996
UniCredit SpA		381,461		2,991,436

				38,415,502

Netherlands — 6.3%
ABN AMRO Bank NV, CVA^(b)		74,276		609,941
Adyen NV^(a)(b)		4,322		3,654,429
Aegon NV		251,869		639,505


Security	Shares		Value

Netherlands (continued)
Akzo Nobel NV		36,504	$	2,403,642
ArcelorMittal SA		117,084		1,112,683
ASML Holding NV		76,789		20,428,052
EXOR NV		17,468		900,838
Heineken Holding NV		18,281		1,401,110
Heineken NV		42,457		3,547,987
ING Groep NV		706,501		3,706,660
Koninklijke Ahold Delhaize NV		198,249		4,630,100
Koninklijke DSM NV		32,690		3,712,453
Koninklijke KPN NV		639,053		1,525,814
Koninklijke Philips NV		162,153		6,568,007
NN Group NV		55,242		1,491,112
Prosus NV^(a)		75,066		5,201,425
Randstad NV		22,489		793,829
Unilever NV		260,080		12,786,132
Wolters Kluwer NV		48,842		3,439,528

				78,553,247

Norway —0.8%
DNB ASA		163,070		1,813,011
Equinor ASA		195,921		2,446,914
Mowi ASA		81,767		1,235,343
Norsk Hydro ASA		250,994		540,661
Orkla ASA		141,626		1,200,604
Telenor ASA		114,166		1,651,444
Yara International ASA		31,487		987,398

				9,875,375

Portugal — 0.2%
EDP — Energias de Portugal SA		391,242		1,570,344
Galp Energia SGPS SA		81,311		927,427

				2,497,771

Spain — 4.1%
ACS Actividades de Construccion y Servicios SA		49,198		961,699
Aena SME SA^(b)		13,314		1,453,867
Amadeus IT Group SA		77,757		3,685,776
Banco Bilbao Vizcaya Argentaria SA		1,201,696		3,844,266
Banco de Sabadell SA		1,023,927		526,923
Banco Santander SA		2,984,839		7,264,207
CaixaBank SA		643,957		1,201,189
Cellnex Telecom SA^(b)		48,961		2,226,797
Enagas SA		43,159		856,911
Endesa SA		57,276		1,223,614
Ferrovial SA		85,890		2,061,091
Grifols SA		52,991		1,802,476
Iberdrola SA		1,074,305		10,590,174
Industria de Diseno Textil SA		190,912		4,956,256
International Consolidated Airlines Group SA		165,967		442,656
Naturgy Energy Group SA		60,592		1,071,399
Red Electrica Corp. SA		79,095		1,420,270
Repsol SA		259,448		2,371,949
Telefonica SA		822,282		3,765,537

				51,727,057

Sweden — 4.1%
Alfa Laval AB		54,247		943,109
Assa Abloy AB, Class B		178,603		3,383,609
Atlas Copco AB, Class A		116,370		3,921,792
Atlas Copco AB, Class B		70,669		2,089,891
Boliden AB		48,952		895,768
Electrolux AB, Series B		46,524		581,333
Epiroc AB, Class A		113,820		1,131,112


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Sweden (continued)
Epiroc AB, Class B		70,193	$	697,275
Essity AB, Class B		109,163		3,371,507
Hennes & Mauritz AB, Class B		140,134		1,810,425
Hexagon AB, Class B		50,726		2,170,819
Industrivarden AB, Class A		27,596		539,236
Industrivarden AB, Class C		30,159		590,231
Investor AB, Class B		82,464		3,804,545
Kinnevik AB, Class B		43,637		727,159
Sandvik AB		199,167		2,839,442
Securitas AB, Class B		57,664		625,372
Skandinaviska Enskilda Banken AB, Class A		289,215		1,961,047
Skanska AB, Class B^(a)		63,637		972,761
SKF AB, Class B		68,075		939,255
Svenska Cellulosa AB SCA, Class B		108,259		1,097,592
Svenska Handelsbanken AB, Class A^(a)		266,701		2,238,009
Swedbank AB, Class A		167,342		1,872,267
Swedish Match AB		30,444		1,745,329
Tele2 AB, Class B		89,795		1,209,025
Telefonaktiebolaget LM Ericsson, Class B		473,735		3,875,870
Telia Co. AB		460,893		1,660,716
Volvo AB, Class B		295,635		3,565,750

				51,260,246

Switzerland — 18.0%
ABB Ltd., Registered		348,033		6,116,791
Adecco Group AG, Registered		30,049		1,184,506
Alcon Inc.^(a)		87,324		4,452,166
Baloise Holding AG, Registered		8,881		1,164,797
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		197		1,660,416
Chocoladefabriken Lindt &Spruengli AG, Registered		19		1,657,382
Cie. Financiere Richemont SA, Registered		93,507		5,127,881
Clariant AG, Registered		44,498		748,034
Credit Suisse Group AG, Registered		437,479		3,617,211
Geberit AG, Registered		6,708		2,953,447
Givaudan SA, Registered		1,428		4,420,299
Julius Baer Group Ltd.		40,293		1,375,513
Kuehne + Nagel International AG, Registered		9,192		1,262,113
LafargeHolcim Ltd., Registered		86,571		3,163,816
Logitech International SA, Registered		31,583		1,365,751
Lonza Group AG, Registered		13,447		5,589,772
Nestle SA, Registered		534,944		54,984,425
Novartis AG, Registered		459,188		37,895,883
Partners Group Holding AG		3,395		2,349,534
Roche Holding AG, Bearer		4,863		1,559,095
Roche Holding AG, NVS		126,332		41,005,183
Schindler Holding AG, Participation Certificates, NVS		7,098		1,558,178
Schindler Holding AG, Registered		3,825		808,051
SGS SA, Registered		934		2,164,258
Sika AG, Registered		22,593		3,734,950
Sonova Holding AG, Registered		9,597		1,729,850
Straumann Holding AG, Registered		2,027		1,511,320
Swatch Group AG (The), Bearer		5,330		1,065,670
Swatch Group AG (The), Registered		11,263		443,279
Swiss Life Holding AG, Registered		6,016		2,048,132
Swiss Prime Site AG, Registered		13,765		1,347,976
Swiss Re AG		52,768		4,066,335
Swisscom AG, Registered		4,604		2,475,325
Temenos AG, Registered		11,747		1,540,690
UBS Group AG, Registered		679,066		6,348,851
Vifor Pharma AG		7,555		1,044,371


Security	Shares		Value

Switzerland (continued)
Zurich Insurance Group AG		27,151	$	9,636,353

				225,177,604

United Kingdom — 24.4%
3i Group PLC		174,649		1,715,557
Admiral Group PLC		45,461		1,257,037
Anglo American PLC		249,889		4,388,714
Ashtead Group PLC		81,355		1,780,968
Associated British Foods PLC		64,241		1,444,953
AstraZeneca PLC		236,321		21,144,776
Aviva PLC		711,863		2,369,982
BAE Systems PLC		575,503		3,723,539
Barclays PLC		2,910,251		3,396,022
Barratt Developments PLC		180,722		988,221
Berkeley Group Holdings PLC		23,331		1,045,793
BP PLC		3,638,873		15,530,377
British American Tobacco PLC		412,823		14,122,768
British Land Co. PLC (The)		168,858		703,921
BT Group PLC		1,582,964		2,314,137
Bunzl PLC		60,176		1,215,855
Burberry Group PLC		73,862		1,213,046
Carnival PLC		33,722		410,359
Centrica PLC		1,023,574		483,304
Compass Group PLC		287,417		4,504,678
Croda International PLC		23,872		1,264,516
DCC PLC		18,394		1,163,190
Diageo PLC		421,222		13,509,142
Direct Line Insurance Group PLC		247,442		907,868
DS Smith PLC		246,038		840,176
easyJet PLC		47,056		333,162
Experian PLC		164,006		4,577,617
Ferguson PLC		41,960		2,630,551
Fiat Chrysler Automobiles NV		198,305		1,430,003
G4S PLC		279,176		319,510
GlaxoSmithKline PLC		898,648		16,876,866
Glencore PLC		1,953,776		2,999,160
GVC Holdings PLC		103,942		723,033
Halma PLC		68,759		1,637,801
Hargreaves Lansdown PLC		49,158		844,815
HSBC Holdings PLC		3,708,898		20,890,271
IMI PLC		49,826		461,757
Imperial Brands PLC		170,479		3,164,018
Informa PLC		225,943		1,239,980
InterContinental Hotels Group PLC		33,946		1,479,721
Intertek Group PLC		29,061		1,702,976
ITV PLC		651,592		533,403
J Sainsbury PLC		304,819		795,229
Johnson Matthey PLC		35,834		798,894
Kingfisher PLC		386,802		690,166
Land Securities Group PLC		136,473		942,215
Legal & General Group PLC		1,067,579		2,566,079
Lloyds Banking Group PLC		12,565,524		4,985,800
London Stock Exchange Group PLC		56,950		5,140,784
M&G PLC^(a)		467,018		652,043
Marks &Spencer Group PLC		352,089		433,255
Melrose Industries PLC		862,400		978,440
Micro Focus International PLC		66,932		331,969
Mondi PLC		87,560		1,499,352
National Grid PLC		679,331		7,973,558
Next PLC		24,195		1,221,624
Ocado Group PLC^(a)(c)		102,965		1,557,592


SCHEDULE OF INVESTMENTS			23

Schedule of Investments (continued)

March 31, 2020

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Pearson PLC		140,340	$	961,605
Persimmon PLC		55,846		1,327,105
Prudential PLC		467,018		5,996,364
Reckitt Benckiser Group PLC		132,840		10,129,972
RELX PLC		362,562		7,786,359
Rentokil Initial PLC		330,457		1,589,011
Rio Tinto PLC		178,635		8,236,422
Rolls-Royce Holdings PLC		344,324		1,454,173
Royal Bank of Scotland Group PLC		831,692		1,164,289
Royal Dutch Shell PLC, Class A		751,813		13,228,070
Royal Dutch Shell PLC, Class B		675,178		11,384,070
RSA Insurance Group PLC		194,026		1,011,409
Sage Group PLC (The)		201,875		1,481,364
Schroders PLC		22,513		693,409
Segro PLC		194,632		1,843,792
Severn Trent PLC		43,212		1,221,641
Smith & Nephew PLC		160,933		2,862,529
Smiths Group PLC		70,712		1,074,949
Spirax-Sarco Engineering PLC		13,044		1,320,600
SSE PLC		185,836		3,007,077
St. James’s Place PLC		95,062		895,357
Standard Chartered PLC		487,849		2,696,682
Standard Life Aberdeen PLC		416,291		1,155,727
Tate & Lyle PLC		83,956		682,904
Taylor Wimpey PLC		585,394		852,885
Tesco PLC		1,753,410		4,974,435
Travis Perkins PLC		45,075		493,292
Unilever PLC		212,063		10,716,428
United Utilities Group PLC		122,730		1,373,873
Vodafone Group PLC		4,829,752		6,767,177
Weir Group PLC (The)		46,693		417,437
Whitbread PLC		23,727		891,435
Wm Morrison Supermarkets PLC		423,495		934,701
WPP PLC		227,577		1,555,963

				306,033,049


Total Common Stocks — 98.2% (Cost: $1,750,992,892)				1,229,569,376


Preferred Stocks

Germany — 0.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		10,036		431,230


Security	Shares		Value

Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		32,100	$	2,578,231
Porsche Automobil Holding SE, Preference Shares, NVS		27,587		1,170,838
Volkswagen AG, Preference Shares, NVS		33,082		3,878,211

				8,058,510

Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		1,083,816		428,713


Total Preferred Stocks — 0.7% (Cost: $17,028,383)				8,487,223


Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(e)(f)(g)		9,035,299		9,033,492
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(e)(f)		619,000		619,000

				9,652,492


Total Short-Term Investments — 0.7% (Cost: $9,652,591)				9,652,492


Total Investments in Securities — 99.6% (Cost: $1,777,673,866)				1,247,709,091

Other Assets, Less Liabilities — 0.4%				4,397,630


Net Assets — 100.0%			$	1,252,106,721

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19		Net Activity			Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		9,844,870		(809,571	)		9,035,299	$	9,033,492	$	148,404	^(b)	$	(1,687	)	$	(748	)
BlackRock Cash Funds: Treasury, SL Agency Shares		979,188		(360,188	)		619,000		619,000		17,209			—			—

								$	9,652,492	$	165,613		$	(1,687	)	$	(748	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Europe ETF

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50		318		06/19/20	$	9,585	$	569,564
FTSE 100 Index		81		06/19/20		5,660		470,557

							$	1,040,121

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	1,040,121

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,214,475	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	765,216

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	12,999,435

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,229,569,374	$	—	$	2	$	1,229,569,376
Preferred Stocks		8,487,223		—		—		8,487,223
Money Market Funds		9,652,492		—		—		9,652,492

	$	1,247,709,089	$	—	$	2	$	1,247,709,091

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,040,121	$	—	$	—	$	1,040,121

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			25

Schedule of Investments

March 31, 2020

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks

Australia — 8.2%
Abacus Property Group		42,304	$	60,588
APN Industria REIT^(a)		13,496		17,016
Arena REIT		37,240		38,634
BWP Trust		56,952		116,772
Cedar Woods Properties Ltd.		7,840		19,962
Centuria Office REIT		43,080		43,374
Charter Hall Group		54,847		230,284
Charter Hall Long Wale REIT		50,314		135,189
Charter Hall Retail REIT		43,820		83,410
Charter Hall Social Infrastructure REIT		29,955		34,101
Cromwell Property Group		226,151		110,733
Dexus		128,100		712,689
GDI Property Group		60,817		34,803
Goodman Group		188,944		1,399,283
GPT Group (The)		226,016		502,149
Growthpoint Properties Australia Ltd.		35,632		54,958
Hotel Property Investments		18,032		24,170
Ingenia Communities Group		29,138		58,674
Lendlease Group		68,329		430,754
Mirvac Group		466,938		597,300
National Storage REIT		93,968		90,871
Rural Funds Group^(b)		37,576		43,582
Scentre Group		628,068		601,600
Shopping Centres Australasia Property Group		109,788		152,534
Stockland		284,966		441,266
Vicinity Centres		375,627		237,949
Viva Energy REIT		82,045		115,496

				6,388,141

Austria — 0.8%
CA Immobilien Anlagen AG		8,604		289,831
IMMOFINANZ AG		10,771		192,169
S IMMO AG		6,038		116,603

				598,603

Belgium — 1.9%
Aedifica SA		2,910		301,739
Befimmo SA		2,774		133,165
Cofinimmo SA		2,896		378,774
Intervest Offices & Warehouses NV		2,456		64,137
Montea CVA		1,297		120,255
Retail Estates NV		1,334		69,381
Warehouses De Pauw CVA		15,188		436,124

				1,503,575

British Virgin Islands — 0.0%
MAS Real Estate Inc.		53,704		30,641


Canada — 2.9%
Allied Properties REIT		7,028		220,910
Artis REIT		8,064		45,211
Boardwalk REIT		2,773		44,634
Canadian Apartment Properties REIT		9,832		294,197
Choice Properties REIT		17,842		161,955
Cominar REIT		10,360		59,029
Crombie REIT		5,432		47,399
CT REIT		6,568		53,989
Dream Industrial REIT		8,181		53,971
Dream Office REIT		3,248		53,260
Dream Unlimited Corp., Class A		7,756		51,440
First Capital Real Estate Investment Trust		12,728		121,883


Security	Shares		Value

Canada (continued)
Granite REIT		3,213	$	131,220
H&R Real Estate Investment Trust		16,352		102,591
InterRent REIT		7,008		65,533
Killam Apartment REIT		5,572		61,774
Minto Apartment Real Estate Investment Trust		2,296		31,455
Morguard North American REIT		2,212		20,809
Northview Apartment Real Estate Investment Trust		3,920		90,168
NorthWest Healthcare Properties REIT		7,924		53,779
RioCan REIT		18,004		204,029
Slate Office REIT		4,508		11,624
Slate Retail REIT^(a)		2,576		12,325
SmartCentres Real Estate Investment Trust.		8,288		109,703
Summit Industrial Income REIT		7,986		49,767
Tricon Capital Group Inc.		17,089		82,723
True North Commercial Real Estate Investment Trust		4,928		16,827

				2,252,205

China — 0.8%
China Merchants Land Ltd.		112,000		17,484
Gemdale Properties & Investment Corp. Ltd.		848,000		141,135
Greenland Hong Kong Holdings Ltd.		86,000		33,064
K Wah International Holdings Ltd.		159,000		68,721
Road King Infrastructure Ltd.		28,000		42,411
Wharf Holdings Ltd. (The)		130,000		230,451
Yuexiu REIT		182,000		89,698
Zhuguang Holdings Group Co. Ltd.^(a)		224,000		27,166

				650,130

Finland — 0.1%
Citycon OYJ		7,404		45,698


France — 3.9%
Altarea SCA		412		51,084
Covivio		5,256		296,143
Gecina SA		6,449		854,093
ICADE		3,298		261,091
Klepierre SA		24,535		473,003
Mercialys SA		2,996		21,762
NexitySA		5,310		163,256
Unibail-Rodamco-Westfield		9,889		559,463
Unibail-Rodamco-Westfield, New		6,325		357,832

				3,037,727

Germany — 9.6%
ADLER Real Estate AG^(a)(b)		4,733		35,470
ADO Properties SA^(c)		3,266		73,823
alstria office REIT AG		18,676		267,219
Aroundtown SA		130,513		652,158
Deutsche EuroShop AG^(b)		5,809		66,671
Deutsche Wohnen SE		42,409		1,615,171
DIC Asset AG		5,236		54,407
Grand City Properties SA		11,842		248,958
Hamborner REIT AG		8,569		76,704
LEG Immobilien AG		8,085		911,079
TAG Immobilien AG		17,220		340,859
Vonovia SE		63,927		3,146,657

				7,489,176

Hong Kong — 13.7%
Champion REIT		241,000		145,516
Chinese Estates Holdings Ltd.		49,000		22,126
CK Asset Holdings Ltd.		302,500		1,656,727
Far East Consortium International Ltd.		121,000		43,711


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
Hang Lung Group Ltd.		105,000	$	221,355
Hang Lung Properties Ltd.		225,000		456,915
Henderson Land Development Co. Ltd.		197,044		751,222
Hongkong Land Holdings Ltd.		134,700		505,125
Hysan Development Co. Ltd.		75,000		243,843
Kerry Properties Ltd.		71,500		188,646
Langham Hospitality Investments and Langham Hospitality Investments Ltd.		70,500		12,643
Link REIT		246,400		2,088,593
Prosperity REIT		140,000		43,892
Sino Land Co. Ltd.		356,000		451,953
Sun Hung Kai Properties Ltd.		173,500		2,287,696
Sunlight REIT		100,000		49,026
Swire Properties Ltd.		119,800		336,947
Wharf Real Estate Investment Co. Ltd.^(b)		140,000		576,191
Wheelock &Co. Ltd.		93,000		634,726

				10,716,853

Ireland — 0.2%
Hibernia REIT PLC		81,867		95,398
Irish Residential Properties REIT PLC		52,553		70,350

				165,748

Israel — 1.3%
Airport City Ltd.^(a)		8,309		122,137
Alony Hetz Properties & Investments Ltd.		15,372		179,469
Amot Investments Ltd.		19,254		114,301
Azrieli Group Ltd.		4,248		245,937
Big Shopping Centers Ltd.		751		55,241
Gazit-Globe Ltd.		10,046		77,245
Mehadrin Ltd.^(a)		1		24
Melisron Ltd.		2,365		92,478
Property & Building Corp. Ltd.		252		15,793
REIT 1 Ltd.		21,448		104,650
Sella Capital Real Estate Ltd.		22,204		45,193

				1,052,468

Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		5,404		22,236


Japan — 30.7%
Activia Properties Inc.		84		271,558
Advance Residence Investment Corp.		162		470,446
Aeon Mall Co. Ltd.		11,380		143,680
AEON REIT Investment Corp.		172		164,902
Comforia Residential REIT Inc.		71		202,237
CRE Logistics REIT Inc.		28		32,162
Daibiru Corp.		7,400		61,144
Daito Trust Construction Co. Ltd.		9,000		839,100
Daiwa House Industry Co. Ltd.		79,000		1,959,358
Daiwa House REIT Investment Corp.		235		574,031
Daiwa Office Investment Corp.		37		204,270
Dear Life Co. Ltd.		2,800		10,063
ESCON Japan Reit Investment Corp.		24		21,098
Frontier Real Estate Investment Corp.		58		163,596
Fukuoka REIT Corp.		84		86,992
Global One Real Estate Investment Corp.		112		94,098
GLP J-REIT		455		512,510
Goldcrest Co. Ltd.		1,800		27,078
Hankyu Hanshin REIT Inc.		84		90,882
Health Care & Medical Investment Corp.		28		29,075
Heiwa Real Estate Co. Ltd.		4,100		106,303


Security	Shares		Value

Japan (continued)
Heiwa Real Estate REIT Inc.		105	$	97,652
Hoshino Resorts REIT Inc.		27		83,035
Hulic Co. Ltd.		59,500		605,169
Hulic Reit Inc.		122		141,489
Ichigo Hotel REIT Investment Corp.		28		13,772
Ichigo Inc.		26,100		60,442
Ichigo Office REIT Investment Corp.		186		129,048
Industrial & Infrastructure Fund Investment Corp.		213		288,459
Invesco Office J-Reit Inc.		1,052		139,351
Invincible Investment Corp.		700		157,112
Itochu Advance Logistics Investment Corp.		56		52,029
Japan Excellent Inc.		132		151,863
Japan Hotel REIT Investment Corp.		527		153,284
Japan Logistics Fund Inc.		110		244,444
Japan Prime Realty Investment Corp.		110		331,157
Japan Property Management Center Co. Ltd.		2,000		19,730
Japan Real Estate Investment Corp.		165		967,486
Japan Rental Housing Investments Inc.		196		165,399
Japan Retail Fund Investment Corp.		312		353,169
Katitas Co. Ltd.		5,600		90,000
Keihanshin Building Co. Ltd.		5,600		69,303
Kenedix Inc.		21,300		80,895
Kenedix Office Investment Corp.		52		274,077
Kenedix Residential Next Investment Corp.		108		168,370
Kenedix Retail REIT Corp.		65		91,941
LaSalle Logiport REIT		164		221,492
Leopalace21 Corp.^(a)		29,100		71,702
Marimo Regional Revitalization REIT Inc.		14		11,373
MCUBS MidCity Investment Corp.		211		149,521
Mirai Corp.		197		66,971
Mitsubishi Estate Co. Ltd.		162,400		2,399,407
Mitsubishi Estate Logistics REIT Investment Corp.		32		105,377
Mitsui Fudosan Co. Ltd.		114,256		1,979,675
Mitsui Fudosan Logistics Park Inc.		44		185,855
Mori Hills REIT Investment Corp.		189		251,230
Mori Trust Hotel Reit Inc.		28		21,242
Mori Trust Sogo REIT Inc.		112		135,494
Nippon Accommodations Fund Inc.		58		313,760
Nippon Building Fund Inc.		169		1,133,398
Nippon Commercial Development Co. Ltd.		2,000		24,788
Nippon Prologis REIT Inc.		280		703,404
NIPPON REIT Investment Corp.		55		162,521
Nomura Real Estate Holdings Inc.		14,600		237,349
Nomura Real Estate Master Fund Inc.		538		680,754
One REIT Inc.		28		63,338
Ooedo Onsen Reit Investment Corp.		28		13,772
Orix JREIT Inc.		327		430,124
Premier Investment Corp.		159		175,415
Sakura Sogo REIT Investment Corp.		43		29,037
SAMTY Co. Ltd.		3,200		35,659
Samty Residential Investment Corp.		67		52,567
Sankei Real Estate Inc.		54		49,721
Sekisui House Reit Inc.		460		294,864
Shinoken Group Co. Ltd.		2,800		19,582
Star Asia Investment Corp.		56		44,352
Star Mica Holdings Co. Ltd.		1,100		14,989
Starts Proceed Investment Corp.		28		46,556
Sumitomo Realty & Development Co. Ltd.		56,300		1,374,188
Sun Frontier Fudousan Co. Ltd.		2,800		21,268
Takara Leben Co. Ltd.		8,400		27,156


SCHEDULE OF INVESTMENTS			27

Schedule of Investments (continued)

March 31, 2020

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Takara Leben Real Estate Investment Corp.		56	$	41,551
TOC Co. Ltd.		5,600		30,450
Tokyo Tatemono Co. Ltd.		25,400		269,870
Tokyu Fudosan Holdings Corp.		69,400		333,002
Tokyu REIT Inc.		112		146,698
Tosei Corp.		3,400		29,322
Tosei Reit Investment Corp.		28		25,055
United Urban Investment Corp.		353		351,512
Unizo Holdings Co. Ltd.^(a)		4,200		232,263
XYMAX REIT Investment Corp.		28		21,891

				24,022,774

Malta — 0.0%
BGP Holdings PLC^(a)(d)		1,986,852		22


Netherlands — 0.3%
Brack Capital Properties NV^(a)		1		63
Eurocommercial Properties NV		4,928		47,746
NSI NV		1,984		78,479
Vastned Retail NV		2,267		38,058
Wereldhave NV^(b)		4,544		33,256

				197,602

New Zealand — 0.6%
Argosy Property Ltd.		103,332		55,134
Goodman Property Trust		130,984		166,568
Kiwi Property Group Ltd.		178,822		99,654
Precinct Properties New Zealand Ltd.		126,220		127,584
Vital Healthcare Property Trust		40,775		56,566

				505,506

Norway — 0.3%
Entra ASA^(c)		16,821		198,629
Selvaag Bolig ASA		4,900		21,605

				220,234

Singapore — 7.9%
AIMS APAC REIT^(b)		52,985		38,701
ARA US Hospitality Trust		53,200		18,354
Ascendas India Trust		106,400		89,672
Ascendas REIT		354,173		703,943
Ascott Residence Trust		220,460		122,319
Cache Logistics Trust^(b)		116,380		38,007
CapitaLand Commercial Trust		337,164		362,300
CapitaLand Ltd.		296,200		592,878
CapitaLand Mall Trust		335,500		421,775
CapitaLand Retail China Trust		92,160		78,966
CDL Hospitality Trusts		100,500		56,467
Chip Eng Seng Corp. Ltd.^(b)		53,200		18,682
City Developments Ltd.		72,900		370,682
Eagle Hospitality Trust REIT^(d)		53,200		6,927
ESR-REIT		241,789		50,944
Far East Hospitality Trust		106,100		30,552
FirstREIT		70,000		33,430
Fortune REIT		168,000		155,626
Frasers Centrepoint Trust		86,507		136,093
Frasers Commercial Trust		84,000		69,614
Frasers Hospitality Trust		86,000		23,858
Frasers Logistics & Industrial Trust^(b)		187,100		116,293
Keppel DC REIT		145,003		233,211
Keppel REIT		229,600		153,190
Lippo Malls Indonesia Retail Trust		229,600		18,867
Manulife US Real Estate Investment Trust		179,450		130,101


Security	Shares		Value

Singapore (continued)
Mapletree Commercial Trust		254,412	$	326,982
Mapletree Industrial Trust		179,240		305,898
Mapletree Logistics Trust		351,364		389,897
Mapletree North Asia Commercial Trust		251,500		142,190
OUE Commercial Real Estate Investment Trust		311,200		76,497
OUE Ltd.^(b)		33,600		23,362
Oxley Holdings Ltd.^(b)		86,800		12,497
Parkway Life REIT		48,100		104,385
Prime U.S. REIT		53,200		33,250
Sabana Shari’ah Compliant Industrial REIT		106,420		22,049
Sasseur Real Estate Investment Trust		58,800		24,365
Soilbuild Business Space REIT		99,137		22,280
SPH REIT		86,400		46,724
Starhill Global REIT		168,000		51,326
Suntec REIT		274,400		240,896
UOL Group Ltd.		61,600		284,238
Wing Tai Holdings Ltd.		44,800		48,769

				6,227,057

Spain — 0.9%
Aedas Homes SAU^(a)(c)		2,660		51,077
Inmobiliaria Colonial Socimi SA		28,649		271,442
Lar Espana Real Estate Socimi SA		7,743		34,197
Merlin Properties Socimi SA		43,274		326,204
Metrovacesa SA^(c)		5,656		31,589
Quabit Inmobiliaria SA^(a)		15,507		7,231

				721,740

Sweden — 3.6%
Atrium Ljungberg AB, Class B		5,712		89,246
Castellum AB		30,112		510,594
Catena AB		2,632		76,906
Dios Fastigheter AB		10,052		67,266
Fabege AB		32,480		417,322
Fastighets AB Balder, Class B^(a)		11,368		409,618
Hufvudstaden AB, Class A		13,636		186,764
Klovern AB, Class B		62,300		92,937
Kungsleden AB		20,986		158,861
Nyfosa AB^(a)		19,817		100,208
Sagax AB, Class D		10,724		29,171
Samhallsbyggnadsbolaget i Norden AB		100,629		192,976
Samhallsbyggnadsbolaget i Norden AB, New		10,752		26,262
Wallenstam AB, Class B		24,696		281,665
Wihlborgs Fastigheter AB		15,704		219,210

				2,859,006

Switzerland — 2.7%
Allreal Holding AG, Registered		1,656		306,365
Intershop Holding AG		156		81,745
Mobimo Holding AG, Registered		776		216,948
PSP Swiss Property AG, Registered		4,805		599,414
Swiss Prime Site AG, Registered		8,960		877,433

				2,081,905

United Kingdom — 8.6%
AEW UKREIT PLC		14,084		11,910
Assura PLC		282,492		292,480
Big Yellow Group PLC		18,312		227,968
BMO Commercial Property Trust		97,794		90,338
British Land Co. PLC (The)		111,202		463,569
Capital &Counties Properties PLC		99,782		205,259
Capital & Regional PLC		5,540		6,340
Civitas Social Housing PLC		73,416		87,755


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Derwent London PLC		12,326	$	499,775
Empiric Student Property PLC		71,436		58,549
Grainger PLC		78,820		253,324
Great Portland Estates PLC		29,694		250,812
Hammerson PLC		91,112		87,420
Helical PLC		12,880		55,897
Intu Properties PLC^(a)(b)		105,110		5,805
Land Securities Group PLC		88,570		611,491
LondonMetric Property PLC		99,660		217,366
LXI REIT PLC		63,778		86,041
NewRiver REIT PLC		37,044		27,422
Picton Property Income Ltd. (The)		66,604		73,501
Primary Health Properties PLC		143,496		285,752
RDI REIT PLC		33,437		26,991
Regional REIT Ltd.^(c)		47,430		48,225
Safestore Holdings PLC		24,721		196,331
Schroder REIT Ltd.		62,692		30,200
Segro PLC		129,165		1,223,608
Shaftesbury PLC		26,139		200,138
St. Modwen Properties PLC		23,081		94,587
Triple Point Social Housing REIT PLC^(c)		41,104		46,380
Tritax Big Box REIT PLC		202,605		281,869
U & I Group PLC		16,408		16,195
UK Commercial Property REIT Ltd.		99,148		92,204
UNITE Group PLC (The)		42,911		426,458
Urban &Civic PLC		17,304		44,629
Workspace Group PLC		15,112		142,316

				6,768,905

United States — 0.1%
Brookfield Property REIT Inc., Class A		7,774		66,001


Total Common Stocks — 99.1% (Cost: $112,917,353)				77,623,953


Rights

Austria — 0.0%
BUWOG AG , (Expires 12/31/99)^(a)(b)(d)		1,869		0	^(e)


Total Rights — 0.0% (Cost: $0)				0	^(e)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SLAgency Shares, 1.32%^(f)(g)(h)		1,034,240	$	1,034,033
BlackRock Cash Funds: Treasury, SLAgency Shares, 0.22%^(f)(g)		20,000		20,000


				1,054,033


Total Short-Term Investments — 1.3% (Cost: $1,054,224)				1,054,033


Total Investments in Securities — 100.4% (Cost: $113,971,577)				78,677,986

Other Assets, Less Liabilities — (0.4)%				(349,245	)


Net Assets — 100.0%			$	78,328,741

^(a)	Non-income producing security.

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

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	Rounds to less than $1.

^(f)	Affiliate of the Fund.

^(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.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19		Net Activity			Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SLAgency Shares		2,098,794		(1,064,554	)		1,034,240	$	1,034,033	$	41,679	^(b)	$	(22	)	$	(792	)
BlackRock Cash Funds: Treasury, SLAgency Shares		58,195		(38,195	)		20,000		20,000		1,644			—			—

								$	1,054,033	$	43,323		$	(22	)	$	(792	)

^(a)	Includes realized capital gain distributions from an affiliated fund, if any.

^(b)	Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.


SCHEDULE OF INVESTMENTS			29

Schedule of Investments (continued)

March 31, 2020

iShares^® International Developed Property ETF

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
DJ U.S. Real Estate		15		06/19/20	$	412	$	(14,789	)
TOPIX Index		24		06/11/20		312		12,865

							$	(1,924	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	12,865

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	14,789

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(108,887	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,924	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	243,720

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

Fair Value Measurements


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® International Developed Property ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3			Total
Investments
Assets
Common Stocks	$	77,581,534		$	35,470	$	6,949		$	77,623,953
Rights		—			—		0	^(a)		0	^(a)
Money Market Funds		1,054,033			—		—			1,054,033

	$	78,635,567		$	35,470	$	6,949		$	78,677,986

Derivative financial instruments^(b)
Assets
Futures Contracts	$	12,865		$	—	$	—		$	12,865
Liabilities
Futures Contracts		(14,789	)		—		—			(14,789	)

	$	(1,924	)	$	—	$	—		$	(1,924	)

^(a)

Rounds to less than $1.

^(b)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			31

Schedule of Investments

March 31, 2020

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.9%
Aristocrat Leisure Ltd.		5,596	$	73,125
Computershare Ltd.		9,555		56,785
Corporate Travel Management Ltd.^(a)		3,850		20,548
CSL Ltd.		1,925		349,547
Domino’s Pizza Enterprises Ltd.		1,050		32,840
Evolution Mining Ltd.		25,060		58,591
JB Hi-Fi Ltd.^(a)		3,115		53,383
Macquarie Group Ltd.		7,910		415,143
NIB Holdings Ltd.		16,695		52,419
Northern Star Resources Ltd.		6,055		39,024
Orora Ltd.		29,890		44,272
Qube Holdings Ltd.		35,805		47,116
Ramsay Health Care Ltd.		1,750		61,352
REA Group Ltd.		630		29,687
Sonic Healthcare Ltd.		6,020		89,645
Treasury Wine Estates Ltd.		13,930		85,514
Washington H Soul Pattinson & Co. Ltd.		2,940		30,536

				1,539,527

Austria — 0.1%
CA Immobilien Anlagen AG		1,750		58,950
UNIQA Insurance Group AG		7,385		57,208

				116,158

Belgium — 0.3%
Solvay SA		1,645		119,814
UCB SA		980		84,949

				204,763

Canada — 18.1%
Agnico Eagle Mines Ltd.		1,470		58,021
Alimentation Couche-Tard Inc., Class B		3,080		71,734
Atco Ltd., Class I, NVS		2,345		64,204
Bank of Montreal		18,865		941,825
Bank of Nova Scotia (The)		36,960		1,492,318
Brookfield Asset Management Inc., Class A		6,055		265,368
CAE Inc.		2,765		34,559
Canadian Imperial Bank of Commerce		15,260		879,137
Canadian National Railway Co.		7,210		557,359
Canadian Natural Resources Ltd.		42,980		581,280
Canadian Tire Corp. Ltd., Class A, NVS		987		58,900
Canadian Western Bank		3,745		50,965
Empire Co. Ltd., Class A, NVS		2,100		40,618
Exchange Income Corp.		1,995		24,879
Finning International Inc.		4,970		52,726
Fortis Inc.		8,470		322,947
Franco-Nevada Corp.		980		96,812
Genworth MI Canada Inc.		1,715		37,677
George Weston Ltd.		910		64,336
Gildan Activewear Inc.		3,500		44,114
Great-West Lifeco Inc.		7,560		129,120
iA Financial Corp. Inc.		1,680		52,217
Imperial Oil Ltd.		3,430		38,340
Intact Financial Corp.		1,855		158,516
Laurentian Bank of Canada		3,010		64,626
Magna International Inc.		4,585		144,667
Manulife Financial Corp.		52,850		656,100
Methanex Corp.		3,955		47,598
Metro Inc.		2,380		95,160
National Bank of Canada		8,365		319,649
Open Text Corp.		2,835		98,015


Security	Shares		Value

Canada (continued)
Power Corp. of Canada		17,570	$	279,471
Premium Brands Holdings Corp.		665		33,826
Ritchie Bros Auctioneers Inc.		1,820		61,632
Royal Bank of Canada		33,775		2,068,477
Saputo Inc.		2,520		59,913
Sun Life Financial Inc.		12,320		391,841
Suncor Energy Inc.		50,225		792,534
TC Energy Corp.		23,520		1,033,601
TELUS Corp.		9,835		153,742
Toromont Industries Ltd.		1,104		47,818
Toronto-Dominion Bank (The)		46,585		1,958,184

				14,424,826

China — 1.8%
China Gas Holdings Ltd.		23,400		81,513
China Medical System Holdings Ltd.		35,000		37,886
China Overseas Land & Investment Ltd.		86,000		266,847
China Resources Gas Group Ltd.		6,000		30,190
China Resources Land Ltd.		42,000		173,399
CIFI Holdings Group Co. Ltd.		140,000		101,150
Guangdong Investment Ltd.		24,000		46,260
Longfor Group Holdings Ltd.^(b)		21,500		104,714
New China Life Insurance Co. Ltd., Class H		21,000		65,431
Shenzhou International Group Holdings Ltd.		10,500		111,626
Tencent Holdings Ltd.		8,200		402,229

				1,421,245

Colombia — 0.1%
Bancolombia SA		10,780		63,988


Denmark — 0.5%
Chr Hansen Holding A/S		770		57,607
Coloplast A/S, Class B		1,050		152,325
DSV PANALPINA A/S		595		54,086
Novozymes A/S, Class B		1,925		87,549
Ringkjoebing Landbobank A/S		646		36,286
Rockwool International A/S, Class B		175		31,651

				419,504

Finland — 0.7%
Huhtamaki OYJ		1,540		49,308
Metsa Board OYJ		7,140		38,921
TietoEVRY OYJ		2,567		55,713
UPM-Kymmene OYJ		13,300		366,149
Valmet OYJ		2,800		54,902

				564,993

France — 10.2%
Aeroports de Paris		420		40,301
Airbus SE		5,495		357,784
Arkema SA		1,015		70,164
AXA SA		66,311		1,148,731
Cie. Plastic Omnium SA		1,610		22,639
Danone SA		10,115		650,827
Dassault Systemes SE		519		76,879
EssilorLuxottica SA		2,625		283,074
Faurecia SE		1,575		47,179
Hermes International		140		96,593
Iliad SA		140		18,995
IPSOS		1,470		30,646
Legrand SA		3,045		195,389
L’Oreal SA		1,995		522,956
LVMH Moet Hennessy Louis Vuitton SE		2,450		909,843


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France (continued)
Orpea		490	$	51,211
Pernod Ricard SA		2,450		347,996
Publicis Groupe SA		7,700		220,683
Rubis SCA		1,820		76,006
Safran SA		2,800		246,214
Sanofi		21,700		1,908,160
SEB SA		350		43,588
Stef SA		245		17,070
Teleperformance		350		72,890
Vinci SA		8,470		700,746

				8,156,564

Germany — 11.6%
ADLER Real Estate AG^(c)		0		0	^(d)
Allianz SE, Registered		10,360		1,783,336
BASF SE		29,855		1,413,362
Bayer AG, Registered		23,695		1,374,066
Brenntag AG		1,960		72,755
Continental AG		2,940		211,652
Deutsche Wohnen SE		4,690		178,621
Fresenius Medical Care AG & Co. KGaA		1,960		129,467
Fresenius SE & Co. KGaA		4,025		149,850
Gerresheimer AG		490		31,076
GRENKE AG		210		12,385
HeidelbergCement AG		3,150		135,108
Henkel AG & Co. KGaA		1,400		103,460
HOCHTIEF AG		1,330		88,290
Infineon Technologies AG		10,010		147,508
KION Group AG		910		39,381
LEG Immobilien AG		1,330		149,875
MTU Aero Engines AG		315		46,090
Norma Group SE		1,260		23,503
SAP SE		7,875		888,279
Siemens AG, Registered		19,075		1,621,451
Stroeer SE & Co. KGaA		770		40,081
Symrise AG		630		58,758
TAG Immobilien AG		2,660		52,653
Talanx AG^(c)		2,975		101,063
Vonovia SE		8,155		401,411

				9,253,481

Hong Kong —3.3%
AIA Group Ltd.		105,000		950,309
CK Infrastructure Holdings Ltd.		20,500		108,968
CLP Holdings Ltd.		39,000		359,765
Hang Seng Bank Ltd.		19,700		336,767
Henderson Land Development Co. Ltd.		42,852		163,371
Hong Kong & China Gas Co. Ltd.		105,094		173,283
Hysan Development Co. Ltd.		8,000		26,010
MTR Corp. Ltd.		23,000		118,844
New World Development Co. Ltd.		140,000		150,641
Samsonite International SA^(b)		52,500		49,988
Swire Properties Ltd.		7,000		19,688
Techtronic Industries Co. Ltd.		19,500		126,547
Wheelock & Co. Ltd.		9,000		61,425

				2,645,606

India — 1.7%
Edelweiss Financial Services Ltd.		8,785		4,459
Hindustan Unilever Ltd.		4,445		135,052
Housing Development Finance Corp. Ltd.		9,450		203,999
Infosys Ltd.		52,150		442,217


Security	Shares		Value

India (continued)
ITC Ltd		48,160	$	109,305
Larsen & Toubro Ltd.		4,620		49,375
Marico Ltd.		6,930		25,178
Page Industries Ltd		70		15,696
Reliance Industries Ltd., GDR^(b)		4,025		123,970
Tata Consultancy Services Ltd.		8,435		203,607

				1,312,858

Indonesia — 0.4%
Bank Central Asia Tbk PT		74,900		126,862
Bank Rakyat Indonesia Persero Tbk PT		1,088,500		201,549

				328,411

Ireland — 0.4%
C&C Group PLC		11,690		28,526
Kerry Group PLC, Class A		595		68,682
Kingspan Group PLC		1,225		65,459
Smurfit Kappa Group PLC		4,515		127,419

				290,086

Israel — 0.1%
Azrieli Group Ltd.		805		46,605


Italy —2.4%
A2A SpA		39,084		48,588
ACEA SpA		2,905		46,155
Assicurazioni Generali SpA		34,370		468,012
DiaSorin SpA		70		9,271
Enel SpA		174,160		1,211,365
Moncler SpA		1,750		63,923
Recordati SpA		1,715		72,524

				1,919,838

Japan — 14.4%
Aeon Delight Co. Ltd.		100		3,061
Aica Kogyo Co. Ltd.		3,900		111,810
Alfresa Holdings Corp.		3,900		72,758
Amano Corp.		700		15,478
Asahi Group Holdings Ltd.		7,700		250,354
Astellas Pharma Inc.		21,000		325,052
Chiba Bank Ltd. (The)		17,000		74,485
Dai-ichi Life Holdings Inc.		28,000		336,010
Daikin Industries Ltd.		1,300		158,594
Daito Trust Construction Co. Ltd.		1,700		158,497
Daiwa House Industry Co. Ltd.		14,000		347,228
Denso Corp.		7,800		252,233
East Japan Railway Co.		3,900		295,368
Hakuhodo DY Holdings Inc.		4,800		48,465
HIS Co. Ltd.^(a)		400		5,236
Hitachi Capital Corp.		4,500		84,910
Infomart Corp.		3,500		23,051
Itochu Techno-Solutions Corp.		700		20,004
J Front Retailing Co. Ltd.		10,500		87,342
Kanematsu Corp.		7,000		71,910
Kansai Paint Co. Ltd.		3,900		74,348
Kao Corp.		4,400		359,891
KDDI Corp.		28,000		827,382
Kitz Corp.		6,000		36,293
Kobayashi Pharmaceutical Co. Ltd.^(a)		200		18,526
Koito Manufacturing Co. Ltd.		3,500		118,498
Kurita Water Industries Ltd.		3,500		80,987
Kyowa Exeo Corp.		3,900		86,920
Lintec Corp.		3,900		82,151


SCHEDULE OF INVESTMENTS			33

Schedule of Investments (continued)

March 31, 2020

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Maeda Corp.		3,500	$	25,839
Marui Group Co. Ltd.		3,900		65,569
Medipal Holdings Corp.		3,500		65,425
MINEBEA MITSUMI Inc.		3,900		58,308
Mitsubishi Chemical Holdings Corp.		42,000		250,082
Mitsubishi Estate Co. Ltd.		10,500		155,134
Mitsubishi UFJ Lease & Finance Co. Ltd.		15,600		76,876
Mitsui Chemicals Inc.		3,500		66,495
Mitsui Fudosan Co. Ltd.		10,500		181,930
Mizuho Leasing Co. Ltd.		3,500		68,311
MonotaRO Co. Ltd		400		10,627
Murata Manufacturing Co. Ltd.		7,000		354,815
NEC Networks & System Integration Corp.		700		28,530
NGK Insulators Ltd.		3,500		45,940
NGK Spark Plug Co. Ltd.		3,900		54,984
Nippon Telegraph & Telephone Corp.		24,500		584,500
Nissan Chemical Corp.		3,500		127,738
Nisshin Seifun Group Inc.		3,900		65,099
Nitto Denko Corp.		3,900		174,309
Nomura Co. Ltd.		7,000		53,170
Nomura Real Estate Holdings Inc.		3,500		56,899
Nomura Research Institute Ltd.		3,900		82,657
NTT DOCOMO Inc.		21,000		656,913
Obic Co. Ltd.		300		39,350
Otsuka Corp.		400		17,118
PALTAC Corp.		200		9,986
Penta-Ocean Construction Co. Ltd.		10,500		55,343
Persol Holdings Co. Ltd.		3,500		35,209
Relo Group Inc.		300		6,300
Sanwa Holdings Corp.		8,500		66,454
SBI HoldingsInc.		7,000		102,320
SCSK Corp.		300		13,381
Sekisui Chemical Co. Ltd.		7,800		103,538
Sekisui House Ltd.		14,000		231,421
Seven& i Holdings Co. Ltd		11,700		387,561
Seven Bank Ltd.		28,000		72,363
Shimadzu Corp.		700		18,448
Shimizu Corp.		7,000		54,791
Shin-Etsu Chemical Co. Ltd.		3,500		347,876
Shionogi &Co. Ltd.		3,900		192,083
Sohgo Security Services Co. Ltd.		300		14,617
Sojitz Corp.		42,000		98,819
Stanley Electric Co. Ltd.		2,800		55,297
Starts Corp. Inc.		3,500		65,004
Sugi Holdings Co. Ltd.		400		21,379
Sumitomo Heavy Industries Ltd.		3,900		70,482
Sysmex Corp.		600		43,607
Taiyo Nippon Sanso Corp.		3,500		51,906
Takara Holdings Inc.		3,500		26,261
Terumo Corp.		3,900		134,389
Tokio Marine Holdings Inc.		13,100		600,667
Tokyo Century Corp.		300		9,407
Tokyu Fudosan Holdings Corp.		14,000		67,176
TOTO Ltd.		3,800		126,543
Toyota Tsusho Corp.		3,500		82,544
TS Tech Co. Ltd.		3,500		82,933
Unicharm Corp.		3,900		146,347
USS Co. Ltd.		4,600		63,319
West Japan Railway Co.		1,700		116,467
Yakult Honsha Co. Ltd.		600		35,515


Security	Shares		Value

Japan (continued)
Yokogawa Electric Corp.		3,500	$	42,244

				11,445,457

Malaysia — 0.3%
Allianz Malaysia Bhd		3,500		10,111
Public Bank Bhd		63,000		231,875

				241,986

Mexico — 0.6%
Alfa SAB de CV, Class A		94,599		25,808
America Movil SAB de CV, Series L, NVS		303,900		182,009
Fomento Economico Mexicano SAB de CV		17,500		106,838
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,745		35,657
Grupo Financiero Inbursa SAB de CV, Class O		49,000		35,592
Wal-Mart de Mexico SAB de CV		45,500		108,129

				494,033

Netherlands — 3.5%
Aalberts NV		1,855		44,046
ASML Holding NV		2,800		744,879
Koninklijke Ahold Delhaize NV		26,950		629,417
Randstad NV		3,080		108,720
Unilever NV		25,620		1,259,538

				2,786,600

New Zealand — 0.1%
Fisher & Paykel Healthcare Corp. Ltd.		4,235		76,276
Ryman Healthcare Ltd.		6,230		38,042

				114,318

Norway — 0.4%
DNB ASA		29,855		331,928
Tomra Systems ASA		875		24,281

				356,209

Peru — 0.2%
Credicorp Ltd.		1,120		160,238


Philippines — 0.2%
International Container Terminal Services Inc.		19,250		28,273
SM Investments Corp.		5,775		92,881
SM Prime Holdings Inc		77,000		42,997

				164,151

Portugal — 0.2%
Galp Energia SGPS SA.		15,820		180,442


Russia — 0.3%
Novatek PJSC		14,805		173,869
Novatek PJSC, GDR^(e)		280		32,284
Polymetal International PLC		3,430		58,671

				264,824

South Africa — 1.1%
AECILtd.		4,270		17,572
Barloworld Ltd.		6,720		24,363
Capitec Bank Holdings Ltd.		643		31,682
Clicks Group Ltd.		3,325		47,976
FirstRand Ltd.		98,700		222,545
Foschini Group Ltd. (The)		8,260		31,296
JSE Ltd.		4,779		27,093
Naspers Ltd., Class N		665		95,085
Netcare Ltd.		46,270		38,861
Pick n Pay Stores Ltd.		9,625		32,658
PSG Group Ltd.		3,325		24,042
Remgro Ltd.		8,260		56,826
RMB Holdings Ltd.		16,703		46,237


34		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Africa (continued)
Sanlam Ltd.		40,810	$	116,740
SPAR Group Ltd. (The)		5,451		55,471

				868,447

South Korea — 0.6%
Daishin Securities Co. Ltd.		4,181		29,399
Hana Financial Group Inc.		10,815		205,222
Industrial Bank of Korea		10,570		65,121
LG Household & Health Care Ltd.		63		57,962
Samsung Fire & Marine Insurance Co. Ltd.		770		97,408

				455,112

Sweden — 1.3%
AAK AB		2,135		34,888
AF POYRY AB		2,100		32,281
Assa Abloy AB, Class B		8,855		167,757
Bilia AB, Class A		2,695		16,674
Boliden AB		6,545		119,766
Castellum AB		3,325		56,380
Fabege AB		3,535		45,420
Hexagon AB, Class B		1,750		74,891
Hexpol AB		5,845		35,161
Holmen AB, Class B		1,610		44,330
ICA Gruppen AB		1,505		63,480
JM AB		1,715		29,885
Loomis AB, Class B		1,610		32,825
Nibe Industrier AB, Class B		2,835		41,376
Peab AB, Class B		6,790		49,104
Sweco AB, Class B		945		27,050
Swedish Match AB		1,610		92,300
Trelleborg AB, Class B		3,430		37,164

				1,000,732

Switzerland — 9.7%
ABB Ltd., Registered		40,670		714,788
Cie. Financiere Richemont SA, Registered		8,190		449,136
DKSH Holding AG		735		36,479
EMS-Chemie Holding AG, Registered		117		73,582
Geberit AG,Registered		455		200,331
Georg Fischer AG, Registered		105		72,601
Givaudan SA, Registered		70		216,681
Helvetia Holding AG, Registered		525		45,199
Nestle SA, Registered		25,305		2,600,984
Novartis AG, Registered		30,765		2,538,975
Partners Group Holding AG		280		193,776
Roche Holding AG, Bearer		385		123,432
Sika AG, Registered		840		138,864
Sonova Holding AG, Registered		385		69,396
Swiss Life Holding AG, Registered		665		226,398
Temenos AG,Registered		350		45,905

				7,746,527

Taiwan — 3.2%
E.Sun Financial Holding Co. Ltd.		140,228		112,446
Taiwan Semiconductor Manufacturing Co. Ltd.		256,000		2,319,462
Tripod Technology Corp.		35,000		109,948

				2,541,856

Thailand — 0.1%
Bumrungrad Hospital PCL, NVDR		10,500		36,474
Thanachart Capital PCL, NVDR		49,000		49,646

				86,120


Security	Shares		Value

Turkey —0.1%
BIM Birlesik Magazalar AS		5,915	$	45,012
KOC Holding AS .		14,805		30,170

				75,182

United Arab Emirates — 0.1%
DP World PLC		2,695		40,452


United Kingdom — 9.1%
Ashtead Group PLC		4,445		97,307
Associated British Foods PLC		4,030		90,646
Babcock International Group PLC		18,375		87,309
BAE Systems PLC		67,585		437,279
Barratt Developments PLC		21,490		117,511
Beazley PLC		8,715		42,209
Bellway PLC		2,345		62,690
Bodycote PLC		3,325		23,273
Brewin Dolphin HoldingsPLC		19,005		51,608
Britvic PLC		6,755		58,757
Bunzl PLC		4,350		87,892
BurberryGroup PLC		5,530		90,820
Burford Capital Ltd.		3,850		20,050
Carnival PLC		8,715		106,052
Close Brothers Group PLC		3,885		54,531
Compass Group PLC		22,610		354,366
Croda International PLC		1,365		72,305
Daily Mail &General Trust PLC, Class A, NVS .		4,235		35,813
Dart Group PLC		980		6,695
DCC PLC		1,225		77,466
Dechra Pharmaceuticals PLC		1,120		32,663
Diageo PLC		30,310		972,081
Diploma PLC		1,400		28,018
Domino’s Pizza Group PLC		8,960		31,552
DS Smith PLC		35,315		120,594
Dunelm Group PLC		1,505		13,184
Experian PLC		7,595		211,986
Ferguson PLC		3,080		193,091
Greencore Group PLC		10,325		21,118
Greggs PLC		1,295		25,917
Halma PLC		2,489		59,287
Hays PLC		27,475		39,246
Hill & Smith Holdings PLC		1,505		17,849
HomeServe PLC		3,990		52,344
Howden Joinery Group PLC		8,960		56,883
IMI PLC		5,110		47,356
Informa PLC		21,070		115,633
InterContinental Hotels Group PLC		1,925		83,912
Intertek Group PLC		1,736		101,730
Investec PLC		21,968		41,376
ITV PLC		152,390		124,749
Johnson Matthey PLC		3,255		72,568
Meggitt PLC .		10,955		39,433
Mondi PLC		12,075		206,769
Moneysupermarket.com Group PLC		14,462		54,496
National Express Group PLC		20,580		52,516
NMC Health PLC^(f)		525		0	^(d)
Pagegroup PLC		6,370		28,766
Paragon Banking Group PLC		9,345		38,516
Pennon Group PLC		9,275		124,838
Prudential PLC.		59,395		762,613
QinetiQ Group PLC		11,865		47,373
Rank Group PLC		5,495		8,844


SCHEDULE OF INVESTMENTS			35

Schedule of Investments (continued)

March 31, 2020

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Redrow PLC		7,385	$	32,920
RELX PLC		27,265		585,541
Rentokil Initial PLC		12,775		61,429
Rightmove PLC		9,730		58,803
Rotork PLC		14,105		37,620
RWS Holdings PLC		3,220		18,306
Sage Group PLC (The)		15,295		112,235
Senior PLC		22,120		19,268
Smith & Nephew PLC		8,680		154,392
Smiths Group PLC		6,650		101,092
Spectris PLC		1,897		57,817
Synthomer PLC		11,655		35,117
Travis Perkins PLC		4,060		44,432
Victrex PLC		1,960		47,877
Vistry Group PLC		4,577		32,689
WH Smith PLC		2,380		33,672

				7,235,090


Total Common Stocks — 99.1% (Cost: $93,398,708)				78,966,229


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(g)(h)(i)		88,798		88,780


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(g)(h)		70,000	$	70,000

				158,780


Total Short-Term Investments — 0.2% (Cost: $158,720)				158,780


Total Investments in Securities — 99.3% (Cost: $93,557,428)				79,125,009

Other Assets, Less Liabilities — 0.7%				518,664


Net Assets — 100.0%			$	79,643,673

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

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Non-income producing security.

^(d)	Rounds to less than $1.

^(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(g)	Affiliate of the Fund.

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

⁽ⁱ⁾	All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19		Net Activity			Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		233,918		(145,120	)		88,798	$	88,780	$	2,074	^(b)	$	(66	)	$	4
BlackRock Cash Funds: Treasury, SL Agency Shares		—		70,000			70,000		70,000		1,763			—			—

								$	158,780	$	3,837		$	(66	)	$	4

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini

06/19/20

632

12,640


36		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® International Dividend Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	12,640

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(95,327	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	6,026

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	494,230

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

Fair Value Measurements


	Level 1		Level 2		Level 3			Total
Investments
Assets
Common Stocks	$	78,966,229	$	—	$	0	^(a)	$	78,966,229
Money Market Funds		158,780		—		—			158,780

	$	79,125,009	$	—	$	0	^(a)	$	79,125,009

Derivative financial instruments^(b)
Assets
Futures Contracts	$	12,640	$	—	$	—		$	12,640

^(a)

Rounds to less than $1.

^(b)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			37

Schedule of Investments

March 31, 2020

iShares^® Latin America 40 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 31.7%
Ambev SA, ADR		13,998,623	$	32,196,833
B3 SA—Brasil, Bolsa, Balcao		6,804,550		47,098,937
Banco do Brasil SA		3,882,400		20,876,901
BRF SA, ADR^(a)(b)		2,390,941		6,933,729
CCR SA		3,804,300		8,603,794
Cogna Educacao		5,834,200		4,499,441
Embraer SA, ADR^(a)		575,285		4,257,109
Pagseguro Digital Ltd., Class A^(a)(b)		592,425		11,451,575
Petroleo Brasileiro SA, ADR		4,426,910		24,348,005
Ultrapar Participacoes SA		2,505,400		6,052,648
Vale SA, ADR		10,477,673		86,859,909

				253,178,881

Chile — 9.5%
Banco de Chile		146,814,293		11,902,651
Banco Santander Chile, ADR		513,844		7,774,460
Cencosud SA		4,443,094		4,640,091
Empresas CMPC SA		3,717,022		7,976,386
Empresas COPEC SA		1,204,615		6,925,490
Enel Americas SA, ADR		2,414,829		14,633,864
Enel Chile SA		89,130,576		6,065,296
LATAM Airlines Group SA, ADR^(b)		757,716		2,007,947
SACI Falabella		2,404,145		5,319,854
Sociedad Quimica y Minera de Chile SA, ADR		366,460		8,263,673

				75,509,712

Colombia — 2.1%
Bancolombia SA, ADR		373,523		9,323,134
Ecopetrol SA, ADR		814,480		7,745,705

				17,068,839

Mexico — 24.5%
Alfa SAB de CV, Class A		9,422,200		2,570,503
America Movil SAB de CV, Series L, NVS		77,111,000		46,182,617
Cemex SAB de CV, CPO, NVS^(b)		49,986,015		10,504,643
Fibra Uno Administracion SA de CV		9,882,800		7,831,506
Fomento Economico Mexicano SAB de CV		5,729,200		34,977,078
Grupo Financiero Banorte SAB de CV, Class O		8,099,800		22,442,619
Grupo Mexico SAB de CV, Series B		10,549,800		19,670,205
Grupo Televisa SAB, CPO		8,371,100		9,741,617
Infraestructura Energetica Nova SAB de CV		1,721,500		5,332,711
Wal-Mart de Mexico SAB de CV		15,400,900		36,599,643

				195,853,142

Peru — 5.0%
Credicorp Ltd.		221,449		31,682,709


Security	Shares		Value

Peru (continued)
Southern Copper Corp.		280,713	$	7,904,878

				39,587,587


Total Common Stocks — 72.8% (Cost: $1,119,847,318)				581,198,161


Preferred Stocks

Brazil — 25.5%
Banco Bradesco SA, Preference Shares, ADR^(b)		13,323,647		54,094,007
Cia. Energetica de Minas Gerais, Preference Shares, ADR, NVS		3,212,023		5,460,439
Gerdau SA, Preference Shares, ADR^(b)		3,486,889		6,659,958
Itau Unibanco Holding SA, Preference Shares, ADR^(b)		16,013,313		71,899,775
Itausa-Investimentos Itau SA, Preference Shares, NVS		14,778,223		24,988,435
Petroleo Brasileiro SA, Preference Shares, ADR^(b)		7,404,889		39,912,352

				203,014,966


Total Preferred Stocks — 25.5% (Cost: $479,803,841)				203,014,966


Short-Term Investments

Money Market Funds — 8.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		64,750,102		64,737,152
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		450,000		450,000

				65,187,152


Total Short-Term Investments — 8.2% (Cost: $65,180,224)				65,187,152


Total Investments in Securities — 106.5% (Cost: $1,664,831,383)				849,400,279

Other Assets, Less Liabilities — (6.5)%				(51,523,324	)


Net Assets — 100.0%			$	797,876,955

^(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.


38		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Latin America 40 ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19		Net Activity			Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		106,085,774		(41,335,672	)		64,750,102	$	64,737,152	$	1,485,804	^(b)	$	(2,682	)	$	(9,705	)
BlackRock Cash Funds: Treasury, SL Agency Shares		1,645,351		(1,195,351	)		450,000		450,000		37,729			—			—

								$	65,187,152	$	1,523,533		$	(2,682	)	$	(9,705	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MEX BOLSA Index		357		06/19/20	$	5,382	$	(129,658	)
MSCI Emerging Markets E-Mini		197		06/19/20		8,303		115,481

							$	(14,177	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	115,481

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	129,658

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,057,521	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(14,177	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	4,881,435

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

Fair Value Measurements


SCHEDULE OF INVESTMENTS			39

Schedule of Investments (continued)

March 31, 2020

iShares^® Latin America 40 ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	581,198,161		$	—	$	—	$	581,198,161
Preferred Stocks		203,014,966			—		—		203,014,966
Money Market Funds		65,187,152			—		—		65,187,152

	$	849,400,279		$	—	$	—	$	849,400,279

Derivative financial instruments^(a)
Assets
Futures Contracts	$	115,481		$	—	$	—	$	115,481
Liabilities
Futures Contracts		(129,658	)		—		—		(129,658	)

	$	(14,177	)	$	—	$	—	$	(14,177	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


40		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

March 31, 2020


	iShares Asia 50 ETF			iShares Emerging Markets Infrastructure ETF			iShares Europe ETF			iShares International Developed Property ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,050,897,265		$	12,786,899		$	1,238,056,599		$	77,623,953
Affiliated^(c)		22,868,255			246,659			9,652,492			1,054,033
Cash		6,056			7,666			6,601			30,820
Foreign currency, at value^(d)		614,232			347			4,827,283			293,912
Cash pledged:
Futures contracts		—			—			—			104,000
Foreign currency collateral pledged:
Futures contracts^(e)		—			—			2,539,671			23,260
Receivables:
Investments sold		2,073,190			—			111,543			—
Securities lending income — Affiliated		25,759			337			11,178			1,932
Variation margin on futures contracts		—			—			207,579			—
Capital shares sold		13,526,580			—			—			—
Dividends		4,408,692			64,495			2,175,615			420,879
Tax reclaims		—			—			4,064,753			37,660
Foreign withholding tax claims		—			—			273,491			—

Total assets		1,094,420,029			13,106,403			1,261,926,805			79,590,449


LIABILITIES
Collateral on securities loaned, at value		22,018,873			226,694			9,035,101			1,033,501
Deferred foreign capital gain tax		—			—			—			3,050
Payables:
Investments purchased		12,655,230			—			—			167,892
Variation margin on futures contracts		—			—			—			20,528
Capital shares redeemed		—			—			111,543			—
Investment advisory fees		457,023			9,680			663,189			36,141
Professional fees		—			—			10,251			—
Foreign taxes		249			—			—			596

Total liabilities		35,131,375			236,374			9,820,084			1,261,708


NET ASSETS	$	1,059,288,654		$	12,870,029		$	1,252,106,721		$	78,328,741


NET ASSETS CONSIST OF:
Paid-in capital	$	1,134,319,790		$	47,382,826		$	2,057,741,652		$	143,089,120
Accumulated loss		(75,031,136	)		(34,512,797	)		(805,634,931	)		(64,760,379	)

NET ASSETS	$	1,059,288,654		$	12,870,029		$	1,252,106,721		$	78,328,741

Shares outstanding		18,900,000			650,000			35,350,000			2,800,000

Net asset value	$	56.05		$	19.80		$	35.42		$	27.97

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a)Securities loaned, at value	$	20,964,542		$	214,556		$	8,724,820		$	923,698
^(b)Investments, at cost — Unaffiliated	$	1,051,998,904		$	17,039,791		$	1,768,021,275		$	112,917,353
^(c)Investments, at cost — Affiliated	$	22,880,953		$	246,581		$	9,652,591		$	1,054,224
^(d)Foreign currency, at cost	$	613,627		$	727		$	4,826,433		$	295,101
^(e)Foreign currency collateral pledged, at cost	$	—		$	—		$	2,521,147		$	23,246

See notes to financial statements.


FINANCIAL STATEMENTS			41

Statements of Assets and Liabilities (continued)

March 31, 2020


	iShares International Dividend Growth ETF			iShares Latin America 40 ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	78,966,229		$	784,213,127
Affiliated^(c)		158,780			65,187,152
Cash.		7,848			738,761
Foreign currency, at value^(d)		103,445			543,497
Cash pledged:
Futures contracts		92,000			528,000
Foreign currency collateral pledged:
Futures contracts^(e)		—			257,681
Receivables:
Investments sold		—			12,514,450
Securities lending income — Affiliated		188			42,190
Variation margin on futures contracts		5,640			108,580
Dividends		323,704			4,568,998
Tax reclaims		89,869			—

Total assets		79,747,703			868,702,436


LIABILITIES
Collateral on securities loaned, at value		88,735			64,699,564
Payables:
Capital shares redeemed		—			5,710,729
Investment advisory fees		15,295			415,188

Total liabilities		104,030			70,825,481


NET ASSETS	$	79,643,673		$	797,876,955


NET ASSETS CONSIST OF:
Paid-in capital	$	99,555,221		$	2,220,925,668
Accumulated loss		(19,911,548	)		(1,423,048,713	)

NET ASSETS	$	79,643,673		$	797,876,955

Shares outstanding		1,750,000			43,500,000

Net asset value	$	45.51		$	18.34

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Securities loaned, at value	$	84,516		$	60,760,927
^(b)Investments, at cost — Unaffiliated	$	93,398,708		$	1,599,651,159
^(c)Investments, at cost — Affiliated	$	158,720		$	65,180,224
^(d)Foreign currency, at cost	$	103,820		$	548,038
^(e)Foreign currency collateral pledged, at cost	$	—		$	294,678

See notes to financial statements.


42		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

Year Ended March 31, 2020


	iShares Asia 50 ETF			iShares Emerging Markets Infrastructure ETF			iShares Europe ETF			iShares International Developed Property ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	34,743,336		$	815,386		$	65,245,477		$	4,535,781
Dividends —Affiliated		20,982			1,097			17,209			1,644
Securities lending income — Affiliated — net		238,767			4,091			148,404			41,679
Other income — Unaffiliated		—			—			15,971			—
Foreign taxes withheld		(3,879,176	)		(30,035	)		(6,671,494	)		(407,942	)
Foreign withholding tax claims		—			—			21,619			—

Total investment income		31,123,909			790,539			58,777,186			4,171,162


EXPENSES
Investment advisory fees		5,512,376			176,784			10,144,672			573,387
Professional fees		—			—			9,944			—

Total expenses		5,512,376			176,784			10,154,616			573,387

Net investment income		25,611,533			613,755			48,622,570			3,597,775


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(18,427,410	)		(663,402	)		(40,027,215	)		(2,513,021	)
Investments —Affiliated		(39,512	)		(113	)		(1,687	)		(22	)
In-kind redemptions — Unaffiliated		8,210,141			652,031			(23,124,082	)		(780,255	)
Futures contracts		—			—			(2,214,475	)		(108,887	)
Foreign currency transactions		(175,990	)		(4,509	)		(287,500	)		(22,591	)

Net realized loss		(10,432,771	)		(15,993	)		(65,654,959	)		(3,424,776	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		(94,108,189	)		(6,517,521	)		(230,747,220	)		(24,330,337	)
Investments — Affiliated		(14,239	)		78			(748	)		(792	)
Futures contracts		—			—			765,216			(1,924	)
Foreign currency translations		(70,777	)		466			158,811			4,440

Net change in unrealized appreciation (depreciation)		(94,193,205	)		(6,516,977	)		(229,823,941	)		(24,328,613	)

Net realized and unrealized loss		(104,625,976	)		(6,532,970	)		(295,478,900	)		(27,753,389	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(79,014,443	)	$	(5,919,215	)	$	(246,856,330	)	$	(24,155,614	)


^(a)Net of foreign capital gain tax of	$	—		$	—		$	—		$	19,836
^(b)Net of deferred foreign capital gain tax of	$	—		$	—		$	—		$	1,117

See notes to financial statements.


FINANCIAL STATEMENTS			43

Statements of Operations (continued)

Year Ended March 31, 2020


	iShares International Dividend Growth ETF			iShares Latin America 40 ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	2,722,051		$	57,115,695
Dividends — Affiliated		1,763			37,729
Interest — Unaffiliated		190			—
Securities lending income — Affiliated — net		2,074			1,485,804
Other income — Unaffiliated		—			14,695
Foreign taxes withheld		(317,797	)		(4,782,447	)
Other foreign taxes		(869	)		—

Total investment income		2,407,412			53,871,476


EXPENSES
Investment advisory fees		175,007			7,302,827
Commitment fees		72			—
Interest expense		16			—

Total expenses		175,095			7,302,827

Net investment income		2,232,317			46,568,649


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(2,041,076	)		(107,680,682	)
Investments —Affiliated		(66	)		(2,682	)
In-kind redemptions — Unaffiliated		3,840,854			(7,755,981	)
Futures contracts		(95,327	)		(2,057,521	)
Foreign currency transactions		(15,986	)		(826,794	)

Net realized gain (loss)		1,688,399			(118,323,660	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		(18,409,570	)		(591,824,630	)
Investments —Affiliated		4			(9,705	)
Futures contracts		6,026			(14,177	)
Foreign currency translations		1,446			(66,623	)

Net change in unrealized appreciation (depreciation)		(18,402,094	)		(591,915,135	)

Net realized and unrealized loss		(16,713,695	)		(710,238,795	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,481,378	)	$	(663,670,146	)


^(a)Net of foreign capital gain tax of	$	2,025		$	—
^(b)Net of deferred foreign capital gain tax of	$	(6,220	)	$	—

See notes to financial statements.


44		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares Asia 50 ETF						iShares Emerging Markets Infrastructure ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	25,611,533		$	24,489,640		$	613,755		$	854,037
Net realized loss		(10,432,771	)		(2,555,012	)		(15,993	)		(303,512	)
Net change in unrealized appreciation (depreciation)		(94,193,205	)		(93,467,626	)		(6,516,977	)		(4,339,439	)

Net decrease in net assets resulting from operations		(79,014,443	)		(71,532,998	)		(5,919,215	)		(3,788,914	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(26,095,925	)		(22,518,610	)		(562,581	)		(855,986	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		74,654,222			236,296,771			(6,421,039	)		(11,268,037	)


NET ASSETS
Total increase (decrease) in net assets		(30,456,146	)		142,245,163			(12,902,835	)		(15,912,937	)
Beginning of year		1,089,744,800			947,499,637			25,772,864			41,685,801

End of year	$	1,059,288,654		$	1,089,744,800		$	12,870,029		$	25,772,864

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

See notes to financial statements.


FINANCIAL STATEMENTS			45

Statements of Changes in Net Assets (continued)


	iShares Europe ETF						iShares International Developed Property ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	48,622,570		$	74,811,611		$	3,597,775		$	4,881,458
Net realized loss		(65,654,959	)		(5,360,050	)		(3,424,776	)		(2,284,679	)
Net change in unrealized appreciation (depreciation)		(229,823,941	)		(175,988,645	)		(24,328,613	)		907,191

Net increase (decrease) in net assets resulting from operations		(246,856,330	)		(106,537,084	)		(24,155,614	)		3,503,970


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(56,851,075	)		(74,318,180	)		(7,959,194	)		(5,955,940	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(447,045,459	)		(581,834,739	)		(21,427,554	)		(21,456,980	)


NET ASSETS
Total decrease in net assets		(750,752,864	)		(762,690,003	)		(53,542,362	)		(23,908,950	)
Beginning of year		2,002,859,585			2,765,549,588			131,871,103			155,780,053

End of year	$	1,252,106,721		$	2,002,859,585		$	78,328,741		$	131,871,103

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

See notes to financial statements.


46		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares International Dividend Growth ETF						iShares Latin America 40 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,232,317		$	1,754,009		$	46,568,649		$	35,556,767
Net realized gain (loss)		1,688,399			(2,828,175	)		(118,323,660	)		(72,916,881	)
Net change in unrealized appreciation (depreciation)		(18,402,094	)		1,108,158			(591,915,135	)		(170,198,789	)

Net increase (decrease) in net assets resulting from operations		(14,481,378	)		33,992			(663,670,146	)		(207,558,903	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,238,984	)		(1,748,797	)		(49,137,855	)		(37,464,757	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		21,035,280			20,646,683			(18,479,273	)		3,589,036


NET ASSETS
Total increase (decrease) in net assets		4,314,918			18,931,878			(731,287,274	)		(241,434,624	)
Beginning of year		75,328,755			56,396,877			1,529,164,229			1,770,598,853

End of year	$	79,643,673		$	75,328,755		$	797,876,955		$	1,529,164,229

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

See notes to financial statements.


FINANCIAL STATEMENTS			47

Financial Highlights

(For a share outstanding throughout each period)


	iShares Asia 50 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	61.05		$	67.20		$	52.54		$	43.58		$	49.72

Net investment income^(a)		1.42			1.48			1.06			1.04			1.06
Net realized and unrealized gain (loss)^(b)		(4.94	)		(6.25	)		14.56			8.98			(5.98	)

Net increase (decrease) from investment operations		(3.52	)		(4.77	)		15.62			10.02			(4.92	)

Distributions^(c)
From net investment income		(1.48	)		(1.38	)		(0.96	)		(1.06	)		(1.22	)

Total distributions		(1.48	)		(1.38	)		(0.96	)		(1.06	)		(1.22	)

Net asset value, end of year	$	56.05		$	61.05		$	67.20		$	52.54		$	43.58


Total Return
Based on net asset value		(6.00	)%		(6.94	)%		29.86	%		23.38	%		(9.93	)%


Ratios to Average Net Assets
Total expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%

Net investment income		2.32	%		2.43	%		1.67	%		2.20	%		2.32	%


Supplemental Data
Net assets, end of year (000)	$	1,059,289		$	1,089,745		$	947,500		$	346,766		$	305,056

Portfolio turnover rate^(d)		6	%		10	%		16	%		12	%		10	%

^(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.


48		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Emerging Markets Infrastructure ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	28.64		$	32.07		$	31.49		$	29.66		$	32.87

Net investment income^(a)		0.75			0.75			0.66			0.90			0.67
Net realized and unrealized gain (loss)^(b)		(8.94	)		(3.45	)		0.77			1.82			(3.32	)

Net increase (decrease) from investment operations		(8.19	)		(2.70	)		1.43			2.72			(2.65	)

Distributions^(c)
From net investment income		(0.65	)		(0.73	)		(0.85	)		(0.89	)		(0.56	)

Total distributions		(0.65	)		(0.73	)		(0.85	)		(0.89	)		(0.56	)

Net asset value, end of year	$	19.80		$	28.64		$	32.07		$	31.49		$	29.66


Total Return
Based on net asset value		(29.33	)%		(8.35	)%		4.55	%		9.46	%		(8.11	)%


Ratios to Average Net Assets
Total expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%

Net investment income		2.60	%		2.56	%		2.02	%		3.03	%		2.19	%


Supplemental Data
Net assets, end of year (000)	$	12,870		$	25,773		$	41,686		$	47,235		$	47,460

Portfolio turnover rate^(d)		18	%		25	%		21	%		24	%		12	%

^(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.


FINANCIAL HIGHLIGHTS			49

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Europe ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	43.40		$	46.48		$	41.82		$	39.32		$	44.28

Net investment income^(a)		1.24			1.42			1.10			1.24	^(b)		1.09
Net realized and unrealized gain (loss)^(c)		(7.78	)		(3.16	)		4.69			2.46			(4.92	)

Net increase (decrease) from investment operations		(6.54	)		(1.74	)		5.79			3.70			(3.83	)

Distributions^(d)
From net investment income		(1.44	)		(1.34	)		(1.13	)		(1.20	)		(1.13	)

Total distributions		(1.44	)		(1.34	)		(1.13	)		(1.20	)		(1.13	)

Net asset value, end of year	$	35.42		$	43.40		$	46.48		$	41.82		$	39.32


Total Return
Based on net asset value		(15.61	)%		(3.73	)%		13.96	%		9.65	%^(b)		(8.94	)%


Ratios to Average Net Assets
Total expenses		0.59	%		0.59	%		0.59	%		0.60	%		0.60	%

Total expenses excluding professional fees for foreign withholding tax claims		0.59	%		0.59	%		N/A			0.60	%		N/A

Net investment income		2.84	%		3.23	%		2.39	%		3.17	%^(b)		2.61	%


Supplemental Data
Net assets, end of year (000)	$	1,252,107		$	2,002,860		$	2,765,550		$	2,471,335		$	2,709,154

Portfolio turnover rate^(e)		5	%		7	%		3	%		5	%		3	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

•

Net investment income per share by $0.02.

•

Total return by 0.05%.

•

Ratio of net investment income to average net assets by 0.04%.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


50		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Developed Property ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	38.79		$	38.95		$	35.50		$	36.74		$	38.14

Net investment income^(a)		1.14			1.19			1.17			1.09			0.95
Net realized and unrealized gain (loss)^(b)		(9.31	)		0.23			3.96			(0.43	)		(1.17	)

Net increase (decrease)from investment operations		(8.17	)		1.42			5.13			0.66			(0.22	)

Distributions^(c)
From net investment income		(2.65	)		(1.58	)		(1.68	)		(1.87	)		(1.18	)
Return of capital		—			—			—			(0.03	)		—

Total distributions		(2.65	)		(1.58	)		(1.68	)		(1.90	)		(1.18	)

Net asset value, end of year	$	27.97		$	38.79		$	38.95		$	35.50		$	36.74


Total Return
Based on net asset value		(22.52	)%		3.91	%		14.58	%		1.97	%		(0.47	)%


Ratios to Average Net Assets
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%

Net investment income		3.01	%		3.16	%		3.04	%		3.00	%		2.60	%


Supplemental Data
Net assets, end of year (000)	$	78,329		$	131,871		$	155,780		$	131,339		$	146,966

Portfolio turnover rate^(d)		8	%		9	%		11	%		8	%		15	%

^(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.


FINANCIAL HIGHLIGHTS			51

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Dividend Growth ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Period From 05/17/16^(a)to 03/31/17

Net asset value, beginning of period	$	53.81		$	56.40		$	51.23		$	48.33

Net investment income^(b)		1.56			1.51			1.27			1.09
Net realized and unrealized gain (loss)^(c)		(8.24	)		(2.58	)		5.31			2.70

Net increase (decrease)from investment operations		(6.68	)		(1.07	)		6.58			3.79

Distributions^(d)
From net investment income		(1.62	)		(1.52	)		(1.41	)		(0.89	)

Total distributions		(1.62	)		(1.52	)		(1.41	)		(0.89	)

Net asset value, end of period	$	45.51		$	53.81		$	56.40		$	51.23


Total Return
Based on net asset value		(12.75	)%		(1.88	)%		12.93	%		7.92	%^(e)


Ratios to Average Net Assets
Total expenses		0.22	%		0.22	%		0.22	%		0.22	%^(f)

Net investment income		2.81	%		2.80	%		2.26	%		2.56	%^(f)


Supplemental Data
Net assets, end of period (000)	$	79,644		$	75,329		$	56,397		$	20,490

Portfolio turnover rate^(g)		35	%		34	%		42	%		42	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


52		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Latin America 40 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	33.24		$	37.28		$	31.58		$	25.23		$	29.37

Net investment income^(a)		0.98			0.88			0.83			0.53			0.58
Net realized and unrealized gain (loss)^(b)		(14.83	)		(3.96	)		5.49			6.26			(4.03	)

Net increase (decrease)from investment operations		(13.85	)		(3.08	)		6.32			6.79			(3.45	)

Distributions^(c)
From net investment income		(1.05	)		(0.96	)		(0.62	)		(0.44	)		(0.69	)

Total distributions		(1.05	)		(0.96	)		(0.62	)		(0.44	)		(0.69	)

Net asset value, end of year	$	18.34		$	33.24		$	37.28		$	31.58		$	25.23


Total Return
Based on net asset value		(43.05	)%		(7.93	)%		20.38	%		27.27	%		(11.70	)%


Ratios to Average Net Assets
Total expenses		0.48	%		0.48	%		0.48	%		0.49	%		0.49	%

Net investment income		3.08	%		2.68	%		2.43	%		1.87	%		2.27	%


Supplemental Data
Net assets, end of year (000)	$	797,877		$	1,529,164		$	1,770,599		$	1,081,491		$	674,938

Portfolio turnover rate^(d)		22	%		20	%		16	%		13	%		18	%

^(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.


FINANCIAL HIGHLIGHTS			53

Notes to Financial Statements

1.	*ORGANIZATION*

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


iShares ETF		Diversification Classification
Asia 50		Non-diversified
Emerging Markets Infrastructure		Non-diversified
Europe		Diversified
International Developed Property		Diversified
International Dividend Growth		Diversified
Latin America 40		Non-diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.


54		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. 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*


NOTES TO FINANCIAL STATEMENTS			55

Notes to Financial Statements (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
Asia 50
Goldman Sachs & Co.	$	7,524,541	$	7,524,541	$	—	$	—
Macquarie Bank Limited		5,795,783		5,795,783		—		—
Morgan Stanley & Co. LLC		7,644,218		7,644,218		—		—

	$	20,964,542	$	20,964,542	$	—	$	—

Emerging Markets Infrastructure
Barclays Bank PLC	$	135,145	$	135,145	$	—	$	—
Credit Suisse AG		40,906		40,906		—		—
Deutsche Bank Securities Inc.		1,510		1,510		—		—
Nomura Securities International Inc.		6,795		6,795		—		—
Wells Fargo Securities LLC		30,200		30,200		—		—

	$	214,556	$	214,556	$	—	$	—

Europe
Credit Suisse AG	$	1,293,689	$	1,293,689	$	—	$	—
Goldman Sachs & Co.		1,557,592		1,557,592		—		—
Morgan Stanley & Co. LLC		5,180,609		5,180,609		—		—
State Street Bank & Trust Company		1,964		1,964		—		—
UBS Securities LLC		690,966		690,966		—		—

	$	8,724,820	$	8,724,820	$	—	$	—

International Developed Property
BofA Securities, Inc.	$	2,949	$	2,949	$	—	$	—
Credit Suisse AG		2,855		2,855		—		—
Credit Suisse Securities (USA) LLC		27,529		27,529		—		—
Goldman Sachs & Co.		207,428		207,428		—		—
Macquarie Bank Limited		43,582		43,582		—		—
Morgan Stanley & Co. LLC		563,175		563,175		—		—
Scotia Capital (USA) Inc.		36,107		36,107		—		—
SG Americas Securities LLC		40,073		40,073		—		—

	$	923,698	$	923,698	$	—	$	—

International Dividend Growth
Citigroup Global Markets Inc.	$	5,236	$	5,236	$	—	$	—
Jefferies LLC		53,383		53,383		—		—
Macquarie Bank Limited		7,371		7,371		—		—
Morgan Stanley & Co. LLC		18,526		18,526		—		—

	$	84,516	$	84,516	$	—	$	—


56		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
Latin America 40
Barclays Bank PLC	$	299,932	$	299,932	$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		1,482,572		1,482,572		—		—
BofA Securities, Inc.		455,455		455,455		—		—
Citigroup Global Markets Inc.		4,490,157		4,490,157		—		—
Credit Suisse AG		162,089		162,089		—		—
Credit Suisse Securities (USA) LLC		151,998		149,547		—		(2,451	)^(b)
Deutsche Bank Securities Inc.		47,096		47,096		—		—
Goldman Sachs & Co.		3,198,343		3,198,343		—		—
Jefferies LLC		32,861		32,861		—		—
JPMorgan Securities LLC		23,493,363		23,493,363		—		—
Morgan Stanley & Co. LLC		24,627,178		24,627,178		—		—
RBC Capital Markets LLC		42,400		42,400		—		—
Scotia Capital (USA) Inc.		355,672		355,672		—		—
SG Americas Securities LLC		17,787		17,787		—		—
UBS AG		728,140		716,398		—		(11,742	)^(b)
UBS Securities LLC		1,108,229		1,108,229		—		—
Wells Fargo Securities LLC		67,655		67,655		—		—

	$	60,760,927	$	60,746,734	$	—	$	(14,193	)

^(a)

^(b)

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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


NOTES TO FINANCIAL STATEMENTS			57

Notes to Financial Statements (continued)


iShares ETF	Investment Advisory Fee
Asia 50		0.50	%
Emerging Markets Infrastructure		0.60
International Developed Property		0.48
International Dividend Growth		0.22

Prior to March 27, 2020, for its investment advisory services to the iShares Emerging Markets Infrastructure ETF, BFA was entitled to an annual investment advisory fee of 0.75%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $12 billion		0.6000	%
Over $12 billion, up to and including $18 billion		0.5700
Over $18 billion, up to and including $24 billion		0.5415
Over $24 billion, up to and including $30 billion		0.5145
Over $30 billion		0.4888

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 Latin America 40 ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion		0.4073

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.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). For the iShares Emerging Markets Infrastructure ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2022 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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.


58		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


iShares ETF	Fees Paid to BTC
Asia 50	$	57,928
Emerging Markets Infrastructure		1,381
Europe		34,620
International Developed Property		9,722
International Dividend Growth		504
Latin America 40		342,163

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

For the year ended March 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Asia 50	$	18,198,246	$	4,237,439	$	(1,607,101	)
Emerging Markets Infrastructure		393,365		—		—
Europe		3,980,792		6,615,706		(3,544,494	)
International Developed Property		346,756		194,908		(39,911	)
International Dividend Growth		2,707,964		3,389,651		(335,016	)
Latin America 40		46,627		308,467		(216,051	)

7.	*PURCHASES AND SALES*

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Asia 50	$	156,993,930	$	70,211,520
Emerging Markets Infrastructure		4,067,001		5,508,680
Europe		76,013,342		91,514,622
International Developed Property		9,473,668		14,192,631
International Dividend Growth		31,712,999		27,789,834
Latin America 40		326,643,115		330,898,269

For the year ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Asia 50	$	12,970,847	$	28,881,333
Emerging Markets Infrastructure		—		5,020,467
Europe		27,407,068		463,348,506
International Developed Property		18,854,858		39,595,341
International Dividend Growth		38,563,496		21,604,036
Latin America 40		837,366,723		853,604,327


NOTES TO FINANCIAL STATEMENTS			59

Notes to Financial Statements (continued)

8.	*INCOME TAX INFORMATION*

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, 2020, 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:


iShares ETF	Paid-in Capital			Accumulated Loss
Asia 50	$	7,536,704		$	(7,536,704	)
Emerging Markets Infrastructure		468,089			(468,089	)
Europe		(32,388,864	)		32,388,864
International Developed Property		(2,406,580	)		2,406,580
International Dividend Growth		3,834,146			(3,834,146	)
Latin America 40		(24,625,840	)		24,625,840

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
Asia 50
Ordinary income	$	26,095,925	$	22,518,610

Emerging Markets Infrastructure
Ordinary income	$	562,581	$	855,986

Europe
Ordinary income	$	56,851,075	$	74,318,180

International Developed Property
Ordinary income	$	7,959,194	$	5,955,940

International Dividend Growth
Ordinary income	$	2,238,984	$	1,748,797

Latin America 40
Ordinary income	$	49,137,855	$	37,464,757

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards^(a)			Net Unrealized Gains (Losses)^(b)			Qualified Late-Year Losses^(c)			Total
Asia 50	$	244,219	$	(47,459,131	)	$	(27,816,224	)	$	—		$	(75,031,136	)
Emerging Markets Infrastructure		42,516		(29,427,622	)		(5,127,691	)		—			(34,512,797	)
Europe		6,741,824		(247,834,032	)		(564,542,723	)		—			(805,634,931	)
International Developed Property		—		(23,371,231	)		(37,910,126	)		(3,479,022	)		(64,760,379	)
International Dividend Growth		—		(4,578,095	)		(15,328,746	)		(4,707	)		(19,911,548	)
Latin America 40		7,196,201		(506,864,858	)		(923,380,056	)		—			(1,423,048,713	)

^(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, the characterization of corporate actions and foreign withholding tax reclaims.

^(c)

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.


60		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

As of March 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any)for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Asia 50	$	1,101,478,080	$	115,307,350	$	(143,019,910	)	$	(27,712,560	)
Emerging Markets Infrastructure		18,161,032		1,905,822		(7,033,296	)		(5,127,474	)
Europe		1,812,521,762		125,056,417		(689,869,088	)		(564,812,671	)
International Developed Property		116,598,974		912,184		(38,820,306	)		(37,908,122	)
International Dividend Growth		94,452,760		2,875,516		(18,203,267	)		(15,327,751	)
Latin America 40		1,772,555,097		8,465,125		(931,749,617	)		(923,284,492	)

9.	*LINE OF CREDIT*

The iShares International Dividend Growth ETF, along with certain other iShares funds, is a party to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 21, 2020. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of(a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the year ended March 31, 2020, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:


iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
International Dividend Growth	$	35,000	$	574		2.79	%

10.

PRINCIPAL RISKS


NOTES TO FINANCIAL STATEMENTS			61

Notes to Financial Statements (continued)

may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.

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.

Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
Asia 50
Shares sold		1,950,000		$	126,964,717			5,150,000		$	328,703,092
Shares redeemed		(900,000	)		(52,310,495	)		(1,400,000	)		(92,406,321	)

Net increase		1,050,000		$	74,654,222			3,750,000		$	236,296,771

Emerging Markets Infrastructure
Shares sold		—		$	—			150,000		$	4,480,436
Shares redeemed		(250,000	)		(6,421,039	)		(550,000	)		(15,748,473	)

Net decrease		(250,000	)	$	(6,421,039	)		(400,000	)	$	(11,268,037	)

Europe
Shares sold		600,000		$	28,120,692			1,000,000		$	42,296,240
Shares redeemed		(11,400,000	)		(475,166,151	)		(14,350,000	)		(624,130,979	)

Net decrease		(10,800,000	)	$	(447,045,459	)		(13,350,000	)	$	(581,834,739	)

International Developed Property
Shares sold		500,000		$	19,501,365			2,700,000		$	101,706,341
Shares redeemed		(1,100,000	)		(40,928,919	)		(3,300,000	)		(123,163,321	)

Net decrease		(600,000	)	$	(21,427,554	)		(600,000	)	$	(21,456,980	)

International Dividend Growth
Shares sold		750,000		$	44,015,939			400,000		$	20,646,683
Shares redeemed		(400,000	)		(22,980,659	)		—			—

Net increase		350,000		$	21,035,280			400,000		$	20,646,683


62		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
Latin America 40
Shares sold		32,000,000		$	1,054,075,612			27,000,000		$	926,098,504
Shares redeemed		(34,500,000	)		(1,072,554,885	)		(28,500,000	)		(922,509,468	)

Net increase(decrease)		(2,500,000	)	$	(18,479,273	)		(1,500,000	)	$	3,589,036

12.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares Europe ETF has filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Finland based upon recent favorable determinations issued by the Finnish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Fund continues to evaluate developments in Finland for potential impact to the receivables and payables recorded. Finnish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities.

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the Fund is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

13.

LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF)filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

14.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			63


Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF,

iShares Europe ETF, iShares International Developed Property ETF,

iShares International Dividend Growth ETF and iShares Latin America 40 ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Europe ETF, iShares International Developed Property ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2020, 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, 2020 and each of the financial highlights for each of the periods indicated therein 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.

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, 2020 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 26, 2020

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


64		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended March 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
Latin America 40		1.00	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
Asia 50	$	16,178,892
Emerging Markets Infrastructure		405,569
Europe		65,510,126
International Developed Property		2,354,705
International Dividend Growth		2,404,773
Latin America 40		44,154,298

For the fiscal year ended March 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Asia 50	$	34,743,336	$	3,693,852
Emerging Markets Infrastructure		830,842		41,223
Europe		66,116,389		5,684,592
International Developed Property		4,526,761		443,507
International Dividend Growth		2,722,019		309,664
Latin America 40		56,578,788		4,284,978


IMPORTANT TAX INFORMATION			65

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Europe ETF, iShares International Developed Property ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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:


66		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

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.


	Total Cumulative Distributions For the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Asia 50^(a)	$	1.282101	$	—	$	0.196502	$	1.478603		87	%		—	%		13	%		100	%
Europe^(a)		1.408438		—		0.026671		1.435109		98			—			2			100
International Developed Property^(a)		1.553826		—		1.101051		2.654877		59			—			41			100
International Dividend Growth		1.622592		—		—		1.622592		100			—			—			100
Latin America 40^(a)		0.879393		—		0.170579		1.049972		84			—			16			100

^(a)

Premium/Discount Information


SUPPLEMENTAL INFORMATION			67

Supplemental Information (unaudited) (continued)

iShares Asia 50 ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.5% and Less than 5.0%		1		0.08	%
Greater than 3.0% and Less than 3.5%		1		0.08
Greater than 2.5% and Less than 3.0%		4		0.30
Greater than 2.0% and Less than 2.5%		4		0.30
Greater than 1.5% and Less than 2.0%		24		1.82
Greater than 1.0% and Less than 1.5%		66		5.00
Greater than 0.5% and Less than 1.0%		207		15.68
Greater than 0.0% and Less than 0.5%		390		29.55
At NAV		11		0.83
Less than 0.0% and Greater than –0.5%		328		24.84
Less than –0.5% and Greater than –1.0%		158		11.97
Less than –1.0% and Greater than –1.5%		68		5.15
Less than –1.5% and Greater than –2.0%		24		1.82
Less than –2.0% and Greater than –2.5%		16		1.21
Less than –2.5% and Greater than –3.0%		10		0.76
Less than –3.0% and Greater than –3.5%		2		0.15
Less than –3.5% and Greater than –4.0%		3		0.23
Less than –4.0% and Greater than –4.5%		1		0.08
Less than –6.0%		2		0.15

		1,320		100.00	%

iShares Emerging Markets Infrastructure ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0% and Less than 2.5%		1		0.08	%
Greater than 1.5% and Less than 2.0%		2		0.15
Greater than 1.0% and Less than 1.5%		10		0.76
Greater than 0.5% and Less than 1.0%		50		3.78
Greater than 0.0% and Less than 0.5%		366		27.72
At NAV		28		2.12
Less than 0.0% and Greater than –0.5%		630		47.73
Less than –0.5% and Greater than –1.0%		191		14.46
Less than –1.0% and Greater than –1.5%		27		2.05
Less than –1.5% and Greater than –2.0%		10		0.76
Less than –2.0% and Greater than –2.5%		1		0.08
Less than –2.5% and Greater than –3.0%		2		0.15
Less than –3.0% and Greater than –3.5%		1		0.08
Less than –4.0% and Greater than –4.5%		1		0.08

		1,320		100.00	%


68		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Supplemental Information (unaudited) (continued)

iShares Europe ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 5.0% and Less than 5.5%		1		0.08	%
Greater than 3.0% and Less than 3.5%		1		0.08
Greater than 2.0% and Less than 2.5%		2		0.15
Greater than 1.5% and Less than 2.0%		4		0.30
Greater than 1.0% and Less than 1.5%		22		1.67
Greater than 0.5% and Less than 1.0%		87		6.58
Greater than 0.0% and Less than 0.5%		581		44.01
At NAV		15		1.14
Less than 0.0% and Greater than –0.5%		507		38.41
Less than –0.5% and Greater than –1.0%		73		5.53
Less than –1.0% and Greater than –1.5%		16		1.21
Less than –1.5% and Greater than –2.0%		5		0.38
Less than –2.0% and Greater than –2.5%		3		0.23
Less than –2.5% and Greater than –3.0%		1		0.08
Less than –3.0% and Greater than –3.5%		2		0.15

		1,320		100.00	%

iShares International Developed Property ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5% and Less than 3.0%		1		0.08	%
Greater than 2.0% and Less than 2.5%		1		0.08
Greater than 1.5% and Less than 2.0%		2		0.15
Greater than 1.0% and Less than 1.5%		9		0.68
Greater than 0.5% and Less than 1.0%		70		5.30
Greater than 0.0% and Less than 0.5%		390		29.55
At NAV		18		1.36
Less than 0.0% and Greater than –0.5%		637		48.25
Less than –0.5% and Greater than –1.0%		141		10.68
Less than –1.0% and Greater than –1.5%		31		2.35
Less than –1.5% and Greater than –2.0%		14		1.06
Less than –2.0% and Greater than –2.5%		3		0.23
Less than –2.5% and Greater than –3.0%		2		0.15
Less than –3.0% and Greater than –3.5%		1		0.08

		1,320		100.00	%


SUPPLEMENTAL INFORMATION			69


Supplemental Information (unaudited) (continued)

iShares International Dividend Growth ETF

Period Covered: May 19, 2016 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.0% and Less than 4.5%		1		0.10	%
Greater than 3.0% and Less than 3.5%		1		0.10
Greater than 2.5% and Less than 3.0%		2		0.21
Greater than 2.0% and Less than 2.5%		23		2.36
Greater than 1.5% and Less than 2.0%		112		11.51
Greater than 1.0% and Less than 1.5%		221		22.71
Greater than 0.5% and Less than 1.0%		284		29.20
Greater than 0.0% and Less than 0.5%		230		23.64
At NAV		1		0.10
Less than 0.0% and Greater than –0.5%		71		7.30
Less than –0.5% and Greater than –1.0%		16		1.64
Less than –1.0% and Greater than –1.5%		8		0.82
Less than –1.5% and Greater than –2.0%		1		0.10
Less than –2.0% and Greater than –2.5%		2		0.21

		973		100.00	%

iShares Latin America 40 ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.0% and Less than 4.5%		1		0.08	%
Greater than 1.0% and Less than 1.5%		4		0.30
Greater than 0.5% and Less than 1.0%		36		2.73
Greater than 0.0% and Less than 0.5%		555		42.04
At NAV		26		1.97
Less than 0.0% and Greater than –0.5%		658		49.84
Less than –0.5% and Greater than –1.0%		36		2.73
Less than –1.0% and Greater than –1.5%		3		0.23
Less than –1.5% and Greater than –2.0%		1		0.08

		1,320		100.00	%


70		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

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 367 funds as of March 31, 2020. 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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito^(a) (63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji^(b) (49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Boardof Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


TRUSTEE AND OFFICER INFORMATION			71

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).
Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017);Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


72		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			73

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

GDR		Global Depositary Receipt

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares


74		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-AR-304-0320


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares Currency Hedged JPX-Nikkei 400 ETF | HJPX | NYSE Arca

iShares JPX-Nikkei 400 ETF | JPXN | NYSE Arca

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		18
Statements of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		23
Report of Independent Registered Public Accounting Firm		30
Important Tax Information (Unaudited)		31
Statement Regarding Liquidity Risk Management Program		32
Supplemental Information		33
Trustee and Officer Information		35
General Information		37
Glossary of Terms Used in this Report		38

Market Overview

iShares Trust

Global Market Overview


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		iShares^® Currency Hedged JPX-Nikkei 400 ETF

Investment Objective

The iShares Currency Hedged JPX-Nikkei 400 ETF (the “Fund”) seeks to track the investment results of an index composed of broad-based Japanese equities while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar, as represented by the JPX-Nikkei 400 Net Total Return USD Hedged 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares JPX-Nikkei 400 ETF.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(9.49	)%		2.68	%		(9.49	)%		12.66	%
Fund Market		(9.15	)		2.81			(9.15	)		13.30
Index.		(7.31	)		3.83			(7.31	)		18.43

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 9/29/15. The first day of secondary market trading was 10/1/15.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)(b)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio
$	1,000.00	$	879.90	$	0.00		$	1,000.00	$	1,025.00	$	0.00		0.00	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Currency Hedged JPX-Nikkei 400 ETF

Portfolio Management Commentary

Japanese stocks declined during the reporting period amid tepid economic activity. Slowing export growth and a tax increase led to an economic contraction in the fourth quarter of 2019 despite fiscal and monetary stimulus. Following the outbreak of the coronavirus, the Japanese economy was adversely affected by both disrupted supply chains caused by China’s lockdown, as well as lower consumer spending and negative export growth as domestic and international demand declined. Consequently, analysts anticipated that Japan would enter a recession as exports and tourist revenues continued to decrease. The postponement of the 2020 Tokyo Olympics further dampened consumer and business sentiment, leading to a steep decline in Japanese equities.

The industrials sector was the leading detractor from the Index’s return in U.S. dollar terms, as Japanese factory activity contracted at the fastest pace in 10 years. The capital goods industry was a significant source of weakness, driven by industrial machinery companies, which had difficulty procuring essential components from China. Transportation stocks also struggled, as lower domestic and international travel led to a significant decline in rail and road traffic.

Financials sector stocks also detracted from the Index’s performance, particularly banks. Negative interest rate policy from the Bank of Japan pressured banks’ profitability, and the economic downturn led to concerns about increased loan defaults and deteriorating asset quality. Consumer discretionary stocks also declined due to a higher sales tax and deteriorating confidence as the economic downturn deepened.

On the upside, Japanese healthcare stocks contributed to the Index’s return in U.S. dollar terms, particularly healthcare equipment and supplies manufacturers, which benefited from rising demand for goods and services from the expanding elderly population. The communication services sector also contributed, driven by telecommunications services stocks, which gained amid expanding 5G networks and new services that take advantage of the technology.

The Japanese yen appreciated by approximately 3% against the U.S. dollar for the reporting period. As economic conditions weakened late in the reporting period, the Japanese yen, which tends to benefit during times of uncertainty, appreciated against the U.S. dollar.

The Japanese yen’s positive performance meant hedging activity detracted from the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the positive impact of the Japanese yen’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of Japanese equities measured in Japanese yen.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Industrials	22.4	%
Consumer Discretionary	14.7
Information Technology	11.5
Health Care	11.4
Consumer Staples	10.2
Financials	9.6
Communication Services	9.4
Materials	5.4
Real Estate	3.0
Utilities	1.6
Energy	0.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Sony Corp.	1.8	%
Nintendo Co. Ltd.	1.7
Nippon Telegraph & Telephone Corp.	1.7
Keyence Corp.	1.6
Toyota Motor Corp.	1.6
NTT DOCOMO Inc.	1.6
KDDI Corp.	1.5
Daiichi Sankyo Co. Ltd.	1.4
Takeda Pharmaceutical Co. Ltd.	1.4
Kao Corp.	1.3


FUND SUMMARY			5


Fund Summary as of March 31, 2020		iShares^® JPX-Nikkei 400 ETF

Investment Objective

The iShares JPX-Nikkei 400 ETF (the “Fund”) seeks to track the investment results of a broad-based benchmark composed of Japanese equities, as represented by the JPX-Nikkei Index 400 (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		(7.29	)%		1.62	%		3.38	%		(7.29	)%		8.37	%		39.44	%
Fund Market		(8.24	)		1.47			3.29			(8.24	)		7.55			38.16
Index		(7.03	)		1.98			3.60			(7.03	)		10.29			42.37

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through September 3, 2015 reflects the performance of the S&P/TOPIX 150TM. Index performance beginning on September 4, 2015 reflects the performance of the JPX-Nikkei Index 400.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20	)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19	)		Ending Account Value (03/31/20	)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	895.50		$	2.27		$	1,000.00		$	1,022.60		$	2.43		0.48	%

^(a)


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® JPX-Nikkei 400 ETF

Portfolio Management Commentary

The industrials sector was the leading detractor from the Index’s return, as Japanese factory activity contracted at the fastest pace in 10 years. The capital goods industry was a significant source of weakness, driven by industrial machinery companies, which had difficulty procuring essential components from China. Transportation stocks also struggled, as lower domestic and international travel led to a significant decline in rail and road traffic.

On the upside, Japanese healthcare stocks contributed to the Index’s return, particularly healthcare equipment and supplies manufacturers, which benefited from rising demand for goods and services from the expanding elderly population. The communication services sector also contributed, driven by telecommunications services stocks, which gained amid expanding 5G networks and new services that take advantage of the technology.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Industrials	22.4	%
Consumer Discretionary	14.7
Information Technology	11.5
Health Care	11.4
Consumer Staples	10.2
Financials	9.6
Communication Services	9.4
Materials	5.4
Real Estate	3.0
Utilities	1.6
Energy	0.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Sony Corp.	1.8	%
Nintendo Co. Ltd.	1.7
Nippon Telegraph & Telephone Corp.	1.7
Keyence Corp	1.6
Toyota Motor Corp.	1.6
NTT DOCOMO Inc.	1.6
KDDI Corp.	1.5
Daiichi Sankyo Co. Ltd.	1.4
Takeda Pharmaceutical Co. Ltd	1.4
Kao Corp.	1.3


FUND SUMMARY			7

About Fund Performance

Shareholder Expenses


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Currency Hedged JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 100.3%
iShares JPX-Nikkei 400 ETF^(a)		46,767	$	2,476,780


Total Investment Companies — 100.3% (Cost: $2,768,615)				2,476,780


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(a)(b)		1,000		1,000


Total Short-Term Investments — 0.0% (Cost: $1,000)				1,000


Total Investments in Securities — 100.3% (Cost: $2,769,615)				2,477,780

Other Assets, Less Liabilities — (0.3)%				(8,549	)


Net Assets — 100.0%			$	2,469,231

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	1,374	—	(374	)^(b)	1,000	$	1,000	$	27	$	—		$	—
iShares JPX-Nikkei 400 ETF.	46,892	4,238	(4,363	)	46,767		2,476,780		57,546		(31,839	)		(263,135	)

						$	2,477,780	$	57,573	$	(31,839	)	$	(263,135	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
JPY	644,426,000	USD	5,971,361	MS	04/02/20	$	21,905
JPY	25,412,000	USD	235,787	MS	05/07/20		934

							22,839

USD	5,921,434	JPY	644,426,000	MS	04/02/20		(71,833	)
USD	2,792,640	JPY	300,677,000	MS	05/07/20		(8,256	)

							(80,089	)

	Net unrealized depreciation					$	(57,250	)


SCHEDULES OF INVESTMENTS			9

Schedule of Investments (continued)

March 31, 2020

iShares^® Currency Hedged JPX-Nikkei 400 ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	22,839

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	80,089

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	51,791

Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(68,216	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	5,293,064
Average amounts sold — in USD	$	8,054,781

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

Derivative Financial Instruments — Offsetting as of Year End

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


	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	22,839	$	80,089

Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	22,839	$	80,089
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA	$	22,839	$	80,089


Counterparty	Derivative Assets Subject to an MNA by Counterparty				Derivatives Available for Offset	^(a)		Net Amount of Derivative Assets
Morgan Stanley & Co. International PLC		$	22,839	$	(22,839	)	$	—


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty				Derivatives Available for Offset	^(a)		Net Amount of Derivative Liabilities	^(b)
Morgan Stanley & Co. International PLC		$	80,089	$	(22,839	)	$	57,250


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Currency Hedged JPX-Nikkei 400 ETF

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements


	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	2,476,780	$	—		$	—	$	2,476,780
Money Market Funds		1,000		—			—		1,000

	$	2,477,780	$	—		$	—	$	2,477,780

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	22,839		$	—	$	22,839
Liabilities
Forward Foreign Currency Exchange Contracts		—		(80,089	)		—		(80,089	)

	$	—	$	(57,250	)	$	—	$	(57,250	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			11

Schedule of Investments

March 31, 2020

iShares^® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.2%
Yamato Holdings Co. Ltd.		9,000	$	141,476


Airlines — 0.5%
ANA Holdings Inc.		10,000		244,454
Japan Airlines Co. Ltd.		10,000		184,336

				428,790

Auto Components — 2.4%
Aisin Seiki Co. Ltd.		5,000		123,385
Bridgestone Corp.		17,000		523,283
Daikyonishikawa Corp.		1,000		4,576
Denso Corp.		12,000		388,050
JTEKT Corp.		6,000		40,850
Koito Manufacturing Co. Ltd.		3,000		101,570
NGK Spark Plug Co. Ltd.		4,000		56,394
Nifco Inc./Japan		2,000		35,941
Stanley Electric Co. Ltd.		4,000		78,996
Sumitomo Electric Industries Ltd.		21,000		221,370
Sumitomo Rubber Industries Ltd.		5,000		47,196
Topre Corp.		1,000		11,116
Toyoda Gosei Co. Ltd.		2,000		34,348
Toyota Boshoku Corp.		2,000		23,843
Toyota Industries Corp.		4,000		191,932
TPR Co. Ltd.		1,000		10,671
TS Tech Co. Ltd.		1,000		23,695
Yokohama Rubber Co. Ltd. (The)		3,000		37,321

				1,954,537

Automobiles — 3.9%
Honda Motor Co. Ltd.		44,000		990,413
Isuzu Motors Ltd.		16,000		106,014
Mazda Motor Corp.		17,000		90,075
Subaru Corp.		17,000		326,520
Suzuki Motor Corp.		11,000		263,346
Toyota Motor Corp.		21,084		1,269,669
Yamaha Motor Co. Ltd.		8,000		96,855

				3,142,892

Banks — 4.6%
Aozora Bank Ltd.		3,000		57,302
Chiba Bank Ltd. (The)		19,000		83,248
Concordia Financial Group Ltd.		33,000		96,290
Mebuki Financial Group Inc.		28,000		57,061
Mitsubishi UFJ Financial Group Inc.		280,000		1,045,250
Mizuho Financial Group Inc.		750,000		858,691
Resona Holdings Inc.		60,000		180,742
Seven Bank Ltd.		18,000		46,519
Shinsei Bank Ltd.^(a)		4,000		53,430
Sumitomo Mitsui Financial Group Inc.		37,000		898,995
Sumitomo Mitsui Trust Holdings Inc.		11,004		318,433

				3,695,961

Beverages — 1.3%
Asahi Group Holdings Ltd.		12,000		390,163
Kirin Holdings Co. Ltd.		24,000		475,198
Suntory Beverage & Food Ltd.		4,000		151,359

				1,016,720

Biotechnology — 0.1%
PeptiDream Inc.^(a)		3,000		104,766


Building Products — 1.6%
AGC Inc.		5,500		135,468


Security	Shares		Value

Building Products (continued)
Aica Kogyo Co. Ltd.		2,000	$	57,339
Daikin Industries Ltd.		7,400		902,765
Nichias Corp.		2,000		37,497
Sanwa Holdings Corp.		5,000		39,090
TOTO Ltd.		4,000		133,204

				1,305,363

Capital Markets — 1.2%
Daiwa Securities Group Inc.		44,000		170,856
Japan Exchange Group Inc.		16,000		282,488
Matsui Securities Co. Ltd.		3,000		22,037
Nomura Holdings Inc.		97,000		411,344
SBI Holdings Inc.		6,000		87,703

				974,428

Chemicals — 4.4%
Air Water Inc.		5,000		68,825
Asahi Kasei Corp.		37,000		262,124
Daicel Corp.		8,000		58,469
Denka Co. Ltd.		2,000		42,184
DIC Corp.		2,000		44,333
Hitachi Chemical Co. Ltd.		2,000		85,036
JSR Corp.		5,000		92,307
Kansai Paint Co. Ltd.		6,000		114,381
Kuraray Co. Ltd.		9,000		91,038
Mitsubishi Chemical Holdings Corp.		37,000		220,310
Mitsubishi Gas Chemical Co. Inc.		5,000		54,467
Mitsui Chemicals Inc.		5,000		94,993
Nippon Paint Holdings Co. Ltd.		4,700		246,418
Nissan Chemical Corp.		3,000		109,490
Nitto Denko Corp.		4,000		178,778
NOF Corp.		2,000		63,545
Shin-Etsu Chemical Co. Ltd.		9,500		944,236
Showa Denko KK		4,000		82,887
Sumitomo Chemical Co. Ltd.		42,000		124,885
Taiyo Nippon Sanso Corp.		5,000		74,151
Teijin Ltd.		5,000		84,758
Tokai Carbon Co. Ltd.		6,000		49,576
Tokuyama Corp.		1,000		19,379
Toray Industries Inc.		40,000		173,776
Tosoh Corp.		8,000		91,149
Ube Industries Ltd.		3,000		46,047

				3,517,542

Commercial Services & Supplies — 0.8%
Park24 Co. Ltd.		3,000		44,213
Pilot Corp.		1,000		33,301
Secom Co. Ltd.		5,900		490,450
Sohgo Security Services Co. Ltd.		2,000		97,448

				665,412

Construction & Engineering — 1.3%
COMSYS Holdings Corp.		3,000		77,338
Hazama Ando Corp.		5,000		31,911
Kajima Corp.		14,000		143,819
Kumagai Gumi Co. Ltd.		1,000		23,167
Kyowa Exeo Corp.		3,000		66,861
Kyudenko Corp.		1,000		27,076
Maeda Corp.		4,000		29,531
Nippo Corp.		2,000		44,093
Nishimatsu Construction Co. Ltd.		1,000		19,184
Obayashi Corp.		18,000		154,398
Penta-Ocean Construction Co. Ltd.		7,000		36,895


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
Shimizu Corp.		18,000	$	140,892
Sumitomo Mitsui Construction Co. Ltd.		4,020		17,762
Taisei Corp.		6,000		183,688
Toda Corp.		7,000		40,786
Tokyu Construction Co. Ltd.		2,000		10,541

				1,047,942

Construction Materials — 0.1%
Taiheiyo Cement Corp.		4,000		68,547


Consumer Finance — 0.1%
AEON Financial Service Co. Ltd.		4,000		42,907
Orient Corp.		15,000		16,812

				59,719

Distributors — 0.1%
PALTAC Corp.		1,000		49,928


Diversified Financial Services — 0.8%
Financial Products Group Co. Ltd.		2,000		10,115
Fuyo General Lease Co. Ltd.		1,000		50,762
Mitsubishi UFJ Lease & Finance Co. Ltd.		14,000		68,992
ORIX Corp.		35,000		421,634
Tokyo Century Corp.		1,000		31,356
Zenkoku Hosho Co. Ltd.		1,000		31,448

				614,307

Diversified Telecommunication Services — 1.7%
Nippon Telegraph & Telephone Corp.		56,000		1,336,001


Electric Utilities — 0.9%
Chubu Electric Power Co. Inc.		17,000		240,068
Kansai Electric Power Co. Inc. (The)		21,000		234,111
Kyushu Electric Power Co. Inc.		11,000		88,546
Tohoku Electric Power Co. Inc.		14,000		135,001

				697,726

Electrical Equipment — 1.9%
Fuji Electric Co. Ltd.		3,000		68,056
Furukawa Electric Co. Ltd.		2,000		36,404
Mitsubishi Electric Corp.		56,000		692,511
Nidec Corp.		13,200		685,586
Nissin Electric Co. Ltd.		1,000		8,577

				1,491,134

Electronic Equipment, Instruments & Components — 5.9%
Alps Alpine Co. Ltd.		5,000		48,585
Azbil Corp.		3,500		90,908
Hamamatsu Photonics KK		4,000		163,772
Hirose Electric Co. Ltd.		1,007		104,473
Hitachi High-Technologies Corp.		2,000		147,839
Hitachi Ltd.		27,000		786,077
Horiba Ltd.		1,000		49,836
Keyence Corp.		4,044		1,304,734
Kyocera Corp.		8,000		474,864
Murata Manufacturing Co. Ltd.		16,300		826,211
Omron Corp.		5,000		260,757
Shimadzu Corp.		7,000		184,475
Taiyo Yuden Co. Ltd.^(b)		2,000		53,004
TDK Corp.		2,800		217,350
Yokogawa Electric Corp.		5,000		60,349

				4,773,234

Energy Equipment & Services — 0.0%
Modec Inc.		1,000		12,107


Security	Shares		Value

Entertainment — 2.5%
Capcom Co. Ltd.		3,000	$	94,206
COLOPL Inc.^(b)		2,000		14,747
Daiichikosho Co. Ltd.		1,000		26,687
DeNA Co. Ltd.		3,000		32,847
GungHo Online Entertainment Inc.		1,090		15,266
Konami Holdings Corp.		2,000		61,415
Nexon Co. Ltd.		16,000		261,591
Nintendo Co. Ltd.		3,500		1,349,034
Square Enix Holdings Co. Ltd.		2,000		89,389
Toho Co. Ltd.		3,000		91,705

				2,036,887

Food & Staples Retailing — 2.6%
Aeon Co. Ltd.		21,200		471,111
Ain Holdings Inc.		1,000		58,821
Cosmos Pharmaceutical Corp.		300		71,641
Create SD Holdings Co. Ltd.		1,000		25,066
FamilyMart Co. Ltd.		4,000		71,808
Kobe Bussan Co. Ltd.		2,000		78,922
Kusuri no Aoki Holdings Co. Ltd.		700		58,228
Lawson Inc.		1,000		54,930
Matsumotokiyoshi Holdings Co. Ltd.		2,000		72,808
Seven & i Holdings Co. Ltd.		21,000		695,623
Sugi Holdings Co. Ltd.		1,000		53,448
Sundrug Co. Ltd.		2,000		64,101
Tsuruha Holdings Inc.		1,000		132,092
Welcia Holdings Co. Ltd.		1,600		111,898
Yaoko Co. Ltd.		1,000		61,785

				2,082,282

Food Products — 2.1%
Ajinomoto Co. Inc.		12,300		229,069
Ariake Japan Co. Ltd.		300		18,952
Calbee Inc.		3,000		81,173
Ezaki Glico Co. Ltd.		2,000		84,109
Kewpie Corp.		3,000		60,053
Kikkoman Corp.		4,000		170,627
Maruha Nichiro Corp.		1,000		20,916
MEIJI Holdings Co. Ltd.		3,100		220,536
Morinaga & Co. Ltd./Japan		1,300		53,226
NH Foods Ltd.		2,000		69,751
Nichirei Corp.		3,000		84,897
Nippon Suisan Kaisha Ltd.		8,000		35,422
Nissin Foods Holdings Co. Ltd.		2,000		166,736
Toyo Suisan Kaisha Ltd.		3,000		145,061
Yakult Honsha Co. Ltd.		4,000		236,765

				1,677,293

Gas Utilities — 0.6%
Osaka Gas Co. Ltd.		11,000		207,457
Tokyo Gas Co. Ltd.		11,000		260,442

				467,899

Health Care Equipment & Supplies — 3.1%
Asahi Intecc Co. Ltd.		6,000		148,506
Hoya Corp.		11,000		937,428
Nihon Kohden Corp.		2,000		75,216
Olympus Corp.		31,000		448,539
Sysmex Corp.		4,100		297,982
Terumo Corp.		16,000		551,341

				2,459,012

Health Care Providers & Services — 0.4%
Alfresa Holdings Corp.		6,000		111,935


SCHEDULES OF INVESTMENTS			13

Schedule of Investments (continued)

March 31, 2020

iShares^® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Japan Lifeline Co. Ltd.		2,000	$	25,233
Medipal Holdings Corp.		6,000		112,158
Ship Healthcare Holdings Inc.		1,000		40,989

				290,315

Health Care Technology — 0.4%
M3 Inc.		12,000		355,148


Hotels, Restaurants & Leisure — 1.3%
KOMEDA Holdings Co. Ltd.		1,000		15,395
McDonald’s Holdings Co. Japan Ltd.		2,000		90,223
Oriental Land Co. Ltd.		5,800		742,494
Resorttrust Inc.		2,000		19,564
Skylark Holdings Co. Ltd.		6,000		89,037
Zensho Holdings Co. Ltd.		3,000		57,274

				1,013,987

Household Durables — 3.6%
Casio Computer Co. Ltd.		5,000		70,261
Fujitsu General Ltd.		2,000		36,182
Haseko Corp.		7,000		75,022
Iida Group Holdings Co. Ltd.		4,000		55,467
Nikon Corp.		9,000		83,201
Panasonic Corp.		64,000		489,093
Pressance Corp.		1,000		8,828
Rinnai Corp.		1,000		70,863
Sekisui Chemical Co. Ltd.		12,000		159,288
Sekisui House Ltd.		19,000		314,071
Sony Corp.		24,000		1,427,484
Starts Corp. Inc.		1,000		18,572
Sumitomo Forestry Co. Ltd.		4,000		51,318

				2,859,650

Household Products — 0.9%
Lion Corp.		7,000		149,979
Pigeon Corp.		3,400		130,545
Unicharm Corp.		11,000		412,774

				693,298

Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		4,000		80,700


Industrial Conglomerates — 0.2%
Keihan Holdings Co. Ltd.		3,000		133,389
TOKAI Holdings Corp.		3,000		26,039

				159,428

Insurance — 2.8%
Dai-ichi Life Holdings Inc.		31,000		372,011
MS&AD Insurance Group Holdings Inc.		15,000		420,314
Sompo Holdings Inc.		10,000		309,666
Sony Financial Holdings Inc.		4,000		67,695
T&D Holdings Inc.		17,000		139,206
Tokio Marine Holdings Inc.		20,000		917,049

				2,225,941

Interactive Media & Services — 0.4%
Dip Corp.		1,000		16,099
Kakaku.com Inc.		4,000		73,549
Mixi Inc.		1,000		14,534
Z Holdings Corp.		75,000		241,768

				345,950

Internet & Direct Marketing Retail — 0.3%
Rakuten Inc.		25,000		189,894


Security	Shares		Value

Internet & Direct Marketing Retail (continued)
ZOZO Inc.		3,300	$	44,355

				234,249

IT Services — 2.2%
Digital Garage Inc.		1,000		32,004
Fujitsu Ltd.		5,000		451,809
GMO Payment Gateway Inc.		1,000		70,214
Itochu Techno-Solutions Corp.		2,000		57,153
NEC Corp.		6,800		248,492
Nihon Unisys Ltd.		2,000		53,596
Nomura Research Institute Ltd.		9,064		192,103
NS Solutions Corp.		1,000		24,381
NTT Data Corp.		15,000		144,505
Obic Co. Ltd.		2,000		262,332
Otsuka Corp.		3,000		128,387
SCSK Corp.		1,000		44,602
TIS Inc.		6,000		99,319

				1,808,897

Leisure Products — 0.9%
Bandai Namco Holdings Inc.		6,000		291,288
Shimano Inc.		2,000		286,045
Tomy Co. Ltd.		2,000		14,117
Yamaha Corp.		3,000		117,132

				708,582

Machinery — 5.1%
Amada Holdings Co. Ltd.		7,000		55,310
Daifuku Co. Ltd.		3,000		190,357
DMG Mori Co. Ltd.		4,000		33,421
FANUC Corp.		5,300		719,480
Harmonic Drive Systems Inc.^(b)		1,000		43,768
Hino Motors Ltd.		7,000		37,673
Hitachi Construction Machinery Co. Ltd.		2,000		40,554
IHI Corp.		4,000		46,760
Kawasaki Heavy Industries Ltd.		4,000		58,135
Komatsu Ltd.		25,000		411,861
Kubota Corp.		30,000		383,910
Makita Corp.		7,000		214,951
MINEBEA MITSUMI Inc.		10,000		149,507
MISUMI Group Inc.		7,000		152,703
Mitsubishi Heavy Industries Ltd.		9,000		227,803
Nabtesco Corp.		3,000		69,335
NGK Insulators Ltd.		7,000		91,881
NSK Ltd.		11,000		70,715
OSG Corp.		3,000		40,211
SMC Corp.		1,800		762,818
Sumitomo Heavy Industries Ltd.		3,000		54,217
Takeuchi Manufacturing Co. Ltd.		1,000		12,487
THK Co. Ltd.		3,000		61,470
Yaskawa Electric Corp.		6,000		165,402

				4,094,729

Media — 0.5%
CyberAgent Inc.^(b)		3,000		116,438
Dentsu Group Inc.		6,000		115,993
Hakuhodo DY Holdings Inc.		8,000		80,774
Nippon Television Holdings Inc.		5,000		55,810

				369,015

Metals & Mining — 0.7%
Dowa Holdings Co. Ltd.		1,000		26,205
Hitachi Metals Ltd.		6,000		63,304
JFE Holdings Inc.		16,025		104,354


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining (continued)
Nippon Light Metal Holdings Co. Ltd.		14,000	$	21,917
Nippon Steel Corp.		25,004		214,337
Sumitomo Metal Mining Co. Ltd.		7,000		143,819

				573,936

Multiline Retail — 0.7%
Izumi Co. Ltd.		1,000		27,604
J Front Retailing Co. Ltd.		7,000		58,228
Marui Group Co. Ltd.		5,000		84,063
Pan Pacific International Holdings Corp.		13,000		246,742
Ryohin Keikaku Co. Ltd.		8,000		89,963
Seria Co. Ltd.		1,000		28,947

				535,547

Oil, Gas & Consumable Fuels — 0.8%
Cosmo Energy Holdings Co. Ltd.		1,000		14,089
Idemitsu Kosan Co. Ltd.		6,000		137,724
Inpex Corp.		30,000		169,182
Iwatani Corp.		1,000		33,440
JXTG Holdings Inc.		87,000		298,341

				652,776

Paper & Forest Products — 0.1%
Oji Holdings Corp.		23,000		123,357


Personal Products — 2.5%
Kao Corp.		13,000		1,063,313
Kobayashi Pharmaceutical Co. Ltd.		1,700		157,473
Kose Corp.		1,000		123,477
Pola Orbis Holdings Inc.		2,000		36,960
Shiseido Co. Ltd.		11,000		650,290

				2,031,513

Pharmaceuticals — 7.2%
Astellas Pharma Inc.		49,040		759,074
Chugai Pharmaceutical Co. Ltd.		6,000		694,734
Daiichi Sankyo Co. Ltd.		16,003		1,101,999
Eisai Co. Ltd.		6,500		477,528
Hisamitsu Pharmaceutical Co. Inc.		2,000		93,372
Kaken Pharmaceutical Co. Ltd.		1,000		46,593
Kyowa Kirin Co. Ltd.		6,000		134,612
Nippon Shinyaku Co. Ltd.		1,200		94,261
Ono Pharmaceutical Co. Ltd.		13,000		299,365
Otsuka Holdings Co. Ltd.		10,000		391,923
Santen Pharmaceutical Co. Ltd.		10,000		172,109
Sawai Pharmaceutical Co. Ltd.		1,000		53,448
Shionogi & Co. Ltd.		7,000		344,764
Sumitomo Dainippon Pharma Co. Ltd.		4,000		51,985
Takeda Pharmaceutical Co. Ltd.		35,000		1,072,484

				5,788,251

Professional Services — 1.7%
Benefit One Inc.		2,000		26,122
en-japan Inc.		1,000		18,730
Meitec Corp.		1,000		39,831
Nihon M&A Center Inc.		4,000		109,490
Outsourcing Inc.		3,000		13,061
Persol Holdings Co. Ltd.		5,000		50,299
Recruit Holdings Co. Ltd.		38,000		984,188
SMS Co. Ltd.		2,000		38,776
TechnoPro Holdings Inc.		1,000		46,964
UT Group Co. Ltd.^(a)		1,000		10,282

				1,337,743


Security	Shares		Value

Real Estate Management & Development — 3.0%
Aeon Mall Co. Ltd.		3,000	$	37,877
Daito Trust Construction Co. Ltd.		2,000		186,467
Daiwa House Industry Co. Ltd.		17,000		421,634
Hulic Co. Ltd.		12,000		122,051
Ichigo Inc.		7,000		16,210
Mitsubishi Estate Co. Ltd.		39,000		576,212
Mitsui Fudosan Co. Ltd.		28,000		485,147
Nomura Real Estate Holdings Inc.		3,000		48,770
Open House Co. Ltd.		1,000		20,610
Relo Group Inc.		3,000		62,999
Sumitomo Realty & Development Co. Ltd.		12,000		292,900
Tokyo Tatemono Co. Ltd.		6,000		63,749
Tokyu Fudosan Holdings Corp.		15,000		71,974

				2,406,600

Road & Rail — 4.6%
Central Japan Railway Co.		4,700		754,055
East Japan Railway Co.		10,000		757,352
Hankyu Hanshin Holdings Inc.		7,000		235,700
Hitachi Transport System Ltd.		1,000		21,759
Keio Corp.		3,000		177,574
Keisei Electric Railway Co. Ltd.		4,000		115,604
Kintetsu Group Holdings Co. Ltd.		5,000		231,578
Nagoya Railroad Co. Ltd.		6,000		168,403
Nippon Express Co. Ltd.		2,000		98,004
Odakyu Electric Railway Co. Ltd.		8,000		175,777
Sankyu Inc.		1,000		37,377
Seibu Holdings Inc.		8,000		88,037
Sotetsu Holdings Inc.		2,000		51,373
Tobu Railway Co. Ltd.		6,000		209,532
Tokyu Corp.		14,000		220,462
West Japan Railway Co.		5,000		342,550

				3,685,137

Semiconductors & Semiconductor Equipment — 1.7%
Advantest Corp.		4,000		160,808
Disco Corp.		800		158,288
Lasertec Corp.		2,000		93,743
Renesas Electronics Corp.^(a)		27,000		97,291
SCREEN Holdings Co. Ltd.		1,000		37,052
SUMCO Corp.		7,000		90,325
Tokyo Electron Ltd.		3,700		697,638
Tokyo Seimitsu Co. Ltd.		1,000		28,530
Ulvac Inc.		1,000		23,991

				1,387,666

Software — 0.2%
Oracle Corp. Japan		1,000		87,444
Trend Micro Inc.		2,200		108,823

				196,267

Specialty Retail — 1.3%
ABC-Mart Inc.		1,000		50,113
Bic Camera Inc.		3,000		24,316
Fast Retailing Co. Ltd.		800		327,470
Hikari Tsushin Inc.		600		100,764
K’s Holdings Corp.		5,000		47,381
Nitori Holdings Co. Ltd.		2,100		283,618
Nojima Corp.		1,000		16,516
Shimamura Co. Ltd.		1,000		60,395
United Arrows Ltd.		1,000		15,053
USS Co. Ltd.		6,000		82,590


SCHEDULES OF INVESTMENTS			15

Schedule of Investments (continued)

March 31, 2020

iShares^® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Workman Co. Ltd.		600	$	33,014

				1,041,230

Technology Hardware, Storage & Peripherals — 1.2%
Brother Industries Ltd.		7,000		107,248
Canon Inc.		30,050		656,643
Elecom Co. Ltd.		1,000		34,876
Konica Minolta Inc.		12,000		48,798
Seiko Epson Corp.		7,000		75,865
Toshiba TEC Corp.		1,000		31,495

				954,925

Textiles, Apparel & Luxury Goods — 0.1%
Goldwin Inc.		1,000		55,764


Tobacco — 0.7%
Japan Tobacco Inc.		32,000		591,654


Trading Companies & Distributors — 4.1%
ITOCHU Corp.		38,000		789,357
Kanamoto Co. Ltd.		1,000		19,480
Kanematsu Corp.		2,000		20,546
Marubeni Corp.		58,000		289,584
Mitsubishi Corp.		39,000		827,831
Mitsui & Co. Ltd.		48,000		668,501
MonotaRO Co. Ltd.		4,000		106,266
Sojitz Corp.		30,000		70,585
Sumitomo Corp.		35,000		401,695
Toyota Tsusho Corp.		6,000		141,503

				3,335,348

Transportation Infrastructure — 0.1%
Japan Airport Terminal Co. Ltd.		2,000		77,347


Security	Shares		Value

Wireless Telecommunication Services — 4.2%
KDDI Corp.		41,000	$	1,211,523
NTT DOCOMO Inc.		40,000		1,251,262
SoftBank Group Corp.		26,000		912,306

				3,375,091


Total Common Stocks — 98.7% (Cost: $85,128,323)			79,211,946


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		233,718		233,671

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		53,000		53,000

				286,671


Total Short-Term Investments — 0.3% (Cost: $286,507)				286,671


Total Investments in Securities — 99.0% (Cost: $85,414,830)				79,498,617

Other Assets, Less Liabilities — 1.0%				780,588


Net Assets — 100.0%			$	80,279,205

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19		Net Activity			Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		534,817		(301,099	)		233,718	$	233,671	$	6,693	^(b)	$	(226	)	$	115
BlackRock Cash Funds: Treasury, SL Agency Shares		46,049		6,951			53,000		53,000		952			—			—

								$	286,671	$	7,645		$	(226	)	$	115

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		83		06/11/20	$	1,079	$	(7,522	)


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® JPX-Nikkei 400 ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	7,522

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	15,176


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(7,522	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	460,595

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	79,211,946	$	—	$	—	$	79,211,946
Money Market Funds		286,671		—		—		286,671

	$	79,498,617	$	—	$	—	$	79,498,617

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(7,522)	$	—	$	—	$	(7,522)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			17

Statements of Assets and Liabilities

March 31, 2020


	iShares Currency Hedged JPX-Nikkei 400 ETF			iShares JPX-Nikkei 400 ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	—		$	79,211,946
Affiliated^(c)		2,477,780			286,671
Cash		359			1,854
Foreign currency, at value^(d)		—			164,673
Foreign currency collateral pledged:
Futures contracts^(e)		—			16,924
Receivables:
Investments sold		48,980			—
Securities lending income — Affiliated		—			616
Dividends		—			883,387
Unrealized appreciation on:
Forward foreign currency exchange contracts		22,839			—

Total assets		2,549,958			80,566,071


LIABILITIES
Collateral on securities loaned, at value		—			233,650
Payables:
Investments purchased		638			—
Variation margin on futures contracts		—			21,157
Investment advisory fees		—			32,059
Unrealized depreciation on:
Forward foreign currency exchange contracts		80,089			—

Total liabilities		80,727			286,866


NET ASSETS	$	2,469,231		$	80,279,205


NET ASSETS CONSIST OF:
Paid-in capital	$	3,264,497		$	108,469,271
Accumulated loss		(795,266	)		(28,190,066	)

NET ASSETS	$	2,469,231		$	80,279,205


Shares outstanding		100,000			1,500,000

Net asset value	$	24.69		$	53.52

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Securities loaned, at value	$	—		$	227,957
^(b)Investments, at cost — Unaffiliated	$	—		$	85,128,323
^(c)Investments, at cost — Affiliated	$	2,769,615		$	286,507
^(d)Foreign currency, at cost	$	—		$	162,186
^(e)Foreign currency collateral pledged, at cost	$	—		$	17,038

See notes to financial statements.


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

Year Ended March 31, 2020


	iShares Currency Hedged JPX-Nikkei 400 ETF			iShares JPX-Nikkei 400 ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	2,427,738
Dividends — Affiliated		57,573			952
Securities lending income — Affiliated — net		—			6,693
Foreign taxes withheld		—			(242,740	)

Total investment income		57,573			2,192,643


EXPENSES
Investment advisory fees		16,555			504,105

Total expenses		16,555			504,105
Less:
Investment advisory fees waived		(16,555	)		—

Total expenses after fees waived		—			504,105

Net investment income		57,573			1,688,538


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			(1,368,344	)
Investments — Affiliated		(31,839	)		(226	)
In-kind redemptions — Unaffiliated		—			5,529,005
Futures contracts		—			15,176
Forward foreign currency exchange contracts		51,791			—
Foreign currency transactions		—			12,139

Net realized gain		19,952			4,187,750

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		—			(10,970,965	)
Investments — Affiliated		(263,135	)		115
Futures contracts		—			(7,522	)
Forward foreign currency exchange contracts		(68,216	)		—
Foreign currency translations		—			6,186

Net change in unrealized appreciation (depreciation)		(331,351	)		(10,972,186	)

Net realized and unrealized loss		(311,399	)		(6,784,436	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(253,826	)	$	(5,095,898	)

See notes to financial statements.


FINANCIAL STATEMENTS			19

Statements of Changes in Net Assets


	iShares Currency Hedged JPX-Nikkei 400 ETF						iShares JPX-Nikkei 400 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	57,573		$	40,954		$	1,688,538		$	1,992,573
Net realized gain (loss)		19,952			158,131			4,187,750			(2,451,670	)
Net change in unrealized appreciation (depreciation)		(331,351	)		(299,847	)		(10,972,186	)		(10,059,063	)

Net decrease in net assets resulting from operations		(253,826	)		(100,762	)		(5,095,898	)		(10,518,160	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(57,621	)		(40,903	)		(2,153,569	)		(1,645,037	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			—			(27,288,453	)		19,040,574


NET ASSETS
Total increase (decrease) in net assets		(311,447	)		(141,665	)		(34,537,920	)		6,877,377
Beginning of year		2,780,678			2,922,343			114,817,125			107,939,748

End of year	$	2,469,231		$	2,780,678		$	80,279,205		$	114,817,125

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

See notes to financial statements.


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares Currency Hedged JPX-Nikkei 400 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 09/29/15^(a) to 03/31/16

Net asset value, beginning of period	$	27.81		$	29.22		$	25.57		$	23.03		$	23.88

Net investment income^(b)		0.58			0.41			0.48			0.47			0.23
Net realized and unrealized gain (loss)^(c)		(3.12	)		(1.41	)		3.63			2.57			(0.69	)

Net increase (decrease) from investment operations		(2.54	)		(1.00	)		4.11			3.04			(0.46	)


Distributions^(d)
From net investment income		(0.58	)		(0.41	)		(0.46	)		(0.50	)		(0.20	)
From net realized gain		—			—			—			—			(0.19	)

Total distributions		(0.58	)		(0.41	)		(0.46	)		(0.50	)		(0.39	)


Net asset value, end of period	$	24.69		$	27.81		$	29.22		$	25.57		$	23.03


Total Return
Based on net asset value		(9.49	)%		(3.36	)%		16.08	%		13.44	%		(2.18	)%^(e)


Ratios to Average Net Assets
Total expenses^(f)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%^(g)

Total expenses after fees waived^(f)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%^(g)(h)

Net investment income		2.05	%		1.43	%		1.69	%		1.98	%		1.85	%^(g)


Supplemental Data
Net assets, end of period (000)	$	2,469		$	2,781		$	2,922		$	2,557		$	3,454

Portfolio turnover rate^(i)(j)		9	%		5	%		11	%		20	%		7	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(g)	Annualized.

^(h)	Rounds to less than 0.01%.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

^(j)	Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			21

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares JPX-Nikkei 400 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16

Net asset value, beginning of year	$	58.88		$	65.42		$	55.69		$	49.94		$	53.69

Net investment income^(a)		0.96			1.06			0.95			0.70			0.87
Net realized and unrealized gain (loss)^(b)		(5.10	)		(6.73	)		9.76			6.15			(3.93	)

Net increase (decrease) from investment operations		(4.14	)		(5.67	)		10.71			6.85			(3.06	)


Distributions^(c)
From net investment income		(1.22	)		(0.87	)		(0.98	)		(1.10	)		(0.69	)

Total distributions		(1.22	)		(0.87	)		(0.98	)		(1.10	)		(0.69	)


Net asset value, end of year	$	53.52		$	58.88		$	65.42		$	55.69		$	49.94


Total Return
Based on net asset value		(7.29	)%		(8.67	)%		19.32	%		13.84	%		(5.78	)%


Ratios to Average Net Assets
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.49	%

Net investment income		1.61	%		1.73	%		1.54	%		1.32	%		1.67	%


Supplemental Data
Net assets, end of year (000)	$	80,279		$	114,817		$	107,940		$	83,535		$	149,823

Portfolio turnover rate^(d)		7	%		11	%		8	%		7	%		27	%

^(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.


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
Currency Hedged JPX-Nikkei 400		Diversified
JPX-Nikkei 400.		Diversified

Currently the iShares Currency Hedged JPX-Nikkei 400 ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares JPX-Nikkei 400 ETF (an “underlying fund”). The financial statements and schedule of investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged JPX-Nikkei 400 ETF.

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign CurrencyTranslation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.


NOTES TO FINANCIAL STATEMENTS			23

Notes to Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. 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


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
JPX-Nikkei 400
Goldman Sachs & Co	$	53,004	$	53,004	$	—	$	—
Morgan Stanley & Co. LLC		160,206		160,206		—		—
UBS AG		14,747		14,747		—		—

	$	227,957	$	227,957	$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: The currency-hedged fund uses forward foreign currency exchange contracts to hedge the currency exposure of non-U.S. dollar-denominated securities held in its portfolio or its underlying fund’s portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.


NOTES TO FINANCIAL STATEMENTS			25

Notes to Financial Statements (continued)

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation 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 value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts (“NDFs”) are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the fund.

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

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

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each Fund, 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
Currency Hedged JPX-Nikkei 400		0.59	%
JPX-Nikkei 400		0.48

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses are a fund’s total annual operating expenses. For the iShares Currency Hedged JPX-Nikkei 400 ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2020 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares JPX-Nikkei 400 ETF (“JPXN”), after taking into account any fee waivers by JPXN.

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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.


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


iShares ETF	Fees Paid to BTC
JPX-Nikkei 400	$	1,609

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

For the year ended March 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
JPX-Nikkei 400	$	428,742	$	—

7.	PURCHASES AND SALES

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Currency Hedged JPX-Nikkei 400	$	256,169	$	251,320
JPX-Nikkei 400		6,722,474		7,599,479

For the year ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
JPX-Nikkei 400	$	—	$	26,567,595

8.	INCOME TAX INFORMATION


iShares ETF	Paid-in Capital		Accumulated Loss
JPX-Nikkei 400	$	4,528,111	$	(4,528,111	)


NOTES TO FINANCIAL STATEMENTS			27

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
Currency Hedged JPX-Nikkei 400
Ordinary income	$	57,621	$	40,903

JPX-Nikkei 400
Ordinary income	$	2,153,569	$	1,645,037

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards^(a)			Net Unrealized Gains (Losses)^(b)			Total
Currency Hedged JPX-Nikkei 400	$	3	$	(484,716	)	$	(310,553	)	$	(795,266	)
JPX-Nikkei 400		284,802		(19,088,125	)		(9,386,743	)		(28,190,066	)

^(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 on investments in passive foreign investment companies and the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged JPX-Nikkei 400	$	2,788,333	$	—	$	(310,553	)	$	(310,553	)
JPX-Nikkei 400		88,881,811		11,707,669		(21,098,385	)		(9,390,716	)

9.	PRINCIPAL RISKS


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.

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.

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares		Amount
JPX-Nikkei 400
Shares sold		—		$	—			300,000	$	19,040,574
Shares redeemed		(450,000	)		(27,288,453	)		—		—

Net increase (decrease)		(450,000	)	$	(27,288,453	)		300,000	$	19,040,574

11.

LEGAL PROCEEDINGS

12.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			29

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Currency Hedged JPX-Nikkei 400 ETF and iShares JPX-Nikkei 400 ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Currency Hedged JPX-Nikkei 400 ETF and iShares JPX-Nikkei 400 ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2020, 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, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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, 2020 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 26, 2020

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


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Important Tax Information (unaudited)

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
Currency Hedged JPX-Nikkei 400	$	58,065
JPX-Nikkei 400		2,340,304

For the fiscal year ended March 31, 2020, the iShares Currency Hedged JPX-Nikkei 400 ETF intends to pass through to its shareholders foreign source income earned and foreign taxes paid by the underlying funds:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Currency Hedged JPX-Nikkei 400	$	62,591	$	6,766

For the fiscal year ended March 31, 2020, the iShares JPX-Nikkei 400 ETF earned foreign source income and paid foreign taxes which it intends to pass through to its shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
JPX-Nikkei 400	$	2,428,446	$	270,497


IMPORTANT TAX INFORMATION			31

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Currency Hedged JPX-Nikkei 400 ETF and iShares JPX-Nikkei 400 ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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:


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

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.


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged JPX-Nikkei 400^(a)	$	0.404426	$	—	$	0.171787	$	0.576213		70	%		—	%		30	%		100	%
JPX-Nikkei 400^(a)		0.858958		—		0.365539		1.224497		70			—			30			100

^(a)

Premium/Discount Information

iShares Currency Hedged JPX-Nikkei 400 ETF

Period Covered: October 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.5% and Less than 4.0%		1		0.09	%
Greater than 1.5% and Less than 2.0%		2		0.18
Greater than 1.0% and Less than 1.5%		6		0.53
Greater than 0.5% and Less than 1.0%		98		8.66
Greater than 0.0% and Less than 0.5%		576		50.87
At NAV		26		2.30
Less than 0.0% and Greater than –0.5%		403		35.60
Less than –0.5% and Greater than –1.0%		16		1.41
Less than –1.0% and Greater than –1.5%		1		0.09
Less than –2.0% and Greater than –2.5%		1		0.09
Less than –2.5% and Greater than –3.0%		1		0.09
Less than –3.5% and Greater than –4.0%		1		0.09

		1,132		100.00	%


SUPPLEMENTAL INFORMATION			33

Supplemental Information (unaudited) (continued)

iShares JPX-Nikkei 400 ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 5.0% and Less than 5.5%		1		0.08	%
Greater than 4.0% and Less than 4.5%		1		0.08
Greater than 3.5% and Less than 4.0%		1		0.08
Greater than 3.0% and Less than 3.5%		3		0.23
Greater than 2.5% and Less than 3.0%		9		0.68
Greater than 2.0% and Less than 2.5%		19		1.44
Greater than 1.5% and Less than 2.0%		37		2.80
Greater than 1.0% and Less than 1.5%		70		5.30
Greater than 0.5% and Less than 1.0%		189		14.32
Greater than 0.0% and Less than 0.5%		389		29.46
At NAV		14		1.06
Less than 0.0% and Greater than –0.5%		321		24.32
Less than –0.5% and Greater than –1.0%		150		11.36
Less than –1.0% and Greater than –1.5%		54		4.09
Less than –1.5% and Greater than –2.0%		25		1.89
Less than –2.0% and Greater than –2.5%		22		1.67
Less than –2.5% and Greater than –3.0%		6		0.45
Less than –3.0% and Greater than –3.5%		3		0.23
Less than –3.5% and Greater than –4.0%		3		0.23
Less than –4.5% and Greater than –5.0%		2		0.15
Less than –6.0%		1		0.08

		1,320		100.00	%


34		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

The registered investment companies advised by BFAor 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 367 funds as of March 31, 2020. 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., ParkAvenue Plaza, 55 East 52^nd 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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito^(a) (63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji^(b) (49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
^(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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


TRUSTEE AND OFFICER INFORMATION			35

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).
Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


36		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			37

Glossary of Terms Used in this Report


Counterparty Abbreviations

MS		Morgan Stanley & Co. International PLC

Currency Abbreviations

JPY		Japanese Yen

USD		United States Dollar


38		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

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 the Japan Exchange Group, Inc., Tokyo Stock Exchange or Nikkei, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-AR-310-0320


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares India 50 ETF | INDY | NASDAQ

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Consolidated Schedule of Investments		7
Consolidated Financial Statements
Consolidated Statement of Assets and Liabilities		10
Consolidated Statement of Operations		11
Consolidated Statements of Changes in Net Assets		12
Consolidated Financial Highlights		13
Notes to Consolidated Financial Statements		14
Report of Independent Registered Public Accounting Firm		21
Important Tax Information (Unaudited)		22
Statement Regarding Liquidity Risk Management Program		23
Supplemental Information		24
Trustee and Officer Information		27
General Information		29

Market Overview

iShares Trust

Global Market Overview


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		iShares^® India 50 ETF

Investment Objective

The iShares India 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Indian equities, as represented by the Nifty 50 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		(31.41	)%		(3.11	)%		0.26	%		(31.41	)%		(14.62	)%		2.61	%
Fund Market		(31.77	)		(3.42	)		0.10			(31.77	)		(15.96	)		1.05
Index		(31.34	)		(2.20	)		0.98			(31.34	)		(10.53	)		10.30

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through April 2, 2017 is calculated using the INR-USD reference rate as published by the Reserve Bank of India. Index performance beginning on April 3, 2017 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 706.40	$ 3.97			$ 1,000.00	$ 1,020.30	$ 4.70		0.93	%

^(a)


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® India 50 ETF

Portfolio Management Commentary

Large-capitalization Indian stocks declined significantly for the reporting period, as high levels of distressed debt and the coronavirus pandemic negatively affected markets. Concerns over low liquidity in the banking system put pressure on the Indian rupee, and the decline of the nation’s currency against the U.S. dollar notably reduced Indian stock prices for U.S. investors. Large capital withdrawals by foreign investors also weighed on Indian equities. More importantly, India’s sudden nationwide coronavirus lockdown disrupted the economy, and concern over its consequences negatively affected stocks.

India’s financials sector detracted the most from the Index’s return, as tight credit conditions and stress on non-bank lenders increased the likelihood of instability in the financial system. The financials sector was directly affected when regulators seized one of the nation’s largest banks, and the decision to write down some of that bank’s bonds decreased the ability of other lenders to raise funds. The Reserve Bank of India decreased interest rates several times and announced a three-month moratorium on consumer and corporate loan payments, as coronavirus concerns added to the pressure on the financial system. The decline of the Indian rupee against the U.S. dollar also made it more expensive for firms to repay record levels of debt denominated in foreign currencies, despite the deployment of some of India’s large foreign exchange reserves to support its currency.

The energy sector was another significant detractor from the Index’s performance, as oil prices declined due to strong competition among producers and decreased demand driven by coronavirus lockdowns. The increase in the oil supply also increased demand for tankers, and firms in the energy sector paid more for their services. At the same time, lower oil prices placed plans to reduce debt by selling assets into question.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments^(a)

Financials		36.2%
Information Technology		15.2
Energy		12.9
Consumer Staples		11.4
Materials		6.5
Consumer Discretionary		5.6
Communication Services		3.5
Industrials		3.3
Health Care		2.7
Utilities		2.7

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)

HDFC Bank Ltd.		10.4%
Reliance Industries Ltd.		10.1
Housing Development Finance Corp. Ltd.		7.9
Infosys Ltd.		6.6
ICICI Bank Ltd.		5.9
Tata Consultancy Services Ltd.		5.4
Hindustan Unilever Ltd.		4.6
Kotak Mahindra Bank Ltd.		4.4
ITC Ltd.		4.2
Larsen & Toubro Ltd.		2.8

^(a)

Excludes money market funds.


FUND SUMMARY		5

About Fund Performance

Shareholder Expenses


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments

March 31, 2020

iShares^® India 50 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Automobiles — 4.5%
Bajaj Auto Ltd.		131,824	$	3,523,990
Eicher Motors Ltd.		14,138		2,447,413
Hero MotoCorp Ltd.		131,449		2,773,937
Mahindra & Mahindra Ltd.		972,054		3,661,364
Maruti Suzuki India Ltd.		135,062		7,656,005
Tata Motors Ltd.^(a)		1,781,369		1,673,023

				21,735,732

Banks — 25.5%
Axis Bank Ltd.		2,252,280		11,283,543
HDFC Bank Ltd.		4,392,150		50,040,073
ICICI Bank Ltd.		6,551,831		28,038,602
IndusInd Bank Ltd.		601,987		2,795,433
Kotak Mahindra Bank Ltd.		1,219,919		20,899,536
State Bank of India^(a)		3,854,816		10,030,509
Yes Bank Ltd., New		1,741,097		363,518
Yes Bank Ltd.		46,465		13,789

				123,465,003

Chemicals — 2.6%
Asian Paints Ltd.		457,454		10,077,125
UPL Ltd.		556,409		2,401,382

				12,478,507

Construction & Engineering — 2.8%
Larsen & Toubro Ltd.		1,253,495		13,396,351


Construction Materials — 2.2%
Grasim Industries Ltd.		399,540		2,514,446
Shree Cement Ltd.		13,710		3,179,861
UltraTech Cement Ltd.		117,105		5,022,893

				10,717,200

Consumer Finance — 1.6%
Bajaj Finance Ltd.		271,471		7,951,295


Diversified Telecommunication Services — 0.4%
Bharti Infratel Ltd.		858,454		1,815,603


Electric Utilities — 1.1%
Power Grid Corp. of India Ltd.		2,623,518		5,517,446


Food Products — 2.5%
Britannia Industries Ltd.		119,327		4,241,362
Nestle India Ltd.		36,418		7,846,999

				12,088,361

Gas Utilities — 0.4%
GAIL India Ltd.		1,865,117		1,887,275


Household Products — 4.6%
Hindustan Unilever Ltd.		727,485		22,103,062


Independent Power and Renewable Electricity Producers — 1.1%
NTPC Ltd.		4,939,683		5,497,878


Insurance — 0.8%
Bajaj Finserv Ltd.		62,355		3,784,264


IT Services — 15.0%
HCL Technologies Ltd.		1,110,048		6,403,396
Infosys Ltd.		3,728,989		31,620,713
Tata Consultancy Services Ltd.		1,069,861		25,824,731


Security	Shares		Value

IT Services (continued)
Tech Mahindra Ltd.		631,238	$	4,718,562
Wipro Ltd.		1,512,763		3,933,319

				72,500,721

Media — 0.3%
Zee Entertainment Enterprises Ltd.		920,040		1,507,430


Metals & Mining — 1.7%
Hindalco Industries Ltd.		1,482,138		1,874,927
JSW Steel Ltd.		1,028,430		1,988,175
Tata Steel Ltd.		756,498		2,695,948
Vedanta Ltd.		1,766,103		1,510,443

				8,069,493

Oil, Gas & Consumable Fuels — 12.8%
Bharat Petroleum Corp. Ltd.		813,934		3,409,536
Coal India Ltd.		2,112,568		3,910,909
Indian Oil Corp. Ltd.		2,573,101		2,777,135
Oil & Natural Gas Corp. Ltd.		3,646,281		3,291,961
Reliance Industries Ltd.		3,292,983		48,479,831

				61,869,372

Pharmaceuticals — 2.7%
Cipla Ltd.		514,423		2,875,349
Dr. Reddy’s Laboratories Ltd.		123,886		5,110,520
Sun Pharmaceutical Industries Ltd.		1,094,938		5,099,013

				13,084,882

Textiles, Apparel & Luxury Goods — 1.1%
Titan Co. Ltd.		426,190		5,260,106


Thrifts & Mortgage Finance — 7.9%
Housing Development Finance Corp. Ltd.		1,761,322		38,022,041


Tobacco — 4.1%
ITC Ltd.		8,854,999		20,097,531


Transportation Infrastructure — 0.5%
Adani Ports & Special Economic Zone Ltd.		778,835		2,587,151


Wireless Telecommunication Services — 2.7%
Bharti Airtel Ltd.^(a)		2,282,416		13,302,057


Total Common Stocks — 98.9% (Cost: $390,675,913)				478,738,761


Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(b)(c)		1,930,000		1,930,000


Total Short-Term Investments — 0.4% (Cost: $1,930,000)				1,930,000


Total Investments in Securities — 99.3% (Cost: $392,605,913)				480,668,761

Other Assets, Less Liabilities — 0.7%				3,171,970


Net Assets — 100.0%			$	483,840,731

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


SCHEDULE OF INVESTMENTS			7

Consolidated Schedule of Investments (continued)

March 31, 2020

iShares^® India 50 ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	—	—	—	$	—	$	1,029	^(b)	$	(517	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	425,261	1,504,739	1,930,000		1,930,000		125,376			—			—

				$	1,930,000	$	126,405		$	(517	)	$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI India NTR Index

107

06/19/20

5,107

41,646

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	41,646

^(a)

Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the year ended March 31, 2020, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(601,248	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	32,410

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,642,514

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

Fair Value Measurements


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (continued)

March 31, 2020

iShares^® India 50 ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	478,375,243	$	363,518	$	—	$	478,738,761
Money Market Funds		1,930,000		—		—		1,930,000

	$	480,305,243	$	363,518	$	—	$	480,668,761

Derivative financial instruments^(a)
Assets
Futures Contracts	$	41,646	$	—	$	—	$	41,646

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to consolidated financial statements.


SCHEDULE OF INVESTMENTS			9

Consolidated Statement of Assets and Liabilities

March 31, 2020


	iShares India 50 ETF


ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	478,738,761
Affiliated^(b)		1,930,000
Cash		5,903
Foreign currency, at value^(c)		199,142
Cash pledged:
Futures contracts		303,000
Receivables:
Investments sold		5,516,736
Variation margin on futures contracts		150,976
Dividends		1,652

Total assets		486,846,170


LIABILITIES
Payables:
Capital shares redeemed		2,581,878
Investment advisory fees		423,561

Total liabilities		3,005,439


NET ASSETS	$	483,840,731


NET ASSETS CONSIST OF:
Paid-in capital	$	504,537,230
Accumulated loss		(20,696,499	)

NET ASSETS	$	483,840,731


Shares outstanding		18,700,000

Net asset value	$	25.87

Shares authorized		Unlimited

Par value		None


^(a) Investments, at cost — Unaffiliated	$	390,675,913
^(b) Investments, at cost — Affiliated	$	1,930,000
^(c) Foreign currency, at cost	$	199,459

See notes to consolidated financial statements.


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statement of Operations

Year Ended March 31, 2020


	iShares India 50 ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	11,141,408
Dividends — Affiliated		125,376
Interest — Unaffiliated		702
Securities lending income — Affiliated — net		1,029

Total investment income		11,268,515


EXPENSES
Investment advisory fees		6,955,615
Mauritius income taxes		318,907

Total expenses		7,274,522

Net investment income		3,993,993


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		20,941,268
Investments — Affiliated		(517	)
In-kind redemptions — Unaffiliated		2,519,307
Futures contracts		(601,248	)
Foreign currency transactions		(289,737	)

Net realized gain		22,569,073

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(a)		(253,076,104	)
Futures contracts		32,410
Foreign currency translations		5

Net change in unrealized appreciation (depreciation)		(253,043,689	)

Net realized and unrealized loss		(230,474,616	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(226,480,623	)


^(a) Net of deferred foreign capital gain tax of	$	(8,076,698	)

See notes to consolidated financial statements.


FINANCIAL STATEMENTS			11

Consolidated Statement of Changes in Net Assets


	iShares India 50 ETF
	Year Ended 03/31/20			Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,993,993		$	3,674,642
Net realized gain		22,569,073			32,418,561
Net change in unrealized appreciation (depreciation)		(253,043,689	)		21,089,899

Net increase (decrease) in net assets resulting from operations		(226,480,623	)		57,183,102


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,592,617	)		(4,630,774	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(112,630,622	)		(344,139,774	)


NET ASSETS
Total decrease in net assets		(344,703,862	)		(291,587,446	)
Beginning of year		828,544,593			1,120,132,039

End of year	$	483,840,731		$	828,544,593

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

See notes to consolidated financial statements.


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	iShares India 50 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	37.92		$	35.00		$	32.27		$	26.81		$	31.06

Net investment income^(a)		0.19			0.16			0.15			0.12			0.18
Net realized and unrealized gain (loss)^(b)		(12.01	)		2.97			2.68			5.47			(4.27	)

Net increase (decrease) from investment operations		(11.82	)		3.13			2.83			5.59			(4.09	)


Distributions^(c)
From net investment income		(0.23	)		(0.21	)		(0.10	)		(0.13	)		(0.16	)

Total distributions		(0.23	)		(0.21	)		(0.10	)		(0.13	)		(0.16	)


Net asset value, end of year	$	25.87		$	37.92		$	35.00		$	32.27		$	26.81


Total Return
Based on net asset value		(31.41	)%		9.04	%		8.76	%		20.94	%		(13.22	)%


Ratios to Average Net Assets
Total expenses		0.93	%		0.94	%		0.92	%		0.93	%		0.94	%

Net investment income		0.51	%		0.45	%		0.42	%		0.43	%		0.62	%


Supplemental Data
Net assets, end of year (000)	$	483,841		$	828,545		$	1,120,132		$	846,994		$	714,535

Portfolio turnover rate^(d)		26	%		24	%		14	%		11	%		14	%

^(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 consolidated financial statements.


FINANCIAL HIGHLIGHTS			13


Notes to Consolidated Financial Statements

1.	ORGANIZATION

These consolidated financial statements relate only to the following fund (the “Fund”):


iShares ETF	Diversification Classification
India 50		Non-diversified

Basis of Consolidation: The accompanying consolidated financial statements for the Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. Intercompany accounts and transactions, if any, have been eliminated.

2.	SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Fund may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign Currency Translation: The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Fund as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. The Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its consolidated 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, 2020, if any, are disclosed in the consolidated statement of assets and liabilities.

The Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (continued)

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS			15

Notes to Consolidated Financial Statements (continued)

in its consolidated schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	SECURITIES AND OTHER INVESTMENTS

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

As of March 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates and is disclosed in the consolidated schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund, if any, are also disclosed in its consolidated schedule of investments. The market value of any securities on loan as of March 31, 2020 and the value of the related cash collateral are disclosed in the consolidated statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, 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. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: The Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract 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, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the consolidated schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the consolidated statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the consolidated statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the consolidated 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. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.89%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (continued)

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The 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, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in its consolidated statement of operations. For the year ended March 31, 2020, the Fund paid BTC $392 for securities lending agent services.

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

7.	PURCHASES AND SALES

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
India 50	$	204,794,670	$	313,537,939

For the year ended March 31, 2020, in-kind transactions were as follows:

iShares ETF

In-kind

Purchases

In-kind

Sales

India 50

2,610,832

5,099,039

8.	INCOME TAX INFORMATION

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, 2020, 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:

iShares ETF

Paid-in Capital

Accumulated

Loss

India 50

853,137

(853,137

)


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS			17

Notes to Consolidated Financial Statements (continued)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
India 50
Ordinary income	$	5,592,617	$	4,630,774

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Qualified Late-Year Losses	^(c)		Total
India 50	$	(79,418,544	)	$	59,029,678		$	(307,633	)	$	(20,696,499	)

^(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.

^(c)

The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended March 31, 2020, the Fund utilized $20,506,313 of its capital loss carryforwards.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
India 50	$	421,680,411	$	123,377,775	$	(64,347,779	)	$	59,029,996

9.	PRINCIPAL RISKS


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (continued)

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
India 50
Shares sold		3,500,000		$	133,151,069			4,250,000		$	157,551,334
Shares redeemed		(6,650,000	)		(245,781,691	)		(14,400,000	)		(501,691,108	)

Net decrease		(3,150,000	)	$	(112,630,622	)		(10,150,000	)	$	(344,139,774	)

11.

LEGAL PROCEEDINGS


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS			19

Notes to Consolidated Financial Statements (continued)

12.

SUBSEQUENT EVENTS

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


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares India 50 ETF

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of iShares India 50 ETF and its subsidiary (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of March 31, 2020, the related consolidated statement of operations for the year ended March 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the consolidated financial highlights for each of the five years in the period ended March 31, 2020 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2020 and the financial highlights for each of the five years in the period ended March 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits of these consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2020 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 26, 2020

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


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			21

Important Tax Information (unaudited)

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
India 50	$	10,803,215

For the fiscal year ended March 31, 2020, the Fund earned foreign source income and paid foreign taxes which it intends to pass through to its shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
India 50	$	11,141,406	$	318,907


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Trust, on behalf of iShares India 50 ETF, met on November 12-13, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the BlackRock open-end funds, excluding money market funds (each, a “Fund”), pursuant to the Liquidity Rule. The Board has appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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:

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 also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a Fund participated in borrowings for investment purposes (such as tender option bonds and reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a Fund’s liquidity bucketing. Derivative exposure was also considered in such calculation.

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.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs that redeem in-kind generally do not hold more than de minimus amounts of cash, and that ETFs generally do not borrow.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. An ETF does not utilize custom baskets. Therefore, the composition of baskets will not have an effect on the overall liquidity of an ETF’s portfolio.


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			23

Supplemental Information (unaudited)

Section 19(a) Notices


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
India 50^(a)	$	0.115298	$	—	$	0.109757	$	0.225055		51	%		—	%		49	%		100	%

^(a)

Premium/Discount Information


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)

iShares India 50 ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0% and Less than 3.5%		3		0.23	%
Greater than 2.5% and Less than 3.0%		2		0.15
Greater than 2.0% and Less than 2.5%		4		0.30
Greater than 1.5% and Less than 2.0%		16		1.21
Greater than 1.0% and Less than 1.5%		71		5.38
Greater than 0.5% and Less than 1.0%		199		15.07
Greater than 0.0% and Less than 0.5%		408		30.91
At NAV		14		1.06
Less than 0.0% and Greater than –0.5%		357		27.04
Less than –0.5% and Greater than –1.0%		152		11.52
Less than –1.0% and Greater than –1.5%		55		4.17
Less than –1.5% and Greater than –2.0%		22		1.67
Less than –2.0% and Greater than –2.5%		5		0.38
Less than –2.5% and Greater than –3.0%		3		0.23
Less than –3.0% and Greater than –3.5%		2		0.15
Less than –3.5% and Greater than –4.0%		3		0.23
Less than –4.5% and Greater than –5.0%		2		0.15
Less than –6.0%		2		0.15

		1,320		100.00	%

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares India 50 ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.

Report on Remuneration

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 Fund.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.


SUPPLEMENTAL INFORMATION			25

Supplemental Information (unaudited) (continued)

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2019 is USD 65 thousand. This figure is comprised of fixed remuneration of USD 30.05 thousand and variable remuneration of USD 34.95 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2019, to its senior management was USD 8.29 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.97 thousand.


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

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 367 funds as of March 31, 2020. 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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito^(a)(63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji^(b)(49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Trustee (since 2015);Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


TRUSTEE AND OFFICER INFORMATION			27

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).
Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			29

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by India Index Services & Products Ltd., 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.

iS-AR-307-0320


		MARCH 31, 2020



		2020 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

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		22
Shareholder Expenses		22
Schedules of Investments		23
Financial Statements
Statements of Assets and Liabilities		59
Statements of Operations		62
Statements of Changes in Net Assets		65
Financial Highlights		70
Notes to Financial Statements		79
Report of Independent Registered Public Accounting Firm		93
Important Tax Information (Unaudited)		94
Statement Regarding Liquidity Risk Management Program		95
Supplemental Information		96
Trustee and Officer Information		100
General Information		102
Glossary of Terms Used in this Report		103

Market Overview

iShares Trust

Domestic Market Overview

The U.S. Federal Reserve Bank (“Fed”), which had already lowered interest rates three times in 2019 in an attempt to boost a slowing economy, also responded to the crisis. Two emergency interest rate reductions in March 2020 were enacted in an attempt to restore confidence in markets, bringing short-term interest rates down to a range of 0.00%–0.25%. The Fed further acted to stabilize credit markets by launching a bond-buying program that included U.S. Treasuries, corporate and municipal bonds, and securities backed by mortgages and auto loans.


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		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		(4.24	)%		7.77	%		10.80	%		(4.24	)%		45.39	%		178.89	%
Fund Market		(4.26	)		7.76			10.79			(4.26	)		45.32			178.72
Index		(4.08	)		7.93			10.98			(4.08	)		46.46			183.44

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	902.90	$	0.71		$	1,000.00	$	1,024.30	$	0.76		0.15	%

^(a)


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell Top 200 ETF

Portfolio Management Commentary

Large-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020 to their lowest levels in 21 years. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Many companies involved in shale oil production became unprofitable, constraining their ability to repay debt.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Information Technology		26.8	%
Health Care		16.4
Communication Services		12.3
Financials		11.0
Consumer Discretionary		10.2
Consumer Staples		8.1
Industrials		7.0
Energy		2.6
Utilities		2.1
Real Estate		1.8
Materials		1.7

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Microsoft Corp.		6.8	%
Apple Inc.		5.9
Amazon. com Inc.		4.6
Facebook Inc., Class A		2.3
Berkshire Hathaway Inc., Class B		2.0
Johnson & Johnson		2.0
Alphabet Inc., Class C		2.0
Alphabet Inc., Class A		2.0
JPMorgan Chase & Co.		1.6
Visa Inc., Class A		1.6

^(a)

Excludes money market funds.


FUND SUMMARY			5


Fund Summary as of March 31, 2020		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		3.55	%		11.74	%		13.43	%		3.55	%		74.17	%		252.56	%
Fund Market		3.59			11.74			13.42			3.59			74.23			252.30
Index		3.72			11.94			13.65			3.72			75.72			259.45

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	971.70	$	0.99		$	1,000.00	$	1,024.00	$	1.01		0.20	%

^(a)


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell Top 200 Growth ETF

Portfolio Management Commentary

Growth-oriented large-capitalization U.S. stocks advanced during the reporting period despite high market volatility and economic uncertainty caused by the coronavirus pandemic. Information technology stocks contributed the most to the Index’s return, as solid growth and optimism surrounding the rollout of 5G networks offset significant declines due to coronavirus-related disruption. Despite concerns about possible regulatory and political obstacles, the largest information technology companies posted solid earnings growth. Continued growth in cloud computing services for businesses, a reduction of trade tensions between the U.S. and China, and the expansion of services available for mobile customers all helped to power the sector’s growth. The software and services industry was the top contributor, driven by the continued shift toward subscription-based cloud software products, which generate steady revenue streams. Equipment upgrades related to 5G compatibility and anticipation of new mobile phone offerings drove solid performance in the technology hardware and equipment industry.

On the downside, stocks in the industrials sector detracted the most from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. The initial outbreak of the coronavirus in China, which is an important center of manufacturing activity, caused supply chain disruptions as factories closed or reduced production. Subsequent restrictions on movement and activity in developed countries worldwide hindered demand for industrial products. Within the sector, aerospace and defense companies were the largest detractors as travel restrictions led to a sharp decrease in orders for new aircraft, and global air traffic declined. Industrial conglomerates also detracted from the Index’s performance amid declines in factory orders and employment.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Information Technology		40.8	%
Health Care		14.7
Consumer Discretionary		14.3
Communication Services		13.4
Industrials		6.0
Consumer Staples		4.9
Financials		2.6
Real Estate		2.4
Materials		0.9

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Microsoft Corp.		11.4	%
Apple Inc.		10.0
Amazon. com Inc.		7.8
Facebook Inc., Class A		3.8
Alphabet Inc., Class C		3.3
Alphabet Inc., Class A		3.3
Visa Inc., Class A		2.6
UnitedHealth Group Inc.		2.3
Mastercard Inc., Class A		2.1
Merck & Co. Inc.		1.8

^(a)

Excludes money market funds.


FUND SUMMARY			7


Fund Summary as of March 31, 2020		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		(13.72	)%		3.01	%		7.68	%		(13.72	)%		16.01	%		109.64	%
Fund Market		(13.74	)		3.02			7.69			(13.74	)		16.03			109.77
Index		(13.58	)		3.22			7.91			(13.58	)		17.16			114.17

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	817.50	$	0.91		$	1,000.00	$	1,024.00	$	1.01		0.20	%

^(a)


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell Top 200 Value ETF

Portfolio Management Commentary

Value-oriented large-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020. A disagreement between Saudi Arabia and Russia, the second and third largest oil producers in the world, raised expectations for a large increase in oil production. Meanwhile, the coronavirus outbreak precipitated a steep drop in demand for energy. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Oil prices declined below the costs of producing oil with hydraulic fracturing, or fracking, which meant many companies involved in shale oil production became unprofitable, constraining their ability to repay debt.

Financials sector stocks, particularly banks, detracted significantly from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, banks posted solid returns, boosted by lower funding costs due to increased deposits, higher trading revenues, and a rise in consumer lending. Following the coronavirus outbreak, however, banks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies in the many industries that were disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured banks’ profitability.

Stocks in the industrials sector detracted meaningfully from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the industrials sector, the capital goods industry, which produces heavy equipment and machinery, was the largest detractor amid declines in factory orders and employment.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Financials		23.4	%
Health Care		18.8
Consumer Staples		12.9
Communication Services		10.7
Industrials		8.3
Energy		6.5
Information Technology		6.3
Utilities		5.1
Consumer Discretionary		4.1
Materials		2.9
Real Estate		1.0

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Berkshire Hathaway Inc., Class B		5.0	%
Johnson & Johnson		4.1
JPMorgan Chase & Co.		3.9
Procter &Gamble Co. (The)		3.5
Intel Corp.		3.2
Verizon Communications Inc.		3.1
AT&T Inc.		3.0
Pfizer Inc.		2.5
Bank of America Corp.		2.4
Walt Disney Co. (The)		2.4

^(a)

Excludes money market funds.


FUND SUMMARY			9


Fund Summary as of March 31, 2020		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		(8.15	)%		6.09	%		10.25	%		(8.15	)%		34.40	%		165.40	%
Fund Market		(8.16	)		6.10			10.25			(8.16	)		34.44			165.35
Index		(8.03	)		6.22			10.39			(8.03	)		35.23			168.77

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	869.30	$	0.70		$	1,000.00	$	1,024.30	$	0.76		0.15	%

^(a)


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell 1000 ETF

Portfolio Management Commentary

Large- and mid-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020, as the coronavirus outbreak precipitated a steep drop in demand for energy. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Many companies involved in shale oil production became unprofitable, constraining their ability to repay debt.

Stocks in the industrials sector detracted meaningfully from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the industrials sector, the capital goods industry was the largest detractor amid declines in factory orders and employment. Aerospace and defense companies were key detractors as travel restrictions led to a sharp decrease in orders for new aircraft and global air traffic declined.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Information Technology		25.1	%
Health Care		15.3
Financials		11.1
Communication Services		10.3
Consumer Discretionary		10.1
Industrials		8.7
Consumer Staples		7.3
Real Estate		3.6
Utilities		3.5
Materials		2.5
Energy		2.5

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Microsoft Corp.		5.1	%
Apple Inc.		4.5
Amazon. com Inc.		3.5
Facebook Inc., Class A		1.7
Berkshire Hathaway Inc., Class B		1.5
Alphabet Inc., Class C		1.5
Johnson & Johnson		1.5
Alphabet Inc., Class A		1.5
JPMorgan Chase & Co.		1.2
Visa Inc., Class A		1.2

^(a)

Excludes money market funds.


FUND SUMMARY			11


Fund Summary as of March 31, 2020		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		0.68	%		10.16	%		12.75	%		0.68	%		62.21	%		232.14	%
Fund Market		0.66			10.15			12.75			0.66			62.18			232.06
Index		0.91			10.36			12.97			0.91			63.71			238.48

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


		Actual					Hypothetical 5% Return

	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	949.10	$	0.93		$	1,000.00	$	1,024.00	$	0.96		0.19	%

^(a)


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell 1000 Growth ETF

Portfolio Management Commentary

Growth-oriented large- and mid-capitalization U.S. stocks advanced modestly during the reporting period despite high market volatility and the economic uncertainty caused by the coronavirus pandemic. Information technology stocks contributed the most to the Index’s return, as solid growth and optimism surrounding the rollout of 5G networks offset significant declines due to coronavirus-related disruption. Despite concerns about possible regulatory and political obstacles, the largest information technology companies posted solid earnings growth. Continued growth in cloud computing services for businesses, a reduction of trade tensions between the U.S. and China, and the expansion of services available for mobile customers all helped to power the sector’s growth. The software and services industry was a top contributor, driven by the continued shift toward subscription-based cloud software products, which generate steady revenue streams. The technology hardware and equipment industry also helped the Index’s performance, as equipment upgrades related to 5G compatibility and anticipation of new mobile phone offerings drove solid performance in the industry.

On the downside, stocks in the industrials sector detracted the most from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the sector, the capital goods industry was the largest detractor amid declines in factory orders and employment. Aerospace and defense companies were key detractors as travel restrictions led to a sharp decrease in orders for new aircraft and global air traffic declined.

Consumer discretionary stocks detracted modestly from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. The hotels, restaurants, and leisure industry was among the hardest hit by the coronavirus, as stay-at-home orders in the U.S. and Europe and worldwide travel restrictions led to a sharp decrease in revenues for travel and hospitality businesses.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Information Technology		39.8	%
Health Care		15.1
Consumer Discretionary		14.1
Communication Services		11.7
Industrials		8.0
Consumer Staples		4.6
Financials		2.9
Real Estate		2.5
Materials		1.2
Energy		0.1

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Microsoft Corp.		9.2	%
Apple Inc.		8.1
Amazon. com Inc.		6.3
Facebook Inc., Class A		3.1
Alphabet Inc., Class C		2.7
Alphabet Inc., Class A		2.7
Visa Inc., Class A		2.1
UnitedHealth Group Inc.		1.8
Mastercard Inc., Class A		1.7
Merck & Co. Inc.		1.4

^(a)

Excludes money market funds.


FUND SUMMARY			13


Fund Summary as of March 31, 2020		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		(17.30	)%		1.74	%		7.47	%		(17.30	)%		9.02	%		105.59	%
Fund Market		(17.24	)		1.76			7.48			(17.24	)		9.10			105.70
Index		(17.17	)		1.90			7.67			(17.17	)		9.89			109.31

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


		Actual					Hypothetical 5% Return

	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	786.50	$	0.85		$	1,000.00	$	1,024.00	$	0.96		0.19	%

^(a)


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell 1000 Value ETF

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020. A disagreement between Saudi Arabia and Russia, the second and third largest oil producers in the world, raised expectations for a large increase in oil production. Meanwhile, the coronavirus outbreak precipitated a steep drop in demand for energy. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Oil prices declined below the costs of producing oil with hydraulic fracturing, or fracking, which meant many companies involved in shale oil production became unprofitable, constraining their ability to repay debt.

Financials sector stocks, particularly banks, detracted significantly from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, banks posted solid returns, boosted by lower funding costs due to increased deposits, higher trading revenues, and a rise in consumer lending. Following the coronavirus outbreak, however, banks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies in the many industries disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured banks’ profitability.

Stocks in the industrials sector detracted meaningfully from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the industrials sector, the capital goods industry, which produces heavy equipment and machinery, was the largest detractor amid declines in factory orders and employment.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Financials		21.3	%
Health Care		15.5
Consumer Staples		10.6
Industrials		9.5
Communication Services		8.6
Utilities		7.8
Information Technology		6.8
Energy		5.4
Consumer Discretionary		5.2
Real Estate		5.1
Materials		4.2

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Berkshire Hathaway Inc., Class B		3.5	%
Johnson & Johnson		2.9
JPMorgan Chase & Co.		2.7
Procter &Gamble Co. (The)		2.4
Intel Corp.		2.2
Verizon Communications Inc.		2.2
AT&T Inc.		2.1
Pfizer Inc.		1.8
Bank of America Corp.		1.6
Walt Disney Co. (The)		1.6

^(a)

Excludes money market funds.


FUND SUMMARY			15


Fund Summary as of March 31, 2020		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		(24.04	)%		(0.24	)%		6.91	%		(24.04	)%		(1.21	)%		95.05	%
Fund Market		(24.16	)		(0.27	)		6.90			(24.16	)		(1.34	)		94.86
Index		(23.99	)		(0.25	)		6.90			(23.99	)		(1.23	)		94.94

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


		Actual					Hypothetical 5% Return

	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	762.60	$	0.84		$	1,000.00	$	1,024.00	$	0.96		0.19	%

^(a)


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell 2000 ETF

Portfolio Management Commentary

Small-capitalization U.S. stocks declined sharply for the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Financials sector stocks detracted the most from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns. Bank profits were boosted by increased deposits, higher trading revenues, and a rise in consumer lending. Following the coronavirus outbreak, however, financials stocks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies that were disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured banks’ profitability.

Consumer discretionary stocks detracted significantly from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. Restrictions on social contact affected retailers, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well. The hotels, restaurants, and leisure industry also detracted, as stay-at-home orders and worldwide travel restrictions led to a sharp decrease in revenues.

Stocks in the industrials sector also weighed on the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. The capital goods industry, which produces heavy equipment and machinery, was the sector’s largest detractor amid declines in factory orders and employment.

The energy sector also detracted from the Index’s return. Already low oil prices declined rapidly in February 2020, as a disagreement between Saudi Arabia and Russia raised expectations of large oil production increases, while the coronavirus outbreak precipitated a steep drop in demand for energy. Oil, gas, and consumable fuels stocks led the sector’s decline amid concerns about credit downgrades and defaults as oil prices fell below the costs of production.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Health Care		21.3	%
Financials		16.6
Industrials		15.3
Information Technology		15.1
Consumer Discretionary		8.8
Real Estate		7.6
Utilities		4.5
Materials		3.4
Consumer Staples		3.4
Communication Services		2.3
Energy		1.7

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Teladoc Health Inc.		0.8	%
Novocure Ltd.		0.4
Amedisys Inc.		0.4
Generac Holdings Inc.		0.4
Lumentum Holdings Inc.		0.4
Repligen Corp.		0.4
Haemonetics Corp.		0.4
ACADIA Pharmaceuticals Inc.		0.3
Trex Co. Inc.		0.3
Rexford Industrial Realty Inc.		0.3

^(a)

Excludes money market funds.


FUND SUMMARY			17


Fund Summary as of March 31, 2020		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		(18.61	)%		1.75	%		8.96	%		(18.61	)%		9.09	%		135.94	%
Fund Market		(18.80	)		1.72			8.95			(18.80	)		8.89			135.58
Index		(18.58	)		1.70			8.89			(18.58	)		8.80			134.30

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	826.70	$	1.10		$	1,000.00	$	1,023.80	$	1.21		0.24	%

^(a)


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell 2000 Growth ETF

Portfolio Management Commentary

Growth-oriented small-capitalization U.S. stocks declined sharply during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Consumer discretionary stocks detracted the most from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on the consumer discretionary spending that provides the sector’s revenues. The hotels, restaurants, and leisure industry was among the hardest hit by the coronavirus, as stay-at-home orders in the U.S. and Europe and worldwide travel restrictions led to a sharp decrease in revenues for businesses related to travel and hospitality. Restrictions on social contact also affected retailers and apparel brands, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well.

The industrials sector detracted meaningfully from the Index’s performance. Factories closed or reduced production, and restrictions on movement and activity hindered demand, driving an abrupt slowdown in industrial activity. Commercial and professional services stocks were leading sector detractors, as investors anticipated sharply lower demand for employment services, outsourcing, and office supplies. The capital goods industry, which produces heavy equipment and machinery, also detracted amid declines in factory orders and employment.

Healthcare stocks detracted from the Index’s return, driven by concerns about supply chain disruptions and delayed development schedules in the pharmaceuticals, biotechnology, and life sciences industry. Healthcare equipment and supplies declined, as hospitals deferred elective procedures to save capacity for a surge in coronavirus patients, leading to anticipated lower demand for the medical equipment used for elective procedures.

Information technology stocks also detracted from the Index’s performance despite a generally favorable environment prior to the coronavirus outbreak. Despite relatively strong revenue growth, small-capitalization application software stocks declined, as several companies reported earnings that fell short of investors’ relatively high expectations for growth.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Health Care		33.9	%
Information Technology		18.2
Industrials		17.5
Consumer Discretionary		9.5
Financials		5.9
Real Estate		4.4
Consumer Staples		3.4
Materials		2.7
Communication Services		2.3
Utilities		1.9
Energy		0.3

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Teladoc Health Inc.		1.4	%
Novocure Ltd.		0.7
Amedisys Inc.		0.7
Generac Holdings Inc.		0.7
Repligen Corp.		0.6
Haemonetics Corp.		0.6
ACADIA Pharmaceuticals Inc.		0.6
Trex Co. Inc.		0.6
Five9 Inc.		0.6
Science Applications International Corp.		0.5

^(a)

Excludes money market funds.


FUND SUMMARY			19


Fund Summary as of March 31, 2020		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		(29.79	)%		(2.53	)%		4.66	%		(29.79	)%		(12.03	)%		57.77	%
Fund Market		(29.95	)		(2.57	)		4.65			(29.95	)		(12.21	)		57.51
Index		(29.64	)		(2.42	)		4.79			(29.64	)		(11.55	)		59.65

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	697.40	$	1.02		$	1,000.00	$	1,023.80	$	1.21		0.24	%

^(a)


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell 2000 Value ETF

Portfolio Management Commentary

Value-oriented small-capitalization U.S. stocks declined sharply during the reporting period due to high market volatility and economic uncertainty caused by the coronavirus pandemic. Financials sector stocks detracted the most from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns, as bank profits were boosted by increased deposits, higher trading revenues, and a rise in consumer lending. Following the outbreak, however, financials stocks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured profitability, particularly for banks that already had low deposit costs. Mortgage real estate investment trusts, which rely heavily on short-term borrowing, struggled when liquidity in funding markets decreased.

The energy sector detracted significantly from the Index’s return, as already low oil prices declined to their lowest levels in 21 years. The oil, gas, and consumable fuels industry drove the sector’s performance amid concerns about credit downgrades and defaults. Oil prices declined below the costs of shale oil production, constraining the ability of producers to repay debt. Energy equipment and services stocks were also key detractors, as low oil prices caused producers to postpone new drilling and reduce the number of active wells.

Consumer discretionary stocks detracted meaningfully from the Index’s return, as massive layoffs and store closures weighed on consumer discretionary spending. Restrictions on social contact affected retailers and apparel brands, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well. Hotels, restaurants, and leisure companies were among the hardest hit by the coronavirus, as stay-at-home orders in the U.S. and Europe and worldwide travel restrictions led to a sharp decrease in revenues.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Financials		29.6	%
Industrials		12.5
Real Estate		11.5
Information Technology		11.4
Consumer Discretionary		7.8
Utilities		7.6
Health Care		6.1
Materials		4.3
Energy		3.5
Consumer Staples		3.5
Communication Services		2.2

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Lumentum Holdings Inc.		0.9	%
Rexford Industrial Realty Inc.		0.7
Tech Data Corp.		0.7
ONE Gas Inc.		0.7
Portland General Electric Co.		0.7
FTI Consulting Inc.		0.6
Black Hills Corp.		0.6
Cirrus Logic Inc.		0.6
Spire Inc.		0.6
Healthcare Realty Trust Inc.		0.6

^(a)

Excludes money market funds.


FUND SUMMARY			21

About Fund Performance

Shareholder Expenses


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Russell Top 200 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.0%
Boeing Co. (The)		11,057	$	1,649,041
General Dynamics Corp.		5,325		704,551
Lockheed Martin Corp.		5,160		1,748,982
Northrop Grumman Corp.		3,251		983,590
Raytheon Co.		5,846		766,703
United Technologies Corp.		16,937		1,597,667

				7,450,534

Air Freight & Logistics — 0.5%
FedEx Corp.		5,037		610,787
United Parcel Service Inc., Class B		14,576		1,361,690

				1,972,477

Airlines — 0.2%
Delta Air Lines Inc.		12,044		343,615
Southwest Airlines Co.		9,651		343,672

				687,287

Automobiles — 0.7%
Ford Motor Co.		81,372		393,027
General Motors Co.		25,885		537,890
Tesla Inc.^(a)		3,008		1,576,192

				2,507,109

Banks — 4.4%
Bank of America Corp.		166,911		3,543,521
Citigroup Inc.		44,119		1,858,292
JPMorgan Chase & Co.		65,117		5,862,484
PNC Financial Services Group Inc. (The)		9,027		864,064
Truist Financial Corp.		28,079		865,956
U.S. Bancorp.		29,197		1,005,837
Wells Fargo & Co.		77,783		2,232,372

				16,232,526

Beverages — 2.2%
Coca-Cola Co. (The)		80,043		3,541,903
Constellation Brands Inc., Class A		3,316		475,382
Keurig Dr Pepper Inc.		4,990		121,107
Monster Beverage Corp.^(a)		7,954		447,492
PepsiCo Inc.		29,251		3,513,045

				8,098,929

Biotechnology —2.8%
AbbVie Inc.		30,882		2,352,900
Alexion Pharmaceuticals Inc.^(a)		4,431		397,860
Amgen Inc.		12,314		2,496,417
Biogen Inc.^(a)		3,613		1,143,081
Gilead Sciences Inc.		26,632		1,991,008
Regeneron Pharmaceuticals Inc.^(a)		1,698		829,116
Vertex Pharmaceuticals Inc.^(a)		5,411		1,287,547

				10,497,929

Building Products — 0.1%
Johnson Controls International PLC		15,882		428,179


Capital Markets — 2.4%
Bank of New York Mellon Corp. (The)		16,788		565,420
BlackRock Inc.^(b)		2,488		1,094,645
Charles Schwab Corp. (The)		24,107		810,477
CME Group Inc.		7,392		1,278,151
Goldman Sachs Group Inc. (The)		6,652		1,028,333
Intercontinental Exchange Inc.		11,468		926,041
Moody’s Corp.		3,391		717,196
Morgan Stanley		24,429		830,586


Security	Shares		Value

Capital Markets (continued)
S&P Global Inc.		5,131	$	1,257,352
TD Ameritrade Holding Corp.		5,555		192,536

				8,700,737

Chemicals — 1.7%
Air Products & Chemicals Inc.		4,598		917,807
Dow Inc.^(a)		15,608		456,378
DuPont de Nemours Inc.		15,592		531,687
Ecolab Inc.		5,247		817,640
Linde PLC		11,213		1,939,849
LyondellBasell Industries NV, Class A		5,523		274,107
PPG Industries Inc.		4,922		411,479
Sherwin-Williams Co. (The)		1,735		797,267

				6,146,214

Commercial Services & Supplies — 0.2%
Waste Management Inc.		8,855		819,619


Communications Equipment — 1.0%
Cisco Systems Inc.		89,456		3,516,515


Consumer Finance — 0.5%
American Express Co.		13,823		1,183,387
Capital One Financial Corp.		9,517		479,847

				1,663,234

Diversified Financial Services — 2.0%
Berkshire Hathaway Inc., Class B^(a)		40,845		7,467,691


Diversified Telecommunication Services — 2.5%
AT&T Inc.		152,454		4,444,034
Verizon Communications Inc.		86,424		4,643,562

				9,087,596

Electric Utilities — 1.7%
American Electric Power Co. Inc.		10,309		824,514
Duke Energy Corp.		15,193		1,228,810
Exelon Corp.		20,205		743,746
NextEra Energy Inc.		10,191		2,452,158
Southern Co. (The)		21,702		1,174,946

				6,424,174

Electrical Equipment — 0.3%
Eaton Corp. PLC		8,656		672,485
Emerson Electric Co.		12,865		613,017

				1,285,502

Energy Equipment & Services — 0.1%
Schlumberger Ltd.		29,001		391,224


Entertainment — 2.3%
Activision Blizzard Inc.		15,833		941,747
Electronic Arts Inc.^(a)		5,951		596,112
Netflix Inc.^(a)		8,798		3,303,649
Walt Disney Co. (The)		36,454		3,521,456

				8,362,964

Equity Real Estate Investment Trusts (REITs) — 1.8%
American Tower Corp.		9,171		1,996,985
Crown Castle International Corp.		8,642		1,247,905
Equinix Inc.		1,777		1,109,861
Prologis Inc.		15,276		1,227,732
Public Storage		3,082		612,116
Simon Property Group Inc.		6,403		351,269

				6,545,868


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Top 200 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food & Staples Retailing —1.9%
Costco Wholesale Corp.		9,175	$	2,616,068
Sysco Corp.		9,752		444,984
Walgreens Boots Alliance Inc.		15,758		720,928
Walmart Inc.		29,018		3,297,025

				7,079,005

Food Products — 0.7%
General Mills Inc.		12,702		670,285
Kraft Heinz Co. (The)		12,946		320,284
Mondelez International Inc., Class A		29,679		1,486,324

				2,476,893

Health Care Equipment & Supplies — 3.6%
Abbott Laboratories		35,958		2,837,446
Baxter International Inc.		10,046		815,635
Becton Dickinson and Co.		5,594		1,285,333
Boston Scientific Corp.^(a)		28,983		945,715
Danaher Corp.		12,867		1,780,921
Edwards Lifesciences Corp.^(a)		4,317		814,273
Intuitive Surgical Inc.^(a)		2,391		1,184,047
Medtronic PLC		28,029		2,527,655
Stryker Corp.		7,161		1,192,235

				13,383,260

Health Care Providers & Services — 2.8%
Anthem Inc.		5,284		1,199,679
Cigna Corp.^(a)		7,644		1,354,364
CVS Health Corp.		27,104		1,608,080
HCA Healthcare Inc.		5,604		503,520
Humana Inc.		2,752		864,183
UnitedHealth Group Inc.		19,730		4,920,268

				10,450,094

Hotels, Restaurants & Leisure — 1.5%
Carnival Corp.		8,136		107,151
Las Vegas Sands Corp.		6,957		295,464
Marriott International Inc./MD, Class A		5,724		428,212
McDonald’s Corp.		15,737		2,602,113
Starbucks Corp.		24,645		1,620,162
Yum! Brands Inc.		6,367		436,331

				5,489,433

Household Products — 2.1%
Colgate-Palmolive Co.		17,547		1,164,419
Kimberly-Clark Corp.		7,114		909,667
Procter & Gamble Co. (The)		50,806		5,588,660

				7,662,746

Industrial Conglomerates — 1.5%
3M Co.		11,682		1,594,710
General Electric Co.		180,671		1,434,528
Honeywell International Inc.		15,017		2,009,124
Roper Technologies Inc.		2,145		668,832

				5,707,194

Insurance — 1.8%
Aflac Inc.		15,143		518,496
Allstate Corp. (The)		6,613		606,610
American International Group Inc.		18,100		438,925
Aon PLC		4,814		794,503
Chubb Ltd.		9,408		1,050,779
Marsh & McLennan Companies Inc.		10,565		913,450
MetLife Inc.		16,173		494,409
Progressive Corp. (The)		12,154		897,451
Prudential Financial Inc.		8,283		431,876


Security	Shares		Value

Insurance (continued)
Travelers Companies Inc. (The)		5,303	$	526,853

				6,673,352

Interactive Media & Services — 6.2%
Alphabet Inc., Class A^(a)		6,247		7,258,701
Alphabet Inc., Class C, NVS^(a)		6,254		7,272,214
Facebook Inc., Class A^(a)		49,906		8,324,321

				22,855,236

Internet & Direct Marketing Retail — 5.1%
Amazon.com Inc.^(a)		8,732		17,024,955
Booking Holdings Inc.^(a)		867		1,166,392
eBay Inc.		15,746		473,325

				18,664,672

IT Services — 5.5%
Accenture PLC, Class A		13,303		2,171,848
Automatic Data Processing Inc.		9,084		1,241,601
Cognizant Technology Solutions Corp., Class A		11,567		537,518
Fidelity National Information Services Inc.		12,737		1,549,328
International Business Machines Corp.		18,517		2,054,091
Mastercard Inc., Class A		18,512		4,471,759
PayPal Holdings Inc.^(a)		24,524		2,347,928
Visa Inc., Class A		35,782		5,765,196

				20,139,269

Life Sciences Tools & Services — 0.9%
Illumina Inc.^(a)		3,069		838,206
Thermo Fisher Scientific Inc.		8,327		2,361,537

				3,199,743

Machinery — 0.8%
Caterpillar Inc.		11,187		1,298,139
Deere & Co.		5,910		816,526
Illinois Tool Works Inc.		6,678		949,077

				3,063,742

Media — 1.2%
Charter Communications Inc., Class A^(a)		3,126		1,363,905
Comcast Corp., Class A		94,054		3,233,577

				4,597,482

Metals & Mining — 0.0%
Southern Copper Corp.		1,679		47,281


Multi-Utilities — 0.3%
Dominion Energy Inc.		17,153		1,238,275


Multiline Retail — 0.3%
Target Corp.		10,220		950,153


Oil, Gas & Consumable Fuels — 2.5%
Chevron Corp.		39,805		2,884,270
ConocoPhillips		22,803		702,332
EOG Resources Inc.		12,099		434,596
Exxon Mobil Corp.		88,394		3,356,320
Kinder Morgan Inc./DE		40,774		567,574
Marathon Petroleum Corp.		13,342		315,138
Occidental Petroleum Corp.		18,691		216,442
Phillips 66		9,170		491,971
Valero Energy Corp.		8,511		386,059

				9,354,702

Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		4,539		723,244


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Top 200 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals — 6.2%
Allergan PLC		6,842	$	1,211,718
Bristol-Myers Squibb Co.		48,829		2,721,728
Eli Lilly & Co.		17,764		2,464,222
Johnson & Johnson		55,476		7,274,568
Merck & Co. Inc.		53,182		4,091,823
Pfizer Inc.		116,175		3,791,952
Zoetis Inc.		9,988		1,175,488

				22,731,499

Road & Rail — 1.2%
CSX Corp.		15,362		880,243
Norfolk Southern Corp.		5,408		789,568
Uber Technologies Inc.^(a)		19,674		549,298
Union Pacific Corp.		14,495		2,044,375

				4,263,484

Semiconductors & Semiconductor Equipment — 4.4%
Analog Devices Inc.		7,681		688,602
Applied Materials Inc.		19,269		882,906
Broadcom Inc.		8,070		1,913,397
Intel Corp.		89,375		4,836,975
Micron Technology Inc.^(a)		23,059		969,861
NVIDIA Corp.		12,185		3,211,966
QUALCOMM Inc.		23,853		1,613,655
Texas Instruments Inc.		19,576		1,956,230

				16,073,592

Software — 9.8%
Adobe Inc.^(a)		10,046		3,197,039
Autodesk Inc.^(a)		4,598		717,748
Intuit Inc.		5,198		1,195,540
Microsoft Corp.		157,948		24,909,979
Oracle Corp.		41,901		2,025,075
salesforce.com Inc.^(a)		17,535		2,524,689
ServiceNow Inc.^(a)		3,892		1,115,370
VMware Inc., Class A^(a)		1,588		192,307
Workday Inc., Class A^(a)		3,473		452,254

				36,330,001

Specialty Retail — 2.0%
Home Depot Inc. (The)		22,772		4,251,760
Lowe’s Companies Inc.		16,123		1,387,384


Security	Shares		Value

Specialty Retail (continued)
Ross Stores Inc.		7,412	$	644,622
TJX Companies Inc. (The)		25,318		1,210,454

				7,494,220

Technology Hardware, Storage & Peripherals — 6.1%
Apple Inc.		86,084		21,890,300
Dell Technologies Inc., Class C^(a)		3,119		123,357
HP Inc.		30,216		524,550

				22,538,207

Textiles, Apparel & Luxury Goods — 0.6%
NIKE Inc., Class B		24,404		2,019,187
VF Corp.		6,447		348,654

				2,367,841

Tobacco — 1.0%
Altria Group Inc.		39,066		1,510,682
Philip Morris International Inc.		32,453		2,367,771

				3,878,453

Wireless Telecommunication Services — 0.1%
T-Mobile U.S. Inc.^(a)		6,574		551,559


Total Common Stocks — 99.7% (Cost: $408,101,653)				368,270,940


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(b)(c)		625,000		625,000


Total Short-Term Investments — 0.2% (Cost: $625,000)				625,000


Total Investments in Securities — 99.9% (Cost: $408,726,653)				368,895,940

Other Assets, Less Liabilities — 0.1%				347,527


Net Assets — 100.0%			$	369,243,467

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	0	^(b)	—		—	$	—	$	5,516	^(c)	$	(3,586	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	234,377	390,623	^(b)	—		625,000		625,000		10,053			—			—
BlackRock Inc.	1,351	1,556		(419	)	2,488		1,094,645		23,010			16,665			(40,646	)

							$	1,719,645	$	38,579		$	13,079		$	(40,646	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Top 200 ETF

Futures Contracts

Description

Number of

Contracts

Expiration
Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

S&P 500 E-Mini Index

06/19/20

$ 899

(22,395

)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	22,395

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(130,785	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(27,762	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	390,269

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	368,270,940		$	—	$	—	$	368,270,940
Money Market Funds		625,000			—		—		625,000

	$	368,895,940		$	—	$	—	$	368,895,940

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(22,395	)	$	—	$	—	$	(22,395	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.2%
Boeing Co. (The)		84,694	$	12,631,263
General Dynamics Corp.		2,704		357,766
Lockheed Martin Corp.		39,568		13,411,574
Northrop Grumman Corp.		24,967		7,553,766
Raytheon Co.		27,836		3,650,691

				37,605,060

Air Freight & Logistics — 0.6%
United Parcel Service Inc., Class B		111,742		10,438,938


Airlines — 0.1%
Delta Air Lines Inc.		18,442		526,150
Southwest Airlines Co.		44,574		1,587,280

				2,113,430

Automobiles — 0.7%
Tesla Inc.^(a)(b)		23,084		12,096,016


Beverages — 2.7%
Coca-Cola Co. (The)		418,414		18,514,820
Monster Beverage Corp.^(a)		60,855		3,423,702
PepsiCo Inc.		188,302		22,615,070

				44,553,592

Biotechnology — 3.2%
AbbVie Inc.		236,654		18,030,668
Alexion Pharmaceuticals Inc.^(a)		25,703		2,307,872
Amgen Inc.		86,824		17,601,830
Biogen Inc.^(a)(b)		9,559		3,024,276
Gilead Sciences Inc.		29,455		2,202,056
Regeneron Pharmaceuticals Inc.^(a)		2,668		1,302,758
Vertex Pharmaceuticals Inc.^(a)		41,505		9,876,115

				54,345,575

Capital Markets — 1.4%
Charles Schwab Corp. (The)		110,454		3,713,463
Intercontinental Exchange Inc.		35,087		2,833,275
Moody’s Corp.		26,075		5,514,863
S&P Global Inc.		39,331		9,638,062
TD Ameritrade Holding Corp.		37,668		1,305,573

				23,005,236

Chemicals — 0.9%
Air Products & Chemicals Inc.		5,067		1,011,424
Ecolab Inc.		40,456		6,304,259
PPG Industries Inc.		12,084		1,010,222
Sherwin-Williams Co. (The)		13,227		6,078,071

				14,403,976

Commercial Services & Supplies — 0.3%
Waste Management Inc.		53,314		4,934,744


Communications Equipment — 1.6%
Cisco Systems Inc.		685,645		26,952,705


Consumer Finance — 0.3%
American Express Co.		59,004		5,051,332


Electrical Equipment — 0.0%
Emerson Electric Co.		8,374		399,021


Entertainment — 1.8%
Activision Blizzard Inc.		6,423		382,040
Electronic Arts Inc.^(a)		41,270		4,134,016


Security	Shares		Value

Entertainment (continued)
Netflix Inc.^(a)		67,405	$	25,310,577

				29,826,633

Equity Real Estate Investment Trusts (REITs) — 2.4%
American Tower Corp.		70,284		15,304,341
Crown Castle International Corp.		66,291		9,572,420
Equinix Inc.		13,580		8,481,661
Public Storage.		18,003		3,575,576
Simon Property Group Inc.		43,822		2,404,075

				39,338,073

Food & Staples Retailing —1.4%
Costco Wholesale Corp.		70,316		20,049,201
Sysco Corp.		75,720		3,455,104

				23,504,305

Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		119,247		9,409,781
Baxter International Inc.		36,157		2,935,587
Becton Dickinson and Co.		3,588		824,415
Boston Scientific Corp.^(a)		221,708		7,234,332
Danaher Corp.		5,182		717,240
Edwards Lifesciences Corp.^(a)		33,113		6,245,774
Intuitive Surgical Inc.^(a)		18,308		9,066,304
Stryker Corp.		54,818		9,126,649

				45,560,082

Health Care Providers & Services — 2.9%
Anthem Inc.		11,891		2,699,733
Cigna Corp.^(a)		17,998		3,188,886
HCA Healthcare Inc.		25,637		2,303,484
Humana Inc.		9,031		2,835,915
UnitedHealth Group Inc.		151,259		37,720,969

				48,748,987

Hotels, Restaurants & Leisure — 1.4%
Las Vegas Sands Corp.^(b)		25,674		1,090,375
Marriott International Inc./MD, Class A		44,045		3,295,006
McDonald’s Corp.		19,495		3,223,498
Starbucks Corp.		188,952		12,421,705
Yum! Brands Inc.		43,155		2,957,412

				22,987,996

Household Products — 0.2%
Procter & Gamble Co. (The)		22,639		2,490,290


Industrial Conglomerates — 1.1%
3M Co.		68,462		9,345,747
Honeywell International Inc.		56,049		7,498,796
Roper Technologies Inc.		2,602		811,330

				17,655,873

Insurance — 0.9%
Aon PLC		36,674		6,052,677
Marsh & McLennan Companies Inc.		71,049		6,142,897
Progressive Corp. (The)		30,588		2,258,618
Travelers Companies Inc. (The)		6,692		664,850

				15,119,042

Interactive Media &Services — 10.4%
Alphabet Inc., Class A^(a)		47,918		55,678,320
Alphabet Inc., Class C, NVS^(a)		47,984		55,796,275
Facebook Inc., Class A^(a)		382,480		63,797,664

				175,272,259

Internet & Direct Marketing Retail — 8.5%
Amazon.com Inc.^(a)		66,931		130,496,709


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Internet & Direct Marketing Retail (continued)
Booking Holdings Inc.^(a)		6,681	$	8,988,083
eBay Inc.		120,902		3,634,314

				143,119,106

IT Services — 8.3%
Accenture PLC, Class A		102,003		16,653,010
Automatic Data Processing Inc.		69,570		9,508,827
Cognizant Technology Solutions Corp., Class A		6,766		314,416
Fidelity National Information Services Inc.		59,623		7,252,542
International Business Machines Corp.		85,838		9,522,009
Mastercard Inc., Class A		141,894		34,275,915
PayPal Holdings Inc.^(a)		188,020		18,001,035
Visa Inc., Class A		274,207		44,180,232

				139,707,986

Life Sciences Tools & Services — 1.1%
Illumina Inc.^(a)		23,424		6,397,563
Thermo Fisher Scientific Inc.		43,453		12,323,271

				18,720,834

Machinery — 0.5%
Caterpillar Inc.		6,718		779,556
Deere & Co.		5,000		690,800
Illinois Tool Works Inc.		51,123		7,265,601

				8,735,957

Media — 1.1%
Charter Communications Inc., Class A^(a)		14,078		6,142,372
Comcast Corp., Class A		338,777		11,647,153

				17,789,525

Metals & Mining — 0.0%
Southern Copper Corp.		9,349		263,268


Multiline Retail — 0.0%
Target Corp.		4,142		385,082


Personal Products — 0.3%
Estee Lauder Companies Inc. (The), Class A		34,976		5,573,076


Pharmaceuticals — 4.7%
Bristol-Myers Squibb Co.		219,670		12,244,406
Eli Lilly & Co.		136,117		18,882,150
Johnson & Johnson		64,139		8,410,547
Merck & Co. Inc.		386,453		29,733,694
Zoetis Inc.		76,544		9,008,463

				78,279,260

Road & Rail — 1.2%
CSX Corp.		42,649		2,443,788
Norfolk Southern Corp.		5,613		819,498
Uber Technologies Inc.^(a)(b)		16,265		454,119
Union Pacific Corp.		111,134		15,674,339

				19,391,744

Semiconductors & Semiconductor Equipment — 4.2%
Analog Devices Inc.		7,841		702,946
Applied Materials Inc.^(b)		79,325		3,634,672
Broadcom Inc.		61,813		14,655,862
NVIDIA Corp.		93,375		24,613,650
QUALCOMM Inc.		182,777		12,364,864
Texas Instruments Inc.		150,037		14,993,197

				70,965,191


Security	Shares		Value

Software — 16.5%
Adobe Inc.^(a)		77,001	$	24,504,798
Autodesk Inc.^(a)		27,280		4,258,408
Intuit Inc.		39,801		9,154,230
Microsoft Corp.		1,210,526		190,912,056
Oracle Corp.		321,134		15,520,406
salesforce.com Inc.^(a)		134,378		19,347,745
ServiceNow Inc.^(a)		29,785		8,535,785
VMware Inc., Class A^(a)		12,414		1,503,335
Workday Inc., Class A^(a)(b)		26,542		3,456,299

				277,193,062

Specialty Retail — 2.6%
Home Depot Inc. (The)		99,455		18,569,243
Lowe’s Companies Inc.		123,577		10,633,801
Ross Stores Inc.		56,796		4,939,548
TJX Companies Inc. (The)		194,081		9,279,013

				43,421,605

Technology Hardware, Storage & Peripherals — 10.1%
Apple Inc.		659,774		167,773,930
Dell Technologies Inc., Class C^(a)(b)		17,263		682,752
HP Inc.		12,090		209,882

				168,666,564

Textiles, Apparel & Luxury Goods — 1.1%
NIKE Inc., Class B		187,119		15,482,226
VF Corp		49,369		2,669,876

				18,152,102

Tobacco — 0.3%
Altria Group Inc.		146,570		5,667,862


Wireless Telecommunication Services — 0.1%
T-Mobile U.S. Inc.^(a)		26,202		2,198,348


Total Common Stocks — 99.8% (Cost: $1,451,072,436)				1,674,633,737


Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		8,966,250		8,964,457
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		2,976,000		2,976,000

				11,940,457


Total Short-Term Investments — 0.7% (Cost: $11,933,303)				11,940,457


Total Investments in Securities — 100.5% (Cost: $1,463,005,739)				1,686,574,194

Other Assets, Less Liabilities — (0.5)%				(7,971,149	)


Net Assets — 100.0%			$	1,678,603,045

^(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.


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Top 200 Growth ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	5,098,460	3,867,790		8,966,250	$	8,964,457	$	69,326	^(b)	$	(29,125	)	$	6,707
BlackRock Cash Funds: Treasury, SL Agency Shares	3,943,519	(967,519	)	2,976,000		2,976,000		56,930			—			—

					$	11,940,457	$	126,256		$	(29,125	)	$	6,707

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		29		06/19/20	$	3,726	$	(119,725	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	119,725

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(642,545	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(209,878	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	2,703,741

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

Fair Value Measurements


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Top 200 Growth ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,674,633,737		$	—	$	—	$	1,674,633,737
Money Market Funds		11,940,457			—		—		11,940,457

	$	1,686,574,194		$	—	$	—	$	1,686,574,194

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(119,725	)	$	—	$	—	$	(119,725	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.7%
General Dynamics Corp.		12,859	$	1,701,375
Raytheon Co.		5,761		755,555
United Technologies Corp.		43,955		4,146,275

				6,603,205

Air Freight & Logistics — 0.4%
FedEx Corp.		13,036		1,580,745


Airlines — 0.3%
Delta Air Lines Inc.		24,692		704,463
Southwest Airlines Co.		10,140		361,085

				1,065,548

Automobiles — 0.6%
Ford Motor Co.		212,277		1,025,298
General Motors Co.		67,106		1,394,463

				2,419,761

Banks — 10.8%
Bank of America Corp.		433,124		9,195,223
Citigroup Inc.		114,502		4,822,824
JPMorgan Chase & Co.		168,968		15,212,189
PNC Financial Services Group Inc. (The)		23,392		2,239,082
Truist Financial Corp.		72,629		2,239,878
U.S. Bancorp.		75,572		2,603,456
Wells Fargo & Co.		201,847		5,793,009

				42,105,661

Beverages — 1.5%
Coca-Cola Co. (The)		66,132		2,926,341
Constellation Brands Inc., Class A		8,605		1,233,613
Keurig Dr Pepper Inc.		12,796		310,559
PepsiCo Inc.		12,123		1,455,972

				5,926,485

Biotechnology —2.3%
Alexion Pharmaceuticals Inc.^(a)		2,810		252,310
Amgen Inc.		2,569		520,813
Biogen Inc.^(a)		6,167		1,951,116
Gilead Sciences Inc.		59,174		4,423,848
Regeneron Pharmaceuticals Inc.^(a)		3,506		1,711,945

				8,860,032

Building Products — 0.3%
Johnson Controls International PLC		41,322		1,114,041


Capital Markets — 3.8%
Bank of New York Mellon Corp. (The)		43,323		1,459,119
BlackRock Inc.^(b)		6,405		2,818,008
Charles Schwab Corp. (The)		24,874		836,264
CME Group Inc.		19,197		3,319,353
Goldman Sachs Group Inc. (The)		17,278		2,671,006
Intercontinental Exchange Inc.		17,884		1,444,133
Morgan Stanley		62,946		2,140,164
TD Ameritrade Holding Corp.		1,885		65,334

				14,753,381

Chemicals — 2.8%
Air Products & Chemicals Inc.		10,207		2,037,419
Dow Inc.^(a)		40,497		1,184,132
DuPont de Nemours Inc.		40,111		1,367,785
Linde PLC		29,100		5,034,300
LyondellBasell Industries NV, Class A		14,362		712,786


Security	Shares		Value

Chemicals (continued)
PPG Industries Inc.		8,631	$	721,552

				11,057,974

Commercial Services & Supplies — 0.1%
Waste Management Inc.		5,056		467,983


Consumer Finance — 0.7%
American Express Co.		15,826		1,354,864
Capital One Financial Corp.		24,569		1,238,769

				2,593,633

Diversified Financial Services — 5.0%
Berkshire Hathaway Inc., Class B^(a)		105,988		19,377,786


Diversified Telecommunication Services — 6.0%
AT&T Inc.		395,574		11,530,982
Verizon Communications Inc.		224,239		12,048,362

				23,579,344

Electric Utilities — 4.3%
American Electric Power Co. Inc.		26,715		2,136,666
Duke Energy Corp.		39,499		3,194,679
Exelon Corp.		52,445		1,930,500
NextEra Energy Inc.		26,453		6,365,121
Southern Co. (The)		56,423		3,054,741

				16,681,707

Electrical Equipment — 0.8%
Eaton Corp. PLC		22,317		1,733,808
Emerson Electric Co.		30,232		1,440,555

				3,174,363

Energy Equipment & Services — 0.3%
Schlumberger Ltd.		74,907		1,010,495


Entertainment — 3.0%
Activision Blizzard Inc.		38,754		2,305,088
Electronic Arts Inc.^(a)		1,532		153,460
Walt Disney Co. (The)		94,595		9,137,877

				11,596,425

Equity Real Estate Investment Trusts (REITs) — 0.9%
Prologis Inc.		39,721		3,192,377
Public Storage		1,970		391,262
Simon Property Group Inc.		1,878		103,027

				3,686,666

Food & Staples Retailing — 2.7%
Walgreens Boots Alliance Inc.		40,748		1,864,221
Walmart Inc.		75,290		8,554,450

				10,418,671

Food Products — 1.6%
General Mills Inc.		32,717		1,726,476
Kraft Heinz Co. (The)		33,670		832,996
Mondelez International Inc., Class A		77,047		3,858,514

				6,417,986

Health Care Equipment & Supplies — 4.9%
Abbott Laboratories		52,932		4,176,864
Baxter International Inc.		13,825		1,122,452
Becton Dickinson and Co.		13,288		3,053,184
Danaher Corp.		31,621		4,376,662
Medtronic PLC		72,709		6,556,898

				19,286,060

Health Care Providers & Services — 2.7%
Anthem Inc.		9,712		2,205,012


SCHEDULES OF INVESTMENTS			31

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Cigna Corp.^(a)		13,753	$	2,436,756
CVS Health Corp.		70,361		4,174,518
HCA Healthcare Inc.		5,889		529,127
Humana Inc.		4,083		1,282,144

				10,627,557

Hotels, Restaurants & Leisure — 1.7%
Carnival Corp.		21,584		284,261
Las Vegas Sands Corp.		9,532		404,824
McDonald’s Corp.		34,253		5,663,734
Yum! Brands Inc.		1,821		124,793

				6,477,612

Household Products — 4.9%
Colgate-Palmolive Co.		45,590		3,025,352
Kimberly-Clark Corp.		18,461		2,360,608
Procter & Gamble Co. (The)		124,205		13,662,550

				19,048,510

Industrial Conglomerates — 2.3%
3M Co.		7,108		970,313
General Electric Co.		469,102		3,724,670
Honeywell International Inc.		19,972		2,672,054
Roper Technologies Inc.		4,672		1,456,776

				8,823,813

Insurance — 3.1%
Aflac Inc.		39,375		1,348,200
Allstate Corp. (The)		17,204		1,578,123
American International Group Inc.		47,061		1,141,229
Chubb Ltd.		24,447		2,730,486
Marsh & McLennan Companies Inc.		3,324		287,393
MetLife Inc.		42,055		1,285,621
Progressive Corp. (The)		21,210		1,566,147
Prudential Financial Inc.		21,438		1,117,777
Travelers Companies Inc. (The)		11,544		1,146,896

				12,201,872

IT Services — 1.3%
Cognizant Technology Solutions Corp., Class A		27,429		1,274,626
Fidelity National Information Services Inc.		12,799		1,556,870
International Business Machines Corp.		18,954		2,102,567

				4,934,063

Life Sciences Tools & Services — 0.5%
Thermo Fisher Scientific Inc.		6,878		1,950,601


Machinery — 1.3%
Caterpillar Inc.		26,803		3,110,220
Deere & Co.		13,617		1,881,325

				4,991,545

Media — 1.5%
Charter Communications Inc., Class A^(a)(c)		3,340		1,457,275
Comcast Corp., Class A		129,370		4,447,741

				5,905,016

Metals & Mining — 0.0%
Southern Copper Corp.		1,218		34,299


Multi-Utilities — 0.8%
Dominion Energy Inc.		44,568		3,217,364


Multiline Retail — 0.6%
Target Corp.		25,175		2,340,520


Security	Shares		Value

Oil, Gas & Consumable Fuels — 6.2%
Chevron Corp.		103,292	$	7,484,538
ConocoPhillips		58,737		1,809,099
EOG Resources Inc.		31,379		1,127,134
Exxon Mobil Corp.		229,362		8,708,875
Kinder Morgan Inc./DE		105,501		1,468,574
Marathon Petroleum Corp.		34,965		825,873
Occidental Petroleum Corp.		48,667		563,564
Phillips 66		23,849		1,279,499
Valero Energy Corp.		22,280		1,010,621

				24,277,777

Pharmaceuticals — 8.3%
Allergan PLC		17,782		3,149,192
Bristol-Myers Squibb Co.		52,401		2,920,832
Johnson & Johnson		122,200		16,024,086
Merck & Co. Inc.		7,202		554,122
Pfizer Inc.		301,444		9,839,132

				32,487,364

Road & Rail — 1.2%
CSX Corp.		25,532		1,462,984
Norfolk Southern Corp.		12,075		1,762,950
Uber Technologies Inc.^(a)		45,920		1,282,086

				4,508,020

Semiconductors & Semiconductor Equipment — 4.5%
Analog Devices Inc.		17,198		1,541,801
Applied Materials Inc.		23,265		1,066,002
Intel Corp.		231,922		12,551,619
Micron Technology Inc.^(a)		59,990		2,523,179

				17,682,601

Software — 0.1%
Autodesk Inc.^(a)		2,700		421,470


Specialty Retail — 1.2%
Home Depot Inc. (The)		25,404		4,743,181


Technology Hardware, Storage & Peripherals — 0.4%
Dell Technologies Inc., Class C^(a)		2,241		88,632
HP Inc.		74,582		1,294,743

				1,383,375

Tobacco — 2.1%
Altria Group Inc.		51,821		2,003,918
Philip Morris International Inc.		84,204		6,143,524

				8,147,442

Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.^(a)		8,059		676,150


Total Common Stocks — 99.7% (Cost: $451,992,738)				388,658,104


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(b)(d)(e)		1,476,713		1,476,418


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(b)(d)		470,000	$	470,000

				1,946,418


Total Short-Term Investments — 0.5% (Cost: $1,946,966)				1,946,418


Total Investments in Securities — 100.2% (Cost: $453,939,704)				390,604,522

Other Assets, Less Liabilities — (0.2)%				(878,605	)


Net Assets — 100.0%			$	389,725,917

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	1,476,713	^(b)	—		1,476,713	$	1,476,418	$	6,583	^(c)	$	1,925		$	(548	)
BlackRock Cash Funds: Treasury, SL Agency Shares	445,784	24,216	^(b)	—		470,000		470,000		13,275			—			—
BlackRock Inc.	5,855	2,548		(1,998	)	6,405		2,818,008		83,408			129,217			(45,521	)

							$	4,764,426	$	103,266		$	131,142		$	(46,069	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		8		06/19/20	$	1,028	$	(52,868	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	52,868

^(a)


SCHEDULES OF INVESTMENTS			33

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Top 200 Value ETF

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(41,797	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(66,382	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	869,778

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	388,658,104		$	—	$	—	$	388,658,104
Money Market Funds		1,946,418			—		—		1,946,418

	$	390,604,522		$	—	$	—	$	390,604,522

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(52,868	)	$	—	$	—	$	(52,868	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


34		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Russell 1000 ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
Other securities			$	355,004,504		2.0	%


Air Freight & Logistics
Other securities				90,915,032		0.5


Airlines
Other securities				39,607,425		0.2


Auto Components
Other securities				22,583,650		0.1


Automobiles
Other securities				95,521,038		0.5


Banks
Bank of America Corp.		6,094,335		129,382,732		0.7
JPMorgan Chase & Co.		2,377,531		214,049,116		1.2
Wells Fargo & Co.		2,840,139		81,511,989		0.5
Other securities				290,410,850		1.6

				715,354,687		4.0

Beverages
Coca-Cola Co. (The)		2,922,550		129,322,837		0.7
PepsiCo Inc.		1,067,876		128,251,908		0.7
Other securities				52,163,252		0.3

				309,737,997		1.7

Biotechnology
AbbVie Inc.		1,127,346		85,892,492		0.5
Amgen Inc.		449,559		91,139,096		0.5
Other securities				287,826,060		1.6

				464,857,648		2.6

Building Products
Other securities				64,299,241		0.4


Capital Markets
BlackRock Inc.^(a)		90,267		39,714,772		0.2
Other securities				424,933,512		2.4

				464,648,284		2.6

Chemicals
Other securities				304,855,359		1.7


Commercial Services & Supplies
Other securities				77,704,361		0.4


Communications Equipment
Cisco Systems Inc.		3,266,224		128,395,266		0.7
Other securities				45,841,261		0.3

				174,236,527		1.0

Construction & Engineering
Other securities				17,162,540		0.1


Construction Materials
Other securities				21,741,693		0.1


Consumer Finance
Other securities				89,263,125		0.5


Containers & Packaging
Other securities				69,177,795		0.4


Distributors
Other securities				17,850,125		0.1


Security	Shares		Value		% of Net Assets


Diversified Consumer Services
Other securities			$	20,951,126		0.1	%


Diversified Financial Services
Berkshire Hathaway Inc., Class B^(b)		1,491,371		272,667,360		1.5
Other securities				11,272,078		0.1

				283,939,438		1.6

Diversified Telecommunication Services
AT&T Inc.		5,566,020		162,249,483		0.9
Verizon Communications Inc.		3,155,232		169,530,615		1.0
Other securities				12,242,433		0.0

				344,022,531		1.9

Electric Utilities
NextEra Energy Inc.^(c)		372,241		89,568,630		0.5
Other securities				295,273,747		1.7

				384,842,377		2.2

Electrical Equipment
Other securities				87,135,977		0.5


Electronic Equipment, Instruments & Components
Other securities				95,841,037		0.5


Energy Equipment & Services
Other securities				29,186,381		0.2


Entertainment
Netflix Inc.^(b)		321,097		120,571,923		0.7
Walt Disney Co. (The)		1,331,036		128,578,078		0.7
Other securities				102,788,723		0.6

				351,938,724		2.0

Equity Real Estate Investment Trusts (REITs)
Other securities				635,450,882		3.5


Food & Staples Retailing
Costco Wholesale Corp.		334,968		95,509,426		0.5
Walmart Inc.		1,059,384		120,367,210		0.7
Other securities				70,406,200		0.4

				286,282,836		1.6

Food Products
Other securities				221,486,717		1.2


Gas Utilities
Other securities				15,816,811		0.1


Health Care Equipment & Supplies
Abbott Laboratories		1,312,823		103,594,863		0.6
Medtronic PLC		1,023,116		92,264,601		0.5
Other securities				463,797,312		2.6

				659,656,776		3.7

Health Care Providers & Services
UnitedHealth Group Inc.		720,567		179,694,998		1.0
Other securities				322,225,302		1.8

				501,920,300		2.8

Health Care Technology
Other securities				32,232,640		0.2


Hotels, Restaurants & Leisure
McDonald’s Corp.		574,491		94,992,087		0.6
Other securities				203,840,669		1.1

				298,832,756		1.7

Household Durables
Other securities				53,206,618		0.3


SUMMARY SCHEDULES OF INVESTMENTS			35

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 ETF


Security	Shares		Value		% of Net Assets


Household Products
Procter & Gamble Co. (The)		1,855,290	$	204,081,900		1.1	%
Other securities				107,981,771		0.6

				312,063,671		1.7

Independent Power and Renewable Electricity Producers
Other securities				11,934,433		0.1


Industrial Conglomerates
Honeywell International Inc.		548,192		73,342,608		0.4
Other securities				140,147,533		0.8

				213,490,141		1.2

Insurance
Other securities				411,304,802		2.3


Interactive Media & Services
Alphabet Inc., Class A^(b)		228,265		265,232,517		1.5
Alphabet Inc., Class C, NVS^(b)		228,581		265,796,273		1.5
Facebook Inc., Class A^(b)		1,822,006		303,910,601		1.7
Other securities				33,165,612		0.1

				868,105,003		4.8

Internet & Direct Marketing Retail
Amazon.com Inc.^(b)		318,828		621,625,328		3.5
Other securities				76,494,567		0.4

				698,119,895		3.9

IT Services
Accenture PLC, Class A		485,900		79,328,034		0.4
International Business Machines Corp.		676,165		75,006,983		0.4
Mastercard Inc., Class A		675,923		163,275,960		0.9
PayPal Holdings Inc.^(b)		895,680		85,752,403		0.5
Visa Inc., Class A^(c)		1,306,251		210,463,161		1.2
Other securities				376,871,327		2.1

				990,697,868		5.5

Leisure Products
Other securities				13,450,583		0.1


Life Sciences Tools & Services
Thermo Fisher Scientific Inc.		303,953		86,201,071		0.5
Other securities				124,905,496		0.7

				211,106,567		1.2

Machinery
Other securities				281,130,782		1.6


Marine
Other securities				2,024,833		0.0


Media
Comcast Corp., Class A		3,433,685		118,050,090		0.7
Other securities				133,867,519		0.7

				251,917,609		1.4

Metals & Mining
Other securities				59,815,296		0.3


Mortgage Real Estate Investment
Other securities				16,232,400		0.1


Multi-Utilities
Other securities				183,336,432		1.0


Multiline Retail
Other securities				83,250,719		0.5


Security	Shares		Value		% of Net Assets


Oil, Gas & Consumable Fuels
Chevron Corp.		1,453,423	$	105,315,031		0.6	%
Exxon Mobil Corp.		3,227,326		122,541,568		0.7
Other securities				189,992,933		1.0

				417,849,532		2.3

Paper & Forest Products
Other securities				907,647		0.0


Personal Products
Other securities				30,730,195		0.2


Pharmaceuticals
Bristol-Myers Squibb Co.		1,782,664		99,365,691		0.6
Eli Lilly & Co.		648,423		89,949,239		0.5
Johnson & Johnson		2,025,274		265,574,180		1.5
Merck & Co. Inc.		1,941,906		149,410,248		0.8
Pfizer Inc.		4,241,506		138,442,756		0.8
Other securities				121,074,898		0.6

				863,817,012		4.8

Professional Services
Other securities				82,107,600		0.5


Real Estate Management & Development
Other securities				15,107,252		0.1


Road & Rail
Union Pacific Corp.		529,392		74,665,448		0.4
Other securities				119,686,787		0.7

				194,352,235		1.1

Semiconductors & Semiconductor Equipment
Intel Corp.		3,263,312		176,610,446		1.0
NVIDIA Corp.		444,814		117,252,970		0.7
Other securities				479,381,535		2.6

				773,244,951		4.3

Software
Adobe Inc.^(b)		366,805		116,732,023		0.7
Microsoft Corp.		5,766,562		909,444,493		5.1
Oracle Corp.		1,529,773		73,933,929		0.4
salesforce.com Inc.^(b)		640,131		92,166,061		0.5
Other securities				399,213,089		2.2

				1,591,489,595		8.9

Specialty Retail
Home Depot Inc. (The)		831,193		155,192,045		0.9
Other securities				224,302,265		1.2

				379,494,310		2.1

Technology Hardware, Storage & Peripherals
Apple Inc.^(c)		3,142,937		799,217,450		4.5
Other securities				56,649,683		0.3

				855,867,133		4.8

Textiles, Apparel & Luxury Goods
NIKE Inc., Class B		891,377		73,752,533		0.4
Other securities				48,870,081		0.3

				122,622,614		0.7

Thrifts & Mortgage Finance
Other securities				5,296,493		0.0


Tobacco
Philip Morris International Inc.		1,184,846		86,446,364		0.5
Other securities				55,153,552		0.3

				141,599,916		0.8


36		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 ETF


Security	Shares		Value			% of Net Assets


Trading Companies & Distributors
Other securities			$	40,682,522			0.2	%


Transportation Infrastructure
Other securities				1,504,849			0.0


Water Utilities
Other securities				23,160,732			0.1


Wireless Telecommunication Services
Other securities				25,230,353			0.1


Total Common Stocks (Cost: $18,849,053,396)				17,870,310,933			99.7


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(a)(d)(e)		597,080,822		596,961,406			3.3
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(a)(d)		33,076,000		33,076,000			0.2

				630,037,406			3.5


Total Short-Term Investments (Cost: $630,105,670)				630,037,406			3.5


Total Investments In Securities (Cost: $19,479,159,066)				18,500,348,339			103.2

Other Assets, Less Liabilities				(575,451,993	)		(3.2	)


Net Assets			$	17,924,896,346			100.0	%


Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of March 31, 2020. Other securities may include securities on loan and non-income earning securities.

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

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

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	379,438,707	217,642,115	^(b)	—		597,080,822	$	596,961,406	$	2,209,338	^(c)	$	(214,769	)	$	(158,519	)
BlackRock Cash Funds: Treasury, SL Agency Shares	17,776,119	15,299,881	^(b)	—		33,076,000		33,076,000		872,162			—			—
BlackRock Inc.	88,459	24,411		(22,603	)	90,267		39,714,772		1,194,585			1,883,713			(619,430	)

							$	669,752,178	$	4,276,085		$	1,668,944		$	(777,949	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)


SUMMARY SCHEDULES OF INVESTMENTS			37

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 ETF

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		392		06/19/20	$	50,366	$	(1,038,212	)
S&P MidCap 400 E-Mini		28		06/19/20		4,026		(10,600	)

							$	(1,048,812	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	1,048,812

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(22,850,910	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,759,883	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	38,174,669

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	17,870,310,933		$	—	$	—	$	17,870,310,933
Money Market Funds		630,037,406			—		—		630,037,406

	$	18,500,348,339		$	—	$	—	$	18,500,348,339

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,048,812	)	$	—	$	—	$	(1,048,812	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


38		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Russell 1000 Growth ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
Boeing Co. (The)		1,740,114	$	259,520,602		0.6	%
Lockheed Martin Corp.		812,920		275,539,234		0.6
Other securities				421,348,632		1.0

				956,408,468		2.2

Air Freight & Logistics
United Parcel Service Inc., Class B		2,295,631		214,457,848		0.5
Other securities				57,535,894		0.1

				271,993,742		0.6

Airlines
Other securities				55,803,527		0.1


Auto Components
Other securities				2,408,969		0.0


Automobiles
Tesla Inc.^(a)(b)		474,140		248,449,360		0.6


Banks
Other securities				22,105,391		0.1


Beverages
Coca-Cola Co. (The)		8,595,676		380,358,663		0.9
PepsiCo Inc.		3,868,321		464,585,352		1.1
Other securities				107,623,230		0.2

				952,567,245		2.2

Biotechnology
AbbVie Inc.		4,861,718		370,414,294		0.9
Amgen Inc.		1,783,652		361,599,770		0.8
Vertex Pharmaceuticals Inc.^(a)		852,936		202,956,121		0.5
Other securities				477,523,597		1.1

				1,412,493,782		3.3

Building Products
Other securities				123,144,154		0.3


Capital Markets
S&P Global Inc.^(b)		808,465		198,114,348		0.5
Other securities				512,176,049		1.2

				710,290,397		1.7

Chemicals
Other securities				335,185,869		0.8


Commercial Services & Supplies
Other securities				231,045,318		0.5


Communications Equipment
Cisco Systems Inc.		14,085,735		553,710,243		1.3
Other securities				119,017,797		0.3

				672,728,040		1.6

Construction & Engineering
Other securities				3,292,019		0.0


Construction Materials
Other securities				60,716,566		0.1


Consumer Finance
Other securities				137,310,721		0.3


Containers & Packaging
Other securities				124,072,917		0.3


Security	Shares		Value		% of Net Assets


Distributors
Other securities			$	27,538,147		0.1	%


Diversified Consumer Services
Other securities				31,278,901		0.1


Diversified Financial Services
Other securities				1,066,060		0.0


Electrical Equipment
Other securities				128,516,582		0.3


Electronic Equipment, Instruments & Components
Other securities				247,894,647		0.6


Entertainment
Netflix Inc.^(a)(b)		1,384,808		519,995,404		1.2
Other securities				218,785,655		0.5

				738,781,059		1.7

Equity Real Estate Investment Trusts (REITs)
American Tower Corp.		1,443,911		314,411,620		0.7
Crown Castle International Corp.		1,362,706		196,774,746		0.5
Other securities				531,228,543		1.2

				1,042,414,909		2.4

Food & Staples Retailing
Costco Wholesale Corp.		1,444,567		411,889,389		1.0
Other securities				79,429,517		0.2

				491,318,906		1.2

Food Products
Other securities				141,398,596		0.3


Health Care Equipment & Supplies
Abbott Laboratories		2,451,457		193,444,472		0.5
Intuitive Surgical Inc.^(a)		376,498		186,445,575		0.4
Stryker Corp.		1,127,355		187,693,334		0.4
Other securities				886,382,523		2.1

				1,453,965,904		3.4

Health Care Providers & Services
UnitedHealth Group Inc.^(b)		3,107,491		774,946,106		1.8
Other securities				443,906,528		1.1

				1,218,852,634		2.9

Health Care Technology
Other securities				135,531,643		0.3


Hotels, Restaurants & Leisure
Starbucks Corp.		3,881,723		255,184,470		0.6
Other securities				517,173,835		1.2

				772,358,305		1.8

Household Durables
Other securities				47,965,978		0.1


Household Products
Other securities				163,784,879		0.4


Industrial Conglomerates
3M Co.		1,406,940		192,061,379		0.5
Other securities				189,939,170		0.4

				382,000,549		0.9

Insurance
Other securities				373,355,887		0.9


Interactive Media & Services
Alphabet Inc., Class A^(a)(b)		984,399		1,143,822,418		2.7


SUMMARY SCHEDULES OF INVESTMENTS			39

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Growth ETF


Security	Shares		Value		% of Net Assets


Interactive Media & Services (continued)
Alphabet Inc., Class C, NVS^(a)		985,733	$	1,146,220,190		2.7	%
Facebook Inc., Class A^(a)		7,857,415		1,310,616,822		3.1
Other securities				103,469,442		0.2

				3,704,128,872		8.7

Internet & Direct Marketing Retail
Amazon.com Inc.^(a)		1,374,977		2,680,820,156		6.3
Other securities				319,013,190		0.7

				2,999,833,346		7.0

IT Services
Accenture PLC, Class A		2,095,508		342,112,636		0.8
Automatic Data Processing Inc.		1,430,318		195,495,864		0.5
International Business Machines Corp.		1,764,142		195,696,272		0.5
Mastercard Inc., Class A		2,915,000		704,147,400		1.6
PayPal Holdings Inc.^(a)(b)		3,862,566		369,802,069		0.9
Visa Inc., Class A^(b)		5,633,269		907,632,301		2.1
Other securities				1,111,037,696		2.5

				3,825,924,238		8.9

Leisure Products
Other securities				44,463,473		0.1


Life Sciences Tools & Services
Thermo Fisher Scientific Inc.		892,659		253,158,092		0.6
Other securities				352,158,992		0.8

				605,317,084		1.4

Machinery
Other securities				439,566,091		1.0


Media
Comcast Corp., Class A		6,959,683		239,273,901		0.6
Other securities				250,336,087		0.5

				489,609,988		1.1

Metals & Mining
Other securities				11,010,822		0.0


Multiline Retail
Other securities				170,738,578		0.4


Oil, Gas & Consumable Fuels
Other securities				61,374,210		0.1


Personal Products
Other securities				115,701,802		0.3


Pharmaceuticals
Bristol-Myers Squibb Co.		4,512,778		251,542,246		0.6
Eli Lilly & Co.		2,796,381		387,913,972		0.9
Merck & Co. Inc.		7,938,980		610,825,121		1.4
Other securities				377,761,325		0.9

				1,628,042,664		3.8

Professional Services
Other securities				287,748,052		0.7


Real Estate Management & Development
Other securities				19,014,833		0.0


Road & Rail
Union Pacific Corp.		2,283,077		322,005,180		0.8
Other securities				114,572,500		0.2

				436,577,680		1.0

Semiconductors & Semiconductor Equipment
Broadcom Inc.		1,269,800		301,069,580		0.7


Security	Shares		Value			% of Net Assets


Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corp.		1,918,189	$	505,634,620			1.2	%
QUALCOMM Inc.		3,754,830		254,014,249			0.6
Texas Instruments Inc.		3,082,287		308,012,940			0.7
Other securities				606,653,909			1.4

				1,975,385,298			4.6

Software
Adobe Inc.^(a)(b)		1,581,826		503,400,306			1.2
Intuit Inc.		818,132		188,170,360			0.4
Microsoft Corp.^(b)		24,868,496		3,922,010,504			9.2
Oracle Corp.		6,597,164		318,840,936			0.8
salesforce.com Inc.^(a)		2,760,628		397,475,219			0.9
Other securities				1,424,045,910			3.3

				6,753,943,235			15.8

Specialty Retail
Home Depot Inc. (The)		2,043,139		381,474,483			0.9
Lowe’s Companies Inc.		2,539,509		218,524,750			0.5
TJX Companies Inc. (The)		3,990,846		190,802,347			0.5
Other securities				398,683,765			0.9

				1,189,485,345			2.8

Technology Hardware, Storage & Peripherals
Apple Inc.		13,554,030		3,446,654,289			8.1
Other securities				66,007,671			0.1

				3,512,661,960			8.2

Textiles, Apparel & Luxury Goods
NIKE Inc., Class B^(b)		3,844,061		318,057,607			0.8
Other securities				155,942,583			0.3

				474,000,190			1.1

Tobacco
Other securities				115,991,902			0.3


Trading Companies & Distributors
Other securities				106,957,812			0.3


Wireless Telecommunication Services
Other securities				45,008,239			0.1


Total Common Stocks (Cost: $33,443,821,040)				42,730,525,785			99.8


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		1,699,346,300		1,699,006,431			3.9
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		80,304,000		80,304,000			0.2

				1,779,310,431			4.1


Total Short-Term Investments (Cost: $1,779,469,700)				1,779,310,431			4.1


Total Investments In Securities (Cost: $35,223,290,740)				44,509,836,216			103.9

Other Assets, Less Liabilities				(1,675,490,939	)		(3.9	)


Net Assets			$	42,834,345,277			100.0	%


40		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Growth ETF

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	820,577,806	878,768,494	1,699,346,300	$	1,699,006,431	$	4,237,898	^(b)	$	(583,221	)	$	(409,489	)
BlackRock Cash Funds: Treasury, SL Agency Shares	66,964,943	13,339,057	80,304,000		80,304,000		1,421,884			—			—

				$	1,779,310,431	$	5,659,782		$	(583,221	)	$	(409,489	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		708		06/19/20	$	90,967	$	(961,639	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	961,639

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(9,380,738	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,150,431	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	74,733,935

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


SUMMARY SCHEDULES OF INVESTMENTS			41

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Growth ETF

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	42,730,525,785		$	—	$	—	$	42,730,525,785
Money Market Funds		1,779,310,431			—		—		1,779,310,431

	$	44,509,836,216		$	—	$	—	$	44,509,836,216

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(961,639	)	$	—	$	—	$	(961,639	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


42		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Russell 1000 Value ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
United Technologies Corp.		2,408,517	$	227,195,409		0.7	%
Other securities				292,494,410		1.0

				519,689,819		1.7

Air Freight & Logistics
Other securities				108,603,840		0.3


Airlines
Other securities				105,513,622		0.3


Auto Components
Other securities				85,128,709		0.3


Automobiles
Other securities				148,105,063		0.5


Banks
Bank of America Corp.		23,761,347		504,453,397		1.6
Citigroup Inc.		6,275,661		264,330,841		0.9
JPMorgan Chase & Co.		9,269,800		834,560,094		2.7
PNC Financial Services Group Inc. (The)		1,283,959		122,900,556		0.4
U.S. Bancorp.		4,135,716		142,475,416		0.5
Wells Fargo & Co.		11,073,996		317,823,685		1.0
Other securities				585,343,806		1.8

				2,771,887,795		8.9

Beverages
Coca-Cola Co. (The)		3,620,381		160,201,859		0.5
Other securities				186,800,890		0.6

				347,002,749		1.1

Biotechnology
Gilead Sciences Inc.		3,242,307		242,394,871		0.8
Other securities				292,678,170		0.9

				535,073,041		1.7

Building Products
Other securities				139,526,348		0.4


Capital Markets
BlackRock Inc.^(a)		351,626		154,704,891		0.5
CME Group Inc.		1,051,142		181,752,963		0.6
Goldman Sachs Group Inc. (The)		945,966		146,236,884		0.5
Other securities				687,702,798		2.2

				1,170,397,536		3.8

Chemicals
Linde PLC^(b)		1,594,978		275,931,194		0.9
Other securities				609,928,428		1.9

				885,859,622		2.8

Commercial Services & Supplies
Other securities				93,462,154		0.3


Communications Equipment
Other securities				72,516,111		0.2


Construction & Engineering
Other securities				63,635,484		0.2


Construction Materials
Other securities				28,926,459		0.1


Consumer Finance
Other securities				223,594,447		0.7


Security	Shares		Value		% of Net Assets


Containers & Packaging
Other securities			$	157,412,008		0.5	%


Distributors
Other securities				44,457,315		0.1


Diversified Consumer Services
Other securities				51,744,101		0.2


Diversified Financial Services
Berkshire Hathaway Inc., Class B^(c)		5,814,732		1,063,107,452		3.4
Other securities				43,318,136		0.2

				1,106,425,588		3.6

Diversified Telecommunication Services
AT&T Inc.		21,701,494		632,598,550		2.0
Verizon Communications Inc.		12,302,021		660,987,589		2.1
Other securities				47,013,857		0.2

				1,340,599,996		4.3

Electric Utilities
Duke Energy Corp.		2,162,684		174,917,882		0.6
NextEra Energy Inc.^(b)		1,451,441		349,245,733		1.1
Southern Co. (The)		3,089,222		167,250,479		0.5
Other securities				809,175,919		2.6

				1,500,590,013		4.8

Electrical Equipment
Other securities				224,862,444		0.7


Electronic Equipment, Instruments & Components
Other securities				148,353,815		0.5


Energy Equipment & Services
Other securities				114,333,660		0.4


Entertainment
Activision Blizzard Inc.		2,127,551		126,546,734		0.4
Walt Disney Co. (The)		5,189,593		501,314,684		1.6
Other securities				77,338,058		0.3

				705,199,476		2.3

Equity Real Estate Investment Trusts (REITs)
Prologis Inc.		2,174,776		174,786,747		0.6
Other securities				1,358,432,109		4.3

				1,533,218,856		4.9

Food & Staples Retailing
Walmart Inc.		4,130,493		469,306,615		1.5
Other securities				203,492,939		0.7

				672,799,554		2.2

Food Products
Mondelez International Inc., Class A		4,220,456		211,360,436		0.7
Other securities				523,878,900		1.7

				735,239,336		2.4

Gas Utilities
Other securities				61,360,920		0.2


Health Care Equipment & Supplies
Abbott Laboratories		2,899,672		228,813,117		0.7
Becton Dickinson and Co.		727,426		167,140,672		0.6
Danaher Corp.		1,732,737		239,828,128		0.8
Medtronic PLC		3,989,045		359,732,078		1.2
Other securities				261,208,605		0.7

				1,256,722,600		4.0


SUMMARY SCHEDULES OF INVESTMENTS			43

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Value ETF


Security	Shares		Value		% of Net Assets


Health Care Providers & Services
Cigna Corp.^(c)		755,034	$	133,776,924		0.4	%
CVS Health Corp.		3,854,606		228,693,774		0.7
Other securities				494,117,495		1.6

				856,588,193		2.7

Health Care Technology
Other securities				3,689,667		0.0


Hotels, Restaurants & Leisure
McDonald’s Corp.		1,879,520		310,778,632		1.0
Other securities				155,390,556		0.5

				466,169,188		1.5

Household Durables
Other securities				163,056,652		0.5


Household Products
Colgate-Palmolive Co.		2,495,754		165,618,235		0.5
Kimberly-Clark Corp.		1,013,370		129,579,622		0.4
Procter & Gamble Co. (The)		6,814,052		749,545,720		2.4
Other securities				24,646,981		0.1

				1,069,390,558		3.4

Independent Power and Renewable Electricity Producers
Other securities				46,873,001		0.2


Industrial Conglomerates
General Electric Co.		25,695,752		204,024,271		0.6
Honeywell International Inc.		1,093,357		146,280,233		0.5
Other securities				135,869,242		0.5

				486,173,746		1.6

Insurance
Chubb Ltd.		1,337,946		149,435,189		0.5
Other securities				1,116,601,528		3.6

				1,266,036,717		4.1

Interactive Media & Services
Other securities				36,137,282		0.1


Internet & Direct Marketing Retail
Other securities				9,754,467		0.0


IT Services
Other securities				404,442,094		1.3


Leisure Products
Other securities				12,460,644		0.0


Life Sciences Tools & Services
Other securities				274,069,738		0.9


Machinery
Caterpillar Inc.		1,467,474		170,285,683		0.6
Other securities				526,592,848		1.6

				696,878,531		2.2

Marine
Other securities				7,467,972		0.0


Media
Comcast Corp., Class A		7,089,269		243,729,068		0.8
Other securities				294,603,480		0.9

				538,332,548		1.7

Metals & Mining
Other securities				222,238,749		0.7


Security	Shares		Value		% of Net Assets


Mortgage Real Estate Investment
Other securities			$	63,008,654		0.2	%


Multi-Utilities
Dominion Energy Inc.		2,440,462		176,176,952		0.6
Other securities				539,268,587		1.7

				715,445,539		2.3

Multiline Retail
Target Corp.		1,377,408		128,057,622		0.4
Other securities				41,322,993		0.1

				169,380,615		0.5

Oil, Gas & Consumable Fuels
Chevron Corp.		5,666,784		410,615,169		1.3
Exxon Mobil Corp.		12,583,068		477,779,092		1.6
Other securities				686,948,631		2.2

				1,575,342,892		5.1

Paper & Forest Products
Other securities				3,826,212		0.0


Personal Products
Other securities				15,562,654		0.1


Pharmaceuticals
Allergan PLC		973,774		172,455,375		0.6
Bristol-Myers Squibb Co.		2,867,973		159,860,815		0.5
Johnson & Johnson		6,704,044		879,101,290		2.8
Pfizer Inc.		16,537,329		539,778,418		1.7
Other securities				144,808,863		0.5

				1,896,004,761		6.1

Professional Services
Other securities				60,146,501		0.2


Real Estate Management & Development
Other securities				41,780,543		0.1


Road & Rail
Other securities				363,890,410		1.2


Semiconductors & Semiconductor Equipment
Intel Corp.		12,723,392		688,589,975		2.2
Micron Technology Inc.^(b)(c)		3,283,646		138,110,151		0.5
Other securities				401,425,408		1.2

				1,228,125,534		3.9

Software
Other securities				99,190,558		0.3


Specialty Retail
Home Depot Inc. (The)		1,392,389		259,972,950		0.8
Other securities				143,797,688		0.5

				403,770,638		1.3

Technology Hardware, Storage & Peripherals
Other securities				160,308,502		0.5


Textiles, Apparel & Luxury Goods
Other securities				48,826,574		0.2


Thrifts & Mortgage Finance
Other securities				21,455,655		0.1


Tobacco
Philip Morris International Inc.		4,620,119		337,083,882		1.1
Other securities				110,007,217		0.3

				447,091,099		1.4


44		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Value ETF


Security	Shares		Value			% of Net Assets


Trading Companies & Distributors
Other securities			$	62,472,098			0.2	%


Transportation Infrastructure
Other securities				5,491,774			0.0


Water Utilities
Other securities				90,083,578			0.3


Wireless Telecommunication Services
Other securities				57,815,418			0.2


Total Common Stocks (Cost: $36,855,568,932)				31,041,022,437			99.5


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(a)(d)(e)		591,562,931		591,444,619			1.9
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(a)(d)		88,826,000		88,826,000			0.3

				680,270,619			2.2


Total Short-Term Investments (Cost: $680,305,028)				680,270,619			2.2


Total Investments In Securities (Cost: $37,535,873,960)				31,721,293,056			101.7

Other Assets, Less Liabilities				(545,502,273	)		(1.7	)


Net Assets			$	31,175,790,783			100.0	%

^(a)	Affiliate of the Fund.

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

^(c)	Non-income producing security.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	176,789,024	414,773,907	^(b)	—		591,562,931	$	591,444,619	$	3,332,479	^(c)	$	(290,006	)	$	(92,208	)
BlackRock Cash Funds: Treasury, SL Agency Shares	46,096,335	42,729,665	^(b)	—		88,826,000		88,826,000		1,391,398			—			—
BlackRock Inc.	350,977	108,675		(108,026	)	351,626		154,704,891		4,654,384			5,234,065			538,050

							$	834,975,510	$	9,378,261		$	4,944,059		$	445,842

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)


SUMMARY SCHEDULES OF INVESTMENTS			45

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Value ETF

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		673		06/19/20	$	86,470	$	(2,495,449	)
S&P MidCap 400 E-Mini		277		06/19/20		39,827		(921,470	)

							$	(3,416,919	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	3,416,919

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(16,904,500	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(5,625,771	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	105,512,550

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	31,041,022,437		$	—	$	—	$	31,041,022,437
Money Market Funds		680,270,619			—		—		680,270,619

	$	31,721,293,056		$	—	$	—	$	31,721,293,056

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(3,416,919	)	$	—	$	—	$	(3,416,919	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


46		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Russell 2000 ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
Axon Enterprise Inc.^(a)(b)		1,305,749	$	92,407,857		0.3	%
Mercury Systems Inc.^(a)(b)		1,215,117		86,686,447		0.3
Other securities				272,588,493		0.8

				451,682,797		1.4

Air Freight & Logistics
Other securities				115,916,659		0.4


Airlines
Other securities				84,819,730		0.3


Auto Components
Other securities				275,620,959		0.8


Automobiles
Other securities				19,570,648		0.1


Banks
First Financial Bankshares Inc.^(b)		2,906,805		78,018,646		0.3
Other securities				2,842,646,987		8.7

				2,920,665,633		9.0

Beverages
Other securities				119,043,351		0.4


Biotechnology
ACADIA Pharmaceuticals Inc.^(a)(b)		2,519,399		106,444,608		0.3
Acceleron Pharma Inc.^(a)(b)		1,008,305		90,616,370		0.3
Iovance Biotherapeutics Inc.^(a)(b)		2,623,872		78,545,608		0.3
Other securities				2,743,576,799		8.4

				3,019,183,385		9.3

Building Products
Trex Co. Inc.^(a)(b)		1,315,120		105,393,717		0.3
Other securities				398,281,155		1.2

				503,674,872		1.5

Capital Markets
Other securities				489,998,220		1.5


Chemicals
Other securities				555,184,541		1.7


Commercial Services & Supplies
MSA Safety Inc.^(b)		791,105		80,059,826		0.2
Tetra Tech Inc.^(b)		1,222,311		86,319,603		0.3
Other securities				682,782,713		2.1

				849,162,142		2.6

Communications Equipment
Lumentum Holdings Inc.^(a)(b)		1,673,846		123,362,450		0.4
Other securities				304,303,805		0.9

				427,666,255		1.3

Construction & Engineering
EMCOR Group Inc.^(b)		1,251,069		76,715,551		0.3
Other securities				269,741,444		0.8

				346,456,995		1.1

Construction Materials
Other securities				50,544,739		0.2


Consumer Finance
Other securities				197,570,593		0.6


Security	Shares		Value		% of Net Assets


Containers & Packaging
Other securities			$	38,092,444		0.1	%


Distributors
Other securities				34,081,044		0.1


Diversified Consumer Services
Chegg Inc.^(a)(b)		2,650,813		94,846,089		0.3
Other securities				205,978,746		0.6

				300,824,835		0.9

Diversified Financial Services
Other securities				100,901,217		0.3


Diversified Telecommunication Services
Cogent Communications Holdings Inc.		950,795		77,936,666		0.2
Other securities				173,934,132		0.6

				251,870,798		0.8

Electric Utilities
Portland General Electric Co.^(b)		2,010,143		96,366,255		0.3
Other securities				294,413,565		0.9

				390,779,820		1.2

Electrical Equipment
Generac Holdings Inc.^(a)(b)		1,368,426		127,496,250		0.4
Other securities				219,251,412		0.7

				346,747,662		1.1

Electronic Equipment, Instruments & Components
Tech Data Corp.^(a)(b)		794,821		104,002,328		0.3
Other securities				831,416,485		2.6

				935,418,813		2.9

Energy Equipment & Services
Other securities				151,262,449		0.5


Entertainment
Other securities				63,858,571		0.2


Equity Real Estate Investment Trusts (REITs)
EastGroup Properties Inc.		861,091		89,966,788		0.3
First Industrial Realty Trust Inc.		2,824,003		93,841,620		0.3
Healthcare Realty Trust Inc.^(b)		2,966,260		82,847,642		0.3
Rexford Industrial Realty Inc.		2,543,064		104,291,055		0.3
Terreno Realty Corp.		1,478,793		76,527,538		0.2
Other securities				1,822,217,676		5.6

				2,269,692,319		7.0

Food & Staples Retailing
Other securities				243,703,824		0.7


Food Products
Other securities				490,047,743		1.5


Gas Utilities
ONE Gas Inc.		1,169,867		97,824,279		0.3
Southwest Gas Holdings Inc.		1,216,445		84,615,914		0.3
Spire Inc.^(b)		1,113,750		82,952,100		0.2
Other securities				201,852,395		0.6

				467,244,688		1.4

Health Care Equipment & Supplies
Haemonetics Corp.^(a)(b)		1,129,975		112,613,308		0.4
Neogen Corp.^(a)(b)		1,158,802		77,628,146		0.2
Novocure Ltd.^(a)(b)		1,943,065		130,845,997		0.4
Quidel Corp.^(a)(b)		800,536		78,300,426		0.2
Tandem Diabetes Care Inc.^(a)(b)		1,255,302		80,778,684		0.3
Wright Medical Group NV^(a)(b)		2,826,143		80,968,997		0.3


SUMMARY SCHEDULES OF INVESTMENTS			47

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF


Security	Shares		Value		% of Net Assets


Health Care Equipment & Supplies (continued)
Other securities			$	951,209,360		2.8	%

				1,512,344,918		4.6

Health Care Providers & Services
Amedisys Inc.^(a)(b)		701,761		128,801,214		0.4
HealthEquity Inc.^(a)(b)		1,551,210		78,475,714		0.3
LHC Group Inc.^(a)(b)		674,177		94,519,615		0.3
Other securities				502,148,180		1.5

				803,944,723		2.5

Health Care Technology
Teladoc Health Inc.^(a)(b)		1,615,303		250,388,118		0.8
Other securities				344,817,768		1.0

				595,205,886		1.8

Hotels, Restaurants & Leisure
Churchill Downs Inc.^(b)		787,310		81,053,565		0.3
Other securities				539,289,071		1.6

				620,342,636		1.9

Household Durables
Helen of Troy Ltd.^(a)(b)		562,705		81,046,401		0.2
Other securities				421,215,318		1.3

				502,261,719		1.5

Household Products
Other securities				94,654,227		0.3


Independent Power and Renewable Electricity Producers
Other securities				147,198,080		0.4


Industrial Conglomerates
Other securities				17,098,748		0.0


Insurance
RLI Corp.		894,976		78,695,240		0.3
Other securities				792,747,871		2.4

				871,443,111		2.7

Interactive Media & Services
Other securities				106,170,606		0.3


Internet & Direct Marketing Retail
Other securities				135,782,438		0.4


IT Services
MAXIMUS Inc.		1,425,201		82,946,698		0.3
Science Applications International Corp.		1,296,137		96,730,704		0.3
Other securities				576,419,943		1.7

				756,097,345		2.3

Leisure Products
Other securities				137,495,775		0.4


Life Sciences Tools & Services
Repligen Corp.^(a)(b)		1,169,566		112,909,902		0.4
Other securities				247,641,686		0.7

				360,551,588		1.1

Machinery
Other securities				1,155,135,679		3.5


Marine
Other securities				42,791,701		0.1


Media
Other securities				241,718,360		0.7


Security	Shares		Value		% of Net Assets


Metals & Mining
Other securities			$	339,498,403		1.0	%


Mortgage Real Estate Investment
PennyMac Mortgage Investment Trust^(c)		2,215,677		23,530,490		0.1
Other securities				218,530,972		0.6

				242,061,462		0.7

Multi-Utilities
Black Hills Corp.		1,367,731		87,575,816		0.3
Other securities				148,577,190		0.4

				236,153,006		0.7

Multiline Retail
Other securities				23,120,694		0.1


Oil, Gas & Consumable Fuels
Other securities				408,532,997		1.3


Paper & Forest Products
Other securities				128,418,757		0.4


Personal Products
Other securities				107,256,735		0.3


Pharmaceuticals
Other securities				636,665,774		2.0


Professional Services
Exponent Inc.^(b)		1,158,946		83,339,807		0.3
FTI Consulting Inc.^(a)(b)		833,704		99,852,728		0.3
Other securities				306,593,445		0.9

				489,785,980		1.5

Real Estate Management & Development
Other securities				199,144,120		0.6


Road & Rail
Other securities				170,045,572		0.5


Semiconductors & Semiconductor Equipment
Cirrus Logic Inc.^(a)		1,305,066		85,651,482		0.3
Inphi Corp.^(a)(b)		1,007,285		79,746,753		0.3
Silicon Laboratories Inc.^(a)(b)		963,028		82,252,221		0.3
Other securities				822,372,114		2.4

				1,070,022,570		3.3

Software
Everbridge Inc.^(a)(b)		744,716		79,207,994		0.3
Five9 Inc.^(a)(b)		1,338,929		102,374,511		0.3
j2 Global Inc.		1,045,270		78,238,459		0.2
Other securities				1,414,224,323		4.3

				1,674,045,287		5.1

Specialty Retail
Other securities				549,733,267		1.7


Technology Hardware, Storage & Peripherals
Other securities				53,406,072		0.2


Textiles, Apparel & Luxury Goods
Deckers Outdoor Corp.^(a)(b)		629,313		84,327,942		0.3
Other securities				159,914,804		0.4

				244,242,746		0.7

Thrifts & Mortgage Finance
PennyMac Financial Services Inc.^(c)		224,219		4,957,482		0.0
Other securities				576,296,455		1.8

				581,253,937		1.8


48		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF


Security	Shares		Value			% of Net Assets


Tobacco
Other securities			$	53,878,783			0.2	%


Trading Companies & Distributors
Other securities				383,525,270			1.2


Water Utilities
Other securities				213,177,270			0.7


Wireless Telecommunication Services
Other securities				70,397,151			0.2


Total Common Stocks (Cost: $55,584,985,796)				32,485,891,139			99.6


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		4,509,704,685		4,508,802,744			13.8
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		119,910,000		119,910,000			0.4

				4,628,712,744			14.2


Total Short-Term Investments (Cost: $4,629,031,082)				4,628,712,744			14.2


Total Investments In Securities (Cost: $60,214,016,878)				37,114,603,883			113.8

Other Assets, Less Liabilities				(4,511,931,015	)		(13.8	)


Net Assets			$	32,602,672,868			100.0	%

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	4,523,053,648	—		(13,348,963	)^(b)	4,509,704,685	$	4,508,802,744	$	65,648,531	^(c)	$	(430,871	)	$	(2,040,865	)
BlackRock Cash Funds: Treasury, SL Agency Shares	30,368,036	89,541,964	^(b)	—		119,910,000		119,910,000		1,464,733			—			—
PennyMac Financial Services Inc.	224,219	—		—		224,219		4,957,482		53,813			—			(29,148	)
PennyMac Mortgage Investment Trust	1,268,171	3,638,262		(2,690,756	)	2,215,677		23,530,490		3,204,611			2,924,324			(22,189,123	)

							$	4,657,200,716	$	70,371,688		$	2,493,453		$	(24,259,136	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)


SUMMARY SCHEDULES OF INVESTMENTS			49

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Russell 2000 E-Mini

2,376

06/19/20

136,335

12,321,001

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	12,321,001

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(46,242,406	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	11,805,448

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	112,095,527

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	32,485,623,174	$	—	$	267,965	$	32,485,891,139
Money Market Funds		4,628,712,744		—		—		4,628,712,744

	$	37,114,335,918	$	—	$	267,965	$	37,114,603,883

Derivative financial instruments^(a)
Assets
Futures Contracts	$	12,321,001	$	—	$	—	$	12,321,001

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


50		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Russell 2000 Growth ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
Axon Enterprise Inc.^(a)(b)		506,565	$	35,849,605		0.5	%
Mercury Systems Inc.^(a)(b)		471,128		33,610,272		0.5
Other securities				62,978,860		0.9

				132,438,737		1.9

Air Freight & Logistics
Other securities				23,045,433		0.3


Airlines
Other securities				15,666,115		0.2


Auto Components
Other securities				51,799,298		0.7


Automobiles
Other securities				5,280,007		0.1


Banks
First Financial Bankshares Inc.^(b)		1,126,580		30,237,407		0.5
Other securities				56,982,796		0.8

				87,220,203		1.3

Beverages
Boston Beer Co. Inc. (The), Class A, NVS^(a)(b)		72,541		26,663,170		0.4
Other securities				18,125,695		0.2

				44,788,865		0.6

Biotechnology
ACADIA Pharmaceuticals Inc.^(a)(b)		977,382		41,294,390		0.6
Acceleron Pharma Inc.^(a)(b)		323,320		29,056,768		0.4
Blueprint Medicines Corp.^(a)(b)		464,786		27,180,685		0.4
Iovance Biotherapeutics Inc.^(a)(b)		1,017,253		30,451,469		0.5
Momenta Pharmaceuticals Inc.^(a)(b)		985,028		26,792,762		0.4
Other securities				883,865,868		12.7

				1,038,641,942		15.0

Building Products
Trex Co. Inc.^(a)(b)		510,316		40,896,724		0.6
Other securities				120,176,592		1.7

				161,073,316		2.3

Capital Markets
Other securities				114,917,844		1.7


Chemicals
Balchem Corp.		279,619		27,603,988		0.4
Other securities				104,698,604		1.5

				132,302,592		1.9

Commercial Services & Supplies
MSA Safety Inc.^(b)		306,588		31,026,706		0.4
Tetra Tech Inc.		473,950		33,470,349		0.5
Other securities				166,585,756		2.4

				231,082,811		3.3

Communications Equipment
Other securities				66,691,825		1.0


Construction & Engineering
Other securities				81,506,333		1.2


Construction Materials
Other securities				6,314,137		0.1


Security	Shares		Value		% of Net Assets


Consumer Finance
FirstCash Inc.		358,192	$	25,696,694		0.4	%
Other securities				14,735,841		0.2

				40,432,535		0.6

Containers & Packaging
Other securities				3,513,048		0.1


Distributors
Other securities				12,167,853		0.2


Diversified Consumer Services
Chegg Inc.^(a)(b)		1,028,269		36,791,465		0.5
Strategic Education Inc.^(b)		185,146		25,876,005		0.4
Other securities				8,321,710		0.1

				70,989,180		1.0

Diversified Financial Services
Other securities				588,938		0.0


Diversified Telecommunication Services
Cogent Communications Holdings Inc.		368,402		30,197,912		0.4
Other securities				25,757,486		0.4

				55,955,398		0.8

Electric Utilities
Other securities				18,976,245		0.3


Electrical Equipment
Generac Holdings Inc.^(a)(b)		531,242		49,495,817		0.7
Other securities				57,090,071		0.8

				106,585,888		1.5

Electronic Equipment, Instruments & Components
Other securities				146,790,921		2.1


Energy Equipment & Services
Other securities				10,624,842		0.2


Entertainment
Other securities				18,654,329		0.3


Equity Real Estate Investment Trusts (REITs)
EastGroup Properties Inc.		333,778		34,873,125		0.5
QTS Realty Trust Inc., Class A^(b)		499,587		28,981,042		0.4
Other securities				192,859,503		2.8

				256,713,670		3.7

Food & Staples Retailing
Other securities				37,782,722		0.5


Food Products
Other securities				91,375,514		1.3


Gas Utilities
Other securities				22,664,527		0.3


Health Care Equipment & Supplies
Globus Medical Inc., Class A^(a)(b)		660,182		28,077,540		0.4
Haemonetics Corp.^(a)(b)		438,576		43,708,484		0.6
Neogen Corp.^(a)(b)		450,237		30,161,377		0.4
Nevro Corp.^(a)(b)		259,475		25,942,310		0.4
Novocure Ltd.^(a)(b)		754,321		50,795,976		0.7
Quidel Corp.^(a)(b)		310,684		30,388,002		0.4
Tandem Diabetes Care Inc.^(a)(b)		486,747		31,322,169		0.5
Wright Medical Group NV^(a)(b)		1,095,710		31,392,091		0.5
Other securities				270,048,371		3.9

				541,836,320		7.8


SUMMARY SCHEDULES OF INVESTMENTS			51

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF


Security	Shares		Value		% of Net Assets


Health Care Providers & Services
Amedisys Inc.^(a)(b)		272,390	$	49,994,461		0.7	%
HealthEquity Inc.^(a)(b)		601,321		30,420,829		0.4
LHC Group Inc.^(a)(b)		261,400		36,648,280		0.5
Other securities				139,390,547		2.1

				256,454,117		3.7

Health Care Technology
Teladoc Health Inc.^(a)(b)		627,075		97,202,896		1.4
Other securities				111,381,829		1.6

				208,584,725		3.0

Hotels, Restaurants & Leisure
Churchill Downs Inc.^(b)		305,132		31,413,339		0.5
Other securities				156,165,423		2.2

				187,578,762		2.7

Household Durables
Helen of Troy Ltd.^(a)(b)		218,047		31,405,309		0.5
Other securities				87,377,505		1.2

				118,782,814		1.7

Household Products
Other securities				23,962,208		0.3


Independent Power and Renewable Electricity Producers
Other securities				18,103,379		0.3


Industrial Conglomerates
Other securities				6,623,059		0.1


Insurance
eHealth Inc.^(a)(b)		197,844		27,860,392		0.4
RLI Corp.^(b)		346,879		30,501,070		0.5
Other securities				71,358,609		1.0

				129,720,071		1.9

Interactive Media & Services
Other securities				36,469,872		0.5


Internet & Direct Marketing Retail
Other securities				20,925,583		0.3


IT Services
MAXIMUS Inc.		552,407		32,150,087		0.5
Science Applications International Corp.		502,733		37,518,964		0.6
Other securities				121,247,608		1.7

				190,916,659		2.8

Leisure Products
Other securities				25,909,335		0.4


Life Sciences Tools & Services
Repligen Corp.^(a)(b)		453,882		43,817,768		0.7
Other securities				64,757,882		0.9

				108,575,650		1.6

Machinery
Other securities				265,114,530		3.8


Marine
Other securities				218,283		0.0


Media
Other securities				24,316,932		0.4


Metals & Mining
Other securities				35,165,915		0.5


Security	Shares		Value		% of Net Assets


Oil, Gas & Consumable Fuels
Other securities			$	9,009,292		0.1	%


Paper & Forest Products
Other securities				9,641,413		0.1


Personal Products
Other securities				25,119,732		0.4


Pharmaceuticals
Other securities				191,197,618		2.8


Professional Services
Exponent Inc.		449,326		32,311,033		0.5
Other securities				81,447,734		1.1

				113,758,767		1.6

Real Estate Management & Development
Other securities				45,045,058		0.6


Road & Rail
Other securities				18,500,048		0.3


Semiconductors & Semiconductor Equipment
Cabot Microelectronics Corp.^(b)		251,790		28,739,311		0.4
Enphase Energy Inc.^(a)(b)		797,215		25,742,072		0.4
Inphi Corp.^(a)(b)		390,295		30,899,655		0.5
Silicon Laboratories Inc.^(a)(b)		373,320		31,885,261		0.5
Other securities				127,730,764		1.7

				244,997,063		3.5

Software
Everbridge Inc.^(a)(b)		288,696		30,705,707		0.5
Five9 Inc.^(a)(b)		519,447		39,716,918		0.6
j2 Global Inc.		404,969		30,311,930		0.4
Other securities				504,877,532		7.2

				605,612,087		8.7

Specialty Retail
Other securities				98,343,592		1.4


Technology Hardware, Storage & Peripherals
Other securities				3,395,178		0.0


Textiles, Apparel & Luxury Goods
Deckers Outdoor Corp.^(a)(b)		243,996		32,695,464		0.5
Other securities				36,330,311		0.5

				69,025,775		1.0

Thrifts & Mortgage Finance
Other securities				37,649,585		0.5


Tobacco
Other securities				10,834,771		0.2


Trading Companies & Distributors
SiteOne Landscape Supply Inc.^(a)(b)		354,685		26,111,910		0.4
Other securities				29,654,947		0.4

				55,766,857		0.8

Water Utilities
American States Water Co.^(b)		318,367		26,023,319		0.4
Other securities				43,396,438		0.6

				69,419,757		1.0


52		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF


Security	Shares		Value			% of Net Assets


Wireless Telecommunication Services
Other securities			$	25,476,806			0.4	%


Total Common Stocks (Cost: $9,283,113,709)				6,918,636,681			99.7


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		1,497,695,716		1,497,396,176			21.6
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		11,650,000		11,650,000			0.2

				1,509,046,176			21.8


Total Short-Term Investments (Cost: $1,509,174,820)				1,509,046,176			21.8


Total Investments In Securities (Cost: $10,792,288,529)				8,427,682,857			121.5

Other Assets, Less Liabilities				(1,490,787,451	)		(21.5	)


Net Assets			$	6,936,895,406			100.0	%

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss	)^(a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,448,822,565	48,873,151		1,497,695,716	$	1,497,396,176	$	19,703,727	^(b)	$	(127,065	)	$	(696,379	)
BlackRock Cash Funds: Treasury, SL Agency Shares	12,979,363	(1,329,363	)	11,650,000		11,650,000		271,352			—			—

					$	1,509,046,176	$	19,975,079		$	(127,065	)	$	(696,379	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini		384		06/19/20	$	22,034	$	(491,213	)


SUMMARY SCHEDULES OF INVESTMENTS			53

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	491,213

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(3,724,905	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(590,088	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	16,393,316

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,918,511,541		$	—	$	125,140	$	6,918,636,681
Money Market Funds		1,509,046,176			—		—		1,509,046,176

	$	8,427,557,717		$	—	$	125,140	$	8,427,682,857

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(491,213	)	$	—	$	—	$	(491,213	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


54		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Russell 2000 Value ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
Other securities			$	49,500,380		0.8	%


Air Freight & Logistics
Other securities				25,372,296		0.4


Airlines
Other securities				20,187,901		0.3


Auto Components
Other securities				63,614,107		1.0


Automobiles
Other securities				2,620,314		0.0


Banks
CenterState Bank Corp.		1,211,580		20,875,523		0.3
Community Bank System Inc.^(a)		477,940		28,102,872		0.4
CVB Financial Corp.		1,337,666		26,820,203		0.4
Glacier Bancorp. Inc.		744,059		25,301,726		0.4
Old National Bancorp./IN		1,589,512		20,965,663		0.3
United Bankshares Inc./WV		980,635		22,633,056		0.4
Valley National Bancorp.		3,892,880		28,456,953		0.4
Other securities				1,033,983,317		15.7

				1,207,139,313		18.3

Beverages
Other securities				1,650,250		0.0


Biotechnology
Other securities				154,667,141		2.3


Building Products
Other securities				39,463,648		0.6


Capital Markets
Stifel Financial Corp.		667,386		27,549,694		0.4
Other securities				59,334,042		0.9

				86,883,736		1.3

Chemicals
Other securities				96,409,814		1.5


Commercial Services & Supplies
UniFirst Corp./MA^(a)		152,112		22,982,602		0.4
Other securities				90,381,608		1.3

				113,364,210		1.7

Communications Equipment
Lumentum Holdings Inc.^(a)(b)		750,037		55,277,727		0.8
Other securities				59,499,114		0.9

				114,776,841		1.7

Construction & Engineering
Other securities				61,021,079		0.9


Construction Materials
Other securities				15,365,693		0.2


Consumer Finance
Other securities				41,839,127		0.6


Containers & Packaging
Other securities				12,879,108		0.2


Distributors
Other securities				1,344,268		0.0


Security	Shares		Value		% of Net Assets


Diversified Consumer Services
Other securities			$	52,841,154		0.8	%


Diversified Financial Services
Cannae Holdings Inc.^(a)(b)		742,137		24,854,168		0.4
Other securities				19,519,880		0.3

				44,374,048		0.7

Diversified Telecommunication Services
Iridium Communications Inc.^(b)		994,968		22,217,635		0.3
Other securities				25,712,488		0.4

				47,930,123		0.7

Electric Utilities
ALLETE Inc.		520,457		31,581,331		0.5
El Paso Electric Co.		338,925		23,033,343		0.3
PNM Resources Inc.		798,180		30,330,840		0.5
Portland General Electric Co.		900,243		43,157,649		0.7
Other securities				25,088,031		0.3

				153,191,194		2.3

Electrical Equipment
Other securities				32,319,622		0.5


Electronic Equipment, Instruments & Components
Anixter International Inc.^(a)(b)		306,076		26,894,898		0.4
Tech Data Corp.^(b)		356,039		46,587,703		0.7
Other securities				176,564,908		2.7

				250,047,509		3.8

Energy Equipment & Services
Other securities				55,754,326		0.9


Entertainment
Other securities				7,150,264		0.1


Equity Real Estate Investment Trusts (REITs)
Agree Realty Corp.		416,460		25,778,874		0.4
First Industrial Realty Trust Inc.		1,006,478		33,445,264		0.5
Healthcare Realty Trust Inc.		1,327,857		37,087,046		0.6
Lexington Realty Trust		2,429,061		24,120,576		0.4
Physicians Realty Trust		1,895,470		26,422,852		0.4
Piedmont Office Realty Trust Inc., Class A^(a)		1,258,414		22,223,591		0.3
PotlatchDeltic Corp.^(a)		664,848		20,869,579		0.3
Rexford Industrial Realty Inc.		1,139,056		46,712,687		0.7
Sabra Health Care REIT Inc.		2,026,592		22,130,385		0.3
STAG Industrial Inc.		1,502,526		33,836,886		0.5
Terreno Realty Corp.		596,239		30,855,368		0.5
Other securities				397,577,677		6.0

				721,060,785		10.9

Food & Staples Retailing
Other securities				66,048,256		1.0


Food Products
Darling Ingredients Inc.^(b)		1,648,742		31,606,384		0.5
Other securities				82,520,171		1.2

				114,126,555		1.7

Gas Utilities
New Jersey Resources Corp.		891,003		30,267,372		0.5
ONE Gas Inc.		523,876		43,806,511		0.7
Southwest Gas Holdings Inc.		484,108		33,674,552		0.5
Spire Inc.		498,498		37,128,131		0.6
Other securities				38,257,351		0.5

				183,133,917		2.8


SUMMARY SCHEDULES OF INVESTMENTS			55

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF


Security	Shares		Value		% of Net Assets


Health Care Equipment & Supplies
Other securities			$	52,321,734		0.8	%


Health Care Providers & Services
Other securities				64,365,806		1.0


Health Care Technology
Other securities				26,037,619		0.4


Hotels, Restaurants & Leisure
Other securities				61,093,836		0.9


Household Durables
Other securities				88,311,156		1.3


Household Products
Other securities				14,924,762		0.2


Independent Power and Renewable Electricity Producers
Clearway Energy Inc., Class A		350,129		6,011,715		0.1
Clearway Energy Inc., Class C		793,823		14,923,873		0.2
Other securities				24,218,677		0.4

				45,154,265		0.7

Insurance
Other securities				238,991,990		3.6


Interactive Media & Services
Other securities				5,486,407		0.1


Internet & Direct Marketing Retail
Stamps.com Inc.^(a)(b)		165,981		21,590,808		0.3
Other securities				14,914,814		0.3

				36,505,622		0.6

IT Services
KBR Inc.^(a)		1,421,926		29,405,430		0.4
LiveRamp Holdings Inc.^(a)(b)		673,456		22,170,171		0.3
Perspecta Inc.^(a)		1,305,487		23,812,083		0.4
Other securities				43,539,430		0.7

				118,927,114		1.8

Leisure Products
Other securities				31,797,358		0.5


Life Sciences Tools & Services
Syneos Health Inc.^(a)(b)		579,801		22,855,755		0.4
Other securities				13,103,844		0.2

				35,959,599		0.6

Machinery
Rexnord Corp.^(a)		957,055		21,696,437		0.3
Other securities				190,266,942		2.9

				211,963,379		3.2

Marine
Other securities				19,032,123		0.3


Media
TEGNA Inc.^(a)		2,183,118		23,708,661		0.4
Other securities				56,598,166		0.8

				80,306,827		1.2

Metals & Mining
Other securities				111,579,232		1.7


Mortgage Real Estate Investment
Blackstone Mortgage Trust Inc., Class A		1,288,460		23,991,125		0.4
PennyMac Mortgage Investment Trust^(c)		991,636		10,531,174		0.2


Security	Shares		Value		% of Net Assets


Mortgage Real Estate Investment (continued)
Other securities			$	73,936,810		1.0	%

				108,459,109		1.6

Multi-Utilities
Avista Corp.		668,629		28,410,046		0.4
Black Hills Corp.		612,316		39,206,593		0.6
NorthWestern Corp.		508,561		30,427,205		0.5
Other securities				7,678,954		0.1

				105,722,798		1.6

Multiline Retail
Other securities				10,401,909		0.2


Oil, Gas & Consumable Fuels
Other securities				173,197,038		2.6


Paper & Forest Products
Other securities				46,449,093		0.7


Personal Products
Other securities				18,990,040		0.3


Pharmaceuticals
Other securities				65,003,316		1.0


Professional Services
FTI Consulting Inc.^(a)(b)		339,400		40,649,938		0.6
Other securities				47,333,692		0.7

				87,983,630		1.3

Real Estate Management & Development
Other securities				37,389,000		0.6


Road & Rail
Other securities				54,690,560		0.8


Semiconductors & Semiconductor Equipment
Cirrus Logic Inc.^(b)		584,140		38,337,108		0.6
Other securities				157,979,043		2.4

				196,316,151		3.0

Software
Other securities				50,766,713		0.8


Specialty Retail
Other securities				133,706,193		2.0


Technology Hardware, Storage & Peripherals
Other securities				20,213,250		0.3


Textiles, Apparel & Luxury Goods
Other securities				29,750,929		0.5


Thrifts & Mortgage Finance
PennyMac Financial Services Inc.^(c)		93,191		2,060,453		0.0
Radian Group Inc.		2,032,002		26,314,426		0.4
Other securities				188,333,282		2.9

				216,708,161		3.3

Tobacco
Other securities				11,751,216		0.2


Trading Companies & Distributors
GATX Corp.^(a)		351,984		22,020,119		0.3
Other securities				85,623,582		1.3

				107,643,701		1.6

Water Utilities
Other securities				15,823,522		0.2


56		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF


Security	Shares		Value			% of Net Assets


Wireless Telecommunication Services
Other securities			$	1,936,376			0.0	%


Total Common Stocks (Cost: $9,981,145,955)				6,571,738,513			99.5


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		490,205,031		490,106,990			7.4
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		26,790,000		26,790,000			0.4

				516,896,990			7.8


Total Short-Term Investments (Cost: $516,935,225)				516,896,990			7.8


Total Investments In Securities (Cost: $10,498,081,180)				7,088,635,503			107.3

Other Assets, Less Liabilities				(481,102,904	)		(7.3	)


Net Assets			$	6,607,532,599			100.0	%

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

^(b)	Non-income producing security.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss	)^(a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares	594,250,515	—		(104,045,484	)^(b)	490,205,031	$	490,106,990	$	8,454,376	^(c)	$	29,055		$	(261,728	)
BlackRock Cash Funds: Treasury, SL Agency Shares	11,332,537	15,457,463	^(b)	—		26,790,000		26,790,000		296,490			—			—
PennyMac Financial Services Inc.	93,191	—		—		93,191		2,060,453		22,366			—			(12,115	)
PennyMac Mortgage Investment Trust	563,887	562,713		(134,964	)	991,636		10,531,174		1,381,746			508,434			(9,015,688	)

							$	529,488,617	$	10,154,978		$	537,489		$	(9,289,531	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

Russell 2000 E-Mini

597

06/19/20

34,256

474,633


SUMMARY SCHEDULES OF INVESTMENTS			57

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	474,633

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(3,425,972	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	321,810

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	29,159,446

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,571,738,506	$	—	$	7	$	6,571,738,513
Money Market Funds		516,896,990		—		—		516,896,990

	$	7,088,635,496	$	—	$	7	$	7,088,635,503

Derivative financial instruments^(a)
Assets
Futures Contracts	$	474,633	$	—	$	—	$	474,633

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


58		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

March 31, 2020


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

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	367,176,295		$	1,674,633,737	$	385,840,096		$	17,830,596,161
Affiliated^(c)		1,719,645			11,940,457		4,764,426			669,752,178
Cash		31,171			119,852		34,715			126,595
Cash pledged:
Futures contracts		85,000			352,000		73,000			5,123,000
Receivables:
Investments sold		—			3,430		—			—
Securities lending income — Affiliated		1,986			16,021		2,277			348,059
Capital shares sold		—			33,169		49,932			23,002
Dividends		291,998			835,079		521,291			19,478,380

Total assets		369,306,095			1,687,933,745		391,285,737			18,525,447,375


LIABILITIES
Collateral on securities loaned, at value		3,879			8,992,580		1,475,050			597,267,140
Payables:
Variation margin on futures contracts		14,542			60,141		17,802			843,304
Capital shares redeemed		—			—		—			115,012
Investment advisory fees		44,207			277,979		66,968			2,325,573

Total liabilities		62,628			9,330,700		1,559,820			600,551,029


NET ASSETS	$	369,243,467		$	1,678,603,045	$	389,725,917		$	17,924,896,346


NET ASSETS CONSIST OF:
Paid-in capital	$	414,248,434		$	1,504,725,359	$	466,728,105		$	19,339,901,190
Accumulated earnings (loss)		(45,004,967	)		173,877,686		(77,002,188	)		(1,415,004,844	)

NET ASSETS	$	369,243,467		$	1,678,603,045	$	389,725,917		$	17,924,896,346


Shares outstanding		6,000,000			19,950,000		8,850,000			126,600,000

Net asset value	$	61.54		$	84.14	$	44.04		$	141.59

Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited

Par value		None			None		None			None


^(a)Securities loaned, at value	$	—		$	8,667,761	$	1,398,810		$	570,148,906
^(b)Investments, at cost — Unaffiliated	$	406,946,139		$	1,451,072,436	$	449,336,511		$	18,810,724,357
^(c)Investments, at cost — Affiliated	$	1,780,514		$	11,933,303	$	4,603,193		$	668,434,709

See notes to financial statements.


FINANCIAL STATEMENTS			59

Statements of Assets and Liabilities (continued)

March 31, 2020


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

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	42,730,525,785	$	30,886,317,546		$	32,457,403,167		$	6,918,636,681
Affiliated^(c)		1,779,310,431		834,975,510			4,657,200,716			1,509,046,176
Cash		465,211		45,633			3,527,642			955,423
Cash pledged:
Futures contracts		9,439,840		14,204,740			17,094,000			2,485,000
Receivables:
Investments sold		—		—			6,938,841			1,743
Securities lending income — Affiliated		870,671		363,160			5,561,885			1,574,678
Capital shares sold		1,229,684		1,881,488			38,771,565			5,229
Dividends		20,804,896		56,423,350			43,093,171			4,188,392

Total assets		44,542,646,518		31,794,211,427			37,229,590,987			8,436,893,322


LIABILITIES
Collateral on securities loaned, at value		1,699,756,564		591,753,319			4,509,844,904			1,497,705,345
Payables:
Investments purchased		—		18,731,125			57,948,504			5,229
Variation margin on futures contracts		1,469,123		1,828,575			702,335			95,738
Capital shares redeemed		77,577		832,577			52,798,190			665,351
Investment advisory fees		6,997,977		5,275,048			5,624,186			1,526,253

Total liabilities		1,708,301,241		618,420,644			4,626,918,119			1,499,997,916


NET ASSETS	$	42,834,345,277	$	31,175,790,783		$	32,602,672,868		$	6,936,895,406


NET ASSETS CONSIST OF:
Paid-in capital	$	34,786,008,174	$	38,993,623,202		$	61,469,541,894		$	10,333,266,313
Accumulated earnings (loss)		8,048,337,103		(7,817,832,419	)		(28,866,869,026	)		(3,396,370,907	)

NET ASSETS	$	42,834,345,277	$	31,175,790,783		$	32,602,672,868		$	6,936,895,406


Shares outstanding		284,250,000		314,200,000			284,450,000			43,700,000

Net asset value	$	150.69	$	99.22		$	114.62		$	158.74

Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited

Par value		None		None			None			None


^(a)Securities loaned, at value	$	1,643,388,630	$	566,987,736		$	4,314,517,879		$	1,442,764,825
^(b)Investments, at cost — Unaffiliated	$	33,443,821,040	$	36,716,816,533		$	55,532,787,105		$	9,283,113,709
^(c)Investments, at cost — Affiliated	$	1,779,469,700	$	819,057,427		$	4,681,229,773		$	1,509,174,820

See notes to financial statements.


60		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (continued)

March 31, 2020


	iShares Russell 2000 Value ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	6,559,146,886
Affiliated^(c)		529,488,617
Cash		2,338,768
Cash pledged:
Futures contracts		4,418,000
Receivables:
Investments sold		2,292,344
Securities lending income — Affiliated		753,659
Capital shares sold		1,453,895
Dividends		14,251,976

Total assets		7,114,144,145


LIABILITIES
Collateral on securities loaned, at value		490,096,991
Payables:
Investments purchased		14,880,681
Variation margin on futures contracts		206,258
Capital shares redeemed		449
Investment advisory fees		1,427,167

Total liabilities		506,611,546


NET ASSETS	$	6,607,532,599


NET ASSETS CONSIST OF:
Paid-in capital	$	10,960,601,613
Accumulated loss		(4,353,069,014	)

NET ASSETS	$	6,607,532,599


Shares outstanding		80,250,000

Net asset value	$	82.34

Shares authorized		Unlimited

Par value		None


^(a) Securities loaned, at value	$	459,638,632
^(b) Investments, at cost — Unaffiliated	$	9,960,367,949
^(c) Investments, at cost — Affiliated	$	537,713,231

See notes to financial statements.


FINANCIAL STATEMENTS			61

Statements of Operations

Year Ended March 31, 2020


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

INVESTMENT INCOME
Dividends — Unaffiliated	$	5,543,414		$	21,181,625		$	12,756,478		$	395,966,593
Dividends — Affiliated		33,063			56,930			96,683			2,066,747
Interest — Unaffiliated		469			2,834			909			46,533
Securities lending income — Affiliated — net		5,516			69,326			6,583			2,209,338
Foreign taxes withheld		(156	)		(140	)		(606	)		(19,934	)

Total investment income		5,582,306			21,310,575			12,860,047			400,269,277


EXPENSES
Investment advisory fees		424,813			3,141,738			932,744			31,099,669

Total expenses		424,813			3,141,738			932,744			31,099,669

Net investment income		5,157,493			18,168,837			11,927,303			369,169,608


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(2,532,978	)		(23,781,884	)		(8,746,551	)		(161,754,482	)
Investments — Affiliated		(6,771	)		(29,125	)		(33,078	)		(505,243	)
In-kind redemptions — Unaffiliated		13,456,825			95,220,844			35,673,857			1,556,949,231
In-kind redemptions — Affiliated		19,850			—			164,220			2,174,187
Futures contracts		(130,785	)		(642,545	)		(41,797	)		(22,850,910	)

Net realized gain		10,806,141			70,767,290			27,016,651			1,374,012,783

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(50,913,242	)		(60,457,519	)		(97,844,691	)		(3,249,825,658	)
Investments — Affiliated		(40,646	)		6,707			(46,069	)		(777,949	)
Futures contracts		(27,762	)		(209,878	)		(66,382	)		(1,759,883	)

Net change in unrealized appreciation (depreciation)		(50,981,650	)		(60,660,690	)		(97,957,142	)		(3,252,363,490	)

Net realized and unrealized gain (loss)		(40,175,509	)		10,106,600			(70,940,491	)		(1,878,350,707	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(35,018,016	)	$	28,275,437		$	(59,013,188	)	$	(1,509,181,099	)

See notes to financial statements.


62		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (continued)

Year Ended March 31, 2020


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

INVESTMENT INCOME
Dividends — Unaffiliated	$	567,406,335		$	1,028,749,610		$	521,513,812		$	62,117,845
Dividends — Affiliated		1,421,884			6,045,782			4,723,157			271,352
Interest — Unaffiliated		60,712			78,019			56,302			9,895
Securities lending income — Affiliated — net		4,237,898			3,332,479			65,648,531			19,703,727
Foreign taxes withheld		(2,160	)		(74,974	)		(305,234	)		(33,092	)

Total investment income		573,124,669			1,038,130,916			591,636,568			82,069,727


EXPENSES
Investment advisory fees		88,623,531			75,215,158			82,712,541			21,923,827

Total expenses		88,623,531			75,215,158			82,712,541			21,923,827

Net investment income		484,501,138			962,915,758			508,924,027			60,145,900


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(686,131,369	)		(954,601,956	)		(1,632,288,703	)		(376,737,732	)
Investments — Affiliated		(583,221	)		(1,600,281	)		(430,871	)		(127,065	)
In-kind redemptions — Unaffiliated		3,853,723,407			2,735,884,059			4,502,559,597			646,979,497
In-kind redemptions — Affiliated		—			6,544,340			2,924,324			—
Futures contracts		(9,380,738	)		(16,904,500	)		(46,242,406	)		(3,724,905	)

Net realized gain		3,157,628,079			1,769,321,662			2,826,521,941			266,389,795

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(3,185,158,662	)		(8,887,771,349	)		(13,053,155,851	)		(1,942,100,782	)
Investments — Affiliated		(409,489	)		445,842			(24,259,136	)		(696,379	)
Futures contracts		(3,150,431	)		(5,625,771	)		11,805,448			(590,088	)

Net change in unrealized appreciation (depreciation)		(3,188,718,582	)		(8,892,951,278	)		(13,065,609,539	)		(1,943,387,249	)

Net realized and unrealized loss		(31,090,503	)		(7,123,629,616	)		(10,239,087,598	)		(1,676,997,454	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	453,410,635		$	(6,160,713,858	)	$	(9,730,163,571	)	$	(1,616,851,554	)

See notes to financial statements.


FINANCIAL STATEMENTS			63

Statements of Operations (continued)

Year Ended March 31, 2020


	iShares Russell 2000 Value ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	168,372,100
Dividends — Affiliated		1,700,602
Interest — Unaffiliated		14,658
Securities lending income — Affiliated — net		8,454,376
Foreign taxes withheld		(97,869	)

Total investment income		178,443,867


EXPENSES
Investment advisory fees		21,691,959

Total expenses		21,691,959

Net investment income		156,751,908


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(502,724,253	)
Investments — Affiliated		29,212
In-kind redemptions — Unaffiliated		585,553,775
In-kind redemptions — Affiliated		508,277
Futures contracts		(3,425,972	)

Net realized gain		79,941,039

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(2,789,869,582	)
Investments — Affiliated		(9,289,531	)
Futures contracts		321,810

Net change in unrealized appreciation (depreciation)		(2,798,837,303	)

Net realized and unrealized loss		(2,718,896,264	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,562,144,356	)

See notes to financial statements.


64		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


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


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	5,157,493		$	3,181,270		$	18,168,837		$	14,850,876
Net realized gain		10,806,141			17,060,018			70,767,290			57,005,365
Net change in unrealized appreciation (depreciation)		(50,981,650	)		(5,077,084	)		(60,660,690	)		63,801,443

Net increase (decrease) in net assets resulting from operations		(35,018,016	)		15,164,204			28,275,437			135,657,684


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,858,711	)		(3,165,676	)		(18,561,859	)		(14,664,825	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		196,738,386			64,971,939			291,403,519			277,512,190


NET ASSETS
Total increase in net assets		155,861,659			76,970,467			301,117,097			398,505,049
Beginning of year		213,381,808			136,411,341			1,377,485,948			978,980,899

End of year	$	369,243,467		$	213,381,808		$	1,678,603,045		$	1,377,485,948

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

See notes to financial statements.


FINANCIAL STATEMENTS			65

Statements of Changes in Net Assets (continued)


	iShares						iShares
	Russell Top 200 Value ETF						Russell 1000 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	11,927,303		$	8,730,502		$	369,169,608		$	346,537,383
Net realized gain		27,016,651			6,027,168			1,374,012,783			2,401,471,739
Net change in unrealized appreciation (depreciation)		(97,957,142	)		7,608,467			(3,252,363,490	)		(788,331,878	)

Net increase (decrease) in net assets resulting from operations		(59,013,188	)		22,366,137			(1,509,181,099	)		1,959,677,244


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(13,337,365	)		(8,701,271	)		(396,717,095	)		(359,756,475	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		36,245,331			127,442,364			517,889,894			(1,640,900,307	)


NET ASSETS
Total increase (decrease) in net assets		(36,105,222	)		141,107,230			(1,388,008,300	)		(40,979,538	)
Beginning of year		425,831,139			284,723,909			19,312,904,646			19,353,884,184

End of year	$	389,725,917		$	425,831,139		$	17,924,896,346		$	19,312,904,646

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

See notes to financial statements.


66		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares						iShares
	Russell 1000 Growth ETF						Russell 1000 Value ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	484,501,138		$	490,205,230		$	962,915,758		$	878,594,655
Net realized gain		3,157,628,079			4,590,349,816			1,769,321,662			2,052,864,755
Net change in unrealized appreciation (depreciation)		(3,188,718,582	)		(120,714,551	)		(8,892,951,278	)		(915,244,100	)

Net increase (decrease) in net assets resulting from operations		453,410,635			4,959,840,495			(6,160,713,858	)		2,016,215,310


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(489,416,037	)		(487,557,427	)		(1,068,613,061	)		(924,954,569	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		141,020,775			(1,718,330,632	)		527,568,153			568,591,357


NET ASSETS
Total increase (decrease) in net assets		105,015,373			2,753,952,436			(6,701,758,766	)		1,659,852,098
Beginning of year		42,729,329,904			39,975,377,468			37,877,549,549			36,217,697,451

End of year	$	42,834,345,277		$	42,729,329,904		$	31,175,790,783		$	37,877,549,549

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

See notes to financial statements.


FINANCIAL STATEMENTS			67

Statements of Changes in Net Assets (continued)


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


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	508,924,027		$	541,123,935		$	60,145,900		$	60,328,164
Net realized gain		2,826,521,941			3,195,282,180			266,389,795			1,578,231,361
Net change in unrealized appreciation (depreciation)		(13,065,609,539	)		(3,463,868,897	)		(1,943,387,249	)		(1,333,654,005	)

Net increase (decrease) in net assets resulting from operations		(9,730,163,571	)		272,537,218			(1,616,851,554	)		304,905,520


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(601,223,892	)		(558,120,954	)		(69,128,809	)		(64,093,795	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(240,663,123	)		1,541,709,042			(548,690,029	)		(276,531,812	)


NET ASSETS
Total increase (decrease) in net assets		(10,572,050,586	)		1,256,125,306			(2,234,670,392	)		(35,720,087	)
Beginning of year		43,174,723,454			41,918,598,148			9,171,565,798			9,207,285,885

End of year	$	32,602,672,868		$	43,174,723,454		$	6,936,895,406		$	9,171,565,798

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

See notes to financial statements.


68		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


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


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	156,751,908		$	168,134,776
Net realized gain		79,941,039			693,705,994
Net change in unrealized appreciation (depreciation)		(2,798,837,303	)		(866,252,928	)

Net decrease in net assets resulting from operations		(2,562,144,356	)		(4,412,158	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(183,585,915	)		(175,083,831	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		245,323,995			448,814,096


NET ASSETS
Total increase (decrease) in net assets		(2,500,406,276	)		269,318,107
Beginning of year		9,107,938,875			8,838,620,768

End of year	$	6,607,532,599		$	9,107,938,875

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

See notes to financial statements.


FINANCIAL STATEMENTS			69

Financial Highlights

(For a share outstanding throughout each period)


	iShares Russell Top 200 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	65.66		$	60.63		$	53.88		$	46.83		$	46.70

Net investment income^(a)		1.28			1.21			1.08			1.00			0.96
Net realized and unrealized gain (loss)^(b)		(3.94	)		4.97			6.71			7.06			0.14

Net increase (decrease) from investment operations		(2.66	)		6.18			7.79			8.06			1.10


Distributions^(c)
From net investment income		(1.46	)		(1.15	)		(1.04	)		(1.01	)		(0.97	)

Total distributions		(1.46	)		(1.15	)		(1.04	)		(1.01	)		(0.97	)


Net asset value, end of year	$	61.54		$	65.66		$	60.63		$	53.88		$	46.83


Total Return
Based on net asset value		(4.24	)%		10.27	%		14.55	%		17.38	%		2.40	%


Ratios to Average Net Assets
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%

Net investment income		1.82	%		1.91	%		1.84	%		2.01	%		2.06	%


Supplemental Data
Net assets, end of year (000)	$	369,243		$	213,382		$	136,411		$	102,364		$	88,979

Portfolio turnover rate^(d)		5	%		5	%		5	%		7	%		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.


70		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Top 200 Growth ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	82.24		$	73.61		$	61.44		$	53.74		$	51.75

Net investment income^(a)		1.04			1.00			0.92			0.86			0.83
Net realized and unrealized gain^(b)		1.90			8.60			12.18			7.69			2.00

Net increase from investment operations		2.94			9.60			13.10			8.55			2.83


Distributions^(c)
From net investment income		(1.04	)		(0.97	)		(0.93	)		(0.85	)		(0.84	)

Total distributions		(1.04	)		(0.97	)		(0.93	)		(0.85	)		(0.84	)


Net asset value, end of year	$	84.14		$	82.24		$	73.61		$	61.44		$	53.74


Total Return
Based on net asset value		3.55	%		13.11	%		21.43	%		16.06	%		5.52	%


Ratios to Average Net Assets
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income		1.16	%		1.27	%		1.33	%		1.52	%		1.59	%


Supplemental Data
Net assets, end of year (000)	$	1,678,603		$	1,377,486		$	978,981		$	847,921		$	631,482

Portfolio turnover rate^(d)		20	%		15	%		11	%		15	%		16	%

^(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.


FINANCIAL HIGHLIGHTS			71

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Top 200 Value ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	52.57		$	50.39		$	48.20		$	41.57		$	43.14

Net investment income^(a)		1.40			1.31			1.17			1.10			1.04
Net realized and unrealized gain (loss)^(b)		(8.38	)		2.13			2.15			6.59			(1.44	)

Net increase (decrease) from investment operations		(6.98	)		3.44			3.32			7.69			(0.40	)


Distributions^(c)
From net investment income		(1.55	)		(1.26	)		(1.13	)		(1.06	)		(1.17	)

Total distributions		(1.55	)		(1.26	)		(1.13	)		(1.06	)		(1.17	)


Net asset value, end of year	$	44.04		$	52.57		$	50.39		$	48.20		$	41.57


Total Return
Based on net asset value		(13.72	)%		6.92	%		6.93	%		18.68	%		(0.91	)%


Ratios to Average Net Assets
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income		2.56	%		2.54	%		2.33	%		2.44	%		2.47	%


Supplemental Data
Net assets, end of year (000)	$	389,726		$	425,831		$	284,724		$	226,520		$	170,437

Portfolio turnover rate^(d)		17	%		14	%		13	%		14	%		16	%

^(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.


72		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell 1000 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	157.27		$	146.79		$	131.25		$	114.08		$	115.94

Net investment income^(a)		2.96			2.74			2.50			2.30			2.22
Net realized and unrealized gain (loss)^(b)		(15.46	)		10.60			15.54			17.21			(1.78	)

Net increase (decrease) from investment operations		(12.50	)		13.34			18.04			19.51			0.44


Distributions^(c)
From net investment income		(3.18	)		(2.86	)		(2.50	)		(2.34	)		(2.30	)

Total distributions		(3.18	)		(2.86	)		(2.50	)		(2.34	)		(2.30	)


Net asset value, end of year	$	141.59		$	157.27		$	146.79		$	131.25		$	114.08


Total Return
Based on net asset value		(8.15	)%		9.18	%^(d)		13.83	%		17.27	%		0.41	%


Ratios to Average Net Assets
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%

Net investment income		1.78	%		1.80	%		1.77	%		1.89	%		1.96	%


Supplemental Data
Net assets, end of year (000)	$	17,924,896		$	19,312,905		$	19,353,884		$	17,502,746		$	14,801,765

Portfolio turnover rate^(e)		5	%		6	%		4	%		4	%		5	%

^(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.


FINANCIAL HIGHLIGHTS			73

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell 1000 Growth ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	151.33		$	136.02		$	113.76		$	99.82		$	98.94

Net investment income^(a)		1.72			1.69			1.55			1.44			1.41
Net realized and unrealized gain (loss)^(b)		(0.62	)		15.31			22.26			13.97			0.87

Net increase from investment operations		1.10			17.00			23.81			15.41			2.28


Distributions^(c)
From net investment income		(1.74	)		(1.69	)		(1.55	)		(1.47	)		(1.40	)

Total distributions		(1.74	)		(1.69	)		(1.55	)		(1.47	)		(1.40	)


Net asset value, end of year	$	150.69		$	151.33		$	136.02		$	113.76		$	99.82


Total Return
Based on net asset value		0.68	%		12.57	%		21.02	%		15.56	%		2.34	%


Ratios to Average Net Assets
Total expenses		0.19	%		0.19	%		0.20	%		0.20	%		0.20	%

Net investment income		1.05	%		1.17	%		1.21	%		1.38	%		1.44	%


Supplemental Data
Net assets, end of year (000)	$	42,834,345		$	42,729,330		$	39,975,377		$	34,304,520		$	29,677,347

Portfolio turnover rate^(d)		18	%		12	%		13	%		14	%		16	%

^(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.


74		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell 1000 Value ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	123.48		$	119.95		$	114.90		$	98.82		$	103.08

Net investment income^(a)		3.14			2.86			2.67			2.49			2.34
Net realized and unrealized gain (loss)^(b)		(23.93	)		3.67			5.08			16.08			(4.08	)

Net increase (decrease) from investment operations		(20.79	)		6.53			7.75			18.57			(1.74	)


Distributions^(c)
From net investment income		(3.47	)		(3.00	)		(2.70	)		(2.49	)		(2.52	)

Total distributions		(3.47	)		(3.00	)		(2.70	)		(2.49	)		(2.52	)


Net asset value, end of year	$	99.22		$	123.48		$	119.95		$	114.90		$	98.82


Total Return
Based on net asset value		(17.30	)%		5.53	%^(d)		6.78	%		18.96	%		(1.66	)%


Ratios to Average Net Assets
Total expenses		0.19	%		0.19	%		0.20	%		0.20	%		0.20	%

Net investment income		2.46	%		2.36	%		2.23	%		2.32	%		2.36	%


Supplemental Data
Net assets, end of year (000)	$	31,175,791		$	37,877,550		$	36,217,697		$	36,504,958		$	26,330,160

Portfolio turnover rate^(e)		16	%		17	%		15	%		13	%		16	%

^(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.


FINANCIAL HIGHLIGHTS			75

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell 2000 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	153.10		$	151.96		$	137.69		$	110.74		$	124.39

Net investment income^(a)		1.83			1.89			1.79			1.78			1.66
Net realized and unrealized gain (loss)^(b)		(38.22	)		1.18			14.38			27.08			(13.63	)

Net increase (decrease) from investment operations		(36.39	)		3.07			16.17			28.86			(11.97	)


Distributions^(c)
From net investment income		(2.09	)		(1.93	)		(1.90	)		(1.91	)		(1.68	)

Total distributions		(2.09	)		(1.93	)		(1.90	)		(1.91	)		(1.68	)


Net asset value, end of year	$	114.62		$	153.10		$	151.96		$	137.69		$	110.74


Total Return
Based on net asset value		(24.04	)%		2.01	%		11.80	%		26.25	%		(9.67	)%


Ratios to Average Net Assets
Total expenses		0.19	%		0.19	%		0.20	%		0.20	%		0.20	%

Net investment income		1.19	%		1.21	%		1.23	%		1.42	%		1.43	%


Supplemental Data
Net assets, end of year (000)	$	32,602,673		$	43,174,723		$	41,918,598		$	38,092,960		$	25,343,887

Portfolio turnover rate^(d)		18	%		22	%		16	%		15	%		17	%

^(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.


76		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell 2000 Growth ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	196.60		$	190.63		$	161.84		$	132.79		$	151.62

Net investment income^(a)		1.32			1.21			1.23			1.42			1.17
Net realized and unrealized gain (loss)^(b)		(37.65	)		6.04			28.91			29.18			(18.80	)

Net increase (decrease) from investment operations		(36.33	)		7.25			30.14			30.60			(17.63	)


Distributions^(c)
From net investment income		(1.53	)		(1.28	)		(1.35	)		(1.55	)		(1.20	)

Total distributions		(1.53	)		(1.28	)		(1.35	)		(1.55	)		(1.20	)


Net asset value, end of year	$	158.74		$	196.60		$	190.63		$	161.84		$	132.79


Total Return
Based on net asset value		(18.61	)%		3.81	%		18.68	%		23.16	%		(11.67	)%


Ratios to Average Net Assets
Total expenses		0.24	%		0.24	%		0.24	%		0.24	%		0.25	%

Net investment income		0.66	%		0.61	%		0.70	%		0.96	%		0.82	%


Supplemental Data
Net assets, end of year (000)	$	6,936,895		$	9,171,566		$	9,207,286		$	7,630,839		$	5,942,311

Portfolio turnover rate^(d)		33	%		35	%		26	%		28	%		28	%

^(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.


FINANCIAL HIGHLIGHTS			77

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell 2000 Value ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	119.84		$	122.00		$	118.27		$	93.28		$	103.22

Net investment income^(a)		2.07			2.18			2.03			1.92			1.89
Net realized and unrealized gain (loss)^(b)		(37.17	)		(2.10	)		3.93			25.16			(9.88	)

Net increase (decrease) from investment operations		(35.10	)		0.08			5.96			27.08			(7.99	)


Distributions^(c)
From net investment income		(2.40	)		(2.24	)		(2.23	)		(2.09	)		(1.95	)

Total distributions		(2.40	)		(2.24	)		(2.23	)		(2.09	)		(1.95	)


Net asset value, end of year	$	82.34		$	119.84		$	122.00		$	118.27		$	93.28


Total Return
Based on net asset value		(29.79	)%		0.03	%		5.06	%		29.25	%		(7.76	)%


Ratios to Average Net Assets
Total expenses		0.24	%		0.24	%		0.24	%		0.24	%		0.25	%

Net investment income		1.74	%		1.73	%		1.67	%		1.79	%		1.98	%


Supplemental Data
Net assets, end of year (000)	$	6,607,533		$	9,107,939		$	8,838,621		$	8,787,608		$	5,788,063

Portfolio turnover rate^(d)		25	%		26	%		23	%		24	%		26	%

^(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.


78		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
Russell Top 200		Diversified
Russell Top 200 Growth^(a)		. Diversified
Russell Top 200 Value		Diversified
Russell 1000		Diversified
Russell 1000 Growth^(a)		Diversified
Russell 1000 Value		Diversified
Russell 2000		Diversified
Russell 2000 Growth		Diversified
Russell 2000 Value		Diversified

^(a)

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


NOTES TO FINANCIAL STATEMENTS			79

Notes to Financial Statements (continued)

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:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. 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


80		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Russell Top 200 Growth
Barclays Capital Inc.	$	927,885	$	927,885		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		328,548		320,176			—		(8,372	)^(b)
BNP Paribas Securities Corp.		2,948,345		2,948,345			—		—
HSBC Bank PLC		574,397		574,397			—		—
Morgan Stanley & Co. LLC		3,570,844		3,570,844			—		—
SG Americas Securities LLC		18,236		18,236			—		—
Wells Fargo Securities LLC		299,506		299,506			—		—

	$	8,667,761	$	8,659,389		$	—	$	(8,372	)

Russell Top 200 Value
SG Americas Securities LLC	$	1,398,810	$	1,398,810		$	—	$	—

Russell 1000
Barclays Bank PLC	$	21,507,826	$	21,507,826		$	—	$	—
Barclays Capital Inc.		10,996,206		10,996,206			—		—
BNP Paribas Prime Brokerage International Ltd.		63,337,520		63,337,520			—		—
BNP Paribas Securities Corp.		506,355		506,355			—		—
BofA Securities, Inc.		77,262,472		77,262,472			—		—
Citadel Clearing LLC		7,574,308		7,574,308			—		—
Citigroup Global Markets Inc.		38,931,992		38,931,992			—		—
Credit Suisse AG		15,125,226		15,125,226			—		—
Credit Suisse Securities (USA) LLC		410,905		410,905			—		—
Goldman Sachs & Co.		24,032,119		24,032,119			—		—
HSBC Bank PLC		7,756,380		7,756,380			—		—
Jefferies LLC		1,057		1,057			—		—
JPMorgan Securities LLC		53,610,882		53,610,882			—		—
Morgan Stanley & Co. LLC		53,151,330		53,151,330			—		—
National Financial Services LLC		2,346,254		2,346,254			—		—
Nomura Securities International Inc.		1,619,063		1,619,063			—		—
RBC Capital Markets LLC		75,702		75,702			—		—
Scotia Capital (USA) Inc.		1,140,268		1,140,268			—		—
SG Americas Securities LLC		38,987,123		38,987,123			—		—
State Street Bank & Trust Company		94,413		94,413			—		—
TD Prime Services LLC		4,758,709		4,758,709			—		—
UBS AG		93,080,748		93,080,748			—		—
UBS Securities LLC		5,212,828		5,212,828			—		—
Virtu Americas LLC		1,244,757		1,244,757			—		—
Wells Fargo Bank, National Association		45,128,818		45,128,818			—		—
Wells Fargo Securities LLC		2,255,645		2,255,645			—		—

	$	570,148,906	$	570,148,906		$	—	$	—


NOTES TO FINANCIAL STATEMENTS			81

Notes to Financial Statements (continued)


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Russell 1000 Growth
Barclays Bank PLC	$	20,573,701	$	20,573,701		$	—	$	—
Barclays Capital Inc.		34,912,351		34,912,351			—		—
BNP Paribas Prime Brokerage International Ltd.		185,367,442		185,367,442			—		—
BNP Paribas Securities Corp.		332,244		332,244			—		—
BofA Securities, Inc.		82,071,481		82,071,481			—		—
Citadel Clearing LLC		16,019,163		16,019,163			—		—
Citigroup Global Markets Inc.		177,327,131		177,327,131			—		—
Credit Suisse AG		56,483,964		56,483,964			—		—
Credit Suisse Securities (USA) LLC		11,794,501		11,794,501			—		—
Deutsche Bank Securities Inc.		31,365		31,365			—		—
Goldman Sachs & Co.		260,474,615		260,474,615			—		—
HSBC Bank PLC		17,966,937		17,966,937			—		—
Jefferies LLC		232,003		232,003			—		—
JPMorgan Securities LLC		266,342,522		266,342,522			—		—
Morgan Stanley & Co. LLC		179,555,772		179,555,772			—		—
National Financial Services LLC		7,128,564		7,128,564			—		—
Natixis Securities Americas LLC		9,897,569		9,897,569			—		—
Nomura Securities International Inc.		3,465,481		3,465,481			—		—
RBC Capital Markets LLC		8,376,094		8,376,094			—		—
Scotia Capital (USA) Inc.		1,895,252		1,895,252			—		—
SG Americas Securities LLC		52,721,166		52,721,166			—		—
State Street Bank & Trust Company		144,057		144,057			—		—
UBS AG		114,878,729		114,878,729			—		—
UBS Securities LLC		15,471,693		15,471,693			—		—
Virtu Americas LLC		5,769,035		5,769,035			—		—
Wells Fargo Bank, National Association		104,697,860		104,697,860			—		—
Wells Fargo Securities LLC		9,457,938		9,457,938			—		—

	$	1,643,388,630	$	1,643,388,630		$	—	$	—

Russell 1000 Value
Barclays Bank PLC	$	41,569,354	$	41,569,354		$	—	$	—
Barclays Capital Inc.		7,185,401		7,185,401			—		—
BMO Capital Markets		213		213			—		—
BNP Paribas Prime Brokerage International Ltd.		29,085,752		29,085,752			—		—
BNP Paribas Securities Corp.		6,122,852		6,122,852			—		—
BofA Securities, Inc.		69,701,056		69,701,056			—		—
Citadel Clearing LLC		10,367,344		10,367,344			—		—
Citigroup Global Markets Inc.		30,302,095		30,302,095			—		—
Credit Suisse AG		27,189,120		27,189,120			—		—
Credit Suisse Securities (USA) LLC		4,512,945		4,512,945			—		—
Deutsche Bank Securities Inc.		601,257		601,257			—		—
Goldman Sachs &Co.		60,135,780		60,135,780			—		—
HSBC Bank PLC		10,370,012		10,370,012			—		—
Jefferies LLC		68,016		66,835			—		(1,181	)^(b)
JPMorgan Securities LLC		84,457,998		84,457,998			—		—
Morgan Stanley & Co. LLC		46,713,908		46,713,908			—		—
National Financial Services LLC		6,469,145		6,469,145			—		—
Natixis Securities Americas LLC		3,342,243		3,342,243			—		—
Nomura Securities International Inc.		1,613,578		1,613,578			—		—
RBC Capital Markets LLC		197,925		197,925			—		—
Scotia Capital (USA) Inc.		2,224,268		2,218,692			—		(5,576	)^(b)
SG Americas Securities LLC		18,142,912		18,142,912			—		—
State Street Bank & Trust Company		736,753		736,753			—		—
TD Prime Services LLC		9,887,985		9,887,985			—		—
UBS AG		42,270,776		42,270,776			—		—
UBS Securities LLC		3,066,447		3,066,447			—		—
Virtu Americas LLC		1,039,380		1,039,380			—		—
Wells Fargo Bank, National Association		42,657,334		42,657,334			—		—
Wells Fargo Securities LLC		6,955,887		6,955,887			—		—

	$	566,987,736	$	566,980,979		$	—	$	(6,757	)


82		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Russell 2000
Barclays Bank PLC	$	133,654,553	$	133,654,553		$	—	$	—
Barclays Capital Inc.		76,572,925		76,572,925			—		—
BMO Capital Markets		1,203,563		1,203,563			—		—
BNP Paribas New York Branch		2,236,475		2,236,475			—		—
BNP Paribas Prime Brokerage International Ltd.		190,859,698		190,859,698			—		—
BNP Paribas Securities Corp.		67,064,835		67,064,835			—		—
BofA Securities, Inc.		411,888,359		411,888,359			—		—
Citadel Clearing LLC		52,181,740		52,181,740			—		—
Citigroup Global Markets Inc.		360,987,342		360,987,342			—		—
Credit Suisse AG		187,365,138		187,365,138			—		—
Credit Suisse Securities (USA) LLC		64,046,181		64,046,181			—		—
Deutsche Bank Securities Inc.		38,308,869		38,308,869			—		—
Goldman Sachs &Co.		632,614,781		632,614,781			—		—
HSBC Bank PLC		52,503,307		52,503,307			—		—
ING Financial Markets LLC		174,020		170,461			—		(3,559	)^(b)
Jefferies LLC		14,236,451		14,236,451			—		—
JPMorgan Securities LLC		943,346,007		943,346,007			—		—
Mizuho Securities USA Inc.		330,372		330,372			—		—
Morgan Stanley & Co. LLC		510,322,245		510,322,245			—		—
National Financial Services LLC		181,814,536		181,814,536			—		—
Natixis Securities Americas LLC		14,324,831		14,324,831			—		—
Nomura Securities International Inc.		4,222,662		4,222,662			—		—
RBC Capital Markets LLC		2,762,186		2,762,186			—		—
Scotia Capital (USA) Inc.		17,158,779		17,158,779			—		—
SG Americas Securities LLC		8,300,696		8,300,696			—		—
State Street Bank & Trust Company		8,426,135		8,426,135			—		—
TD Prime Services LLC		2,485,017		2,485,017			—		—
UBS AG		130,907,132		130,907,132			—		—
UBS Securities LLC		41,441,450		41,441,450			—		—
Virtu Americas LLC		6,013,655		6,013,655			—		—
Wells Fargo Securities LLC		156,763,939		156,763,939			—		—

	$	4,314,517,879	$	4,314,514,320		$	—	$	(3,559	)


NOTES TO FINANCIAL STATEMENTS			83

Notes to Financial Statements (continued)


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Russell 2000 Growth
Barclays Bank PLC	$	89,172,738	$	89,172,738		$	—	$	—
Barclays Capital Inc.		23,283,664		23,283,664			—		—
BMO Capital Markets		13,981		13,981			—		—
BNP Paribas Prime Brokerage International Ltd.		61,717,929		61,717,929			—		—
BNP Paribas Securities Corp.		5,960,585		5,960,585			—		—
BofA Securities, Inc.		142,227,999		142,227,999			—		—
Citadel Clearing LLC		19,066,226		19,066,226			—		—
Citigroup Global Markets Inc.		111,348,673		111,348,673			—		—
Credit Suisse AG		62,929,257		62,929,257			—		—
Credit Suisse Securities (USA) LLC		21,865,327		21,865,327			—		—
Deutsche Bank Securities Inc.		7,692,360		7,692,360			—		—
Goldman Sachs & Co.		266,431,202		266,431,202			—		—
HSBC Bank PLC		9,552,108		9,552,108			—		—
ING Financial Markets LLC		9,342		9,342			—		—
Jefferies LLC		3,695,577		3,695,577			—		—
JPMorgan Securities LLC		265,839,907		265,839,907			—		—
Morgan Stanley & Co. LLC		179,705,495		179,705,495			—		—
National Financial Services LLC		53,759,892		53,759,892			—		—
Natixis Securities Americas LLC		3,058,596		3,058,596			—		—
Nomura Securities International Inc.		2,802,980		2,802,980			—		—
RBC Capital Markets LLC		2,209,531		2,209,531			—		—
Scotia Capital (USA) Inc.		6,178,339		6,178,339			—		—
SG Americas Securities LLC		3,057,263		3,057,263			—		—
State Street Bank & Trust Company		2,611,932		2,611,932			—		—
TD Prime Services LLC		991,247		991,247			—		—
UBS AG		34,874,656		34,874,656			—		—
UBS Securities LLC		34,924,386		34,924,386			—		—
Virtu Americas LLC		534,189		534,189			—		—
Wells Fargo Securities LLC		27,249,444		27,249,444			—		—

	$	1,442,764,825	$	1,442,764,825		$	—	$	—


84		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Russell 2000 Value
Barclays Bank PLC	$	24,627,376	$	24,627,376		$	—	$	—
Barclays Capital Inc.		14,265,764		14,265,764			—		—
BMO Capital Markets		48,851		48,851			—		—
BNP Paribas Prime Brokerage International Ltd.		15,681,142		15,681,142			—		—
BNP Paribas Securities Corp.		1,983,962		1,983,962			—		—
BofA Securities, Inc.		48,091,807		48,091,807			—		—
Citadel Clearing LLC		3,145,415		3,145,415			—		—
Citigroup Global Markets Inc.		23,657,230		23,657,230			—		—
Credit Suisse AG		13,935,503		13,935,503			—		—
Credit Suisse Securities (USA) LLC		13,501,128		13,501,128			—		—
Deutsche Bank Securities Inc.		6,716,098		6,716,098			—		—
Goldman Sachs & Co.		43,799,722		43,799,722			—		—
HSBC Bank PLC		4,682,229		4,534,358			—		(147,871	)^(b)
ING Financial Markets LLC		11,800		11,800			—		—
Jefferies LLC		831,753		831,753			—		—
JPMorgan Securities LLC		99,448,135		99,448,135			—		—
Morgan Stanley & Co. LLC		72,505,148		72,505,148			—		—
National Financial Services LLC		14,768,307		14,768,307			—		—
Natixis Securities Americas LLC		40,789		40,789			—		—
Nomura Securities International Inc.		1,634,477		1,634,477			—		—
RBC Capital Markets LLC		756,042		756,042			—		—
Scotia Capital (USA) Inc.		1,890,043		1,890,043			—		—
SG Americas Securities LLC		1,142,738		1,142,738			—		—
State Street Bank & Trust Company		2,160,011		2,103,302			—		(56,709	)^(b)
TD Prime Services LLC		640,005		640,005			—		—
UBS AG		18,112,559		18,112,559			—		—
UBS Securities LLC		7,055,780		7,055,780			—		—
Virtu Americas LLC		625,624		625,624			—		—
Wells Fargo Securities LLC		23,879,194		23,879,194			—		—

	$	459,638,632	$	459,434,052		$	—	$	(204,580	)

^(a)

^(b)

5.	DERIVATIVE FINANCIAL INSTRUMENTS


NOTES TO FINANCIAL STATEMENTS			85

Notes to Financial Statements (continued)

due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES


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:


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.


86		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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.


iShares ETF	Fees Paid to BTC
Russell Top 200	$	2,264
Russell Top 200 Growth		28,498
Russell Top 200 Value		2,654
Russell 1000		923,541
Russell 1000 Growth		1,777,998
Russell 1000 Value		1,315,164
Russell 2000		25,360,468
Russell 2000 Growth		7,627,994
Russell 2000 Value		3,262,251

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

For the year ended March 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Russell Top 200	$	6,741,847	$	3,613,687	$	(678,953	)
Russell Top 200 Growth		84,376,943		86,081,380		(11,703,066	)
Russell Top 200 Value		46,576,194		26,603,843		(1,674,182	)
Russell 1000		339,425,721		156,154,799		(43,848,519	)
Russell 1000 Growth		2,678,544,010		3,047,847,959		(429,064,575	)
Russell 1000 Value		3,739,595,640		1,722,406,215		(237,803,581	)
Russell 2000		890,630,727		2,025,372,256		50,108,170
Russell 2000 Growth		601,351,451		1,544,067,468		(370,224,708	)
Russell 2000 Value		932,457,498		915,945,355		(169,932,301	)


NOTES TO FINANCIAL STATEMENTS			87

Notes to Financial Statements (continued)

7.	PURCHASES AND SALES

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Russell Top 200	$	14,887,381	$	15,835,926
Russell Top 200 Growth		317,945,692		312,153,191
Russell Top 200 Value		79,072,265		80,976,385
Russell 1000		972,463,173		1,040,659,061
Russell 1000 Growth		8,358,055,835		8,269,833,681
Russell 1000 Value		6,291,849,629		6,458,919,968
Russell 2000		7,791,917,725		8,061,489,190
Russell 2000 Growth		2,915,975,787		2,981,837,659
Russell 2000 Value		2,242,253,668		2,168,788,527

For the year ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Russell Top 200	$	253,720,455	$	57,440,967
Russell Top 200 Growth		531,744,584		247,018,403
Russell Top 200 Value		171,320,939		134,765,871
Russell 1000		4,993,644,763		4,467,080,279
Russell 1000 Growth		8,564,534,053		8,540,551,739
Russell 1000 Value		10,507,587,948		9,934,114,500
Russell 2000		60,729,862,400		60,874,327,464
Russell 2000 Growth		2,617,935,098		3,162,746,206
Russell 2000 Value		2,771,377,869		2,604,206,024

8.	INCOME TAX INFORMATION


iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
Russell Top 200	$	12,913,104	$	(12,913,104	)
Russell Top 200 Growth		94,271,508		(94,271,508	)
Russell Top 200 Value		33,591,454		(33,591,454	)
Russell 1000		1,476,765,550		(1,476,765,550	)
Russell 1000 Growth		3,799,618,522		(3,799,618,522	)
Russell 1000 Value		2,309,175,339		(2,309,175,339	)
Russell 2000		3,659,255,408		(3,659,255,408	)
Russell 2000 Growth		508,665,494		(508,665,494	)
Russell 2000 Value		436,677,719		(436,677,719	)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
Russell Top 200
Ordinary income	$	5,858,711	$	3,165,676


88		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
Russell Top 200 Growth
Ordinary income	$	18,561,859	$	14,664,825

Russell Top 200 Value
Ordinary income	$	13,337,365	$	8,701,271

Russell 1000
Ordinary income	$	396,717,095	$	359,756,475

Russell 1000 Growth
Ordinary income	$	489,416,037	$	487,557,427

Russell 1000 Value
Ordinary income	$	1,068,613,061	$	924,954,569

Russell 2000
Ordinary income	$	601,223,892	$	558,120,954

Russell 2000 Growth
Ordinary income	$	69,128,809	$	64,093,795

Russell 2000 Value
Ordinary income	$	183,585,915	$	175,083,831

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
Russell Top 200	$	242,652	$	(2,277,125	)	$	(42,970,494	)	$	(45,004,967	)
Russell Top 200 Growth		178,196		(33,831,940	)		207,531,430			173,877,686
Russell Top 200 Value		403,744		(1,355,111	)		(76,050,821	)		(77,002,188	)
Russell 1000		2,964,036		(122,396,042	)		(1,295,572,838	)		(1,415,004,844	)
Russell 1000 Growth		7,668,965		(706,979,434	)		8,747,647,572			8,048,337,103
Russell 1000 Value		—		(453,749,616	)		(7,364,082,803	)		(7,817,832,419	)
Russell 2000		—		(5,130,624,101	)		(23,736,244,925	)		(28,866,869,026	)
Russell 2000 Growth		—		(891,849,139	)		(2,504,521,768	)		(3,396,370,907	)
Russell 2000 Value		—		(480,512,762	)		(3,872,556,252	)		(4,353,069,014	)

^(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.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell Top 200	$	411,866,434	$	11,498,840	$	(54,469,334	)	$	(42,970,494	)
Russell Top 200 Growth		1,479,042,764		274,048,421		(66,516,991	)		207,531,430
Russell Top 200 Value		466,655,343		16,284,518		(92,335,339	)		(76,050,821	)
Russell 1000		19,795,921,177		2,079,109,664		(3,374,682,502	)		(1,295,572,838	)
Russell 1000 Growth		35,762,188,644		10,762,665,013		(2,015,017,441	)		8,747,647,572
Russell 1000 Value		39,085,375,859		1,868,733,769		(9,232,816,572	)		(7,364,082,803	)
Russell 2000		60,850,848,808		367,780,284		(24,104,025,209	)		(23,736,244,925	)
Russell 2000 Growth		10,932,204,625		518,676,672		(3,023,198,440	)		(2,504,521,768	)
Russell 2000 Value		10,961,191,755		236,023,683		(4,108,579,935	)		(3,872,556,252	)


NOTES TO FINANCIAL STATEMENTS			89

Notes to Financial Statements (continued)

9.	PRINCIPAL RISKS

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.

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
Russell Top 200
Shares sold		3,650,000		$	254,319,339			1,950,000		$	125,199,420
Shares redeemed		(900,000	)		(57,580,953	)		(950,000	)		(60,227,481	)

Net increase		2,750,000		$	196,738,386			1,000,000		$	64,971,939

Russell Top 200 Growth
Shares sold		6,050,000		$	539,207,875			5,500,000		$	435,076,925
Shares redeemed		(2,850,000	)		(247,804,356	)		(2,050,000	)		(157,564,735	)

Net increase		3,200,000		$	291,403,519			3,450,000		$	277,512,190

Russell Top 200 Value
Shares sold		3,250,000		$	172,543,958			3,150,000		$	163,087,864
Shares redeemed		(2,500,000	)		(136,298,627	)		(700,000	)		(35,645,500	)

Net increase		750,000		$	36,245,331			2,450,000		$	127,442,364


90		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
Russell 1000
Shares sold		30,800,000		$	5,016,412,652			42,500,000		$	6,291,800,519
Shares redeemed		(27,000,000	)		(4,498,522,758	)		(51,550,000	)		(7,932,700,826	)

Net increase (decrease)		3,800,000		$	517,889,894			(9,050,000	)	$	(1,640,900,307	)

Russell 1000 Growth
Shares sold		54,800,000		$	8,714,895,410			63,550,000		$	9,161,407,041
Shares redeemed		(52,900,000	)		(8,573,874,635	)		(75,100,000	)		(10,879,737,673	)

Net increase (decrease)		1,900,000		$	141,020,775			(11,550,000	)	$	(1,718,330,632	)

Russell 1000 Value
Shares sold		87,050,000		$	10,568,414,563			83,950,000		$	10,084,204,618
Shares redeemed		(79,600,000	)		(10,040,846,410	)		(79,150,000	)		(9,515,613,261	)

Net increase		7,450,000		$	527,568,153			4,800,000		$	568,591,357

Russell 2000
Shares sold		428,150,000		$	63,174,663,583			372,900,000		$	58,019,515,904
Shares redeemed		(425,700,000	)		(63,415,326,706	)		(366,750,000	)		(56,477,806,862	)

Net increase (decrease)		2,450,000		$	(240,663,123	)		6,150,000		$	1,541,709,042

Russell 2000 Growth
Shares sold		13,300,000		$	2,645,575,980			29,000,000		$	5,888,694,244
Shares redeemed		(16,250,000	)		(3,194,266,009	)		(30,650,000	)		(6,165,226,056	)

Net decrease		(2,950,000	)	$	(548,690,029	)		(1,650,000	)	$	(276,531,812	)

Russell 2000 Value
Shares sold		27,050,000		$	2,982,646,088			34,750,000		$	4,480,825,743
Shares redeemed		(22,800,000	)		(2,737,322,093	)		(31,200,000	)		(4,032,011,647	)

Net increase		4,250,000		$	245,323,995			3,550,000		$	448,814,096

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 appeals in multiple appellate courts. The outcome of these appeals 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.


NOTES TO FINANCIAL STATEMENTS			91

Notes to Financial Statements (continued)

12.

SUBSEQUENT EVENTS


92		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

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 and iShares Russell Top 200 Value ETF and summary schedules of investments of 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, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2020 (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, 2020, 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, 2020 and each of the financial highlights for each of the five years in the period ended March 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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, 2020 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 26, 2020

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


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			93

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended March 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
Russell Top 200		100.00	%
Russell Top 200 Growth		100.00	%
Russell Top 200 Value		99.88	%
Russell 1000		96.75	%
Russell 1000 Growth		100.00	%
Russell 1000 Value		94.48	%
Russell 2000		100.00	%
Russell 2000 Growth		78.17	%
Russell 2000 Value		68.04	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
Russell Top 200	$	5,934,296
Russell Top 200 Growth		20,152,948
Russell Top 200 Value		14,019,817
Russell 1000		379,261,591
Russell 1000 Growth		539,091,729
Russell 1000 Value		1,044,850,041
Russell 2000		634,496,647
Russell 2000 Growth		52,851,192
Russell 2000 Value		130,820,319

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Business Income
Russell Top 200	$	80,218
Russell Top 200 Growth		652,247
Russell Top 200 Value		67,802
Russell 1000		14,481,471
Russell 1000 Growth		17,645,041
Russell 1000 Value		39,884,681
Russell 2000		72,850,153
Russell 2000 Growth		4,805,615
Russell 2000 Value		26,673,389


94		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) 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 met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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:


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			95

Supplemental Information (unaudited)

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.


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Russell Top 200^(a)	$	1.395630	$	—	$	0.061851	$	1.457481		96	%		—	%		4	%		100	%
Russell Top 200 Growth^(a)		1.033583		—		0.009706		1.043289		99			—			1			100
Russell Top 200 Value^(a)		1.416012		—		0.131085		1.547097		92			—			8			100
Russell 1000^(a)		3.112393		—		0.063064		3.175457		98			—			2			100
Russell 1000 Growth^(a)		1.725370		—		0.016819		1.742189		99			—			1			100
Russell 1000 Value^(a)		3.154788		—		0.319903		3.474691		91			—			9			100
Russell 2000^(a)		1.973435		—		0.120487		2.093922		94			—			6			100
Russell 2000 Growth^(a)		1.479495		—		0.047520		1.527015		97			—			3			100
Russell 2000 Value^(a)		2.239434		—		0.164933		2.404367		93			—			7			100

^(a)

Premium/Discount Information


iShares Russell Top 200 ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 6.0%		1		0.08	%
Greater than 0.0% and Less than 0.5%		700		53.04
At NAV		191		14.46
Less than 0.0% and Greater than –0.5%		428		32.42

		1,320		100.00	%


96		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)


iShares Russell Top 200 Growth ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.0% and Less than 1.5%		1		0.08	%
Greater than 0.5% and Less than 1.0%		2		0.15
Greater than 0.0% and Less than 0.5%		739		55.99
At NAV		235		17.80
Less than 0.0% and Greater than –0.5%		343		25.98

		1,320		100.00	%


iShares Russell Top 200 Value ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		763		57.80	%
At NAV		177		13.41
Less than 0.0% and Greater than –0.5%		380		28.79

		1,320		100.00	%


iShares Russell 1000 ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		610		46.21	%
At NAV		294		22.27
Less than 0.0% and Greater than –0.5%		416		31.52

		1,320		100.00	%


iShares Russell 1000 Growth ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		565		42.80	%
At NAV		278		21.06
Less than 0.0% and Greater than –0.5%		477		36.14

		1,320		100.00	%


iShares Russell 1000 Value ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		600		45.45	%
At NAV		258		19.55
Less than 0.0% and Greater than –0.5%		462		35.00

		1,320		100.00	%


SUPPLEMENTAL INFORMATION			97

Supplemental Information (unaudited) (continued)


iShares Russell 2000 ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0% and Less than 2.5%		1		0.08	%
Greater than 0.0% and Less than 0.5%		602		45.60
At NAV		110		8.33
Less than 0.0% and Greater than –0.5%		604		45.75
Less than –0.5% and Greater than –1.0%		1		0.08
Less than –1.0% and Greater than –1.5%		1		0.08
Less than –1.5% and Greater than –2.0%		1		0.08

		1,320		100.00	%


iShares Russell 2000 Growth ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 6.0%		1		0.08	%
Greater than 0.0% and Less than 0.5%		581		44.01
At NAV		125		9.47
Less than 0.0% and Greater than –0.5%		609		46.14
Less than –0.5% and Greater than –1.0%		4		0.30

		1,320		100.00	%


iShares Russell 2000 Value ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.0% and Less than 1.5%		1		0.08	%
Greater than 0.5% and Less than 1.0%		1		0.08
Greater than 0.0% and Less than 0.5%		634		48.03
At NAV		115		8.71
Less than 0.0% and Greater than –0.5%		567		42.95
Less than –0.5% and Greater than –1.0%		2		0.15

		1,320		100.00	%

Regulation under the Alternative Investment Fund Managers Directive

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

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.


98		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

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 2019 is USD 3.50 million. This figure is comprised of fixed remuneration of USD 1.62 million and variable remuneration of USD 1.88 million. There were a total of 448 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 2019, to its senior management was USD 446.94 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 52.53 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 2019 is USD 3.96 million. This figure is comprised of fixed remuneration of USD 1.83 million and variable remuneration of USD 2.13 million. There were a total of 448 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 2019, to its senior management was USD 505.01 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 59.36 thousand.


SUPPLEMENTAL INFORMATION			99

Trustee and Officer Information

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 367 funds as of March 31, 2020. 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., ParkAvenue 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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito^(a) (63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji^(b) (49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
^(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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


100		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).
Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


TRUSTEE AND OFFICER INFORMATION			101

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

Complete Schedules of Portfolio Holdings


102		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares


GLOSSARY OF TERMS USED IN THIS REPORT			103

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.

iS-AR-305-0320


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares Micro-Cap ETF | IWC | NYSE Arca

iShares Russell 1000 Pure U.S. Revenue ETF | AMCA | NASDAQ

iShares Russell 2500 ETF | SMMD | Cboe BZX

iShares Russell 3000 ETF | IWV | NYSE Arca

iShares Russell Mid-Cap ETF | IWR | NYSE Arca

iShares Russell Mid-Cap Growth ETF | IWP | NYSE Arca

iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		18
Shareholder Expenses		18
Summary Schedules of Investments		19
Financial Statements
Statements of Assets and Liabilities		47
Statements of Operations		49
Statements of Changes in Net Assets		51
Financial Highlights		55
Notes to Financial Statements		62
Report of Independent Registered Public Accounting Firm		74
Important Tax Information (Unaudited)		75
Statement Regarding Liquidity Risk Management Program		76
Supplemental Information		77
Trustee and Officer Information		81
General Information		83
Glossary of Terms Used in this Report		84

Market Overview

iShares Trust

Domestic Market Overview

The U.S. Federal Reserve Bank (“Fed”), which had already lowered interest rates three times in 2019 in an attempt to boost a slowing economy, also responded to the crisis. Two emergency interest rate reductions in March 2020 were enacted in an attempt to restore confidence in markets, bringing short-term interest rates down to a range of 0.00%–0.25%. The Fed further acted to stabilize credit markets by launching a bond-buying program that included U.S. Treasuries, corporate and municipal bonds, and securities backed by mortgages and auto loans.


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		iShares^® Micro-Cap ETF

Investment Objective

The iShares Micro-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of micro-capitalization U.S. equities, as represented by the Russell Microcap^® 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		(26.47	)%		(2.02	)%		5.91	%		(26.47	)%		(9.69	)%		77.59	%
Fund Market		(26.69	)		(2.06	)		5.91			(26.69	)		(9.90	)		77.53
Index		(26.38	)		(1.94	)		6.05			(26.38	)		(9.35	)		79.90

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 769.80	$ 2.65			$ 1,000.00	$ 1,022.00	$ 3.03		0.60	%

^(a)


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Micro-Cap ETF

Portfolio Management Commentary

Micro-capitalization U.S. stocks declined sharply during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Financials sector stocks detracted the most from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns, particularly banks, whose profits were boosted by lower funding costs due to increased deposits, higher trading revenues, and a rise in consumer lending. Following the coronavirus outbreak, however, financials stocks declined sharply. The sudden stop in U.S. economic activity negatively affected banks because they lend to companies in the many industries that were disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured profitability, particularly for banks that already had low deposit costs.

Consumer discretionary stocks detracted significantly from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. Restrictions on social contact heavily affected retailers, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well. The hotels, restaurants, and leisure industry was among the hardest hit by the coronavirus, as stay-at-home orders and worldwide travel restrictions led to a sharp decrease in revenues.

The healthcare sector also detracted from the Index’s performance, led by the healthcare equipment and supplies industry. As many hospitals deferred elective procedures to save capacity for a surge in coronavirus patients, investors anticipated lower demand for the medical equipment used for elective procedures.

Stocks in the industrials sector detracted notably from the Index’s return, as factory closures and declining demand drove an abrupt slowdown in industrial activity. The capital goods industry, which produces heavy equipment and machinery, drove the sector’s performance amid declines in factory orders and employment.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Health Care		32.0%
Financials		21.7
Information Technology		11.5
Industrials		10.4
Consumer Discretionary		6.5
Real Estate		4.6
Energy		3.7
Communication Services		3.1
Materials		2.5
Consumer Staples		2.3
Utilities		1.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Forty Seven Inc.		1.0%
Ra Pharmaceuticals Inc.		0.7
ChemoCentryx Inc.		0.7
Axsome Therapeutics Inc.		0.6
Onto Innovation Inc.		0.6
Kodiak Sciences Inc.		0.5
Innovative Industrial Properties Inc.		0.5
Karyopharm Therapeutics Inc.		0.5
Principia Biopharma Inc.		0.4
Palomar Holdings Inc.		0.4


FUND SUMMARY			5


Fund Summary as of March 31, 2020		iShares^® Russell 1000 Pure U.S. Revenue ETF

Investment Objective

The iShares Russell 1000 Pure U.S. Revenue ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. companies exhibiting higher domestic sales as a proportion of the company’s total sales relative to other large- and mid-capitalization U.S. equities, as represented by the Russell 1000^® Pure Domestic Exposure 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			Since Inception			1 Year			Since Inception
Fund NAV		(14.94	)%		(1.15	)%		(14.94	)%		(3.01	)%
Fund Market		(15.01	)		(1.16	)		(15.01	)		(3.05	)
Index		(14.89	)		(1.01	)		(14.89	)		(2.66	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 8/8/17. The first day of secondary market trading was 8/10/17.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 802.20	$ 0.68			$ 1,000.00	$ 1,024.30	$ 0.76		0.15	%

^(a)


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell 1000 Pure U.S. Revenue ETF

Portfolio Management Commentary

Domestically focused large- and mid-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Financials sector stocks detracted the most from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns, particularly banks. Despite low interest rates, bank profits were boosted by lower funding costs due to increased deposits, higher trading revenues, and a rise in consumer lending. Following the coronavirus outbreak, however, banks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies in the many industries disrupted by shutdowns. The economic downturn and higher unemployment claims weighed on the consumer finance industry, driven by concerns about increased default risk and lower demand for personal credit.

The energy sector also detracted significantly from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020, as the coronavirus outbreak precipitated a steep drop in demand for energy. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Oil prices declined below the costs of producing oil with hydraulic fracturing, or fracking, which meant many companies involved in shale oil production became unprofitable, constraining their ability to repay debt.

The real estate sector detracted notably from the Index’s return, driven by the coronavirus-related economic slowdown. Real estate investment trusts (“REITs”) detracted the most, particularly retail REITs. Social distancing measures enacted throughout much of the U.S. weighed on companies in the retail industry, raising concerns about their ability to continue making lease payments.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Financials		20.8%
Communication Services		13.5
Health Care		13.1
Utilities		13.0
Consumer Discretionary		11.5
Industrials		8.2
Real Estate		7.9
Information Technology		4.9
Consumer Staples		3.4
Energy		2.5
Materials		1.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
UnitedHealth Group Inc.		4.1%
Verizon Communications Inc.		3.9
Berkshire Hathaway Inc., Class B		3.9
AT&T Inc.		3.7
Home Depot Inc. (The)		3.6
Comcast Corp., Class A		2.7
Bank of America Corp.		2.7
NextEra Energy Inc.		2.1
Union Pacific Corp.		1.7
Wells Fargo & Co.		1.7


FUND SUMMARY			7


Fund Summary as of March 31, 2020		iShares^® Russell 2500 ETF

Investment Objective

The iShares Russell 2500 ETF (the “Fund”) seeks to track the investment results of an index composed of mid- and small-capitalization U.S. equities, as represented by the Russell 2500^TM 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			Since Inception			1 Year			Since Inception
Fund NAV		(22.47	)%		(3.82	)%		(22.47	)%		(10.11	)%
Fund Market		(22.39	)		(3.81	)		(22.39	)		(10.09	)
Index		(22.47	)		(3.80	)		(22.47	)		(10.05	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 7/6/17. The first day of secondary market trading was 7/7/17.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 763.00	$ 0.31			$ 1,000.00	$ 1,024.70	$ 0.35		0.07	%

^(a)


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell 2500 ETF

Portfolio Management Commentary

Mid- and small-capitalization U.S. stocks declined sharply during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Financials sector stocks detracted the most from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns, particularly banks. Despite low interest rates, bank profits were boosted by lower funding costs due to increased deposits, higher trading revenues, and a rise in consumer lending. Following the coronavirus outbreak, however, financials stocks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies in the many industries that were disrupted by shutdowns.

Consumer discretionary stocks detracted significantly from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. In an environment of uncertainty and rising unemployment, analysts expected consumers to prioritize necessities over the discretionary spending that provides the sector’s revenues. Restrictions on social contact affected retailers and apparel brands, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well.

The industrials sector also detracted meaningfully from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the sector, the capital goods industry, which produces heavy equipment and machinery, was the largest detractor amid declines in factory orders and employment.

The energy sector also detracted from the Index’s return, as oil prices declined rapidly in February 2020 to their lowest levels in 21 years. A disagreement between Saudi Arabia and Russia, the second and third largest oil producers in the world, raised expectations for a large increase in oil production. Meanwhile, the coronavirus outbreak precipitated a steep drop in demand for energy.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Investment Companies		41.8%
Information Technology		11.8
Industrials		8.3
Health Care		7.9
Financials		7.8
Real Estate		6.5
Consumer Discretionary		5.9
Materials		3.4
Utilities		2.4
Communication Services		2.1
Consumer Staples		1.6
Energy		0.5

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
iShares Russell 2000 ETF		41.9%
DexCom Inc.		0.7
RingCentral Inc., Class A		0.5
DocuSign Inc.		0.4
Seattle Genetics Inc.		0.4
Domino’s Pizza Inc.		0.4
Okta Inc.		0.4
MarketAxess Holdings Inc.		0.4
Leidos Holdings Inc.		0.4
Atmos Energy Corp.		0.3


FUND SUMMARY			9


Fund Summary as of March 31, 2020		iShares^® Russell 3000 ETF

Investment Objective

The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000^® 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		(9.29	)%		5.60	%		9.97	%		(9.29	)%		31.32	%		158.60	%
Fund Market		(9.28	)		5.60			9.97			(9.28	)		31.31			158.60
Index		(9.13	)		5.77			10.15			(9.13	)		32.36			162.92

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 862.20	$ 0.93			$ 1,000.00	$ 1,024.00	$ 1.01		0.20	%

^(a)


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell 3000 ETF

Portfolio Management Commentary

The broad-based U.S. stock market declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020, as the coronavirus outbreak precipitated a steep drop in demand for energy. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Many companies involved in shale oil production became unprofitable, constraining their ability to repay debt.

Stocks in the industrials sector detracted meaningfully from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. Within the industrials sector, the capital goods industry was the largest detractor amid declines in factory orders and employment. Aerospace and defense companies were key detractors as travel restrictions led to a sharp decrease in orders for new aircraft and global air traffic declined.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Information Technology		24.5%
Health Care		15.6
Financials		11.4
Consumer Discretionary		10.0
Communication Services		9.8
Industrials		9.1
Consumer Staples		7.1
Real Estate		3.9
Utilities		3.5
Materials		2.6
Energy		2.5

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Microsoft Corp.		4.8%
Apple Inc.		4.3
Amazon. com Inc.		3.3
Facebook Inc., Class A		1.6
Berkshire Hathaway Inc., Class B		1.5
Alphabet Inc., Class C		1.4
Johnson & Johnson		1.4
Alphabet Inc., Class A		1.4
JPMorgan Chase & Co.		1.2
Visa Inc., Class A		1.1


FUND SUMMARY			11


Fund Summary as of March 31, 2020		iShares^® Russell Mid-Cap ETF

Investment Objective

The iShares Russell Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the Russell Midcap^® 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		(18.44	)%		1.70	%		8.60	%		(18.44	)%		8.78	%		128.24	%
Fund Market		(18.43	)		1.70			8.61			(18.43	)		8.78			128.36
Index		(18.31	)		1.85			8.77			(18.31	)		9.59			131.74

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 780.40	$ 0.85			$ 1,000.00	$ 1,024.00	$ 0.96		0.19	%

^(a)


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell Mid-Cap ETF

Portfolio Management Commentary

Mid-capitalization U.S. stocks declined sharply during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Consumer discretionary stocks detracted significantly from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. Restrictions on social contact heavily affected retailers, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well. The hotels, restaurants, and leisure industry was among the hardest hit by the coronavirus, as stay-at-home orders in the U.S. and Europe and travel restrictions led to a sharp decrease in revenues for related businesses.

The energy sector detracted significantly from the Index’s return, as already low oil prices declined to their lowest levels in 21 years in February 2020. The oil, gas, and consumable fuels industry detracted significantly amid concerns about credit downgrades and defaults, as oil prices declined below the costs of production with hydraulic fracturing, constraining the ability of shale oil production companies to repay debt.

Financials sector stocks detracted notably from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns, with bank profits boosted by lower funding costs, higher trading revenues, and increased consumer lending. Following the coronavirus outbreak, however, financials stocks declined sharply. The sudden stop in U.S. economic activity negatively affected banks because they lend to companies disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured profitability.

The real estate sector also detracted from the Index’s return, driven by the coronavirus-related economic slowdown. Real estate investment trusts (“REITs”), particularly retail REITs, detracted the most. Social distancing measures enacted throughout much of the U.S. weighed on companies in related industries, raising concerns about their ability to continue making lease payments.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Information Technology		19.9%
Industrials		13.8
Health Care		12.0
Financials		11.3
Consumer Discretionary		9.9
Real Estate		9.3
Utilities		7.7
Materials		5.2
Consumer Staples		4.7
Communication Services		4.1
Energy		2.1

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Fiserv Inc.		0.9%
Advanced Micro Devices Inc.		0.8
Global Payments Inc.		0.7
L3Harris Technologies Inc.		0.7
Dollar General Corp.		0.7
Newmont Corp.		0.6
Digital Realty Trust Inc.		0.6
Lam Research Corp.		0.6
Centene Corp.		0.6
Sempra Energy		0.6


FUND SUMMARY			13


Fund Summary as of March 31, 2020		iShares^® Russell Mid-Cap Growth ETF

Investment Objective

The iShares Russell Mid-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell Midcap^® 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		(9.67	)%		5.39	%		10.66	%		(9.67	)%		30.00	%		175.48	%
Fund Market		(9.72	)		5.37			10.66			(9.72	)		29.92			175.47
Index		(9.45	)		5.61			10.89			(9.45	)		31.37			181.13

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 864.00	$ 1.12			$ 1,000.00	$ 1,023.80	$ 1.21		0.24	%

^(a)


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell Mid-Cap Growth ETF

Portfolio Management Commentary

Growth-oriented mid-capitalization U.S. stocks declined during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. Consumer discretionary stocks detracted significantly from the Index’s return, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. In an environment of uncertainty and rising unemployment, analysts expected consumers to prioritize necessities over the discretionary spending that provides the sector’s revenues. Restrictions on social contact affected retailers, particularly brick-and-mortar stores, many of which struggled with supply chain disruptions as well. The hotels, restaurants, and leisure industry was among the hardest hit by the coronavirus, as stay-at-home orders in the U.S. and Europe and worldwide travel restrictions led to a sharp decrease in revenues for businesses related to travel and hospitality.

Stocks in the industrials sector also detracted meaningfully from the Index’s performance, as factory closures and declining demand drove an abrupt slowdown in industrial activity. The initial outbreak in China, which is an important center of manufacturing activity, caused supply chain disruptions as factories closed or reduced production. Subsequent restrictions on movement and activity in developed countries worldwide hindered demand for industrial products. Within the industrials sector, aerospace and defense companies were key detractors as travel restrictions led to a sharp decrease in orders for new aircraft and global air traffic declined. The machinery industry, which produces heavy equipment and machinery, weighed on performance amid declines in factory orders and employment.

Information technology stocks were notable detractors from the Index’s return despite a generally favorable environment prior to the coronavirus outbreak. Supply chain disruptions due to reduced production in Asia and concerns about a significant contraction in demand pressured information technology companies.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Information Technology		35.4%
Health Care		16.8
Industrials		16.1
Consumer Discretionary		13.0
Financials		4.3
Communication Services		4.2
Consumer Staples		3.6
Real Estate		3.1
Materials		2.8
Energy		0.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Fiserv Inc.		2.1%
Advanced Micro Devices Inc.		1.9
Global Payments Inc.		1.7
Dollar General Corp.		1.4
Lam Research Corp.		1.2
SBA Communications Corp.		1.2
Centene Corp.		1.2
DexCom Inc.		1.0
MSCI Inc.		0.9
KLA Corp.		0.9


FUND SUMMARY			15


Fund Summary as of March 31, 2020		iShares^® Russell Mid-Cap Value ETF

Investment Objective

The iShares Russell Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell Midcap^® 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		(24.28	)%		(0.95	)%		7.00	%		(24.28	)%		(4.66	)%		96.80	%
Fund Market		(24.25	)		(0.95	)		7.01			(24.25	)		(4.65	)		96.93
Index		(24.13	)		(0.76	)		7.22			(24.13	)		(3.76	)		100.78

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 725.60	$ 1.04			$ 1,000.00	$ 1,023.80	$ 1.21		0.24	%

^(a)


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Russell Mid-Cap Value ETF

Portfolio Management Commentary

Value-oriented mid-capitalization U.S. stocks declined sharply during the reporting period amid high market volatility and economic uncertainty caused by the coronavirus pandemic. The energy sector detracted the most from the Index’s return, as already low oil prices declined to their lowest levels in 21 years. The oil, gas, and consumable fuels industry detracted significantly amid concerns about credit downgrades and defaults. Low oil prices constrained the ability of shale oil companies to repay their debts. Energy equipment and services stocks also detracted due to low oil prices, which caused producers to postpone new drilling and reduce the number of active wells.

Financials sector stocks detracted significantly from the Index’s return amid record-low interest rates. Before the coronavirus outbreak, financials companies posted solid returns. Bank profits were boosted by increased deposits, higher trading revenues, and a rise in consumer lending. The coronavirus-related stop in U.S. economic activity negatively affected banks because they lend to companies disrupted by shutdowns. Additionally, the Fed’s emergency interest rate reductions pressured banks’ profitability.

Consumer discretionary stocks were also meaningful detractors from the Index’s performance, as massive layoffs and store closures weighed on consumer spending. The hotels, restaurants, and leisure industry declined, as stay-at-home orders in the U.S. and Europe and worldwide travel restrictions led to a sharp decrease in revenues. Restrictions on social contact and supply chain disruptions affected retailers and apparel brands, particularly brick-and-mortar stores.

The real estate sector detracted from the Index’s return, driven by the coronavirus-related economic slowdown, as restrictions on nonessential workers and supply chain disruptions delayed projects already underway. Real estate investment trusts (“REITs”) detracted the most, particularly retail and healthcare REITs. Social distancing measures weighed on companies in related industries, raising concerns about their ability to continue making lease payments.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Financials		16.7%
Real Estate		14.1
Utilities		13.6
Industrials		12.0
Health Care		8.3
Information Technology		8.0
Consumer Discretionary		7.5
Materials		7.1
Consumer Staples		5.6
Communication Services		4.0
Energy		3.1

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Newmont Corp.		1.1%
Digital Realty Trust Inc.		1.1
Sempra Energy		1.0
Xcel Energy Inc.		1.0
WEC Energy Group Inc.		0.9
Consolidated Edison Inc.		0.8
Eversource Energy		0.8
Kroger Co. (The)		0.7
Public Service Enterprise Group Inc.		0.7
Equity Residential		0.7


FUND SUMMARY			17

About Fund Performance

Shareholder Expenses


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Micro-Cap ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
Maxar Technologies Inc.^(a)(b)		133,219	$	1,422,779		0.3	%
Other securities				3,155,551		0.5

				4,578,330		0.8

Air Freight & Logistics
Other securities				1,369,730		0.2


Airlines
Other securities				209,093		0.0


Auto Components
Other securities				2,509,909		0.4


Automobiles
Other securities				33,030		0.0


Banks
German American Bancorp. Inc.		56,117		1,540,412		0.3
Other securities				81,609,710		14.5

				83,150,122		14.8

Beverages
Other securities				1,034,090		0.2


Biotechnology
Akebia Therapeutics Inc.^(a)(b)		262,937		1,993,062		0.4
ChemoCentryx Inc.^(a)(b)		90,814		3,648,907		0.7
Cytokinetics Inc.^(a)(b)		124,298		1,465,473		0.3
Deciphera Pharmaceuticals Inc.^(a)		46,733		1,923,998		0.4
Dicerna Pharmaceuticals Inc.^(a)		119,154		2,188,859		0.4
Forty Seven Inc.^(a)(b)		56,354		5,377,299		1.0
Inovio Pharmaceuticals Inc.^(a)(b)		211,817		1,575,919		0.3
Kadmon Holdings Inc.^(a)(b)		357,862		1,499,442		0.3
Karuna Therapeutics Inc.^(a)(b)		23,472		1,689,984		0.3
Karyopharm Therapeutics Inc.^(a)(b)		132,856		2,552,164		0.5
Kodiak Sciences Inc.^(a)(b)		62,493		2,980,916		0.5
Principia Biopharma Inc.^(a)		40,996		2,434,343		0.4
Ra Pharmaceuticals Inc.^(a)		77,570		3,724,136		0.7
TG Therapeutics Inc.^(a)(b)		192,073		1,889,998		0.3
Twist Bioscience Corp.^(a)(b)		58,464		1,787,829		0.3
Other securities				72,893,273		12.7

				109,625,602		19.5

Building Products
CSW Industrials Inc.^(b)		33,145		2,149,453		0.4
Other securities				3,262,484		0.6

				5,411,937		1.0

Capital Markets
Other securities				6,079,945		1.1


Chemicals
Other securities				6,577,307		1.2


Commercial Services & Supplies
Other securities				5,938,425		1.1


Communications Equipment
Other securities				6,896,544		1.2


Construction & Engineering
Other securities				9,008,416		1.6


Security	Shares		Value		% of Net Assets


Construction Materials
Other securities			$	587,594		0.1	%


Consumer Finance
Other securities				2,582,260		0.5


Containers & Packaging
Other securities				1,431,920		0.3


Distributors
Other securities				341,537		0.1


Diversified Consumer Services
Other securities				3,020,592		0.5


Diversified Financial Services
Other securities				743,538		0.1


Diversified Telecommunication Services
Cincinnati Bell Inc.^(a)		111,992		1,639,563		0.3
Other securities				3,292,515		0.6

				4,932,078		0.9

Electric Utilities
Other securities				391,261		0.1


Electrical Equipment
Plug Power Inc.^(a)(b)		666,299		2,358,698		0.4
Other securities				3,512,985		0.6

				5,871,683		1.0

Electronic Equipment, Instruments & Components
CTS Corp.		72,443		1,803,106		0.3
FARO Technologies Inc.^(a)(b)		38,569		1,716,321		0.3
Other securities				6,750,854		1.2

				10,270,281		1.8

Energy Equipment & Services
Other securities				5,556,563		1.0


Entertainment
Other securities				539,011		0.1


Equity Real Estate Investment Trusts (REITs)
Community Healthcare Trust Inc.		42,840		1,639,915		0.3
Independence Realty Trust Inc.		204,832		1,831,198		0.3
Innovative Industrial Properties Inc.		36,418		2,765,219		0.5
Safehold Inc.		28,436		1,798,008		0.3
Other securities				14,039,009		2.5

				22,073,349		3.9

Food & Staples Retailing
Rite Aid Corp.^(a)(b)		122,918		1,843,770		0.3
Other securities				3,876,126		0.7

				5,719,896		1.0

Food Products
John B Sanfilippo & Son Inc.		19,231		1,719,251		0.3
Other securities				2,288,670		0.4

				4,007,921		0.7

Gas Utilities
Other securities				495,253		0.1


Health Care Equipment & Supplies
Cerus Corp.^(a)(b)		349,901		1,627,040		0.3
Mesa Laboratories Inc.		8,909		2,014,236		0.4
OraSure Technologies Inc.^(a)(b)		137,118		1,475,390		0.3


SUMMARY SCHEDULES OF INVESTMENTS			19

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF


Security	Shares		Value		% of Net Assets


Health Care Equipment & Supplies (continued)
Other securities			$	20,008,206		3.5	%

				25,124,872		4.5

Health Care Providers & Services
Addus HomeCare Corp.^(a)(b)		27,741		1,875,292		0.3
Providence Service Corp. (The)^(a)		26,044		1,429,295		0.3
Other securities				9,997,544		1.8

				13,302,131		2.4

Health Care Technology
Other securities				3,845,056		0.7


Hotels, Restaurants & Leisure
Other securities				6,468,746		1.1


Household Durables
Other securities				6,114,137		1.1


Household Products
Other securities				393,856		0.1


Independent Power and Renewable Electricity Producers
Other securities				1,233,624		0.2


Insurance
Palomar Holdings Inc.^(a)(b)		41,324		2,403,404		0.4
Other securities				7,264,584		1.3

				9,667,988		1.7

Interactive Media & Services
Other securities				2,636,653		0.5


Internet & Direct Marketing Retail
Other securities				2,694,527		0.5


IT Services
Limelight Networks Inc.^(a)(b)		258,859		1,475,496		0.3
Perficient Inc.^(a)(b)		71,250		1,930,162		0.4
Other securities				7,431,692		1.2

				10,837,350		1.9

Leisure Products
Other securities				4,348,232		0.8


Life Sciences Tools & Services
NanoString Technologies Inc.^(a)(b)		75,932		1,826,165		0.3
Other securities				1,880,924		0.4

				3,707,089		0.7

Machinery
Douglas Dynamics Inc.		50,689		1,799,966		0.3
Kadant Inc.		24,528		1,831,015		0.3
Other securities				8,767,511		1.6

				12,398,492		2.2

Marine
Other securities				954,369		0.2


Media
Other securities				7,491,798		1.3


Metals & Mining
Other securities				3,723,691		0.7


Mortgage Real Estate Investment
Other securities				4,459,038		0.8


Multi-Utilities
Unitil Corp.		32,560		1,703,539		0.3


Security	Shares		Value		% of Net Assets


Multiline Retail
Other securities			$	316,894		0.1	%


Oil, Gas & Consumable Fuels
DHT Holdings Inc.		247,371		1,897,335		0.3
Renewable Energy Group Inc.^(a)(b)		82,185		1,687,258		0.3
Other securities				11,826,612		2.1

				15,411,205		2.7

Paper & Forest Products
Other securities				1,653,554		0.3


Personal Products
Other securities				1,219,485		0.2


Pharmaceuticals
Arvinas Holding Co. LLC^(a)(b)		47,299		1,906,150		0.4
Axsome Therapeutics Inc.^(a)(b)		60,157		3,539,036		0.6
Omeros Corp.^(a)(b)		113,853		1,522,215		0.3
Revance Therapeutics Inc.^(a)(b)		115,404		1,707,979		0.3
Other securities				15,144,956		2.6

				23,820,336		4.2

Professional Services
Other securities				8,077,907		1.4


Real Estate Management & Development
Other securities				3,489,097		0.6


Road & Rail
Other securities				1,125,137		0.2


Semiconductors & Semiconductor Equipment
Onto Innovation Inc.^(a)		116,748		3,463,913		0.6
Photronics Inc.^(a)		143,245		1,469,694		0.3
Other securities				12,540,336		2.2

				17,473,943		3.1

Software
Model N Inc.^(a)		74,482		1,654,245		0.3
Other securities				15,729,668		2.8

				17,383,913		3.1

Specialty Retail
Other securities				8,401,908		1.5


Technology Hardware, Storage & Peripherals
Other securities				1,315,754		0.2


Textiles, Apparel & Luxury Goods
Other securities				2,300,002		0.4


Thrifts & Mortgage Finance
Other securities				15,024,235		2.7


Tobacco
Other securities				649,635		0.1


Trading Companies & Distributors
Other securities				3,458,257		0.6


Water Utilities
Middlesex Water Co.^(b)		37,888		2,277,826		0.4
Other securities				3,622,890		0.6

				5,900,716		1.0


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF


Security	Shares		Value			% of Net Assets


Wireless Telecommunication Services
Other securities			$	1,709,380			0.3	%


Total Common Stocks (Cost: $838,835,545)				560,823,763			99.7


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		119,533,914		119,510,007			21.3
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		1,160,000		1,160,000			0.2

				120,670,007			21.5


Total Short-Term Investments (Cost: $120,678,843)				120,670,007			21.5


Total Investments In Securities (Cost: $959,514,388)				681,493,770			121.2

Other Assets, Less Liabilities				(119,287,505	)		(21.2	)


Net Assets			$	562,206,265			100.0	%

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	164,640,868	(45,106,954	)	119,533,914	$	119,510,007	$	4,841,010	^(b)	$	8,010		$	(68,487	)
BlackRock Cash Funds: Treasury, SL Agency Shares	1,117,626	42,374		1,160,000		1,160,000		28,658			—			—

					$	120,670,007	$	4,869,668		$	8,010		$	(68,487	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

Russell 2000 E-Mini

06/19/20

2,123

172,265


SUMMARY SCHEDULES OF INVESTMENTS			21

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	172,265

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(638,150	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	155,371

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	2,157,637

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	560,803,359	$	—	$	20,404	$	560,823,763
Money Market Funds		120,670,007		—		—		120,670,007

	$	681,473,366	$	—	$	20,404	$	681,493,770

Derivative financial instruments^(a)
Assets
Futures Contracts	$	172,265	$	—	$	—	$	172,265

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Russell 1000 Pure U.S. Revenue ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
L3Harris Technologies Inc.		131	$	23,596		0.7	%
Other securities				14,299		0.4

				37,895		1.1

Air Freight & Logistics
Other securities				5,296		0.2


Airlines
Other securities				11,814		0.4


Automobiles
Other securities				1,350		0.0


Banks
Bank of America Corp.		4,333		91,990		2.7
PNC Financial Services Group Inc. (The)		235		22,494		0.7
Truist Financial Corp.		727		22,421		0.7
U.S. Bancorp		755		26,010		0.8
Wells Fargo & Co.		2,019		57,945		1.7
Other securities				86,973		2.4

				307,833		9.0

Beverages
Other securities				13,476		0.4


Biotechnology
Regeneron Pharmaceuticals Inc.^(a)		49		23,926		0.7
Other securities				49,603		1.5

				73,529		2.2

Building Products
Other securities				2,303		0.1


Capital Markets
Charles Schwab Corp. (The)		623		20,945		0.6
CME Group Inc.		192		33,199		1.0
Other securities				42,744		1.2

				96,888		2.8

Chemicals
Other securities				2,458		0.1


Commercial Services & Supplies
Waste Management Inc.		252		23,325		0.7
Other securities				24,705		0.7

				48,030		1.4

Communications Equipment
Other securities				831		0.0


Construction Materials
Other securities				16,833		0.5


Consumer Finance
Other securities				32,974		1.0


Containers & Packaging
Other securities				9,130		0.3


Distributors
Other securities				4,526		0.1


Diversified Consumer Services
Other securities				11,743		0.4


Security	Shares		Value		% of Net Assets


Diversified Financial Services
Berkshire Hathaway Inc., Class B^(a)		722	$	132,003		3.9	%
Other securities				8,180		0.2

				140,183		4.1

Diversified Telecommunication Services
AT&T Inc.		4,347		126,715		3.7
Verizon Communications Inc.		2,462		132,283		3.9
Other securities				6,102		0.2

				265,100		7.8

Electric Utilities
American Electric Power Co. Inc.		294		23,514		0.7
Duke Energy Corp.		432		34,940		1.0
Eversource Energy		192		15,016		0.4
Exelon Corp.		577		21,239		0.6
NextEra Energy Inc.		291		70,020		2.1
Southern Co. (The)		617		33,404		1.0
Xcel Energy Inc.		311		18,753		0.6
Other securities				71,940		2.1

				288,826		8.5

Electrical Equipment
Other securities				5,642		0.2


Electronic Equipment, Instruments & Components
Other securities				7,835		0.2


Energy Equipment & Services
Other securities				1,177		0.0


Entertainment
Other securities				7,148		0.2


Equity Real Estate Investment Trusts (REITs)
Crown Castle International Corp.		225		32,490		0.9
Public Storage		80		15,889		0.5
Other securities				220,169		6.5

				268,548		7.9

Food & Staples Retailing
Kroger Co. (The)		471		14,186		0.4
Other securities				6,372		0.2

				20,558		0.6

Food Products
Other securities				40,625		1.2


Gas Utilities
Other securities				9,046		0.3


Health Care Equipment & Supplies

Other securities			3,774		0.1


Health Care Providers & Services
Anthem Inc.		151		34,283		1.0
Centene Corp.^(a)		344		20,437		0.6
Cigna Corp.^(a)		217		38,448		1.1
CVS Health Corp.		770		45,684		1.4
Humana Inc.		79		24,808		0.7
UnitedHealth Group Inc.		562		140,151		4.1
Other securities				45,526		1.3

				349,337		10.2

Health Care Technology
Other securities				11,653		0.3


SUMMARY SCHEDULES OF INVESTMENTS			23

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Pure U.S. Revenue ETF


Security	Shares		Value		% of Net Assets


Hotels, Restaurants & Leisure
Other securities			$	31,333		0.9	%


Household Durables
Other securities				23,279		0.7


Independent Power and Renewable Electricity Producers
Other securities				4,006		0.1


Insurance
Allstate Corp. (The)		172		15,778		0.5
Progressive Corp. (The)		317		23,407		0.7
Travelers Companies Inc. (The)		138		13,710		0.4
Other securities				63,282		1.8

				116,177		3.4

Interactive Media & Services
Other securities				3,466		0.1


Internet & Direct Marketing Retail
Other securities				4,177		0.1


IT Services
Fiserv Inc.^(a)		334		31,727		0.9
Other securities				57,507		1.7

				89,234		2.6

Machinery
Other securities				916		0.0


Marine
Other securities				1,434		0.0


Media
Charter Communications Inc., Class A^(a)		89		38,832		1.1
Comcast Corp., Class A		2,676		92,001		2.7
Other securities				32,294		1.0

				163,127		4.8

Metals & Mining
Other securities				12,740		0.4


Mortgage Real Estate Investment
Other securities				11,609		0.3


Multi-Utilities
Consolidated Edison Inc.		198		15,444		0.4
Dominion Energy Inc.		489		35,301		1.0
WEC Energy Group Inc.		187		16,480		0.5
Other securities				56,878		1.7

				124,103		3.6

Multiline Retail
Dollar General Corp.		151		22,802		0.7
Target Corp.		290		26,961		0.8
Other securities				14,790		0.4

				64,553		1.9

Oil, Gas & Consumable Fuels
Kinder Morgan Inc./DE		1,160		16,147		0.5
Other securities				66,542		1.9

				82,689		2.4

Pharmaceuticals
Other securities				8,275		0.2


Security	Shares		Value		% of Net Assets


Professional Services
Other securities			$	14,293		0.4	%


Real Estate Management & Development
Other securities				1,111		0.0


Road & Rail
CSX Corp.		437		25,040		0.7
Norfolk Southern Corp.		153		22,338		0.7
Union Pacific Corp.		412		58,108		1.7
Other securities				22,215		0.6

				127,701		3.7

Software
Intuit Inc.		148		34,040		1.0
Other securities				33,474		1.0

				67,514		2.0

Specialty Retail
Home Depot Inc. (The)		648		120,988		3.5
Lowe’s Companies Inc.		458		39,411		1.2
Ross Stores Inc.		210		18,264		0.5
Other securities				70,360		2.1

				249,023		7.3

Textiles, Apparel & Luxury Goods
Other securities				1,775		0.1


Thrifts & Mortgage Finance
Other securities				3,812		0.1


Tobacco
Altria Group Inc.		1,109		42,885		1.3


Trading Companies & Distributors
Other securities				22,337		0.7


Transportation Infrastructure
Other securities				1,010		0.0


Water Utilities
Other securities				18,002		0.5


Wireless Telecommunication Services
T-Mobile U.S. Inc.^(a)		186		15,567		0.5
Other securities				4,236		0.1

				19,803		0.6


Total Common Stocks (Cost: $4,372,337)				3,406,745		99.8


Total Investments In Securities (Cost: $4,372,337)				3,406,745		99.8

Other Assets, Less Liabilities				5,283		0.2


Net Assets			$	3,412,028		100.0	%

^(a)	Non-income producing security.


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Pure U.S. Revenue ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19		Net Activity			Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		22,418		(22,418	)		—	$	—	$	252	$	—	$	—

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	173

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,406,745	$	—	$	—	$	3,406,745

See notes to financial statements.


SUMMARY SCHEDULES OF INVESTMENTS			25

Summary Schedule of Investments

March 31, 2020

iShares^® Russell 2500 ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
Teledyne Technologies Inc.^(a)		427	$	126,934		0.3	%
Other securities				255,243		0.6

				382,177		0.9

Air Freight & Logistics
Other securities				53,332		0.1


Airlines
Other securities				89,247		0.2


Auto Components
Other securities				143,413		0.3


Automobiles
Other securities				61,460		0.1


Banks
Other securities				916,717		2.2


Biotechnology
Alnylam Pharmaceuticals Inc.^(a)		1,281		139,437		0.3
Exact Sciences Corp.^(a)		1,669		96,802		0.2
Seattle Genetics Inc.^(a)		1,392		160,609		0.4
Other securities				541,122		1.3

				937,970		2.2

Building Products
Allegion PLC		1,109		102,050		0.2
Other securities				313,399		0.8

				415,449		1.0

Capital Markets
FactSet Research Systems Inc.		447		116,524		0.3
MarketAxess Holdings Inc.		442		146,996		0.3
Other securities				377,084		0.9

				640,604		1.5

Chemicals
Other securities				574,456		1.4


Commercial Services & Supplies
Other securities				217,088		0.5


Communications Equipment
Other securities				151,708		0.4


Construction & Engineering
Jacobs Engineering Group Inc.^(b)		1,530		121,283		0.3
Other securities				134,253		0.3

				255,536		0.6

Construction Materials
Other securities				29,268		0.1


Consumer Finance
Other securities				134,523		0.3


Containers & Packaging
Avery Dennison Corp.		995		101,361		0.3
Packaging Corp. of America		1,118		97,076		0.2
Other securities				405,508		0.9

				603,945		1.4

Distributors
Other securities				90,121		0.2


Security	Shares		Value		% of Net Assets


Diversified Consumer Services
Other securities			$	324,951		0.8	%


Diversified Financial Services
Other securities				106,717		0.3


Diversified Telecommunication Services
Other securities				66,769		0.2


Electric Utilities
Alliant Energy Corp.		2,869		138,544		0.3
Pinnacle West Capital Corp.		1,344		101,862		0.3
Other securities				264,660		0.6

				505,066		1.2

Electrical Equipment
Other securities				236,291		0.6


Electronic Equipment, Instruments & Components
Trimble Inc.^(a)		3,000		95,490		0.2
Zebra Technologies Corp., Class A^(a)		640		117,504		0.3
Other securities				454,808		1.1

				667,802		1.6

Energy Equipment & Services
Other securities				38,812		0.1


Entertainment
Other securities				320,026		0.8


Equity Real Estate Investment Trusts (REITs)
Duke Realty Corp.		4,384		141,954		0.3
Equity LifeStyle Properties Inc.		2,069		118,926		0.3
Medical Properties Trust Inc.		6,121		105,832		0.3
Sun Communities Inc.		1,079		134,713		0.3
Other securities				2,133,988		5.1

				2,635,413		6.3

Food & Staples Retailing
Other securities				152,050		0.4


Food Products
Lamb Weston Holdings Inc.		1,745		99,639		0.2
Other securities				350,613		0.9

				450,252		1.1

Gas Utilities
Atmos Energy Corp.		1,444		143,288		0.3
Other securities				103,177		0.3

				246,465		0.6

Health Care Equipment & Supplies
DexCom Inc.^(a)		1,080		290,812		0.7
Insulet Corp.^(a)(b)		706		116,970		0.3
Masimo Corp.^(a)		565		100,073		0.2
Steris PLC		1,000		139,970		0.3
West Pharmaceutical Services Inc.		873		132,914		0.3
Other securities				266,561		0.7

				1,047,300		2.5

Health Care Providers & Services
Molina Healthcare Inc.^(a)		723		101,010		0.2
Other securities				249,665		0.6

				350,675		0.8

Health Care Technology
Other securities				26,693		0.1


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2500 ETF


Security	Shares		Value		% of Net Assets


Hotels, Restaurants & Leisure
Domino’s Pizza Inc.		491	$	159,118		0.4	%
Other securities				464,577		1.1

				623,695		1.5

Household Durables
NVR Inc.^(a)		41		105,334		0.2
Other securities				221,654		0.6

				326,988		0.8

Household Products
Other securities				42,460		0.1


Independent Power and Renewable Electricity Producers
Other securities				81,029		0.2


Industrial Conglomerates
Other securities				82,058		0.2


Insurance
Brown & Brown Inc.		2,809		101,742		0.2
Other securities				1,117,427		2.7

				1,219,169		2.9

Interactive Media & Services
Other securities				98,548		0.2


Internet & Direct Marketing Retail
Other securities				126,341		0.3


IT Services
Black Knight Inc.^(a)(b)		1,716		99,631		0.2
Booz Allen Hamilton Holding Corp.		1,626		111,609		0.3
EPAM Systems Inc.^(a)		621		115,295		0.3
Jack Henry & Associates Inc.		918		142,510		0.3
Leidos Holdings Inc.		1,596		146,273		0.4
Okta Inc.^(a)(b)		1,250		152,825		0.4
Other securities				434,558		1.0

				1,202,701		2.9

Leisure Products
Other securities				103,785		0.2


Life Sciences Tools & Services
PerkinElmer Inc.^(b)		1,317		99,144		0.2
QIAGEN NV^(a)		2,642		109,907		0.3
Other securities				422,479		1.0

				631,530		1.5

Machinery
Graco Inc.		1,968		95,901		0.2
IDEX Corp.		901		124,437		0.3
Ingersoll Rand Inc.^(a)(b)		4,105		101,804		0.2
Other securities				888,809		2.2

				1,210,951		2.9

Marine
Other securities				30,690		0.1


Media
Other securities				353,175		0.8


Metals & Mining
Other securities				218,498		0.5


Mortgage Real Estate Investment
Other securities				168,007		0.4


Security	Shares		Value		% of Net Assets


Multi-Utilities
Other securities			$	51,385		0.1	%


Multiline Retail
Other securities				94,641		0.2


Oil, Gas & Consumable Fuels
Other securities				174,159		0.4


Paper & Forest Products
Other securities				14,758		0.0


Personal Products
Other securities				34,759		0.1


Pharmaceuticals
Other securities				334,637		0.8


Professional Services
Other securities				117,349		0.3


Real Estate Management & Development
Other securities				86,908		0.2


Road & Rail
Other securities				153,035		0.4


Semiconductors & Semiconductor Equipment
Cypress Semiconductor Corp.		4,398		102,561		0.2
Teradyne Inc.		1,994		108,015		0.3
Other securities				417,690		1.0

				628,266		1.5

Software
Coupa Software Inc.^(a)		757		105,776		0.3
DocuSign Inc.^(a)		1,890		174,636		0.4
Fair Isaac Corp.^(a)		340		104,615		0.2
Paycom Software Inc.^(a)		591		119,388		0.3
RingCentral Inc., Class A^(a)		890		188,600		0.4
Tyler Technologies Inc.^(a)		456		135,231		0.3
Other securities				1,377,612		3.3

				2,205,858		5.2

Specialty Retail
Burlington Stores Inc.^(a)		779		123,440		0.3
Other securities				257,743		0.6

				381,183		0.9

Technology Hardware, Storage & Peripherals
Other securities				101,285		0.2


Textiles, Apparel & Luxury Goods
Other securities				187,058		0.4


Thrifts & Mortgage Finance
Other securities				86,213		0.2


Trading Companies & Distributors
Other securities				207,119		0.5


Transportation Infrastructure
Other securities				22,195		0.1


Water Utilities
Essential Utilities Inc.		2,575		104,802		0.2


SUMMARY SCHEDULES OF INVESTMENTS			27

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2500 ETF


Security	Shares		Value			% of Net Assets


Wireless Telecommunication Services
Other securities			$	25,865			0.1	%


Total Common Stocks (Cost: $30,482,707)				24,403,396			58.1


Investment Companies

Exchange Traded Funds
iShares Russell 2000 ETF^(c)		152,905		17,501,506			41.6


Total Investment Companies (Cost: $22,432,186)				17,501,506			41.6


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		1,878,575		1,878,199			4.5
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		34,000		34,000			0.1

				1,912,199			4.6


Total Short-Term Investments (Cost: $1,913,010)				1,912,199			4.6


Total Investments In Securities (Cost: $54,827,903)				43,817,101			104.3

Other Assets, Less Liabilities				(1,796,343	)		(4.3	)


Net Assets			$	42,020,758			100.0	%

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	367,819	1,510,756	^(b)	—		1,878,575	$	1,878,199	$	39,082	^(c)	$	2,084		$	(873	)
BlackRock Cash Funds: Treasury, SL Agency Shares	26,828	7,172	^(b)	—		34,000		34,000		941			—			—
iShares Russell 2000 ETF	100,837	113,395		(61,327	)	152,905		17,501,506		231,836			323,739			(5,518,034	)

							$	19,413,705	$	271,859		$	325,823		$	(5,518,907	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2500 ETF

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-Mini Russell 2000 Index		21		06/19/20	$	120	$	4,155
Micro E-Mini S&P 500		3		06/19/20		39		(321	)

							$	3,834

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	4,155

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	321

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(41,298	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	3,834

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	56,648

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

Fair Value Measurements


SUMMARY SCHEDULES OF INVESTMENTS			29

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2500 ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	24,403,396		$	—	$	—	$	24,403,396
Investment Companies		17,501,506			—		—		17,501,506
Money Market Funds		1,912,199			—		—		1,912,199

	$	43,817,101		$	—	$	—	$	43,817,101

Derivative financial instruments^(a)
Assets
Futures Contracts	$	4,155		$	—	$	—	$	4,155
Liabilities
Futures Contracts		(321	)		—		—		(321	)

	$	3,834		$	—	$	—	$	3,834

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Russell 3000 ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
Other securities			$	160,096,515		1.9	%


Air Freight & Logistics
Other securities				40,970,089		0.5


Airlines
Other securities				18,573,941		0.2


Auto Components
Other securities				13,822,186		0.2


Automobiles
Other securities				41,624,750		0.5


Banks
Bank of America Corp.		2,634,832		55,937,483		0.7
JPMorgan Chase & Co.		1,027,902		92,542,017		1.2
Wells Fargo & Co.		1,227,903		35,240,816		0.5
Other securities				168,546,520		1.9

				352,266,836		4.3

Beverages
Coca-Cola Co. (The)		1,263,538		55,911,556		0.7
PepsiCo Inc.		461,684		55,448,248		0.7
Other securities				24,352,428		0.2

				135,712,232		1.6

Biotechnology
AbbVie Inc.		487,400		37,135,006		0.5
Amgen Inc.		194,359		39,402,400		0.5
Other securities				168,331,985		2.0

				244,869,391		3.0

Building Products
Other securities				35,188,732		0.4


Capital Markets
BlackRock Inc.^(a)		39,050		17,180,829		0.2
Other securities				190,972,941		2.3

				208,153,770		2.5

Chemicals
Other securities				139,905,656		1.7


Commercial Services & Supplies
Other securities				45,804,994		0.6


Communications Equipment
Cisco Systems Inc.		1,412,119		55,510,398		0.7
Other securities				26,259,878		0.3

				81,770,276		1.0

Construction & Engineering
Other securities				12,418,613		0.1


Construction Materials
Other securities				10,110,743		0.1


Consumer Finance
Other securities				41,612,091		0.5


Containers & Packaging
Other securities				30,494,141		0.4


Distributors
Other securities				8,154,571		0.1


Security	Shares		Value		% of Net Assets


Diversified Consumer Services
Other securities			$	13,397,040		0.2	%


Diversified Financial Services
Berkshire Hathaway Inc., Class B^(b)		644,780		117,885,127		1.5
Other securities				6,246,084		0.0

				124,131,211		1.5

Diversified Telecommunication Services
AT&T Inc.		2,406,421		70,147,172		0.9
Verizon Communications Inc.		1,364,136		73,295,027		0.9
Other securities				8,986,283		0.1

				152,428,482		1.9

Electric Utilities
NextEra Energy Inc.		160,936		38,724,420		0.5
Other securities				133,533,787		1.6

				172,258,207		2.1

Electrical Equipment
Other securities				42,854,283		0.5


Electronic Equipment, Instruments & Components
Other securities				54,928,886		0.7


Energy Equipment & Services
Other securities				14,890,297		0.2


Entertainment
Netflix Inc.^(b)(c)		138,823		52,128,036		0.7
Walt Disney Co. (The)^(c)		575,456		55,589,050		0.7
Other securities				45,581,166		0.5

				153,298,252		1.9

Equity Real Estate Investment Trusts (REITs)
Other securities				307,750,059		3.7


Food & Staples Retailing
Costco Wholesale Corp.		144,819		41,292,242		0.5
Walmart Inc.		458,022		52,040,460		0.6
Other securities				33,996,090		0.4

				127,328,792		1.5

Food Products
Other securities				102,911,409		1.2


Gas Utilities
Other securities				13,801,168		0.2


Health Care Equipment & Supplies
Abbott Laboratories		567,590		44,788,527		0.6
Medtronic PLC		442,330		39,889,319		0.5
Other securities				222,165,877		2.6

				306,843,723		3.7

Health Care Providers & Services
UnitedHealth Group Inc.		311,529		77,689,102		1.0
Other securities				151,053,943		1.8

				228,743,045		2.8

Health Care Technology
Other securities				22,724,290		0.3


Hotels, Restaurants & Leisure
McDonald’s Corp.		248,376		41,068,972		0.5
Other securities				97,226,954		1.2

				138,295,926		1.7

Household Durables
Other securities				30,243,311		0.4


SUMMARY SCHEDULES OF INVESTMENTS			31

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF


Security	Shares		Value		% of Net Assets


Household Products
Procter & Gamble Co. (The)		802,119	$	88,233,090		1.1	%
Other securities				48,082,840		0.6

				136,315,930		1.7

Independent Power and Renewable Electricity Producers
Other securities				7,340,507		0.1


Industrial Conglomerates
Honeywell International Inc.		237,006		31,709,033		0.4
Other securities				60,780,537		0.7

				92,489,570		1.1

Insurance
Other securities				190,676,389		2.3


Interactive Media & Services
Alphabet Inc., Class A^(b)(c)		98,692		114,675,169		1.4
Alphabet Inc., Class C, NVS^(b)		98,828		114,918,187		1.4
Facebook Inc., Class A^(b)		787,728		131,393,030		1.6
Other securities				15,954,010		0.2

				376,940,396		4.6

Internet & Direct Marketing Retail
Amazon.com Inc.^(b)		137,841		268,751,354		3.3
Other securities				35,040,634		0.4

				303,791,988		3.7

IT Services
Accenture PLC, Class A		210,071		34,296,191		0.4
International Business Machines Corp.		292,333		32,428,500		0.4
Mastercard Inc., Class A		292,228		70,590,596		0.9
PayPal Holdings Inc.^(b)		387,239		37,074,262		0.5
Visa Inc., Class A		564,747		90,992,037		1.1
Other securities				174,097,890		2.0

				439,479,476		5.3

Leisure Products
Other securities				7,694,209		0.1


Life Sciences Tools & Services
Thermo Fisher Scientific Inc.		131,409		37,267,592		0.5
Other securities				58,951,658		0.7

				96,219,250		1.2

Machinery
Other securities				138,726,055		1.7


Marine
Other securities				1,516,883		0.0


Media
Comcast Corp., Class A		1,484,520		51,037,798		0.6
Other securities				61,260,468		0.8

				112,298,266		1.4

Metals & Mining
Other securities				30,726,249		0.4


Mortgage Real Estate Investment
PennyMac Mortgage Investment Trust^(a)		29,235		310,476		0.0
Other securities				10,175,616		0.1

				10,486,092		0.1

Multi-Utilities
Other securities				82,910,619		1.0


Multiline Retail
Other securities				36,338,812		0.4


Security	Shares		Value		% of Net Assets


Oil, Gas & Consumable Fuels
Chevron Corp.		628,373	$	45,531,908		0.6	%
Exxon Mobil Corp.		1,395,301		52,979,579		0.7
Other securities				88,344,759		1.0

				186,856,246		2.3

Paper & Forest Products
Other securities				2,194,647		0.0


Personal Products
Other securities				14,941,910		0.2


Pharmaceuticals
Bristol-Myers Squibb Co.		770,716		42,959,710		0.5
Eli Lilly & Co.		280,346		38,889,597		0.5
Johnson & Johnson		875,610		114,818,739		1.4
Merck & Co. Inc.		839,561		64,595,823		0.8
Pfizer Inc.		1,833,778		59,854,514		0.7
Other securities				61,251,731		0.7

				382,370,114		4.6

Professional Services
Other securities				42,828,579		0.5


Real Estate Management & Development
Other securities				9,392,098		0.1


Road & Rail
Union Pacific Corp.		228,876		32,280,671		0.4
Other securities				54,261,608		0.6

				86,542,279		1.0

Semiconductors & Semiconductor Equipment
Intel Corp.		1,410,860		76,355,743		0.9
NVIDIA Corp.		192,308		50,692,389		0.6
Other securities				222,642,124		2.7

				349,690,256		4.2

Software
Adobe Inc.^(b)(c)		158,586		50,468,409		0.6
Microsoft Corp.		2,493,125		393,190,744		4.8
Oracle Corp.		661,387		31,964,834		0.4
salesforce.com Inc.^(b)(c)		276,750		39,846,465		0.5
Other securities				196,901,563		2.4

				712,372,015		8.7

Specialty Retail
Home Depot Inc. (The)		359,362		67,096,479		0.8
Other securities				105,168,316		1.3

				172,264,795		2.1

Technology Hardware, Storage & Peripherals
Apple Inc.		1,358,823		345,535,101		4.2
Other securities				25,202,254		0.3

				370,737,355		4.5

Textiles, Apparel & Luxury Goods
NIKE Inc., Class B		385,377		31,886,093		0.4
Other securities				24,686,318		0.3

				56,572,411		0.7

Thrifts & Mortgage Finance
PennyMac Financial Services Inc.^(a)		3,152		69,691		0.0
Other securities				11,012,791		0.1

				11,082,482		0.1

Tobacco
Philip Morris International Inc.		512,254		37,374,052		0.5


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF


Security	Shares		Value			% of Net Assets


Tobacco (continued)
Other securities			$	24,653,909			0.3	%

				62,027,961			0.8

Trading Companies & Distributors
Other securities				23,089,710			0.3


Transportation Infrastructure
Other securities				583,022			0.0


Water Utilities
Other securities				13,309,244			0.2


Wireless Telecommunication Services
Other securities				11,950,698			0.1


Total Common Stocks (Cost: $7,846,606,455)				8,201,134,421			99.6


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(a)(d)(e)		314,537,210		314,474,303			3.8
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(a)(d)		18,515,000		18,515,000			0.3

				332,989,303			4.1


Total Short-Term Investments (Cost: $332,970,243)				332,989,303			4.1


Total Investments In Securities (Cost: $8,179,576,698)				8,534,123,724			103.7

Other Assets, Less Liabilities				(303,135,477	)		(3.7	)


Net Assets			$	8,230,988,247			100.0	%

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

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

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	184,349,129	130,188,081	^(b)	—		314,537,210	$	314,474,303	$	1,737,089	^(c)	$	(140,212	)	$	(48,025	)
BlackRock Cash Funds: Treasury, SL Agency Shares	26,675,210	—		(8,160,210	)^(b)	18,515,000		18,515,000		353,412			—			—
BlackRock Inc.	39,941	5,432		(6,323	)	39,050		17,180,829		513,152			1,306,398			(561,525	)
PennyMac Financial Services Inc.	3,152	—		—		3,152		69,691		756			—			(410	)
PennyMac Mortgage Investment Trust	19,369	13,130		(3,264	)	29,235		310,476		45,031			11,554			(310,573	)

							$	350,550,299	$	2,649,440		$	1,177,740		$	(920,533	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)


SUMMARY SCHEDULES OF INVESTMENTS			33

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini		59		06/19/20	$	3,385	$	(130,578	)
S&P 500 E-Mini Index		196		06/19/20		25,183		(716,636	)

							$	(847,214	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	847,214

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,329,834	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,283,494	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	21,352,256

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	8,201,129,406		$	—	$	5,015	$	8,201,134,421
Money Market Funds		332,989,303			—		—		332,989,303

	$	8,534,118,709		$	—	$	5,015	$	8,534,123,724

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(847,214	)	$	—	$	—	$	(847,214	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


34		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Russell Mid-Cap ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
L3Harris Technologies Inc.		597,828	$	107,680,779		0.7	%
Other securities				186,087,497		1.2

				293,768,276		1.9

Air Freight & Logistics
Other securities				67,477,285		0.4


Airlines
Other securities				53,061,098		0.3


Auto Components
Other securities				80,253,266		0.5


Automobiles
Other securities				13,981,514		0.1


Banks
Other securities				437,350,514		2.8


Beverages
Other securities				50,404,403		0.3


Biotechnology
Other securities				287,692,637		1.8


Building Products
Trane Technologies PLC^(a)		643,383		53,137,002		0.3
Other securities				119,878,013		0.8

				173,015,015		1.1

Capital Markets
MSCI Inc.^(a)		221,925		64,127,448		0.4
T Rowe Price Group Inc.		621,108		60,651,196		0.4
Other securities				398,880,954		2.5

				523,659,598		3.3

Chemicals
Other securities				286,235,929		1.8


Commercial Services & Supplies
Other securities				168,478,089		1.1


Communications Equipment
Motorola Solutions Inc.		461,893		61,394,818		0.4
Other securities				101,452,245		0.6

				162,847,063		1.0

Construction & Engineering
Other securities				60,501,181		0.4


Construction Materials
Other securities				76,863,298		0.5


Consumer Finance
Other securities				101,624,865		0.6


Containers & Packaging
Ball Corp.		871,149		56,328,494		0.4
Other securities				188,733,214		1.2

				245,061,708		1.6

Distributors
Other securities				63,105,685		0.4


Diversified Consumer Services
Other securities				73,186,900		0.5


Security	Shares		Value		% of Net Assets


Diversified Financial Services
Other securities			$	40,193,632		0.3	%


Diversified Telecommunication Services
Other securities				42,944,196		0.3


Electric Utilities
Eversource Energy		877,941		68,663,766		0.4
FirstEnergy Corp.		1,457,384		58,397,377		0.4
Xcel Energy Inc.		1,420,315		85,644,994		0.6
Other securities				321,226,790		2.0

				533,932,927		3.4

Electrical Equipment
Other securities				144,622,385		0.9


Electronic Equipment, Instruments & Components
Amphenol Corp., Class A		786,857		57,346,138		0.4
Other securities				281,031,801		1.8

				338,377,939		2.2

Energy Equipment & Services
Other securities				53,646,507		0.3


Entertainment
Other securities				167,472,993		1.1


Equity Real Estate Investment Trusts (REITs)
AvalonBay Communities Inc.		375,650		55,284,410		0.4
Digital Realty Trust Inc.		706,539		98,145,332		0.6
Equity Residential		986,920		60,902,833		0.4
SBA Communications Corp.^(a)		303,737		81,999,878		0.5
Other securities				1,111,305,742		7.0

				1,407,638,195		8.9

Food & Staples Retailing
Kroger Co. (The)		2,144,182		64,582,762		0.4
Other securities				34,385,011		0.2

				98,967,773		0.6

Food Products
Archer-Daniels-Midland Co.		1,502,787		52,868,047		0.3
Other securities				412,957,704		2.7

				465,825,751		3.0

Gas Utilities
Other securities				55,732,055		0.4


Health Care Equipment & Supplies
DexCom Inc.^(a)(b)		244,220		65,761,119		0.4
IDEXX Laboratories Inc.^(a)(b)		229,198		55,520,923		0.3
ResMed Inc.		382,966		56,407,062		0.4
Zimmer Biomet Holdings Inc.		556,281		56,228,883		0.4
Other securities				371,568,174		2.3

				605,486,161		3.8

Health Care Providers & Services
Centene Corp.^(b)		1,565,913		93,030,891		0.6
McKesson Corp.		435,748		58,939,275		0.4
Other securities				273,503,302		1.7

				425,473,468		2.7

Health Care Technology
Cerner Corp.		843,036		53,102,838		0.3
Veeva Systems Inc., Class A^(a)(b)		353,435		55,266,631		0.4
Other securities				6,104,809		0.0

				114,474,278		0.7


SUMMARY SCHEDULES OF INVESTMENTS			35

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap ETF


Security	Shares		Value		% of Net Assets


Hotels, Restaurants & Leisure
Other securities			$	348,632,929		2.2	%


Household Durables
Other securities				189,241,064		1.2


Household Products
Clorox Co. (The)		339,714		58,855,451		0.4
Other securities				56,184,609		0.3

				115,040,060		0.7

Independent Power and Renewable Electricity Producers
Other securities				42,772,956		0.3


Industrial Conglomerates
Other securities				18,729,485		0.1


Insurance
Willis Towers Watson PLC		348,005		59,108,649		0.4
Other securities				536,666,503		3.4

				595,775,152		3.8

Interactive Media & Services
Other securities				118,511,483		0.8


Internet & Direct Marketing Retail
Other securities				58,201,108		0.4


IT Services
Fiserv Inc.^(a)(b)		1,526,425		144,995,111		0.9
Global Payments Inc.		806,832		116,369,379		0.7
Paychex Inc.		870,843		54,793,442		0.3
Other securities				592,135,725		3.9

				908,293,657		5.8

Leisure Products
Other securities				47,615,543		0.3


Life Sciences Tools & Services
Agilent Technologies Inc.		836,695		59,924,096		0.4
Other securities				273,186,161		1.7

				333,110,257		2.1

Machinery
Cummins Inc.		395,914		53,575,082		0.3
PACCAR Inc.		915,193		55,945,748		0.4
Other securities				491,750,819		3.1

				601,271,649		3.8

Marine
Other securities				6,913,904		0.0


Media
Other securities				297,976,837		1.9


Metals & Mining
Newmont Corp.		2,213,273		100,217,001		0.6
Other securities.				105,302,893		0.7

				205,519,894		1.3

Mortgage Real Estate Investment
Other securities				57,413,684		0.4


Multi-Utilities
Consolidated Edison Inc.		902,089		70,362,942		0.4
Public Service Enterprise Group Inc.		1,362,092		61,171,552		0.4
Sempra Energy^(a)		763,953		86,319,049		0.5
WEC Energy Group Inc.		854,778		75,331,585		0.5


Security	Shares		Value		% of Net Assets


Multi-Utilities (continued)
Other securities			$	198,346,840		1.3	%

				491,531,968		3.1

Multiline Retail
Dollar General Corp.		689,896		104,181,195		0.7
Other securities				68,008,297		0.4

				172,189,492		1.1

Oil, Gas & Consumable Fuels
Other securities				272,140,493		1.7


Paper & Forest Products
Other securities				3,323,666		0.0


Personal Products
Other securities				15,193,562		0.1


Pharmaceuticals
Other securities				120,568,952		0.8


Professional Services
CoStar Group Inc.^(b)		97,058		56,993,428		0.4
IHS Markit Ltd.		1,051,100		63,066,000		0.4
Verisk Analytics Inc.		430,602		60,017,307		0.4
Other securities				111,002,868		0.7

				291,079,603		1.9

Real Estate Management & Development
Other securities				53,886,597		0.3


Road & Rail
Other securities				137,858,635		0.9


Semiconductors & Semiconductor Equipment
Advanced Micro Devices Inc.^(b)		2,790,750		126,923,310		0.8
KLA Corp.		423,319		60,847,873		0.4
Lam Research Corp.		390,902		93,816,480		0.6
Other securities				379,768,535		2.4

				661,356,198		4.2

Software
ANSYS Inc.^(b)		225,480		52,417,336		0.3
Splunk Inc.^(a)(b)		420,364		53,062,548		0.3
Other securities				835,371,125		5.4

				940,851,009		6.0

Specialty Retail
AutoZone Inc.^(b)		64,020		54,160,920		0.3
O’Reilly Automotive Inc.^(b)		201,092		60,538,747		0.4
Other securities				260,131,110		1.7

				374,830,777		2.4

Technology Hardware, Storage & Peripherals
Other securities				116,619,198		0.7


Textiles, Apparel & Luxury Goods
Lululemon Athletica Inc.^(a)(b)		318,397		60,352,151		0.4
Other securities				67,785,037		0.4

				128,137,188		0.8

Thrifts & Mortgage Finance
Other securities				19,340,985		0.1


Trading Companies & Distributors
Other securities				144,546,172		0.9


Transportation Infrastructure
Other securities				4,963,696		0.0


36		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap ETF


Security	Shares		Value			% of Net Assets


Water Utilities
American Water Works Co. Inc.^(a)		487,272	$	58,258,240			0.4	%
Other securities				23,627,897			0.1

				81,886,137			0.5

Wireless Telecommunication Services
Other securities				18,687,075			0.1


Total Common Stocks (Cost: $16,015,762,223)				15,707,367,649			99.7


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		1,228,741,230		1,228,495,482			7.8
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		44,545,000		44,545,000			0.3

				1,273,040,482			8.1


Total Short-Term Investments (Cost: $1,273,153,792)				1,273,040,482			8.1


Total Investments In Securities (Cost: $17,288,916,015)				16,980,408,131			107.8

Other Assets, Less Liabilities				(1,226,817,250	)		(7.8	)


Net Assets			$	15,753,590,881			100.0	%

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

^(b)	Non-income producing security.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	653,481,425	575,259,805	1,228,741,230	$	1,228,495,482	$	5,190,687	^(b)	$	(663,129	)	$	(352,876	)
BlackRock Cash Funds: Treasury, SL Agency Shares	13,779,964	30,765,036	44,545,000		44,545,000		594,990			—			—

				$	1,273,040,482	$	5,785,677		$	(663,129	)	$	(352,876	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		134		06/19/20	$	17,217	$	(233,401	)
S&P MidCap 400 E-Mini		196		06/19/20		28,181		(598,600	)

							$	(832,001	)


SUMMARY SCHEDULES OF INVESTMENTS			37

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	832,001

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(12,405,049	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,458,707	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	47,938,782

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	15,707,367,649		$	—	$	—	$	15,707,367,649
Money Market Funds		1,273,040,482			—		—		1,273,040,482

	$	16,980,408,131		$	—	$	—	$	16,980,408,131

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(832,001	)	$	—	$	—	$	(832,001	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


38		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Russell Mid-Cap Growth ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
L3Harris Technologies Inc.^(a)		408,561	$	73,590,007		0.8	%
Other securities				131,978,731		1.4

				205,568,738		2.2

Air Freight & Logistics
Other securities				64,439,224		0.7


Airlines
Other securities				14,356,121		0.2


Auto Components
Other securities				3,083,261		0.0


Banks
Other securities				24,221,923		0.3


Beverages
Other securities				40,815,725		0.4


Biotechnology
BioMarin Pharmaceutical Inc.^(a)(b)		657,530		55,561,285		0.6
Other securities				276,570,733		3.0

				332,132,018		3.6

Building Products
Trane Technologies PLC		826,297		68,243,869		0.7
Other securities				69,557,578		0.8

				137,801,447		1.5

Capital Markets
MSCI Inc.^(a)		302,476		87,403,465		0.9
Other securities				177,645,578		1.9

				265,049,043		2.8

Chemicals
Other securities				44,865,236		0.5


Commercial Services & Supplies
Cintas Corp.^(a)		311,435		53,946,771		0.6
Other securities				91,588,854		1.0

				145,535,625		1.6

Communications Equipment
Motorola Solutions Inc.		465,088		61,819,497		0.7
Other securities				70,781,925		0.7

				132,601,422		1.4

Construction & Engineering
Other securities				3,728,688		0.0


Construction Materials
Other securities				68,748,021		0.7


Consumer Finance
Other securities				37,790,915		0.4


Containers & Packaging
Ball Corp.		1,187,159		76,761,701		0.8
Other securities				61,736,184		0.7

				138,497,885		1.5

Distributors
Other securities				31,084,434		0.3


Diversified Consumer Services
Other securities				35,767,197		0.4


Security	Shares		Value		% of Net Assets


Diversified Financial Services
Other securities			$	1,467,140		0.0	%


Electrical Equipment
Rockwell Automation Inc.		424,058		63,994,593		0.7
Other securities				70,817,017		0.7

				134,811,610		1.4

Electronic Equipment, Instruments & Components
Amphenol Corp., Class A^(a)		1,072,668		78,176,044		0.9
Keysight Technologies Inc.^(a)(b)		689,178		57,670,415		0.6
Other securities				141,376,695		1.5

				277,223,154		3.0

Entertainment
Spotify Technology SA^(b)		477,909		58,037,269		0.6
Other securities				82,938,518		0.9

				140,975,787		1.5

Equity Real Estate Investment Trusts (REITs)
SBA Communications Corp.		412,622		111,395,561		1.2
Other securities				152,455,166		1.6

				263,850,727		2.8

Food & Staples Retailing
Other securities				9,431,444		0.1


Food Products
Hershey Co. (The)		464,312		61,521,340		0.7
Other securities				97,998,255		1.0

				159,519,595		1.7

Health Care Equipment & Supplies
DexCom Inc.^(a)(b)		332,805		89,614,402		1.0
IDEXX Laboratories Inc.^(b)		312,173		75,620,788		0.8
ResMed Inc.^(a)		521,979		76,882,287		0.8
Other securities				335,467,501		3.6

				577,584,978		6.2

Health Care Providers & Services
Centene Corp.^(b)		1,821,544		108,217,929		1.2
Other securities				133,433,280		1.4

				241,651,209		2.6

Health Care Technology
Cerner Corp.		1,148,692		72,356,109		0.8
Veeva Systems Inc., Class A^(a)(b)		481,734		75,328,746		0.8
Other securities				4,269,256		0.0

				151,954,111		1.6

Hotels, Restaurants & Leisure
Chipotle Mexican Grill Inc.^(a)(b)		94,081		61,566,606		0.7
Hilton Worldwide Holdings Inc.		1,007,712		68,766,267		0.7
Other securities				207,469,387		2.2

				337,802,260		3.6

Household Durables
Other securities				54,342,534		0.6


Household Products
Church & Dwight Co. Inc.^(a)		903,998		58,018,592		0.6
Clorox Co. (The)		377,621		65,422,838		0.7
Other securities				2,064,711		0.0

				125,506,141		1.3

Industrial Conglomerates
Other securities				22,010,193		0.2


Insurance
Other securities				71,694,685		0.8


SUMMARY SCHEDULES OF INVESTMENTS			39

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Growth ETF


Security	Shares		Value		% of Net Assets


Interactive Media & Services
Twitter Inc.^(a)(b)		2,796,014	$	68,670,104		0.7	%
Other securities				47,503,386		0.6

				116,173,490		1.3

Internet & Direct Marketing Retail
Other securities				66,850,487		0.7


IT Services
Fiserv Inc.^(a)(b)		2,077,334		197,325,957		2.1
FleetCor Technologies Inc.^(a)(b)		313,234		58,430,670		0.6
Global Payments Inc.		1,097,484		158,290,117		1.7
Paychex Inc.		1,180,587		74,282,534		0.8
Square Inc., Class A^(a)(b)		1,265,578		66,290,976		0.7
Other securities				515,212,149		5.5

				1,069,832,403		11.4

Leisure Products
Other securities				49,924,283		0.5


Life Sciences Tools & Services
Mettler-Toledo International Inc.^(b)		87,198		60,211,091		0.6
Other securities				186,290,156		2.0

				246,501,247		2.6

Machinery
Other securities				293,332,077		3.1


Media
Other securities				139,185,206		1.5


Metals & Mining
Other securities				6,743,057		0.1


Multiline Retail
Dollar General Corp.		881,756		133,153,973		1.4
Other securities				49,670,397		0.6

				182,824,370		2.0

Oil, Gas & Consumable Fuels
Other securities				67,977,784		0.7


Personal Products
Other securities				1,632,960		0.0


Pharmaceuticals
Other securities				21,931,108		0.2


Professional Services
CoStar Group Inc.^(b)		132,286		77,679,662		0.8
IHS Markit Ltd.		900,300		54,018,000		0.6
Verisk Analytics Inc.^(a)		587,062		81,824,702		0.9
Other securities				108,593,519		1.2

				322,115,883		3.5

Real Estate Management & Development
Other securities				21,420,258		0.2


Road & Rail
Other securities				43,259,574		0.5


Semiconductors & Semiconductor Equipment
Advanced Micro Devices Inc.^(a)(b)		3,797,078		172,691,108		1.8
KLA Corp.		577,335		82,986,133		0.9
Lam Research Corp.^(a)		466,573		111,977,520		1.2
Xilinx Inc.		916,729		71,449,858		0.8
Other securities				140,574,819		1.5

				579,679,438		6.2


Security	Shares		Value			% of Net Assets


Software
ANSYS Inc.^(a)(b)		307,311	$	71,440,588			0.8	%
Atlassian Corp. PLC, Class A^(a)(b)		440,433		60,453,834			0.6
Cadence Design Systems Inc.^(b)		1,021,989		67,492,154			0.7
Citrix Systems Inc.^(a)		381,412		53,988,869			0.6
Palo Alto Networks Inc.^(a)(b)		348,155		57,083,494			0.6
RingCentral Inc., Class A^(a)(b)		273,735		58,007,184			0.6
Splunk Inc.^(a)(b)		573,205		72,355,667			0.8
Synopsys Inc.^(a)(b)		547,561		70,520,381			0.8
Other securities				675,198,775			7.2

				1,186,540,946			12.7

Specialty Retail
AutoZone Inc.^(b)		87,238		73,803,348			0.8
O’Reilly Automotive Inc.^(a)(b)		274,144		82,531,051			0.9
Other securities				176,144,444			1.9

				332,478,843			3.6

Technology Hardware, Storage & Peripherals
Other securities				54,007,034			0.6


Textiles, Apparel & Luxury Goods
Lululemon Athletica Inc.^(a)(b)		433,845		82,235,320			0.9
Other securities				32,375,248			0.3

				114,610,568			1.2

Trading Companies & Distributors
Fastenal Co.		1,906,415		59,575,469			0.7
Other securities				60,043,176			0.6

				119,618,645			1.3


Total Common Stocks (Cost: $9,124,352,014)				9,332,552,152			99.8


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		1,081,537,201		1,081,320,894			11.5
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		15,629,000		15,629,000			0.2

				1,096,949,894			11.7


Total Short-Term Investments (Cost: $1,097,108,425)				1,096,949,894			11.7


Total Investments In Securities (Cost: $10,221,460,439)				10,429,502,046			111.5

Other Assets, Less Liabilities				(1,075,858,497	)		(11.5	)


Net Assets			$	9,353,643,549			100.0	%

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

^(b)	Non-income producing security.

^(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.


40		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Growth ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	648,331,897	433,205,304	1,081,537,201	$	1,081,320,894	$	3,417,397	^(b)	$	(417,635	)	$	(365,569	)
BlackRock Cash Funds: Treasury, SL Agency Shares	11,938,307	3,690,693	15,629,000		15,629,000		250,023			—			—

				$	1,096,949,894	$	3,667,420		$	(417,635	)	$	(365,569	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		78		06/19/20	$	10,022	$	(169,339	)
S&P MidCap 400 E-Mini		70		06/19/20		10,064		(245,715	)

							$	(415,054	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	415,054

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,226,621	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(616,826	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	16,435,887

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

Fair Value Measurements


SUMMARY SCHEDULES OF INVESTMENTS			41

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Growth ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	9,332,552,152		$	—	$	—	$	9,332,552,152
Money Market Funds		1,096,949,894			—		—		1,096,949,894

	$	10,429,502,046		$	—	$	—	$	10,429,502,046

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(415,054	)	$	—	$	—	$	(415,054	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


42		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments

March 31, 2020

iShares^® Russell Mid-Cap Value ETF


Security	Shares		Value		% of Net Assets


Common Stocks

Aerospace & Defense
L3Harris Technologies Inc.^(a)		274,120	$	49,374,494		0.6	%
Other securities				82,393,415		1.0

				131,767,909		1.6

Air Freight & Logistics
Other securities				18,086,430		0.2


Airlines
Other securities				38,942,293		0.5


Auto Components
Other securities				71,632,382		0.9


Automobiles
Other securities				12,792,109		0.2


Banks
M&T Bank Corp.		325,549		33,671,533		0.4
Other securities				353,314,509		4.3

				386,986,042		4.7

Beverages
Other securities				18,849,693		0.2


Biotechnology
Other securities				40,872,716		0.5


Building Products
Other securities				66,055,424		0.8


Capital Markets
Northern Trust Corp.		481,771		36,354,440		0.5
State Street Corp.		890,888		47,457,604		0.6
T Rowe Price Group Inc.		409,476		39,985,331		0.5
Other securities				180,098,852		2.1

				303,896,227		3.7

Chemicals
Corteva Inc.^(a)(b)		1,873,693		44,031,786		0.5
Other securities				189,832,188		2.4

				233,863,974		2.9

Commercial Services & Supplies
Republic Services Inc.		498,391		37,409,229		0.5
Other securities				19,860,631		0.2

				57,269,860		0.7

Communications Equipment
Other securities				60,210,575		0.7


Construction & Engineering
Other securities				53,060,981		0.7


Construction Materials
Other securities				24,321,823		0.3


Consumer Finance
Other securities				67,728,088		0.8


Containers & Packaging
Other securities				132,278,072		1.6


Distributors
Other securities				36,967,911		0.5


Security	Shares		Value		% of Net Assets


Diversified Consumer Services
Other securities			$	43,653,545		0.5	%


Diversified Financial Services
Other securities				36,238,299		0.4


Diversified Telecommunication Services
Other securities				39,515,577		0.5


Electric Utilities
Edison International		874,121		47,893,090		0.6
Entergy Corp.		496,295		46,636,841		0.6
Eversource Energy		808,208		63,209,948		0.8
FirstEnergy Corp.		1,348,319		54,027,142		0.7
PPL Corp.		1,921,121		47,413,266		0.6
Xcel Energy Inc.		1,307,642		78,850,813		1.0
Other securities				154,192,762		1.7

				492,223,862		6.0

Electrical Equipment
Other securities				42,183,607		0.5


Electronic Equipment, Instruments & Components
Other securities				124,682,242		1.5


Energy Equipment & Services
Other securities				49,460,807		0.6


Entertainment
Other securities				58,228,834		0.7


Equity Real Estate Investment Trusts (REITs)
Alexandria Real Estate Equities Inc.		302,802		41,502,042		0.5
AvalonBay Communities Inc.		347,493		51,140,545		0.6
Boston Properties Inc.		386,337		35,631,862		0.4
Digital Realty Trust Inc.		650,697		90,388,320		1.1
Equity Residential		912,975		56,339,687		0.7
Essex Property Trust Inc.		162,774		35,849,346		0.4
Realty Income Corp.		813,898		40,580,954		0.5
Welltower Inc.		1,025,156		46,931,642		0.6
Other securities				720,819,702		8.8

				1,119,184,100		13.6

Food & Staples Retailing
Kroger Co. (The)		1,982,856		59,723,623		0.7
Other securities				25,462,991		0.3

				85,186,614		1.0

Food Products
Archer-Daniels-Midland Co.		1,390,592		48,921,027		0.6
Conagra Brands Inc.		1,199,832		35,203,071		0.4
Hormel Foods Corp.		691,089		32,232,391		0.4
Tyson Foods Inc., Class A		718,439		41,576,065		0.5
Other securities				163,500,171		2.0

				321,432,725		3.9

Gas Utilities
Other securities				51,337,245		0.6


Health Care Equipment & Supplies
Zimmer Biomet Holdings Inc.		512,004		51,753,364		0.6
Other securities				115,109,760		1.4

				166,863,124		2.0

Health Care Providers & Services
Cardinal Health Inc.		727,647		34,883,397		0.4
McKesson Corp.		358,923		48,547,925		0.6


SUMMARY SCHEDULES OF INVESTMENTS			43

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Value ETF


Security	Shares		Value		% of Net Assets


Health Care Providers & Services (continued)
Other securities			$	145,017,888		1.8	%

				228,449,210		2.8

Health Care Technology
Other securities				2,893,584		0.0


Hotels, Restaurants & Leisure
Other securities				92,888,801		1.1


Household Durables
Other securities				137,101,818		1.7


Household Products
Other securities				20,962,830		0.3


Independent Power and Renewable Electricity Producers
Other securities				39,253,663		0.5


Industrial Conglomerates
Other securities				2,335,595		0.0


Insurance
Hartford Financial Services Group Inc. (The)		896,162		31,580,749		0.4
Willis Towers Watson PLC		321,847		54,665,713		0.7
Other securities				414,735,664		5.0

				500,982,126		6.1

Interactive Media & Services
Other securities				30,332,176		0.4


Internet & Direct Marketing Retail
Other securities				8,363,191		0.1


IT Services
Other securities				112,346,142		1.4


Leisure Products
Other securities				10,192,669		0.1


Life Sciences Tools & Services
Agilent Technologies Inc.		699,767		50,117,313		0.6
Other securities				90,076,321		1.1

				140,193,634		1.7

Machinery
Cummins Inc.		366,334		49,572,317		0.6
PACCAR Inc.		846,611		51,753,330		0.6
Parker-Hannifin Corp.		319,676		41,471,568		0.5
Stanley Black & Decker Inc.		378,479		37,847,900		0.5
Other securities				175,212,596		2.1

				355,857,711		4.3

Marine
Other securities				6,388,569		0.1


Media
Other securities				179,777,472		2.2


Metals & Mining
Newmont Corp.^(a)		2,038,944		92,323,384		1.1
Other securities				92,585,513		1.2

				184,908,897		2.3

Mortgage Real Estate Investment
Other securities				53,046,030		0.7


Security	Shares		Value		% of Net Assets


Multi-Utilities
Ameren Corp.^(a)		611,621	$	44,544,357		0.5	%
CMS Energy Corp.		706,857		41,527,849		0.5
Consolidated Edison Inc.		830,371		64,768,938		0.8
DTE Energy Co.		462,715		43,944,044		0.5
Public Service Enterprise Group Inc.		1,259,873		56,580,896		0.7
Sempra Energy^(a)		703,548		79,493,889		1.0
WEC Energy Group Inc.		786,942		69,353,198		0.9
Other securities				53,115,125		0.6

				453,328,296		5.5

Multiline Retail
Other securities				34,986,528		0.4


Oil, Gas & Consumable Fuels
Williams Companies Inc. (The)		3,031,512		42,895,895		0.5
Other securities				161,840,065		2.0

				204,735,960		2.5

Paper & Forest Products
Other securities				3,070,565		0.0


Personal Products
Other securities				12,806,347		0.2


Pharmaceuticals
Other securities				96,088,034		1.2


Professional Services
Other securities				50,070,306		0.6


Real Estate Management & Development
Other securities				34,678,364		0.4


Road & Rail
Other securities				97,448,365		1.2


Semiconductors & Semiconductor Equipment
Marvell Technology Group Ltd.		1,657,501		37,509,248		0.5
Skyworks Solutions Inc.		403,847		36,095,845		0.4
Other securities				143,727,211		1.8

				217,332,304		2.7

Software
Other securities				63,837,157		0.8


Specialty Retail
Tiffany & Co.		301,509		39,045,415		0.5
Other securities				81,939,965		1.0

				120,985,380		1.5

Technology Hardware, Storage & Peripherals
Hewlett Packard Enterprise Co.		3,252,225		31,579,105		0.4
Other securities				39,197,622		0.5

				70,776,727		0.9

Textiles, Apparel & Luxury Goods
Other securities				40,992,147		0.5


Thrifts & Mortgage Finance
Other securities				18,056,691		0.2


Trading Companies & Distributors
Other securities				52,397,994		0.6


Transportation Infrastructure
Other securities				4,598,858		0.1


44		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Value ETF


Security	Shares		Value			% of Net Assets


Water Utilities
American Water Works Co. Inc.		450,768	$	53,893,822			0.6	%
Other securities				21,843,120			0.3

				75,736,942			0.9

Wireless Telecommunication Services
Other securities				17,362,518			0.2


Total Common Stocks (Cost: $10,515,338,024)				8,161,336,691			99.5


Short-Term Investments

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		449,518,254		449,428,351			5.5
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		14,530,000		14,530,000			0.2

				463,958,351			5.7


Total Short-Term Investments (Cost: $464,003,702)				463,958,351			5.7


Total Investments In Securities (Cost: $10,979,341,726)				8,625,295,042			105.2

Other Assets, Less Liabilities				(423,350,123	)		(5.2	)


Net Assets			$	8,201,944,919			100.0	%

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

^(b)	Non-income producing security.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	219,772,537	229,745,717		449,518,254	$	449,428,351	$	2,433,361	^(b)	$	(61,248	)	$	(113,226	)
BlackRock Cash Funds: Treasury, SL Agency Shares	16,938,186	(2,408,186	)	14,530,000		14,530,000		368,551			—			—

					$	463,958,351	$	2,801,912		$	(61,248	)	$	(113,226	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		92		06/19/20	$	11,821	$	(92,214	)
S&P MidCap 400 E-Mini		194		06/19/20		27,893		(143,851	)

							$	(236,065	)


SUMMARY SCHEDULES OF INVESTMENTS			45

Summary Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	236,065

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(7,127,023	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(848,953	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	32,877,048

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	8,161,336,691		$	—	$	—	$	8,161,336,691
Money Market Funds		463,958,351			—		—		463,958,351

	$	8,625,295,042		$	—	$	—	$	8,625,295,042

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(236,065	)	$	—	$	—	$	(236,065	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


46		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

March 31, 2020


	iShares Micro-Cap ETF			iShares Russell 1000 Pure U.S. Revenue ETF			iShares Russell 2500 ETF			iShares Russell 3000 ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	560,823,763		$	3,406,745		$	24,403,396		$	8,183,573,425
Affiliated^(c)		120,670,007			—			19,413,705			350,550,299
Cash		851,965			6,804			14,459			1,010,909
Cash pledged:
Futures contracts		284,710			—			19,000			3,079,459
Receivables:
Investments sold		8,470			—			—			3,905
Securities lending income — Affiliated		277,184			—			1,919			202,083
Capital shares sold		—			—			11,513			—
Dividends		538,534			5,609			38,358			9,003,955

Total assets		683,454,633			3,419,158			43,902,350			8,547,424,035


LIABILITIES
Collateral on securities loaned, at value		119,512,411			—			1,877,972			314,594,943
Payables:
Investments purchased		1,400,072			6,641			—			—
Variation margin on futures contracts		12,087			25			1,296			426,770
Capital shares redeemed		8,470			—			—			—
Investment advisory fees		315,328			464			2,324			1,414,075

Total liabilities		121,248,368			7,130			1,881,592			316,435,788


NET ASSETS	$	562,206,265		$	3,412,028		$	42,020,758		$	8,230,988,247


NET ASSETS CONSIST OF:
Paid-in capital	$	1,011,947,678		$	4,467,200		$	53,605,679		$	8,065,160,739
Accumulated earnings (loss)		(449,741,413	)		(1,055,172	)		(11,584,921	)		165,827,508

NET ASSETS	$	562,206,265		$	3,412,028		$	42,020,758		$	8,230,988,247


Shares outstanding		8,350,000			150,000			1,250,000			55,500,000

Net asset value	$	67.33		$	22.75		$	33.62		$	148.31

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a)Securities loaned, at value	$	112,118,441		$	—		$	1,802,070		$	301,173,821
^(b)Investments, at cost — Unaffiliated	$	838,835,545		$	4,372,337		$	30,482,707		$	7,831,098,566
^(c)Investments, at cost — Affiliated	$	120,678,843		$	—		$	24,345,196		$	348,478,132

See notes to financial statements.


FINANCIAL STATEMENTS			47

Statements of Assets and Liabilities (continued)

March 31, 2020


	iShares Russell Mid-Cap ETF			iShares Russell Mid-Cap Growth ETF			iShares Russell Mid-Cap Value ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	15,707,367,649		$	9,332,552,152		$	8,161,336,691
Affiliated^(c)		1,273,040,482			1,096,949,894			463,958,351
Cash		431,222			1,101,010			1,017,201
Cash pledged:
Futures contracts		6,872,420			2,229,990			3,785,590
Receivables:
Investments sold		680,410			409,318			—
Securities lending income — Affiliated		734,507			638,563			237,521
Capital shares sold		206,552			26,409			252,800
Dividends		28,568,275			3,872,309			23,163,212

Total assets		17,017,901,517			10,437,779,645			8,653,751,366


LIABILITIES
Collateral on securities loaned, at value		1,229,331,360			1,081,917,542			449,535,704
Payables:
Investments purchased		31,652,314			—			—
Variation margin on futures contracts		559,044			271,049			494,823
Investment advisory fees		2,767,918			1,947,505			1,775,920

Total liabilities		1,264,310,636			1,084,136,096			451,806,447


NET ASSETS	$	15,753,590,881		$	9,353,643,549		$	8,201,944,919


NET ASSETS CONSIST OF:
Paid-in capital	$	16,788,996,755		$	9,594,244,010		$	11,242,964,767
Accumulated loss		(1,035,405,874	)		(240,600,461	)		(3,041,019,848	)

NET ASSETS	$	15,753,590,881		$	9,353,643,549		$	8,201,944,919


Shares outstanding		364,700,000			76,850,000			127,950,000

Net asset value	$	43.20		$	121.71		$	64.10

Shares authorized		Unlimited			Unlimited			Unlimited

Par value		None			None			None


^(a) Securities loaned, at value	$	1,178,634,608		$	1,036,641,110		$	433,312,196
^(b) Investments, at cost — Unaffiliated	$	16,015,762,223		$	9,124,352,014		$	10,515,338,024
^(c) Investments, at cost — Affiliated	$	1,273,153,792		$	1,097,108,425		$	464,003,702

See notes to financial statements.


48		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

Year Ended March 31, 2020


	iShares Micro-Cap ETF			iShares Russell 1000 Pure U.S. Revenue ETF			iShares Russell 2500 ETF			iShares Russell 3000 ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	8,621,350		$	167,570		$	382,829		$	178,217,642
Dividends — Affiliated		28,658			252			232,777			912,351
Interest — Unaffiliated		1,377			—			—			16,929
Securities lending income — Affiliated — net		4,841,010			—			39,082			1,737,089
Foreign taxes withheld		(5,486	)		—			(119	)		(13,061	)

Total investment income		13,486,909			167,822			654,569			180,870,950


EXPENSES
Investment advisory fees		4,949,924			10,775			58,788			19,171,357

Total expenses		4,949,924			10,775			58,788			19,171,357
Less:
Investment advisory fees waived		—			—			(31,851	)		—

Total expenses after fees waived		4,949,924			10,775			26,937			19,171,357

Net investment income		8,536,985			157,047			627,632			161,699,593


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(83,393,602	)		(68,632	)		(410,034	)		(55,383,874	)
Investments — Affiliated		8,010			—			(87,899	)		(210,801	)
In-kind redemptions — Unaffiliated		89,489,703			786,138			1,164,896			664,599,398
In-kind redemptions — Affiliated		—			—			413,722			1,388,541
Futures contracts		(638,150	)		173			(41,298	)		(2,329,834	)

Net realized gain		5,465,961			717,679			1,039,387			608,063,430

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(222,333,138	)		(1,200,277	)		(7,319,952	)		(1,513,655,517	)
Investments — Affiliated		(68,487	)		—			(5,518,907	)		(920,533	)
Futures contracts		155,371			—			3,834			(1,283,494	)

Net change in unrealized appreciation (depreciation)		(222,246,254	)		(1,200,277	)		(12,835,025	)		(1,515,859,544	)

Net realized and unrealized loss		(216,780,293	)		(482,598	)		(11,795,638	)		(907,796,114	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(208,243,308	)	$	(325,551	)	$	(11,168,006	)	$	(746,096,521	)

See notes to financial statements.


FINANCIAL STATEMENTS			49

Statements of Operations (continued)

Year Ended March 31, 2020


	iShares Russell Mid-Cap ETF			iShares Russell Mid-Cap Growth ETF			iShares Russell Mid-Cap Value ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	356,649,944		$	94,373,440		$	262,477,791
Dividends — Affiliated		594,990			250,023			368,551
Interest — Unaffiliated		26,888			9,431			18,352
Securities lending income — Affiliated — net		5,190,687			3,417,397			2,433,361
Foreign taxes withheld		(36,674	)		—			(34,220	)

Total investment income		362,425,835			98,050,291			265,263,835


EXPENSES
Investment advisory fees		38,318,932			26,392,390			26,350,943

Total expenses		38,318,932			26,392,390			26,350,943

Net investment income		324,106,903			71,657,901			238,912,892


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(123,601,476	)		(184,517,380	)		(288,835,927	)
Investments — Affiliated		(663,129	)		(417,635	)		(61,248	)
In-kind redemptions — Unaffiliated		956,854,546			1,144,282,051			910,552,288
Futures contracts		(12,405,049	)		(2,226,621	)		(7,127,023	)

Net realized gain		820,184,892			957,120,415			614,528,090

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(4,766,777,778	)		(1,961,192,077	)		(3,294,407,896	)
Investments — Affiliated		(352,876	)		(365,569	)		(113,226	)
Futures contracts		(1,458,707	)		(616,826	)		(848,953	)

Net change in unrealized appreciation (depreciation)		(4,768,589,361	)		(1,962,174,472	)		(3,295,370,075	)

Net realized and unrealized loss		(3,948,404,469	)		(1,005,054,057	)		(2,680,841,985	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,624,297,566	)	$	(933,396,156	)	$	(2,441,929,093	)

See notes to financial statements.


50		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares						iShares
	Micro-Cap ETF						Russell 1000 Pure U.S. Revenue ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,536,985		$	8,892,890		$	157,047		$	218,777
Net realized gain		5,465,961			75,501,021			717,679			179,185
Net change in unrealized appreciation (depreciation)		(222,246,254	)		(114,908,385	)		(1,200,277	)		328,404

Net increase (decrease) in net assets resulting from operations		(208,243,308	)		(30,514,474	)		(325,551	)		726,366


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(10,775,983	)		(8,817,492	)		(164,204	)		(241,568	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(101,109,362	)		42,291,916			(7,107,733	)		1,389,350


NET ASSETS
Total increase (decrease) in net assets		(320,128,653	)		2,959,950			(7,597,488	)		1,874,148
Beginning of year		882,334,918			879,374,968			11,009,516			9,135,368

End of year	$	562,206,265		$	882,334,918		$	3,412,028		$	11,009,516

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

See notes to financial statements.


FINANCIAL STATEMENTS			51

Statements of Changes in Net Assets (continued)


	iShares						iShares
	Russell 2500 ETF						Russell 3000 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	627,632		$	281,200		$	161,699,593		$	152,585,445
Net realized gain		1,039,387			1,076,444			608,063,430			1,290,797,916
Net change in unrealized appreciation (depreciation)		(12,835,025	)		1,429,864			(1,515,859,544	)		(582,245,180	)

Net increase (decrease) in net assets resulting from operations		(11,168,006	)		2,787,508			(746,096,521	)		861,138,181


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(661,019	)		(470,543	)		(180,570,072	)		(158,641,466	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		18,547,782			26,499,514			(221,389,911	)		494,421,549


NET ASSETS
Total increase (decrease) in net assets		6,718,757			28,816,479			(1,148,056,504	)		1,196,918,264
Beginning of year		35,302,001			6,485,522			9,379,044,751			8,182,126,487

End of year	$	42,020,758		$	35,302,001		$	8,230,988,247		$	9,379,044,751

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

See notes to financial statements.


52		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares						iShares
	Russell Mid-Cap ETF						Russell Mid-Cap Growth ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	324,106,903		$	272,445,150		$	71,657,901		$	79,818,351
Net realized gain		820,184,892			443,022,956			957,120,415			739,825,641
Net change in unrealized appreciation (depreciation)		(4,768,589,361	)		432,404,964			(1,962,174,472	)		191,637,305

Net increase (decrease) in net assets resulting from operations		(3,624,297,566	)		1,147,873,070			(933,396,156	)		1,011,281,297


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(334,766,368	)		(314,222,303	)		(67,491,485	)		(80,734,366	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,119,118,719			771,851,005			136,666,351			725,664,212


NET ASSETS
Total increase (decrease) in net assets		(2,839,945,215	)		1,605,501,772			(864,221,290	)		1,656,211,143
Beginning of year		18,593,536,096			16,988,034,324			10,217,864,839			8,561,653,696

End of year	$	15,753,590,881		$	18,593,536,096		$	9,353,643,549		$	10,217,864,839

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

See notes to financial statements.


FINANCIAL STATEMENTS			53

Statements of Changes in Net Assets (continued)


	iShares
	Russell Mid-Cap Value ETF
	Year Ended 03/31/20			Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	238,912,892		$	210,115,925
Net realized gain		614,528,090			467,891,937
Net change in unrealized appreciation (depreciation)		(3,295,370,075	)		(385,670,315	)

Net increase (decrease) in net assets resulting from operations		(2,441,929,093	)		292,337,547


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(254,132,611	)		(247,588,982	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(320,000,389	)		639,966,655


NET ASSETS
Total increase (decrease) in net assets		(3,016,062,093	)		684,715,220
Beginning of year		11,218,007,012			10,533,291,792

End of year	$	8,201,944,919		$	11,218,007,012

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

See notes to financial statements.


54		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares Micro-Cap ETF
	Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17				Year Ended 03/31/16


Net asset value, beginning of year		$	92.88			$	96.11			$	85.68			$	68.00			$	79.25

Net investment income^(a)			0.94				0.89				0.79				0.85				0.96
Net realized and unrealized gain (loss)^(b)			(25.28	)			(3.24	)			10.68				17.82				(11.18	)

Net increase (decrease) from investment operations			(24.34	)			(2.35	)			11.47				18.67				(10.22	)


Distributions^(c)
From net investment income			(1.21	)			(0.88	)			(1.04	)			(0.99	)			(1.03	)

Total distributions			(1.21	)			(0.88	)			(1.04	)			(0.99	)			(1.03	)


Net asset value, end of year		$	67.33			$	92.88			$	96.11			$	85.68			$	68.00


Total Return
Based on net asset value			(26.47	)%			(2.48	)%			13.43	%			27.60	%			(12.98	)%


Ratios to Average Net Assets
Total expenses			0.60	%			0.60	%			0.60	%			0.60	%			0.60	%

Net investment income			1.03	%			0.91	%			0.86	%			1.09	%			1.29	%


Supplemental Data
Net assets, end of year (000)		$	562,206			$	882,335			$	879,375			$	852,535			$	693,633

Portfolio turnover rate^(d)			24	%			25	%			22	%			21	%			25	%

^(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.


FINANCIAL HIGHLIGHTS			55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell 1000 Pure U.S. Revenue ETF
		Year Ended 03/31/20				Year Ended 03/31/19					Period From 08/08/17 to 03/31/18	^(a)


Net asset value, beginning of period			$	27.52			$	26.10		$	24.97

Net investment income^(b)				0.62				0.59			0.36
Net realized and unrealized gain (loss)^(c)				(4.61	)			1.48			1.03

Net increase (decrease) from investment operations				(3.99	)			2.07			1.39


Distributions^(d)
From net investment income				(0.78	)			(0.65	)		(0.26	)

Total distributions				(0.78	)			(0.65	)		(0.26	)


Net asset value, end of period			$	22.75			$	27.52		$	26.10


Total Return
Based on net asset value				(14.94	)%			8.00	%		5.59	%^(e)


Ratios to Average Net Assets
Total expenses				0.15	%			0.15	%		0.15	%^(f)

Net investment income				2.19	%			2.18	%		2.09	%^(f)


Supplemental Data
Net assets, end of period (000)			$	3,412			$	11,010		$	9,135

Portfolio turnover rate^(g)				23	%			12	%		4	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


56		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell 2500 ETF
		Year Ended 03/31/20				Year Ended 03/31/19					Period From 07/06/17 to 03/31/18	^(a)


Net asset value, beginning of period			$	44.13			$	43.24		$	39.34

Net investment income^(b)				0.72				0.65			0.42
Net realized and unrealized gain (loss)^(c)				(10.50	)			1.22			3.88

Net increase (decrease) from investment operations				(9.78	)			1.87			4.30


Distributions^(d)
From net investment income				(0.73	)			(0.62	)		(0.40	)
From net realized gain				—				(0.36	)		—
Return of capital				—				—			(0.00	)^(e)

Total distributions				(0.73	)			(0.98	)		(0.40	)


Net asset value, end of period			$	33.62			$	44.13		$	43.24


Total Return
Based on net asset value				(22.47	)%			4.49	%		10.96	%^(f)


Ratios to Average Net Assets
Total expenses				0.15	%			0.15	%		0.15	%^(g)

Total expenses after fees waived				0.07	%			0.06	%		0.07	%^(g)

Net investment income				1.60	%			1.49	%		1.37	%^(g)


Supplemental Data
Net assets, end of period (000)			$	42,021			$	35,302		$	6,486

Portfolio turnover rate^(h)				14	%			12	%		5	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Rounds to less than $0.01.

^(f)	Not annualized.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			57

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell 3000 ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	166.74		$	156.30		$	139.89		$	120.86		$	123.93

Net investment income^(a)		2.91			2.78			2.53			2.34			2.23
Net realized and unrealized gain (loss)^(b)		(18.04	)		10.52			16.45			19.07			(2.84	)

Net increase (decrease) from investment operations		(15.13	)		13.30			18.98			21.41			(0.61	)


Distributions^(c)
From net investment income		(3.30	)		(2.86	)		(2.57	)		(2.38	)		(2.46	)

Total distributions		(3.30	)		(2.86	)		(2.57	)		(2.38	)		(2.46	)


Net asset value, end of year	$	148.31		$	166.74		$	156.30		$	139.89		$	120.86


Total Return
Based on net asset value		(9.29	)%		8.59	%		13.64	%		17.87	%		(0.47	)%


Ratios to Average Net Assets
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income		1.69	%		1.72	%		1.68	%		1.81	%		1.85	%


Supplemental Data
Net assets, end of year (000)	$	8,230,988		$	9,379,045		$	8,182,126		$	7,379,312		$	6,012,841

Portfolio turnover rate^(d)		5	%		5	%		4	%		4	%		5	%

^(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.


58		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Mid-Cap ETF
		Year Ended 03/31/20			Year Ended 03/31/19	^(a)		Year Ended 03/31/18	^(a)		Year Ended 03/31/17	^(a)		Year Ended 03/31/16	^(a)


Net asset value, beginning of year	$	53.93		$	51.61		$	46.82		$	40.76		$	43.27

Net investment income^(b)		0.91			0.81			0.76			0.68			0.65
Net realized and unrealized gain (loss)^(c)		(10.71	)		2.44			4.84			6.12			(2.46	)

Net increase (decrease) from investment operations		(9.80	)		3.25			5.60			6.80			(1.81	)


Distributions^(d)
From net investment income		(0.93	)		(0.93	)		(0.81	)		(0.74	)		(0.70	)

Total distributions		(0.93	)		(0.93	)		(0.81	)		(0.74	)		(0.70	)


Net asset value, end of year	$	43.20		$	53.93		$	51.61		$	46.82		$	40.76


Total Return
Based on net asset value		(18.44	)%		6.38	%		12.02	%		16.79	%		(4.18	)%


Ratios to Average Net Assets
Total expenses		0.19	%		0.19	%		0.20	%		0.20	%		0.20	%

Net investment income		1.63	%		1.55	%		1.53	%		1.56	%		1.58	%


Supplemental Data
Net assets, end of year (000)	$	15,753,591		$	18,593,536		$	16,988,034		$	15,468,666		$	12,171,212

Portfolio turnover rate^(e)		10	%		11	%		10	%		11	%		11	%

^(a)	Per share amounts reflect a four-for-one stock split effective after the close of trading on October 25, 2018.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			59

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Mid-Cap Growth ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	135.61		$	122.92		$	103.80		$	92.16		$	97.98

Net investment income^(a)		0.94			1.12			0.96			0.91			0.96
Net realized and unrealized gain (loss)^(b)		(13.95	)		12.69			19.16			11.78			(5.78	)

Net increase (decrease) from investment operations		(13.01	)		13.81			20.12			12.69			(4.82	)


Distributions^(c)
From net investment income		(0.89	)		(1.12	)		(1.00	)		(1.05	)		(1.00	)

Total distributions		(0.89	)		(1.12	)		(1.00	)		(1.05	)		(1.00	)


Net asset value, end of year	$	121.71		$	135.61		$	122.92		$	103.80		$	92.16


Total Return
Based on net asset value		(9.67	)%		11.28	%		19.46	%		13.85	%		(4.91	)%


Ratios to Average Net Assets
Total expenses		0.24	%		0.24	%		0.24	%		0.25	%		0.25	%

Net investment income		0.65	%		0.88	%		0.84	%		0.94	%		1.03	%


Supplemental Data
Net assets, end of year (000)	$	9,353,644		$	10,217,865		$	8,561,654		$	7,240,120		$	6,059,739

Portfolio turnover rate^(d)		23	%		20	%		24	%		27	%		22	%

^(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.


60		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Mid-Cap Value ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Year Ended 03/31/16


Net asset value, beginning of year	$	86.86		$	86.44		$	83.02		$	70.95		$	75.23

Net investment income^(a)		1.93			1.67			1.69			1.55			1.45
Net realized and unrealized gain (loss)^(b)		(22.63	)		0.70			3.48			12.18			(4.16	)

Net increase (decrease) from investment operations		(20.70	)		2.37			5.17			13.73			(2.71	)


Distributions^(c)
From net investment income		(2.06	)		(1.95	)		(1.75	)		(1.66	)		(1.57	)

Total distributions		(2.06	)		(1.95	)		(1.75	)		(1.66	)		(1.57	)


Net asset value, end of year	$	64.10		$	86.86		$	86.44		$	83.02		$	70.95


Total Return
Based on net asset value		(24.28	)%		2.78	%		6.28	%		19.51	%		(3.56	)%


Ratios to Average Net Assets
Total expenses		0.24	%		0.24	%		0.24	%		0.25	%		0.25	%

Net investment income		2.18	%		1.93	%		1.98	%		2.00	%		2.05	%


Supplemental Data
Net assets, end of year (000)	$	8,201,945		$	11,218,007		$	10,533,292		$	9,555,303		$	6,850,265

Portfolio turnover rate^(d)		20	%		25	%		20	%		21	%		25	%

^(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.


FINANCIAL HIGHLIGHTS			61

Notes to Financial Statements

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
Micro-Cap		Diversified
Russell 1000 Pure U.S. Revenue		Non-diversified
Russell 2500		Diversified
Russell 3000		Diversified
Russell Mid-Cap		Diversified
Russell Mid-Cap Growth		Diversified
Russell Mid-Cap Value		Diversified

Currently the iShares Russell 2500 ETF seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedule of investments for the underlying fund are available on iShares.com and should be read in conjunction with the Fund’s financial statements.

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign CurrencyTranslation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.


62		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. 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


NOTES TO FINANCIAL STATEMENTS			63

Notes to Financial Statements (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Micro-Cap
Barclays Bank PLC	$	4,247,447	$	4,247,447		$	—	$	—
Barclays Capital Inc.		3,408,639		3,408,639			—		—
BMO Capital Markets		22,914		22,914			—		—
BNP Paribas New York Branch		85,318		85,318			—		—
BNP Paribas Prime Brokerage International Ltd.		3,526,440		3,526,440			—		—
BNP Paribas Securities Corp.		553,550		521,887			—		(31,663	)^(b)
BofA Securities, Inc.		5,189,797		5,189,797			—		—
Citadel Clearing LLC		348,221		348,221			—		—
Citigroup Global Markets Inc.		9,833,622		9,833,622			—		—
Credit Suisse AG		4,354,674		4,354,674			—		—
Credit Suisse Securities (USA) LLC		3,941,618		3,941,618			—		—
Deutsche Bank Securities Inc.		2,189,905		2,189,905			—		—
Goldman Sachs & Co.		11,492,609		11,492,609			—		—
HSBC Bank PLC		1,239,122		1,239,122			—		—
Jefferies LLC		559,497		559,497			—		—
JPMorgan Securities LLC		24,697,977		24,697,977			—		—
Morgan Stanley & Co. LLC		12,083,354		12,083,354			—		—
National Financial Services LLC		7,635,197		7,635,197			—		—
Natixis Securities Americas LLC		395,680		395,680			—		—
Nomura Securities International Inc.		57,030		57,030			—		—
RBC Capital Markets LLC		565,441		565,441			—		—
Scotia Capital (USA) Inc.		618,750		618,750			—		—
SG Americas Securities LLC		117,621		117,621			—		—
State Street Bank & Trust Company		428,548		413,879			—		(14,669	)^(b)
TD Prime Services LLC		588,763		588,763			—		—
UBS AG		6,084,508		6,084,508			—		—
UBS Securities LLC		1,263,799		1,263,799			—		—
Virtu Americas LLC		21,992		21,992			—		—
Wells Fargo Securities LLC		6,566,408		6,566,408			—		—

	$	112,118,441	$	112,072,109		$	—	$	(46,332	)


64		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Russell 2500
Barclays Bank PLC	$	142,059	$	142,059		$	—	$	—
BNP Paribas Securities Corp.		56,478		56,478			—		—
BofA Securities, Inc.		139,160		139,160			—		—
Citadel Clearing LLC		122,329		122,329			—		—
Citigroup Global Markets Inc.		108,335		108,335			—		—
Credit Suisse AG		88,999		88,999			—		—
Credit Suisse Securities (USA) LLC		34,557		34,557			—		—
HSBC Bank PLC		55,257		55,257			—		—
Jefferies LLC		6,070		5,773			—		(297	)^(b)
JPMorgan Securities LLC		455,100		455,100			—		—
Scotia Capital (USA) Inc.		80,712		80,712			—		—
SG Americas Securities LLC		59,655		59,655			—		—
TD Prime Services LLC		51,321		51,321			—		—
UBS AG		93,117		93,117			—		—
Wells Fargo Bank, National Association		303,114		303,114			—		—
Wells Fargo Securities LLC		5,807		5,807			—		—

	$	1,802,070	$	1,801,773		$	—	$	(297	)

Russell 3000
Barclays Bank PLC	$	12,712,731	$	12,712,731		$	—	$	—
Barclays Capital Inc.		30,143,994		30,143,994			—		—
BMO Capital Markets		497,090		467,016			—		(30,074	)^(b)
BNP Paribas Prime Brokerage International Ltd.		30,706,528		30,706,528			—		—
BNP Paribas Securities Corp.		1,936,891		1,936,891			—		—
BofA Securities, Inc.		30,536,518		30,536,518			—		—
Citadel Clearing LLC		2,554,458		2,554,458			—		—
Citigroup Global Markets Inc.		25,536,157		25,536,157			—		—
Credit Suisse AG		6,968,435		6,968,435			—		—
Credit Suisse Securities (USA) LLC		1,836,242		1,836,242			—		—
Deutsche Bank Securities Inc.		819,938		819,938			—		—
Goldman Sachs & Co.		23,398,577		23,398,577			—		—
HSBC Bank PLC		6,089,184		6,089,184			—		—
Jefferies LLC		1,727,150		1,727,150			—		—
JPMorgan Securities LLC		35,330,369		35,330,369			—		—
Morgan Stanley & Co. LLC		43,742,609		43,742,609			—		—
National Financial Services LLC		3,316,142		3,316,142			—		—
Natixis Securities Americas LLC		18,340		18,340			—		—
Nomura Securities International Inc.		1,083,950		1,083,950			—		—
RBC Capital Markets LLC		640,843		640,843			—		—
Scotia Capital (USA) Inc.		2,094,787		2,094,787			—		—
SG Americas Securities LLC		4,284,726		4,284,726			—		—
State Street Bank & Trust Company		126,176		126,176			—		—
TD Prime Services LLC		4,079,058		4,079,058			—		—
UBS AG		16,042,454		16,042,454			—		—
UBS Securities LLC		7,829,789		7,829,789			—		—
Virtu Americas LLC		659,495		659,495			—		—
Wells Fargo Securities LLC		6,461,190		6,461,190			—		—

	$	301,173,821	$	301,143,747		$	—	$	(30,074	)


NOTES TO FINANCIAL STATEMENTS			65

Notes to Financial Statements (continued)


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Russell Mid-Cap
Barclays Bank PLC	$	24,948,174	$	24,948,174		$	—	$	—
Barclays Capital Inc.		2,095,228		2,095,228			—		—
BMO Capital Markets		213		213			—		—
BNP Paribas Prime Brokerage International Ltd.		151,383,611		151,383,611			—		—
BNP Paribas Securities Corp.		11,186,235		11,186,235			—		—
BofA Securities, Inc.		60,452,781		60,452,781			—		—
Citadel Clearing LLC		10,909,318		10,909,318			—		—
Citigroup Global Markets Inc.		102,180,405		102,180,405			—		—
Credit Suisse AG		76,687,056		76,687,056			—		—
Credit Suisse Securities (USA) LLC		3,279,108		3,279,108			—		—
Deutsche Bank Securities Inc.		1,544,486		1,467,609			—		(76,877	)^(b)
Goldman Sachs & Co.		143,751,896		143,751,896			—		—
HSBC Bank PLC		43,403,319		43,403,319			—		—
Jefferies LLC		242,274		242,274			—		—
JPMorgan Securities LLC		217,160,123		217,160,123			—		—
Morgan Stanley & Co. LLC		158,430,064		158,430,064			—		—
National Financial Services LLC		11,989,024		11,989,024			—		—
Natixis Securities Americas LLC		14,586		14,586			—		—
Nomura Securities International Inc.		1,369,151		1,369,151			—		—
RBC Capital Markets LLC		21,853,344		21,853,344			—		—
Scotia Capital (USA) Inc.		11,532,012		11,532,012			—		—
SG Americas Securities LLC		3,023,434		3,023,434			—		—
State Street Bank & Trust Company		32,875		32,875			—		—
TD Prime Services LLC		1,940,929		1,940,929			—		—
UBS AG		67,620,958		67,620,958			—		—
UBS Securities LLC		29,686,534		29,686,534			—		—
Virtu Americas LLC		57,393		57,393			—		—
Wells Fargo Securities LLC		21,860,077		21,860,077			—		—

	$	1,178,634,608	$	1,178,557,731		$	—	$	(76,877	)

Russell Mid-Cap Growth
Barclays Bank PLC	$	7,271,720	$	7,271,720		$	—	$	—
Barclays Capital Inc.		4,604,228		4,604,228			—		—
BNP Paribas Prime Brokerage International Ltd.		68,445,706		68,445,706			—		—
BNP Paribas Securities Corp.		5,136,999		5,136,999			—		—
BofA Securities, Inc.		96,278,795		96,278,795			—		—
Citadel Clearing LLC		15,569,182		15,569,182			—		—
Citigroup Global Markets Inc.		137,182,573		137,182,573			—		—
Credit Suisse AG		37,826,594		37,826,594			—		—
Credit Suisse Securities (USA) LLC		868,960		868,960			—		—
Goldman Sachs & Co.		119,521,041		119,521,041			—		—
HSBC Bank PLC		25,538,792		25,116,927			—		(421,865	)^(b)
Jefferies LLC		170,647		170,647			—		—
JPMorgan Securities LLC		220,116,141		220,116,141			—		—
Morgan Stanley & Co. LLC		123,970,522		123,970,522			—		—
National Financial Services LLC		3,465,310		3,465,310			—		—
Natixis Securities Americas LLC		665,888		665,888			—		—
Nomura Securities International Inc.		886,050		872,519			—		(13,531	)^(b)
RBC Capital Markets LLC		60,432		60,432			—		—
Scotia Capital (USA) Inc.		1,165,364		1,165,364			—		—
SG Americas Securities LLC		7,945,952		7,945,952			—		—
State Street Bank & Trust Company		401,735		401,735			—		—
UBS AG		31,580,279		31,580,279			—		—
UBS Securities LLC		27,778,293		27,778,293			—		—
Virtu Americas LLC		1,480,816		1,480,816			—		—
Wells Fargo Bank, National Association		92,229,971		92,229,971			—		—
Wells Fargo Securities LLC		6,479,120		6,479,120			—		—

	$	1,036,641,110	$	1,036,205,714		$	—	$	(435,396	)


66		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Russell Mid-Cap Value
Barclays Bank PLC	$	18,941,773	$	18,941,773		$	—	$	—
Barclays Capital Inc.		17,490,434		17,490,434			—		—
BNP Paribas Prime Brokerage International Ltd.		40,413,666		40,413,666			—		—
BNP Paribas Securities Corp.		10,309,291		10,309,291			—		—
BofA Securities, Inc.		54,728,214		54,728,214			—		—
Citadel Clearing LLC		4,514,015		4,514,015			—		—
Citigroup Global Markets Inc.		33,344,422		33,344,422			—		—
Credit Suisse AG		23,237,587		23,237,587			—		—
Credit Suisse Securities (USA) LLC		8,024,448		8,024,448			—		—
Goldman Sachs & Co.		42,469,210		42,469,210			—		—
HSBC Bank PLC		249,989		246,116			—		(3,873	)^(b)
JPMorgan Securities LLC		53,010,913		53,010,913			—		—
Morgan Stanley & Co. LLC		64,482,193		64,482,193			—		—
National Financial Services LLC		12,582,541		12,582,541			—		—
Nomura Securities International Inc.		844,524		844,524			—		—
RBC Capital Markets LLC		219,210		219,210			—		—
Scotia Capital (USA) Inc.		536,190		536,190			—		—
SG Americas Securities LLC		1,099,813		1,099,813			—		—
State Street Bank & Trust Company		3,073,742		3,073,742			—		—
TD Prime Services LLC		1,886,850		1,886,850			—		—
UBS AG		12,537,937		12,429,156			—		(108,781	)^(b)
UBS Securities LLC		12,132,478		12,132,478			—		—
Virtu Americas LLC		5,713,986		5,713,986			—		—
Wells Fargo Securities LLC		11,468,770		11,468,770			—		—

	$	433,312,196	$	433,199,542		$	—	$	(112,654	)

^(a)

^(b)

5.	DERIVATIVE FINANCIAL INSTRUMENTS


NOTES TO FINANCIAL STATEMENTS			67

Notes to Financial Statements (continued)

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES


iShares ETF	Investment Advisory Fee
Micro-Cap		0.60	%
Russell 1000 Pure U.S. Revenue		0.15
Russell 2500		0.15
Russell 3000		0.20

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


Aggregate Average Daily Net Assets	Investment Advisory 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 each of the iShares Russell Mid-Cap Growth and iShares Russell Mid-Cap 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		0.2500	%
Over $121 billion, up to and including $181 billion		0.2375
Over $181 billion, up to and including $231 billion		0.2257
Over $231 billion, up to and including $281 billion		0.2144
Over $281 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.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). For the iShares Russell 2500 ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2022 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.15%.

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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.


68		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


iShares ETF	Fees Paid to BTC
Micro-Cap	$	1,782,566
Russell 2500		16,358
Russell 3000		706,602
Russell Mid-Cap		2,123,072
Russell Mid-Cap Growth		1,435,898
Russell Mid-Cap Value		957,214

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

For the year ended March 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Micro-Cap	$	13,209,418	$	61,775,665	$	(9,624,738	)
Russell 3000		71,858,440		43,677,087		(2,435,873	)
Russell Mid-Cap		632,807,568		482,799,323		(99,641,849	)
Russell Mid-Cap Growth		987,250,589		1,153,169,928		(140,513,393	)
Russell Mid-Cap Value		1,071,189,343		560,866,846		(128,476,341	)

7.	PURCHASES AND SALES

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Micro-Cap	$	194,749,394	$	194,083,046
Russell 1000 Pure U.S. Revenue		1,683,878		1,689,271
Russell 2500		5,434,776		5,391,478
Russell 3000		437,996,618		482,025,912
Russell Mid-Cap		2,092,647,475		2,090,622,007
Russell Mid-Cap Growth		2,532,674,716		2,576,977,673
Russell Mid-Cap Value		2,179,243,006		2,165,780,991


NOTES TO FINANCIAL STATEMENTS			69

Notes to Financial Statements (continued)

For the year ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Micro-Cap	$	155,466,157	$	255,071,325
Russell 1000 Pure U.S. Revenue		1,375,501		8,443,655
Russell 2500		35,988,152		17,566,578
Russell 3000		1,090,834,742		1,301,277,566
Russell Mid-Cap		3,043,311,888		1,922,399,447
Russell Mid-Cap Growth		3,279,508,555		3,098,038,179
Russell Mid-Cap Value		2,919,323,219		3,244,326,140

8.	INCOME TAX INFORMATION

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, 2020, 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:


iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
Micro-Cap	$	67,540,982	$	(67,540,982	)
Russell 1000 Pure U.S. Revenue		669,054		(669,054	)
Russell 2500		1,438,946		(1,438,946	)
Russell 3000		645,478,401		(645,478,401	)
Russell Mid-Cap		922,210,897		(922,210,897	)
Russell Mid-Cap Growth		1,120,835,580		(1,120,835,580	)
Russell Mid-Cap Value		798,149,803		(798,149,803	)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
Micro-Cap
Ordinary income	$	10,775,983	$	8,817,492

Russell 1000 Pure U.S. Revenue
Ordinary income	$	164,204	$	241,568

Russell 2500
Ordinary income	$	661,019	$	464,966
Long-term capital gains		—		5,577

	$	661,019	$	470,543

Russell 3000
Ordinary income	$	180,570,072	$	158,641,466

Russell Mid-Cap
Ordinary income	$	334,766,368	$	314,222,303

Russell Mid-Cap Growth
Ordinary income	$	67,491,485	$	80,734,366

Russell Mid-Cap Value
Ordinary income	$	254,132,611	$	247,588,982


70		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
Micro-Cap	$	—	$	(118,564,283	)	$	(331,177,130	)	$	(449,741,413	)
Russell 1000 Pure U.S. Revenue		—		(67,120	)		(988,052	)		(1,055,172	)
Russell 2500		—		(243,250	)		(11,341,671	)		(11,584,921	)
Russell 3000		—		(39,413,905	)		205,241,413			165,827,508
Russell Mid-Cap		—		(148,780,438	)		(886,625,436	)		(1,035,405,874	)
Russell Mid-Cap Growth		4,413,478		(301,752,321	)		56,738,382			(240,600,461	)
Russell Mid-Cap Value		—		(230,157,067	)		(2,810,862,781	)		(3,041,019,848	)

^(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.

For the year ended March 31, 2020, the iShares Russell Mid-Cap ETF utilized $49,117,719 of its capital loss carryforwards.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Micro-Cap	$	1,012,670,900	$	52,398,108	$	(383,575,238	)	$	(331,177,130	)
Russell 1000 Pure U.S. Revenue		4,394,797		89,516		(1,077,568	)		(988,052	)
Russell 2500		55,158,772		652,445		(11,994,116	)		(11,341,671	)
Russell 3000		8,328,882,311		1,446,278,611		(1,241,037,198	)		205,241,413
Russell Mid-Cap		17,867,033,567		3,057,677,761		(3,944,303,197	)		(886,625,436	)
Russell Mid-Cap Growth		10,372,787,608		1,229,855,899		(1,173,117,517	)		56,738,382
Russell Mid-Cap Value		11,436,157,823		466,654,380		(3,277,517,161	)		(2,810,862,781	)

9.	PRINCIPAL RISKS


NOTES TO FINANCIAL STATEMENTS			71

Notes to Financial Statements (continued)

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.

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Year Ended						Year Ended
	03/31/20						03/31/19
iShares ETF	Shares			Amount			Shares			Amount
Micro-Cap
Shares sold		1,800,000		$	158,686,376			3,800,000		$	388,562,080
Shares redeemed		(2,950,000	)		(259,795,738	)		(3,450,000	)		(346,270,164	)

Net increase(decrease)		(1,150,000	)	$	(101,109,362	)		350,000		$	42,291,916

Russell 1000 Pure U.S. Revenue
Shares sold		50,000		$	1,383,209			100,000		$	2,838,097
Shares redeemed		(300,000	)		(8,490,942	)		(50,000	)		(1,448,747	)

Net increase(decrease)		(250,000	)	$	(7,107,733	)		50,000		$	1,389,350

Russell 2500
Shares sold		900,000		$	36,242,168			800,000		$	33,077,041
Shares redeemed		(450,000	)		(17,694,386	)		(150,000	)		(6,577,527	)

Net increase		450,000		$	18,547,782			650,000		$	26,499,514

Russell 3000
Shares sold		6,750,000		$	1,097,978,592			19,350,000		$	3,020,564,926
Shares redeemed		(7,500,000	)		(1,319,368,503	)		(15,450,000	)		(2,526,143,377	)

Net increase(decrease)		(750,000	)	$	(221,389,911	)		3,900,000		$	494,421,549

Russell Mid-Cap
Shares sold		55,650,000		$	3,067,836,218			39,450,000	^(a)	$	2,030,090,653
Shares redeemed		(35,750,000	)		(1,948,717,499	)		(23,850,000	)^(a)		(1,258,239,648	)

Net increase		19,900,000		$	1,119,118,719			15,600,000		$	771,851,005

Russell Mid-Cap Growth
Shares sold		23,850,000		$	3,291,759,238			26,350,000		$	3,377,324,968
Shares redeemed		(22,350,000	)		(3,155,092,887	)		(20,650,000	)		(2,651,660,756	)

Net increase		1,500,000		$	136,666,351			5,700,000		$	725,664,212

Russell Mid-Cap Value
Shares sold		36,250,000		$	2,950,274,614			32,850,000		$	2,858,364,642
Shares redeemed		(37,450,000	)		(3,270,275,003	)		(25,550,000	)		(2,218,397,987	)

Net increase(decrease)		(1,200,000	)	$	(320,000,389	)		7,300,000		$	639,966,655

^(a)

Share transactions reflect a four-for-one stock split effective after the close of trading on October 25, 2018.


72		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

The Board authorized a four-for-one stock split for the iShares Russell Mid-Cap ETF, effective after the close of trading on October 25, 2018. The impact of the stock splits was to increase the number of shares outstanding by a factor of four, while decreasing the NAV per share by a factor of four, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the stock splits.

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 3000 ETF, iShares Russell MidCap ETF and iShares Russell MidCap Value ETF received proceeds of $518,568, $2,662,268 and $4,836,058, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to appeals in multiple appellate courts. The outcome of these appeals 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.

12.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			73


Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Micro-Cap ETF, iShares Russell 1000 Pure U.S. Revenue ETF,

iShares Russell 2500 ETF, iShares Russell 3000 ETF, iShares Russell Mid-Cap ETF,

iShares Russell Mid-Cap Growth ETF and iShares Russell Mid-Cap Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary schedules of investments, of iShares Micro-Cap ETF, iShares Russell 1000 Pure U.S. Revenue ETF, iShares Russell 2500 ETF, iShares Russell 3000 ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF and iShares Russell Mid-Cap Value ETF (seven of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2020, 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, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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, 2020 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 26, 2020

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


74		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended March 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
Micro-Cap		64.37	%
Russell 1000 Pure U.S. Revenue		91.49	%
Russell 2500		39.41	%
Russell 3000		97.72	%
Russell Mid-Cap		78.28	%
Russell Mid-Cap Growth		100.00	%
Russell Mid-Cap Value		75.54	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
Micro-Cap	$	7,316,720
Russell 1000 Pure U.S. Revenue		150,478
Russell 2500		278,328
Russell 3000		168,482,072
Russell Mid-Cap		297,193,323
Russell Mid-Cap Growth		89,199,069
Russell Mid-Cap Value		213,823,277

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Business Income
Micro-Cap	$	698,917
Russell 1000 Pure U.S. Revenue		14,599
Russell 2500		56,514
Russell 3000		7,502,272
Russell Mid-Cap		33,491,701
Russell Mid-Cap Growth		2,339,831
Russell Mid-Cap Value		29,593,244


IMPORTANT TAX INFORMATION			75

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Micro-Cap ETF, iShares Russell 1000 Pure U.S. Revenue ETF, iShares Russell 2500 ETF, iShares Russell 3000 ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF and iShares Russell Mid-Cap Value ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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:


76		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

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.


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Micro-Cap^(a)	$	1.145324	$	—	$	0.066403	$	1.211727		95	%		—	%		5	%		100	%
Russell 1000 Pure U.S. Revenue^(a)		0.740071		—		0.036711		0.776782		95			—			5			100
Russell 2500^(a)		0.640235		—		0.093050		0.733285		87			—			13			100
Russell 3000^(a)		3.224982		—		0.071748		3.296730		98			—			2			100
Russell Mid-Cap^(a)		0.877442		—		0.055689		0.933131		94			—			6			100
Russell Mid-Cap Growth^(a)		0.877470		—		0.009715		0.887185		99			—			1			100
Russell Mid-Cap Value^(a)		1.906136		—		0.153617		2.059753		93			—			7			100

^(a)

Premium/Discount Information


iShares Micro-Cap ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.0% and Less than 1.5%		1		0.08	%
Greater than 0.0% and Less than 0.5%		523		39.62
At NAV		55		4.17
Less than 0.0% and Greater than –0.5%		735		55.68
Less than –0.5% and Greater than –1.0%		4		0.30
Less than –1.0% and Greater than –1.5%		2		0.15

		1,320		100.00	%


SUPPLEMENTAL INFORMATION			77

Supplemental Information (unaudited) (continued)


iShares Russell 1000 Pure U.S. Revenue ETF
Period Covered: August 10, 2017 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5% and Less than 3.0%		1		0.15	%
Greater than 0.0% and Less than 0.5%		378		56.93
At NAV		47		7.08
Less than 0.0% and Greater than –0.5%		238		35.84

		664		100.00	%


iShares Russell 2500 ETF
Period Covered: July 07, 2017 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 5.0% and Less than 5.5%		1		0.15	%
Greater than 2.0% and Less than 2.5%		2		0.29
Greater than 1.5% and Less than 2.0%		1		0.15
Greater than 1.0% and Less than 1.5%		4		0.58
Greater than 0.5% and Less than 1.0%		4		0.58
Greater than 0.0% and Less than 0.5%		405		58.86
At NAV		40		5.81
Less than 0.0% and Greater than –0.5%		221		32.12
Less than –0.5% and Greater than –1.0%		3		0.44
Less than –1.0% and Greater than –1.5%		4		0.58
Less than –1.5% and Greater than –2.0%		1		0.15
Less than –2.0% and Greater than –2.5%		2		0.29

		688		100.00	%


iShares Russell 3000 ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 6.0%		1		0.08	%
Greater than 0.0% and Less than 0.5%		478		36.21
At NAV		298		22.58
Less than 0.0% and Greater than –0.5%		543		41.13

		1,320		100.00	%


iShares Russell Mid-Cap ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.5% and Less than 1.0%		1		0.08	%
Greater than 0.0% and Less than 0.5%		682		51.67
At NAV		294		22.27
Less than 0.0% and Greater than –0.5%		343		25.98

		1,320		100.00	%


78		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)


iShares Russell Mid-Cap Growth ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		623		47.19	%
At NAV		319		24.17
Less than 0.0% and Greater than –0.5%		377		28.56
Less than –0.5% and Greater than –1.0%		1		0.08

		1,320		100.00	%


iShares Russell Mid-Cap Value ETF
Period Covered: January 01, 2015 through March 31, 2020
Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		642		48.63	%
At NAV		269		20.38
Less than 0.0% and Greater than –0.5%		408		30.91
Less than –0.5% and Greater than –1.0%		1		0.08

		1,320		100.00	%

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares Russell 3000 ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.

Report on Remuneration

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 Fund.

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

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.


SUPPLEMENTAL INFORMATION			79

Supplemental Information (unaudited) (continued)

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2019 is USD 837.84 thousand. This figure is comprised of fixed remuneration of USD 387.35 thousand and variable remuneration of USD 450.49 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2019, to its senior management was USD 106.83 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 12.56 thousand.


80		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

The registered investment companies advised by BFAor 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 367 funds as of March 31, 2020. 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., ParkAvenue Plaza, 55 East 52^nd 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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito^(a) (63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji^(b) (49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
^(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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


TRUSTEE AND OFFICER INFORMATION			81

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).
Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


82		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

To enroll in electronic delivery:

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Go to icsdelivery.com.

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

Householding

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

Complete Schedules of Portfolio Holdings


GENERAL INFORMATION			83

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares


84		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

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”).

iS-AR-306-0320


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares Focused Value Factor ETF | FOVL | NYSE Arca

iShares U.S. Aerospace & Defense ETF | ITA | Cboe BZX

iShares U.S. Broker-Dealers & Securities Exchanges ETF | IAI | NYSE Arca

iShares U.S. Healthcare Providers ETF | IHF | NYSE Arca

iShares U.S. Home Construction ETF | ITB | Cboe BZX

iShares U.S. Infrastructure ETF | IFRA | Cboe BZX

iShares U.S. Insurance ETF | IAK | NYSE Arca

iShares U.S. Medical Devices ETF | IHI | NYSE Arca

iShares U.S. Oil & Gas Exploration & Production ETF | IEO | Cboe BZX

iShares U.S. Oil Equipment & Services ETF | IEZ | NYSE Arca

iShares U.S. Pharmaceuticals ETF | IHE | NYSE Arca

iShares U.S. Real Estate ETF | IYR | NYSE Arca

iShares U.S. Regional Banks ETF | IAT | NYSE Arca

iShares U.S. Telecommunications ETF | IYZ | Cboe BZX

Table of Contents


	Page

Market Overview		3
Fund Summary		4
About Fund Performance		32
Shareholder Expenses		32
Schedules of Investments		33
Financial Statements
Statements of Assets and Liabilities		68
Statements of Operations		72
Statements of Changes in Net Assets		76
Financial Highlights		83
Notes to Financial Statements		97
Report of Independent Registered Public Accounting Firm		111
Important Tax Information (Unaudited)		112
Statement Regarding Liquidity Risk Management Program		113
Supplemental Information		114
Trustee and Officer Information		120
General Information		122
Glossary of Terms Used in this Report		123

Market Overview

iShares Trust

Domestic Market Overview

The U.S. Federal Reserve Bank (“Fed”), which had already lowered interest rates three times in 2019 in an attempt to boost a slowing economy, also responded to the crisis. Two emergency interest rate reductions in March 2020 were enacted in an attempt to restore confidence in markets, bringing short-term interest rates down to a range of 0.00%–0.25%. The Fed further acted to stabilize credit markets by launching a bond-buying program that included U.S. Treasuries, corporate and municipal bonds, and securities backed by mortgages and auto loans.


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		iShares^® Focused Value Factor ETF

Investment Objective

The iShares Focused Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with prominent value characteristics, as represented by the Focused Value Select 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			Since Inception			1 Year			Since Inception
Fund NAV		(35.71	)%		(35.75	)%		(35.71	)%		(36.75	)%
Fund Market		(35.74	)		(35.79	)		(35.74	)		(36.79	)
Index		(35.60	)		(35.73	)		(35.60	)		(36.64	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 3/19/19. The first day of secondary market trading was 3/21/19.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 629.00	$ 1.02			$ 1,000.00	$ 1,023.80	$ 1.26		0.25	%

^(a)


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Focused Value Factor ETF

Portfolio Management Commentary

Large and mid-capitalization stocks with prominent value characteristics declined substantially for the reporting period. The spread of the coronavirus and the economic impact of restrictions imposed to slow its spread created a difficult environment for value stocks.

Financials sector value stocks were the top detractors from the Index’s return amid record-low interest rates. Prior to the coronavirus outbreak, financials companies posted solid returns, particularly banks. Despite low interest rates, bank profits were boosted by lower funding costs due to increased deposits, higher trading revenues, and a rise in consumer lending.

Following the coronavirus outbreak, however, financials value stocks declined sharply. The sudden stop in U.S. economic activity due to social distancing policies negatively affected banks because they lend to companies in the many industries that were disrupted by shutdowns. Additionally, the Fed’s emergency interest rate decreases pressured profitability, particularly for banks that already had low deposit costs.

The energy sector also detracted significantly from the Index’s return. Oil prices, which were already low throughout much of the reporting period amid slowing global growth and trade tensions, declined rapidly in February 2020 to their lowest levels in 21 years. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, detracted significantly amid concerns about credit downgrades and defaults. Oil prices declined below the costs of producing oil with hydraulic fracturing, or fracking, which meant many companies involved in shale oil production became unprofitable, constraining their ability to repay debt.

Consumer discretionary value stocks were also a source of weakness, as massive layoffs in the service economy and government-mandated store closures weighed on consumer spending. The hotels, resorts, and cruise lines industry struggled as cruise lines stopped running to prevent the spread of the virus.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Banks		31.0%
Insurance		19.2
Diversified Financials		8.7
Energy		8.5
Materials		8.3
Technology Hardware & Equipment		5.7
Food & Staples Retailing		4.4
Transportation		3.8
Utilities		3.6
Media & Entertainment		2.5
Retailing		1.6
Real Estate		1.6
Consumer Services		1.1

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Legg Mason Inc.		5.8%
Kroger Co. (The)		4.4
Avangrid Inc.		3.6
Mercury General Corp.		3.5
EchoStar Corp., Class A		3.1
Reliance Steel & Aluminum Co.		3.1
Affiliated Managers Group Inc.		2.9
CNA Financial Corp.		2.9
Loews Corp.		2.8
Steel Dynamics Inc.		2.8

^(a)

Excludes money market funds.


FUND SUMMARY			5


Fund Summary as of March 31, 2020		iShares^® U.S. Aerospace & Defense ETF

Investment Objective

The iShares U.S. Aerospace & Defense ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the aerospace and defense sector, as represented by the Dow Jones U.S. Select Aerospace & Defense Index^TM (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		(26.58	)%		4.27	%		10.98	%		(26.58	)%		23.27	%		183.35	%
Fund Market		(26.57	)		4.28			10.98			(26.57	)		23.32			183.31
Index		(26.23	)		4.74			11.44			(26.23	)		26.07			195.46

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 648.30	$ 1.73			$ 1,000.00	$ 1,022.90	$ 2.12		0.42	%

^(a)


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Aerospace & Defense ETF

Portfolio Management Commentary

U.S. aerospace and defense stocks declined for the reporting period, pressured by economic fallout from the global coronavirus outbreak. For most of the reporting period, aerospace and defense stocks posted strong gains, buoyed by an increase in defense spending and favorable merger activity. Pentagon contracts for new airplanes, missile systems, and robotics also supported defense stocks. However, travel restrictions put in place to stem the spread of the virus led to a slowdown in air traffic and a sharp decrease in orders for new aircraft. Once the extent of the coronavirus-related economic disruption became evident, investor concerns that fiscal stimulus measures passed by Congress would lead to future reductions in the defense budget weighed on aerospace and defense stocks.

The grounding of a popular model of passenger jet due to high-profile crashes continued to negatively affect aerospace stocks throughout the reporting period, as approvals for a resumption of sales took longer than previously expected. Reports of failed oversight by regulators, inconsistent communications to the public, and uncertainty over when production on the jet would resume undermined investor confidence. Orders for new aircraft by commercial airlines declined significantly even before the coronavirus outbreak due in part to an already slowing global economy.

Airplane parts suppliers were impacted by the prolonged grounding of the popular jet as well as reduced production of other models. A slumping market for business jets also detracted from the Index’s return, as the combination of an expected recession and low oil prices suppressed demand. Stay-at-home orders and precautions to prevent workers from contracting the coronavirus led to factory closures across many industries, which disrupted the supply chain for aerospace and defense companies and weighed on the Index’s performance.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Aerospace & Defense		98.3%
Industrial Machinery		1.2
Leisure Products		0.5

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Lockheed Martin Corp.		17.3%
United Technologies Corp.		15.8
Boeing Co. (The)		13.5
General Dynamics Corp.		4.7
Teledyne Technologies Inc.		4.6
L3Harris Technologies Inc.		4.5
Northrop Grumman Corp.		4.4
TransDigm Group Inc.		4.0
Raytheon Co.		4.0
Huntington Ingalls Industries Inc.		3.1

^(a)

Excludes money market funds.


FUND SUMMARY			7


Fund Summary as of March 31, 2020		iShares^® U.S. Broker-Dealers & Securities Exchanges ETF

Investment Objective

The iShares U.S. Broker-Dealers & Securities Exchanges ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the investment services sector, as represented by the Dow Jones U.S. Select Investment Services Index^TM (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		(11.15	)%		5.41	%		7.92	%		(11.15	)%		30.13	%		114.31	%
Fund Market		(11.08	)		5.43			7.93			(11.08	)		30.24			114.43
Index		(10.73	)		5.84			8.28			(10.73	)		32.83			121.50

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 806.70	$ 1.90			$ 1,000.00	$ 1,022.90	$ 2.12		0.42	%

^(a)


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Broker-Dealers & Securities Exchanges ETF

Portfolio Management Commentary

Stocks of U.S. broker-dealers and securities exchanges declined during the reporting period, led by the investment banking and brokerage industry. In late 2019 major discount brokerage firms eliminated commissions on stock, exchange-traded funds, and options trades in order to gain market share amid an increasingly competitive landscape. Intense competition also led to a number of industry consolidations. Despite investor optimism surrounding the mergers, revenue declines due to lower commissions weighed on the industry. In response to the coronavirus-related economic slowdown, the Fed reduced interest rates to zero, which pressured brokerage firms as expectations of lower interest income, a significant portion of their revenues, mounted.

Among investment banks, relatively slow initial public offerings (“IPOs”) and an increase in passive investing, which reduces commissions, weighed on revenues prior to the coronavirus outbreak. After the outbreak, government-mandated business closures sharply decreased economic activity. Because investment banks’ revenues depend on debt financing, mergers and acquisitions, and IPO underwriting, concerns that a global recession would severely disrupt these activities weighed heavily on the industry. In such a scenario, investment banks would also be pressured by lower valuations of their assets under management, which would lead to declining fee revenue. Similarly, as investment banks originate sizable loans, the likelihood of increased loan defaults due to the economic slowdown also pressured the industry.

On the upside, financial exchanges and data stocks contributed to the Index’s return. The industry benefited from revenue growth in both mature trading markets and the relatively young electronic trading market for global fixed-income instruments. In addition, the coronavirus pandemic led to high volatility and extremely large trading volumes on stock exchanges, leading to increased sales and profits for financial exchange companies.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Investment Banking & Brokerage		56.2%
Financial Exchanges & Data		43.6
Asset Management & Custody Banks		0.2

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
CME Group Inc.		19.3%
Goldman Sachs Group Inc. (The)		15.4
Intercontinental Exchange Inc.		11.1
Cboe Global Markets Inc.		4.7
E*TRADE Financial Corp.		4.6
TD Ameritrade Holding Corp.		4.4
Morgan Stanley		4.4
MarketAxess Holdings Inc.		4.3
Charles Schwab Corp. (The)		4.1
Nasdaq Inc.		4.1

^(a)

Excludes money market funds.


FUND SUMMARY			9


Fund Summary as of March 31, 2020		iShares^® U.S. Healthcare Providers ETF

Investment Objective

The iShares U.S. Healthcare Providers ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the healthcare providers sector, as represented by the Dow Jones U.S. Select Health Care Providers Index^TM (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		0.10	%		5.78	%		13.13	%		0.10	%		32.41	%		243.49	%
Fund Market		0.10			5.77			13.13			0.10			32.36			243.32
Index		0.51			6.21			13.56			0.51			35.18			256.64

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,036.10	$ 2.14			$ 1,000.00	$ 1,022.90	$ 2.12		0.42	%

^(a)


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Healthcare Providers ETF

Portfolio Management Commentary

Stocks of healthcare providers finished the reporting period with slight gains. Healthcare stocks advanced for much of the reporting period amid the supportive trends of an aging population and the associated rising demand for healthcare-related goods and services. Although a sharp market decline due to economic uncertainty surrounding the coronavirus outbreak largely reversed these gains, stocks of healthcare providers recovered somewhat to end the reporting period with positive returns.

The healthcare technology industry was the leading contributor to the Index’s return. Telemedicine provider stocks were a source of strength, and they appreciated sharply as isolation measures undertaken to slow the spread of the coronavirus led consumers to increasingly access medical care remotely. The industry also benefited when Medicare and private health insurers expanded coverage to include telemedicine visits.

Managed healthcare companies advanced, supported by higher enrollments in Medicare Advantage plans, which are administered by private insurers to cover consumers aged 65 and older. Merger and acquisition activity also bolstered the industry’s gains, as consolidation was expected to significantly reduce expenses. The healthcare services industry also advanced, benefiting from rising demand for services such as dialysis, home health, and hospice care.

In contrast, healthcare facilities operators detracted from the Index’s return due to growing concerns that the healthcare system could become overwhelmed by the number of patients seeking coronavirus treatment. Hospital stocks declined as revenue-generating elective surgeries were delayed in preparation for high levels of virus-related admittance. Additionally, investors grew concerned that in the event of a recession, hospitals would see lower reimbursement rates and a rise in unpaid medical bills as more consumers would lose private insurance coverage and rely on government plans.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Managed Health Care		40.3%
Health Care Services		39.6
Health Care Facilities		13.0
Health Care Technology		6.2
Life Sciences Tools & Services		0.9

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
UnitedHealth Group Inc.		22.3%
CVS Health Corp.		14.3
Cigna Corp.		7.0
HCA Healthcare Inc.		5.1
Humana Inc.		4.9
Centene Corp.		4.4
Anthem Inc.		4.3
Laboratory Corp. of America Holdings		4.0
Teladoc Health Inc.		3.6
Quest Diagnostics Inc.		3.5

^(a)

Excludes money market funds.


FUND SUMMARY			11


Fund Summary as of March 31, 2020		iShares^® U.S. Home Construction ETF

Investment Objective

The iShares U.S. Home Construction ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the home construction sector, as represented by the Dow Jones U.S. Select Home Construction Index^TM (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		(17.40	)%		0.95	%		8.43	%		(17.40	)%		4.85	%		124.67	%
Fund Market		(17.32	)		0.97			8.44			(17.32	)		4.96			124.82
Index		(17.04	)		1.37			8.89			(17.04	)		7.06			134.43

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 670.90	$ 1.75			$ 1,000.00	$ 1,022.90	$ 2.12		0.42	%

^(a)


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Home Construction ETF

Portfolio Management Commentary

Home construction stocks declined for the reporting period in the face of the economic aftereffects of the coronavirus outbreak. For much of the reporting period, home construction stocks advanced, as low mortgage rates and a thriving labor market drove a substantial increase in new home construction. However, stay-at-home orders and other steps to slow the spread of the virus weighed on companies that depend on a robust housing market, reversing earlier gains.

The homebuilding industry in the consumer discretionary sector detracted the most from the Index’s performance. Homebuilding companies were pressured by supply chain disruptions and an anticipated reduction in demand for new homes, as unemployment claims reached record levels. Measures of homebuilder confidence worsened toward the end of the reporting period, reflecting lowered expectations for U.S. new home sales. Although construction was deemed essential in most states, thereby exempting many homebuilders from government-mandated shutdowns during the coronavirus outbreak, residential construction job losses began to rise.

Home furnishings companies and home improvement retailers also detracted from the Index’s return. Slipping demand and growing competition weighed on home furnishings manufacturers, including makers of flooring. Investor concerns over a drop in sales due to the economic slowdown further pressured those companies’ stocks. Even before the economic effects of the coronavirus became evident, major home improvement retailers struggled due to competition within the industry.

The industrials sector also detracted meaningfully from the Index’s return. Within the building products industry, manufacturers of heating and cooling systems declined in the wake of the coronavirus outbreak along with other stocks tied to the home construction market.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Homebuilding		66.5%
Building Products		13.0
Home Improvement Retail		10.2
Specialty Chemicals		4.3
Home Furnishings		2.6
Trading Companies & Distributors		2.0
Other (each representing less than 1%)		1.4

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
DR Horton Inc.		14.1%
Lennar Corp., Class A		13.2
NVR Inc.		11.0
PulteGroup Inc.		5.3
Lowe’s Companies Inc.		5.0
Home Depot Inc. (The)		4.5
Sherwin-Williams Co. (The)		4.3
TopBuild Corp.		3.3
Toll Brothers Inc.		3.2
Masco Corp.		3.1

^(a)

Excludes money market funds.


FUND SUMMARY			13


Fund Summary as of March 31, 2020		iShares^® U.S. Infrastructure ETF

Investment Objective

The iShares U.S. Infrastructure ETF (the “Fund”) seeks to track the investment results of an index equities of U.S. companies that have infrastructure exposure and that could benefit from a potential increase in domestic infrastructure activities, as represented by the NYSE^® FactSet U.S. Infrastructure Index^SM (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			Since Inception			1 Year			Since Inception
Fund NAV		(21.26	)%		(8.33	)%		(21.26	)%		(15.93	)%
Fund Market		(21.23	)		(8.33	)		(21.23	)		(15.93	)
Index		(21.15	)		(8.06	)		(21.15	)		(15.41	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 4/3/18. The first day of secondary market trading was 4/5/18.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 741.90	$ 1.74			$ 1,000.00	$ 1,023.00	$ 2.02		0.40	%

^(a)


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Infrastructure ETF

Portfolio Management Commentary

U.S. infrastructure stocks posted a significantly negative return for the reporting period, driven by a sharp decline when the coronavirus outbreak worsened in February 2020. Infrastructure stocks in the materials sector were the top detractors, as a slump in demand following the sudden economic downturn caused prices of many raw materials to be driven lower. The metals and mining industry, particularly steel companies, was a main Index detractor, as lower steel prices and concerns about reduced demand led some plants to be idled while new projects were delayed. Aluminum producers also struggled amid a steep drop in aluminum prices, potential plant closures, and cost-cutting measures to boost solvency. The chemicals industry was another source of weakness, driven by supply chain disruptions and shipping restrictions, which made production and transport of chemicals more difficult.

The energy sector also detracted substantially amid a sharp drop in oil prices. Already low amid slowing global growth and trade tensions during 2019, oil prices declined rapidly in February 2020 to their lowest levels in 21 years. The oil, gas, and consumable fuels industry, which relies heavily on borrowing, was pressured by concerns about credit downgrades and defaults. Oil prices declined below the costs of producing oil with hydraulic fracturing, or fracking, which meant many companies involved in shale oil production became unprofitable, constraining their ability to repay debt. The energy equipment and services industry was also challenged, as low oil prices caused producers to postpone new drilling and reduce the number of active wells.

Infrastructure-oriented stocks in the industrials sector weighed on the Index’s return, particularly the construction and engineering industry. Social distancing requirements disrupted construction already underway, while economic uncertainty led to future projects being cancelled or delayed.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Electric Utilities		22.2%
Multi-Utilities		12.9
Construction & Engineering		9.9
Gas Utilities		8.2
Water Utilities		6.7
Building Products		6.6
Steel		5.2
Commodity Chemicals		3.5
Railroads		3.3
Oil & Gas Storage & Transportation		3.2
Construction Machinery & Heavy Trucks		3.0
Construction Materials		2.7
Specialty Chemicals		2.3
Industrial Machinery		1.9
Forest Products		1.1
Environmental & Facilities Services		1.0
Aluminum		1.0
Other (each representing less than 1%)		5.3

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
NextEra Energy Inc.		1.1%
Cadiz Inc.		1.0
El Paso Electric Co.		1.0
WEC Energy Group Inc.		1.0
American Water Works Co. Inc.		1.0
Xcel Energy Inc.		1.0
Hawaiian Electric Industries Inc.		1.0
California Water Service Group		1.0
Ameren Corp.		1.0
Eversource Energy		1.0

^(a)

Excludes money market funds.


FUND SUMMARY			15


Fund Summary as of March 31, 2020		iShares^® U.S. Insurance ETF

Investment Objective

The iShares U.S. Insurance ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the insurance sector, as represented by the Dow Jones U.S. Select Insurance Index^TM (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		(19.92	)%		2.12	%		7.03	%		(19.92	)%		11.09	%		97.27	%
Fund Market		(19.89	)		2.12			7.03			(19.89	)		11.09			97.31
Index		(19.61	)		2.53			7.50			(19.61	)		13.31			106.07

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 701.30	$ 1.79			$ 1,000.00	$ 1,022.90	$ 2.12		0.42	%

^(a)


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Insurance ETF

Portfolio Management Commentary

U.S. insurance stocks declined sharply during the reporting period, with heavy losses due to the coronavirus outbreak at the end of the reporting period outweighing strong gains in 2019. The insurance industry benefited from relatively few catastrophic events in 2019, as well as increases in policy prices and lower operational expenses from the adoption of new technologies. The pandemic, however, caused steep losses due to concerns about rising liabilities and lower investment income due to interest rate declines.

The life and health insurance industry was the leading detractor from the Index’s return. Anticipated policy losses due to coronavirus claims weighed on life and health insurance companies. Insurance companies were also hindered by low interest rates as the Fed reduced interest rates to zero. Low interest rates are likely to lead to lower investment income on the premiums held by life and health insurance companies. Continued uncertainty surrounding the outcome of the presidential election, particularly about policies promoted by a number of candidates that would eliminate private health insurance markets, also weighed on the Index’s return.

Property and casualty insurance stocks also detracted from the Index’s return. The industry was harmed by increased litigation and higher jury awards in lawsuits. In addition, as the pandemic continued, risks increased that more policyholders would make successful claims on policies. As the government-imposed shutdowns wore on, insurance companies faced new risks of losses as legislators made potentially costly proposals, such as laws that would compel insurers to pay for losses due to the forced closure of businesses and legislation preventing insurance companies from canceling policies. These legislative risks also affected the multi-line insurance industry, which also detracted from the Index’s return.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Property & Casualty Insurance		56.0%
Life & Health Insurance		24.1
Multi-line Insurance		10.8
Insurance Brokers		6.1
Reinsurance		1.8
Other Diversified Financial Services		1.2

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Chubb Ltd.		11.2%
Progressive Corp. (The)		9.6
Allstate Corp. (The)		6.6
Travelers Companies Inc. (The)		5.7
Aflac Inc.		5.3
MetLife Inc.		5.3
American International Group Inc.		4.7
Prudential Financial Inc.		4.6
Arthur J Gallagher & Co.		3.4
Markel Corp.		2.9

^(a)

Excludes money market funds.


FUND SUMMARY			17


Fund Summary as of March 31, 2020		iShares^® U.S. Medical Devices ETF

Investment Objective

The iShares U.S. Medical Devices ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the medical devices sector, as represented by the Dow Jones U.S. Select Medical Equipment Index^TM (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		(2.32	)%		14.01	%		15.00	%		(2.32	)%		92.65	%		304.55	%
Fund Market		(2.22	)		14.03			15.02			(2.22	)		92.82			305.12
Index		(1.93	)		14.50			15.49			(1.93	)		96.81			322.04

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$912.00	$2.01			$ 1,000.00	$ 1,022.90	$2.12		0.42	%

(a)


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Medical Devices ETF

Portfolio Management Commentary

Medical device stocks declined for the reporting period. For most of the reporting period, medical device manufacturers advanced amid the supportive trends of an aging population and the associated rising demand for healthcare-related goods and services. Despite these positive trends, the sharp market decline due to economic disruption following the coronavirus outbreak reversed these gains. Stock prices of medical device makers declined sharply from mid-February to mid-March 2020. While a significant government stimulus measure, passed during the last week of March, generally bolstered equities, including medical device manufacturers, the gains were insufficient to offset the earlier heavy losses.

Healthcare equipment stocks detracted the most from the Index’s performance, despite advancing for much of the reporting period. Healthcare equipment makers benefited from faster approval cycles due to technological advances and increased spending on research and development. This translated to robust product pipelines and ongoing innovation in fields such as digital health services and surgical robotic systems used in varied applications, such as hip and knee replacements. In addition, the permanent repeal of a medical device tax, first implemented under the Affordable Care Act, was advantageous as it allayed manufacturers’ concerns about the tax’s negative impact on research and development budgets.

Despite the solid performance prior to the coronavirus outbreak, health care equipment stocks declined sharply as the virus spread globally. The industry came under pressure from supply chain disruptions due to factory closures in China, where the virus was first discovered. Furthermore, expectations of a reduction in elective procedures, as hospitals delayed some surgeries in preparation for high levels of virus-related admittance, decreased demand for many types of medical equipment.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Health Care Equipment		85.4%
Life Sciences Tools & Services		14.3
Other (each representing less than 1%)		0.3

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Abbott Laboratories		13.9%
Medtronic PLC		12.1
Thermo Fisher Scientific Inc.		11.3
Danaher Corp.		5.7
Intuitive Surgical Inc.		5.0
Boston Scientific Corp.		5.0
Stryker Corp.		4.9
Edwards Lifesciences Corp.		4.5
Becton Dickinson and Co.		4.0
Baxter International Inc.		4.0

^(a)

Excludes money market funds.


FUND SUMMARY			19


Fund Summary as of March 31, 2020		iShares^® U.S. Oil & Gas Exploration & Production ETF

Investment Objective

The iShares U.S. Oil & Gas Exploration & Production ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the oil and gas exploration and production sector, as represented by the Dow Jones U.S. Select Oil Exploration & Production Index^TM (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		(59.65	)%		(19.52	)%		(7.19	)%		(59.65	)%		(66.25	)%		(52.56	)%
Fund Market		(59.70	)		(19.53	)		(7.19	)		(59.70	)		(66.27	)		(52.58	)
Index		(59.55	)		(19.22	)		(6.82	)		(59.55	)		(65.61	)		(50.68	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$456.20	$1.53			$ 1,000.00	$ 1,022.90	$2.12		0.42	%

(a)


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Oil & Gas Exploration & Production ETF

Portfolio Management Commentary

U.S. oil and gas exploration and production stocks posted sharply negative returns during the reporting period as the price of oil declined by approximately 64%. Oil prices fluctuated throughout 2019 but remained low despite production cuts by Organization of the Petroleum Exporting Countries (“OPEC”) and reduced capacity due to geopolitical tensions in the Middle East. Canada enacted output limits, while the U.S., the world’s largest oil producer, increased production in 2019, due in part to expanded fracking activity. U.S. oil exports exceeded imports for the first time since recordkeeping began in 1973. Meanwhile, demand for crude oil slumped as global growth expectations were revised lower due to a trade dispute between the U.S. and China, the world’s top consumers of oil.

The challenging environment led many oil and gas exploration and production companies to scale back drilling operations and lower production estimates as oil declined well below $50 per barrel, a profitability target often used by the industry. Refiners, who use oil as an input and typically benefit when prices fall, were constrained by travel restrictions, which pressured refining margins due to lower demand for their finished product.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Oil & Gas Exploration & Production	64.9	%
Oil & Gas Refining & Marketing	29.8
Oil & Gas Storage & Transportation	5.3

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
ConocoPhillips	17.6	%
Phillips 66	12.4
EOG Resources Inc.	10.9
Valero Energy Corp.	6.5
Marathon Petroleum Corp.	5.2
Pioneer Natural Resources Co.	4.6
Concho Resources Inc.	4.4
Cheniere Energy Inc.	4.2
Hess Corp.	4.1
Cabot Oil & Gas Corp.	3.4


FUND SUMMARY			21


Fund Summary as of March 31, 2020		iShares^® U.S. Oil Equipment & Services ETF

Investment Objective

The iShares U.S. Oil Equipment & Services ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the oil equipment and services sector, as represented by the Dow Jones U.S. Select Oil Equipment & Services Index^TM (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		(75.48	)%		(32.31	)%		(16.84	)%		(75.48	)%		(85.79	)%		(84.18	)%
Fund Market		(75.52	)		(32.33	)		(16.85	)		(75.52	)		(85.81	)		(84.20	)
Index		(75.46	)		(32.20	)		(16.62	)		(75.46	)		(85.68	)		(83.76	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 347.30	$ 1.41			$ 1,000.00	$ 1,022.90	$ 2.12		0.42	%

^(a)


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Oil Equipment & Services ETF

Portfolio Management Commentary

U.S. oil equipment and services stocks posted sharply negative returns during the reporting period as the price of oil declined by approximately 64%. Oil prices fluctuated throughout 2019 but remained low despite production cuts by OPEC and reduced capacity due to geopolitical tensions in the Middle East. Meanwhile, demand for oil slumped as global growth expectations were revised lower due to a trade dispute between the U.S. and China, the world’s top consumers of oil.

In this environment, oil and gas equipment and services companies, whose revenues come from spending by oil producers and refiners, were the Index’s primary detractors. Even before the coronavirus outbreak, declining demand from drillers amid lower oil prices and less U.S. fracking activity led oilfield services companies to reduce costs. Following the sudden drop in oil prices as the outbreak spread globally, oilfield service provider stocks retreated as expectations for drilling services were revised sharply lower. Similarly, oil and gas drilling stocks detracted as offshore drilling became unprofitable due to extremely low oil prices, which meant rig owners would have difficulty managing operating expenses and debt service costs.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Oil & Gas Equipment & Services	87.4	%
Oil & Gas Drilling	12.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Schlumberger Ltd.	22.2	%
Baker Hughes Co.	18.5
Halliburton Co.	5.0
TechnipFMC PLC	4.6
Dril-Quip Inc.	4.5
National Oilwell Varco Inc.	4.3
Helmerich & Payne Inc.	4.2
Transocean Ltd.	3.7
Cactus Inc., Class A	3.0
Archrock Inc.	2.6


FUND SUMMARY			23


Fund Summary as of March 31, 2020		iShares^® U.S. Pharmaceuticals ETF

Investment Objective

The iShares U.S. Pharmaceuticals ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the pharmaceuticals sector, as represented by the Dow Jones U.S. Select Pharmaceuticals Index^TM (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		(11.06	)%		(3.41	)%		10.04	%		(11.06	)%		(15.94	)%		160.30	%
Fund Market		(10.97	)		(3.42	)		10.04			(10.97	)		(15.96	)		160.40
Index		(10.75	)		(3.14	)		10.40			(10.75	)		(14.74	)		168.94

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 972.10	$ 2.07			$ 1,000.00	$ 1,022.90	$ 2.12		0.42	%

^(a)


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Pharmaceuticals ETF

Portfolio Management Commentary

Pharmaceuticals stocks declined during the reporting period despite generally positive industry trends, including rising healthcare spending to meet the needs of an aging population and brisk merger and acquisition activity. Growing demand for new drugs, particularly treatments of rare conditions, and a supportive regulatory environment leading to faster drug approvals bolstered pharmaceuticals stocks prior to the coronavirus outbreak. However, a sharp market decline due to economic disruption following the outbreak reversed these gains.

Pharmaceuticals stocks posted solid gains during 2019 amid strong product pipelines and a rising number of applications for new drug approvals. Nevertheless, several factors weighed on the industry. Ongoing price competition from generic drug manufacturers as well as lawsuits stemming from opioid pain medication abuse and unfair pricing practices weighed on the industry’s returns. Companies focused on animal health struggled amid the African swine fever outbreak, which sharply reduced livestock populations.

Following the emergence of the coronavirus, pharmaceuticals stocks declined due to concerns about potential production disruptions, as the majority of their input ingredients are sourced from Asia, where manufacturing activity slowed or stopped. Expectations of slower sales to China, a large market for U.S. drug makers, also pressured performance. Drug trial stoppages and postponements further challenged the industry, as overwhelmed hospitals focused on creating capacity to treat coronavirus cases. Isolation measures put in place to slow the spread of the virus also prevented subjects and scientists from traveling to study sites.

Biotechnology companies were smaller, although notable, detractors from the Index’s return. Disappointing late-stage trial results as well as competition among manufacturers of drugs used to treat rare diseases were key drivers of the industry’s performance.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Pharmaceuticals	96.7	%
Biotechnology	3.3

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Johnson & Johnson	20.2	%
Merck & Co. Inc.	18.3
Elanco Animal Health Inc.	5.0
Zoetis Inc.	4.6
Bristol-Myers Squibb Co.	4.6
Catalent Inc.	4.5
Allergan PLC	4.4
Mylan NV	4.3
Pfizer Inc.	4.2
Eli Lilly & Co.	4.0


FUND SUMMARY			25


Fund Summary as of March 31, 2020		iShares^® U.S. Real Estate ETF

Investment Objective

The iShares U.S. Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the real estate sector, as represented by the Dow Jones U.S. Real Estate Index^TM (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		(17.14	)%		1.17	%		7.39	%		(17.14	)%		5.96	%		103.92	%
Fund Market		(17.27	)		1.14			7.37			(17.27	)		5.81			103.64
Index		(16.74	)		1.60			7.89			(16.74	)		8.26			113.74

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 760.10	$ 1.85			$ 1,000.00	$ 1,022.90	$ 2.12		0.42	%

^(a)


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Real Estate ETF

Portfolio Management Commentary

Real estate investment trusts (“REITs”) declined during the reporting period, driven primarily by sharp declines beginning in February 2020 following the global spread of the coronavirus. Prior to the global pandemic, REITs posted positive returns in an environment of solid economic growth, low interest rates, and few property vacancies. Retail REITs were the primary detractors from the Index’s return. Already pressured by the expansion of e-commerce, retail REITs were challenged by coronavirus-related non-essential business closures, as concerns mounted that closed retailers could be unable to meet rent obligations.

Healthcare REITs were also key Index detractors. While rising demand for medical care typically benefits healthcare REITs, the industry’s substantial exposure to senior care facilities, whose residents are at particularly high risk for coronavirus complications, led to concerns about future demand. Senior care facilities were also affected by higher safety and cleaning expenditures to limit the spread of infections.

Mortgage and office REITs were also notable detractors. Mortgage REITs declined as the likelihood of an economic recession rose and the default risk of mortgage-backed securities held in their portfolios increased. As market liquidity diminished, collateral calls rose, and some companies announced suspension of their expected dividend payments. Rising pre-payment risk in the face of steeply declining interest rates also weighed on the industry. Concern about potentially lower demand for office space pressured office REITs as businesses increasingly moved to working remotely in order to slow the coronavirus’s transmission rate.

On the upside, specialized REITs contributed modestly to the Index’s return. Communications infrastructure companies such as data center providers and cell tower owners and operators, which are considered essential businesses and continued operations amid lockdown mandates, were less affected by coronavirus-related disruption.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Specialized REITs	40.3	%
Residential REITs	14.3
Industrial REITs	9.8
Office REITs	8.7
Health Care REITs	7.6
Retail REITs	7.4
Diversified REITs	2.6
Mortgage REITs	2.6
Hotel & Resort REITs	2.3
Research & Consulting Services	2.3
Real Estate Services	1.9
Real Estate Development	0.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
American Tower Corp.	10.1	%
Crown Castle International Corp.	6.3
Prologis Inc.	6.2
Equinix Inc.	4.8
Digital Realty Trust Inc.	3.9
SBA Communications Corp.	3.2
Public Storage	3.1
Equity Residential	2.3
CoStar Group Inc.	2.3
AvalonBay Communities Inc.	2.2


FUND SUMMARY			27


Fund Summary as of March 31, 2020		iShares^® U.S. Regional Banks ETF

Investment Objective

The iShares U.S. Regional Banks ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the regional banks sector, as represented by the Dow Jones U.S. Select Regional Banks Index^TM (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		(31.09	)%		(1.52	)%		3.65	%		(31.09	)%		(7.37	)%		43.13	%
Fund Market		(31.10	)		(1.53	)		3.65			(31.10	)		(7.40	)		43.14
Index		(30.87	)		(1.11	)		4.10			(30.87	)		(5.44	)		49.50

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 634.00	$ 1.72			$ 1,000.00	$ 1,022.90	$ 2.12		0.42	%

^(a)


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Regional Banks ETF

Portfolio Management Commentary

U.S. regional banks, which operate locally but may offer national services, declined sharply during the reporting period. Throughout most of 2019, regional banks stocks advanced amid favorable economic conditions that led to strong demand for loans, reduced compliance costs due to easing of federal regulations, and operational efficiency gains from prior investments in digital technologies.

However, these gains were reversed as equity markets moved sharply lower beginning in mid-February 2020 as the coronavirus spread. State and local governments directed people to stay home and businesses to close, leading to drastically reduced economic activity and fueling recession fears. Concerns about banks’ profits, which are closely tied to economic activity, weighed on bank stocks. Regional banks, which have less economic diversification than national banks, are especially affected by economic disruptions because their revenues depend heavily on local economic conditions and lending to specific industries. For example, regional banks with sizable exposure to the oil and gas industry were particularly challenged as sharp declines in oil prices raised concerns about higher loan defaults. A number of regional banks also suspended planned stock buyback programs to maintain confidence about liquidity levels amid the economic uncertainty.

Declining interest rates also drove bank stocks lower. The Fed enacted three interest rate cuts in 2019, followed by two more in March 2020 aimed at combatting the effects of the economic shutdown. When the difference between the interest rate at which banks borrow and the rate at which they lend decreases, banks’ profits decline. This was particularly detrimental to banks that already had low deposit costs. These cuts weighed heavily on regional banks, which depend more on interest income from loans than larger banks.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Regional Banks	82.7	%
Diversified Banks	14.7
Thrifts & Mortgage Finance	2.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
U. S. Bancorp	14.7	%
PNC Financial Services Group Inc. (The)	12.6
Truist Financial Corp.	12.4
First Republic Bank/CA	4.2
M&T Bank Corp.	4.1
Fifth Third Bancorp	3.2
KeyCorp	3.1
Regions Financial Corp.	2.6
Huntington Bancshares Inc./OH	2.5
Citizens Financial Group Inc.	2.4


FUND SUMMARY			29


Fund Summary as of March 31, 2020		iShares^® U.S. Telecommunications ETF

Investment Objective

The iShares U.S. Telecommunications ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the telecommunications sector, as represented by the Dow Jones U.S. Select Telecommunications Index^TM (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		(13.99	)%		(1.38	)%		4.93	%		(13.99	)%		(6.69	)%		61.74	%
Fund Market		(13.95	)		(1.37	)		4.92			(13.95	)		(6.66	)		61.70
Index		(13.67	)		(1.27	)		5.16			(13.67	)		(6.18	)		65.40

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 865.90	$ 1.96			$ 1,000.00	$ 1,022.90	$ 2.12		0.42	%

^(a)


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® U.S. Telecommunications ETF

Portfolio Management Commentary

Telecommunications stocks declined amid a rapidly changing market and the effects of the coronavirus outbreak. The information technology sector was the leading detractor from the Index’s returns, led by the communications equipment industry. For much of the reporting period, increased international competition and reduced corporate spending on internal computer networks amid an industry shift toward cloud computing weighed on returns. Elevated expenses incurred from merger and acquisition activity led to higher debt levels and negatively affected balance sheets, hindering the communication equipment industry. Declining revenues amid reduced demand for communications infrastructure equipment by connectivity service providers and disappointing sales of videoconferencing hardware also weighed on performance.

International demand for information technology equipment weakened, particularly in Europe and Asia, amid economic and geopolitical uncertainty. Brexit-related tensions held back orders from the U.K., a key market for U.S. network technology manufacturers. Ongoing trade tensions between the U.S. and China, which barred U.S. companies from bidding on certain contracts, also worked against the industry.

After the coronavirus outbreak, concern about a prolonged global economic slowdown led to expectations of reduced information technology infrastructure spending, as consumers and enterprises would likely delay technology purchases. Lower profit expectations due to production slowdowns in China further pressured returns, as U.S. communications equipment makers rely on Chinese inputs.

The communication sector also detracted from the Index’s return, led by the telecommunications industry. Despite expected synergies from telecommunications providers and content producers, the integrated telecommunication services industry was a notable detractor. Concerns that the impending recession would lower disposable incomes and lead to reduced demand for telecommunications services and lower subscription revenue weighed on performance. However, the industry’s weakness was somewhat mitigated by expectations that consumers would stream more media during confinement at home.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Diversified Telecommunication Services	50.7	%
Communications Equipment	34.7
Wireless Telecommunication Services	10.0
Household Durables	4.6

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Verizon Communications Inc.	21.6	%
AT&T Inc.	19.4
Arista Networks Inc.	5.0
T-Mobile U. S. Inc.	4.9
Cisco Systems Inc.	4.6
Garmin Ltd.	4.6
CenturyLink Inc.	4.0
Motorola Solutions Inc.	3.9
F5 Networks Inc.	3.3
Juniper Networks Inc.	3.3

^(a)

Excludes money market funds.


FUND SUMMARY			31

About Fund Performance

Shareholder Expenses


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Focused Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 3.8%
Copa Holdings SA, Class A, NVS		7,082	$	320,744
Delta Air Lines Inc.		13,089		373,429

				694,173

Asset Management & Custody Banks — 8.7%
Affiliated Managers Group Inc.		9,033		534,212
Legg Mason Inc.		21,316		1,041,286

				1,575,498

Broadcasting — 2.5%
Discovery Inc., Class A^(a)(b)		23,380		454,507


Communications Equipment — 3.1%
EchoStar Corp., Class A^(a)		17,674		565,038


Department Stores — 1.6%
Nordstrom Inc.		18,702		286,889


Diversified Banks — 2.2%
Wells Fargo & Co.		14,228		408,344


Electric Utilities — 3.6%
Avangrid Inc.		14,962		655,036


Food Retail — 4.4%
Kroger Co. (The)		26,404		795,288


Hotels, Resorts & Cruise Lines — 1.1%
Carnival Corp.		15,059		198,327


Life & Health Insurance — 2.5%
MetLife Inc.		15,018		459,100


Multi-line Insurance — 5.1%
American Financial Group Inc./OH		6,981		489,228
Hartford Financial Services Group Inc. (The)		12,595		443,848

				933,076

Oil & Gas Exploration & Production — 2.0%
ConocoPhillips		11,771		362,547


Oil & Gas Refining & Marketing — 3.7%
Marathon Petroleum Corp.		12,703		300,045
Valero Energy Corp.		8,174		370,773

				670,818

Oil & Gas Storage & Transportation — 2.8%
Kinder Morgan Inc./DE		36,157		503,305


Paper Products — 2.4%
Domtar Corp.		20,017		433,168


Property & Casualty Insurance — 9.2%
CNA Financial Corp.		17,082		530,225
Loews Corp.		14,583		507,926
Mercury General Corp.		15,708		639,630

				1,677,781

Regional Banks — 26.8%
Associated Banc-Corp.		34,730		444,197


Security	Shares		Value

Regional Banks (continued)
BankUnited Inc.		20,937	$	391,522
CIT Group Inc.		16,775		289,537
Fifth Third Bancorp.		24,901		369,780
First Horizon National Corp.		46,223		372,557
FNB Corp.		60,272		444,205
KeyCorp		37,819		392,183
Popular Inc.		13,029		456,015
Signature Bank/New York NY		5,603		450,425
Sterling Bancorp./DE		36,312		379,460
Umpqua Holdings Corp.		43,246		471,381
Zions Bancorp. N.A.		14,743		394,523

				4,855,785

Reinsurance — 2.2%
Reinsurance Group of America Inc.		4,694		394,953


Retail REITs — 1.6%
SITE Centers Corp.		54,597		284,450


Steel — 5.9%
Reliance Steel & Aluminum Co.		6,392		559,875
Steel Dynamics Inc.		22,487		506,857

				1,066,732

Technology Hardware, Storage & Peripherals — 2.6%
Hewlett Packard Enterprise Co.		48,263		468,634


Thrifts & Mortgage Finance — 1.9%
MGIC Investment Corp.		54,019		343,021


Total Common Stocks — 99.7% (Cost: $29,274,872)				18,086,470


Short-Term Investments

Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		477,331		477,236
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		29,000		29,000

				506,236


Total Short-Term Investments — 2.8% (Cost: $506,420)				506,236


Total Investments in Securities — 102.5% (Cost: $29,781,292)				18,592,706

Other Assets, Less Liabilities — (2.5)%				(451,791	)


Net Assets — 100.0%			$	18,140,915

^(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.


SCHEDULE OF INVESTMENTS			33

Schedule of Investments (continued)

March 31, 2020

iShares^® Focused Value Factor ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	477,331	477,331	$	477,236	$	525	^(b)	$	(213	)	$	(184	)
BlackRock Cash Funds: Treasury, SL Agency Shares	15,976	13,024	29,000		29,000		1,512			—			—

				$	506,236	$	2,037		$	(213	)	$	(184	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	18,086,470	$	—	$	—	$	18,086,470
Money Market Funds		506,236		—		—		506,236

	$	18,592,706	$	—	$	—	$	18,592,706

See notes to financial statements.


34		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® U.S. Aerospace & Defense ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 98.2%
AAR Corp.		392,968	$	6,979,111
Aerojet Rocketdyne Holdings Inc.^(a)(b)		865,470		36,202,610
Aerovironment Inc.^(a)(b)		258,122		15,735,117
Astronics Corp.^(a)(b)		277,390		2,546,440
Axon Enterprise Inc.^(a)(b)		709,396		50,203,955
Boeing Co. (The)		2,560,071		381,808,989
BWX Technologies Inc.^(b)		1,138,672		55,464,713
Cubic Corp.^(b)		373,867		15,444,446
Curtiss-Wright Corp.^(b)		510,329		47,159,503
General Dynamics Corp.		1,012,002		133,897,985
HEICO Corp.^(b)		482,430		35,994,102
HEICO Corp., Class A^(b)		864,397		55,234,968
Hexcel Corp.^(b)		1,008,702		37,513,627
Howmet Aerospace Inc.		4,630,785		74,370,407
Huntington Ingalls Industries Inc.^(b)		488,942		89,090,122
Kratos Defense & Security Solutions Inc.^(a)(b)		1,079,850		14,945,124
L3Harris Technologies Inc.		713,154		128,453,298
Lockheed Martin Corp.		1,447,967		490,788,415
Mercury Systems Inc.^(a)(b)		663,921		47,364,124
Moog Inc., Class A		385,367		19,472,595
National Presto Industries Inc.		60,476		4,282,306
Northrop Grumman Corp.^(b)		410,910		124,320,820
Parsons Corp.^(a)(b)		225,461		7,205,734
Raytheon Co.		865,320		113,486,718
Spirit AeroSystems Holdings Inc., Class A^(b)		1,237,501		29,613,399
Teledyne Technologies Inc.^(a)(b)		435,136		129,352,879
Textron Inc.^(b)		2,728,785		72,776,696
TransDigm Group Inc.		354,890		113,632,229
Triumph Group Inc.^(b)		600,264		4,057,785
United Technologies Corp.		4,732,664		446,432,195

				2,783,830,412


Security	Shares		Value

Industrial Machinery — 1.2%
RBC Bearings Inc.^(a)(b)		299,103	$	33,735,827


Leisure Products — 0.5%
American Outdoor Brands Corp.^(a)(b)		653,703		5,425,735
Sturm Ruger & Co. Inc.		198,574		10,109,402

				15,535,137


Total Common Stocks — 99.9% (Cost: $3,926,304,211)				2,833,101,376


Short-Term Investments

Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		98,624,896		98,605,172


Total Short-Term Investments — 3.5% (Cost: $98,593,795)				98,605,172


Total Investments in Securities — 103.4% (Cost: $4,024,898,006)				2,931,706,548

Other Assets, Less Liabilities — (3.4)%				(97,303,196	)


Net Assets — 100.0%			$	2,834,403,352

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	177,624,417	(78,999,521	)	98,624,896	$	98,605,172	$	406,783	^(b)	$	(61,157	)	$	(31,488	)
BlackRock Cash Funds: Treasury, SL Agency Shares	2,640,411	(2,640,411	)	—		—		111,050			—			—

					$	98,605,172	$	517,833		$	(61,157	)	$	(31,488	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P Select Sector Industrial Index E-Mini

06/19/20

$ 1,183

31,683


SCHEDULE OF INVESTMENTS			35

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Aerospace & Defense ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	31,683

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(3,568,141	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	31,683

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	5,092,092

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,833,101,376	$	—	$	—	$	2,833,101,376
Money Market Funds		98,605,172		—		—		98,605,172

	$	2,931,706,548	$	—	$	—	$	2,931,706,548

Derivative financial instruments^(a)
Assets
Futures Contracts	$	31,683	$	—	$	—	$	31,683

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


36		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® U.S. Broker-Dealers & Securities Exchanges ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Asset Management & Custody Banks — 0.2%
Diamond Hill Investment Group Inc.		3,698	$	333,708


Financial Exchanges & Data — 43.5%
Cboe Global Markets Inc.		73,562		6,565,409
CME Group Inc.		157,666		27,262,028
Intercontinental Exchange Inc.^(a)		194,394		15,697,315
MarketAxess Holdings Inc.		18,272		6,076,719
Nasdaq Inc.		60,933		5,785,588

				61,387,059

Investment Banking & Brokerage — 56.2%
BGC Partners Inc., Class A		331,302		834,881
Charles Schwab Corp. (The)^(a)		172,105		5,786,170
Cowen Inc., Class A^(a)		34,612		334,352
E*TRADE Financial Corp.		190,043		6,522,276
Evercore Inc., Class A		46,490		2,141,329
Goldman Sachs Group Inc. (The)		140,207		21,674,600
Houlihan Lokey Inc.		52,202		2,720,768
Interactive Brokers Group Inc., Class A		91,287		3,940,860
INTL. FCStone Inc.^(b)		19,375		702,538
Lazard Ltd., Class A		134,127		3,160,032
LPL Financial Holdings Inc.		96,143		5,233,063
Moelis & Co., Class A		58,696		1,649,358
Morgan Stanley		181,452		6,169,368
Piper Sandler Cos		20,599		1,041,691
PJT Partners Inc., Class A		23,889		1,036,544
Raymond James Financial Inc.		77,581		4,903,119


Security	Shares		Value

Investment Banking & Brokerage (continued)
Stifel Financial Corp.		81,326	$	3,357,137
TD Ameritrade Holding Corp.		179,122		6,208,369
Virtu Financial Inc., Class A		88,224		1,836,824

				79,253,279


Total Common Stocks — 99.9% (Cost: $183,698,627)				140,974,046


Short-Term Investments

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		1,866,589		1,866,215


Total Short-Term Investments — 1.3% (Cost: $1,866,167)				1,866,215


Total Investments in Securities — 101.2% (Cost: $185,564,794)				142,840,261

Other Assets, Less Liabilities — (1.2)%				(1,754,708	)


Net Assets — 100.0%			$	141,085,553

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

^(b)	Non-income producing security.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,760,905	105,684		1,866,589	$	1,866,215	$	4,497	^(b)	$	(2,534	)	$	(538	)
BlackRock Cash Funds: Treasury, SL Agency Shares	103,655	(103,655	)	—		—		3,886			—			—

					$	1,866,215	$	8,383		$	(2,534	)	$	(538	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

S&P Select Sector Financial Index E-Mini

06/19/20

$ 64

1,144


SCHEDULE OF INVESTMENTS			37

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Broker-Dealers & Securities Exchanges ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	1,144

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(141,354	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,144

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	173,430

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	140,974,046	$	—	$	—	$	140,974,046
Money Market Funds		1,866,215		—		—		1,866,215

	$	142,840,261	$	—	$	—	$	142,840,261

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,144	$	—	$	—	$	1,144

^(a)	Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


38		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® U.S. Healthcare Providers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Health Care Facilities — 13.0%
Acadia Healthcare Co. Inc.^(a)(b)		222,476	$	4,082,434
Brookdale Senior Living Inc.^(a)		466,190		1,454,513
Community Health Systems Inc.^(a)(b)		296,008		988,667
Encompass Health Corp.		247,670		15,858,310
Ensign Group Inc. (The)		125,975		4,737,920
Hanger Inc.^(a)(b)		93,788		1,461,217
HCA Healthcare Inc.		445,329		40,012,811
National HealthCare Corp.		28,859		2,070,056
Pennant Group Inc. (The)^(a)(b)		65,751		931,034
Select Medical Holdings Corp.^(a)(b)		269,927		4,048,905
Tenet Healthcare Corp.^(a)(b)		260,970		3,757,968
U.S.Physical Therapy Inc.^(b)		32,087		2,214,003
Universal Health Services Inc., Class B^(b)		201,766		19,990,975

				101,608,813

Health Care Services — 39.4%
Addus HomeCare Corp.^(a)(b)		34,001		2,298,468
Amedisys Inc.^(a)(b)		81,020		14,870,411
Chemed Corp.^(b)		40,212		17,419,838
Cigna Corp.^(a)		308,037		54,577,996
CorVel Corp.^(a)(b)		22,499		1,226,420
CVS Health Corp.		1,883,173		111,728,654
DaVita Inc.^(a)(b)		225,260		17,133,275
Guardant Health Inc.^(a)(b)		101,428		7,059,389
Laboratory Corp. of America Holdings^(a)		243,902		30,826,774
LHC Group Inc.^(a)(b)		74,402		10,431,160
MEDNAX Inc.^(a)(b)		211,745		2,464,712
Option Care Health Inc.^(a)		84,217		797,535
Premier Inc., Class A^(a)(b)		166,013		5,431,945
Providence Service Corp. (The)^(a)(b)		28,836		1,582,520
Quest Diagnostics Inc.		338,341		27,168,782
R1 RCM Inc.^(a)(b)		255,152		2,319,332
RadNet Inc.^(a)(b)		104,810		1,101,553
Tivity Health Inc.^(a)(b)		108,499		682,459

				309,121,223

Health Care Technology — 6.2%
Change Healthcare Inc.^(a)(b)		552,699		5,521,463
HealthStream Inc.^(a)		64,250		1,538,788
HMS Holdings Corp.^(a)(b)		221,290		5,591,998
Inovalon Holdings Inc., Class A^(a)(b)		189,879		3,163,384
Inspire Medical Systems Inc.^(a)(b)		36,870		2,222,524


Security	Shares		Value

Health Care Technology (continued)
Tabula Rasa HealthCare Inc.^(a)(b)		49,379	$	2,582,028
Teladoc Health Inc.^(a)(b)		181,814		28,182,988

				48,803,173

Life Sciences Tools & Services — 0.9%
NeoGenomics Inc.^(a)(b)		262,259		7,240,971


Managed Health Care — 40.2%
Anthem Inc.^(b)		146,600		33,284,064
Centene Corp.^(a)(b)		575,935		34,216,298
HealthEquity Inc.^(a)(b)		178,039		9,006,993
Humana Inc.		123,044		38,638,277
Magellan Health Inc.^(a)(b)		54,701		2,631,665
Molina Healthcare Inc.^(a)		157,493		22,003,347
Triple-S Management Corp., Class B^(a)		61,124		861,848
UnitedHealth Group Inc.		698,891		174,289,438

				314,931,930


Total Common Stocks — 99.7% (Cost: $897,148,439)				781,706,110


Short-Term Investments

Money Market Funds — 7.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		56,717,325		56,705,982
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		2,165,000		2,165,000

				58,870,982


Total Short-Term Investments — 7.5% (Cost: $58,853,746)				58,870,982


Total Investments in Securities — 107.2% (Cost: $956,002,185)				840,577,092

Other Assets, Less Liabilities — (7.2)%				(56,376,391	)


Net Assets — 100.0%			$	784,200,701

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	30,983,530	25,733,795	56,717,325	$	56,705,982	$	166,968	^(b)	$	(49,346	)	$	7,060
BlackRock Cash Funds: Treasury, SL Agency Shares	773,064	1,391,936	2,165,000		2,165,000		14,412			—			—

				$	58,870,982	$	181,380		$	(49,346	)	$	7,060

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


SCHEDULE OF INVESTMENTS			39

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Healthcare Providers ETF

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P Select Sector Health Care Index E-Mini

06/19/20

2,321

103,704

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	103,704

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



		Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(314,155	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	103,704

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	464,100

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

Fair Value Measurements



		Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	781,706,110	$	—	$	—	$	781,706,110
Money Market Funds		58,870,982		—		—		58,870,982

	$	840,577,092	$	—	$	—	$	840,577,092

Derivative financial instruments^(a)
Assets
Futures Contracts	$	103,704	$	—	$	—	$	103,704

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


40		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® U.S. Home Construction ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Building Products — 13.0%
American Woodmark Corp.^(a)(b)		35,228	$	1,605,340
Builders FirstSource Inc.^(a)(b)		261,508		3,198,243
Fortune Brands Home & Security Inc.		314,274		13,592,350
JELD-WEN Holding Inc.^(a)(b)		151,805		1,477,063
Lennox International Inc.		79,201		14,397,950
Masco Corp.		641,629		22,181,114
Masonite International Corp.^(a)(b)		56,223		2,667,781
Owens Corning^(b)		245,695		9,535,423
PGT Innovations Inc.^(a)		131,549		1,103,696
Quanex Building Products Corp.		74,701		752,986
Simpson Manufacturing Co. Inc.		91,104		5,646,626
Trex Co. Inc.^(a)(b)		131,756		10,558,926
Universal Forest Products Inc.		138,652		5,156,468

				91,873,966

Construction Materials — 0.8%
Eagle Materials Inc.^(b)		94,025		5,492,940


Forest Products — 0.6%
Louisiana-Pacific Corp.		265,267		4,557,287


Home Furnishings — 2.6%
Ethan Allen Interiors Inc.		55,104		563,163
Leggett & Platt Inc.		297,228		7,930,043
Mohawk Industries Inc.^(a)(b)		134,263		10,236,211

				18,729,417

Home Improvement Retail — 10.2%
Floor & Decor Holdings Inc., Class A^(a)(b)		157,483		5,053,629
Home Depot Inc. (The)		170,088		31,757,131
Lowe’s Companies Inc.		407,102		35,031,127
Lumber Liquidators Holdings Inc.^(a)(b)		64,668		303,293

				72,145,180

Homebuilding — 66.4%
Beazer Homes USA Inc.^(a)		280,507		1,806,465
Cavco Industries Inc.^(a)		82,672		11,982,480
Century Communities Inc.^(a)(b)		273,850		3,973,563
DR Horton Inc.		2,929,033		99,587,122
Installed Building Products Inc.^(a)(b)		205,214		8,181,882
KB Home		824,894		14,930,581
Lennar Corp., Class A		2,444,705		93,387,731
Lennar Corp., Class B		135,154		3,908,654
LGI Homes Inc.^(a)(b)		212,435		9,591,440
M/I Homes Inc.^(a)		270,981		4,479,316


Security	Shares		Value

Homebuilding (continued)
MDC Holdings Inc.		482,205	$	11,187,156
Meritage Homes Corp.^(a)(b)		346,652		12,656,265
NVR Inc.^(a)		30,339		77,944,228
PulteGroup Inc.		1,664,002		37,140,525
Skyline Champion Corp.^(a)		480,145		7,528,674
Taylor Morrison Home Corp.^(a)(b)		1,273,532		14,008,852
Toll Brothers Inc.		1,162,290		22,374,082
TopBuild Corp.^(a)(b)		326,879		23,417,612
TRI Pointe Group Inc.^(a)(b)		1,340,683		11,757,790

				469,844,418

Specialty Chemicals — 4.3%
Sherwin-Williams Co. (The)^(b)		65,708		30,194,140


Trading Companies & Distributors — 2.0%
Beacon Roofing Supply Inc.^(a)(b)		154,960		2,563,039
Watsco Inc.		73,743		11,653,606

				14,216,645


Total Common Stocks — 99.9% (Cost: $1,182,418,110)				707,053,993


Short-Term Investments

Money Market Funds — 4.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		31,432,202		31,425,916
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		2,223,000		2,223,000

				33,648,916


Total Short-Term Investments — 4.8% (Cost: $33,637,505)				33,648,916


Total Investments in Securities — 104.7% (Cost: $1,216,055,615)				740,702,909

Other Assets, Less Liabilities — (4.7)%				(33,063,224	)


Net Assets — 100.0%			$	707,639,685

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	47,751,671	(16,319,469	)	31,432,202	$	31,425,916	$	155,101	^(b)	$	(47,203	)	$	(2,834	)
BlackRock Cash Funds: Treasury, SL Agency Shares	1,063,744	1,159,256		2,223,000		2,223,000		19,280			—			—

					$	33,648,916	$	174,381		$	(47,203	)	$	(2,834	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


SCHEDULE OF INVESTMENTS			41

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Home Construction ETF

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	707,053,993	$	—	$	—	$	707,053,993
Money Market Funds		33,648,916		—		—		33,648,916

	$	740,702,909	$	—	$	—	$	740,702,909

See notes to financial statements.


42		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® U.S. Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aluminum — 1.0%
Century Aluminum Co.^(a)(b)		6,255	$	22,643
Kaiser Aluminum Corp.		390		27,019

				49,662

Building Products — 6.5%
Advanced Drainage Systems Inc.		1,125		33,120
Apogee Enterprises Inc.		1,130		23,526
Armstrong World Industries Inc.		459		36,454
Builders FirstSource Inc.^(a)		1,716		20,987
Cornerstone Building Brands Inc.^(a)(b)		5,827		26,571
Gibraltar Industries Inc.^(a)		800		34,336
Insteel Industries Inc.		1,929		25,559
Owens Corning		653		25,343
Simpson Manufacturing Co. Inc.		534		33,097
Trex Co. Inc.^(a)		500		40,070
Universal Forest Products Inc.		883		32,839

				331,902

Commodity Chemicals — 3.5%
AdvanSix Inc.^(a)		2,137		20,387
Hawkins Inc.		1,012		36,027
Koppers Holdings Inc.^(a)		1,164		14,399
LyondellBasell Industries NV, Class A		467		23,177
Olin Corp.		2,521		29,420
Tredegar Corp.		1,940		30,322
Westlake Chemical Corp.		629		24,009

				177,741

Construction & Engineering — 9.8%
AECOM^(a)		1,030		30,746
Aegion Corp.^(a)		2,014		36,111
Argan Inc.		1,240		42,867
EMCOR Group Inc.		497		30,476
Fluor Corp.		2,629		18,166
Granite Construction Inc.		1,713		26,003
Great Lakes Dredge & Dock Corp.^(a)		3,865		32,079
Jacobs Engineering Group Inc.		511		40,507
MasTec Inc.^(a)(b)		694		22,715
MYR Group Inc.^(a)		1,290		33,785
NV5 Global Inc.^(a)		948		39,143
Primoris Services Corp.		1,943		30,894
Quanta Services Inc.		1,072		34,015
Sterling Construction Co. Inc.^(a)		3,054		29,013
Tutor Perini Corp.^(a)		2,882		19,367
Valmont Industries Inc.		302		32,006

				497,893

Construction Machinery & Heavy Trucks — 3.0%
Astec Industries Inc.		1,119		39,131
Greenbrier Companies Inc. (The)		1,508		26,752
Oshkosh Corp.		475		30,557
Terex Corp.		1,498		21,511
Trinity Industries Inc.		2,042		32,815

				150,766

Construction Materials — 2.7%
Eagle Materials Inc.		468		27,340
Martin Marietta Materials Inc.		159		30,088
Summit Materials Inc., Class A^(a)		1,883		28,245
U.S. Concrete Inc.^(a)		1,090		19,773
Vulcan Materials Co.		302		32,637

				138,083


Security	Shares		Value

Distributors — 0.8%
Pool Corp.		206	$	40,535


Diversified Chemicals — 0.5%
Eastman Chemical Co.		560		26,085


Diversified Metals & Mining — 0.6%
Compass Minerals International Inc.		781		30,045


Electric Utilities — 22.1%
Alliant Energy Corp.		976		47,131
American Electric Power Co. Inc.		561		44,869
Avangrid Inc.		1,060		46,407
Duke Energy Corp.		577		46,668
Edison International		726		39,777
El Paso Electric Co.		768		52,193
Entergy Corp.		439		41,253
Evergy Inc.		822		45,251
Eversource Energy		638		49,898
Exelon Corp.		1,155		42,516
FirstEnergy Corp.		1,071		42,915
Hawaiian Electric Industries Inc.		1,168		50,282
IDACORP Inc.		495		43,456
MGE Energy Inc.		670		43,865
NextEra Energy Inc.		221		53,177
NRG Energy Inc.		1,347		36,719
OGE Energy Corp.		1,205		37,030
Otter Tail Corp.		1,044		46,416
PG&E Corp.^(a)		5,371		48,285
Pinnacle West Capital Corp.		601		45,550
PNM Resources Inc.		1,063		40,394
Portland General Electric Co.		937		44,920
PPL Corp.		1,508		37,217
Southern Co. (The)		834		45,153
Xcel Energy Inc.		836		50,411

				1,121,753

Environmental & Facilities Services — 1.0%
Team Inc.^(a)		2,695		17,518
Tetra Tech Inc.		499		35,239

				52,757

Forest Products — 1.0%
Boise Cascade Co.		1,133		26,943
Louisiana-Pacific Corp.		1,508		25,907

				52,850

Gas Utilities — 8.2%
Atmos Energy Corp.		487		48,325
Chesapeake Utilities Corp.		557		47,741
National Fuel Gas Co.		1,149		42,846
New Jersey Resources Corp.		1,213		41,206
Northwest Natural Holding Co.		760		46,930
ONE Gas Inc.		584		48,834
South Jersey Industries Inc.		1,673		41,825
Southwest Gas Holdings Inc.		690		47,996
Spire Inc.		652		48,561

				414,264

Home Furnishings — 0.4%
Leggett & Platt Inc.		818		21,824


Independent Power Producers & Energy Traders — 0.7%
Vistra Energy Corp.		2,152		34,346


SCHEDULE OF INVESTMENTS			43

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Industrial Conglomerates — 0.7%
Carlisle Companies Inc.		274	$	34,327


Industrial Machinery — 1.9%
Columbus McKinnon Corp./NY^(b)		1,033		25,825
EnPro Industries Inc.		678		26,835
Mueller Industries Inc.		1,334		31,936
NN Inc.		5,457		9,441

				94,037

Multi-Utilities — 12.9%
Ameren Corp.		689		50,180
Avista Corp.		1,095		46,527
Black Hills Corp.		676		43,284
CenterPoint Energy Inc.		2,072		32,012
CMS Energy Corp.		843		49,526
Consolidated Edison Inc.		597		46,566
Dominion Energy Inc.		640		46,202
DTE Energy Co.		414		39,318
MDU Resources Group Inc.		1,482		31,863
NiSource Inc.		1,934		48,292
NorthWestern Corp.		723		43,257
Public Service Enterprise Group Inc.		884		39,700
Sempra Energy		355		40,111
Unitil Corp.		830		43,426
WEC Energy Group Inc.		582		51,292

				651,556

Oil & Gas Equipment & Services — 0.7%
Matrix Service Co.^(a)		2,107		19,953
U.S. Silica Holdings Inc.		8,140		14,652

				34,605

Oil & Gas Storage & Transportation — 3.2%
Antero Midstream Corp.		11,544		24,242
EnLink Midstream LLC		11,679		12,847
Equitrans Midstream Corp.		5,462		27,474
Kinder Morgan Inc./DE		2,624		36,526
ONEOK Inc.		722		15,747
Targa Resources Corp.		1,454		10,047
Williams Companies Inc. (The)		2,315		32,757

				159,640

Railroads — 3.3%
CSX Corp.		727		41,657
Kansas City Southern		340		43,241
Norfolk Southern Corp.		271		39,566
Union Pacific Corp.		301		42,453

				166,917

Specialty Chemicals — 2.3%
Ingevity Corp.^(a)		489		17,213
OMNOVA Solutions Inc.^(a)		4,294		43,541
PolyOne Corp.		1,389		26,350
PQ Group Holdings Inc.^(a)		2,777		30,269

				117,373


Security	Shares		Value

Steel — 5.2%
Allegheny Technologies Inc.^(a)		1,846	$	15,691
Carpenter Technology Corp.		810		15,795
Cleveland-Cliffs Inc.^(b)		10,709		42,301
Commercial Metals Co.		1,953		30,838
Haynes International Inc.		1,163		23,969
Nucor Corp.		754		27,159
Reliance Steel & Aluminum Co.		361		31,620
Steel Dynamics Inc.		1,237		27,882
U.S. Steel Corp.^(b)		3,111		19,630
Worthington Industries Inc.		1,102		28,928

				263,813

Trading Companies & Distributors — 0.9%
BMC Stock Holdings Inc.^(a)		1,470		26,063
H&E Equipment Services Inc.		1,318		19,348

				45,411

Water Utilities — 6.7%
American States Water Co.		599		48,962
American Water Works Co. Inc.		423		50,574
Cadiz Inc.^(a)		4,523		52,783
California Water Service Group		999		50,270
Essential Utilities Inc.		1,144		46,561
Middlesex Water Co.		818		49,178
SJW Group		724		41,826

				340,154


Total Common Stocks — 99.6% (Cost: $6,177,623)				5,048,339


Short-Term Investments

Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		114,480		114,457
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		10,000		10,000

				124,457


Total Short-Term Investments — 2.5% (Cost: $124,408)				124,457

Total Investments in Securities — 102.1% (Cost: $6,302,031)				5,172,796

Other Assets, Less Liabilities — (2.1)%				(104,706	)


Net Assets — 100.0%			$	5,068,090

^(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.


44		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Infrastructure ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	36,913	77,567	114,480	$	114,457	$	5,667	^(b)	$	(170	)	$	48
BlackRock Cash Funds: Treasury, SL Agency Shares	6,233	3,767	10,000		10,000		223			—			—

				$	124,457	$	5,890		$	(170	)	$	48

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	5,048,339	$	—	$	—	$	5,048,339
Money Market Funds		124,457		—		—		124,457

	$	5,172,796	$	—	$	—	$	5,172,796

See notes to financial statements.


SCHEDULE OF INVESTMENTS			45

Schedule of Investments

March 31, 2020

iShares^® U.S. Insurance ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Insurance Brokers — 6.0%
Arthur J Gallagher & Co.		25,772	$	2,100,676
Brown & Brown Inc.		32,311		1,170,304
eHealth Inc.^(a)(b)		3,440		484,421

				3,755,401

Life & Health Insurance — 24.1%
Aflac Inc.		96,528		3,305,119
American Equity Investment Life Holding Co.^(b)		12,580		236,504
Athene Holding Ltd., Class A^(a)		16,391		406,825
Brighthouse Financial Inc.^(a)(b)		15,097		364,894
CNO Financial Group Inc.		20,883		258,740
FBL Financial Group Inc., Class A		1,362		63,565
Genworth Financial Inc., Class A^(a)		69,542		230,879
Globe Life Inc.		13,765		990,667
Lincoln National Corp.		27,403		721,247
MetLife Inc.		107,566		3,288,293
National Western Life Group Inc., Class A		313		53,836
Primerica Inc.^(b)		5,715		505,663
Principal Financial Group Inc.		35,680		1,118,211
Prudential Financial Inc.		55,319		2,884,333
Trupanion Inc.^(a)(b)		4,104		106,827
Unum Group		28,500		427,785

				14,963,388

Multi-line Insurance — 10.8%
American Financial Group Inc./OH		10,341		724,697
American International Group Inc.		120,200		2,914,850
American National Insurance Co.		1,263		104,046
Assurant Inc.		8,378		872,066
Hartford Financial Services Group Inc. (The)		49,799		1,754,917
Horace Mann Educators Corp.		5,695		208,380
National General Holdings Corp.		9,082		150,307

				6,729,263

Other Diversified Financial Services — 1.2%
Voya Financial Inc.^(b)		18,653		756,379


Property & Casualty Insurance — 55.8%
Allstate Corp. (The)		44,579		4,089,232
Ambac Financial Group Inc.^(a)		6,294		77,668
AMERISAFE Inc.		2,667		171,941
Arch Capital Group Ltd.^(a)		56,001		1,593,788
Argo Group International Holdings Ltd.		4,742		175,739
Assured Guaranty Ltd.		13,180		339,912
Axis Capital Holdings Ltd.		11,600		448,340
Chubb Ltd.		62,364		6,965,435
Cincinnati Financial Corp.^(b)		20,993		1,583,922
CNA Financial Corp.		3,751		116,431
Employers Holdings Inc.		4,396		178,082
Erie Indemnity Co., Class A, NVS		2,553		378,457
First American Financial Corp.		15,521		658,246


Security	Shares		Value

Property & Casualty Insurance (continued)
Hanover Insurance Group Inc. (The)		5,443	$	493,027
James River Group Holdings Ltd.		4,202		152,280
Kemper Corp.		8,656		643,747
Kinsale Capital Group Inc.^(b)		2,847		297,597
Loews Corp.		35,343		1,230,997
Markel Corp.^(a)		1,908		1,770,414
MBIA Inc.^(a)		9,825		70,150
Mercury General Corp.		3,748		152,619
Old Republic International Corp.		39,427		601,262
Palomar Holdings Inc.^(a)		2,443		142,085
ProAssurance Corp.		7,432		185,800
Progressive Corp. (The)		80,450		5,940,428
RLI Corp.		5,513		484,758
Safety Insurance Group Inc.		2,020		170,549
Selective Insurance Group Inc.		8,208		407,938
State Auto Financial Corp.		2,347		65,223
Travelers Companies Inc. (The)		35,518		3,528,713
United Fire Group Inc.		2,940		95,873
Universal Insurance Holdings Inc.		4,222		75,658
White Mountains Insurance Group Ltd.		418		380,380
WR Berkley Corp.		20,049		1,045,956

				34,712,647

Reinsurance — 1.8%
Alleghany Corp.		1,989		1,098,624


Total Common Stocks — 99.7% (Cost: $76,022,023)				62,015,702


Short-Term Investments

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		724,336		724,191
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		80,000		80,000

				804,191


Total Short-Term Investments — 1.3% (Cost: $804,169)				804,191


Total Investments in Securities — 101.0% (Cost: $76,826,192)				62,819,893

Other Assets, Less Liabilities — (1.0)%				(614,165	)


Net Assets — 100.0%			$	62,205,728

^(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.


46		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Insurance ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	180,581	543,755		724,336	$	724,191	$	10,953	^(b)	$	(1,497	)	$	(8	)
BlackRock Cash Funds: Treasury, SL Agency Shares	194,041	(114,041	)	80,000		80,000		2,505			—			—

					$	804,191	$	13,458		$	(1,497	)	$	(8	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P Select Sector Financial Index E-Mini

06/19/20

191

4,527

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	4,527

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss)from:
Futures contracts	$	(49,074	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,527

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	146,843

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

Fair Value Measurements


SCHEDULE OF INVESTMENTS			47

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Insurance ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	62,015,702	$	—	$	—	$	62,015,702
Money Market Funds		804,191		—		—		804,191

	$	62,819,893	$	—	$	—	$	62,819,893

Derivative financial instruments^(a)
Assets
Futures Contracts	$	4,527	$	—	$	—	$	4,527

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


48		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® U.S. Medical Devices ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Health Care Equipment — 85.2%
Abbott Laboratories		7,290,532	$	575,295,880
ABIOMED Inc.^(a)(b)		234,074		33,978,182
AngioDynamics Inc.^(a)(b)		195,022		2,034,079
AtriCure Inc.^(a)(b)		205,020		6,886,622
Axogen Inc.^(a)(b)		184,142		1,915,077
Baxter International Inc.		2,020,897		164,076,627
Becton Dickinson and Co.^(b)		728,304		167,342,410
Boston Scientific Corp.^(a)		6,284,668		205,068,717
Cantel Medical Corp.^(b)		194,228		6,972,785
Cardiovascular Systems Inc.^(a)		182,471		6,424,804
CONMED Corp.		147,113		8,425,162
CryoLife Inc.^(a)(b)		194,413		3,289,468
CryoPort Inc.^(a)(b)		197,123		3,364,890
Danaher Corp.^(b)		1,703,879		235,833,892
DexCom Inc.^(a)		473,100		127,391,637
Edwards Lifesciences Corp.^(a)		987,338		186,231,694
Glaukos Corp.^(a)(b)		202,123		6,237,516
Globus Medical Inc., Class A^(a)(b)		399,018		16,970,236
Heska Corp.^(a)(b)		36,520		2,019,556
Hill-Rom Holdings Inc.^(b)		346,085		34,816,151
Hologic Inc.^(a)		1,391,232		48,832,243
IDEXX Laboratories Inc.^(a)(b)		445,067		107,813,030
Inogen Inc.^(a)(b)		94,649		4,889,567
Insulet Corp.^(a)(b)		320,751		53,142,026
Integer Holdings Corp.^(a)		169,404		10,648,735
Integra LifeSciences Holdings Corp.^(a)(b)		369,448		16,503,242
Intuitive Surgical Inc.^(a)(b)		420,320		208,146,667
iRhythm Technologies Inc.^(a)(b)		136,993		11,144,381
LeMaitre Vascular Inc.^(b)		84,979		2,117,677
LivaNova PLC^(a)(b)		250,897		11,353,089
Masimo Corp.^(a)(b)		254,317		45,044,627
Medtronic PLC		5,529,071		498,611,623
Mesa Laboratories Inc.^(b)		20,815		4,706,063
Natus Medical Inc.^(a)		176,718		4,087,487
Nevro Corp.^(a)		160,736		16,070,385
NuVasive Inc.^(a)(b)		269,942		13,675,262
Orthofix Medical Inc.^(a)(b)		98,777		2,766,744
Penumbra Inc.^(a)(b)		166,509		26,862,897
ResMed Inc.		746,004		109,878,929
Steris PLC		439,879		61,569,864
Stryker Corp.		1,229,931		204,771,212
Surmodics Inc.^(a)(b)		70,248		2,340,663
Tactile Systems Technology Inc.^(a)(b)		98,641		3,961,423
Tandem Diabetes Care Inc.^(a)(b)		291,012		18,726,622


Security	Shares		Value

Health Care Equipment (continued)
Teleflex Inc.		240,197	$	70,344,093
Varex Imaging Corp.^(a)		198,910		4,517,246
Varian Medical Systems Inc.^(a)		471,606		48,415,072
Wright Medical Group NV^(a)		657,838		18,847,059
Zimmer Biomet Holdings Inc.		1,067,149		107,867,421

				3,532,230,734

Health Care Services — 0.2%
BioTelemetry Inc.^(a)		176,203		6,785,577


Health Care Supplies — 0.1%
STAAR Surgical Co.^(a)(b)		150,086		4,841,774


Life Sciences Tools & Services — 14.3%
Bio-Rad Laboratories Inc., Class A^(a)(b)		112,008		39,265,525
Bruker Corp.^(b)		526,858		18,893,128
NanoString Technologies Inc.^(a)(b)		174,142		4,188,115
Thermo Fisher Scientific Inc.		1,654,092		469,100,491
Waters Corp.^(a)(b)		334,302		60,859,679

				592,306,938


Total Common Stocks — 99.8% (Cost: $4,389,958,044)				4,136,165,023


Short-Term Investments

Money Market Funds — 4.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		168,307,707		168,274,046
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		9,823,000		9,823,000

				178,097,046


Total Short-Term Investments — 4.3% (Cost: $178,002,079)				178,097,046


Total Investments in Securities — 104.1% (Cost: $4,567,960,123)				4,314,262,069

Other Assets, Less Liabilities — (4.1)%				(169,402,944	)


Net Assets — 100.0%			$	4,144,859,125

^(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.


SCHEDULE OF INVESTMENTS			49

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Medical Devices ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	99,918,125	68,389,582	168,307,707	$	168,274,046	$	1,079,903	^(b)	$	(187,425	)	$	62,783
BlackRock Cash Funds: Treasury, SL Agency Shares	6,775,289	3,047,711	9,823,000		9,823,000		107,532			—			—

				$	178,097,046	$	1,187,435		$	(187,425	)	$	62,783

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P Select Sector Health Care Index E-Mini		73		06/19/20	$	6,515	$	404,233
S&P Select Sector Technology Index E-Mini		25		06/19/20		2,017		115,386

							$	519,619

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	519,619

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(508,896	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	519,619

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	4,988,484

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

Fair Value Measurements


50		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Medical Devices ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,136,165,023	$	—	$	—	$	4,136,165,023
Money Market Funds		178,097,046		—		—		178,097,046

	$	4,314,262,069	$	—	$	—	$	4,314,262,069

Derivative financial instruments^(a)
Assets
Futures Contracts	$	519,619	$	—	$	—	$	519,619

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			51

Schedule of Investments

March 31, 2020

iShares^® U.S. Oil & Gas Exploration & Production ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks

Oil & Gas Exploration & Production — 64.8%
Antero Resources Corp.^(a)(b)		128,863	$	91,866
Apache Corp.		240,524		1,005,390
Bonanza Creek Energy Inc.^(a)(b)		11,911		133,999
Cabot Oil &Gas Corp.		179,648		3,088,149
California Resources Corp.^(a)(b)		31,277		31,277
Callon Petroleum Co.^(a)		250,185		137,076
Centennial Resource Development Inc./DE, Class A^(a)		126,374		33,236
Chesapeake Energy Corp.^(a)(b)		751,897		129,853
Cimarex Energy Co.		65,120		1,095,970
CNX Resources Corp.^(a)		119,344		634,910
Concho Resources Inc.		92,316		3,955,741
ConocoPhillips		513,629		15,819,773
Continental Resources Inc./OK		54,639		417,442
Denbury Resources Inc.^(a)(b)		313,797		57,927
Devon Energy Corp.		247,538		1,710,488
Diamondback Energy Inc.		103,069		2,700,408
EOG Resources Inc.		272,324		9,781,878
EQT Corp.		163,515		1,156,051
Gulfport Energy Corp.^(a)(b)		92,558		41,161
Hess Corp.		110,264		3,671,791
Kosmos Energy Ltd.		231,166		207,032
Laredo Petroleum Inc.^(a)(b)		114,775		43,592
Magnolia Oil & Gas Corp., Class A^(a)(b)		65,269		261,076
Marathon Oil Corp.		511,661		1,683,365
Matador Resources Co.^(a)(b)		70,200		174,096
Murphy Oil Corp.		95,540		585,660
Noble Energy Inc.		305,934		1,847,841
Northern Oil and Gas Inc.^(a)		148,657		98,574
Oasis Petroleum Inc.^(a)		184,172		64,460
Parsley Energy Inc., Class A		197,545		1,131,933
PDC Energy Inc.^(a)(b)		62,100		385,641
Penn Virginia Corp.^(a)		8,570		26,481
Pioneer Natural Resources Co.		58,543		4,106,791
QEP Resources Inc.		151,445		50,658
Range Resources Corp.		133,479		304,332
SM Energy Co.		67,563		82,427
Southwestern Energy Co.^(a)		346,230		585,129
Talos Energy Inc.^(a)(b)		12,768		73,416
Tellurian Inc.^(a)(b)		58,620		52,987
W&T Offshore Inc.^(a)		59,701		101,492
Whiting Petroleum Corp.^(a)(b)		54,467		36,515
WPX Energy Inc.^(a)		266,025		811,376

				58,409,260


Security	Shares		Value

Oil & Gas Refining & Marketing — 29.7%
CVR Energy Inc.		18,648	$	308,251
Delek U.S. Holdings Inc.		47,483		748,332
HollyFrontier Corp.		94,972		2,327,764
Marathon Petroleum Corp.		198,414		4,686,539
Par Pacific Holdings Inc.^(a)(b)		23,589		167,482
PBF Energy Inc., Class A		65,154		461,290
Phillips 66		208,000		11,159,200
Valero Energy Corp		129,882		5,891,448
World Fuel Services Corp.		41,825		1,053,153


			26,803,459

Oil & Gas Storage & Transportation — 5.3%
Cheniere Energy Inc.^(a)(b)		111,448		3,733,508
Targa Resources Corp.		148,892		1,028,844

				4,762,352


Total Common Stocks — 99.8% (Cost: $298,494,423)				89,975,071


Short-Term Investments

Money Market Funds — 3.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		3,062,596		3,061,984
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		427,000		427,000

				3,488,984


Total Short-Term Investments — 3.9% (Cost: $3,488,038)				3,488,984


Total Investments in Securities — 103.7% (Cost: $301,982,461)				93,464,055
Other Assets, Less Liabilities — (3.7)%				(3,295,294	)

Net Assets — 100.0%			$	90,168,761

^(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.


52		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Oil & Gas Exploration & Production ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	12,895,332	(9,832,736	)	3,062,596	$	3,061,984	$	88,868	^(b)	$	1,959		$	(1,394	)
BlackRock Cash Funds: Treasury, SL Agency Shares	311,415	115,585		427,000		427,000		6,428			—			—

					$	3,488,984	$	95,296		$	1,959		$	(1,394	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P Select Sector Energy Index E-Mini

06/19/20

150

4,488

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	4,488

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(263,484	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,488

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	127,402

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

Fair Value Measurements


SCHEDULE OF INVESTMENTS			53

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Oil & Gas Exploration & Production ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	89,975,071	$	—	$	—	$	89,975,071
Money Market Funds		3,488,984		—		—		3,488,984

	$	93,464,055	$	—	$	—	$	93,464,055

Derivative financial instruments^(a)
Assets
Futures Contracts	$	4,488	$	—	$	—	$	4,488

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


54		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® U.S. Oil Equipment & Services ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks

Oil & Gas Drilling — 12.4%
Diamond Offshore Drilling Inc.^(a)(b)		90,491	$	165,599
Helmerich & Payne Inc.		67,516		1,056,625
Nabors Industries Ltd.		472,585		184,356
Noble Corp. PLC^(a)		348,451		90,597
Patterson-UTI Energy Inc.		272,024		639,256
Transocean Ltd.^(a)(b)		804,219		932,894
Valaris PLC^(a)(b)		276,687		124,537

				3,193,864
Oil & Gas Equipment & Services — 86.2%
Apergy Corp.^(a)		108,311		622,788
Archrock Inc.		178,426		670,882
Baker Hughes Co.		446,263		4,685,762
Cactus Inc., Class A		65,862		763,999
Core Laboratories NV		62,049		641,587
DMC Global Inc.		20,480		471,245
Dril-Quip Inc.^(a)(b)		37,581		1,146,221
Frank’s International NV^(a)(b)		141,892		367,500
Halliburton Co.		184,218		1,261,893
Helix Energy Solutions Group Inc.^(a)		197,672		324,182
Liberty Oilfield Services Inc., Class A		72,165		194,124
Matrix Service Co.^(a)		37,980		359,671
National Oilwell Varco Inc.^(b)		109,638		1,077,742
Newpark Resources Inc.^(a)		125,445		112,524
NexTier Oilfield Solutions Inc.^(a)		220,466		257,945
Oceaneering International Inc.^(a)		138,332		406,696
Oil States International Inc.^(a)		84,600		171,738
ProPetro Holding Corp.^(a)		115,140		287,850
Schlumberger Ltd.		416,849		5,623,293


Security	Shares		Value
Oil & Gas Equipment & Services (continued)
SEACOR Holdings Inc.^(a)		24,548	$	661,814
Select Energy Services Inc., Class A^(a)		87,689		283,235
TechnipFMC PLC		172,266		1,161,073
Tidewater Inc.^(a)(b)		54,856		388,380
U.S. Silica Holdings Inc.^(b)		102,868		185,162

				22,127,306


Total Common Stocks — 98.6% (Cost: $113,947,527)				25,321,170


Short-Term Investments

Money Market Funds — 10.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		2,792,915		2,792,356


Total Short-Term Investments — 10.9% (Cost: $2,791,648)				2,792,356


Total Investments in Securities — 109.5% (Cost: $116,739,175)				28,113,526

Other Assets, Less Liabilities — (9.5)%				(2,444,799	)


Net Assets — 100.0%			$	25,668,727

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	9,085,181	(6,292,266	)	2,792,915	$	2,792,356	$	50,867^(b	⁾	$	2,993		$	(2,093	)
BlackRock Cash Funds: Treasury, SL Agency Shares	166,337	(166,337	)	—		—		2,187			—			—

					$	2,792,356	$	53,054		$	2,993		$	(2,093	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P Select Sector Energy Index E-Mini

06/19/20

$ 329

12,184


SCHEDULE OF INVESTMENTS			55

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Oil Equipment & Services ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	12,184

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts		$	(189,448	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$	12,184

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	236,970

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

Fair Value Measurements



		Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	25,321,170	$	—	$	—	$	25,321,170
Money Market Funds		2,792,356		—		—		2,792,356

	$	28,113,526	$	—	$	—	$	28,113,526

Derivative financial instruments^(a)
Assets
Futures Contracts	$	12,184	$	—	$	—	$	12,184

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


56		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® U.S. Pharmaceuticals ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks

Biotechnology — 3.3%
AMAG Pharmaceuticals Inc.^(a)(b)		52,269	$	323,022
Amicus Therapeutics Inc.^(a)(b)		392,698		3,628,530
Catalyst Pharmaceuticals Inc.^(a)(b)		147,693		568,618
Ironwood Pharmaceuticals Inc.^(a)(b)		241,678		2,438,531
Madrigal Pharmaceuticals Inc.^(a)(b)		14,505		968,354
Spectrum Pharmaceuticals Inc.^(a)		174,107		405,669
Vanda Pharmaceuticals Inc.^(a)		82,200		851,592

				9,184,316

Pharmaceuticals — 96.3%
Aerie Pharmaceuticals Inc.^(a)		64,248		867,348
Akorn Inc.^(a)(b)		145,806		81,826
Allergan PLC		67,664		11,983,294
Amneal Pharmaceuticals Inc.^(a)(b)		170,037		591,729
Amphastar Pharmaceuticals Inc.^(a)		52,807		783,656
Arvinas Holding Co. LLC^(a)		23,426		944,068
Axsome Therapeutics Inc.^(a)(b)		41,060		2,415,560
Bristol-Myers Squibb Co.		227,921		12,704,316
Cara Therapeutics Inc.^(a)(b)		64,745		855,281
Catalent Inc.^(a)		238,499		12,390,023
Corcept Therapeutics Inc.^(a)		158,511		1,884,696
Elanco Animal Health Inc.^(a)(b)		609,838		13,654,273
Eli Lilly & Co.		80,025		11,101,068
Endo International PLC^(a)(b)		311,049		1,150,881
Horizon Therapeutics PLC^(a)		288,658		8,550,050
Innoviva Inc.^(a)		103,016		1,211,468
Intersect ENT Inc.^(a)		48,569		575,543
Intra-Cellular Therapies Inc.^(a)		83,462		1,282,811
Jazz Pharmaceuticals PLC^(a)		87,187		8,696,031
Johnson & Johnson		424,228		55,629,018
Merck & Co. Inc.		655,087		50,402,394
Mylan NV^(a)		795,433		11,859,906
MyoKardia Inc.^(a)		71,241		3,339,778
Omeros Corp.^(a)(b)		77,598		1,037,485
Pacira BioSciences Inc.^(a)		64,313		2,156,415
Perrigo Co. PLC		209,764		10,087,551
Pfizer Inc.		353,856		11,549,860


Security	Shares		Value
Pharmaceuticals (continued)
Phibro Animal Health Corp., Class A		31,267	$	755,723
Prestige Consumer Healthcare Inc.^(a)		77,416		2,839,619
Reata Pharmaceuticals Inc., Class A^(a)(b)		39,353		5,680,212
Revance Therapeutics Inc.^(a)(b)		73,695		1,090,686
TherapeuticsMD Inc.^(a)(b)		342,696		363,258
Theravance Biopharma Inc.^(a)(b)		72,925		1,685,297
Tricida Inc.^(a)(b)		41,289		908,358
WaVe Life Sciences Ltd.^(a)		26,951		252,531
Zoetis Inc.		108,210		12,735,235
Zogenix Inc.^(a)		78,080		1,930,918

				266,028,166


Total Common Stocks — 99.6% (Cost: $330,772,188)				275,212,482


Short-Term Investments

Money Market Funds — 3.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		8,521,459		8,519,755
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		676,000		676,000

				9,195,755


Total Short-Term Investments — 3.3% (Cost: $9,190,029)				9,195,755


Total Investments in Securities — 102.9% (Cost: $339,962,217)				284,408,237

Other Assets, Less Liabilities — (2.9)%				(8,004,663	)


Net Assets — 100.0%			$	276,403,574

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	24,093,367	(15,571,908	)	8,521,459	$	8,519,755	$	173,268^(b	⁾	$	(9,460	)	$	(1,536	)
BlackRock Cash Funds: Treasury, SL Agency Shares	188,281	487,719		676,000		676,000		6,927			—			—

					$	9,195,755	$	180,195		$	(9,460	)	$	(1,536	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


SCHEDULE OF INVESTMENTS			57

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Pharmaceuticals ETF

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P Select Sector Health Care Index E-Mini

06/19/20

1,160

75,589

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	75,589

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts		$	(37,493	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$	75,589

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	430,804

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

Fair Value Measurements



		Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	275,212,482	$	—	$	—	$	275,212,482
Money Market Funds		9,195,755		—		—		9,195,755

	$	284,408,237	$	—	$	—	$	284,408,237

Derivative financial instruments^(a)
Assets
Futures Contracts	$	75,589	$	—	$	—	$	75,589

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


58		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® U.S. Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Diversified REITs — 2.6%
Colony Capital Inc.		1,623,201	$	2,840,602
PS Business Parks Inc.		67,105		9,094,069
STORE Capital Corp.		695,576		12,603,837
VEREIT Inc.		3,468,246		16,959,723
Washington REIT^(a)		272,818		6,512,166
WP Carey Inc.		553,661		32,156,631

				80,167,028

Health Care REITs — 7.6%
Diversified Healthcare Trust		806,374		2,927,138
Healthcare Realty Trust Inc.		441,832		12,340,368
Healthcare Trust of America Inc., Class A		667,616		16,209,716
Healthpeak Properties Inc.		1,588,121		37,876,686
Medical Properties Trust Inc.		1,662,862		28,750,884
National Health Investors Inc.		144,736		7,167,327
Omega Healthcare Investors Inc.		711,050		18,871,267
Physicians Realty Trust		630,805		8,793,422
Sabra Health Care REIT Inc.		676,785		7,390,492
Ventas Inc.		1,196,287		32,060,491
Welltower Inc.		1,302,616		59,633,760

				232,021,551

Hotel & Resort REITs — 2.3%
Apple Hospitality REIT Inc.		692,948		6,354,333
DiamondRock Hospitality Co.		648,951		3,296,671
Host Hotels & Resorts Inc.		2,303,590		25,431,633
Park Hotels & Resorts Inc.		788,578		6,237,652
Pebblebrook Hotel Trust		431,697		4,701,180
RLJ Lodging Trust		564,929		4,361,252
Ryman Hospitality Properties Inc.		179,782		6,445,185
Service Properties Trust		544,699		2,941,375
Sunstone Hotel Investors Inc.		752,460		6,553,927
Xenia Hotels & Resorts Inc.		373,462		3,846,659

				70,169,867

Industrial REITs — 9.7%
Americold Realty Trust		617,566		21,021,947
Duke Realty Corp.		1,179,474		38,191,368
EastGroup Properties Inc.		125,561		13,118,613
First Industrial Realty Trust Inc.		415,142		13,795,169
Lexington Realty Trust		832,538		8,267,102
Prologis Inc.		2,362,632		189,884,734
Rexford Industrial Realty Inc.		357,748		14,671,245

				298,950,178

Mortgage REITs —2.6%
AGNC Investment Corp.		1,740,135		18,410,628
Annaly Capital Management Inc.		4,595,530		23,299,337
Blackstone Mortgage Trust Inc., Class A		437,937		8,154,387
Chimera Investment Corp.		610,539		5,555,905
Invesco Mortgage Capital Inc.		609,930		2,079,861
MFA Financial Inc.		1,692,199		2,622,909
New Residential Investment Corp.		1,351,737		6,772,203
Starwood Property Trust Inc.		917,709		9,406,517
Two Harbors Investment Corp.		933,494		3,556,612

				79,858,359

Office REITs — 8.6%
Alexandria Real Estate Equities Inc.		392,949		53,857,590
Boston Properties Inc.		461,396		42,554,553
Brandywine Realty Trust		600,064		6,312,673
Columbia Property Trust Inc.		405,995		5,074,937


Security	Shares		Value

Office REITs (continued)
Corporate Office Properties Trust		361,850	$	8,007,740
Cousins Properties Inc.		473,823		13,868,799
Douglas Emmett Inc.		531,429		16,213,899
Equity Commonwealth		393,605		12,481,215
Highwoods Properties Inc.		335,530		11,884,473
Hudson Pacific Properties Inc.		515,395		13,070,417
JBG SMITH Properties		390,343		12,424,618
Kilroy Realty Corp.		314,391		20,026,707
Mack-Cali Realty Corp.		310,898		4,734,977
Paramount Group Inc.		691,905		6,088,764
Piedmont Office Realty Trust Inc., Class A		425,605		7,516,184
SL Green Realty Corp.		268,903		11,589,719
Vornado Realty Trust		510,060		18,469,273

				264,176,538

Real Estate Development — 0.2%
Howard Hughes Corp. (The)^(a)(b)		140,993		7,122,966


Real Estate Services — 1.9%
CBRE Group Inc., Class A^(b)		1,073,996		40,500,389
Jones Lang LaSalle Inc.^(a)		166,111		16,773,889

				57,274,278

Research & Consulting Services — 2.3%
CoStar Group Inc.^(a)(b)		117,391		68,933,169


Residential REITs — 14.2%
American Campus Communities Inc.		456,082		12,656,276
American Homes 4 Rent, Class A		820,766		19,041,771
Apartment Investment & Management Co., Class A		489,804		17,216,611
AvalonBay Communities Inc.		447,611		65,874,911
Camden Property Trust		313,188		24,817,017
Equity LifeStyle Properties Inc.		584,907		33,620,454
Equity Residential		1,118,299		69,010,231
Essex Property Trust Inc.		211,892		46,667,094
Invitation Homes Inc.		1,728,075		36,928,963
Mid-America Apartment Communities Inc.		366,202		37,729,792
Sun Communities Inc.		297,423		37,133,262
UDR Inc.		940,617		34,370,145

				435,066,527

Retail REITs — 7.3%
Acadia Realty Trust		297,890		3,690,857
Brixmor Property Group Inc.		990,798		9,412,581
Federal Realty Investment Trust		226,196		16,876,484
Kimco Realty Corp.		1,361,587		13,166,546
Macerich Co. (The)		389,153		2,190,931
National Retail Properties Inc.		555,143		17,870,053
Realty Income Corp.		1,096,655		54,679,218
Regency Centers Corp.		538,887		20,709,428
Retail Properties of America Inc., Class A		706,552		3,652,874
Simon Property Group Inc.		983,595		53,960,022
SITE Centers Corp.		496,616		2,587,369
Spirit Realty Capital Inc.		325,864		8,521,344
Taubman Centers Inc.		198,372		8,307,819
Urban Edge Properties		380,256		3,350,055
Weingarten Realty Investors		411,602		5,939,417

				224,914,998

Specialized REITs — 40.0%
American Tower Corp.		1,418,863		308,957,418
CoreCivic Inc.		393,782		4,398,545
CoreSite Realty Corp.		124,388		14,416,569
Crown Castle International Corp.		1,332,435		192,403,614


SCHEDULE OF INVESTMENTS			59

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Specialized REITs (continued)
CubeSmart		624,807	$	16,738,579
CyrusOne Inc.		364,331		22,497,439
Digital Realty Trust Inc.		843,708		117,199,478
EPR Properties		257,206		6,229,529
Equinix Inc.		234,584		146,514,129
Extra Space Storage Inc.		415,789		39,815,955
Gaming and Leisure Properties Inc.		663,872		18,395,893
GEO Group Inc. (The)		415,429		5,051,617
Iron Mountain Inc.		922,940		21,965,972
Lamar Advertising Co., Class A		284,713		14,600,083
Life Storage Inc		154,014		14,562,024
Outfront Media Inc.		471,084		6,350,212
PotlatchDeltic Corp.		220,039		6,907,024
Public Storage		482,480		95,825,353
Rayonier Inc.		432,161		10,177,392
SBA Communications Corp.		361,544		97,606,034
VICI Properties Inc.		1,497,622		24,920,430
Weyerhaeuser Co.		2,390,615		40,520,924

				1,226,054,213


Total Common Stocks — 99.3% (Cost: $4,480,173,517)				3,044,709,672


Security	Shares		Value
Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		15,875,689	$	15,872,514
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		7,010,000		7,010,000

				22,882,514


Total Short-Term Investments — 0.7% (Cost: $22,870,825)				22,882,514


Total Investments in Securities — 100.0% (Cost: $4,503,044,342)				3,067,592,186

Other Assets, Less Liabilities — (0.0)%				(494,401	)


Net Assets — 100.0%			$	3,067,097,785

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

^(b)	Non-income producing security.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,452,121	14,423,568		15,875,689	$	15,872,514	$	47,709^(b	⁾	$	(27,200	)	$	11,108
BlackRock Cash Funds: Treasury, SL Agency Shares	10,692,893	(3,682,893	)	7,010,000		7,010,000		134,337			—			—

					$	22,882,514	$	182,046		$	(27,200	)	$	11,108

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

DJ U.S. Real Estate

806

06/19/20

$22,133

(65,689

)


60		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Real Estate ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	65,689

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts		$	(477,875	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$	(269,643	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	25,297,000

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

Fair Value Measurements



		Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	3,044,709,672		$	—	$	—	$	3,044,709,672
Money Market Funds		22,882,514			—		—		22,882,514

	$	3,067,592,186		$	—	$	—	$	3,067,592,186

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(65,689	)	$	—	$	—	$	(65,689	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			61

Schedule of Investments

March 31, 2020

iShares^® U.S. Regional Banks ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks

Diversified Banks — 14.6%
U.S. Bancorp		836,183	$	28,806,505

Regional Banks — 82.4%
Associated Banc-Corp.		93,788		1,199,548
BancorpSouth Bank		56,478		1,068,564
Bank of Hawaii Corp.		23,705		1,309,464
Bank OZK		71,152		1,188,238
BankUnited Inc.		55,884		1,045,031
BOK Financial Corp.		18,768		798,766
Cathay General Bancorp		44,569		1,022,859
CIT Group Inc.		55,754		962,314
Citizens Financial Group Inc.		255,875		4,813,009
Comerica Inc.		84,849		2,489,470
Commerce Bancshares Inc.		61,043		3,073,515
Cullen/Frost Bankers Inc.		33,511		1,869,579
East West Bancorp. Inc.		85,714		2,206,278
Fifth Third Bancorp		417,708		6,202,964
First Citizens BancShares Inc./NC, Class A		4,811		1,601,438
First Financial Bankshares Inc.		79,958		2,146,073
First Hawaiian Inc.		77,093		1,274,347
First Horizon National Corp.		183,160		1,476,270
First Republic Bank/CA		99,146		8,157,733
FNB Corp.		191,249		1,409,505
Fulton Financial Corp.		96,602		1,109,957
Glacier Bancorp. Inc.		50,462		1,715,960
Hancock Whitney Corp.		51,334		1,002,040
Home BancShares Inc./AR		91,325		1,094,987
Huntington Bancshares Inc./OH		607,876		4,990,662
IBERIABANK Corp.		30,764		1,112,426
International Bancshares Corp.		33,768		907,684
Investors Bancorp. Inc.		117,970		942,580
KeyCorp		579,742		6,011,924
M&T Bank Corp.		77,228		7,987,692
PacWest Bancorp		70,532		1,263,933
People’s United Financial Inc.		261,410		2,888,580
Pinnacle Financial Partners Inc.		42,362		1,590,269
PNC Financial Services Group Inc. (The)		257,787		24,675,372
Popular Inc.		52,139		1,824,865
Prosperity Bancshares Inc.		55,566		2,681,059
Regions Financial Corp.		567,783		5,093,013
Signature Bank/New York NY		31,778		2,554,633
Sterling Bancorp./DE		118,924		1,242,756
SVB Financial Group^(a)(b)		30,352		4,585,580
Synovus Financial Corp.		86,255		1,514,638


Security	Shares		Value
Regional Banks (continued)
TCF Financial Corp.		90,295	$	2,046,085
Texas Capital Bancshares Inc.^(a)		29,541		654,924
Truist Financial Corp.		788,983		24,332,236
Trustmark Corp.		37,823		881,276
UMB Financial Corp.		25,428		1,179,351
Umpqua Holdings Corp.		129,619		1,412,847
United Bankshares Inc./WV		59,761		1,379,284
Valley National Bancorp		230,545		1,685,284
Webster Financial Corp.		54,170		1,240,493
Western Alliance Bancorp		55,578		1,701,243
Wintrust Financial Corp.		33,593		1,103,866
Zions Bancorp. N.A.		100,334		2,684,938

				162,407,402
Thrifts & Mortgage Finance — 2.6%
Capitol Federal Financial Inc.		83,289		966,985
New York Community Bancorp. Inc.		275,082		2,583,020
TFS Financial Corp.		29,669		453,046
Washington Federal Inc.		46,114		1,197,119

				5,200,170


Total Common Stocks — 99.6% (Cost: $339,970,038)				196,414,077


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		110,713		110,691
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		317,000		317,000

				427,691


Total Short-Term Investments — 0.2% (Cost: $427,611)				427,691


Total Investments in Securities — 99.8% (Cost: $340,397,649)				196,841,768

Other Assets, Less Liabilities — 0.2%				340,539


Net Assets — 100.0%			$	197,182,307

^(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.


62		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Regional Banks ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	14,309,836	(14,199,123	)	110,713	$	110,691	$	26,504^(b	⁾	$	296		$	(185	)
BlackRock Cash Funds: Treasury, SL Agency Shares	624,950	(307,950	)	317,000		317,000		10,790			—			—

					$	427,691	$	37,294		$	296		$	(185	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P Select Sector Financial Index E-Mini

06/19/20

$ 764

31,616

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	31,616

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts		$	(276,364	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$	31,616

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	730,510

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

Fair Value Measurements


SCHEDULE OF INVESTMENTS			63

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Regional Banks ETF

Fair Value Measurements (continued)



		Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	196,414,077	$	—	$	—	$	196,414,077
Money Market Funds		427,691		—		—		427,691

	$	196,841,768	$	—	$	—	$	196,841,768

Derivative financial instruments^(a)
Assets
Futures Contracts	$	31,616	$	—	$	—	$	31,616

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


64		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® U.S. Telecommunications ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks

Alternative Carriers — 8.9%
CenturyLink Inc.		1,236,422	$	11,696,552
GCI Liberty Inc., Class A^(a)		141,998		8,089,626
Globalstar Inc.^(a)(b)		932,864		274,822
Iridium Communications Inc.^(a)(b)		144,938		3,236,466
ORBCOMM Inc.^(a)(b)		120,126		293,107
Vonage Holdings Corp.^(a)(b)		340,915		2,464,815

				26,055,388

Communications Equipment — 34.7%
Acacia Communications Inc.^(a)(b)		56,091		3,768,193
ADTRAN Inc.		72,097		553,705
Applied Optoelectronics Inc.^(a)(b)		29,138		221,157
Arista Networks Inc.^(a)(b)		72,070		14,597,779
CalAmp Corp.^(a)(b)		51,948		233,766
Ciena Corp.^(a)(b)		230,884		9,191,492
Cisco Systems Inc.		343,543		13,504,675
CommScope Holding Co. Inc.^(a)(b)		290,070		2,642,538
Comtech Telecommunications Corp.		36,679		487,464
EchoStar Corp., Class A^(a)		68,622		2,193,845
Extreme Networks Inc.^(a)		181,343		560,350
F5 Networks Inc.^(a)(b)		90,733		9,674,860
Harmonic Inc.^(a)(b)		143,928		829,025
Juniper Networks Inc.		499,532		9,561,042
Lumentum Holdings Inc.^(a)(b)		115,221		8,491,788
Motorola Solutions Inc.		86,016		11,433,247
NETGEAR Inc.^(a)(b)		45,203		1,032,437
NetScout Systems Inc.^(a)		98,452		2,330,359
Plantronics Inc.		49,222		495,173
Ubiquiti Inc.^(b)		18,444		2,611,302
ViaSat Inc.^(a)(b)		86,151		3,094,544
Viavi Solutions Inc.^(a)(b)		343,200		3,847,272

				101,356,013

Consumer Electronics — 4.5%
Garmin Ltd.		177,929		13,337,558


Integrated Telecommunication Services — 41.7%
AT&T Inc.		1,940,219		56,557,384
ATN International Inc.		16,318		958,030


Security	Shares		Value

Integrated Telecommunication Services (continued)
Cincinnati Bell Inc.^(a)		63,043	$	922,950
Consolidated Communications Holdings Inc.		108,584		494,057
Verizon Communications Inc.		1,173,144		63,033,027

				121,965,448

Wireless Telecommunication Services — 10.0%
Shenandoah Telecommunications Co.^(b)		70,021		3,448,534
Spok Holdings Inc.		26,598		284,333
Sprint Corp.^(a)		919,531		7,926,357
T-Mobile U.S. Inc.^(a)(b)		171,441		14,383,900
Telephone & Data Systems Inc.		146,176		2,449,910
U.S. Cellular Corp.^(a)		23,150		678,063

				29,171,097


Total Common Stocks — 99.8% (Cost: $369,310,746)				291,885,504


Short-Term Investments

Money Market Funds — 9.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		25,712,775		25,707,632
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		450,000		450,000

				26,157,632


Total Short-Term Investments — 9.0% (Cost: $26,152,103)				26,157,632


Total Investments in Securities — 108.8% (Cost: $395,462,849)				318,043,136

Other Assets, Less Liabilities — (8.8)%				(25,664,203	)


Net Assets — 100.0%			$	292,378,933

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	12,387,089	13,325,686		25,712,775	$	25,707,632	$	92,131^(b	⁾	$	(46,328	) $		2,357
BlackRock Cash Funds: Treasury, SL Agency Shares	676,827	(226,827	)	450,000		450,000		8,188			—			—

					$	26,157,632	$	100,319		$	(46,328	)	$	2,357

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


SCHEDULE OF INVESTMENTS			65

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Telecommunications ETF

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P Communication Services Select Sector E-Mini		4		06/19/20	$	230	$	9,552
S&P MidCap 400 E-Mini		2		06/19/20		288		(1,173	)

							$	8,379

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	9,552

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	1,173

(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(105,718	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	8,379

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	159,952

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

Fair Value Measurements


66		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® U.S. Telecommunications ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	291,885,504		$	—	$	—	$	291,885,504
Money Market Funds		26,157,632			—		—		26,157,632

	$	318,043,136		$	—	$	—	$	318,043,136

Derivative financial instruments^(a)
Assets
Futures Contracts	$	9,552		$	—	$	—	$	9,552
Liabilities
Futures Contracts		(1,173	)		—		—		(1,173	)

	$	8,379		$	—	$	—	$	8,379

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			67

Statements of Assets and Liabilities

March 31, 2020


	iShares Focused Value Factor ETF			iShares U.S. Aerospace & Defense ETF			iShares U.S. Broker-Dealers &Securities Exchanges ETF			iShares U.S. Healthcare Providers ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	18,086,470		$	2,833,101,376		$	140,974,046		$	781,706,110
Affiliated^(c)		506,236			98,605,172			1,866,215			58,870,982
Cash		5,257			—			—			195,769
Cash pledged:
Futures contracts		—			152,000			9,000			246,000
Receivables:
Investments sold		—			12,364,874			417,784			—
Securities lending income — Affiliated		288			58,349			1,206			40,938
Dividends		69,254			211,909			28,832			193,088

Total assets		18,667,505			2,944,493,680			143,297,083			841,252,887


LIABILITIES
Bank overdraft		—			10,067,239			278,255			—
Collateral on securities loaned, at value		477,629			98,680,777			1,867,226			56,729,338
Payables:
Investments purchased		44,597			—			—			—
Variation margin on futures contracts		—			16,460			2,131			8,590
Capital shares redeemed		—			13,667			—			26,357
Investment advisory fees		4,364			1,312,185			63,918			287,901

Total liabilities		526,590			110,090,328			2,211,530			57,052,186


NET ASSETS	$	18,140,915		$	2,834,403,352		$	141,085,553		$	784,200,701


NET ASSETS CONSIST OF:
Paid-in capital	$	29,812,879		$	4,261,212,631		$	218,088,634		$	1,026,886,324
Accumulated loss		(11,671,964	)		(1,426,809,279	)		(77,003,081	)		(242,685,623	)

NET ASSETS	$	18,140,915		$	2,834,403,352		$	141,085,553		$	784,200,701


Shares outstanding		600,000			19,700,000			2,750,000			4,700,000

Net asset value	$	30.23		$	143.88		$	51.30		$	166.85

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a)Securities loaned, at value	$	452,933		$	93,134,741		$	1,766,019		$	54,321,094
^(b)Investments, at cost — Unaffiliated	$	29,274,872		$	3,926,304,211		$	183,698,627		$	897,148,439
^(c)Investments, at cost — Affiliated	$	506,420		$	98,593,795		$	1,866,167		$	58,853,746

See notes to financial statements.


68		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (continued)

March 31, 2020


	iShares U.S. Home Construction ETF			iShares U.S. Infrastructure ETF			iShares U.S. Insurance ETF			iShares U.S. Medical Devices ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	707,053,993		$	5,048,339		$	62,015,702		$	4,136,165,023
Affiliated^(c)		33,648,916			124,457			804,191			178,097,046
Cash		1,665			2,075			7,579			680,104
Cash pledged:
Futures contracts		—			—			27,000			892,000
Receivables:
Securities lending income — Affiliated		18,537			1,019			417			91,957
Capital shares sold		—			—			—			32,852
Dividends		622,690			8,573			108,587			5,334,072

Total assets		741,345,801			5,184,463			62,963,476			4,321,293,054


LIABILITIES
Collateral on securities loaned, at value		31,478,591			114,552			725,897			168,357,036
Payables:
Investments purchased		1,828,960			—			—			6,478,472
Variation margin on futures contracts		—			—			6,345			65,365
Capital shares redeemed		28,042			—			—			—
Investment advisory fees		370,523			1,821			25,506			1,533,056

Total liabilities		33,706,116			116,373			757,748			176,433,929


NET ASSETS	$	707,639,685		$	5,068,090		$	62,205,728		$	4,144,859,125


NET ASSETS CONSIST OF:
Paid-in capital	$	1,245,068,438		$	6,308,871		$	78,845,322		$	4,475,776,789
Accumulated loss		(537,428,753	)		(1,240,781	)		(16,639,594	)		(330,917,664	)

NET ASSETS	$	707,639,685		$	5,068,090		$	62,205,728		$	4,144,859,125


Shares outstanding		24,450,000			250,000			1,250,000			18,400,000

Net asset value	$	28.94		$	20.27		$	49.76		$	225.26

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a)Securities loaned, at value	$	29,568,725		$	114,335		$	692,818		$	162,107,050
^(b)Investments, at cost — Unaffiliated	$	1,182,418,110		$	6,177,623		$	76,022,023		$	4,389,958,044
^(c)Investments, at cost — Affiliated	$	33,637,505		$	124,408		$	804,169		$	178,002,079

See notes to financial statements.


FINANCIAL STATEMENTS			69

Statements of Assets and Liabilities (continued)

March 31, 2020


	iShares U.S. Oil & Gas Exploration & Production ETF			iShares U.S. Oil Equipment & Services ETF			iShares U.S. Pharmaceuticals ETF			iShares U.S. Real Estate ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	89,975,071		$	25,321,170		$	275,212,482		$	3,044,709,672
Affiliated^(c)		3,488,984			2,792,356			9,195,755			22,882,514
Cash		12,629			—			59,560			310,188
Cash pledged:
Futures contracts		34,000			74,000			123,000			3,030,000
Receivables:
Investments sold		—			309,359			—			—
Securities lending income — Affiliated		8,620			3,643			12,639			13,516
Variation margin on futures contracts		2,544			5,577			—			—
Capital shares sold		15,926			—			—			1,062,566
Dividends		33,411			255,678			422,941			13,959,859
Other assets		40,000			—			—			—

Total assets		93,611,185			28,761,783			285,026,377			3,085,968,315


LIABILITIES
Bank overdraft		—			272,487			—			—
Collateral on securities loaned, at value		3,054,134			2,787,547			8,515,414			15,889,126
Payables:
Investments purchased		348,595			20,714			—			—
Variation margin on futures contracts		—			—			4,306			537,512
Capital shares redeemed		—			—			—			1,137,649
Investment advisory fees		39,695			12,308			103,083			1,306,243

Total liabilities		3,442,424			3,093,056			8,622,803			18,870,530


NET ASSETS	$	90,168,761		$	25,668,727		$	276,403,574		$	3,067,097,785


NET ASSETS CONSIST OF:
Paid-in capital	$	424,229,590		$	355,680,603		$	507,027,929		$	4,577,563,408
Accumulated loss		(334,060,829	)		(330,011,876	)		(230,624,355	)		(1,510,465,623	)

NET ASSETS	$	90,168,761		$	25,668,727		$	276,403,574		$	3,067,097,785


Shares outstanding		3,950,000			4,300,000			2,050,000			44,000,000

Net asset value	$	22.83		$	5.97		$	134.83		$	69.71

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a)Securities loaned, at value	$	2,450,599		$	2,686,018		$	7,813,882		$	15,108,051
^(b)Investments, at cost — Unaffiliated	$	298,494,423		$	113,947,527		$	330,772,188		$	4,480,173,517
^(c)Investments, at cost — Affiliated	$	3,488,038		$	2,791,648		$	9,190,029		$	22,870,825

See notes to financial statements.


70		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (continued)

March 31, 2020


	iShares U.S. Regional Banks ETF			iShares U.S. Telecommunications ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	196,414,077		$	291,885,504
Affiliated^(c)		427,691			26,157,632
Cash		30,441			38,189
Cash pledged:
Futures contracts		96,000			68,000
Receivables:
Securities lending income — Affiliated		1,118			12,874
Capital shares sold		—			6,059
Dividends		971,488			65,611

Total assets		197,940,815			318,233,869


LIABILITIES
Collateral on securities loaned, at value		111,300			25,732,723
Payables:
Investments purchased		527,162			—
Variation margin on futures contracts		24,968			4,550
Capital shares redeemed		9,634			—
Investment advisory fees		85,444			117,663

Total liabilities		758,508			25,854,936


NET ASSETS	$	197,182,307		$	292,378,933


NET ASSETS CONSIST OF:
Paid-in capital	$	356,616,146		$	581,432,268
Accumulated loss		(159,433,839	)		(289,053,335	)

NET ASSETS	$	197,182,307		$	292,378,933


Shares outstanding		6,800,000			11,750,000

Net asset value	$	29.00		$	24.88

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Securities loaned, at value	$	105,756		$	24,538,095
^(b)Investments, at cost — Unaffiliated	$	339,970,038		$	369,310,746
^(c)Investments, at cost — Affiliated	$	427,611		$	26,152,103

See notes to financial statements.


FINANCIAL STATEMENTS			71

Statements of Operations

Year Ended March 31, 2020


	iShares Focused Value Factor ETF			iShares U.S. Aerospace & Defense ETF			iShares U.S. Broker-Dealers & Securities Exchanges ETF			iShares U.S. Healthcare Providers ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	907,430		$	102,695,023		$	4,723,279		$	9,477,006
Dividends — Affiliated		1,512			111,050			3,886			14,412
Interest — Unaffiliated		—			—			—			72
Securities lending income — Affiliated — net		525			406,783			4,497			166,968
Foreign taxes withheld		(1,805	)		—			—			—

Total investment income		907,662			103,212,856			4,731,662			9,658,458


EXPENSES
Investment advisory fees		75,293			21,997,510			993,296			3,633,778

Total expenses		75,293			21,997,510			993,296			3,633,778

Net investment income		832,369			81,215,346			3,738,366			6,024,680


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(487,101	)		(177,306,690	)		(9,019,321	)		(28,695,353	)
Investments — Affiliated		(213	)		(61,157	)		(2,534	)		(49,346	)
In-kind redemptions — Unaffiliated		54,849			290,174,218			(142,702	)		42,408,492
Futures contracts		—			(3,568,141	)		(141,354	)		(314,155	)

Net realized gain (loss)		(432,465	)		109,238,230			(9,305,911	)		13,349,638

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(10,638,650	)		(1,414,745,956	)		(15,165,068	)		(30,097,449	)
Investments — Affiliated		(184	)		(31,488	)		(538	)		7,060
Futures contracts		—			31,683			1,144			103,704

Net change in unrealized appreciation (depreciation)		(10,638,834	)		(1,414,745,761	)		(15,164,462	)		(29,986,685	)

Net realized and unrealized loss		(11,071,299	)		(1,305,507,531	)		(24,470,373	)		(16,637,047	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,238,930	)	$	(1,224,292,185	)	$	(20,732,007	)	$	(10,612,367	)

See notes to financial statements.


72		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (continued)

Year Ended March 31, 2020


	iShares U.S. Home Construction ETF			iShares U.S. Infrastructure ETF			iShares U.S. Insurance ETF			iShares U.S. Medical Devices ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	11,550,023		$	138,889		$	2,384,775		$	32,822,814
Dividends — Affiliated		19,280			223			2,505			107,532
Securities lending income — Affiliated — net		155,101			5,667			10,953			1,079,903

Total investment income		11,724,404			144,779			2,398,233			34,010,249


EXPENSES
Investment advisory fees		5,122,351			25,910			427,882			17,643,706

Total expenses		5,122,351			25,910			427,882			17,643,706

Net investment income		6,602,053			118,869			1,970,351			16,366,543


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(58,642,766	)		(59,432	)		(1,291,744	)		(36,232,094	)
Investments — Affiliated		(47,203	)		(170	)		(1,497	)		(187,425	)
In-kind redemptions — Unaffiliated		82,258,848			—			3,796,530			423,220,609
Futures contracts		—			—			(49,074	)		(508,896	)

Net realized gain (loss)		23,568,879			(59,602	)		2,454,215			386,292,194

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(288,249,816	)		(1,428,478	)		(19,082,215	)		(577,228,532	)
Investments — Affiliated		(2,834	)		48			(8	)		62,783
Futures contracts		—			—			4,527			519,619

Net change in unrealized appreciation (depreciation)		(288,252,650	)		(1,428,430	)		(19,077,696	)		(576,646,130	)

Net realized and unrealized loss		(264,683,771	)		(1,488,032	)		(16,623,481	)		(190,353,936	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(258,081,718	)	$	(1,369,163	)	$	(14,653,130	)	$	(173,987,393	)

See notes to financial statements.


FINANCIAL STATEMENTS			73

Statements of Operations (continued)

Year Ended March 31, 2020


	iShares U.S. Oil & Gas Exploration & Production ETF			iShares U.S. Oil Equipment & Services ETF			iShares U.S. Pharmaceuticals ETF			iShares U.S. Real Estate ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	4,899,659		$	2,690,472		$	6,138,531		$	124,705,978
Dividends — Affiliated		6,428			2,187			6,927			134,337
Interest — Unaffiliated		171			112			155			7,744
Securities lending income — Affiliated — net		88,868			50,867			173,268			47,709
Foreign taxes withheld		—			(16,992	)		—			—

Total investment income		4,995,126			2,726,646			6,318,881			124,895,768


EXPENSES
Investment advisory fees		924,540			403,788			1,433,214			18,802,776

Total expenses		924,540			403,788			1,433,214			18,802,776

Net investment income		4,070,586			2,322,858			4,885,667			106,092,992


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(32,031,649	)		(57,174,220	)		(33,978,766	)		(71,274,982	)
Investments — Affiliated		1,959			2,993			(9,460	)		(27,200	)
In-kind redemptions — Unaffiliated		(9,394,119	)		(13,532,730	)		43,968,217			579,968,608
Futures contracts		(263,484	)		(189,448	)		(37,493	)		(477,875	)

Net realized gain (loss)		(41,687,293	)		(70,893,405	)		9,942,498			508,188,551

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(101,505,352	)		(16,281,906	)		(49,569,834	)		(1,209,861,028	)
Investments — Affiliated		(1,394	)		(2,093	)		(1,536	)		11,108
Futures contracts		4,488			12,184			75,589			(269,643	)

Net change in unrealized appreciation (depreciation)		(101,502,258	)		(16,271,815	)		(49,495,781	)		(1,210,119,563	)

Net realized and unrealized loss		(143,189,551	)		(87,165,220	)		(39,553,283	)		(701,931,012	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(139,118,965	)	$	(84,842,362	)	$	(34,667,616	)	$	(595,838,020	)

See notes to financial statements.


74		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (continued)

Year Ended March 31, 2020


	iShares U.S. Regional Banks ETF			iShares U.S. Telecommunications ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	12,610,175		$	11,722,491
Dividends — Affiliated		10,790			8,188
Interest — Unaffiliated		—			113
Securities lending income — Affiliated — net		26,504			92,131
Foreign taxes withheld		(9,453	)		—

Total investment income		12,638,016			11,822,923


EXPENSES
Investment advisory fees		1,770,835			1,774,010

Total expenses		1,770,835			1,774,010

Net investment income		10,867,181			10,048,913


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss)from:
Investments — Unaffiliated		(4,905,397	)		(21,291,624	)
Investments — Affiliated		296			(46,328	)
In-kind redemptions — Unaffiliated		(5,608,505	)		38,318,093
Futures contracts		(276,364	)		(105,718	)

Net realized gain (loss)		(10,789,970	)		16,874,423

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(80,012,965	)		(80,299,625	)
Investments — Affiliated		(185	)		2,357
Futures contracts		31,616			8,379
Net change in unrealized appreciation (depreciation)		(79,981,534	)		(80,288,889	)

Net realized and unrealized loss		(90,771,504	)		(63,414,466	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(79,904,323	)	$	(53,365,553	)

See notes to financial statements.


FINANCIAL STATEMENTS			75

Statements of Changes in Net Assets


	iShares Focused Value Factor ETF						iShares U.S. Aerospace & Defense ETF
		Year Ended 03/31/20			Period From 03/19/19 to 03/31/19	^(a)		Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	832,369		$	24,415		$	81,215,346		$	49,513,982
Net realized gain (loss)		(432,465	)		—			109,238,230			662,511,714
Net change in unrealized appreciation (depreciation)		(10,638,834	)		(549,752	)		(1,414,745,761	)		(698,419,445	)

Net increase (decrease) in net assets resulting from operations		(10,238,930	)		(525,337	)		(1,224,292,185	)		13,606,251


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(886,738	)		—			(84,797,489	)		(57,441,285	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,340,510	)		32,132,430			(876,138,639	)		(686,263,213	)


NET ASSETS
Total increase (decrease) in net assets		(13,466,178	)		31,607,093			(2,185,228,313	)		(730,098,247	)
Beginning of period		31,607,093			—			5,019,631,665			5,749,729,912

End of period	$	18,140,915		$	31,607,093		$	2,834,403,352		$	5,019,631,665

^(a)	Commencement of operations.

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

See notes to financial statements.


76		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares U.S. Broker-Dealers & Securities Exchanges ETF						iShares U.S. Healthcare Providers ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,738,366		$	4,496,017		$	6,024,680		$	2,406,330
Net realized gain (loss)		(9,305,911	)		18,203,440			13,349,638			90,202,825
Net change in unrealized appreciation (depreciation)		(15,164,462	)		(53,671,896	)		(29,986,685	)		(112,369,502	)

Net decrease in net assets resulting from operations		(20,732,007	)		(30,972,439	)		(10,612,367	)		(19,760,347	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,658,799	)		(4,982,516	)		(6,589,181	)		(34,031,357	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(52,164,741	)		(93,559,287	)		3,493,153			380,449,961


NET ASSETS
Total increase (decrease) in net assets		(76,555,547	)		(129,514,242	)		(13,708,395	)		326,658,257
Beginning of year		217,641,100			347,155,342			797,909,096			471,250,839

End of year	$	141,085,553		$	217,641,100		$	784,200,701		$	797,909,096

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

See notes to financial statements.


FINANCIAL STATEMENTS			77

Statements of Changes in Net Assets (continued)


	iShares U.S. Home Construction ETF						iShares U.S. Infrastructure ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Period From 04/03/18 to 03/31/19	^(a)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,602,053		$	5,933,958		$	118,869		$	57,023
Net realized gain (loss)		23,568,879			(54,924,433	)		(59,602	)		3,222
Net change in unrealized appreciation (depreciation)		(288,252,650	)		(74,094,517	)		(1,428,430	)		299,195

Net increase (decrease) in net assets resulting from operations		(258,081,718	)		(123,084,992	)		(1,369,163	)		359,440


DISTRIBUTIONS TO SHAREHOLDERS^(b)
From net investment income		(6,569,106	)		(6,028,083	)		(118,715	)		(112,343	)
Return of capital		—			—			(14,204	)		(242	)

Decrease in net assets resulting from distributions to shareholders		(6,569,106	)		(6,028,083	)		(132,919	)		(112,585	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(175,366,107	)		(342,047,604	)		1,308,263			5,015,054


NET ASSETS
Total increase (decrease) in net assets		(440,016,931	)		(471,160,679	)		(193,819	)		5,261,909
Beginning of period		1,147,656,616			1,618,817,295			5,261,909			—

End of period	$	707,639,685		$	1,147,656,616		$	5,068,090		$	5,261,909

^(a)	Commencement of operations.

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

See notes to financial statements.


78		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares U.S. Insurance ETF						iShares U.S. Medical Devices ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,970,351		$	2,151,153		$	16,366,543		$	8,746,492
Net realized gain		2,454,215			7,517,700			386,292,194			372,887,526
Net change in unrealized appreciation (depreciation)		(19,077,696	)		(8,524,018	)		(576,646,130	)		159,650,849

Net increase (decrease) in net assets resulting from operations		(14,653,130	)		1,144,835			(173,987,393	)		541,284,867


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,042,667	)		(2,145,705	)		(15,429,791	)		(6,956,266	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(19,735,135	)		(32,664,647	)		677,542,405			1,403,032,787


NET ASSETS
Total increase (decrease) in net assets		(36,430,932	)		(33,665,517	)		488,125,221			1,937,361,388
Beginning of year		98,636,660			132,302,177			3,656,733,904			1,719,372,516

End of year	$	62,205,728		$	98,636,660		$	4,144,859,125		$	3,656,733,904

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

See notes to financial statements.


FINANCIAL STATEMENTS			79

Statements of Changes in Net Assets (continued)


	iShares U.S. Oil & Gas Exploration & Production ETF						iShares U.S. Oil Equipment & Services ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,070,586		$	4,334,116		$	2,322,858		$	2,685,672
Net realized loss		(41,687,293	)		(17,239,747	)		(70,893,405	)		(87,503,354	)
Net change in unrealized appreciation (depreciation)		(101,502,258	)		(34,542,336	)		(16,271,815	)		12,621,733

Net decrease in net assets resulting from operations		(139,118,965	)		(47,447,967	)		(84,842,362	)		(72,195,949	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,636,142	)		(5,694,353	)		(2,287,708	)		(2,867,183	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(42,525,842	)		(35,814,291	)		(42,439,650	)		26,113,948


NET ASSETS
Total decrease in net assets		(186,280,949	)		(88,956,611	)		(129,569,720	)		(48,949,184	)
Beginning of year		276,449,710			365,406,321			155,238,447			204,187,631

End of year	$	90,168,761		$	276,449,710		$	25,668,727		$	155,238,447

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

See notes to financial statements.


80		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares U.S. Pharmaceuticals ETF						iShares U.S. Real Estate ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,885,667		$	4,511,894		$	106,092,992		$	110,506,172
Net realized gain (loss)		9,942,498			(50,478,343	)		508,188,551			108,233,484
Net change in unrealized appreciation (depreciation)		(49,495,781	)		63,312,773			(1,210,119,563	)		390,900,061

Net increase (decrease) in net assets resulting from operations		(34,667,616	)		17,346,324			(595,838,020	)		609,639,717


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,902,342	)		(4,607,197	)		(140,400,588	)		(138,914,692	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(69,140,296	)		(17,713,342	)		(794,268,827	)		530,138,554


NET ASSETS
Total increase (decrease) in net assets		(108,710,254	)		(4,974,215	)		(1,530,507,435	)		1,000,863,579
Beginning of year		385,113,828			390,088,043			4,597,605,220			3,596,741,641

End of year	$	276,403,574		$	385,113,828		$	3,067,097,785		$	4,597,605,220

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

See notes to financial statements.


FINANCIAL STATEMENTS			81

Statements of Changes in Net Assets (continued)


	iShares U.S. Regional Banks ETF						iShares U.S. Telecommunications ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	10,867,181		$	16,083,841		$	10,048,913		$	7,698,139
Net realized gain (loss)		(10,789,970	)		28,068,783			16,874,423			14,388,655
Net change in unrealized appreciation (depreciation)		(79,981,534	)		(133,695,160	)		(80,288,889	)		22,988,307

Net increase (decrease) in net assets resulting from operations		(79,904,323	)		(89,542,536	)		(53,365,553	)		45,075,101


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(11,196,908	)		(16,201,489	)		(9,996,669	)		(8,492,233	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(230,804,722	)		(277,228,774	)		(108,015,033	)		110,577,068


NET ASSETS
Total increase (decrease) in net assets		(321,905,953	)		(382,972,799	)		(171,377,255	)		147,159,936
Beginning of year		519,088,260			902,061,059			463,756,188			316,596,252

End of year	$	197,182,307		$	519,088,260		$	292,378,933		$	463,756,188

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

See notes to financial statements.


82		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares Focused Value Factor ETF
		Year Ended 03/31/20			Period From 03/19/19 to 03/31/19	^(a)

Net asset value, beginning of period	$	48.63		$	49.43

Net investment income^(b)		1.33			0.04
Net realized and unrealized loss^(c)		(18.31	)		(0.84	)

Net decrease from investment operations		(16.98	)		(0.80	)


Distributions^(d)
From net investment income		(1.42	)		—

Total distributions		(1.42	)		—


Net asset value, end of period	$	30.23		$	48.63


Total Return
Based on net asset value		(35.71	)%		(1.62	)%^(e)


Ratios to Average Net Assets
Total expenses		0.25	%		0.25	%^(f)

Net investment income		2.76	%		2.36	%^(f)


Supplemental Data
Net assets, end of period (000)	$	18,141		$	31,607

Portfolio turnover rate^(g)		149	%		0	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			83

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Aerospace & Defense ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 05/01/15 to 03/31/16	^(a)		Year Ended 04/30/15

Net asset value, beginning of period	$	199.59		$	197.93		$	148.79		$	116.90		$	120.15		$	108.61

Net investment income^(b)		3.37			1.78			1.55			1.71			1.05			1.46
Net realized and unrealized gain (loss)^(c)		(55.46	)		2.00			49.41			31.69			(3.26	)		11.76

Net increase (decrease) from investment operations		(52.09	)		3.78			50.96			33.40			(2.21	)		13.22


Distributions^(d)
From net investment income		(3.62	)		(1.83	)		(1.82	)		(1.51	)		(1.04	)		(1.68	)
From net realized gain		—			(0.29	)		—			—			—			—

Total distributions		(3.62	)		(2.12	)		(1.82	)		(1.51	)		(1.04	)		(1.68	)


Net asset value, end of period	$	143.88		$	199.59		$	197.93		$	148.79		$	116.90		$	120.15


Total Return
Based on net asset value		(26.58	)%		1.91	%		34.40	%		28.70	%		(1.84	)%^(e)		12.28	%


Ratios to Average Net Assets
Total expenses		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%^(f)		0.43	%

Net investment income		1.57	%		0.90	%		0.87	%		1.24	%		0.99	%^(f)		1.29	%


Supplemental Data
Net assets, end of period (000)	$	2,834,403		$	5,019,632		$	5,749,730		$	2,574,090		$	637,129		$	546,702

Portfolio turnover rate^(g)		20	%		38	%		14	%		14	%		17	%^(e)		15	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


84		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Broker-Dealers & Securities Exchanges ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 05/01/15 to 03/31/16	^(a)		Year Ended 04/30/15


Net asset value, beginning of period	$	58.82		$	65.50		$	51.31		$	37.44		$	42.46		$	37.45

Net investment income^(b)		1.03			0.88			0.83			0.83			0.58			0.46
Net realized and unrealized gain (loss)^(c)		(7.46	)		(6.51	)		14.15			13.77			(4.89	)		5.02

Net increase (decrease) from investment operations		(6.43	)		(5.63	)		14.98			14.60			(4.31	)		5.48


Distributions^(d)
From net investment income		(1.09	)		(1.05	)		(0.79	)		(0.73	)		(0.71	)		(0.47	)

Total distributions		(1.09	)		(1.05	)		(0.79	)		(0.73	)		(0.71	)		(0.47	)


Net asset value, end of period	$	51.30		$	58.82		$	65.50		$	51.31		$	37.44		$	42.46


Total Return
Based on net asset value		(11.15	)%		(8.63	)%		29.39	%		39.27	%		(10.23	)%^(e)		14.68	%


Ratios to Average Net Assets
Total expenses		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%^(f)		0.43	%

Net investment income		1.60	%		1.38	%		1.44	%		1.83	%		1.53	%^(f)		1.14	%


Supplemental Data
Net assets, end of period (000)	$	141,086		$	217,641		$	347,155		$	171,887		$	112,313		$	297,222

Portfolio turnover rate^(g)		15	%		27	%		13	%		17	%		26	%^(e)		19	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			85

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Healthcare Providers ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 05/01/15 to 03/31/16	^(a)		Year Ended 04/30/15


Net asset value, beginning of period	$	167.98		$	157.08		$	134.12		$	121.98		$	128.59		$	94.83

Net investment income^(b)		1.25			0.54			0.35			0.31			0.24			0.21
Net realized and unrealized gain (loss)^(c)		(1.04	)		16.99			22.97			12.14			(6.58	)		33.76

Net increase (decrease) from investment operations		0.21			17.53			23.32			12.45			(6.34	)		33.97


Distributions^(d)
From net investment income		(1.34	)		(6.63	)		(0.36	)		(0.31	)		(0.27	)		(0.21	)

Total distributions		(1.34	)		(6.63	)		(0.36	)		(0.31	)		(0.27	)		(0.21	)


Net asset value, end of period	$	166.85		$	167.98		$	157.08		$	134.12		$	121.98		$	128.59


Total Return
Based on net asset value		0.10	%		11.25	%		17.40	%		10.23	%		(4.94	)%^(e)		35.85	%


Ratios to Average Net Assets
Total expenses		0.42	%		0.43	%		0.43	%		0.44	%		0.44	%^(f)		0.43	%

Net investment income		0.70	%		0.29	%		0.24	%		0.25	%		0.20	%^(f)		0.18	%


Supplemental Data
Net assets, end of period (000)	$	784,201		$	797,909		$	471,251		$	529,775		$	676,989		$	822,992

Portfolio turnover rate^(g)		30	%		48	%		20	%		12	%		16	%^(e)		12	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


86		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Home Construction ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 05/01/15 to 03/31/16	^(a)		Year Ended 04/30/15


Net asset value, beginning of period	$	35.26		$	39.24		$	31.97		$	27.09		$	25.90		$	23.36

Net investment income^(b)		0.23			0.19			0.13			0.11			0.10			0.09
Net realized and unrealized gain (loss)^(c)		(6.31	)		(3.97	)		7.28			4.89			1.19			2.54

Net increase (decrease) from investment operations		(6.08	)		(3.78	)		7.41			5.00			1.29			2.63


Distributions^(d)
From net investment income		(0.24	)		(0.20	)		(0.14	)		(0.12	)		(0.10	)		(0.09	)

Total distributions		(0.24	)		(0.20	)		(0.14	)		(0.12	)		(0.10	)		(0.09	)


Net asset value, end of period	$	28.94		$	35.26		$	39.24		$	31.97		$	27.09		$	25.90


Total Return
Based on net asset value		(17.40	)%		(9.60	)%		23.19	%		18.50	%		5.00	%^(e)		11.28	%


Ratios to Average Net Assets
Total expenses		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%^(f)		0.43	%

Net investment income		0.55	%		0.53	%		0.34	%		0.41	%		0.39	%^(f)		0.38	%


Supplemental Data
Net assets, end of period (000)	$	707,640		$	1,147,657		$	1,618,817		$	1,426,069		$	1,476,333		$	2,011,455

Portfolio turnover rate^(g)		15	%		17	%		18	%		12	%		14	%^(e)		13	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			87

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Infrastructure ETF
		Year Ended 03/31/20			Period From 04/03/18 to 03/31/19	^(a)


Net asset value, beginning of period	$	26.31		$	25.31

Net investment income^(b)		0.49			0.43
Net realized and unrealized gain (loss)^(c)		(6.00	)		1.24

Net increase (decrease) from investment operations		(5.51	)		1.67


Distributions^(d)
From net investment income		(0.47	)		(0.34	)
From net realized gain		—			(0.33	)
Return of capital		(0.06	)		(0.00	)^(e)

Total distributions		(0.53	)		(0.67	)


Net asset value, end of period	$	20.27		$	26.31


Total Return
Based on net asset value		(21.26	)%		6.78	%^(f)


Ratios to Average Net Assets
Total expenses		0.40	%		0.40	%^(g)

Net investment income		1.84	%		1.67	%^(g)


Supplemental Data
Net assets, end of period (000)	$	5,068		$	5,262

Portfolio turnover rate^(h)		23	%		43	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Rounds to less than $0.01.

^(f)	Not annualized.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


88		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Insurance ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 05/01/15 to 03/31/16	^(a)		Year Ended 04/30/15


Net asset value, beginning of period	$	63.64		$	64.54		$	60.46		$	49.91		$	49.04		$	46.26

Net investment income^(b)		1.35			1.23			1.18			1.03			0.87			0.75
Net realized and unrealized gain (loss)^(c)		(13.77	)		(0.89	)		4.20			10.48			0.90			2.79

Net increase (decrease) from investment operations		(12.42	)		0.34			5.38			11.51			1.77			3.54


Distributions^(d)
From net investment income		(1.46	)		(1.24	)		(1.30	)		(0.96	)		(0.90	)		(0.76	)

Total distributions		(1.46	)		(1.24	)		(1.30	)		(0.96	)		(0.90	)		(0.76	)


Net asset value, end of period	$	49.76		$	63.64		$	64.54		$	60.46		$	49.91		$	49.04


Total Return
Based on net asset value		(19.92	)%		0.60	%		8.93	%		23.25	%		3.60	%^(e)		7.67	%


Ratios to Average Net Assets
Total expenses		0.42	%		0.43	%		0.43	%		0.44	%		0.44	%^(f)		0.43	%

Net investment income		1.95	%		1.94	%		1.85	%		1.86	%		1.89	%^(f)		1.57	%


Supplemental Data
Net assets, end of period (000)	$	62,206		$	98,637		$	132,302		$	166,264		$	99,823		$	120,146

Portfolio turnover rate^(g)		8	%		17	%		12	%		14	%		10	%^(e)		12	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			89

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Medical Devices ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 05/01/15 to 03/31/16	^(a)		Year Ended 04/30/15


Net asset value, beginning of period	$	231.44		$	184.88		$	151.42		$	122.48		$	116.87		$	95.07

Net investment income^(b)		0.97			0.69			0.66			0.69			0.67			0.73
Net realized and unrealized gain (loss)^(c)		(6.25	)		46.38			33.33			29.06			6.47			21.79

Net increase (decrease) from investment operations		(5.28	)		47.07			33.99			29.75			7.14			22.52


Distributions^(d)
From net investment income		(0.90	)		(0.51	)		(0.53	)		(0.81	)		(1.53	)		(0.72	)

Total distributions		(0.90	)		(0.51	)		(0.53	)		(0.81	)		(1.53	)		(0.72	)


Net asset value, end of period	$	225.26		$	231.44		$	184.88		$	151.42		$	122.48		$	116.87


Total Return
Based on net asset value		(2.32	)%		25.50	%		22.48	%		24.36	%		6.13	%^(e)		23.75	%


Ratios to Average Net Assets
Total expenses		0.42	%		0.43	%		0.43	%		0.44	%		0.44	%^(f)		0.43	%

Net investment income		0.39	%		0.33	%		0.38	%		0.49	%		0.61	%^(f)		0.67	%


Supplemental Data
Net assets, end of period (000)	$	4,144,859		$	3,656,734		$	1,719,373		$	1,052,380		$	857,337		$	765,524

Portfolio turnover rate^(g)		9	%		36	%		15	%		20	%		17	%^(e)		19	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


90		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Oil & Gas Exploration & Production ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 05/01/15 to 03/31/16	^(a)		Year Ended 04/30/15


Net asset value, beginning of period	$	58.20		$	63.55		$	61.16		$	51.96		$	78.75		$	90.37

Net investment income^(b)		0.95			0.67			0.56			0.55			0.96			1.00
Net realized and unrealized gain (loss)^(c)		(35.22	)		(5.11	)		2.49			9.25			(26.76	)		(11.65	)

Net increase (decrease) from investment operations		(34.27	)		(4.44	)		3.05			9.80			(25.80	)		(10.65	)


Distributions^(d)
From net investment income		(1.10	)		(0.91	)		(0.66	)		(0.60	)		(0.99	)		(0.97	)

Total distributions		(1.10	)		(0.91	)		(0.66	)		(0.60	)		(0.99	)		(0.97	)


Net asset value, end of period	$	22.83		$	58.20		$	63.55		$	61.16		$	51.96		$	78.75


Total Return
Based on net asset value		(59.65	)%		(7.06	)%		5.09	%		18.88	%		(32.89	)%^(e)		(11.80	)%


Ratios to Average Net Assets
Total expenses		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%^(f)		0.43	%

Net investment income		1.87	%		1.00	%		0.96	%		0.93	%		1.74	%^(f)		1.21	%


Supplemental Data
Net assets, end of period (000)	$	90,169		$	276,450		$	365,406		$	418,955		$	368,947		$	543,362

Portfolio turnover rate^(g)		25	%		12	%		17	%		8	%		18	%^(e)		7	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			91

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Oil Equipment & Services ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 05/01/15 to 03/31/16	^(a)		Year Ended 04/30/15


Net asset value, beginning of period	$	25.24		$	32.41		$	42.09		$	35.72		$	54.16		$	70.65

Net investment income^(b)		0.47			0.34			1.18	^(c)		0.33			0.71			0.93
Net realized and unrealized gain (loss)^(d)		(19.27	)		(7.14	)		(9.61	)		6.39			(18.42	)		(16.48	)

Net increase (decrease) from investment operations		(18.80	)		(6.80	)		(8.43	)		6.72			(17.71	)		(15.55	)


Distributions^(e)
From net investment income		(0.47	)		(0.37	)		(1.25	)		(0.35	)		(0.73	)		(0.94	)

Total distributions		(0.47	)		(0.37	)		(1.25	)		(0.35	)		(0.73	)		(0.94	)


Net asset value, end of period	$	5.97		$	25.24		$	32.41		$	42.09		$	35.72		$	54.16


Total Return
Based on net asset value		(75.48	)%		(21.10	)%		(20.19	)%^(f)		18.88	%		(32.83	)%^(g)		(22.07	)%


Ratios to Average Net Assets
Total expenses		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%^(h)		0.43	%

Net investment income		2.44	%		1.09	%		3.37	%^(c)		0.81	%		1.91	%^(h)		1.52	%


Supplemental Data
Net assets, end of period (000)	$	25,669		$	155,238		$	204,188		$	250,434		$	233,938		$	389,980

Portfolio turnover rate⁽ⁱ⁾		23	%		35	%		25	%		27	%		18	%^(g)		14	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	Includes a one-time special distribution from Baker Hughes Inc. Excluding such special distribution, the net investment income would have been $0.37 per share and 1.05% of average net assets.

^(d)	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.

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

^(f)	Includes proceeds received from a class action litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been (20.37)% for the year ended March 31, 2018.

^(g)	Not annualized.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


92		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Pharmaceuticals ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 05/01/15 to 03/31/16	^(a)		Year Ended 04/30/15


Net asset value, beginning of period	$	154.05		$	147.20		$	150.97		$	137.03		$	168.05		$	129.31

Net investment income^(b)		2.14			1.73			2.25			1.28			1.54			1.53
Net realized and unrealized gain (loss)^(c)		(19.09	)		6.91			(3.75	)		14.01			(29.40	)		39.00

Net increase (decrease) from investment operations		(16.95	)		8.64			(1.50	)		15.29			(27.86	)		40.53


Distributions^(d)
From net investment income		(2.27	)		(1.79	)		(2.27	)		(1.35	)		(1.52	)		(1.61	)
From net realized gain		—			—			—			—			(1.64	)		(0.18	)

Total distributions		(2.27	)		(1.79	)		(2.27	)		(1.35	)		(3.16	)		(1.79	)


Net asset value, end of period	$	134.83		$	154.05		$	147.20		$	150.97		$	137.03		$	168.05


Total Return
Based on net asset value		(11.06	)%		5.88	%		(1.05	)%		11.19	%		(16.84	)%^(e)		31.58	%


Ratios to Average Net Assets
Total expenses		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%^(f)		0.43	%

Net investment income		1.45	%		1.12	%		1.47	%		0.87	%		1.03	%^(f)		1.03	%


Supplemental Data
Net assets, end of period (000)	$	276,404		$	385,114		$	390,088		$	717,098		$	637,189		$	1,167,951

Portfolio turnover rate^(g)		40	%		51	%		23	%		33	%		31	%^(e)		37	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			93

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Real Estate ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 05/01/15 to 03/31/16	^(a)		Year Ended 04/30/15


Net asset value, beginning of period	$	86.99		$	75.48		$	78.51		$	77.88		$	75.44		$	69.75

Net investment income^(b)		2.16			2.28			2.22			2.19			1.84			1.92
Net realized and unrealized gain (loss)^(c)		(16.61	)		11.86			(2.36	)		1.67			3.79			6.47

Net increase (decrease)from investment operations		(14.45	)		14.14			(0.14	)		3.86			5.63			8.39


Distributions^(d)
From net investment income		(2.83	)		(2.63	)		(2.89	)		(3.23	)		(2.60	)		(2.55	)
From net realized gain		—			—			—			—			(0.59	)		(0.15	)

Total distributions		(2.83	)		(2.63	)		(2.89	)		(3.23	)		(3.19	)		(2.70	)


Net asset value, end of period	$	69.71		$	86.99		$	75.48		$	78.51		$	77.88		$	75.44


Total Return
Based on net asset value		(17.14	)%		19.09	%		(0.29	)%		5.03	%		7.77	%^(e)		12.14	%


Ratios to Average Net Assets
Total expenses		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%^(f)		0.43	%

Net investment income		2.39	%		2.85	%		2.80	%		2.77	%		2.72	%^(f)		2.55	%


Supplemental Data
Net assets, end of period (000)	$	3,067,098		$	4,597,605		$	3,596,742		$	4,608,522		$	4,466,380		$	4,937,495

Portfolio turnover rate^(g)		8	%		11	%		13	%		18	%		13	%^(e)		21	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


94		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Regional Banks ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 05/01/15 to 03/31/16	^(a)		Year Ended 04/30/15


Net asset value, beginning of period	$	43.44		$	50.39		$	44.79		$	31.79		$	34.87		$	33.02

Net investment income^(b)		1.20			1.01			0.80			0.71			0.63			0.61
Net realized and unrealized gain (loss)^(c)		(14.32	)		(6.91	)		5.60			12.95			(3.04	)		1.84

Net increase (decrease) from investment operations		(13.12	)		(5.90	)		6.40			13.66			(2.41	)		2.45


Distributions^(d)
From net investment income		(1.32	)		(1.05	)		(0.80	)		(0.66	)		(0.67	)		(0.60	)

Total distributions		(1.32	)		(1.05	)		(0.80	)		(0.66	)		(0.67	)		(0.60	)


Net asset value, end of period	$	29.00		$	43.44		$	50.39		$	44.79		$	31.79		$	34.87


Total Return
Based on net asset value		(31.09	)%		(11.79	)%		14.42	%		43.37	%		(7.08	)%^(e)		7.44	%


Ratios to Average Net Assets
Total expenses		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%^(f)		0.43	%

Net investment income		2.60	%		2.08	%		1.68	%		1.79	%		1.99	%^(f)		1.80	%


Supplemental Data
Net assets, end of period (000)	$	197,182		$	519,088		$	902,061		$	747,957		$	410,119		$	543,990

Portfolio turnover rate^(g)		5	%		10	%		4	%		6	%		11	%^(e)		5	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			95

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Telecommunications ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 05/01/15 to 03/31/16	^(a)		Year Ended 04/30/15


Net asset value, beginning of period	$	29.73		$	27.06		$	32.38		$	30.71		$	30.75		$	29.34

Net investment income^(b)		0.71			0.49			0.74			0.66			0.44			0.64
Net realized and unrealized gain (loss)^(c)		(4.80	)		2.71			(5.08	)		1.87			0.12			1.43

Net increase (decrease) from investment operations		(4.09	)		3.20			(4.34	)		2.53			0.56			2.07


Distributions^(d)
From net investment income		(0.76	)		(0.53	)		(0.98	)		(0.86	)		(0.60	)		(0.66	)

Total distributions		(0.76	)		(0.53	)		(0.98	)		(0.86	)		(0.60	)		(0.66	)


Net asset value, end of period	$	24.88		$	29.73		$	27.06		$	32.38		$	30.71		$	30.75


Total Return
Based on net asset value		(13.99	)%		11.91	%		(13.63	)%		8.25	%		1.93	%^(e)		7.15	%


Ratios to Average Net Assets
Total expenses		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%^(f)		0.43	%

Net investment income		2.40	%		1.73	%		2.41	%		2.02	%		1.67	%^(f)		2.14	%


Supplemental Data
Net assets, end of period (000)	$	292,379		$	463,756		$	316,596		$	519,768		$	560,382		$	713,380

Portfolio turnover rate^(g)		41	%		35	%		86	%		47	%		24	%^(e)		49	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


96		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
Focused Value Factor		Non-diversified
U.S. Aerospace & Defense		Non-diversified
U.S. Broker-Dealers & Securities Exchanges		Non-diversified
U.S. Healthcare Providers		Non-diversified
U.S. Home Construction		Non-diversified
U.S. Infrastructure		Non-diversified
U.S. Insurance		Non-diversified
U.S. Medical Devices		Non-diversified
U.S. Oil & Gas Exploration & Production		Non-diversified
U.S. Oil Equipment & Services		Non-diversified
U.S. Pharmaceuticals		Non-diversified
U.S. Real Estate		Diversified
U.S. Regional Banks		Non-diversified
U.S. Telecommunications		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.


NOTES TO FINANCIAL STATEMENTS			97

Notes to Financial Statements (continued)

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

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 for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

SECURITIES AND OTHER INVESTMENTS


98		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Focused Value Factor
Goldman Sachs & Co	$	452,933	$	452,933		$	—	$	—

U.S. Aerospace & Defense
Barclays Bank PLC	$	538,559	$	538,559		$	—	$	—
Barclays Capital Inc.		32,385		32,385			—		—
BNP Paribas Prime Brokerage International Ltd.		579,871		579,871			—		—
BNP Paribas Securities Corp.		12,393		12,393			—		—
BofA Securities, Inc.		7,867,370		7,867,370			—		—
Citadel Clearing LLC		6,510,692		6,510,692			—		—
Citigroup Global Markets Inc.		867,735		867,735			—		—
Credit Suisse AG		2,497,068		2,497,068			—		—
Deutsche Bank Securities Inc.		139,584		138,968			—		(616	)^(b)
Goldman Sachs & Co.		2,365,414		2,365,414			—		—
HSBC Bank PLC		285,261		285,261			—		—
JPMorgan Securities LLC		22,488,504		22,488,504			—		—
Morgan Stanley & Co. LLC		19,834,397		19,834,397			—		—
National Financial Services LLC		1,822,704		1,822,704			—		—
RBC Capital Markets LLC		117,257		117,257			—		—
Scotia Capital (USA) Inc.		205,068		205,068			—		—
SG Americas Securities LLC		14,922		14,922			—		—
State Street Bank & Trust Company		13,571		13,571			—		—
UBS AG		19,423,044		19,423,044			—		—
UBS Securities LLC		1,924,938		1,924,938			—		—
Virtu Americas LLC		513,922		513,922			—		—
Wells Fargo Bank, National Association		4,260,095		4,260,095			—		—
Wells Fargo Securities LLC		819,987		819,987			—		—

	$	93,134,741	$	93,134,125		$	—	$	(616	)

U.S. Broker-Dealers & Securities Exchanges
BNP Paribas Prime Brokerage International Ltd.	$	101,237	$	101,237		$	—	$	—
BofA Securities, Inc.		1,647,300		1,647,300			—		—
Citigroup Global Markets Inc.		17,482		17,482			—		—

	$	1,766,019	$	1,766,019		$	—	$	—


NOTES TO FINANCIAL STATEMENTS			99

Notes to Financial Statements (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

U.S. Healthcare Providers
Barclays Bank PLC	$	353,651	$	353,651		$	—	$	—
Barclays Capital Inc.		1,543,332		1,543,332			—		—
BNP Paribas Prime Brokerage International Ltd.		3,383,695		3,383,695			—		—
BNP Paribas Securities Corp.		2,507,597		2,507,597			—		—
BofA Securities, Inc.		22,499,328		22,499,328			—		—
Citigroup Global Markets Inc.		30,418		30,129			—		(289	)^(b)
Credit Suisse AG		321,636		321,636			—		—
Credit Suisse Securities (USA) LLC		696,416		696,416			—		—
Deutsche Bank Securities Inc.		36,603		36,603			—		—
Goldman Sachs & Co.		9,762,466		9,762,466			—		—
HSBC Bank PLC		2,374,841		2,374,841			—		—
Jefferies LLC		19,816		19,816			—		—
JPMorgan Securities LLC		3,663,172		3,663,172			—		—
Morgan Stanley & Co. LLC		1,007,512		1,007,512			—		—
National Financial Services LLC		18,180		18,180			—		—
Nomura Securities International Inc.		418,990		418,990			—		—
UBS AG		2,955,708		2,955,708			—		—
UBS Securities LLC		1,394,230		1,394,230			—		—
Wells Fargo Bank, National Association		998,703		997,162			—		(1,541	)^(b)
Wells Fargo Securities LLC		334,800		334,800			—		—

	$	54,321,094	$	54,319,264		$	—	$	(1,830	)

U.S. Home Construction
Barclays Capital Inc.	$	40,700	$	40,700		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		2,467,113		2,467,113			—		—
BofA Securities, Inc.		1,682,114		1,682,114			—		—
Citigroup Global Markets Inc.		11,037,523		11,037,523			—		—
Credit Suisse AG		2,266,902		2,266,902			—		—
Deutsche Bank Securities Inc.		148,591		148,591			—		—
HSBC Bank PLC		21,282		21,282			—		—
JPMorgan Securities LLC		8,073,078		8,073,078			—		—
Morgan Stanley & Co. LLC		722		722			—		—
Scotia Capital (USA) Inc.		93,061		93,061			—		—
SG Americas Securities LLC		169,737		161,744			—		(7,993	)^(b)
Wells Fargo Bank, National Association		1,035,211		1,035,211			—		—
Wells Fargo Securities LLC		2,532,691		2,532,691			—		—

	$	29,568,725	$	29,560,732		$	—	$	(7,993	)

U.S. Infrastructure
Barclays Capital Inc.	$	19,624	$	18,614		$	—	$	(1,010	)^(b)
BofA Securities, Inc.		98		95			—		(3	)^(b)
Citadel Clearing LLC		25,825		25,825			—		—
Citigroup Global Markets Inc.		22,643		21,562			—		(1,081	)^(b)
Credit Suisse Securities (USA) LLC		26,571		26,571			—		—
UBS AG		19,574		18,597			—		(977	)^(b)

	$	114,335	$	111,264		$	—	$	(3,071	)

U.S. Insurance
Barclays Bank PLC	$	206,805	$	206,805		$	—	$	—
BofA Securities, Inc.		52,715		52,715			—		—
Goldman Sachs & Co.		194,708		194,708			—		—
HSBC Bank PLC		14,082		14,082			—		—
Scotia Capital (USA) Inc.		2,417		2,417			—		—
SG Americas Securities LLC		120,720		120,720			—		—
Wells Fargo Securities LLC		101,371		101,371			—		—

	$	692,818	$	692,818		$	—	$	—


100		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

U.S. Medical Devices
Barclays Bank PLC	$	1,097,530	$	1,097,530		$	—	$	—
Barclays Capital Inc.		155,360		155,360			—		—
BNP Paribas Prime Brokerage International Ltd.		6,770,242		6,770,242			—		—
BofA Securities, Inc.		11,933,970		11,933,970			—		—
Citigroup Global Markets Inc.		56,003,334		56,003,334			—		—
Credit Suisse AG		17,648,801		17,648,801			—		—
Credit Suisse Securities (USA) LLC		20,642		20,486			—		(156	)^(b)
Deutsche Bank Securities Inc.		109,684		109,684			—		—
Goldman Sachs & Co.		2,594,033		2,594,033			—		—
HSBC Bank PLC		483,303		483,303			—		—
Jefferies LLC		4,846,216		4,846,216			—		—
JPMorgan Securities LLC		20,467,868		20,467,868			—		—
Morgan Stanley & Co. LLC		6,140,964		6,140,964			—		—
National Financial Services LLC		2,235,818		2,235,818			—		—
Scotia Capital (USA) Inc.		70,978		70,978			—		—
SG Americas Securities LLC		844,435		844,435			—		—
State Street Bank & Trust Company		1,616		1,616			—		—
UBS AG		18,521,976		18,521,976			—		—
UBS Securities LLC		6,699,622		6,699,622			—		—
Virtu Americas LLC		2,504,817		2,504,817			—		—
Wells Fargo Bank, National Association		2,762,534		2,762,534			—		—
Wells Fargo Securities LLC		193,307		190,785			—		(2,522	)^(b)

	$	162,107,050	$	162,104,372		$	—	$	(2,678	)

U.S. Oil & Gas Exploration & Production
Barclays Bank PLC	$	62,177	$	62,177		$	—	$	—
Barclays Capital Inc.		21,802		21,802			—		—
BNP Paribas Securities Corp.		52,800		52,800			—		—
BofA Securities, Inc.		1,842,500		1,833,449			—		(9,051	)^(b)
Citigroup Global Markets Inc.		48,364		48,364			—		—
Credit Suisse AG		113,385		113,385			—		—
Credit Suisse Securities (USA) LLC		2,521		2,521			—		—
Deutsche Bank Securities Inc.		4,376		4,376			—		—
Goldman Sachs & Co.		11,550		11,550			—		—
JPMorgan Securities LLC		17,742		17,742			—		—
Scotia Capital (USA) Inc.		4,295		4,295			—		—
UBS AG		130,140		130,140			—		—
UBS Securities LLC		30,560		30,560			—		—
Wells Fargo Bank, National Association		69,444		59,853			—		(9,591	)^(b)
Wells Fargo Securities LLC		38,943		38,943			—		—

	$	2,450,599	$	2,431,957		$	—	$	(18,642	)

U.S. Oil Equipment & Services
BNP Paribas Prime Brokerage International Ltd.	$	2,124	$	2,028		$	—	$	(96	)^(b)
BofA Securities, Inc.		1,068,167		1,061,302			—		(6,865	)^(b)
Credit Suisse AG		116,838		116,838			—		—
Credit Suisse Securities (USA) LLC		5,180		5,180			—		—
Deutsche Bank Securities Inc.		4,819		4,590			—		(229	)^(b)
Goldman Sachs & Co.		38,405		38,405			—		—
Morgan Stanley & Co. LLC		1,311,706		1,253,296			—		(58,410	)^(b)
RBC Capital Markets LLC		42,575		42,575			—		—
Scotia Capital (USA) Inc.		41,694		41,694			—		—
UBS AG		54,510		54,510			—		—

	$	2,686,018	$	2,620,418		$	—	$	(65,600	)


NOTES TO FINANCIAL STATEMENTS			101

Notes to Financial Statements (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount

U.S. Pharmaceuticals
Barclays Bank PLC	$	1,718,132	$	1,718,132	$	—	$	—
Barclays Capital Inc.		45,654		45,654		—		—
BNP Paribas Prime Brokerage International Ltd.		51,642		51,642		—		—
BofA Securities, Inc.		5,883		5,878		—		(5	)^(b)
Citigroup Global Markets Inc.		496,030		496,030		—		—
Credit Suisse AG		508		508		—		—
Credit Suisse Securities (USA) LLC		367,449		367,449		—		—
Goldman Sachs & Co.		773,954		678,045		—		(95,909	)^(b)
JPMorgan Securities LLC		860,898		860,898		—		—
Morgan Stanley & Co. LLC		3,376,753		3,376,753		—		—
SG Americas Securities LLC		36,575		36,575		—		—
UBS AG		21,106		21,106		—		—
UBS Securities LLC		59,298		59,298		—		—

	$	7,813,882	$	7,717,968	$	—	$	(95,914	)

U.S. Real Estate
BofA Securities, Inc.	$	2,059,992	$	2,059,992	$	—	$	—
HSBC Bank PLC		2,021		2,021		—		—
Morgan Stanley & Co. LLC		12,448,852		12,448,852		—		—
State Street Bank & Trust Company		1,050		1,050		—		—
Wells Fargo Bank, National Association		596,136		596,136		—		—

	$	15,108,051	$	15,108,051	$	—	$	—

U.S. Regional Banks
BNP Paribas Securities Corp.	$	105,756	$	105,756	$	—	$	—

U.S. Telecommunications
Barclays Bank PLC	$	228,522	$	228,522	$	—	$	—
Barclays Capital Inc.		143,284		143,284		—		—
BNP Paribas Prime Brokerage International Ltd.		27,072		27,072		—		—
BNP Paribas Securities Corp.		415,857		415,857		—		—
BofA Securities, Inc.		10,044,687		10,044,687		—		—
Citigroup Global Markets Inc.		2,318,628		2,318,628		—		—
Credit Suisse AG		12,121		12,121		—		—
Goldman Sachs & Co.		150,895		150,895		—		—
HSBC Bank PLC		269,329		229,565		—		(39,764	)^(b)
JPMorgan Securities LLC		252,749		252,749		—		—
Morgan Stanley & Co. LLC		6,927,800		6,927,800		—		—
National Financial Services LLC		59,384		59,384		—		—
Scotia Capital (USA) Inc.		60,828		60,828		—		—
SG Americas Securities LLC		141,785		141,785		—		—
UBS AG		1,818,345		1,818,345		—		—
UBS Securities LLC		284,087		284,087		—		—
Virtu Americas LLC		463,542		463,542		—		—
Wells Fargo Bank, National Association		367,870		367,870		—		—
Wells Fargo Securities LLC		551,310		551,310		—		—

	$	24,538,095	$	24,498,331	$	—	$	(39,764	)

^(a)

^(b)


102		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements (continued)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each Fund, except for the iShares Focused Value Factor ETF and iShares U.S. Infrastructure ETF, 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 $10 billion		0.48%
Over $10 billion, up to and including $20 billion		0.43
Over $20 billion, up to and including $30 billion		0.38
Over $30 billion, up to and including $40 billion		0.34
Over $40 billion, up to and including $50 billion		0.33
Over $50 billion		0.31

For its investment advisory services to the iShares Focused Value Factor ETF and iShares U.S. Infrastructure ETF, BFA is entitled to an annual investment advisory fee of 0.25% and 0.40%, respectively, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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.


NOTES TO FINANCIAL STATEMENTS			103


Notes to Financial Statements (continued)


iShares ETF	Fees Paid to BTC
Focused Value Factor	$	215
U.S. Aerospace & Defense		171,985
U.S. Broker-Dealers & Securities Exchanges		1,877
U.S. Healthcare Providers		68,828
U.S. Home Construction		65,840
U.S. Infrastructure		2,031
U.S. Insurance		4,166
U.S. Medical Devices		427,188
U.S. Oil & Gas Exploration & Production		34,428
U.S. Oil Equipment & Services		19,964
U.S. Pharmaceuticals		69,448
U.S. Real Estate		19,700
U.S. Regional Banks		11,315
U.S. Telecommunications		37,703

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

For the year ended March 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
U.S. Aerospace & Defense	$	241,492,115	$	305,988,877	$	(498,020)
U.S. Broker-Dealers & Securities Exchanges		10,441,207		5,801,545		(189,888)
U.S. Healthcare Providers		66,019,627		37,768,085		(7,554,426)
U.S. Home Construction		48,518,629		25,783,918		(4,869,971)
U.S. Insurance		3,499,849		1,023,483		(246,700)
U.S. Medical Devices		46,676,104		90,977,257		(3,319,132)
U.S. Oil & Gas Exploration & Production		17,931,527		15,809,652		(4,490,339)
U.S. Oil Equipment & Services		6,902,979		9,508,859		(13,522,951)
U.S. Pharmaceuticals		83,309,404		59,444,884		(17,268,565)
U.S. Real Estate		19,553,392		36,255,910		(9,622,686)
U.S. Regional Banks		4,636,669		1,264,627		(207,187)
U.S. Telecommunications		21,901,106		96,278,775		(12,686,798)


104		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements (continued)

7.	PURCHASES AND SALES

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Focused Value Factor	$	44,140,424	$	44,216,368
U.S. Aerospace & Defense		1,032,612,269		1,048,115,139
U.S. Broker-Dealers & Securities Exchanges		35,458,348		35,510,936
U.S. Healthcare Providers		248,442,252		252,727,729
U.S. Home Construction		172,873,032		177,368,393
U.S. Infrastructure		1,492,922		1,480,995
U.S. Insurance		8,271,285		8,966,604
U.S. Medical Devices		382,291,046		386,762,713
U.S. Oil & Gas Exploration & Production		54,190,060		55,208,217
U.S. Oil Equipment & Services		21,444,445		21,792,709
U.S. Pharmaceuticals		134,062,246		135,508,602
U.S. Real Estate		348,614,820		343,890,618
U.S. Regional Banks		21,345,218		23,618,734
U.S. Telecommunications		171,396,053		173,247,485

For the year ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Focused Value Factor	$	—	$	2,277,202
U.S. Aerospace & Defense		1,366,469,678		2,228,952,281
U.S. Broker-Dealers & Securities Exchanges		37,965,184		89,573,196
U.S. Healthcare Providers		816,464,088		811,524,057
U.S. Home Construction		3,343,014,221		3,513,378,932
U.S. Infrastructure		1,291,444		—
U.S. Insurance		3,166,480		22,379,017
U.S. Medical Devices		3,402,627,917		2,718,881,642
U.S. Oil & Gas Exploration & Production		70,651,077		112,845,341
U.S. Oil Equipment & Services		31,038,780		73,213,915
U.S. Pharmaceuticals		231,264,544		299,448,268
U.S. Real Estate		16,276,423,392		17,066,983,066
U.S. Regional Banks		34,097,184		262,852,279
U.S. Telecommunications		607,380,528		713,488,762

8.	INCOME TAX INFORMATION


NOTES TO FINANCIAL STATEMENTS			105


Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2020, 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:


iShares ETF	Paid-in Capital			Accumulated Loss
Focused Value Factor	$	20,959		$	(20,959)
U.S. Aerospace & Defense		239,185,991			(239,185,991)
U.S. Broker-Dealers & Securities Exchanges		(2,604,975	)		2,604,975
U.S. Healthcare Providers		18,907,632			(18,907,632)
U.S. Home Construction		28,120,458			(28,120,458)
U.S. Insurance		3,484,204			(3,484,204)
U.S. Medical Devices		395,981,713			(395,981,713)
U.S. Oil & Gas Exploration & Production		(22,211,074	)		22,211,074
U.S. Oil Equipment & Services		(28,981,447	)		28,981,447
U.S. Pharmaceuticals		28,106,483			(28,106,483)
U.S. Real Estate		488,188,016			(488,188,016)
U.S. Regional Banks		(9,130,709	)		9,130,709
U.S. Telecommunications		22,467,442			(22,467,442)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Period Ended 03/31/19
Focused Value Factor
Ordinary income	$	886,738	$	—


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
U.S. Aerospace & Defense
Ordinary income	$	84,797,489	$	49,513,982
Long-term capital gains		—		7,927,303

	$	84,797,489	$	57,441,285

U.S. Broker-Dealers & Securities Exchanges
Ordinary income	$	3,658,799	$	4,982,516

U.S. Healthcare Providers
Ordinary income	$	6,589,181	$	34,031,357

U.S. Home Construction
Ordinary income	$	6,569,106	$	6,028,083


iShares ETF	Year Ended 03/31/20		Period Ended 03/31/19
U.S. Infrastructure
Ordinary income	$	118,715	$	112,343
Return of capital		14,204		242

	$	132,919	$	112,585


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
U.S. Insurance
Ordinary income	$	2,042,667	$	2,145,705

U.S. Medical Devices
Ordinary income	$	15,429,791	$	6,956,266

U.S. Oil & Gas Exploration & Production
Ordinary income	$	4,636,142	$	5,694,353

U.S. Oil Equipment & Services
Ordinary income	$	2,287,708	$	2,867,183


106		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements (continued)


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
U.S. Pharmaceuticals
Ordinary income	$	4,902,342	$	4,607,197

U.S. Real Estate
Ordinary income	$	140,400,588	$	138,914,692

U.S. Regional Banks
Ordinary income	$	11,196,908	$	16,201,489

U.S. Telecommunications
Ordinary income	$	9,996,669	$	8,492,233

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
Focused Value Factor	$	—	$	(338,591	)	$	(11,333,373	)	$	(11,671,964)
U.S. Aerospace & Defense		—		(196,788,244	)		(1,230,021,035	)		(1,426,809,279)
U.S. Broker-Dealers & Securities Exchanges		155,197		(32,126,015	)		(45,032,263	)		(77,003,081)
U.S. Healthcare Providers		345,107		(97,142,424	)		(145,888,306	)		(242,685,623)
U.S. Home Construction		32,947		(36,301,853	)		(501,159,847	)		(537,428,753)
U.S. Infrastructure		—		(29,247	)		(1,211,534	)		(1,240,781)
U.S. Insurance		—		(1,667,808	)		(14,971,786	)		(16,639,594)
U.S. Medical Devices		4,011,038		(37,052,155	)		(297,876,547	)		(330,917,664)
U.S. Oil & Gas Exploration & Production		—		(103,489,644	)		(230,571,185	)		(334,060,829)
U.S. Oil Equipment & Services		35,149		(202,655,454	)		(127,391,571	)		(330,011,876)
U.S. Pharmaceuticals		—		(161,449,195	)		(69,175,160	)		(230,624,355)
U.S. Real Estate		—		(41,177,503	)		(1,469,288,120	)		(1,510,465,623)
U.S. Regional Banks		505,902		(11,593,640	)		(148,346,101	)		(159,433,839)
U.S. Telecommunications		52,244		(202,192,179	)		(86,913,400	)		(289,053,335)

^(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 timing and recognition of partnership income, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and the characterization of corporate actions.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Focused Value Factor	$	29,926,079	$	466,007	$	(11,799,380	)	$	(11,333,373)
U.S. Aerospace & Defense		4,161,727,583		66,247,160		(1,296,268,195	)		(1,230,021,035)
U.S. Broker-Dealers & Securities Exchanges		187,872,524		3,168,997		(48,201,260	)		(45,032,263)
U.S. Healthcare Providers		986,465,398		18,573,557		(164,461,863	)		(145,888,306)
U.S. Home Construction		1,241,862,756		11,411		(501,171,258	)		(501,159,847)
U.S. Infrastructure		6,384,330		292,250		(1,503,784	)		(1,211,534)
U.S. Insurance		77,791,679		4,930,410		(19,902,196	)		(14,971,786)
U.S. Medical Devices		4,612,138,616		100,921,276		(398,797,823	)		(297,876,547)
U.S. Oil & Gas Exploration & Production		324,035,240		946		(230,572,131	)		(230,571,185)
U.S. Oil Equipment & Services		155,505,097		708		(127,392,279	)		(127,391,571)
U.S. Pharmaceuticals		353,583,397		5,369,892		(74,545,052	)		(69,175,160)
U.S. Real Estate		4,536,880,306		11,204,228		(1,480,492,348	)		(1,469,288,120)
U.S. Regional Banks		345,187,869		229,755		(148,575,856	)		(148,346,101)
U.S. Telecommunications		404,956,536		2,281,456		(89,194,856	)		(86,913,400)

9.	PRINCIPAL RISKS


NOTES TO FINANCIAL STATEMENTS			107


Notes to Financial Statements (continued)

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.

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Year Ended 03/31/20						Period Ended 03/31/19
iShares ETF	Shares			Amount			Shares		Amount
Focused Value Factor
Shares sold		—		$	—			650,000	$	32,132,430
Shares redeemed		(50,000	)		(2,340,510	)		—		—

Net increase (decrease)		(50,000	)	$	(2,340,510	)		650,000	$	32,132,430


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
U.S. Aerospace & Defense
Shares sold		6,200,000		$	1,376,639,641			13,000,000		$	2,595,532,840
Shares redeemed		(11,650,000	)		(2,252,778,280	)		(16,900,000	)		(3,281,796,053	)

Net decrease		(5,450,000	)	$	(876,138,639	)		(3,900,000	)	$	(686,263,213	)

U.S. Broker-Dealers & Securities Exchanges
Shares sold		600,000		$	38,074,129			2,700,000		$	175,653,700
Shares redeemed		(1,550,000	)		(90,238,870	)		(4,300,000	)		(269,212,987	)

Net decrease		(950,000	)	$	(52,164,741	)		(1,600,000	)	$	(93,559,287	)


108		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements (continued)


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
U.S. Healthcare Providers
Shares sold		4,650,000		$	821,661,091			6,900,000		$	1,297,587,771
Shares redeemed		(4,700,000	)		(818,167,938	)		(5,150,000	)		(917,137,810	)

Net increase (decrease)		(50,000	)	$	3,493,153			1,750,000		$	380,449,961

U.S. Home Construction
Shares sold		77,750,000		$	3,359,582,082			84,200,000		$	2,960,440,133
Shares redeemed		(85,850,000	)		(3,534,948,189	)		(92,900,000	)		(3,302,487,737	)

Net decrease		(8,100,000	)	$	(175,366,107	)		(8,700,000	)	$	(342,047,604	)


	Year Ended 03/31/20				Period Ended 03/31/19
iShares ETF	Shares		Amount		Shares		Amount
U.S. Infrastructure
Shares sold		50,000	$	1,308,263		200,000	$	5,015,054


	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount
U.S. Insurance
Shares sold		50,000		$	3,430,500			250,000		$	15,038,177
Shares redeemed		(350,000	)		(23,165,635	)		(750,000	)		(47,702,824	)

Net decrease		(300,000	)	$	(19,735,135	)		(500,000	)	$	(32,664,647	)

U.S. Medical Devices
Shares sold		14,250,000		$	3,411,818,792			15,900,000		$	3,376,233,703
Shares redeemed		(11,650,000	)		(2,734,276,387	)		(9,400,000	)		(1,973,200,916	)

Net increase		2,600,000		$	677,542,405			6,500,000		$	1,403,032,787

U.S. Oil & Gas Exploration & Production
Shares sold		1,750,000		$	70,874,410			3,500,000		$	236,203,694
Shares redeemed		(2,550,000	)		(113,400,252	)		(4,500,000	)		(272,017,985	)

Net decrease		(800,000	)	$	(42,525,842	)		(1,000,000	)	$	(35,814,291	)

U.S. Oil Equipment & Services
Shares sold		2,050,000		$	31,187,835			4,800,000		$	157,329,627
Shares redeemed		(3,900,000	)		(73,627,485	)		(4,950,000	)		(131,215,679	)

Net increase (decrease)		(1,850,000	)	$	(42,439,650	)		(150,000	)	$	26,113,948

U.S. Pharmaceuticals
Shares sold		1,550,000		$	231,697,191			750,000		$	120,662,178
Shares redeemed		(2,000,000	)		(300,837,487	)		(900,000	)		(138,375,520	)

Net decrease		(450,000	)	$	(69,140,296	)		(150,000	)	$	(17,713,342	)

U.S. Real Estate
Shares sold		183,100,000		$	16,374,841,039			273,900,000		$	21,905,459,755
Shares redeemed		(191,950,000	)		(17,169,109,866	)		(268,700,000	)		(21,375,321,201	)

Net increase (decrease)		(8,850,000	)	$	(794,268,827	)		5,200,000		$	530,138,554

U.S. Regional Banks
Shares sold		800,000		$	34,265,228			3,000,000		$	149,110,678
Shares redeemed		(5,950,000	)		(265,069,950	)		(8,950,000	)		(426,339,452	)

Net decrease		(5,150,000	)	$	(230,804,722	)		(5,950,000	)	$	(277,228,774	)

U.S. Telecommunications
Shares sold		20,900,000		$	610,783,233			33,900,000		$	958,747,527
Shares redeemed		(24,750,000	)		(718,798,266	)		(30,000,000	)		(848,170,459	)

Net increase (decrease)		(3,850,000	)	$	(108,015,033	)		3,900,000		$	110,577,068


NOTES TO FINANCIAL STATEMENTS			109


Notes to Financial Statements (continued)

11.

LEGAL PROCEEDINGS

12.

SUBSEQUENT EVENTS


110		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Focused Value Factor ETF, iShares U.S. Aerospace & Defense ETF,

iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Healthcare Providers ETF,

iShares U.S. Home Construction ETF, iShares U.S. Infrastructure ETF, iShares U.S. Insurance ETF,

iShares U.S. Medical Devices ETF, iShares U.S. Oil & Gas Exploration & Production ETF,

iShares U.S. Oil Equipment & Services ETF, iShares U.S. Pharmaceuticals ETF, iShares U.S. Real Estate ETF,

iShares U.S. Regional Banks ETF and iShares U.S. Telecommunications ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Focused Value Factor ETF, iShares U.S. Aerospace & Defense ETF, iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Healthcare Providers ETF, iShares U.S. Home Construction ETF, iShares U.S. Infrastructure ETF, iShares U.S. Insurance ETF, iShares U.S. Medical Devices ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares U.S. Pharmaceuticals ETF, iShares U.S. Real Estate ETF, iShares U.S. Regional Banks ETF and iShares U.S. Telecommunications ETF (fourteen of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020 and the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2020, the results of each of their operations for the year ended March 31, 2020, and the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

iShares Focused Value Factor ETF: statement of changes in net assets for the year ended March 31, 2020 and for the period March 19, 2019 (commencement of operations) through March 31, 2019

iShares U.S. Infrastructure ETF: statement of changes in net assets for the year ended March 31, 2020 and for the period April 3, 2018 (commencement of operations) through March 31, 2019

iShares U.S. Aerospace & Defense ETF, iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Healthcare Providers ETF, iShares U.S. Home Construction ETF, iShares U.S. Insurance ETF, iShares U.S. Medical Devices ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares U.S. Pharmaceuticals ETF, iShares U.S. Real Estate ETF, iShares U.S. Regional Banks ETF and iShares U.S. Telecommunications ETF: statements of changes in net assets for each of the two years in the period ended March 31, 2020

Basis for Opinions

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, 2020 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 26, 2020

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


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			111


Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended March 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
Focused Value Factor		86.54%
U.S. Aerospace & Defense		100.00%
U.S. Broker-Dealers & Securities Exchanges		100.00%
U.S. Healthcare Providers		100.00%
U.S. Home Construction		100.00%
U.S. Infrastructure		100.00%
U.S. Insurance		100.00%
U.S. Medical Devices		100.00%
U.S. Oil & Gas Exploration & Production		100.00%
U.S. Oil Equipment & Services		55.16%
U.S. Pharmaceuticals		100.00%
U.S. Regional Banks		100.00%
U.S. Telecommunications		100.00%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
Focused Value Factor	$	820,479
U.S. Aerospace & Defense		102,392,602
U.S. Broker-Dealers & Securities Exchanges		4,796,686
U.S. Healthcare Providers		9,278,512
U.S. Home Construction		10,520,348
U.S. Infrastructure		141,771
U.S. Insurance		2,384,858
U.S. Medical Devices		32,639,248
U.S. Oil & Gas Exploration & Production		4,874,143
U.S. Oil Equipment & Services		2,641,829
U.S. Pharmaceuticals		6,081,014
U.S. Real Estate		2,495,234
U.S. Regional Banks		12,528,617
U.S. Telecommunications		11,258,173

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Business Income
Focused Value Factor	$	42,768
U.S. Real Estate		71,059,139


112		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Focused Value Factor ETF, iShares U.S. Aerospace & Defense ETF, iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Healthcare Providers ETF, iShares U.S. Home Construction ETF, iShares U.S. Infrastructure ETF, iShares U.S. Insurance ETF, iShares U.S. Medical Devices ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares U.S. Pharmaceuticals ETF, iShares U.S. Real Estate ETF, iShares U.S. Regional Banks ETF and iShares U.S. Telecommunications ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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:


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			113

Supplemental Information (unaudited)

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.


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Focused Value Factor	$	1.423906	$	—	$	—	$	1.423906		100	%		—	%		—	%		100	%
U.S. Aerospace & Defense		3.619226		—		—		3.619226		100			—			—			100
U.S. Infrastructure^(a)		0.531159		—		0.000520		0.531679		100			—			0	^(b)		100
U.S. Insurance		1.456279		—		—		1.456279		100			—			—			100
U.S. Medical Devices^(a)		0.897690		—		0.001482		0.899172		100			—			0	^(b)		100
U.S. Pharmaceuticals		2.265960		—		—		2.265960		100			—			—			100
U.S. Real Estate		2.831798		—		—		2.831798		100			—			—			100
U.S. Regional Banks		1.323289		—		—		1.323289		100			—			—			100
U.S. Telecommunications^(a)		0.749609		—		0.006185		0.755794		99			—			1			100

^(a)

^(b)

Rounds to less than 1%.

Premium/Discount Information

iShares Focused Value Factor ETF

Period Covered: March 21, 2019 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		29		11.15	%
At NAV		7		2.69
Less than 0.0% and Greater than –0.5%		224		86.16

		260		100.00	%


114		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)

iShares U.S. Aerospace & Defense ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.0% and Less than 4.5%		1		0.08	%
Greater than 1.5% and Less than 2.0%		2		0.15
Greater than 0.5% and Less than 1.0%		1		0.08
Greater than 0.0% and Less than 0.5%		615		46.58
At NAV		261		19.77
Less than 0.0% and Greater than –0.5%		434		32.88
Less than –0.5% and Greater than –1.0%		3		0.23
Less than –1.0% and Greater than –1.5%		3		0.23

		1,320		100.00	%

iShares U.S. Broker-Dealers & Securities Exchanges ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.5% and Less than 1.0%		1		0.08	%
Greater than 0.0% and Less than 0.5%		488		36.97
At NAV		222		16.82
Less than 0.0% and Greater than –0.5%		608		46.05
Less than –0.5% and Greater than –1.0%		1		0.08

		1,320		100.00	%

iShares U.S. Healthcare Providers ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.5% and Less than 1.0%		1		0.08	%
Greater than 0.0% and Less than 0.5%		491		37.20
At NAV		214		16.21
Less than 0.0% and Greater than –0.5%		613		46.43
Less than –2.0% and Greater than –2.5%		1		0.08

		1,320		100.00	%

iShares U.S. Home Construction ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.0% and Less than 3.5%		1		0.08	%
Greater than 2.0% and Less than 2.5%		4		0.30
Greater than 1.5% and Less than 2.0%		1		0.08
Greater than 1.0% and Less than 1.5%		2		0.15
Greater than 0.5% and Less than 1.0%		3		0.23
Greater than 0.0% and Less than 0.5%		584		44.23
At NAV		142		10.76
Less than 0.0% and Greater than –0.5%		576		43.64
Less than –0.5% and Greater than –1.0%		4		0.30
Less than –1.0% and Greater than –1.5%		2		0.15
Less than –2.0% and Greater than –2.5%		1		0.08

		1,320		100.00	%


SUPPLEMENTAL INFORMATION			115

Supplemental Information (unaudited) (continued)

iShares U.S. Infrastructure ETF

Period Covered: April 05, 2018 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		341		68.07	%
At NAV		22		4.39
Less than 0.0% and Greater than –0.5%		138		27.54

		501		100.00	%

iShares U.S. Insurance ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		424		32.12	%
At NAV		207		15.68
Less than 0.0% and Greater than –0.5%		688		52.12
Less than –1.0% and Greater than –1.5%		1		0.08

		1,320		100.00	%

iShares U.S. Medical Devices ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.0% and Less than 1.5%		1		0.08	%
Greater than 0.0% and Less than 0.5%		582		44.09
At NAV		277		20.98
Less than 0.0% and Greater than –0.5%		460		34.85

		1,320		100.00	%

iShares U.S. Oil & Gas Exploration & Production ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5% and Less than 3.0%		1		0.08	%
Greater than 2.0% and Less than 2.5%		1		0.08
Greater than 1.5% and Less than 2.0%		2		0.15
Greater than 1.0% and Less than 1.5%		1		0.08
Greater than 0.5% and Less than 1.0%		5		0.38
Greater than 0.0% and Less than 0.5%		444		33.63
At NAV		247		18.71
Less than 0.0% and Greater than –0.5%		610		46.21
Less than –0.5% and Greater than –1.0%		4		0.30
Less than –1.0% and Greater than –1.5%		3		0.23
Less than –1.5% and Greater than –2.0%		2		0.15

		1,320		100.00	%


116		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)

iShares U.S. Oil Equipment & Services ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		435		32.95	%
At NAV		148		11.21
Less than 0.0% and Greater than –0.5%		736		55.76
Less than –1.5% and Greater than –2.0%		1		0.08

		1,320		100.00	%

iShares U.S. Pharmaceuticals ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5% and Less than 3.0%		1		0.08	%
Greater than 0.0% and Less than 0.5%		340		25.76
At NAV		109		8.26
Less than 0.0% and Greater than –0.5%		870		65.90

		1,320		100.00	%

iShares U.S. Real Estate ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		440		33.33	%
At NAV		215		16.29
Less than 0.0% and Greater than –0.5%		664		50.30
Less than –0.5% and Greater than –1.0%		1		0.08

		1,320		100.00	%

iShares U.S. Regional Banks ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		423		32.05	%
At NAV		250		18.94
Less than 0.0% and Greater than –0.5%		647		49.01

		1,320		100.00	%


SUPPLEMENTAL INFORMATION			117

Supplemental Information (unaudited) (continued)

iShares U.S. Telecommunications ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 3.5% and Less than 4.0%		1		0.08	%
Greater than 2.0% and Less than 2.5%		1		0.08
Greater than 1.5% and Less than 2.0%		2		0.15
Greater than 1.0% and Less than 1.5%		3		0.23
Greater than 0.5% and Less than 1.0%		2		0.15
Greater than 0.0% and Less than 0.5%		612		46.35
At NAV		108		8.18
Less than 0.0% and Greater than –0.5%		586		44.39
Less than –0.5% and Greater than –1.0%		3		0.23
Less than –1.0% and Greater than –1.5%		1		0.08
Less than –1.5% and Greater than –2.0%		1		0.08

		1,320		100.00	%

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares U.S. Real Estate ETF and iShares U.S. Regional Banks 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

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.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.


118		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)

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 U.S. Real Estate ETF in respect of the Company’s financial year ending 31 December 2019 is USD 362.30 thousand. This figure is comprised of fixed remuneration of USD 167.5 thousand and variable remuneration of USD 194.8 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares U.S. Real Estate ETF in respect of the Company’s financial year ending 31 December 2019, to its senior management was USD 46.2 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 5.43 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares U.S. Regional Banks ETF in respect of the Company’s financial year ending 31 December 2019 is USD 34.02 thousand. This figure is comprised of fixed remuneration of USD 15.73 thousand and variable remuneration of USD 18.29 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares U.S. Regional Banks ETF in respect of the Company’s financial year ending 31 December 2019, to its senior management was USD 4.34 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.51 thousand.


SUPPLEMENTAL INFORMATION			119

Trustee and Officer Information

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 367 funds as of March 31, 2020. 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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito^(a)(63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji^(b)(49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company(since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


120		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).
Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


TRUSTEE AND OFFICER INFORMATION			121


General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


122		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares


GLOSSARY OF TERMS USED IN THIS REPORT			123

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, ICE Data Indices, LLC or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-AR-311-0320

LOGO


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares Mortgage Real Estate ETF | REM | Cboe BZX

iShares Residential Real Estate ETF | REZ | NYSE Arca

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		13
Statements of Operations		14
Statements of Changes in Net Assets		15
Financial Highlights		16
Notes to Financial Statements		18
Report of Independent Registered Public Accounting Firm		25
Important Tax Information (Unaudited)		26
Statement Regarding Liquidity Risk Management Program		27
Supplemental Information		28
Trustee and Officer Information		30
General Information		32

Market Overview

iShares Trust

Domestic Market Overview

The U.S. Federal Reserve Bank (“Fed”), which had already lowered interest rates three times in 2019 in an attempt to boost a slowing economy, also responded to the crisis. Two emergency interest rate reductions in March 2020 were enacted in an attempt to restore confidence in markets, bringing short-term interest rates down to a range of 0.00%–0.25%. The Fed further acted to stabilize credit markets by launching a bond-buying program that included U.S. Treasuries, corporate and municipal bonds, and securities backed by mortgages and auto loans.


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		iShares^® Mortgage Real Estate ETF

Investment Objective

The iShares Mortgage Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate investment trusts (REITs) that hold U.S. residential and commercial mortgages, as represented by the FTSE Nareit All Mortgage Capped 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		(51.80	)%		(7.93	)%		(0.54	)%		(51.80	)%		(33.85	)%		(5.31	)%
Fund Market		(51.86	)		(7.98	)		(0.57	)		(51.86	)		(34.03	)		(5.56	)
Index		(51.73	)		(7.58	)		(0.05	)		(51.73	)		(32.59	)		(0.45	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(10/01/19)

(03/31/20)

the Period

^(a)

(10/01/19)

(03/31/20)

the Period

^(a)

Ratio

1,000.00

473.10

1.77

1,000.00

1,022.60

2.43

0.48

^(a)


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Mortgage Real Estate ETF

Portfolio Management Commentary

Mortgage real estate investment trusts (“REITs”) declined sharply during the reporting period, driven primarily by a significant correction that began in February 2020 following the spread of the coronavirus. Prior to the global pandemic, mortgage REITs posted positive returns in an environment of solid economic growth and low interest rates. Mortgage REITs derive their income from the difference between the short-term interest rate at which they borrow funds to purchase securities and the long-term rates they earn on their investments, called their net interest margin (“NIM”). Following three interest rate decreases by the Fed in 2019, improving NIM and solid dividend yields led mortgage REITs to post solid gains until mid-February 2020.

However, as fears of a recession grew, mortgage REITs, which invest in mortgage-backed securities, declined. Fixed income market volatility and constrained liquidity in the short-term debt markets that mortgage REITs rely on for funding led to a sharp rise in short-term borrowing costs. Concerns that an abrupt economic slowdown would lead to a rise in missed mortgage payments weighed heavily on mortgage REITs, since these payments make up the cash flows of the underlying securities. As the value of securities held as collateral declined, mortgage REITs were forced to liquidate holdings to meet the credit requirements of their borrowing agreements, which further pressured mortgage REIT prices.

At the end of March 2020, the Fed announced sweeping quantitative easing measures aimed at stimulating lending and credit availability. The plan, which included unlimited purchases of government-backed agency mortgages, one segment of the mortgage REIT market, helped mortgage REITs rebound somewhat at the end of the reporting period.

Portfolio Information

ALLOCATION BY SECTOR


	Percent of
Sector		Total Investments	^(a)
Mortgage REITs		92.4	%
Industrial REITs		4.5
Diversified REITs		2.3
Specialized REITs		0.8

TEN LARGEST HOLDINGS


	Percent of
Security		Total Investments	^(a)
Annaly Capital Management Inc.		19.7	%
AGNC Investment Corp.		14.7
Starwood Property Trust Inc.		7.4
New Residential Investment Corp.		5.4
Blackstone Mortgage Trust Inc., Class A		4.7
Hannon Armstrong Sustainable Infrastructure Capital Inc.		4.5
Chimera Investment Corp.		4.3
Apollo Commercial Real Estate Finance Inc.		4.0
PennyMac Mortgage Investment Trust		3.3
Two Harbors Investment Corp.		3.2

^(a)

Excludes money market funds.


FUND SUMMARY			5


Fund Summary as of March 31, 2020		iShares^® Residential Real Estate ETF

Investment Objective

The iShares Residential Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. residential, healthcare and self-storage real estate equities, as represented by the FTSE Nareit All Residential Capped 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		(19.25	)%		1.47	%		9.09	%		(19.25	)%		7.57	%		138.60	%
Fund Market		(19.30	)		1.46			9.09			(19.30	)		7.54			138.69
Index		(18.88	)		1.84			9.54			(18.88	)		9.57			148.76

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(10/01/19)

(03/31/20)

the Period

^(a)

(10/01/19)

(03/31/20)

the Period

^(a)

Ratio

1,000.00

708.60

2.05

1,000.00

1,022.60

2.43

0.48

^(a)


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Residential Real Estate ETF

Portfolio Management Commentary

Residential real estate investment trusts (“REITs”) posted negative returns during the reporting period, driven primarily by sharp declines beginning in February 2020 following the spread of the coronavirus. Prior to the global pandemic, REITs posted positive returns in an environment of solid economic growth, low interest rates, and few property vacancies.

Healthcare REITs were the primary detractors from the Index’s return. The industry, consisting largely of companies that own medical offices, senior living facilities, and other healthcare-related properties, came under pressure due to excess supply in major markets, and was particularly negatively affected by the coronavirus outbreak. While rising demand for medical care typically benefits healthcare REITs, many of the industry’s companies own substantial portfolios of senior care facilities. Residents of these facilities are at the highest risk of complications from coronavirus, which led to concerns about demand and in turn, the inability of tenants to meet rent obligations. In addition, facilities were also affected by higher safety and cleaning expenditures to reduce the spread of infection. Concerns mounted that until the outbreak is brought under control, seniors are likely to delay plans to move to residential facilities, further pressuring the industry.

Residential REITs, particularly apartment properties, weighed notably on the Index’s return. Many property operators announced suspension of evictions, freezing of rent increases on renewed leases, and fee waivers on late rent payments. Analysts projected that the rate of tenants unable to meet rent obligations due to lost income during the economic downturn could be as high as 25%, which would negatively affect the industry’s revenues. In light of this economic uncertainty, developers suspended or slowed the construction of new properties.

Portfolio Information

ALLOCATION BY SECTOR


	Percent of
Sector		Total Investments	^(a)
Residential REITs		51.8	%
Health Care REITs		28.7
Specialized REITs		19.5

TEN LARGEST HOLDINGS


	Percent of
Security		Total Investments	^(a)
Public Storage		10.3	%
Equity Residential		7.9
AvalonBay Communities Inc.		7.2
Welltower Inc.		6.6
Essex Property Trust Inc.		5.0
Extra Space Storage Inc.		4.7
Invitation Homes Inc.		4.5
Sun Communities Inc.		4.5
Mid-America Apartment Communities Inc.		4.4
Healthpeak Properties Inc.		4.2

^(a)

Excludes money market funds.


FUND SUMMARY			7

About Fund Performance

Shareholder Expenses


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Mortgage Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Diversified REITs — 2.1%
iStar Inc.^(a)		1,184,620	$	12,568,818


Industrial REITs — 4.3%
Hannon Armstrong Sustainable Infrastructure Capital Inc.		1,230,899		25,122,649


Mortgage REITs — 87.1%
AG Mortgage Investment Trust Inc.		681,780		1,868,077
AGNC Investment Corp.		7,754,305		82,040,547
Annaly Capital Management Inc.		21,748,369		110,264,231
Anworth Mortgage Asset Corp.		1,935,565		2,187,188
Apollo Commercial Real Estate Finance Inc.		3,054,857		22,667,039
Arbor Realty Trust Inc.		1,791,988		8,780,741
Ares Commercial Real Estate Corp.		637,461		4,455,852
Arlington Asset Investment Corp., Class A		724,983		1,587,713
ARMOUR Residential REIT Inc.^(a)		1,173,317		10,336,923
Blackstone Mortgage Trust Inc., Class A		1,401,875		26,102,913
Capstead Mortgage Corp.		1,839,283		7,724,989
Cherry Hill Mortgage Investment Corp.		320,045		1,984,279
Chimera Investment Corp.		2,641,209		24,035,002
Dynex Capital Inc.		469,893		4,905,683
Ellington Financial Inc.		852,010		4,864,977
Ellington Residential Mortgage REIT		170,668		904,540
Exantas Capital Corp.		598,479		1,651,802
Granite Point Mortgage Trust Inc.		1,175,529		5,959,932
Great Ajax Corp.		349,440		2,222,438
Invesco Mortgage Capital Inc.		3,365,843		11,477,525
KKR Real Estate Finance Trust Inc.		529,845		7,952,974
Ladder Capital Corp.		1,837,745		8,710,911
MFA Financial Inc.		10,385,116		16,096,930
New Residential Investment Corp.		6,005,369		30,086,899
New York Mortgage Trust Inc.		7,676,047		11,897,873
Orchid Island Capital Inc.		1,301,493		3,839,404


Security	Shares		Value

Mortgage REITs (continued)
PennyMac Mortgage Investment Trust^(b)		1,764,322	$	18,737,100
Ready Capital Corp.		625,514		4,516,211
Redwood Trust Inc.		2,279,821		11,535,894
Starwood Property Trust Inc.		4,059,690		41,611,823
TPG RE Finance Trust Inc.		1,037,445		5,695,573
Two Harbors Investment Corp.		4,742,930		18,070,563
Western Asset Mortgage Capital Corp.		1,088,294		2,492,193

				517,266,739

Specialized REITs — 0.8%
Jernigan Capital Inc.		428,170		4,692,743


Total Common Stocks — 94.3% (Cost: $1,182,287,518)				559,650,949


Short-Term Investments

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(b)(c)(d)		7,820,405		7,818,841


Total Short -Term Investments — 1.3% (Cost: $7,817,756)				7,818,841


Total Investments in Securities — 95.6% (Cost: $1,190,105,274)				567,469,790

Other Assets, Less Liabilities — 4.4%				26,380,399


Net Assets — 100.0%			$	593,850,189

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

^(b)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


																			Change in
	Shares								Shares							Net			Unrealized
	Held at		Shares			Shares			Held at		Value at					Realized			Appreciation
Affiliated Issuer		03/31/19		Purchased			Sold			03/31/20		03/31/20		Income			Gain (Loss)	^(a)		(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		7,820,405	^(b)		—			7,820,405	$	7,818,841	$	22,717	^(c)	$	(857	)	$	1,085
BlackRock Cash Funds: Treasury, SL Agency Shares		1,301,545		—			(1,301,545	)^(b)		—		—		49,565			—			—
PennyMac Mortgage Investment Trust		1,301,679		1,095,557			(632,914	)		1,764,322		18,737,100		2,907,040			543,975			(18,661,014	)

											$	26,555,941	$	2,979,322		$	543,118		$	(18,659,929	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)


SCHEDULES OF INVESTMENTS			9

Schedule of Investments (continued)

March 31, 2020

iShares^® Mortgage Real Estate ETF

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

DJ U.S. Real Estate

1,421

06/19/20

39,021

(64,886

)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	64,886

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	709,508

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(168,324	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	28,281,424

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	559,650,949		$	—	$	—	$	559,650,949
Money Market Funds		7,818,841			—		—		7,818,841

	$	567,469,790		$	—	$	—	$	567,469,790

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(64,886	)	$	—	$	—	$	(64,886	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Residential Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Health Care REITs — 28.5%
CareTrust REIT Inc.		122,953	$	1,818,475
Community Healthcare Trust Inc.		24,705		945,707
Diversified Healthcare Trust		304,850		1,106,606
Global Medical REIT Inc.		49,730		503,268
Healthcare Realty Trust Inc.		170,774		4,769,718
Healthcare Trust of America Inc., Class A		278,602		6,764,457
Healthpeak Properties Inc.		581,798		13,875,882
LTC Properties Inc.		50,696		1,566,506
Medical Properties Trust Inc.		665,188		11,501,101
National Health Investors Inc.		54,856		2,716,469
New Senior Investment Group Inc.		108,620		278,067
Omega Healthcare Investors Inc.		292,518		7,763,428
Physicians Realty Trust		243,512		3,394,557
Sabra Health Care REIT Inc.		259,747		2,836,437
Universal Health Realty Income Trust		16,511		1,664,474
Ventas Inc.		428,168		11,474,902
Welltower Inc.		472,258		21,619,971

				94,600,025

Residential REITs — 51.4%
American Campus Communities Inc.		177,157		4,916,106
American Homes 4 Rent, Class A		333,108		7,728,106
Apartment Investment & Management Co., Class A		191,437		6,729,011
AvalonBay Communities Inc.		160,101		23,562,064
Bluerock Residential Growth REIT Inc.		30,683		170,904
BRT Apartments Corp.		12,907		132,297
Camden Property Trust		120,988		9,587,089
Clipper Realty Inc.		18,803		97,400
Equity LifeStyle Properties Inc.		224,682		12,914,721
Equity Residential		420,636		25,957,448
Essex Property Trust Inc.		75,225		16,567,554
Front Yard Residential Corp.		63,766		762,004
Independence Realty Trust Inc.		117,241		1,048,134
Investors Real Estate Trust		15,001		825,055
Invitation Homes Inc.^(a)		687,447		14,690,742
Mid-America Apartment Communities Inc.		141,711		14,600,484
NexPoint Residential Trust Inc.^(a)		25,528		643,561


Security	Shares		Value

Residential REITs (continued)
Preferred Apartment Communities Inc., Class A		58,882	$	422,773
Sun Communities Inc.		117,318		14,647,152
UDR Inc.		376,094		13,742,475
UMH Properties Inc.		46,614		506,228

				170,251,308

Specialized REITs — 19.3%
CubeSmart		248,904		6,668,138
Extra Space Storage Inc.		162,841		15,593,654
Life Storage Inc.		60,145		5,686,710
National Storage Affiliates Trust		76,414		2,261,854
Public Storage		170,285		33,820,304

				64,030,660


Total Common Stocks — 99.2% (Cost: $413,768,506)				328,881,993


Short-Term Investments

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(b)(c)(d)		1,155,719		1,155,488
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(b)(c)		830,000		830,000

				1,985,488


Total Short -Term Investments — 0.6% (Cost: $1,984,587)				1,985,488


Total Investments in Securities — 99.8% (Cost: $415,753,093)				330,867,481

Other Assets, Less Liabilities — 0.2%				691,592


Net Assets — 100.0%			$	331,559,073

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

^(b)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


															Change in
	Shares				Shares										Unrealized
	Held at				Held at		Value at					Net Realized			Appreciation
Affiliated Issuer		03/31/19	Net Activity			03/31/20		03/31/20		Income			Gain (Loss)	^(a)		(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—	1,155,719			1,155,719	$	1,155,488	$	4,547	^(b)	$	111		$	902
BlackRock Cash Funds: Treasury, SL Agency Shares		1,052,643	(222,643	)		830,000		830,000		18,022			—			—

							$	1,985,488	$	22,569		$	111		$	902

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


SCHEDULES OF INVESTMENTS			11

Schedule of Investments (continued)

March 31, 2020

iShares^® Residential Real Estate ETF

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

DJ U.S. Real Estate

06/19/20

2,609

74,488

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	74,488

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	3,727

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	42,190

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	2,844,202

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	328,881,993	$	—	$	—	$	328,881,993
Money Market Funds		1,985,488		—		—		1,985,488

	$	330,867,481	$	—	$	—	$	330,867,481

Derivative financial instruments^(a)
Assets
Futures Contracts	$	74,488	$	—	$	—	$	74,488

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

March 31, 2020


				iShares
	iShares			Residential
	Mortgage Real			Real Estate
	Estate ETF			ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	540,913,849		$	328,881,993
Affiliated^(c)		26,555,941			1,985,488
Cash		—			42,541
Cash pledged:
Futures contracts		2,458,000			320,000
Receivables:
Investments sold		43,176,717			—
Securities lending income — Affiliated		1,107			549
Dividends		15,442,392			1,696,966

Total assets		628,548,006			332,927,537


LIABILITIES
Bank overdraft		1,156,108			—
Collateral on securities loaned, at value		7,818,859			1,154,135
Payables:
Investments purchased		24,925,544			—
Variation margin on futures contracts		253,997			56,436
Capital shares redeemed		151,692			—
Investment advisory fees		391,617			157,893

Total liabilities		34,697,817			1,368,464


NET ASSETS	$	593,850,189		$	331,559,073


NET ASSETS CONSIST OF:
Paid-in capital	$	1,445,354,621		$	428,607,572
Accumulated loss		(851,504,432	)		(97,048,499	)

NET ASSETS	$	593,850,189		$	331,559,073


Shares outstanding		31,800,000			6,000,000

Net asset value	$	18.67		$	55.26

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Securities loaned, at value	$	7,099,917		$	1,108,052
^(b)Investments, at cost — Unaffiliated	$	1,148,841,299		$	413,768,507
^(c)Investments, at cost — Affiliated	$	41,263,975		$	1,984,586

See notes to financial statements.


FINANCIAL STATEMENTS			13

Statements of Operations

Year Ended March 31, 2020


	iShares			iShares
	Mortgage			Residential
	Real Estate			Real Estate
	ETF			ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	83,356,591		$	12,903,427
Dividends — Affiliated		2,956,605			18,022
Interest — Unaffiliated		5,994			935
Securities lending income — Affiliated — net		22,717			4,547

Total investment income		86,341,907			12,926,931


EXPENSES
Investment advisory fees		6,239,681			2,433,983

Total expenses		6,239,681			2,433,983

Net investment income		80,102,226			10,492,948


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(112,237,778	)		(7,692,177	)
Investments — Affiliated		(1,245,461	)		111
In-kind redemptions — Unaffiliated		22,271,560			28,840,511
In-kind redemptions — Affiliated		1,788,579			—
Futures contracts		709,508			3,727

Net realized gain (loss)		(88,713,592	)		21,152,172

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(625,644,430	)		(122,090,120	)
Investments — Affiliated		(18,659,929	)		902
Futures contracts		(168,324	)		42,190

Net change in unrealized appreciation (depreciation)		(644,472,683	)		(122,047,028	)

Net realized and unrealized loss		(733,186,275	)		(100,894,856	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(653,084,049	)	$	(90,401,908	)

See notes to financial statements.


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares						iShares
	Mortgage Real Estate ETF						Residential Real Estate ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	03/31/20			03/31/19			03/31/20			03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	80,102,226		$	83,336,541		$	10,492,948		$	9,130,716
Net realized gain (loss)		(88,713,592	)		(2,588,319	)		21,152,172			4,010,772
Net change in unrealized appreciation (depreciation)		(644,472,683	)		33,278,305			(122,047,028	)		62,910,908

Net increase (decrease) in net assets resulting from operations		(653,084,049	)		114,026,527			(90,401,908	)		76,052,396


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(80,102,225	)		(84,966,731	)		(14,849,342	)		(11,670,670	)
Return of capital		(35,545,411	)		(20,275,765	)		—			—

Decrease in net assets resulting from distributions to shareholders		(115,647,636	)		(105,242,496	)		(14,849,342	)		(11,670,670	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		110,552,916			238,710,927			5,934,825			81,330,914


NET ASSETS
Total increase (decrease) in net assets		(658,178,769	)		247,494,958			(99,316,425	)		145,712,640
Beginning of year		1,252,028,958			1,004,534,000			430,875,498			285,162,858

End of year	$	593,850,189		$	1,252,028,958		$	331,559,073		$	430,875,498

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

See notes to financial statements.


FINANCIAL STATEMENTS			15

Financial Highlights

(For a share outstanding throughout each period)


	iShares Mortgage Real Estate ETF
													Period From
	Year Ended			Year Ended			Year Ended			Year Ended			05/01/15			Year Ended
		03/31/20			03/31/19			03/31/18			03/31/17	^(a)		to 03/31/16	^(a)(b)		04/30/15	^(a)


Net asset value, beginning of period	$	43.32		$	42.48		$	45.34		$	38.68		$	46.46		$	49.85

Net investment income^(c)		2.61			3.13			2.66			3.50			3.52			3.72
Net realized and unrealized gain (loss)^(d)		(23.51	)		1.52			(1.18	)		7.34			(6.82	)		(1.11	)

Net increase (decrease) from investment operations		(20.90	)		4.65			1.48			10.84			(3.30	)		2.61


Distributions^(e)
From net investment income		(2.60	)		(3.08	)		(3.53	)		(3.53	)		(3.56	)		(4.76	)
Return of capital		(1.15	)		(0.73	)		(0.81	)		(0.65	)		(0.92	)		(1.24	)

Total distributions		(3.75	)		(3.81	)		(4.34	)		(4.18	)		(4.48	)		(6.00	)


Net asset value, end of period	$	18.67		$	43.32		$	42.48		$	45.34		$	38.68		$	46.46


Total Return
Based on net asset value		(51.80	)%		11.46	%		3.10	%		29.32	%		(7.09	)%^(f)		5.42	%


Ratios to Average Net Assets
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%^(g)		0.48	%

Net investment income		6.16	%		7.22	%		5.82	%		8.30	%		9.31	%^(g)		7.59	%


Supplemental Data
Net assets, end of period (000)	$	593,850		$	1,252,029		$	1,004,534		$	1,246,883		$	762,513		$	1,216,004

Portfolio turnover rate^(h)		29	%		25	%		31	%		34	%		18	%^(f)		42	%

^(a)	Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016.

^(b)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(c)	Based on average shares outstanding.

^(d)	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.

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

^(f)	Not annualized.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Residential Real Estate ETF
													Period From
	Year Ended			Year Ended			Year Ended			Year Ended			05/01/15			Year Ended
		03/31/20			03/31/19			03/31/18			03/31/17			to 03/31/16	^(a)		04/30/15


Net asset value, beginning of period	$	70.64		$	57.61		$	63.14		$	65.99		$	59.10		$	52.26

Net investment income^(b)		1.55			1.80			1.64			1.51			1.66			1.47
Net realized and unrealized gain (loss)^(c)		(14.77	)		13.45			(4.94	)		(1.38	)		7.76			7.25

Net increase (decrease) from investment operations		(13.22	)		15.25			(3.30	)		0.13			9.42			8.72


Distributions^(d)
From net investment income		(2.16	)		(2.00	)		(2.23	)		(2.56	)		(2.09	)		(1.88	)
From net realized gain		—			(0.22	)		—			(0.42	)		(0.44	)		—

Total distributions		(2.16	)		(2.22	)		(2.23	)		(2.98	)		(2.53	)		(1.88	)


Net asset value, end of period	$	55.26		$	70.64		$	57.61		$	63.14		$	65.99		$	59.10


Total Return
Based on net asset value		(19.25	)%		26.94	%		(5.41	)%		0.31	%		16.35	%^(e)		16.93	%


Ratios to Average Net Assets
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%^(f)		0.48	%

Net investment income		2.07	%		2.81	%		2.61	%		2.37	%		3.01	%^(f)		2.55	%


Supplemental Data
Net assets, end of period (000)	$	331,559		$	430,875		$	285,163		$	375,687		$	399,220		$	304,350

Portfolio turnover rate^(g)		12	%		10	%		19	%		15	%		17	%^(e)		21	%

^(a)	The Fund’s fiscal year-end changed from April 30 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			17

Notes to Financial Statements

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
Mortgage Real Estate		Non-diversified
Residential Real Estate		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. 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


NOTES TO FINANCIAL STATEMENTS			19

Notes to Financial Statements (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Mortgage Real Estate
BofA Securities, Inc.	$	1,223,333	$	1,223,333		$	—	$	—
Credit Suisse AG		2,013,966		2,013,966			—		—
Deutsche Bank Securities Inc.		200,529		200,529			—		—
HSBC Bank PLC		592,070		592,070			—		—
JPMorgan Securities LLC		1,963,238		1,963,238			—		—
Scotia Capital (USA) Inc.		72,242		72,242			—		—
SG Americas Securities LLC		946,412		946,412			—		—
UBS AG		88,127		88,127			—		—

	$	7,099,917	$	7,099,917		$	—	$	—

Residential Real Estate
BofA Securities, Inc.	$	138,655	$	138,655		$	—	$	—
Citigroup Global Markets Inc.		83,193		83,193			—		—
Deutsche Bank Securities Inc.		7,563		7,563			—		—
JPMorgan Securities LLC		848,389		848,389			—		—
UBS Securities LLC		30,252		30,252			—		—

	$	1,108,052	$	1,108,052		$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.48%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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.


iShares ETF	Fees Paid to BTC
Mortgage Real Estate	$	9,315
Residential Real Estate		1,917

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

For the year ended March 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Mortgage Real Estate	$	22,611,925	$	21,304,742	$	(2,651,758	)
Residential Real Estate		17,063,506		25,779,246		(6,035,222	)

7.	PURCHASES AND SALES

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Mortgage Real Estate	$	363,138,747	$	374,657,958
Residential Real Estate		63,412,967		60,413,068


NOTES TO FINANCIAL STATEMENTS			21

Notes to Financial Statements (continued)

For the year ended March 31, 2020, in-kind transactions were as follows:


	In-kind		In-kind
iShares ETF	Purchases		Sales
Mortgage Real Estate	$	371,141,663	$	257,454,288
Residential Real Estate		187,532,038		183,619,036

8.	INCOME TAX INFORMATION


				Accumulated
iShares ETF	Paid-in Capital			Loss
Mortgage Real Estate	$	(18,405,197	)	$	18,405,197
Residential Real Estate		20,561,449			(20,561,449	)

The tax character of distributions paid was as follows:


	Year Ended		Year Ended
iShares ETF	03/31/20		03/31/19
Mortgage Real Estate
Ordinary income	$	80,102,225	$	84,966,731
Return of capital		35,545,411		20,275,765

	$	115,647,636	$	105,242,496

Residential Real Estate
Ordinary income	$	14,849,342	$	10,497,499
Long-term capital gains		—		1,173,171

	$	14,849,342	$	11,670,670

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


	Non-expiring
	Capital Loss			Net Unrealized
iShares ETF		Carryforwards	^(a)		Gains (Losses)	^(b)		Total
Mortgage Real Estate	$	(34,673,289	)	$	(816,831,143	)	$	(851,504,432	)
Residential Real Estate		(5,018,968	)		(92,029,531	)		(97,048,499	)

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

For the year ended March 31, 2020, the iShares Mortgage Real Estate ETF utilized $28,597,432 of its capital loss carryforwards.


								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation
iShares ETF	Tax Cost		Appreciation		Depreciation			(Depreciation)
Mortgage Real Estate	$	1,384,300,933	$	1,085	$	(816,832,228	)	$	(816,831,143	)
Residential Real Estate		422,897,012		3,264,425		(95,293,956	)		(92,029,531	)


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

9.	PRINCIPAL RISKS

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.

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Year Ended						Year Ended
	03/31/20						03/31/19
iShares ETF	Shares			Amount			Shares			Amount
Mortgage Real Estate
Shares sold		10,050,000		$	379,197,141			9,250,000		$	406,351,161
Shares redeemed		(7,150,000	)		(268,644,225	)		(4,000,000	)		(167,640,234	)

Net increase		2,900,000		$	110,552,916			5,250,000		$	238,710,927

Residential Real Estate
Shares sold		2,500,000		$	190,496,151			2,050,000		$	137,260,478
Shares redeemed		(2,600,000	)		(184,561,326	)		(900,000	)		(55,929,564	)

Net increase(decrease)		(100,000	)	$	5,934,825			1,150,000		$	81,330,914


NOTES TO FINANCIAL STATEMENTS			23

Notes to Financial Statements (continued)

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.

11.

LEGAL PROCEEDINGS

12.

SUBSEQUENT EVENTS


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Mortgage Real Estate ETF and iShares Residential Real Estate ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Mortgage Real Estate ETF and iShares Residential Real Estate ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2020, 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, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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, 2020 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 26, 2020

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


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			25

Important Tax Information (unaudited)

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


	Qualified Dividend
iShares ETF	Income
Mortgage Real Estate	$	1,073,642
Residential Real Estate		294,333

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2020:


	Qualified Business
iShares ETF	Income
Mortgage Real Estate	$	52,643,947
Residential Real Estate		7,125,175


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Mortgage Real Estate ETF and iShares Residential Real Estate ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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:


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			27

Supplemental Information (unaudited)

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.


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Mortgage Real Estate	$	3.751062	$	—	$	—	$	3.751062		100	%		—	%		—	%		100	%
Residential Real Estate		2.156934		—		—		2.156934		100			—			—			100

Premium/Discount Information

iShares Mortgage Real Estate ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0% and Less than 2.5%		2		0.15	%
Greater than 1.5% and Less than 2.0%		2		0.15
Greater than 1.0% and Less than 1.5%		4		0.30
Greater than 0.5% and Less than 1.0%		5		0.38
Greater than 0.0% and Less than 0.5%		715		54.17
At NAV		114		8.64
Less than 0.0% and Greater than –0.5%		473		35.83
Less than –0.5% and Greater than –1.0%		3		0.23
Less than –6.0%		2		0.15

		1,320		100.00	%


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)

iShares Residential Real Estate ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		503		38.11	%
At NAV		142		10.76
Less than 0.0% and Greater than –0.5%		674		51.05
Less than –0.5% and Greater than –1.0%		1		0.08

		1,320		100.00	%


SUPPLEMENTAL INFORMATION			29

Trustee and Officer Information

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 367 funds as of March 31, 2020. 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., ParkAvenue 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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito^(a) (63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji^(b) (49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
^(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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).
Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


TRUSTEE AND OFFICER INFORMATION			31

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-AR-312-0320


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares Expanded Tech Sector ETF | IGM | NYSE Arca

iShares Expanded Tech-Software Sector ETF | IGV | Cboe BZX

iShares Nasdaq Biotechnology ETF | IBB | NASDAQ

iShares North American Natural Resources ETF | IGE | Cboe BZX

iShares North American Tech-Multimedia Networking ETF | IGN | NYSE Arca

iShares PHLX Semiconductor ETF | SOXX | NASDAQ

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		16
Shareholder Expenses		16
Schedules of Investments		17
Financial Statements
Statements of Assets and Liabilities		36
Statements of Operations		38
Statements of Changes in Net Assets		40
Financial Highlights		43
Notes to Financial Statements		49
Report of Independent Registered Public Accounting Firm		60
Important Tax Information (Unaudited)		61
Statement Regarding Liquidity Risk Management Program		62
Supplemental Information		63
Trustee and Officer Information		67
General Information		69
Glossary of Terms Used in this Report		70

Market Overview

iShares Trust

Domestic Market Overview

The U.S. Federal Reserve Bank (“Fed”), which had already lowered interest rates three times in 2019 in an attempt to boost a slowing economy, also responded to the crisis. Two emergency interest rate reductions in March 2020 were enacted in an attempt to restore confidence in markets, bringing short-term interest rates down to a range of 0.00%–0.25%. The Fed further acted to stabilize credit markets by launching a bond-buying program that included U.S. Treasuries, corporate and municipal bonds, and securities backed by mortgages and auto loans.


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		iShares^® Expanded Tech Sector ETF

Investment Objective

The iShares Expanded Tech Sector ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the technology sector and select North American equities from communication services and consumer discretionary sectors, as represented by the S&P North American Expanded Technology Sector Index ^TM (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		3.51	%		16.34	%		15.22	%		3.51	%		113.15	%		312.20	%
Fund Market		3.53			16.34			15.21			3.53			113.17			311.97
Index		3.96			16.86			15.74			3.96			117.97			331.22

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through December 23, 2018 reflects the performance of the S&P North American Technology Sector Index^TM. Index Performance beginning on December 24, 2018 reflects the performance of the S&P North American Expanded Technology Sector Index^TM.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	980.70	$	2.23		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Expanded Tech Sector ETF

Portfolio Management Commentary

North American technology stocks advanced modestly during the reporting period. Technology companies gained through most of the reporting period amid strong sales and earnings. Although the sharp market decline due to economic uncertainty surrounding the coronavirus outbreak reversed these gains, technology stocks recovered somewhat to end the reporting period with positive returns.

Information technology companies based in the U.S., which represented approximately 71% of the Index on average for the reporting period, were the primary drivers of the Index’s return. Technology hardware, storage, and peripherals stocks led the contribution to performance. Before the coronavirus outbreak, the industry advanced sharply due to strong growth in services, mobile phones, and wearable technology such as headphones and smart watches. However, the industry struggled at the end of the reporting period as forced closures of factories and stores led to reduced supply and demand for these products.

Systems software stocks contributed similarly to the Index’s return. Revenue and profits rose sharply amid increasing demand for cloud computing as well as productivity software subscriptions, particularly on the commercial side. The industry’s gains were tempered by declines during the coronavirus outbreak, as consumers shifted from discretionary purchases to essential products. Concerns about delayed corporate spending on cloud computing as well as hardware production disruptions in China also pressured returns.

The semiconductors and semiconductor equipment industry also bolstered the Index’s return. Semiconductor manufacturers were supported by higher demand for chips used in data centers due to continued investment in artificial intelligence as well as anticipated demand for 5G-capable cellphones. The industry also benefited from new product launches and growth in gaming, which gained popularity as coronavirus-related lockdowns kept people at home.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Interactive Media & Services	14.6	%
Data Processing & Outsourced Services	13.4
Semiconductors	13.2
Systems Software	12.1
Application Software	10.3
Internet & Direct Marketing Retail	9.7
Technology Hardware, Storage & Peripherals	9.2
IT Consulting & Other Services	4.3
Communications Equipment	3.4
Movies & Entertainment	2.3
Semiconductor Equipment	1.9
Internet Services & Infrastructure	1.7
Interactive Home Entertainment	1.3
Other (each representing less than 1%)	2.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Microsoft Corp.	8.7	%
Amazon. com Inc.	8.2
Apple Inc.	7.9
Facebook Inc., Class A	5.6
Alphabet Inc., Class A	4.1
Alphabet Inc., Class C	4.1
Visa Inc., Class A	3.9
Intel Corp.	3.3
Mastercard Inc., Class A	3.0
Cisco Systems Inc.	2.3


FUND SUMMARY			5


Fund Summary as of March 31, 2020		iShares^® Expanded Tech-Software Sector ETF

Investment Objective

The iShares Expanded Tech-Software Sector ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the software industry and select North American equities from interactive home entertainment and interactive media and services industries, as represented by the S&P North American Expanded Technology Software Index TM (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		0.13	%		17.35	%		16.11	%		0.13	%		122.54	%		345.19	%
Fund Market		0.15			17.36			16.10			0.15			122.65			344.95
Index		0.59			17.73			16.54			0.59			126.19			362.21

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through December 23, 2018 reflects the performance of the S&P North American Technology Software Index^TM. Index performance beginning on December 24, 2018 reflects the performance of the S&P North American Expanded Technology Software Index^TM.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	995.80	$	2.25		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Expanded Tech-Software Sector ETF

Portfolio Management Commentary

North American technology and software companies posted a flat return for the reporting period. Technology companies gained through most of the reporting period amid strong sales and earnings. Although sharp market declines following the coronavirus outbreak reversed these gains, technology stocks recovered somewhat at the end of the reporting period, supported by increased use of both games and work-related software due to social distancing measures.

U.S. stocks, which represented approximately 98% of the Index on average for the reporting period, were the main drivers of performance. The communications sector contributed the most to the Index’s return, led by interactive home companies. The industry, which produces video games, was supported by growing global demand for games, as middle-class disposable incomes continued to rise. Expectations that new technologies, such as 5G, would make gaming more accessible and appealing bolstered returns. Interactive home companies also benefited from strong sales of newly released titles, greater monetization of existing games, and improved visibility on subscription service providers’ platforms. The sharp coronavirus-related market declines were somewhat mitigated by higher gaming demand, driven by consumers’ usage during lockdowns.

Contribution in the information technology sector varied. The systems software industry benefited the Index’s return. Revenue and profits rose sharply on increasing demand for cloud computing as well as productivity software suite subscriptions, particularly on the commercial side. Nevertheless, revenue expectations were revised lower, as consumers shifted from discretionary purchases to essential products. Concerns about delayed corporate spending on cloud computing as well as hardware production postponements from China also pressured returns.

In contrast, application software companies detracted from the Index’s return. Even before the coronavirus-related declines, the industry was pressured by slowing growth in enterprise software subscriptions and the human capital management business.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Software	89.9	%
Entertainment	9.2
Interactive Media & Services	0.9

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Microsoft Corp.	8.6	%
salesforce. com Inc.	8.3
Adobe Inc.	8.2
Oracle Corp.	7.8
Intuit Inc.	5.8
ServiceNow Inc.	4.4
Activision Blizzard Inc.	4.3
Autodesk Inc.	3.4
Electronic Arts Inc.	2.9
Workday Inc., Class A	2.1

^(a)

Excludes money market funds.


FUND SUMMARY			7


Fund Summary as of March 31, 2020		iShares^® Nasdaq Biotechnology ETF

Investment Objective

The iShares Nasdaq Biotechnology ETF (the “Fund”) seeks to track the investment results of an index composed of biotechnology and pharmaceutical equities listed on the NASDAQ, as represented by the NASDAQ Biotechnology 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		(3.17	)%		(0.99	)%		13.80	%		(3.17	)%		(4.86	)%		264.30	%
Fund Market		(3.27	)		(0.99	)		13.80			(3.27	)		(4.85	)		264.30
Index		(2.84	)		(0.69	)		14.11			(2.84	)		(3.42	)		274.37

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through April 2, 2014 reflects the performance of the NASDAQ Biotechnology Index (price return). Index performance beginning on April 3, 2014 reflects the performance of the NASDAQ Biotechnology Index (total return).

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,085.60	$	2.40		$	1,000.00	$	1,022.70	$	2.33		0.46	%

^(a)


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Nasdaq Biotechnology ETF

Portfolio Management Commentary

Biotechnology stocks posted modest declines during the reporting period amid generally positive industry trends, including rising healthcare spending to meet the needs of an aging population. Growing demand for new drugs, particularly treatments of rare conditions, and faster drug approvals supported biotechnology stocks for much of the reporting period. However, the sharp market decline due to economic uncertainty surrounding the coronavirus outbreak reversed these gains, and although biotechnology stocks recovered somewhat, they ended negative for the reporting period.

The pharmaceuticals industry detracted the most from the Index’s return. Ongoing price competition from generic drug manufacturers as well as lawsuits brought by a number of states surrounding unfair pricing practices weighed on the industry. Similarly, litigation and uncertainty about regulatory approval of new opioid medications concerned investors. Following the emergence of the coronavirus, pharmaceuticals companies declined due to concerns about production disruptions, as the majority of their input ingredients are sourced from Asia, where manufacturing activity slowed or stopped. Expectations of slower sales to China, a large and growing market for U.S. pharmaceuticals companies, also pressured performance. Drug trial stoppages and postponements further challenged the industry, as overwhelmed hospitals focused on creating capacity to treat coronavirus cases. Isolation measures put in place to slow the spread of the virus also prevented subjects and scientists from traveling to study sites. The life sciences tools and services industry also declined due to privacy concerns about DNA tests produced by genomics companies.

On the upside, biotechnology stocks contributed to the Index’s return. The industry advanced amid ongoing innovations in gene-based therapies, a favorable regulatory environment, clinical successes, and merger and acquisition activity. At the end of the reporting period, biotechnology companies focusing on treatment and vaccines for the coronavirus posted strong gains.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Biotechnology	80.6	%
Life Sciences Tools & Services	9.0
Pharmaceuticals	8.3
Health Care Equipment & Supplies	1.1
Health Care Providers & Services	1.0
Chemicals	0.0	^(b)

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Gilead Sciences Inc.	9.9	%
Vertex Pharmaceuticals Inc.	8.2
Amgen Inc.	7.7
Biogen Inc.	7.7
Regeneron Pharmaceuticals Inc.	5.9
Illumina Inc.	5.4
Alexion Pharmaceuticals Inc.	2.7
Seattle Genetics Inc.	2.7
Incyte Corp.	2.1
BioMarin Pharmaceutical Inc.	2.1

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.


FUND SUMMARY			9


Fund Summary as of March 31, 2020		iShares^® North American Natural Resources ETF

Investment Objective

The iShares North American Natural Resources ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the natural resources sector, as represented by the S&P North American Natural Resources Sector Index^TM (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		(43.54	)%		(12.35	)%		(4.82	)%		(43.54	)%		(48.28	)%		(39.01	)%
Fund Market		(43.58	)		(12.36	)		(4.83	)		(43.58	)		(48.31	)		(39.05	)
Index		(43.21	)		(11.91	)		(4.35	)		(43.21	)		(46.94	)		(35.88	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	601.10	$	1.80		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® North American Natural Resources ETF

Portfolio Management Commentary

North American natural resources stocks posted sharply negative returns during the reporting period, as oil and natural gas prices declined by approximately 64% and 39%, respectively. Approximately 79% of the Index on average was made up of U.S. and Canadian energy companies whose business prospects are closely tied to energy prices. Oil prices were low throughout much of the reporting period amid slowing global growth and trade tensions. In early 2020, energy markets experienced twin supply and demand shocks, which drove down the price of oil to $20 per barrel, a 21-year low. A disagreement between Saudi Arabia and Russia, the second and third largest oil producers in the world, raised expectations for a large increase in oil production. Meanwhile, the coronavirus outbreak precipitated a steep drop in demand for energy.

The oil, gas, and consumable fuels industry, which relies heavily on borrowing, was the primary detractor from the Index’s return amid concerns about credit downgrades and defaults. As oil prices declined below the costs of producing oil with fracking, many companies involved in shale oil production became unprofitable, constraining their ability to repay debt. Multinational integrated oil and gas companies with sizable debt loads reduced capital expenditures and considered suspending dividends and stock buyback programs. Oil and gas exploration and production companies scaled back drilling operations and lowered production estimates as the price of oil declined approximately 64% for the reporting period. Oil and gas equipment and services companies, whose revenues rely on spending by oil producers and refiners, also detracted notably. The sudden drop in demand for oil, together with excess supply, led stock prices of oilfield service providers to retreat, as expectations for drilling services were revised sharply lower.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Oil, Gas & Consumable Fuels	63.3	%
Metals & Mining	16.8
Containers & Packaging	11.5
Energy Equipment & Services	4.7
Construction Materials	3.3
Paper & Forest Products	0.4

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Chevron Corp.	10.8	%
Exxon Mobil Corp.	9.4
TC Energy Corp.	4.5
Enbridge Inc.	4.5
Newmont Corp.	4.0
ConocoPhillips	3.7
Barrick Gold Corp.	3.6
Kinder Morgan Inc./DE	3.0
Suncor Energy Inc.	2.7
Phillips 66	2.6

^(a)

Excludes money market funds.


FUND SUMMARY			11


Fund Summary as of March 31, 2020		iShares^® North American Tech-Multimedia Networking ETF

Investment Objective

The iShares North American Tech-Multimedia Networking ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the multimedia and networking technology sectors, as represented by the S&P North American Technology Multimedia Networking Index^TM (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		(22.80	)%		3.51	%		4.96	%		(22.80	)%		18.81	%		62.33	%
Fund Market		(22.80	)		3.51			4.96			(22.80	)		18.81			62.27
Index		(22.49	)		3.88			5.31			(22.49	)		20.94			67.75

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	817.90	$	2.05		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® North American Tech-Multimedia Networking ETF

Portfolio Management Commentary

North American technology and multimedia networking stocks declined sharply amid a rapidly changing market for networked communications and the effects of the coronavirus outbreak. Increased international competition and reduced corporate spending on internal computer networks as businesses shifted toward cloud computing weighed on returns.

The Index is composed almost entirely of U.S. communications equipment companies, whose sharp declines detracted strongly from the Index’s return. Before the coronavirus outbreak, merger and acquisition activity weighed on the industry as the elevated expenses and higher debt levels that resulted negatively affected balance sheets. Declining revenues amid reduced demand for communications infrastructure equipment by connectivity service providers, disappointing sales of videoconferencing hardware, and weakness in the video game market, to which the industry was exposed, also weighed on performance. The rollout of 5G wireless technology in the U.S. slowed due to political opposition, hindering companies that produce hardware for these networks.

International demand for information technology equipment weakened, particularly in Europe and Asia, amid economic and geopolitical uncertainty. Brexit-related tensions led to decreased orders from the U.K., a key market for U.S. network technology manufacturers. Ongoing trade tensions between the U.S. and China, which barred U.S. companies from bidding on certain contracts, also worked against the industry.

The coronavirus outbreak heightened investor concerns about reduced information technology infrastructure spending, as consumers and enterprises would likely delay technology purchases during a prolonged global economic slowdown. Reduced profit expectations due to factory closures or production slowdowns in China further pressured industry returns, as U.S. communications equipment makers rely on Chinese inputs for the manufacture and assembly of networking products.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Communications Equipment	100.0	%

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Arista Networks Inc.	9.0	%
Cisco Systems Inc.	8.6
Juniper Networks Inc.	8.3
F5 Networks Inc.	8.3
Motorola Solutions Inc.	7.9
Lumentum Holdings Inc.	4.9
Acacia Communications Inc.	4.7
NetScout Systems Inc.	4.7
InterDigital Inc.	4.6
Ciena Corp.	4.6

^(a)

Excludes money market funds.


FUND SUMMARY			13


Fund Summary as of March 31, 2020		iShares^® PHLX Semiconductor ETF

Investment Objective

The iShares PHLX Semiconductor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the semiconductor sector, as represented by the PHLX Semiconductor Sector Index^SM (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		9.80	%		18.37	%		16.75	%		9.80	%		132.38	%		370.63	%
Fund Market		9.80			18.37			16.75			9.80			132.39			370.54
Index		10.38			18.99			17.30			10.38			138.58			393.00

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through October 14, 2010 reflects the performance of the S&P North American Technology-Semiconductors Index. Index performance beginning on October 15, 2010 reflects the performance of the PHLX Semiconductor Sector Index.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	975.50	$	2.22		$	1,000.00	$	1,022.70	$	2.28		0.45	%

^(a)


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® PHLX Semiconductor ETF

Portfolio Management Commentary

Semiconductor stocks posted a positive return for the reporting period, advancing sharply in 2019 amid inventory drawdowns, easing trade tensions, and rising demand for microchips used in smart devices. Chip manufacturers benefited from expectations of greater demand as a consequence of normalized inventory levels and reduced trade tensions between the U.S. and China. Increased use of microchips in commercial and consumer products and stock buybacks in the industry also supported performance Although the sharp market decline due to economic uncertainty surrounding the coronavirus outbreak largely reversed these gains, semiconductor stocks recovered to end positive for the reporting period.

Expanding use of microchips in broad applications from personal mobile devices to smart cars to sophisticated data centers supported the semiconductors and semiconductor equipment industry’s performance. Brisk growth in cloud computing demand was a key source of strength, as businesses continued to migrate to off-site information technology solutions and away from local computing resources. Ongoing investment in artificial intelligence also drove demand for computers at large data centers, which use high-margin microchips, benefiting semiconductor manufacturers. Semiconductor companies making leading-edge chips used in 5G-capable cell phones and components used in the ongoing rollout of 5G infrastructure were also key areas of strength. Expectations that the number of smart consumer products, which require microchips, would continue to grow further boosted the industry.

Following the coronavirus outbreak, semiconductors and semiconductor equipment stocks lost much of their earlier gains amid economic uncertainty, concerns about production disruptions, and expectations of sharply lower consumer electronics purchases due to rising unemployment. Declines were somewhat tempered by increased demand for remote computing as social isolation directives led people to work from home. The industry also benefited from growth in gaming, which gained popularity during lockdowns.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Semiconductors	81.2	%
Semiconductor Equipment	18.8

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
NVIDIA Corp.	11.1	%
Intel Corp.	8.5
Texas Instruments Inc.	7.6
QUALCOMM Inc.	7.4
Broadcom Inc.	6.8
Advanced Micro Devices Inc.	5.3
Taiwan Semiconductor Manufacturing Co. Ltd.	4.1
Lam Research Corp.	4.1
Micron Technology Inc.	4.0
KLA Corp.	3.9

^(a)

Excludes money market funds.


FUND SUMMARY			15

About Fund Performance

Shareholder Expenses


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Communications Equipment — 3.4%
Acacia Communications Inc.^(a)		8,993	$	604,150
Arista Networks Inc.^(a)		12,990		2,631,124
Ciena Corp.^(a)		37,042		1,474,642
Cisco Systems Inc.		1,015,812		39,931,570
CommScope Holding Co. Inc.^(a)(b)		46,480		423,433
Comtech Telecommunications Corp.		5,402		71,793
EchoStar Corp., Class A^(a)		10,992		351,414
Extreme Networks Inc.^(a)		28,238		87,255
F5 Networks Inc.^(a)		14,556		1,552,106
Harmonic Inc.^(a)		23,336		134,415
Infinera Corp.^(a)(b)		38,125		202,062
Inseego Corp.^(a)		11,886		74,050
InterDigital Inc.		7,454		332,672
Juniper Networks Inc.		80,147		1,534,014
Lumentum Holdings Inc.^(a)		18,486		1,362,418
Motorola Solutions Inc.		41,027		5,453,309
NETGEAR Inc.^(a)		6,869		156,888
NetScout Systems Inc.^(a)		15,770		373,276
Plantronics Inc.		7,229		72,724
Ubiquiti Inc.		2,955		418,369
ViaSat Inc.^(a)		13,810		496,055
Viavi Solutions Inc.^(a)		55,024		616,819

				58,354,558

Electronic Equipment, Instruments & Components — 2.6%
Amphenol Corp., Class A		70,995		5,174,116
Anixter International Inc.^(a)		7,210		633,543
Arrow Electronics Inc.^(a)		19,502		1,011,569
Avnet Inc.		24,175		606,792
Badger Meter Inc.		6,969		373,538
Belden Inc.		9,272		334,534
Benchmark Electronics Inc.		9,276		185,427
CDW Corp./DE		34,406		3,209,048
Celestica Inc.^(a)(b)		24,209		84,731
Cognex Corp.		40,921		1,727,685
Coherent Inc.^(a)		5,784		615,475
Corning Inc.		184,165		3,782,749
Dolby Laboratories Inc., Class A		15,317		830,335
Fabrinet^(a)		8,860		483,402
Fitbit Inc., Class A^(a)		54,964		366,060
FLIR Systems Inc.		32,125		1,024,466
II-VI Inc.^(a)		20,885		595,222
Insight Enterprises Inc.^(a)		8,569		361,012
IPG Photonics Corp.^(a)		8,515		939,034
Itron Inc.^(a)		8,431		470,703
Jabil Inc.		33,265		817,654
KEMET Corp.		13,909		336,041
Keysight Technologies Inc.^(a)		44,916		3,758,571
Knowles Corp.^(a)		20,636		276,110
Littelfuse Inc.		5,832		778,105
Methode Electronics Inc.		8,881		234,725
National Instruments Corp.		28,242		934,245
Novanta Inc.^(a)		8,398		670,832
OSI Systems Inc.^(a)		4,160		286,707
Plexus Corp.^(a)		6,985		381,102
Rogers Corp.^(a)		4,449		420,075
Sanmina Corp.^(a)		16,756		457,104
SYNNEX Corp.		9,785		715,283
TE Connectivity Ltd.		80,089		5,044,005


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Tech Data Corp.^(a)		8,483	$	1,110,001
Trimble Inc.^(a)		59,657		1,898,882
TTM Technologies Inc.^(a)(b)		23,832		246,423
Vishay Intertechnology Inc.		31,691		456,667
Zebra Technologies Corp., Class A^(a)		12,911		2,370,460

				44,002,433

Entertainment — 3.6%
Activision Blizzard Inc.		183,962		10,942,060
Electronic Arts Inc.^(a)		69,914		7,003,285
Netflix Inc.^(a)		104,940		39,404,970
Take-Two Interactive Software Inc.^(a)		27,099		3,214,212
Zynga Inc., Class A^(a)		226,502		1,551,539

				62,116,066

Interactive Media & Services — 14.6%
Alphabet Inc., Class A^(a)		60,088		69,819,252
Alphabet Inc., Class C, NVS^(a)		59,940		69,698,831
Cargurus Inc.^(a)(b)		17,079		323,476
Cars. com Inc.^(a)		15,530		66,779
Facebook Inc., Class A^(a)		576,231		96,115,331
IAC/InterActiveCorp.^(a)		17,360		3,111,433
Match Group Inc.^(a)(b)		12,915		852,907
Pinterest Inc., Class A^(a)		24,374		376,335
Snap Inc., Class A, NVS^(a)(b)		188,078		2,236,247
TripAdvisor Inc.		25,158		437,498
Twitter Inc.^(a)		185,901		4,565,728
Yelp Inc.^(a)		15,421		278,041
Zillow Group Inc., Class A^(a)		8,267		280,830
Zillow Group Inc., Class C, NVS^(a)(b)		30,073		1,083,229

				249,245,917

Internet & Direct Marketing Retail — 9.7%
Amazon.com Inc.^(a)		71,757		139,906,058
Booking Holdings Inc.^(a)		10,021		13,481,452
eBay Inc.		183,110		5,504,287
Etsy Inc.^(a)		28,371		1,090,581
Expedia Group Inc.		33,463		1,882,963
Groupon Inc.^(a)		101,557		99,546
Grubhub Inc.^(a)		21,898		891,905
Qurate Retail Inc., Series A^(a)		92,555		565,048
Shutterstock Inc.		4,718		151,731
Stamps.com Inc.^(a)		3,883		505,101
Wayfair Inc., Class A^(a)(b)		15,747		841,520

				164,920,192

IT Services — 19.3%
Accenture PLC, Class A		152,068		24,826,622
Akamai Technologies Inc.^(a)(b)		38,694		3,540,114
Alliance Data Systems Corp.		9,815		330,275
Automatic Data Processing Inc.		103,612		14,161,688
Black Knight Inc.^(a)		35,813		2,079,303
Booz Allen Hamilton Holding Corp.		33,615		2,307,334
Broadridge Financial Solutions Inc.^(b)		27,454		2,603,463
CACI International Inc., Class A^(a)		5,995		1,265,844
Cardtronics PLC, Class A^(a)		8,756		183,176
CGI Inc.^(a)(b)		57,431		3,124,821
Cognizant Technology Solutions Corp., Class A		131,114		6,092,868
Conduent Inc.^(a)		37,331		91,461
CSG Systems International Inc.		7,889		330,155
DXC Technology Co.		61,300		799,965
EPAM Systems Inc.^(a)(b)		13,167		2,444,585
Euronet Worldwide Inc.^(a)		12,936		1,108,874


SCHEDULES OF INVESTMENTS			17

Schedule of Investments (continued)

March 31, 2020

iShares^® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
EVERTEC Inc.		14,296	$	324,948
ExlService Holdings Inc.^(a)		8,165		424,825
Fidelity National Information Services Inc.		147,166		17,901,272
Fiserv Inc.^(a)		136,752		12,990,072
FleetCor Technologies Inc.^(a)		20,780		3,876,301
Gartner Inc.^(a)		21,419		2,132,690
Genpact Ltd.		36,845		1,075,874
Global Payments Inc.		71,966		10,379,656
GoDaddy Inc., Class A^(a)		42,375		2,420,036
International Business Machines Corp.		212,066		23,524,481
Jack Henry & Associates Inc.		18,421		2,859,676
KBR Inc.		33,934		701,755
Leidos Holdings Inc.^(b)		31,864		2,920,336
LiveRamp Holdings Inc.^(a)		16,211		533,666
ManTech International Corp./VA, Class A		6,444		468,285
Mastercard Inc., Class A		212,566		51,347,443
MAXIMUS Inc.		15,319		891,566
MongoDB Inc.^(a)(b)		8,346		1,139,563
NIC Inc.		16,036		368,828
Okta Inc.^(a)(b)		26,916		3,290,750
Paychex Inc.		76,283		4,799,726
PayPal Holdings Inc.^(a)		281,160		26,918,258
Perspecta Inc.		32,928		600,607
Sabre Corp.		65,581		388,895
Science Applications International Corp.		11,749		876,828
Shopify Inc., Class A^(a)(b)		24,827		10,351,121
Square Inc., Class A^(a)		82,045		4,297,517
Switch Inc., Class A		14,083		203,218
Sykes Enterprises Inc.^(a)		8,889		241,070
TTEC Holdings Inc.		4,462		163,845
Twilio Inc., Class A^(a)		29,835		2,669,934
VeriSign Inc.^(a)		24,741		4,455,607
Verra Mobility Corp.^(a)		31,858		227,466
Virtusa Corp.^(a)(b)		6,855		194,682
Visa Inc., Class A^(b)		409,901		66,043,249
Western Union Co. (The)		100,393		1,820,125
WEX Inc.^(a)		10,364		1,083,556

				330,198,275

Professional Services — 0.0%
CoreLogic Inc.		19,040		581,481


Semiconductors & Semiconductor Equipment — 15.2%
Advanced Energy Industries Inc.^(a)		9,173		444,799
Advanced Micro Devices Inc.^(a)		280,078		12,737,948
Ambarella Inc.^(a)		7,522		365,268
Amkor Technology Inc.^(a)(b)		25,879		201,597
Analog Devices Inc.		88,191		7,906,323
Applied Materials Inc.		221,194		10,135,109
Broadcom Inc.		94,983		22,520,469
Brooks Automation Inc.		17,314		528,077
Cabot Microelectronics Corp.		6,968		795,328
Cirrus Logic Inc.^(a)		13,840		908,319
Cree Inc.^(a)		25,790		914,513
Cypress Semiconductor Corp.		88,432		2,062,234
Diodes Inc.^(a)		9,898		402,205
Enphase Energy Inc.^(a)(b)		19,047		615,028
Entegris Inc.		32,297		1,445,937
First Solar Inc.^(a)		18,173		655,318
FormFactor Inc.^(a)		18,128		364,192
Inphi Corp.^(a)(b)		10,936		865,803


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Intel Corp.		1,041,613	$	56,372,096
KLA Corp.		37,785		5,431,216
Kulicke & Soffa Industries Inc.		15,182		316,848
Lam Research Corp.		34,740		8,337,600
Lattice Semiconductor Corp.^(a)		31,982		569,919
MACOM Technology Solutions Holdings Inc.^(a)		11,044		209,063
Marvell Technology Group Ltd.		159,714		3,614,328
Maxim Integrated Products Inc.		64,796		3,149,734
MaxLinear Inc.^(a)		16,036		187,140
Microchip Technology Inc.		57,222		3,879,652
Micron Technology Inc.^(a)		265,082		11,149,349
MKS Instruments Inc.		13,052		1,063,085
Monolithic Power Systems Inc.		9,673		1,619,841
NVIDIA Corp.		146,543		38,628,735
ON Semiconductor Corp.^(a)		98,348		1,223,449
Onto Innovation Inc.^(a)		11,748		348,563
Power Integrations Inc.		7,046		622,373
Qorvo Inc.^(a)		27,819		2,243,046
QUALCOMM Inc.		273,415		18,496,525
Rambus Inc.^(a)		26,971		299,378
Semtech Corp.^(a)		15,865		594,938
Silicon Laboratories Inc.^(a)		10,388		887,239
Skyworks Solutions Inc.		40,795		3,646,257
SolarEdge Technologies Inc.^(a)		11,639		953,001
SunPower Corp.^(a)(b)		19,645		99,600
Synaptics Inc.^(a)		8,014		463,770
Teradyne Inc.		40,126		2,173,625
Texas Instruments Inc.		223,832		22,367,532
Universal Display Corp.		10,152		1,337,831
Xilinx Inc.		60,214		4,693,079

				258,847,279

Software — 22.4%
2U Inc.^(a)		15,233		323,244
8x8 Inc.^(a)(b)		23,999		332,626
ACI Worldwide Inc.^(a)		27,681		668,496
Adobe Inc.^(a)		115,913		36,888,153
Alarm.com Holdings Inc.^(a)		8,722		339,373
Altair Engineering Inc., Class A^(a)		9,220		244,330
Alteryx Inc., Class A^(a)(b)		11,662		1,109,873
Anaplan Inc.^(a)		20,516		620,814
ANSYS Inc.^(a)		20,491		4,763,543
Appfolio Inc., Class A^(a)		3,454		383,221
Appian Corp.^(a)(b)		8,192		329,564
Aspen Technology Inc.^(a)(b)		16,331		1,552,588
Autodesk Inc.^(a)		52,686		8,224,285
Avalara Inc.^(a)		15,728		1,173,309
Avaya Holdings Corp.^(a)		22,378		181,038
Benefitfocus Inc.^(a)		6,740		60,053
Blackbaud Inc.		11,777		654,212
BlackBerry Ltd.^(a)(b)		118,216		488,232
Blackline Inc.^(a)(b)		10,260		539,779
Bottomline Technologies DE Inc.^(a)		9,167		335,971
Box Inc., Class A^(a)(b)		35,791		502,506
Cadence Design Systems Inc.^(a)		67,187		4,437,029
CDK Global Inc.		29,071		954,982
Ceridian HCM Holding Inc.^(a)		24,133		1,208,339
Citrix Systems Inc.		27,541		3,898,429
Cloudera Inc.^(a)(b)		58,927		463,755
CommVault Systems Inc.^(a)		10,072		407,715
Cornerstone OnDemand Inc.^(a)		12,650		401,638


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Coupa Software Inc.^(a)(b)		15,046	$	2,102,378
Descartes Systems Group Inc. (The)^(a)(b)		20,149		692,924
DocuSign Inc.^(a)		29,922		2,764,793
Dropbox Inc., Class A^(a)		51,685		935,498
Dynatrace Inc.^(a)		21,498		512,512
Ebix Inc.		5,268		79,968
Elastic NV^(a)		7,798		435,206
Envestnet Inc.^(a)(b)		12,565		675,746
Everbridge Inc.^(a)		8,090		860,452
Fair Isaac Corp.^(a)		6,935		2,133,830
FireEye Inc.^(a)		51,898		549,081
Five9 Inc.^(a)		14,626		1,118,304
ForeScout Technologies Inc.^(a)		9,268		292,776
Fortinet Inc.^(a)		33,991		3,438,869
Guidewire Software Inc.^(a)		19,773		1,568,197
HubSpot Inc.^(a)		9,639		1,283,818
Intuit Inc.		62,330		14,335,900
j2 Global Inc.		11,086		829,787
LivePerson Inc.^(a)		14,743		335,403
LogMeIn Inc.		11,690		973,543
Manhattan Associates Inc.^(a)		15,301		762,296
Microsoft Corp.		935,271		147,501,589
MicroStrategy Inc., Class A^(a)		1,997		235,846
New Relic Inc.^(a)		11,964		553,215
NortonLifeLock Inc.^(b)		137,299		2,568,864
Nuance Communications Inc.^(a)(b)		67,676		1,135,603
Nutanix Inc., Class A^(a)(b)		34,942		552,084
Open Text Corp.^(b)		64,698		2,259,254
Oracle Corp.		518,761		25,071,719
Palo Alto Networks Inc.^(a)		23,457		3,846,010
Paycom Software Inc.^(a)		11,746		2,372,809
Paylocity Holding Corp.^(a)		8,584		758,139
Pegasystems Inc.		9,120		649,618
Pluralsight Inc., Class A^(a)(b)		20,027		219,896
Progress Software Corp.		10,726		343,232
Proofpoint Inc.^(a)		13,518		1,386,812
PROS Holdings Inc.^(a)		9,282		288,020
PTC Inc.^(a)		24,891		1,523,578
Q2 Holdings Inc.^(a)		10,493		619,717
Qualys Inc.^(a)		7,984		694,528
Rapid7 Inc.^(a)		10,523		455,962
RealPage Inc.^(a)		19,081		1,009,957
RingCentral Inc., Class A^(a)		17,957		3,805,268
SailPoint Technologies Holding Inc.^(a)(b)		20,293		308,859
salesforce.com Inc.^(a)		212,392		30,580,200
ServiceNow Inc.^(a)		45,158		12,941,380
Smartsheet Inc., Class A^(a)		21,662		899,190
SolarWinds Corp.^(a)		15,809		247,727
Splunk Inc.^(a)		36,959		4,665,335
SPS Commerce Inc.^(a)		8,386		390,033
SS&C Technologies Holdings Inc.		52,645		2,306,904
SVMK Inc.^(a)		21,597		291,775
Synopsys Inc.^(a)		35,999		4,636,311
Tenable Holdings Inc.^(a)		10,260		224,284
Teradata Corp.^(a)(b)		26,937		551,939


Security	Shares		Value

Software (continued)
TiVo Corp.^(b)		30,323	$	214,687
Trade Desk Inc. (The), Class A^(a)(b)		9,538		1,840,834
Tyler Technologies Inc.^(a)		9,335		2,768,388
Varonis Systems Inc.^(a)(b)		7,298		464,664
Verint Systems Inc.^(a)		15,987		687,441
VMware Inc., Class A^(a)		18,888		2,287,337
Workday Inc., Class A^(a)		39,270		5,113,739
Workiva Inc.^(a)		9,055		292,748
Yext Inc.^(a)		22,708		231,395
Zendesk Inc.^(a)		26,861		1,719,373
Zoom Video Communications Inc., Class A^(a)		6,156		899,515
Zscaler Inc.^(a)(b)		15,624		950,877
Zuora Inc., Class A^(a)(b)		15,641		125,910

				381,660,943

Technology Hardware, Storage & Peripherals — 9.1%
3D Systems Corp.^(a)		28,356		218,625
Apple Inc.		532,338		135,368,230
Dell Technologies Inc., Class C^(a)		37,153		1,469,401
Hewlett Packard Enterprise Co.		309,851		3,008,653
HP Inc.		354,846		6,160,127
NCR Corp.^(a)(b)		30,555		540,824
NetApp Inc.		54,647		2,278,233
Pure Storage Inc., Class A^(a)		53,980		663,954
Seagate Technology PLC		55,358		2,701,470
Western Digital Corp.		71,213		2,963,885
Xerox Holdings Corp.^(a)		44,521		843,228

				156,216,630


Total Common Stocks — 99.9% (Cost: $1,481,869,187)				1,706,143,774


Short-Term Investments

Money Market Funds — 4.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		72,076,228		72,061,813
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		1,659,000		1,659,000

				73,720,813


Total Short-Term Investments — 4.3% (Cost: $73,676,849)				73,720,813


Total Investments in Securities — 104.2% (Cost: $1,555,546,036)				1,779,864,587

Other Assets, Less Liabilities — (4.2)%				(72,076,759	)


Net Assets — 100.0%			$	1,707,787,828

^(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.


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (continued)

March 31, 2020

iShares^® Expanded Tech Sector ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	54,176,641	17,899,587	72,076,228	$	72,061,813	$	201,939	^(b)	$	(63,450	)	$	36,237
BlackRock Cash Funds: Treasury, SL Agency Shares	1,136,060	522,940	1,659,000		1,659,000		41,047			—			—

				$	73,720,813	$	242,986		$	(63,450	)	$	36,237

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P Communication Services Select Sector E-Mini		5		06/19/20	$	288	$	14,711
S&P Select Sector Technology Index E-Mini		12		06/19/20		968		72,776

							$	87,487

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	87,487

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(837,314	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	87,487

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	608,497

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

Fair Value Measurements


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Expanded Tech Sector ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,706,143,774	$	—	$	—	$	1,706,143,774
Money Market Funds		73,720,813		—		—		73,720,813

	$	1,779,864,587	$	—	$	—	$	1,779,864,587

Derivative financial instruments^(a)
Assets
Futures Contracts	$	87,487	$	—	$	—	$	87,487

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			21

Schedule of Investments

March 31, 2020

iShares^® Expanded Tech-Software Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Application Software — 60.9%
2U Inc.^(a)(b)		188,827	$	4,006,909
8x8 Inc.^(a)(b)		298,146		4,132,304
ACI Worldwide Inc.^(a)		343,881		8,304,726
Adobe Inc.^(a)		785,412		249,949,515
Alarm.com Holdings Inc.^(a)		108,370		4,216,677
Altair Engineering Inc., Class A^(a)(b)		114,379		3,031,044
Alteryx Inc., Class A^(a)(b)		144,904		13,790,514
Anaplan Inc.^(a)		254,899		7,713,244
ANSYS Inc.^(a)(b)		254,585		59,183,375
Appfolio Inc., Class A^(a)(b)		42,937		4,763,860
Aspen Technology Inc.^(a)(b)		202,901		19,289,798
Autodesk Inc.^(a)		654,544		102,174,318
Avalara Inc.^(a)		195,377		14,575,124
Avaya Holdings Corp.^(a)		276,672		2,238,276
Benefitfocus Inc.^(a)(b)		88,629		789,684
Blackbaud Inc.^(b)		146,316		8,127,854
Blackline Inc.^(a)(b)		127,448		6,705,039
Bottomline Technologies DE Inc.^(a)(b)		113,379		4,155,340
Box Inc., Class A^(a)(b)		444,659		6,243,012
Cadence Design Systems Inc.^(a)		834,692		55,123,060
CDK Global Inc.		361,130		11,863,121
Ceridian HCM Holding Inc.^(a)(b)		299,810		15,011,487
Citrix Systems Inc.		342,148		48,431,049
Cloudera Inc.^(a)(b)		732,051		5,761,241
Cornerstone OnDemand Inc.^(a)		157,138		4,989,132
Coupa Software Inc.^(a)(b)		186,946		26,121,965
Descartes Systems Group Inc. (The)^(a)(b)		250,327		8,608,746
DocuSign Inc.^(a)(b)		371,724		34,347,298
Dropbox Inc., Class A^(a)		642,098		11,621,974
Dynatrace Inc.^(a)		267,049		6,366,448
Ebix Inc.^(b)		66,223		1,005,265
Elastic NV^(a)(b)		96,898		5,407,877
Envestnet Inc.^(a)(b)		156,093		8,394,682
Everbridge Inc.^(a)		100,520		10,691,307
Fair Isaac Corp.^(a)		86,154		26,508,724
Five9 Inc.^(a)(b)		181,697		13,892,553
Guidewire Software Inc.^(a)(b)		245,640		19,481,708
HubSpot Inc.^(a)(b)		119,739		15,948,037
Intuit Inc.		759,279		174,634,170
j2 Global Inc.		137,713		10,307,818
LivePerson Inc.^(a)(b)		183,143		4,166,503
LogMeIn Inc.		145,214		12,093,422
Manhattan Associates Inc.^(a)(b)		190,092		9,470,383
MicroStrategy Inc., Class A^(a)		24,491		2,892,387
New Relic Inc.^(a)(b)		148,646		6,873,391
Nuance Communications Inc.^(a)(b)		840,765		14,108,037
Nutanix Inc., Class A^(a)		434,093		6,858,669
Open Text Corp.^(b)		803,744		28,066,740
Paycom Software Inc.^(a)(b)		145,930		29,479,319
Paylocity Holding Corp.^(a)(b)		106,655		9,419,770
Pegasystems Inc.^(b)		113,282		8,069,077
Pluralsight Inc., Class A^(a)(b)		245,279		2,693,163
PROS Holdings Inc.^(a)		115,294		3,577,573
PTC Inc.^(a)(b)		309,209		18,926,683
Q2 Holdings Inc.^(a)(b)		130,359		7,699,003
RealPage Inc.^(a)		237,022		12,545,574
RingCentral Inc., Class A^(a)(b)		223,058		47,268,221
salesforce.com Inc.^(a)(b)		1,748,845		251,798,703


Security	Shares		Value

Application Software (continued)
Smartsheet Inc., Class A^(a)(b)		269,089	$	11,169,884
Splunk Inc.^(a)(b)		459,124		57,955,223
SPS Commerce Inc.^(a)(b)		103,641		4,820,343
SS&C Technologies Holdings Inc.^(b)		654,021		28,659,200
SVMK Inc.^(a)		268,309		3,624,855
Synopsys Inc.^(a)(b)		447,197		57,594,502
Trade Desk Inc. (The), Class A^(a)(b)		118,498		22,870,114
Tyler Technologies Inc.^(a)		115,974		34,393,249
Verint Systems Inc.^(a)(b)		198,627		8,540,961
Workday Inc., Class A^(a)(b)		487,857		63,528,739
Workiva Inc.^(a)		112,507		3,637,351
Yext Inc.^(a)(b)		278,397		2,836,865
Zendesk Inc.^(a)(b)		333,694		21,359,753
Zoom Video Communications Inc., Class A^(a)(b)		76,492		11,177,011

				1,846,082,943

Interactive Home Entertainment — 9.2%
Activision Blizzard Inc.		2,202,302		130,992,923
Electronic Arts Inc.^(a)		868,563		87,003,956
Take-Two Interactive Software Inc.^(a)		336,679		39,933,496
Zynga Inc., Class A^(a)		2,813,872		19,275,023

				277,205,398

Interactive Media & Services — 0.9%
Snap Inc., Class A, NVS^(a)(b)		2,336,544		27,781,508


Systems Software — 29.0%
Appian Corp.^(a)(b)		101,770		4,094,207
BlackBerry Ltd.^(a)(b)		1,468,629		6,065,438
CommVault Systems Inc.^(a)(b)		125,103		5,064,170
FireEye Inc.^(a)		644,757		6,821,529
ForeScout Technologies Inc.^(a)(b)		115,090		3,635,693
Fortinet Inc.^(a)		422,289		42,722,978
Microsoft Corp.		1,647,761		259,868,387
NortonLifeLock Inc.		1,705,680		31,913,273
Oracle Corp.		4,892,536		236,456,265
Palo Alto Networks Inc.^(a)(b)		291,397		47,777,452
Progress Software Corp.		133,230		4,263,360
Proofpoint Inc.^(a)(b)		167,936		17,228,554
Qualys Inc.^(a)(b)		99,164		8,626,276
Rapid7 Inc.^(a)(b)		130,749		5,665,354
SailPoint Technologies Holding Inc.^(a)		252,109		3,837,099
ServiceNow Inc.^(a)		461,739		132,325,163
SolarWinds Corp.^(a)(b)		194,397		3,046,201
Tenable Holdings Inc.^(a)(b)		125,599		2,745,594
Teradata Corp.^(a)(b)		334,662		6,857,224
TiVo Corp.		376,727		2,667,227
Varonis Systems Inc.^(a)(b)		90,684		5,773,850
VMware Inc., Class A^(a)(b)		234,666		28,418,053
Zscaler Inc.^(a)(b)		194,103		11,813,109
Zuora Inc., Class A^(a)(b)		206,269		1,660,466

				879,346,922


Total Common Stocks — 100.0% (Cost: $3,406,705,347)				3,030,416,771


Short-Term Investments

Money Market Funds — 8.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		240,644,276		240,596,147


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Expanded Tech-Software Sector ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		1,617,000	$	1,617,000

				242,213,147


Total Short -Term Investments — 8.0% (Cost: $242,222,495)				242,213,147


Total Investments in Securities — 108.0% (Cost: $3,648,927,842)				3,272,629,918

Other Assets, Less Liabilities — (8.0)%				(241,478,872	)


Net Assets — 100.0%			$	3,031,151,046

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a) (3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	114,415,154	126,229,122		240,644,276	$	240,596,147	$	769,756	^(b)	$	(172,785	)	$	(34,935	)
BlackRock Cash Funds: Treasury, SL Agency Shares	1,662,696	(45,696	)	1,617,000		1,617,000		76,020			—			—

					$	242,213,147	$	845,776		$	(172,785	)	$	(34,935	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini		2		06/19/20	$	115	$	(1,701	)
S&P Select Sector Technology Index E-Mini		7		06/19/20		564		(3,548	)

							$	(5,249	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	5,249

^(a)


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (continued)

March 31, 2020

iShares^® Expanded Tech-Software Sector ETF

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(203,013	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(5,249	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,451,956

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,030,416,771		$	—	$	—	$	3,030,416,771
Money Market Funds		242,213,147			—		—		242,213,147

	$	3,272,629,918		$	—	$	—	$	3,272,629,918

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(5,249	)	$	—	$	—	$	(5,249	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Nasdaq Biotechnology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 80.4%
AC Immune SA^(a)		584,387	$	4,038,114
ACADIA Pharmaceuticals Inc.^(a)(b)		1,328,804		56,141,969
Acceleron Pharma Inc.^(a)(b)		457,928		41,153,989
Achillion Pharmaceuticals Inc.^(a)(b)(c)		4,112		1,892
ADMA Biologics Inc.^(a)(b)		714,257		2,057,061
Adverum Biotechnologies Inc.^(a)(b)		638,958		6,242,620
Aeglea BioTherapeutics Inc.^(a)(b)		247,577		1,153,709
Affimed NV^(a)(b)		646,684		1,021,761
Agios Pharmaceuticals Inc.^(a)(b)		589,848		20,927,807
Aimmune Therapeutics Inc.^(a)(b)		546,531		7,880,977
Akcea Therapeutics Inc.^(a)(b)		810,790		11,594,297
Akebia Therapeutics Inc.^(a)(b)		1,026,761		7,782,848
Akero Therapeutics Inc.^(a)(b)		245,881		5,212,677
Alector Inc.^(a)(b)		678,260		16,366,414
Alexion Pharmaceuticals Inc.^(a)(b)		1,908,276		171,344,102
Alkermes PLC^(a)(b)		1,358,944		19,595,972
Allakos Inc.^(a)(b)		419,875		18,680,239
Allogene Therapeutics Inc.^(a)(b)		1,051,679		20,444,640
Alnylam Pharmaceuticals Inc.^(a)(b)		961,259		104,633,042
AMAG Pharmaceuticals Inc.^(a)(b)		291,759		1,803,071
Amarin Corp. PLC, ADR^(a)(b)		3,057,193		12,228,772
Amgen Inc.		2,412,302		489,045,984
Amicus Therapeutics Inc.^(a)(b)		2,198,762		20,316,561
AnaptysBio Inc.^(a)(b)		231,916		3,276,973
Apellis Pharmaceuticals Inc.^(a)(b)		645,619		17,296,133
Ardelyx Inc.^(a)(b)		763,186		4,338,712
Arena Pharmaceuticals Inc.^(a)(b)		432,615		18,169,830
Argenx SE, ADR^(a)(b)		186,112		24,516,534
Arrowhead Pharmaceuticals Inc.^(a)(b)		825,672		23,754,583
Ascendis Pharma A/S, ADR^(a)(b)		395,413		44,527,458
Assembly Biosciences Inc.^(a)(b)		279,092		4,138,934
Atara Biotherapeutics Inc.^(a)(b)		466,799		3,972,459
Athenex Inc.^(a)(b)		666,603		5,159,507
Atreca Inc., Class A^(a)(b)		187,876		3,109,348
Aurinia Pharmaceuticals Inc.^(a)(b)		922,795		13,389,755
Autolus Therapeutics PLC, ADR^(a)(b)		224,771		1,346,378
Avrobio Inc.^(a)(b)		310,354		4,829,108
BeiGene Ltd., ADR^(a)(b)		349,059		42,972,653
BioCryst Pharmaceuticals Inc.^(a)(b)		1,341,123		2,682,246
Biogen Inc.^(a)(b)		1,535,853		485,913,172
BioMarin Pharmaceutical Inc.^(a)(b)		1,548,866		130,879,177
Bluebird Bio Inc.^(a)		477,373		21,940,063
Blueprint Medicines Corp.^(a)(b)		424,498		24,824,643
Bridgebio Pharma Inc.^(a)(b)		1,066,135		30,917,915
Castle Biosciences Inc.^(a)(b)		146,926		4,379,864
Cellectis SA, ADR^(a)(b)		146,563		1,348,380
ChemoCentryx Inc.^(a)(b)		503,136		20,216,004
China Biologic Products Holdings Inc.^(a)(b)		331,713		35,801,784
Coherus Biosciences Inc.^(a)(b)		602,594		9,774,075
Corbus Pharmaceuticals Holdings Inc.^(a)(b)		616,551		3,230,727
CRISPR Therapeutics AG^(a)(b)		512,846		21,749,799
Cytokinetics Inc.^(a)(b)		510,269		6,016,072
CytomX Therapeutics Inc.^(a)(b)		388,142		2,977,049
Deciphera Pharmaceuticals Inc.^(a)(b)		440,350		18,129,209
Denali Therapeutics Inc.^(a)(b)		828,690		14,510,362
Dicerna Pharmaceuticals Inc.^(a)(b)		591,573		10,867,196
Eagle Pharmaceuticals Inc./DE^(a)(b)		118,047		5,430,162
Editas Medicine Inc.^(a)(b)		443,030		8,785,285


Security	Shares		Value

Biotechnology (continued)
Eidos Therapeutics Inc.^(a)		323,804	$	15,863,158
Eiger BioPharmaceuticals Inc.^(a)(b)		209,250		1,422,900
Enanta Pharmaceuticals Inc.^(a)(b)		169,664		8,725,820
Epizyme Inc.^(a)(b)		843,482		13,082,406
Esperion Therapeutics Inc.^(a)(b)		236,029		7,441,994
Exelixis Inc.^(a)(b)		2,621,343		45,139,526
Fate Therapeutics Inc.^(a)(b)		652,503		14,492,092
FibroGen Inc.^(a)(b)		752,695		26,156,151
Flexion Therapeutics Inc.^(a)(b)		329,636		2,594,235
Forty Seven Inc.^(a)(b)		406,660		38,803,497
G1 Therapeutics Inc.^(a)(b)		323,689		3,567,053
Galapagos NV, ADR^(a)(b)		70,111		13,736,147
Genmab A/S,ADR^(a)(b)		260,158		5,512,748
Geron Corp.^(a)(b)		1,705,875		2,029,991
Gilead Sciences Inc.		8,420,791		629,538,335
Global Blood Therapeutics Inc.^(a)(b)		519,649		26,548,867
GlycoMimetics Inc.^(a)(b)		370,407		844,528
Gossamer Bio Inc.^(a)(b)		567,467		5,759,790
Grifols SA, ADR^(b)		1,087,484		21,901,928
Gritstone Oncology Inc.^(a)(b)		310,527		1,807,267
Halozyme Therapeutics Inc.^(a)(b)		1,264,224		22,743,390
Homology Medicines Inc.^(a)(b)		379,996		5,905,138
ImmunoGen Inc.^(a)(b)		1,502,079		5,122,089
Immunomedics Inc.^(a)(b)		1,668,081		22,485,732
Incyte Corp.^(a)		1,857,384		136,016,230
Inovio Pharmaceuticals Inc.^(a)(b)		854,270		6,355,769
Insmed Inc.^(a)		771,491		12,367,001
Intellia Therapeutics Inc.^(a)(b)		422,172		5,163,164
Intercept Pharmaceuticals Inc.^(a)(b)		282,426		17,781,541
Ionis Pharmaceuticals Inc.^(a)		1,213,516		57,375,036
Iovance Biotherapeutics Inc.^(a)(b)		1,088,676		32,589,516
Ironwood Pharmaceuticals Inc.^(a)(b)		1,354,520		13,667,107
Karuna Therapeutics Inc.^(a)(b)		224,609		16,171,848
Karyopharm Therapeutics Inc.^(a)(b)		540,129		10,375,878
Kodiak Sciences Inc.^(a)(b)		381,995		18,221,161
Kura Oncology Inc.^(a)(b)		392,656		3,906,927
Lexicon Pharmaceuticals Inc.^(a)(b)		924,573		1,802,917
Ligand Pharmaceuticals Inc.^(a)(b)		151,724		11,033,369
MacroGenics Inc.^(a)(b)		423,946		2,467,366
Magenta Therapeutics Inc.^(a)(b)		338,132		2,123,469
MannKind Corp.^(a)(b)		1,798,729		1,852,691
MeiraGTx Holdings PLC^(a)(b)		314,354		4,224,918
Mirati Therapeutics Inc.^(a)(b)		340,191		26,150,482
Moderna Inc.^(a)(b)		2,872,849		86,041,828
Momenta Pharmaceuticals Inc.^(a)(b)		979,727		26,648,574
Myriad Genetics Inc.^(a)(b)		642,299		9,191,299
Neurocrine Biosciences Inc.^(a)(b)		793,761		68,700,015
OPKO Health Inc.^(a)(b)		5,730,402		7,678,739
Orchard Therapeutics PLC,ADR^(a)(b)		336,507		2,533,898
PDL BioPharma Inc.^(a)(b)		975,422		2,750,690
Portola Pharmaceuticals Inc.^(a)(b)		673,507		4,802,105
PRECIGEN Inc.^(a)(b)		1,390,707		4,728,404
Precision BioSciences Inc.^(a)(b)		436,464		2,631,878
Prevail Therapeutics Inc.^(a)(b)		293,629		3,579,338
Principia Biopharma Inc.^(a)(b)		283,016		16,805,490
Progenics Pharmaceuticals Inc.^(a)(b)		738,272		2,805,434
ProQR Therapeutics NV^(a)(b)		421,619		2,314,688
Protagonist Therapeutics Inc.^(a)(b)		230,792		1,629,392
Prothena Corp. PLC^(a)(b)		345,407		3,695,855
PTC Therapeutics Inc.^(a)(b)		531,708		23,719,494


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (continued)

March 31, 2020

iShares^® Nasdaq Biotechnology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Puma Biotechnology Inc.^(a)(b)		332,836	$	2,809,136
Ra Pharmaceuticals Inc.^(a)(b)		407,104		19,545,063
Radius Health Inc.^(a)(b)		397,761		5,170,893
Regeneron Pharmaceuticals Inc.^(a)(b)		767,230		374,630,737
REGENXBIO Inc.^(a)(b)		318,347		10,308,076
Retrophin Inc.^(a)(b)		371,462		5,419,631
Rhythm Pharmaceuticals Inc.^(a)(b)		378,299		5,757,711
Rigel Pharmaceuticals Inc.^(a)(b)		1,458,038		2,274,539
Rocket Pharmaceuticals Inc.^(a)(b)		433,462		6,046,795
Rubius Therapeutics Inc.^(a)(b)		689,598		3,068,711
Sage Therapeutics Inc.^(a)(b)		447,119		12,841,258
Sangamo Therapeutics Inc.^(a)(b)		998,609		6,361,139
Sarepta Therapeutics Inc.^(a)(b)		643,126		62,910,585
Scholar Rock Holding Corp.^(a)(b)		257,388		3,116,969
Seattle Genetics Inc.^(a)(b)		1,477,918		170,522,179
Seres Therapeutics Inc.^(a)(b)		598,055		2,135,056
Solid Biosciences Inc.^(a)(b)		392,875		938,971
Spectrum Pharmaceuticals Inc.^(a)(b)		965,137		2,248,769
Stoke Therapeutics Inc.^(a)(b)		281,289		6,441,518
Syros Pharmaceuticals Inc.^(a)(b)		362,515		2,149,714
Translate Bio Inc.^(a)(b)		515,439		5,138,927
Turning Point Therapeutics Inc.^(a)(b)		309,414		13,818,429
Twist Bioscience Corp.^(a)(b)		282,522		8,639,523
Ultragenyx Pharmaceutical Inc.^(a)(b)		498,416		22,144,623
uniQure NV^(a)(b)		376,340		17,857,333
United Therapeutics Corp.^(a)(b)		378,589		35,899,702
UNITY Biotechnology Inc.^(a)(b)		392,276		2,275,201
UroGen Pharma Ltd.^(a)(b)		181,462		3,237,282
Vanda Pharmaceuticals Inc.^(a)(b)		460,041		4,766,025
Veracyte Inc.^(a)(b)		422,284		10,265,724
Vertex Pharmaceuticals Inc.^(a)		2,188,740		520,810,683
Voyager Therapeutics Inc.^(a)(b)		321,657		2,943,162
XBiotech Inc.^(a)(b)		353,498		3,754,149
Xencor Inc.^(a)(b)		489,808		14,635,463
Y-mAbs Therapeutics Inc.^(a)(b)		343,734		8,971,457
Zai Lab Ltd., ADR^(a)(b)		320,809		16,515,247

				5,102,338,740

Chemicals — 0.0%
Amyris Inc.^(a)(b)		900,964		2,306,468


Health Care Equipment & Supplies — 1.1%
Axonics Modulation Technologies Inc.^(a)(b)		291,745		7,413,240
Cerus Corp.^(a)(b)		1,357,255		6,311,236
Novocure Ltd.^(a)(b)		853,796		57,494,623

				71,219,099

Health Care Providers & Services — 1.0%
Guardant Health Inc.^(a)(b)		810,183		56,388,737
PetIQ Inc.^(a)(b)		202,457		4,703,076

				61,091,813

Life Sciences Tools & Services — 9.0%
Adaptive Biotechnologies Corp.^(a)(b)		1,072,695		29,799,467
Bio-Techne Corp.^(b)		328,788		62,344,781
Compugen Ltd.^(a)(b)		541,638		3,932,292
Illumina Inc.^(a)(b)		1,251,203		341,728,563
Luminex Corp.^(b)		387,946		10,680,153
Medpace Holdings Inc.^(a)(b)		310,765		22,803,936
NanoString Technologies Inc.^(a)(b)		307,958		7,406,390
Pacific Biosciences of California Inc.^(a)(b)		1,320,902		4,041,960
Personalis Inc.^(a)(b)		271,397		2,190,174


Security	Shares		Value

Life Sciences Tools & Services (continued)
PRA Health Sciences Inc.^(a)(b)		545,689	$	45,314,015
Quanterix Corp.^(a)(b)		242,543		4,455,515
Syneos Health Inc.^(a)(b)		895,484		35,299,979

				569,997,225

Pharmaceuticals — 8.3%
Aerie Pharmaceuticals Inc.^(a)(b)		398,645		5,381,707
Akorn Inc.^(a)(b)		1,077,589		604,743
Amphastar Pharmaceuticals Inc.^(a)(b)		404,704		6,005,807
ANI Pharmaceuticals Inc.^(a)(b)		104,319		4,249,956
Arvinas Holding Co. LLC^(a)(b)		336,332		13,554,180
Axsome Therapeutics Inc.^(a)(b)		297,744		17,516,280
BioDelivery Sciences International Inc.^(a)(b)		774,489		2,935,313
Cara Therapeutics Inc.^(a)(b)		403,323		5,327,897
Chiasma Inc.^(a)(b)		356,400		1,300,860
Collegium Pharmaceutical Inc.^(a)(b)		289,827		4,732,875
Corium International Inc.^(a)(b)(c)		416,117		74,901
Cymabay Therapeutics Inc.^(a)(b)		586,947		868,682
Endo International PLC^(a)(b)		1,863,047		6,893,274
Evolus Inc.^(a)(b)		285,530		1,184,949
EyePoint Pharmaceuticals Inc.^(a)(b)		923,466		941,935
Foamix Pharmaceuticals Ltd.^(c)		5,340		4,388
GW Pharmaceuticals PLC,ADR^(a)(b)		254,352		22,273,605
Horizon Therapeutics PLC^(a)(b)		1,615,916		47,863,432
Hutchison China MediTech Ltd., ADR^(a)(b)		358,554		6,400,189
Innoviva Inc.^(a)(b)		875,231		10,292,717
Intra-Cellular Therapies Inc.^(a)(b)		564,409		8,674,966
Jazz Pharmaceuticals PLC^(a)(b)		488,095		48,682,595
Mylan NV^(a)(b)		4,449,127		66,336,484
MyoKardia Inc.^(a)(b)		398,834		18,697,338
Nektar Therapeutics^(a)(b)		1,517,693		27,090,820
NGM Biopharmaceuticals Inc.^(a)(b)		576,408		7,107,111
Omeros Corp.^(a)(b)		430,054		5,749,822
Optinose Inc.^(a)		394,242		1,770,147
Osmotica Pharmaceuticals PLC^(a)		499,348		1,587,927
Pacira BioSciences Inc.^(a)(b)		360,247		12,079,082
Reata Pharmaceuticals Inc., Class A^(a)(b)		237,663		34,304,277
resTORbio Inc.^(a)(b)		311,510		320,855
Revance Therapeutics Inc.^(a)(b)		445,992		6,600,682
Sanofi, ADR		1,799,802		78,687,343
SIGA Technologies Inc.^(a)(b)		693,633		3,315,566
Supernus Pharmaceuticals Inc.^(a)(b)		454,050		8,168,359
TherapeuticsMD Inc.^(a)(b)		2,345,525		2,486,256
Theravance Biopharma Inc.^(a)(b)		490,612		11,338,043
Tricida Inc.^(a)(b)		428,330		9,423,260
WaVe Life Sciences Ltd.^(a)(b)		292,942		2,744,867
Xeris Pharmaceuticals Inc.^(a)(b)		230,626		449,721
Zogenix Inc.^(a)(b)		381,996		9,446,761

				523,469,972


Total Common Stocks — 99.8% (Cost: $8,446,707,585)				6,330,423,317


Short-Term Investments

Money Market Funds — 14.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(d)(e)(f)		931,034,513		930,848,306


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Nasdaq Biotechnology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(d)(e)		12,684,000	$	12,684,000

				943,532,306


Total Short-Term Investments — 14.9% (Cost: $943,578,176)				943,532,306


Total Investments in Securities — 114.7% (Cost: $9,390,285,761)				7,273,955,623

Other Assets, Less Liabilities — (14.7)%				(929,990,352	)


Net Assets — 100.0%			$	6,343,965,271

^(a)	Non-income producing security.

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

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,347,750,952	(416,716,439	)	931,034,513	$	930,848,306	$	9,633,575	^(b)	$	(170,659	)	$	(445,569	)
BlackRock Cash Funds: Treasury, SL Agency Shares	8,677,695	4,006,305		12,684,000		12,684,000		149,965			—			—

					$	943,532,306	$	9,783,540		$	(170,659	)	$	(445,569	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini		92		06/19/20	$	5,279	$	(327,860	)
S&P MidCap 400 E-Mini		54		06/19/20		7,764		(444,200	)

							$	(772,060	)

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	772,060

^(a)


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (continued)

March 31, 2020

iShares^® Nasdaq Biotechnology ETF

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(3,053,094	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(772,060	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	4,274,686

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,330,342,136		$	—	$	81,181	$	6,330,423,317
Money Market Funds		943,532,306			—		—		943,532,306

	$	7,273,874,442		$	—	$	81,181	$	7,273,955,623

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(772,060	)	$	—	$	—	$	(772,060	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® North American Natural Resources ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Construction Materials — 3.3%
Eagle Materials Inc.^(a)		13,335	$	779,031
Martin Marietta Materials Inc.		20,020		3,788,385
Summit Materials Inc., Class A^(b)		35,963		539,445
Vulcan Materials Co.		42,389		4,580,979

				9,687,840

Containers & Packaging — 11.5%
Amcor PLC^(b)		518,862		4,213,159
AptarGroup Inc.		20,476		2,038,181
Avery Dennison Corp.		26,745		2,724,513
Ball Corp.		104,767		6,774,234
Berry Global Group Inc.^(b)		42,311		1,426,304
Crown Holdings Inc.^(b)		43,407		2,519,342
Graphic Packaging Holding Co.		92,958		1,134,088
Greif Inc., Class A, NVS		8,412		261,529
International Paper Co.		125,579		3,909,274
O-I Glass Inc.		49,846		354,405
Packaging Corp. of America		30,320		2,632,686
Sealed Air Corp.^(a)		49,489		1,222,873
Silgan Holdings Inc.^(a)		24,830		720,567
Sonoco Products Co.		32,063		1,486,120
Westrock Co.		82,588		2,333,937

				33,751,212

Energy Equipment & Services — 4.7%
Apergy Corp.^(b)		24,810		142,658
Baker Hughes Co.		208,124		2,185,302
Core Laboratories NV		14,314		148,007
Dril-Quip Inc.^(b)		11,589		353,465
Halliburton Co.		281,120		1,925,672
Helmerich & Payne Inc.		34,728		543,493
National Oilwell Varco Inc.^(a)		123,563		1,214,624
Oceaneering International Inc.^(b)		31,844		93,621
Patterson-UTI Energy Inc.		61,812		145,258
Schlumberger Ltd.		443,354		5,980,845
TechnipFMC PLC		134,583		907,089
Transocean Ltd.^(a)(b)		184,192		213,663

				13,853,697

Metals & Mining — 16.7%
Agnico Eagle Mines Ltd.^(a)		76,786		3,055,315
Alcoa Corp.^(b)		59,427		366,070
B2Gold Corp.^(a)		328,505		1,005,225
Barrick Gold Corp.^(a)		569,344		10,430,382
Compass Minerals International Inc.		10,855		417,592
Franco-Nevada Corp.^(a)		60,399		6,010,909
Freeport-McMoRan Inc.		464,667		3,136,502
Kinross Gold Corp.^(a)(b)		401,407		1,597,600
Kirkland Lake Gold Ltd.		85,450		2,529,320
Newmont Corp.		261,557		11,843,301
Pan American Silver Corp.^(a)		67,132		962,002
Royal Gold Inc.		21,002		1,842,085
Teck Resources Ltd., Class B^(a)		155,725		1,177,281
Wheaton Precious Metals Corp.		143,226		3,943,012
Yamana Gold Inc.		304,385		837,059

				49,153,655

Oil, Gas & Consumable Fuels — 63.0%
Apache Corp.		120,424		503,372
Cabot Oil & Gas Corp.		130,641		2,245,719
Cameco Corp.^(a)		126,758		968,431


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Canadian Natural Resources Ltd.		379,293	$	5,139,420
Cenovus Energy Inc.^(a)		326,616		659,764
Cheniere Energy Inc.^(a)(b)		74,244		2,487,174
Chevron Corp.		438,829		31,797,549
Cimarex Energy Co.		32,603		548,709
CNX Resources Corp.^(b)		59,758		317,913
Concho Resources Inc.		64,381		2,758,726
ConocoPhillips		351,409		10,823,397
Continental Resources Inc./OK^(a)		27,355		208,992
Crescent Point Energy Corp.^(a)		184,297		141,706
CVR Energy Inc.		9,408		155,514
Delek U.S. Holdings Inc.		23,773		374,662
Devon Energy Corp.		123,940		856,425
Diamondback Energy Inc.		51,610		1,352,182
Enbridge Inc.		454,300		13,215,587
Enerplus Corp.^(a)		71,136		105,281
EOG Resources Inc.		186,310		6,692,255
EQT Corp.^(a)		81,868		578,807
Equitrans Midstream Corp.		66,092		332,443
Exxon Mobil Corp.		729,546		27,700,862
Hess Corp.		82,942		2,761,969
HollyFrontier Corp.		47,548		1,165,401
Kinder Morgan Inc./DE		623,813		8,683,477
Kosmos Energy Ltd.		115,746		103,662
Marathon Oil Corp.		256,186		842,852
Marathon Petroleum Corp.		207,946		4,911,685
Matador Resources Co.^(b)		35,016		86,840
Murphy Oil Corp.		47,836		293,235
Noble Energy Inc.		153,180		925,207
Occidental Petroleum Corp.^(a)		286,087		3,312,887
ONEOK Inc.		132,294		2,885,332
Ovintiv Inc.^(a)		83,203		224,648
Parsley Energy Inc., Class A		98,905		566,726
PBF Energy Inc., Class A		32,582		230,681
PDC Energy Inc.^(a)(b)		31,095		193,100
Pembina Pipeline Corp.		166,562		3,133,031
Phillips 66		142,308		7,634,824
Pioneer Natural Resources Co		53,052		3,721,598
Suncor Energy Inc.		494,012		7,805,390
Targa Resources Corp.		74,553		515,161
TC Energy Corp.^(a)		299,242		13,256,421
Tellurian Inc.^(a)(b)		29,266		26,454
Valero Energy Corp.		131,518		5,965,656
Vermilion Energy Inc.		50,032		155,600
Williams Companies Inc. (The)		388,169		5,492,591
World Fuel Services Corp.		20,941		527,294
WPX Energy Inc.^(a)(b)		133,197		406,251

				185,792,863

Paper & Forest Products — 0.4%
Domtar Corp.		18,342		396,921
Louisiana-Pacific Corp.		37,614		646,208
Norbord Inc.^(a)		14,881		176,191

				1,219,320


Total Common Stocks — 99.6% (Cost: $635,980,396)				293,458,587


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (continued)

March 31, 2020

iShares^® North American Natural Resources ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 6.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		17,521,713	$	17,518,209
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		168,000		168,000

				17,686,209

Total Short-Term Investments — 6.0% (Cost: $17,683,517)				17,686,209


Total Investments in Securities — 105.6% (Cost: $653,663,913)				311,144,796

Other Assets, Less Liabilities — (5.6)%				(16,448,388	)

Net Assets — 100.0%			$	294,696,408

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

^(b)	Non-income producing security.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a) (3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	34,147,105	(16,625,392	)	17,521,713	$	17,518,209	$	138,902	^(b)	$	(2,367	)	$	(4,146	)
BlackRock Cash Funds: Treasury, SL Agency Shares	1,102,336	(934,336	)	168,000		168,000		15,378			—			—

					$	17,686,209	$	154,280		$	(2,367	)	$	(4,146	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini		4		06/19/20	$	229	$	(6,248	)
S&P Select Sector Energy Index E-Mini		34		06/19/20		1,018		23,331

							$	17,083

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	23,331

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	6,248

^(a)


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® North American Natural Resources ETF

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(881,217	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	17,083

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	781,676

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	293,458,587		$	—	$	—	$	293,458,587
Money Market Funds		17,686,209			—		—		17,686,209

	$	311,144,796		$	—	$	—	$	311,144,796

Derivative financial instruments^(a)
Assets
Futures Contracts	$	23,331		$	—	$	—	$	23,331
Liabilities
Futures Contracts		(6,248	)		—		—		(6,248	)

	$	17,083		$	—	$	—	$	17,083

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			31

Schedule of Investments

March 31, 2020

iShares^® North American Tech-Multimedia Networking ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Communications Equipment — 99.8%
Acacia Communications Inc.^(a)		30,169	$	2,026,753
Arista Networks Inc.^(a)(b)		19,178		3,884,504
Ciena Corp.^(a)		49,875		1,985,524
Cisco Systems Inc.		94,789		3,726,156
CommScope Holding Co. Inc.^(a)(b)		205,698		1,873,909
Comtech Telecommunications Corp.		39,008		518,416
EchoStar Corp., Class A^(a)		56,772		1,815,001
Extreme Networks Inc.^(a)(b)		194,429		600,786
F5 Networks Inc.^(a)		33,727		3,596,310
Harmonic Inc.^(a)(b)		153,366		883,388
Infinera Corp.^(a)		248,685		1,318,030
Inseego Corp.^(a)(b)		84,478		526,298
InterDigital Inc.		44,786		1,998,799
Juniper Networks Inc.		188,464		3,607,201
Lumentum Holdings Inc.^(a)		28,561		2,104,946
Motorola Solutions Inc.		25,818		3,431,728
NETGEAR Inc.^(a)(b)		48,217		1,101,276
NetScout Systems Inc.^(a)(b)		85,170		2,015,974
Plantronics Inc.		52,349		526,631
Ubiquiti Inc.^(b)		13,941		1,973,767
ViaSat Inc.^(a)(b)		50,481		1,813,277
Viavi Solutions Inc.^(a)		173,017		1,939,521

				43,268,195


Total Common Stocks — 99.8% (Cost: $63,479,707)				43,268,195


Security	Shares		Value

Short-Term Investments

Money Market Funds — 11.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		4,761,684	$	4,760,731
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		48,000		48,000

				4,808,731


Total Short -Term Investments — 11.1% (Cost: $4,807,350)				4,808,731


Total Investments in Securities — 110.9% (Cost: $68,287,057)				48,076,926

Other Assets, Less Liabilities — (10.9)%				(4,741,781	)


Net Assets — 100.0%			$	43,335,145

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 03/31/19	Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	7,435,473	(2,673,789	)	4,761,684	$	4,760,731	$	67,920	^(b)	$	(3,295	)	$	961
BlackRock Cash Funds: Treasury, SL Agency Shares	114,343	(66,343	)	48,000		48,000		3,346			—			—

					$	4,808,731	$	71,266		$	(3,295	)	$	961

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini		1		06/19/20	$	57	$	(5,557	)


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® North American Tech-Multimedia Networking ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	5,557

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(5,497	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(5,557	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	26,726

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	43,268,195		$	—	$	—	$	43,268,195
Money Market Funds		4,808,731			—		—		4,808,731

	$	48,076,926		$	—	$	—	$	48,076,926

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(5,557	)	$	—	$	—	$	(5,557	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			33

Schedule of Investments

March 31, 2020

iShares^® PHLX Semiconductor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Semiconductor Equipment — 18.7%
Applied Materials Inc.		1,677,154	$	76,847,196
ASML Holding NV, NYS^(a)		270,531		70,781,731
Cabot Microelectronics Corp.		106,313		12,134,566
Entegris Inc.^(a)		492,675		22,057,060
KLA Corp.		576,403		82,852,167
Lam Research Corp.		363,928		87,342,720
MKS Instruments Inc.^(a)		199,121		16,218,405
Teradyne Inc.^(a)		612,140		33,159,624

				401,393,469

Semiconductors — 81.0%
Advanced Micro Devices Inc.^(a)(b)		2,480,388		112,808,046
Analog Devices Inc.^(a)		859,738		77,075,512
Broadcom Inc.		614,194		145,625,397
Cirrus Logic Inc.^(b)		211,135		13,856,790
Cree Inc.^(a)(b)		393,450		13,951,737
Intel Corp.		3,345,639		181,065,983
Marvell Technology Group Ltd.		2,436,459		55,137,067
Maxim Integrated Products Inc.		988,499		48,050,936
Microchip Technology Inc.^(a)		872,952		59,186,146
Micron Technology Inc.^(a)(b)		2,043,933		85,967,822
Monolithic Power Systems Inc.		158,676		26,571,883
NVIDIA Corp.^(a)		896,070		236,204,052
NXP Semiconductors NV		840,174		69,675,630
ON Semiconductor Corp.^(a)(b)		1,500,314		18,663,906
Qorvo Inc.^(b)		424,366		34,216,631
QUALCOMM Inc.		2,324,527		157,254,251
Semtech Corp.^(b)		243,026		9,113,475
Silicon Laboratories Inc.^(b)		158,436		13,532,019
Skyworks Solutions Inc.^(a)		622,357		55,626,269


Security	Shares		Value

Semiconductors (continued)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR^(a)		1,829,106	$	87,412,976
Texas Instruments Inc.		1,615,624		161,449,306
Xilinx Inc.		918,575		71,593,735

				1,734,039,569


Total Common Stocks — 99.7% (Cost: $2,491,502,298)				2,135,433,038


Short-Term Investments

Money Market Funds — 6.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		126,368,552		126,343,278
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		4,905,000		4,905,000

				131,248,278


Total Short -Term Investments — 6.1% (Cost: $131,195,186)				131,248,278


Total Investments in Securities — 105.8% (Cost: $2,622,697,484)				2,266,681,316

Other Assets, Less Liabilities — (5.8)%				(124,716,371	)


Net Assets — 100.0%			$	2,141,964,945

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

^(b)	Non-income producing security.

^(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 affiliates of the Fund during the year ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 03/31/19	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	52,540,232	73,828,320	126,368,552	$	126,343,278	$	210,090	^(b)	$	(39,423	)	$	40,020
BlackRock Cash Funds: Treasury, SL Agency Shares	625,188	4,279,812	4,905,000		4,905,000		51,435			—			—

				$	131,248,278	$	261,525		$	(39,423	)	$	40,020

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini		16		06/19/20	$	918	$	5,778
S&P Select Sector Technology Index E-Mini		67		06/19/20		5,405		401,056

							$	406,834


34		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® PHLX Semiconductor ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2020, 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)	$	406,834

^(a)

For the year ended March 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(760,261	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	406,834

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	3,032,170

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,135,433,038	$	—	$	—	$	2,135,433,038
Money Market Funds		131,248,278		—		—		131,248,278

	$	2,266,681,316	$	—	$	—	$	2,266,681,316

Derivative financial instruments^(a)
Assets
Futures Contracts	$	406,834	$	—	$	—	$	406,834

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			35

Statements of Assets and Liabilities

March 31, 2020


	iShares Expanded Tech Sector ETF		iShares Expanded Tech-Software Sector ETF			iShares Nasdaq Biotechnology ETF			iShares North American Natural Resources ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,706,143,774	$	3,030,416,771		$	6,330,423,317		$	293,458,587
Affiliated^(c)		73,720,813		242,213,147			943,532,306			17,686,209
Cash		50,262		249,889			409,041			126,207
Cash pledged:
Futures contracts		162,000		89,000			1,842,000			259,000
Receivables:
Investments sold		16,094		—			643,367			21,511
Securities lending income — Affiliated		45,918		180,241			750,344			19,597
Variation margin on futures contracts		—		—			—			15,975
Capital shares sold		44,017		6,363			71,131			31,088
Dividends		360,635		6,159			43,224			780,147

Total assets		1,780,543,513		3,273,161,570			7,277,714,730			312,398,321


LIABILITIES
Collateral on securities loaned, at value		72,087,359		240,805,725			931,041,160			17,522,247
Payables:
Investments purchased		—		—			13,306			60,472
Variation margin on futures contracts		21,632		12,243			113,712			—
Capital shares redeemed		—		56,483			11,503			—
Investment advisory fees		646,694		1,136,073			2,569,778			119,194

Total liabilities		72,755,685		242,010,524			933,749,459			17,701,913


NET ASSETS	$	1,707,787,828	$	3,031,151,046		$	6,343,965,271		$	294,696,408


NET ASSETS CONSIST OF:
Paid-in capital	$	1,501,623,235	$	3,450,674,210		$	9,297,254,777		$	1,077,640,656
Accumulated earnings (loss)		206,164,593		(419,523,164	)		(2,953,289,506	)		(782,944,248	)

NET ASSETS	$	1,707,787,828	$	3,031,151,046		$	6,343,965,271		$	294,696,408


Shares outstanding		8,050,000		14,450,000			58,750,000			17,700,000

Net asset value	$	212.15	$	209.77		$	107.98		$	16.65

Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited

Par value		None		None			None			None


^(a)Securities loaned, at value	$	69,100,376	$	231,823,923		$	870,182,608		$	17,398,766
^(b)Investments, at cost — Unaffiliated	$	1,481,869,187	$	3,406,705,347		$	8,446,707,585		$	635,980,396
^(c)Investments, at cost — Affiliated	$	73,676,849	$	242,222,495		$	943,578,176		$	17,683,517

See notes to financial statements.


36		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (continued)

March 31, 2020


	iShares North American Tech-Multimedia Networking ETF			iShares PHLX Semiconductor ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	43,268,195		$	2,135,433,038
Affiliated^(c)		4,808,731			131,248,278
Cash		10,179			234,332
Cash pledged:
Futures contracts		8,000			826,000
Receivables:
Securities lending income — Affiliated		2,947			50,210
Capital shares sold		—			95,216
Dividends		19,074			1,405,729

Total assets		48,117,126			2,269,292,803


LIABILITIES
Collateral on securities loaned, at value		4,764,055			126,343,792
Payables:
Variation margin on futures contracts		342			116,029
Capital shares redeemed		—			63,059
Investment advisory fees		17,584			804,978

Total liabilities		4,781,981			127,327,858


NET ASSETS	$	43,335,145		$	2,141,964,945


NET ASSETS CONSIST OF:
Paid-in capital	$	130,066,964		$	2,534,062,972
Accumulated loss		(86,731,819	)		(392,098,027	)

NET ASSETS	$	43,335,145		$	2,141,964,945


Shares outstanding		1,000,000			10,450,000

Net asset value	$	43.34		$	204.97

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Securities loaned, at value	$	4,619,777		$	121,149,848
^(b)Investments, at cost — Unaffiliated	$	63,479,707		$	2,491,502,298
^(c)Investments, at cost — Affiliated	$	4,807,350		$	131,195,186

See notes to financial statements.


FINANCIAL STATEMENTS			37

Statements of Operations

Year Ended March 31, 2020


	iShares Expanded Tech Sector ETF			iShares Expanded Tech-Software Sector ETF			iShares Nasdaq Biotechnology ETF			iShares North American Natural Resources ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	17,307,524		$	28,569,833	^(a)	$	40,837,595		$	18,189,555
Dividends — Affiliated		41,047			76,020			149,965			15,378
Interest — Unaffiliated		—			—			1,481			538
Securities lending income — Affiliated — net		201,939			769,756			9,633,575			138,902
Foreign taxes withheld		(5,925	)		(72,058	)		(88,022	)		(659,994	)

Total investment income		17,544,585			29,343,551			50,534,594			17,684,379


EXPENSES
Investment advisory fees		7,891,981			12,995,214			33,317,845			2,539,091

Total expenses		7,891,981			12,995,214			33,317,845			2,539,091

Net investment income		9,652,604			16,348,337			17,216,749			15,145,288


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(3,917,783	)		(57,656,395	)		(612,165,250	)		(109,598,923	)
Investments — Affiliated		(63,450	)		(172,785	)		(170,659	)		(2,367	)
In-kind redemptions — Unaffiliated		165,896,985			583,783,149			891,837,053			(38,137,164	)
Futures contracts		(837,314	)		(203,013	)		(3,053,094	)		(881,217	)
Foreign currency transactions		—			—			—			(7,033	)

Net realized gain (loss)		161,078,438			525,750,956			276,448,050			(148,626,704	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(126,363,916	)		(570,510,437	)		(516,005,402	)		(95,713,549	)
Investments — Affiliated		36,237			(34,935	)		(445,569	)		(4,146	)
Futures contracts		87,487			(5,249	)		(772,060	)		17,083
Foreign currency translations		—			—			—			(157	)

Net change in unrealized appreciation (depreciation)		(126,240,192	)		(570,550,621	)		(517,223,031	)		(95,700,769	)

Net realized and unrealized gain (loss)		34,838,246			(44,799,665	)		(240,774,981	)		(244,327,473	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	44,490,850		$	(28,451,328	)	$	(223,558,232	)	$	(229,182,185	)

^(a)	Includes $17,270,040 related to a special distribution from NortonLifeLock Inc.

See notes to financial statements.


38		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (continued)

Year Ended March 31, 2020


	iShares North American Tech-Multimedia Networking ETF			iShares PHLX Semiconductor ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	824,715		$	35,350,017
Dividends — Affiliated		3,346			51,435
Interest — Unaffiliated		5			—
Securities lending income — Affiliated — net		67,920			210,090
Foreign taxes withheld		—			(1,019,518	)

Total investment income		895,986			34,592,024


EXPENSES
Investment advisory fees		440,707			8,388,652

Total expenses		440,707			8,388,652

Net investment income		455,279			26,203,372


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(3,528,181	)		(25,663,840	)
Investments — Affiliated		(3,295	)		(39,423	)
In-kind redemptions — Unaffiliated		1,997,846			335,212,053
Futures contracts		(5,497	)		(760,261	)

Net realized gain (loss)		(1,539,127	)		308,748,529

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(19,856,382	)		(254,013,286	)
Investments — Affiliated		961			40,020
Futures contracts		(5,557	)		406,834

Net change in unrealized appreciation (depreciation)		(19,860,978	)		(253,566,432	)

Net realized and unrealized gain (loss)		(21,400,105	)		55,182,097

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(20,944,826	)	$	81,385,469

See notes to financial statements.


FINANCIAL STATEMENTS			39

Statements of Changes in Net Assets


	iShares Expanded Tech Sector ETF						iShares Expanded Tech-Software Sector ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	9,652,604		$	8,607,212		$	16,348,337		$	2,476,322
Net realized gain		161,078,438			283,650,733			525,750,956			342,763,217
Net change in unrealized appreciation (depreciation)		(126,240,192	)		(90,566,740	)		(570,550,621	)		70,647,702

Net increase (decrease) in net assets resulting from operations		44,490,850			201,691,205			(28,451,328	)		415,887,241


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(10,234,172	)		(8,093,662	)		(17,774,768	)		(2,709,822	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		85,598,654			(68,391,428	)		347,914,022			958,748,976


NET ASSETS
Total increase in net assets		119,855,332			125,206,115			301,687,926			1,371,926,395
Beginning of year		1,587,932,496			1,462,726,381			2,729,463,120			1,357,536,725

End of year	$	1,707,787,828		$	1,587,932,496		$	3,031,151,046		$	2,729,463,120

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

See notes to financial statements.


40		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares Nasdaq Biotechnology ETF						iShares North American Natural Resources ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	17,216,749		$	12,909,077		$	15,145,288		$	17,562,911
Net realized gain (loss)		276,448,050			585,308,012			(148,626,704	)		(67,193,551	)
Net change in unrealized appreciation (depreciation)		(517,223,031	)		(249,981,678	)		(95,700,769	)		29,860,958

Net increase (decrease) in net assets resulting from operations		(223,558,232	)		348,235,411			(229,182,185	)		(19,769,682	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(17,415,446	)		(15,462,961	)		(29,704,416	)		(19,762,048	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(1,441,203,329	)		(1,346,751,531	)		(207,787,406	)		(128,669,345	)


NET ASSETS
Total decrease in net assets		(1,682,177,007	)		(1,013,979,081	)		(466,674,007	)		(168,201,075	)
Beginning of year		8,026,142,278			9,040,121,359			761,370,415			929,571,490

End of year	$	6,343,965,271		$	8,026,142,278		$	294,696,408		$	761,370,415

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

See notes to financial statements.


FINANCIAL STATEMENTS			41

Statements of Changes in Net Assets (continued)


	iShares North American Tech-Multimedia Networking ETF						iShares PHLX Semiconductor ETF
	Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/20			Year Ended 03/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	455,279		$	285,216		$	26,203,372		$	21,725,845
Net realized gain (loss)		(1,539,127	)		4,368,181			308,748,529			105,132,907
Net change in unrealized appreciation (depreciation)		(19,860,978	)		739,823			(253,566,432	)		(100,509,502	)

Net increase (decrease) in net assets resulting from operations		(20,944,826	)		5,393,220			81,385,469			26,349,250


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(451,832	)		(306,034	)		(28,856,308	)		(18,214,300	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(68,026,029	)		63,321,903			1,027,599,569			(576,488,425	)


NET ASSETS
Total increase (decrease) in net assets		(89,422,687	)		68,409,089			1,080,128,730			(568,353,475	)
Beginning of year		132,757,832			64,348,743			1,061,836,215			1,630,189,690

End of year	$	43,335,145		$	132,757,832		$	2,141,964,945		$	1,061,836,215

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

See notes to financial statements.


42		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares Expanded Tech Sector ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 08/01/15 to 03/31/16	^(a)		Year Ended 07/31/15


Net asset value, beginning of period	$	206.22		$	179.48		$	138.39		$	110.64		$	107.65		$	95.51

Net investment income^(b)		1.26			1.09			0.88			1.00			0.74			0.88
Net realized and unrealized gain^(c)		6.00			26.69			41.18			27.77			3.01			12.16

Net increase from investment operations		7.26			27.78			42.06			28.77			3.75			13.04


Distributions^(d)
From net investment income		(1.33	)		(1.04	)		(0.97	)		(1.02	)		(0.76	)		(0.90	)

Total distributions		(1.33	)		(1.04	)		(0.97	)		(1.02	)		(0.76	)		(0.90	)


Net asset value, end of period	$	212.15		$	206.22		$	179.48		$	138.39		$	110.64		$	107.65


Total Return
Based on net asset value		3.51	%		15.52	%		30.48	%		26.13	%		3.51	%^(e)		13.70	%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.48	%^(f)		0.47	%

Net investment income		0.56	%		0.56	%		0.55	%		0.82	%		1.05	%^(f)		0.87	%


Supplemental Data
Net assets, end of period (000)	$	1,707,788		$	1,587,932		$	1,462,726		$	1,120,933		$	862,984		$	823,498

Portfolio turnover rate^(g)		10	%		8	%		6	%		7	%		6	%^(e)		6	%

^(a)	The Fund’s fiscal year-end changed from July 31 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			43

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Expanded Tech-Software Sector ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 08/01/15 to 03/31/16	^(a)		Year Ended 07/31/15


Net asset value, beginning of period	$	210.77		$	169.69		$	126.45		$	100.66		$	102.43		$	84.80

Net investment income^(b)		1.28	^(c)		0.24			0.12			0.22			0.68	^(d)		0.24
Net realized and unrealized gain (loss)^(e)		(1.06	)		41.10			43.23			25.75			(1.58	)		17.63

Net increase (decrease) from investment operations		0.22			41.34			43.35			25.97			(0.90	)		17.87


Distributions^(f)
From net investment income		(1.22	)		(0.26	)		(0.11	)		(0.18	)		(0.87	)		(0.24	)

Total distributions		(1.22	)		(0.26	)		(0.11	)		(0.18	)		(0.87	)		(0.24	)


Net asset value, end of period	$	209.77		$	210.77		$	169.69		$	126.45		$	100.66		$	102.43


Total Return
Based on net asset value		0.13	%		24.39	%		34.30	%		25.82	%		(0.86	)%^(g)		21.10	%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.48	%^(h)		0.47	%

Net investment income		0.57	%^(c)		0.13	%		0.08	%		0.19	%		1.04	%^(d)(h)		0.25	%


Supplemental Data
Net assets, end of period (000)	$	3,031,151		$	2,729,463		$	1,357,537		$	815,631		$	709,680		$	1,080,639

Portfolio turnover rate⁽ⁱ⁾		18	%		18	%		12	%		12	%		9	%^(g)		15	%

^(a)	The Fund’s fiscal year-end changed from July 31 to March 31.

^(b)	Based on average shares outstanding.

^(c)	Includes a one-time special distribution from NortonLifeLock Inc. Excluding such special distribution, the net investment income would have been $(0.07) per share and (0.03)% of average net assets.

^(d)	Includes a one-time special distribution from Symantec Corp. Excluding such special distribution, the net investment income would have been $0.18 per share and 0.27% of average net assets.

^(e)	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.

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

^(g)	Not annualized.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


44		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Nasdaq Biotechnology ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18	^(a)		Year Ended 03/31/17	^(a)		Year Ended 03/31/16	^(a)


Net asset value, beginning of year	$	111.78		$	106.73		$	97.75		$	86.90		$	114.57

Net investment income^(b)		0.26			0.16			0.15			0.21			0.09
Net realized and unrealized gain (loss)^(c)		(3.80	)		5.08			9.05			10.85			(27.68	)

Net increase (decrease) from investment operations		(3.54	)		5.24			9.20			11.06			(27.59	)


Distributions^(d)
From net investment income		(0.26	)		(0.19	)		(0.22	)		(0.21	)		(0.08	)

Total distributions		(0.26	)		(0.19	)		(0.22	)		(0.21	)		(0.08	)


Net asset value, end of year	$	107.98		$	111.78		$	106.73		$	97.75		$	86.90


Total Return
Based on net asset value		(3.17	)%		4.92	%		9.41	%		12.75	%		(24.09	)%


Ratios to Average Net Assets
Total expenses		0.46	%		0.47	%		0.47	%		0.47	%		0.47	%

Net investment income		0.24	%		0.15	%		0.14	%		0.22	%		0.08	%


Supplemental Data
Net assets, end of year (000)	$	6,343,965		$	8,026,142		$	9,040,121		$	8,343,317		$	6,387,032

Portfolio turnover rate^(e)		29	%		18	%		26	%		18	%		24	%

^(a)	Per share amounts reflect a three-for-one stock split effective after the close of trading on November 30, 2017.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			45

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares North American Natural Resources ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 08/01/15 to 03/31/16	^(a)		Year Ended 07/31/15


Net asset value, beginning of period	$	31.40		$	33.08		$	34.26		$	29.72		$	33.03		$	48.06

Net investment income^(b)		0.78			0.65			0.75			0.57			0.51			0.78
Net realized and unrealized gain (loss)^(c)		(13.82	)		(1.59	)		(1.16	)		4.55			(3.16	)		(15.08	)

Net increase (decrease) from investment operations		(13.04	)		(0.94	)		(0.41	)		5.12			(2.65	)		(14.30	)


Distributions^(d)
From net investment income		(1.71	)		(0.74	)		(0.77	)		(0.58	)		(0.66	)		(0.73	)

Total distributions		(1.71	)		(0.74	)		(0.77	)		(0.58	)		(0.66	)		(0.73	)


Net asset value, end of period	$	16.65		$	31.40		$	33.08		$	34.26		$	29.72		$	33.03


Total Return
Based on net asset value		(43.54	)%		(2.87	)%		(1.19	)%		17.26	%		(7.96	)%^(e)		(29.99	)%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.48	%^(f)		0.47	%

Net investment income		2.72	%		1.94	%		2.25	%		1.67	%		2.55	%^(f)		1.96	%


Supplemental Data
Net assets, end of period (000)	$	294,696		$	761,370		$	929,571		$	1,034,595		$	1,034,097		$	1,928,976

Portfolio turnover rate^(g)		16	%		12	%		7	%		12	%		9	%^(e)		9	%

^(a)	The Fund’s fiscal year-end changed from July 31 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


46		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares North American Tech-Multimedia Networking ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 08/01/15 to 03/31/16	^(a)		Year Ended 07/31/15


Net asset value, beginning of period	$	56.49		$	51.48		$	45.54		$	36.57		$	39.43		$	34.11

Net investment income^(b)		0.26			0.23			0.30			0.26			0.22			0.21
Net realized and unrealized gain (loss)^(c)		(13.10	)		5.04			5.95			8.97			(2.80	)		5.34

Net increase (decrease) from investment operations		(12.84	)		5.27			6.25			9.23			(2.58	)		5.55


Distributions^(d)
From net investment income		(0.31	)		(0.26	)		(0.31	)		(0.26	)		(0.28	)		(0.23	)

Total distributions		(0.31	)		(0.26	)		(0.31	)		(0.26	)		(0.28	)		(0.23	)


Net asset value, end of period	$	43.34		$	56.49		$	51.48		$	45.54		$	36.57		$	39.43


Total Return
Based on net asset value		(22.80	)%		10.27	%		13.77	%		25.31	%		(6.54	)%^(e)		16.31	%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.48	%^(f)		0.47	%

Net investment income		0.47	%		0.44	%		0.63	%		0.64	%		0.92	%^(f)		0.59	%


Supplemental Data
Net assets, end of period (000)	$	43,335		$	132,758		$	64,349		$	77,417		$	53,020		$	151,791

Portfolio turnover rate^(g)		33	%		29	%		23	%		27	%		26	%^(e)		23	%

^(a)	The Fund’s fiscal year-end changed from July 31 to March 31.

^(b)	Based on average shares outstanding.

^(c)	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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			47

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares PHLX Semiconductor ETF
		Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17			Period From 08/01/15 to 03/31/16	^(a)		Year Ended 07/31/15


Net asset value, beginning of period	$	189.61		$	180.13		$	136.85		$	91.63		$	87.51		$	82.62

Net investment income^(b)		3.13			2.66			1.51			1.36			0.68			1.45	^(c)
Net realized and unrealized gain^(d)		15.50			9.12			43.32			45.26			4.36			4.96

Net increase from investment operations		18.63			11.78			44.83			46.62			5.04			6.41


Distributions^(e)
From net investment income		(3.27	)		(2.30	)		(1.55	)		(1.40	)		(0.92	)		(1.52	)

Total distributions		(3.27	)		(2.30	)		(1.55	)		(1.40	)		(0.92	)		(1.52	)


Net asset value, end of period	$	204.97		$	189.61		$	180.13		$	136.85		$	91.63		$	87.51


Total Return
Based on net asset value		9.80	%		6.61	%		32.91	%		51.20	%		5.84	%^(f)		7.65	%


Ratios to Average Net Assets
Total expenses		0.46	%		0.46	%		0.47	%		0.48	%		0.48	%^(g)		0.47	%

Net investment income		1.42	%		1.50	%		0.93	%		1.22	%		1.19	%^(g)		1.59	%^(c)


Supplemental Data
Net assets, end of period (000)	$	2,141,965		$	1,061,836		$	1,630,190		$	889,518		$	380,278		$	398,184

Portfolio turnover rate^(h)		14	%		26	%		20	%		38	%		30	%^(f)		21	%

^(a)	The Fund’s fiscal year-end changed from July 31 to March 31.

^(b)	Based on average shares outstanding.

^(c)	Includes a one-time special distribution from KLA-Tencor Corp. Excluding such special distribution, the net investment income would have been $0.97 per share and 1.06% of average net assets.

^(d)	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.

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

^(f)	Not annualized.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


48		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
Expanded Tech Sector		Non-diversified
Expanded Tech-Software Sector		Non-diversified
Nasdaq Biotechnology		Non-diversified
North American Natural Resources		Diversified
North American Tech-Multimedia Networking		Non-diversified
PHLX Semiconductor		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.


NOTES TO FINANCIAL STATEMENTS			49

Notes to Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. 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


50		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Expanded Tech Sector
Barclays Capital Inc.	$	424,423	$	424,423		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		4,622,289		4,622,289			—		—
BNP Paribas Securities Corp.		6,984		6,984			—		—
BofA Securities, Inc.		5,182,207		5,182,207			—		—
Citigroup Global Markets Inc.		3,609,931		3,609,931			—		—
Credit Suisse AG		1,273,080		1,273,080			—		—
Credit Suisse Securities (USA) LLC		554,124		551,659			—		(2,465	)^(b)
Deutsche Bank Securities Inc.		31,623		28,704			—		(2,919	)^(b)
Goldman Sachs & Co.		35,788,768		35,788,768			—		—
JPMorgan Securities LLC		5,981,570		5,981,570			—		—
Morgan Stanley & Co. LLC		1,740,265		1,740,265			—		—
RBC Capital Markets LLC		1,050		1,050			—		—
Scotia Capital (USA) Inc.		223,686		223,686			—		—
SG Americas Securities LLC		133,463		131,295			—		(2,168	)^(b)
State Street Bank & Trust Company		6,070		6,070			—		—
UBS AG		5,053,541		5,053,541			—		—
UBS Securities LLC		3,692,544		3,692,544			—		—
Wells Fargo Bank, National Association		134,961		134,961			—		—
Wells Fargo Securities LLC		639,797		639,797			—		—

	$	69,100,376	$	69,092,824		$	—	$	(7,552	)


NOTES TO FINANCIAL STATEMENTS			51

Notes to Financial Statements (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Expanded Tech-Software Sector
Barclays Bank PLC	$	1,397,529	$	1,397,529		$	—	$	—
Barclays Capital Inc.		2,865,584		2,865,584			—		—
BMO Capital Markets		702,100		679,408			—		(22,692	)^(b)
BNP Paribas Prime Brokerage International Ltd.		29,908,038		29,908,038			—		—
BNP Paribas Securities Corp.		182,308		182,308			—		—
BofA Securities, Inc.		11,833,011		11,833,011			—		—
Citigroup Global Markets Inc.		10,019,919		10,019,919			—		—
Credit Suisse AG		10,119,063		10,119,063			—		—
Credit Suisse Securities (USA) LLC		5,322,450		5,304,378			—		(18,072	)^(b)
Deutsche Bank Securities Inc.		53,868		48,869			—		(4,999	)^(b)
Goldman Sachs & Co.		43,512,693		43,512,693			—		—
HSBC Bank PLC		122,721		122,721			—		—
Jefferies LLC		1,340,830		1,340,830			—		—
JPMorgan Securities LLC		27,870,931		27,870,931			—		—
Morgan Stanley & Co. LLC		57,596,521		57,596,521			—		—
National Financial Services LLC		394,180		394,180			—		—
Nomura Securities International Inc.		1,272,663		1,272,663			—		—
RBC Capital Markets LLC		10,317		10,191			—		(126	)^(b)
Scotia Capital (USA) Inc.		83,498		83,498			—		—
SG Americas Securities LLC		353,762		353,762			—		—
State Street Bank & Trust Company		15,546		15,546			—		—
TD Prime Services LLC		2,456,029		2,456,029			—		—
UBS AG		22,825,883		22,825,883			—		—
UBS Securities LLC		1,564,479		1,559,753			—		(4,726	)^(b)

	$	231,823,923	$	231,773,308		$	—	$	(50,615	)

Nasdaq Biotechnology
Barclays Bank PLC	$	9,846,324	$	9,846,324		$	—	$	—
Barclays Capital Inc.		10,154,573		10,154,573			—		—
BMO Capital Markets		22,940		22,940			—		—
BNP Paribas Prime Brokerage International Ltd.		47,114,610		47,114,610			—		—
BNP Paribas Securities Corp.		5,194,007		5,194,007			—		—
BofA Securities, Inc.		60,956,955		60,956,955			—		—
Citadel Clearing LLC		4,436,718		4,436,718			—		—
Citigroup Global Markets Inc.		97,412,361		97,412,361			—		—
Credit Suisse AG		13,001,515		13,001,515			—		—
Credit Suisse Securities (USA) LLC		7,195,309		7,195,309			—		—
Deutsche Bank Securities Inc.		11,751,798		11,751,798			—		—
Goldman Sachs & Co.		78,152,032		78,152,032			—		—
HSBC Bank PLC		8,376,072		8,376,072			—		—
Jefferies LLC		4,694,055		4,694,055			—		—
JPMorgan Securities LLC		208,448,798		208,448,798			—		—
Morgan Stanley & Co. LLC		198,674,464		198,674,464			—		—
National Financial Services LLC		25,873,711		25,873,711			—		—
Natixis Securities Americas LLC		321,609		321,609			—		—
Nomura Securities International Inc.		2,222,536		2,222,536			—		—
RBC Capital Markets LLC		308,547		308,547			—		—
Scotia Capital (USA) Inc.		2,602,866		2,602,866			—		—
SG Americas Securities LLC		9,398,331		9,398,331			—		—
State Street Bank & Trust Company		5,333,774		5,333,774			—		—
UBS AG		36,860,586		36,860,586			—		—
UBS Securities LLC		8,815,715		8,815,715			—		—
Virtu Americas LLC		779,892		779,892			—		—
Wells Fargo Securities LLC		12,232,510		12,232,510			—		—

	$	870,182,608	$	870,182,608		$	—	$	—


52		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

North American Natural Resources
Barclays Bank PLC	$	39,402	$	39,402		$	—	$	—
Barclays Capital Inc.		185,191		176,317			—		(8,874	)^(b)
BNP Paribas Securities Corp.		44,418		44,418			—		—
BofA Securities, Inc.		4,131,957		4,035,851			—		(96,106	)^(b)
Credit Suisse AG		2,848,319		2,848,319			—		—
Credit Suisse Securities (USA) LLC		31,316		31,316			—		—
Deutsche Bank Securities Inc.		13,024		13,024			—		—
Goldman Sachs & Co.		4,124,707		4,124,707			—		—
JPMorgan Securities LLC		499,668		486,460			—		(13,208	)^(b)
Morgan Stanley & Co. LLC		478,197		478,197			—		—
RBC Capital Markets LLC		706,896		706,896			—		—
SG Americas Securities LLC		360,214		351,572			—		(8,642	)^(b)
State Street Bank & Trust Company		1,294		1,294			—		—
UBS AG		1,664,896		1,664,896			—		—
UBS Securities LLC		1,310,355		1,310,355			—		—
Wells Fargo Bank, National Association		958,912		924,662			—		(34,250	)^(b)

	$	17,398,766	$	17,237,686		$	—	$	(161,080	)

North American Tech-Multimedia Networking
BofA Securities, Inc.	$	845,879	$	845,879		$	—	$	—
Citigroup Global Markets Inc.		622,548		622,548			—		—
Goldman Sachs & Co.		2,062,927		2,062,927			—		—
SG Americas Securities LLC		708,925		708,925			—		—
State Street Bank & Trust Company		1,473		1,473			—		—
UBS AG		303,826		303,826			—		—
UBS Securities LLC		1,728		1,728			—		—
Wells Fargo Bank, National Association		72,471		72,471			—		—

	$	4,619,777	$	4,619,777		$	—	$	—

PHLX Semiconductor
Barclays Capital Inc.	$	1,779,152	$	1,779,152		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		9,226,382		9,226,382			—		—
BofA Securities, Inc.		553,560		553,560			—		—
Citadel Clearing LLC		13,974,345		13,974,345			—		—
Citigroup Global Markets Inc.		2,972,538		2,972,538			—		—
Deutsche Bank Securities Inc.		527,568		527,568			—		—
Goldman Sachs & Co.		16,622,106		16,622,106			—		—
JPMorgan Securities LLC		388,782		388,782			—		—
Morgan Stanley & Co. LLC		35,049,988		35,049,988			—		—
National Financial Services LLC		11,761,113		11,761,113			—		—
SG Americas Securities LLC		1,060,938		1,060,938			—		—
State Street Bank & Trust Company		3,369		3,369			—		—
UBS AG		24,031,396		24,031,396			—		—
Virtu Americas LLC		358,160		358,160			—		—
Wells Fargo Bank, National Association		699,128		699,128			—		—
Wells Fargo Securities LLC		2,141,323		2,141,323			—		—

	$	121,149,848	$	121,149,848		$	—	$	—

^(a)

^(b)


NOTES TO FINANCIAL STATEMENTS			53

Notes to Financial Statements (continued)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each of the iShares Expanded Tech Sector, iShares Expanded Tech-Software Sector, iShares North American Natural Resources, iShares North American Tech-Multimedia Networking and iShares PHLX Semiconductor 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 $10 billion		0.48	%
Over $10 billion, up to and including $20 billion		0.43
Over $20 billion		0.38

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


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.4800	%
Over $121 billion, up to and including $181 billion		0.4560
Over $181 billion, up to and including $231 billion		0.4332
Over $231 billion, up to and including $281 billion		0.4116
Over $281 billion		0.3910

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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.


54		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)


iShares ETF	Fees Paid to BTC
Expanded Tech Sector	$	84,447
Expanded Tech-Software Sector		321,835
Nasdaq Biotechnology		3,912,871
North American Natural Resources		57,947
North American Tech-Multimedia Networking		26,467
PHLX Semiconductor		87,649

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

For the year ended March 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Expanded Tech Sector	$	42,057,224	$	29,076,298	$	(1,047,757	)
Expanded Tech-Software Sector		26,552,754		168,720,419		(16,365,321	)
Nasdaq Biotechnology		124,404,953		250,755,322		(166,163,931	)
North American Natural Resources		27,013,215		12,692,356		(39,598,216	)
North American Tech-Multimedia Networking		8,665,625		11,390,726		(1,286,778	)
PHLX Semiconductor		103,125,371		113,217,146		(15,293,762	)

7.	PURCHASES AND SALES

For the year ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Expanded Tech Sector	$	164,263,889	$	166,608,142
Expanded Tech-Software Sector		507,440,969		506,055,652
Nasdaq Biotechnology		2,111,313,309		2,126,949,232
North American Natural Resources		85,430,129		99,907,674
North American Tech-Multimedia Networking		31,530,997		32,199,627
PHLX Semiconductor		254,434,682		261,420,397


NOTES TO FINANCIAL STATEMENTS			55

Notes to Financial Statements (continued)

For the year ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Expanded Tech Sector	$	414,858,213	$	328,850,600
Expanded Tech-Software Sector		5,150,021,142		4,804,885,219
Nasdaq Biotechnology		9,353,694,742		10,785,926,466
North American Natural Resources		56,186,644		262,994,893
North American Tech-Multimedia Networking		69,873,167		137,194,523
PHLX Semiconductor		5,313,665,652		4,287,913,031

8.	INCOME TAX INFORMATION

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, 2020, the following permanent differences attributable to distributions paid in excess of taxable income, undistributed capital gains and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Expanded Tech Sector	$	164,663,297		$	(164,663,297	)
Expanded Tech-Software Sector		541,048,938			(541,048,938	)
Nasdaq Biotechnology		475,261,394			(475,261,394	)
North American Natural Resources		(72,892,162	)		72,892,162
North American Tech-Multimedia Networking		431,562			(431,562	)
PHLX Semiconductor		307,694,016			(307,694,016	)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 03/31/20		Year Ended 03/31/19
Expanded Tech Sector
Ordinary income	$	10,234,172	$	8,093,662

Expanded Tech-Software Sector
Ordinary income	$	17,774,768	$	2,709,822

Nasdaq Biotechnology
Ordinary income	$	17,415,446	$	15,462,961

North American Natural Resources
Ordinary income	$	29,704,416	$	19,762,048

North American Tech-Multimedia Networking
Ordinary income	$	451,832	$	306,034

PHLX Semiconductor
Ordinary income	$	28,856,308	$	18,214,300


56		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Qualified Late-Year Losses	^(c)		Total
Expanded Tech Sector	$	639,905	$	(6,231,337	)	$	211,756,025		$	—		$	206,164,593
Expanded Tech-Software Sector		—		(6,303,205	)		(413,219,959	)		—			(419,523,164	)
Nasdaq Biotechnology		1,558,590		(655,756,812	)		(2,299,091,284	)		—			(2,953,289,506	)
North American Natural Resources		—		(403,483,832	)		(379,451,206	)		(9,210	)		(782,944,248	)
North American Tech-Multimedia Networking		3,447		(65,329,897	)		(21,405,369	)		—			(86,731,819	)
PHLX Semiconductor		858,609		(27,906,577	)		(365,050,059	)		—			(392,098,027	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

^(c)

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended March 31, 2020, the Funds utilized the following amounts of their capital loss carryforwards as follows:


iShares ETF	Utilized
Expanded Tech Sector	$	1,338,812
PHLX Semiconductor		3,066,514


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Expanded Tech Sector	$	1,568,108,562	$	287,793,061	$	(76,037,036	)	$	211,756,025
Expanded Tech-Software Sector		3,685,849,877		51,980,341		(465,200,300	)		(413,219,959	)
Nasdaq Biotechnology		9,573,046,907		143,398,830		(2,442,490,114	)		(2,299,091,284	)
North American Natural Resources		690,597,084		9,335,394		(388,787,682	)		(379,452,288	)
North American Tech-Multimedia Networking		69,482,295		533,590		(21,938,959	)		(21,405,369	)
PHLX Semiconductor		2,631,731,375		27,998,575		(393,048,634	)		(365,050,059	)

9.	PRINCIPAL RISKS


NOTES TO FINANCIAL STATEMENTS			57

Notes to Financial Statements (continued)

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.

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Year Ended 03/31/20						Year Ended 03/31/19
iShares ETF	Shares			Amount			Shares			Amount

Expanded Tech Sector
Shares sold		1,800,000		$	416,346,959			2,750,000		$	542,518,833
Shares redeemed		(1,450,000	)		(330,748,305	)		(3,200,000	)		(610,910,261	)

Net increase (decrease)		350,000		$	85,598,654			(450,000	)	$	(68,391,428	)

Expanded Tech-Software Sector
Shares sold		23,400,000		$	5,161,446,944			19,550,000		$	3,671,310,773
Shares redeemed		(21,900,000	)		(4,813,532,922	)		(14,600,000	)		(2,712,561,797	)

Net increase		1,500,000		$	347,914,022			4,950,000		$	958,748,976

Nasdaq Biotechnology
Shares sold		84,600,000		$	9,376,382,276			64,750,000		$	7,145,017,884
Shares redeemed		(97,650,000	)		(10,817,585,605	)		(77,650,000	)		(8,491,769,415	)

Net decrease		(13,050,000	)	$	(1,441,203,329	)		(12,900,000	)	$	(1,346,751,531	)

North American Natural Resources
Shares sold		2,600,000		$	56,386,029			2,350,000		$	71,996,233
Shares redeemed		(9,150,000	)		(264,173,435	)		(6,200,000	)		(200,665,578	)

Net decrease		(6,550,000	)	$	(207,787,406	)		(3,850,000	)	$	(128,669,345	)

North American Tech-Multimedia Networking
Shares sold		1,250,000		$	70,059,106			2,800,000		$	151,948,118
Shares redeemed		(2,600,000	)		(138,085,135	)		(1,700,000	)		(88,626,215	)

Net increase (decrease)		(1,350,000	)	$	(68,026,029	)		1,100,000		$	63,321,903

PHLX Semiconductor
Shares sold		25,400,000		$	5,324,145,129			36,650,000		$	6,422,663,153
Shares redeemed		(20,550,000	)		(4,296,545,560	)		(40,100,000	)		(6,999,151,578	)

Net increase (decrease)		4,850,000		$	1,027,599,569			(3,450,000	)	$	(576,488,425	)


58		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

11.

LEGAL PROCEEDINGS

12.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			59

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF,

iShares Nasdaq Biotechnology ETF, iShares North American Natural Resources ETF,

iShares North American Tech-Multimedia Networking ETF and iShares PHLX Semiconductor ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares Nasdaq Biotechnology ETF, iShares NorthAmerican Natural Resources ETF, iShares NorthAmerican Tech-Multimedia Networking ETF and iShares PHLX Semiconductor ETF (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2020, 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, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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, 2020 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 26, 2020

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


60		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended March 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
Expanded Tech Sector		100.00	%
Expanded Tech-Software Sector		100.00	%
Nasdaq Biotechnology		100.00	%
North American Natural Resources		77.80	%
North American Tech-Multimedia Networking		100.00	%
PHLX Semiconductor		100.00	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
Expanded Tech Sector	$	17,960,939
Expanded Tech-Software Sector		28,336,664
Nasdaq Biotechnology		39,922,156
North American Natural Resources		25,817,585
North American Tech-Multimedia Networking		798,608
PHLX Semiconductor		33,586,528


IMPORTANT TAX INFORMATION			61

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares Nasdaq Biotechnology ETF, iShares North American Natural Resources ETF, iShares North American Tech-Multimedia Networking ETF and iShares PHLX Semiconductor ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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:


62		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

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.


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Expanded Tech Sector^(a)	$	1.327488	$	—	$	0.005566	$	1.333054		100	%		—	%		0	%^(b)		100	%
Expanded Tech-Software Sector^(a)		1.135866		—		0.080881		1.216747		93			—			7			100
North American Natural Resources^(a)		0.891596		—		0.814391		1.705987		52			—			48			100
PHLX Semiconductor		3.274602		—		—		3.274602		100			—			—			100

^(a)

^(b)

Rounds to less than 1%.

Premium/Discount Information

iShares Expanded Tech Sector ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 4.0% and Less than 4.5%		1		0.08	%
Greater than 0.0% and Less than 0.5%		518		39.24

At NAV		294		22.27
Less than 0.0% and Greater than –0.5%		507		38.41

		1,320		100.00	%


SUPPLEMENTAL INFORMATION			63

Supplemental Information (unaudited) (continued)

iShares Expanded Tech-Software Sector ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0% and Less than 2.5%		1		0.08	%
Greater than 1.5% and Less than 2.0%		1		0.08
Greater than 1.0% and Less than 1.5%		2		0.15
Greater than 0.5% and Less than 1.0%		2		0.15
Greater than 0.0% and Less than 0.5%		498		37.72

At NAV		319		24.17
Less than 0.0% and Greater than –0.5%		486		36.82
Less than –0.5% and Greater than –1.0%		9		0.68
Less than –1.0% and Greater than –1.5%		2		0.15

		1,320		100.00	%

iShares Nasdaq Biotechnology ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 6.0%		1		0.08	%
Greater than 0.0% and Less than 0.5%		489		37.05

At NAV		208		15.76
Less than 0.0% and Greater than –0.5%		622		47.11

		1,320		100.00	%

iShares North American Natural Resources ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0% and Less than 2.5%		2		0.15	%
Greater than 1.0% and Less than 1.5%		3		0.23
Greater than 0.5% and Less than 1.0%		4		0.30
Greater than 0.0% and Less than 0.5%		403		30.53

At NAV		219		16.59
Less than 0.0% and Greater than –0.5%		682		51.67
Less than –0.5% and Greater than –1.0%		4		0.30
Less than –1.0% and Greater than –1.5%		3		0.23

		1,320		100.00	%

iShares North American Tech-Multimedia Networking ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 6.0%		1		0.08	%
Greater than 0.0% and Less than 0.5%		382		28.94

At NAV		160		12.12
Less than 0.0% and Greater than –0.5%		777		58.86

		1,320		100.00	%


64		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited) (continued)

iShares PHLX Semiconductor ETF

Period Covered: January 01, 2015 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.5% and Less than 1.0%		1		0.08	%
Greater than 0.0% and Less than 0.5%		407		30.83

At NAV		380		28.79
Less than 0.0% and Greater than –0.5%		531		40.22
Less than –0.5% and Greater than –1.0%		1		0.08

		1,320		100.00	%

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares Nasdaq Biotechnology ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.

Report on Remuneration

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 Fund.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2019 is USD 608.71 thousand. This figure is comprised of fixed remuneration of USD 281.42 thousand and variable remuneration of USD 327.29 thousand. There were a total of 448 beneficiaries of the remuneration described above.


SUPPLEMENTAL INFORMATION			65

Supplemental Information (unaudited) (continued)

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2019, to its senior management was USD 77.62 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 9.12 thousand.


66		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

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 367 funds as of March 31, 2020. 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., ParkAvenue Plaza, 55 East 52^nd 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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito^(a)(63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji^(b) (49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
^(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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 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 iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


TRUSTEE AND OFFICER INFORMATION			67

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).
Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


68		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			69

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

ADR		American Depositary Receipt

NVS		Non-Voting Shares

NYS		New York Registered Shares


70		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

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 Nasdaq, Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-AR-313-0320


		MARCH 31, 2020



		2020 Annual Report

iShares Trust

iShares Factors US Growth Style ETF | STLG | Cboe BZX

iShares Factors US Value Style ETF | STLV | Cboe BZX

Table of Contents


	Page
Market Overview		3
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		13
Statements of Operations		14
Statements of Changes in Net Assets		15
Financial Highlights		16
Notes to Financial Statements		18
Report of Independent Registered Public Accounting Firm		24
Important Tax Information (Unaudited)		25
Board Review and Approval of Investment Advisory Contract		26
Supplemental Information		29
Trustee and Officer Information		30
General Information		32
Glossary of Terms Used in this Report		33


2

Market Overview

iShares Trust

Domestic Market Overview


MARKET OVERVIEW			3


Fund Summary as of March 31, 2020		iShares^® Factors US Growth Style ETF

Investment Objective

The iShares Factors US Growth Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints as represented by the Russell US Large Cap Factors Growth Style 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


	Cumulative Total Returns
	Since Inception
Fund NAV		(18.54	)%
Fund Market		(18.54	)
Index		(18.56	)

For the fiscal period ended 3/31/20, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was 1/14/20. The first day of secondary market trading was 1/16/20.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (01/14/20)^(a)		Ending Account Value (03/31/20)		Expenses Paid During the Period^(b)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period^(b)		Annualized Expense Ratio
$	1,000.00	$	814.60	$	0.48	$	1,000.00	$	1,023.80	$	1.26		0.25	%

^(a)

The beginning of the period (commencement of operations) is January 14, 2020.

^(b)

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 (77 days for actual and 183 days for hypothetical expenses) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Information Technology		51.1	%
Consumer Discretionary		17.0
Health Care		13.5
Industrials		5.7
Financials		5.3
Consumer Staples		4.1
Communication Services		2.9
Other (each representing less than 1%)		0.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Microsoft Corp.		11.3	%
Apple Inc.		7.2
Amazon. com Inc.		4.9
Merck & Co. Inc.		3.6
Mastercard Inc., Class A		3.5
Amgen Inc.		2.3
Booz Allen Hamilton Holding Corp.		2.2
AbbVie Inc.		2.1
Aspen Technology Inc.		2.0
MSCI Inc.		2.0


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of March 31, 2020 (continued)		iShares^® Factors US Value Style ETF

Investment Objective

The iShares Factors US Value Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints as represented by the Russell US Large Cap Factors Value Style 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


	Cumulative Total Returns
	Since Inception
Fund NAV		(29.87	)%
Fund Market		(29.87	)
Index		(29.87	)

For the fiscal period ended 3/31/20, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was 1/14/20. The first day of secondary market trading was 1/16/20.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (01/14/20)^(a)		Ending Account Value (03/31/20)		Expenses Paid During the Period^(b)		Beginning Account Value (10/01/19)		Ending Account Value (03/31/20)		Expenses Paid During the Period^(b)		Annualized Expense Ratio
$	1,000.00	$	701.30	$	0.45	$	1,000.00	$	1,023.80	$	1.26		0.25	%

^(a)

The beginning of the period (commencement of operations) is January 14, 2020.

^(b)

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 (77 days for actual and 183 days for hypothetical expenses) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Financials		23.3	%
Consumer Staples		13.2
Health Care		12.1
Consumer Discretionary		11.0
Information Technology		10.7
Industrials		8.3
Utilities		6.5
Communication Services		5.8
Real Estate		4.0
Energy		3.8
Materials		1.3

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Verizon Communications Inc.		4.3	%
Johnson & Johnson		3.8
Citrix Systems Inc.		2.6
Merck & Co. Inc.		2.6
Morgan Stanley		2.3
Procter & Gamble Co. (The)		2.2
Entergy Corp.		2.2
Amgen Inc.		2.0
FirstEnergy Corp.		1.9
Philip Morris International Inc.		1.9


FUND SUMMARY			5

About Fund Performance

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.


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Factors US Growth Style ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.3%
Boeing Co. (The)		34	$	5,071
Lockheed Martin Corp.		50		16,947
Northrop Grumman Corp.		103		31,163

				53,181

Air Freight & Logistics — 0.4%
Expeditors International of Washington Inc.		234		15,612


Airlines — 0.2%
United Airlines Holdings Inc.^(a)		285		8,992


Banks — 0.9%
CIT Group Inc.		1,999		34,503


Beverages — 0.3%
PepsiCo Inc.		117		14,052


Biotechnology — 4.5%
AbbVie Inc.		1,135		86,476
Amgen Inc.		466		94,472

				180,948

Building Products — 1.5%
Lennox International Inc.		268		48,720
Trane Technologies PLC		154		12,719

				61,439

Capital Markets — 4.4%
Evercore Inc., Class A		1,254		57,759
Lazard Ltd., Class A		1,267		29,851
MSCI Inc.^(b)		281		81,198
S&P Global Inc.		43		10,537

				179,345

Commercial Services & Supplies — 0.8%
Republic Services Inc.		77		5,780
Waste Management Inc.		304		28,138

				33,918

Communications Equipment — 1.2%
F5 Networks Inc.^(a)		57		6,078
Motorola Solutions Inc.		281		37,350
Ubiquiti Inc.		36		5,097

				48,525

Containers & Packaging — 0.2%
Avery Dennison Corp.		59		6,010


Diversified Consumer Services — 0.8%
H&R Block Inc.		2,175		30,624


Electronic Equipment, Instruments & Components — 2.0%
CDW Corp./DE		85		7,928
Jabil Inc.		614		15,092
Keysight Technologies Inc.^(a)		266		22,259
Zebra Technologies Corp., Class A^(a)		202		37,087

				82,366

Entertainment — 1.4%
Activision Blizzard Inc.		463		27,539
Electronic Arts Inc.^(a)		80		8,014
Take-Two Interactive Software Inc.^(a)		193		22,892

				58,445

Equity Real Estate Investment Trusts (REITs) — 0.2%
Brookfield Property REIT Inc., Class A		1,141		9,687


Security	Shares		Value

Food & Staples Retailing — 1.4%
Grocery Outlet Holding Corp.^(a)(b)		1,053	$	36,160
Sprouts Farmers Market Inc.^(a)		1,078		20,040

				56,200

Health Care Equipment & Supplies — 0.7%
Align Technology Inc.^(a)		32		5,566
IDEXX Laboratories Inc.^(a)		96		23,255

				28,821

Health Care Providers & Services — 1.0%
Chemed Corp.		89		38,555


Health Care Technology — 0.5%
Change Healthcare Inc.^(a)		1,863		18,611


Hotels, Restaurants & Leisure — 5.7%
Domino’s Pizza Inc.		170		55,092
McDonald’s Corp.		97		16,039
Planet Fitness Inc., Class A^(a)		453		22,061
Starbucks Corp.		985		64,754
Yum China Holdings Inc.		335		14,281
Yum! Brands Inc.		872		59,758

				231,985

Household Products — 0.7%
Procter & Gamble Co. (The)		259		28,490


Interactive Media & Services — 1.5%
Alphabet Inc., Class A^(a)		9		10,458
Alphabet Inc., Class C, NVS^(a)		20		23,256
Facebook Inc., Class A^(a)		70		11,676
Match Group Inc.^(a)(b)		234		15,453

				60,843

Internet & Direct Marketing Retail — 6.3%
Amazon.com Inc.^(a)		102		198,871
Booking Holdings Inc.^(a)		9		12,108
eBay Inc.		1,260		37,876
Expedia Group Inc.		119		6,696

				255,551

IT Services — 8.2%
Booz Allen Hamilton Holding Corp.		1,308		89,781
Euronet Worldwide Inc.^(a)		177		15,172
Mastercard Inc., Class A		586		141,554
Okta Inc.^(a)		18		2,201
VeriSign Inc.^(a)		440		79,240
Visa Inc., Class A		30		4,834

				332,782

Leisure Products — 0.2%
Hasbro Inc.		121		8,657


Life Sciences Tools & Services — 0.6%
Agilent Technologies Inc.		28		2,006
Mettler-Toledo International Inc.^(a)		34		23,477

				25,483

Machinery — 1.5%
Allison Transmission Holdings Inc.		1,749		57,035
Toro Co. (The)		27		1 ,757

				58,792

Multiline Retail — 0.8%
Nordstrom Inc.		368		5,645
Target Corp.		271		25,195

				30,840


SCHEDULE OF INVESTMENTS			7

Schedule of Investments (continued)

March 31, 2020

iShares^® Factors US Growth Style ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Personal Products — 1.7%
Estee Lauder Companies Inc. (The), Class A		277	$	44,137
Herbalife Nutrition Ltd.^(a)		836		24,378

				68,515

Pharmaceuticals — 6.3%
Bristol-Myers Squibb Co.		646		36,008
Eli Lilly & Co.		503		69,776
Merck & Co. Inc.		1,917		147,494

				253,278

Semiconductors & Semiconductor Equipment — 5.2%
Applied Materials Inc.		56		2,566
Broadcom Inc.		121		28,689
KLA Corp.		190		27,311
Lam Research Corp.		124		29,760
Maxim Integrated Products Inc.		63		3,062
QUALCOMM Inc.		298		20,160
Teradyne Inc.		750		40,628
Texas Instruments Inc.		595		59,458

				211,634

Software — 27.0%
Adobe Inc.^(a)		32		10,184
Alteryx Inc., Class A^(a)		225		21,413
Aspen Technology Inc.^(a)		855		81,285
Atlassian Corp. PLC, Class A^(a)		203		27,864
Cadence Design Systems Inc.^(a)		1,077		71,125
CDK Global Inc.		137		4,501
Citrix Systems Inc.		551		77,994
Fair Isaac Corp.^(a)		76		23,384
Fortinet Inc.^(a)		598		60,500
HubSpot Inc.^(a)		419		55,807
Intuit Inc.		351		80,730
Manhattan Associates Inc.^(a)		339		16,889
Microsoft Corp.		2,907		458,463
Nutanix Inc., Class A^(a)		65		1,027
Palo Alto Networks Inc.^(a)		116		19,019
RingCentral Inc., Class A^(a)		141		29,879
Zscaler Inc.^(a)(b)		884		53,800

				1,093,864


Security	Shares		Value

Specialty Retail — 2.1%
Best Buy Co. Inc.		430	$	24,510
Burlington Stores Inc.^(a)		146		23,135
Home Depot Inc. (The)		190		35,475
O’Reilly Automotive Inc.^(a)		6		1 ,806

				84,926

Technology Hardware, Storage & Peripherals — 7.3%
Apple Inc.		1,153		293,196
NetApp Inc.		100		4,169

				297,365

Textiles, Apparel & Luxury Goods — 1.1%
Columbia Sportswear Co.		648		45,211


Total Common Stocks — 99.9% (Cost: $4,923,274)				4,048,050


Short-Term Investments

Money Market Funds — 3.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32% (c)(d)(e)		146,996		146,967


Total Short-Term Investments — 3.6% (Cost: $146,883)				146,967


Total Investments in Securities — 103.5% (Cost: $5,070,157)				4,195,017

Other Assets, Less Liabilities — (3.5)%				(141,145	)


Net Assets — 100.0%			$	4,053,872

^(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 affiliates of the Fund during the period ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 01/14/20^(a)		Net Activity		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(b)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		146,996		146,996	$	146,967	$	370	^(c)	$	(119	)	$	84
BlackRock Cash Funds: Treasury, SL Agency Shares		—		—		—		—		15			—			—

							$	146,967	$	385		$	(119	)	$	84

^(a)

The Fund commenced operations on January 14, 2020.

^(b)

Includes realized capital gain distributions from an affiliated fund, if any.

^(c)

Fair Value Measurements


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Factors US Growth Style ETF

(Percentages shown are based on Net Assets)

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,048,050	$	—	$	—	$	4,048,050
Money Market Funds		146,967		—		—		146,967

	$	4,195,017	$	—	$	—	$	4,195,017

See notes to financial statements.


SCHEDULES OF INVESTMENTS			9

Schedule of Investments

March 31, 2020

iShares^® Factors US Value Style ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.3%
Raytheon Co.		23	$	3,016
Spirit AeroSystems Holdings Inc., Class A		348		8,328
TransDigm Group Inc.		1		320

				11,664

Air Freight & Logistics — 1.1%
CH Robinson Worldwide Inc.		82		5,428
Expeditors International of Washington Inc.		477		31,826

				37,254

Airlines — 0.5%
Delta Air Lines Inc.		286		8,159
United Airlines Holdings Inc.^(a)		263		8,298

				16,457

Banks — 3.2%
CIT Group Inc.		1,681		29,014
Citizens Financial Group Inc.		684		12,866
JPMorgan Chase & Co.		199		17,916
Popular Inc.		980		34,300
Regions Financial Corp.		2,052		18,407

				112,503

Beverages — 1.5%
Brown-Forman Corp., Class A		377		19,370
Brown-Forman Corp., Class B, NVS		84		4,663
Coca-Cola Co. (The)		5		221
PepsiCo Inc.		248		29,785

				54,039

Biotechnology — 2.0%
Amgen Inc.		345		69,942
Gilead Sciences Inc.		4		299

				70,241

Building Products — 2.0%
Lennox International Inc.		303		55,083
Masco Corp.		86		2,973
Resideo Technologies Inc.^(a)(b)		2,119		10,256
Trane Technologies PLC		26		2,147

				70,459

Capital Markets — 6.5%
Evercore Inc., Class A		1,322		60,891
Lazard Ltd., Class A		2,164		50,984
Legg Mason Inc.		699		34,146
Morgan Stanley		2,343		79,662

				225,683

Chemicals — 0.0%
Celanese Corp.		3		220


Commercial Services & Supplies — 1.8%
ADT Inc.		696		3,006
IAA Inc.^(a)		110		3,296
Republic Services Inc.		118		8,857
Waste Management Inc.		527		48,779

				63,938

Communications Equipment — 1.2%
F5 Networks Inc.^(a)		15		1,599
Juniper Networks Inc.		95		1,818
Motorola Solutions Inc.		294		39,079

				42,496


Security	Shares		Value

Consumer Finance — 3.3%
Ally Financial Inc.		3,045	$	43,939
Capital One Financial Corp.		6		303
Navient Corp.		7,857		59,556
OneMain Holdings Inc.		553		10,573

				114,371

Containers & Packaging — 0.8%
Avery Dennison Corp.		174		17,725
Sealed Air Corp.		366		9,044

				26,769

Diversified Consumer Services — 1.0%
H&R Block Inc.		2,446		34,440


Diversified Financial Services — 1.1%
Jefferies Financial Group Inc.		663		9,063
Voya Financial Inc.		749		30,372

				39,435

Diversified Telecommunication Services — 4.5%
CenturyLink Inc.		583		5,515
Verizon Communications Inc.		2,805		150,713

				156,228

Electric Utilities — 4.9%
Duke Energy Corp.		35		2,831
Entergy Corp.		814		76,492
FirstEnergy Corp.		1,693		67,838
Hawaiian Electric Industries Inc		174		7,491
IDACORP Inc.		6		527
NRG Energy Inc.		420		11,449
PG&E Corp.^(a)		130		1 ,169
Pinnacle West Capital Corp.		27		2,046

				169,843

Electrical Equipment — 2.0%
GrafTech International Ltd.		6,128		49,759
nVent Electric PLC		1,156		19,502

				69,261

Electronic Equipment, Instruments & Components — 0.5%
Jabil Inc.		357		8,775
National Instruments Corp.		240		7,939

				16,714

Entertainment — 0.2%
Activision Blizzard Inc.		6		357
Take-Two Interactive Software Inc.^(a)		61		7,235

				7,592

Equity Real Estate Investment Trusts (REITs) — 4.0%
Colony Capital Inc.		7,108		12,439
Columbia Property Trust Inc.		863		10,787
Equity Commonwealth		2,026		64,244
Retail Properties of America Inc., Class A		4,958		25,633
SITE Centers Corp.		1,618		8,430
Taubman Centers Inc.		33		1 ,382
VEREIT Inc.		3,340		16,333

				139,248

Food & Staples Retailing — 2.9%
Grocery Outlet Holding Corp.^(a)		805		27,644
Kroger Co. (The)		401		12,078
Sprouts Farmers Market Inc.^(a)		1,580		29,372
Walgreens Boots Alliance Inc.		13		595
Walmart Inc.		290		32,950

				102,639


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Factors US Value Style ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products — 1.6%
Flowers Foods Inc.		850	$	17,442
Hershey Co. (The)		153		20,273
Mondelez International Inc., Class A		367		18,379

				56,094

Health Care Providers & Services — 0.2%
HCA Healthcare Inc.		81		7,278


Health Care Technology — 0.8%
Change Healthcare Inc.^(a)		2,692		26,893


Hotels, Restaurants & Leisure — 4.0%
McDonald’s Corp.		346		57,211
Six Flags Entertainment Corp.		142		1,781
Wyndham Destinations Inc.		433		9,396
Yum China Holdings Inc.		219		9,336
Yum! Brands Inc.		888		60,855

				138,579

Household Products — 4.1%
Colgate-Palmolive Co.		250		16,590
Kimberly-Clark Corp.		376		48,079
Procter & Gamble Co. (The)		710		78,100

				142,769

Independent Power and Renewable Electricity Producers — 1.4%
Vistra Energy Corp.		3,022		48,231


Insurance — 9.2%
Aflac Inc.		339		11,607
American Financial Group Inc./OH		643		45,061
American National Insurance Co.		25		2,060
Assured Guaranty Ltd.		1,006		25,945
Athene Holding Ltd., Class A^(a)		404		10,027
Brighthouse Financial Inc.^(a)(b)		839		20,279
CNA Financial Corp.		710		22,038
Hartford Financial Services Group Inc. (The)		74		2,608
Loews Corp.		1,157		40,298
Mercury General Corp.		450		18,324
Old Republic International Corp.		12		183
Principal Financial Group Inc.		456		14,291
Prudential Financial Inc.		335		17,467
Travelers Companies Inc. (The)		135		13,412
Unum Group		897		13,464
White Mountains Insurance Group Ltd.		36		32,760
Willis Towers Watson PLC		176		29,894

				319,718

Interactive Media & Services — 0.0%
IAC/InterActiveCorp.^(a)		2		358


Internet & Direct Marketing Retail — 0.7%
Expedia Group Inc.		424		23,859


IT Services — 1.8%
VeriSign Inc.^(a)		299		53,847
Western Union Co. (The)		449		8,140

				61,987

Life Sciences Tools & Services — 0.2%
Agilent Technologies Inc.		100		7,162


Machinery — 0.5%
AGCO Corp.^(b)		389		18,380


Security	Shares		Value

Media — 0.3%
News Corp., Class B		1,180	$	10,608


Metals & Mining — 0.5%
Alcoa Corp.^(a)		2,009		12,376
Newmont Corp.^(b)		115		5,207

				17,583

Mortgage Real Estate Investment — 0.0%
Chimera Investment Corp.		16		146


Multi-Utilities — 0.2%
Ameren Corp.		106		7,720
DTE Energy Co.		4		380

				8,100

Multiline Retail — 1.4%
Kohl’s Corp.		784		11,439
Macy’s Inc.		2,040		10,016
Target Corp.		309		28,728

				50,183

Oil, Gas & Consumable Fuels — 3.8%
Cabot Oil & Gas Corp.		436		7,495
Chevron Corp.		313		22,680
ConocoPhillips		1,928		59,382
Devon Energy Corp.		2,100		14,511
Marathon Oil Corp.		2,983		9,814
Occidental Petroleum Corp.		200		2,316
Phillips 66		275		14,754
Valero Energy Corp.		12		544

				131,496

Personal Products — 0.9%
Herbalife Nutrition Ltd.^(a)		701		20,441
Nu Skin Enterprises Inc., Class A		474		10,357

				30,798

Pharmaceuticals — 8.9%
Bristol-Myers Squibb Co.		1,169		65,160
Johnson & Johnson		1,006		131,917
Merck & Co. Inc.		1,187		91,328
Pfizer Inc.		647		21,118

				309,523

Professional Services — 0.1%
ManpowerGroup Inc.		61		3,232


Semiconductors & Semiconductor Equipment — 2.3%
Cypress Semiconductor Corp.		85		1,982
Intel Corp.		796		43,080
Lam Research Corp.		148		35,520

				80,582

Software — 2.6%
CERENCE Inc.^(a)		12		185
Citrix Systems Inc.		651		92,149

				92,334

Specialty Retail — 1.1%
Best Buy Co. Inc.		292		16,644
Foot Locker Inc.		206		4,542
Gap Inc. (The)		207		1 ,457
Home Depot Inc. (The)		67		12,510
L Brands Inc.		209		2,416

				37,569

Technology Hardware, Storage & Peripherals — 2.2%
Hewlett Packard Enterprise Co.		4,717		45,802


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (continued)

March 31, 2020

iShares^® Factors US Value Style ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
HP Inc.		957	$	16,614
Xerox Holdings Corp.^(a)		761		14,413

				76,829

Textiles, Apparel & Luxury Goods — 2.8%
Carter’s Inc.		133		8,742
Columbia Sportswear Co.^(b)		860		60,002
Ralph Lauren Corp.		441		29,472

				98,216

Tobacco — 2.1%
Altria Group Inc.		198		7,657
Philip Morris International Inc.		922		67,269

				74,926

Wireless Telecommunication Services — 0.8%
Sprint Corp.^(a)		644		5,551
Telephone & Data Systems Inc.		1,232		20,649
U.S. Cellular Corp.^(a)		62		1,816

				28,016


Total Common Stocks — 99.8% (Cost: $4,924,808)				3,482,943


Security	Shares		Value
Short-Term Investments

Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		92,176	$	92,157
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		3,000		3,000

				95,157


Total Short-Term Investments — 2.7% (Cost: $95,125)				95,157


Total Investments in Securities — 102.5% (Cost: $5,019,933)				3,578,100

Other Assets, Less Liabilities — (2.5)%				(85,714	)


Net Assets — 100.0%			$	3,492,386

^(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 affiliates of the Fund during the period ended March 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 01/14/20	^(a)	Net Activity	Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)^(b)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—		92,176	92,176	$	92,157	$	29	^(c)	$	(64	)	$	33
BlackRock Cash Funds: Treasury, SL Agency Shares	—		3,000	3,000		3,000		17			—			—

					$	95,157	$	46		$	(64	)	$	33

^(a)

The Fund commenced operations on January 14, 2020.

^(b)

Includes realized capital gain distributions from an affiliated fund, if any.

^(c)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,482,943	$	—	$	—	$	3,482,943
Money Market Funds		95,157		—		—		95,157

	$	3,578,100	$	—	$	—	$	3,578,100

See notes to financial statements.


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

March 31, 2020


	iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	4,048,050		$	3,482,943
Affiliated^(c)		146,967			95,157
Cash		3,814			3,694
Receivables:
Securities lending income — Affiliated		370			29
Dividends		2,548			10,547

Total assets		4,201,749			3,592,370


LIABILITIES
Collateral on securities loaned, at value		147,002			92,189
Payables:
Investments purchased		—			6,997
Investment advisory fees		875			798

Total liabilities		147,877			99,984


NET ASSETS	$	4,053,872		$	3,492,386


NET ASSETS CONSIST OF:
Paid-in capital	$	4,991,782		$	5,017,536
Accumulated loss		(937,910	)		(1,525,150	)

NET ASSETS	$	4,053,872		$	3,492,386


Shares outstanding		200,000			200,000

Net asset value	$	20.27		$	17.46

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a) Securities loaned, at value	$	143,994		$	88,768
^(b) Investments, at cost — Unaffiliated	$	4,923,274		$	4,924,808
^(c) Investments, at cost — Affiliated	$	146,883		$	95,125

See notes to financial statements.


FINANCIAL STATEMENTS			13

Statements of Operations

Period Ended March 31, 2020


	iShares Factors US Growth Style ETF^(a)			iShares Factors US Value Style ETF^(a)

INVESTMENT INCOME
Dividends — Unaffiliated	$	13,815		$	31,550
Dividends — Affiliated		15			17
Securities lending income — Affiliated — net		370			29
Foreign taxes withheld		—			(40	)

Total investment income		14,200			31,556


EXPENSES
Investment advisory fees		2,452			2,360

Total expenses		2,452			2,360

Net investment income		11,748			29,196


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(63,151	)		(85,958	)
Investments — Affiliated		(119	)		(64	)

Net realized loss		(63,270	)		(86,022	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(875,224	)		(1,441,866	)
Investments — Affiliated		84			33

Net change in unrealized appreciation (depreciation)		(875,140	)		(1,441,833	)

Net realized and unrealized loss		(938,410	)		(1,527,855	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(926,662	)	$	(1,498,659	)

^(a)	For the period from January 14, 2020 (commencement of operations) to March 31, 2020.

See notes to financial statements.


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF
	Period from 01/14/20^(a) to 03/31/20			Period from 01/14/20^(a) to 03/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	11 ,748		$	29,196
Net realized loss		(63,270	)		(86,022	)
Net change in unrealized appreciation (depreciation)		(875,140	)		(1,441,833	)

Net decrease in net assets resulting from operations		(926,662	)		(1,498,659	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
From net investment income		(11,248	)		(26,491	)
Return of capital		(896	)		—

Decrease in net assets resulting from distributions to shareholders		(12,144	)		(26,491	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,992,678			5,017,536


NET ASSETS
Total increase in net assets		4,053,872			3,492,386
Beginning of period		—			—

End of period	$	4,053,872		$	3,492,386

^(a)	Commencement of operations.

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

See notes to financial statements.


FINANCIAL STATEMENTS			15

Financial Highlights

(For a share outstanding throughout the period)


	iShares Factors US Growth Style ETF
	Period from 01/14/20^(a)to 03/31/20

Net asset value, beginning of period	$	24.96

Net investment income^(b)		0.06
Net realized and unrealized loss^(c)		(4.69	)

Net decrease from investment operations		(4.63	)


Distributions^(d)
From net investment income		(0.06	)
Return of capital		(0.00	)^(e)

Total distributions		(0.06	)


Net asset value, end of period	$	20.27


Total Return
Based on net asset value		(18.54	)%^(f)


Ratios to Average Net Assets
Total expenses		0.25	%^(g)

Net investment income		1.20	%^(g)


Supplemental Data
Net assets, end of period (000)	$	4,054

Portfolio turnover rate^(h)		13	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amount 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.

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

^(e)	Rounds to less than $0.01.

^(f)	Not annualized.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Factors US Value Style ETF
	Period from 01/14/20^(a)to 03/31/20

Net asset value, beginning of period	$	25.09

Net investment income^(b)		0.15
Net realized and unrealized loss^(c)		(7.65	)

Net decrease from investment operations		(7.50	)


Distributions^(d)
From net investment income		(0.13	)

Total distributions		(0.13	)


Net asset value, end of period	$	17.46


Total Return
Based on net asset value		(29.87	)%^(e)


Ratios to Average Net Assets
Total expenses		0.25	%^(f)

Net investment income		3.09	%^(f)


Supplemental Data
Net assets, end of period (000)	$	3,492

Portfolio turnover rate^(g)		16	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amount 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.

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			17

Notes to Financial Statements

1.	*ORGANIZATION*

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


iShares ETF		Diversification Classification
Factors US Growth Style^(a)		Non-diversified
Factors US Value Style^(a)		Non-diversified

^(a)

The Fund commenced operations on January 14, 2020.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

•


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. 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*


NOTES TO FINANCIAL STATEMENTS			19

Notes to Financial Statements (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of March 31, 2020:


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
Factors US Growth Style
Citigroup Global Markets Inc.	$	81,198	$	81,198	$	—	$	—
HSBC Bank PLC		2,610		2,610		—		—
JPMorgan Securities LLC		12,746		12,746		—		—
Morgan Stanley & Co. LLC		2,708		2,708		—		—
UBS AG		44,732		44,163		—		(569	)^(b)

	$	143,994	$	143,425	$	—	$	(569	)

Factors US Value Style
BNP Paribas Securities Corp.	$	484	$	484	$	—	$	—
Citigroup Global Markets Inc.		5,207		5,207		—		—
HSBC Bank PLC		18,380		18,380		—		—
JPMorgan Securities LLC		59,863		59,863		—		—
Scotia Capital (USA) Inc.		4,834		4,834		—		—

	$	88,768	$	88,768	$	—	$	—

^(a)

^(b)

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

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 in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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.


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

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 period ended March 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
Factors US Growth Style	$	127
Factors US Value Style		10

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

6.	*PURCHASES AND SALES*

For the period ended March 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Factors US Growth Style	$	616,235	$	610,399
Factors US Value Style		696,256		688,733

For the period ended March 31, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Factors US Growth Style	$	4,981,243	$	—
Factors US Value Style		5,003,817		—

7.	*INCOME TAX INFORMATION*

Management has analyzed tax laws and regulations and their application to the Funds as of March 31, 2020, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

The tax character of distributions paid was as follows:


iShares ETF	Period Ended 03/31/20
Factors US Growth Style
Ordinary income	$	11,248
Return of capital		896

	$	12,144


iShares ETF	Period Ended 03/31/20
Factors US Value Style
Ordinary income	$	26,491


NOTES TO FINANCIAL STATEMENTS			21

Notes to Financial Statements (continued)

As of March 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards^(a)			Net Unrealized Gains (Losses)^(b)			Total
Factors US Growth Style	$	—	$	(35,927	)	$	(901,983	)	$	(937,910	)
Factors US Value Style		1,850		(33,578	)		(1,493,422	)		(1,525,150	)

^(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.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Factors US Growth Style	$	5,097,000	$	39,954	$	(941,937	)	$	(901,983	)
Factors US Value Style		5,071,522		30,474		(1,523,896	)		(1,493,422	)

8. PRINCIPAL RISKS

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.


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

9.	*CAPITAL SHARE TRANSACTIONS*

Transactions in capital shares were as follows:


	Period Ended 03/31/20
iShares ETF	Shares		Amount
Factors US Growth Style
Shares sold		200,000	$	4,992,678


	Period Ended 03/31/20
iShares ETF	Shares		Amount
Factors US Value Style
Shares sold		200,000	$	5,017,536

10.

LEGAL PROCEEDINGS

11.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			23

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of iShares Factors US Growth Style ETF and iShares Factors US Value Style ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Factors US Growth Style ETF and iShares Factors US Value Style ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period January 14, 2020 (commencement of operations) through March 31, 2020 (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, 2020, and the results of each of their operations, changes in each of their net assets and each of the financial highlights for the period January 14, 2020 (commencement of operations) through March 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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, 2020 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 26, 2020

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


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended March 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
Factors US Growth Style		100.00	%
Factors US Value Style		96.41	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2020:


iShares ETF	Qualified Dividend Income
Factors US Growth Style	$	12,740
Factors US Value Style		27,297


TAX INFORMATION			25

Board Review and Approval of Investment Advisory Contract

iShares Factors US Growth Style ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on September 12-13, 2019, the Board, including the Independent Trustees, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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

Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business, including during the past year, to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract (continued)

do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

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

iShares Factors US Value Style ETF (the “Fund”)

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT			27

Board Review and Approval of Investment Advisory Contract (continued)

meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

Premium/Discount Information

iShares Factors US Growth Style ETF

Period Covered: January 16, 2020 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		19		36.54	%
At NAV		8		15.38
Less than 0.0% and Greater than –0.5%		25		48.08

		52		100.00	%

iShares Factors US Value Style ETF

Period Covered: January 16, 2020 through March 31, 2020


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.0% and Less than 0.5%		15		28.85	%
At NAV		13		25.00
Less than 0.0% and Greater than –0.5%		24		46.15

		52		100.00	%


SUPPLEMENTAL INFORMATION			29

Trustee and Officer Information

The registered investment companies advised by BFAor 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 367 funds as of March 31, 2020. 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., ParkAvenue Plaza, 55 East 52^nd 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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito^(a) (63)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji^(b) (49)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(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

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (71)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of theBoard of Directors, Catholic Charities CYO;Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Trustee (since 2015);Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (64)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (58)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).
Madhav V. Rajan (55)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of 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).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (48)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (45)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (52)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (44)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


TRUSTEE AND OFFICER INFORMATION			31

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares


GLOSSARY OF TERMS USED IN THIS REPORT			33

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”).

iS-AR-314-0320

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the seventy-nine series of the registrant for which the fiscal year-end is March 31, 2020 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a)

Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $1,056,800 for the fiscal year ended March 31, 2019 and $1,068,050 for the fiscal year ended March 31, 2020.

(b)

Audit-Related Fees – There were no fees billed for the fiscal years ended March 31, 2019 and March 31, 2020 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c)

Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $294,918 for the fiscal year ended March 31, 2019 and $298,699 for the fiscal year ended March 31, 2020. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d)

All Other Fees – There were no other fees billed in each of the fiscal years ended March 31, 2019 and March 31, 2020 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)

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

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended March 31, 2020 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $294,918 for the fiscal year ended March 31, 2019 and $298,699 for the fiscal year ended March 31, 2020.

(h)

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

Item 5. Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan.

(b) Not applicable.

Item 6. Investments.

(a)

Full schedules of investments are attached.

(b)

Not applicable.

Schedule of Investments

March 31, 2020

iShares^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.4%
Boeing Co. (The)		432,620	$	64,520,947
Howmet Aerospace Inc.		356,801		5,730,224
Huntington Ingalls Industries Inc.		44,389		8,088,120
L3Harris Technologies Inc.		407,253		73,354,410
Lockheed Martin Corp.		457,225		154,976,414
Northrop Grumman Corp.^(a)		288,767		87,366,456
Raytheon Co.		307,386		40,313,674
TransDigm Group Inc.		91,892		29,422,899
United Technologies Corp.		791,917		74,701,531

				538,474,675

Air Freight & Logistics — 0.3%
Expeditors International of Washington Inc.		163,087		10,881,165
United Parcel Service Inc., Class B		580,934		54,270,854

				65,152,019

Banks — 1.2%
First Republic Bank/CA		152,080		12,513,142
JPMorgan Chase & Co.		2,773,387		249,688,032
SVB Financial Group^(b)		60,727		9,174,635

				271,375,809

Beverages — 1.4%
Brown-Forman Corp., Class B, NVS^(a)		335,616		18,630,044
Coca-Cola Co. (The)		2,841,337		125,729,162
Monster Beverage Corp.^(b)		471,141		26,506,393
PepsiCo Inc.		1,232,978		148,080,658

				318,946,257

Biotechnology — 2.0%
AbbVie Inc.		1,443,805		110,003,503
Alexion Pharmaceuticals Inc.^(b)		236,374		21,224,021
Amgen Inc.		645,813		130,925,669
Incyte Corp.^(b)		329,370		24,119,765
Regeneron Pharmaceuticals Inc.^(b)		98,840		48,262,584
Vertex Pharmaceuticals Inc.^(a)(b)		473,668		112,709,301

				447,244,843

Building Products — 0.3%
Allegion PLC		171,124		15,746,831
Fortune Brands Home & Security Inc.^(a)		256,367		11,087,873
Masco Corp.		523,423		18,094,733
Trane Technologies PLC		273,724		22,606,865

				67,536,302

Capital Markets — 2.3%
Ameriprise Financial Inc.		151,691		15,545,294
BlackRock Inc.^(c)		110,800		48,748,676
Cboe Global Markets Inc.		204,293		18,233,150
Charles Schwab Corp. (The)		1,536,382		51,653,163
CME Group Inc.		337,155		58,297,471
Intercontinental Exchange Inc.		564,164		45,556,243
MarketAxess Holdings Inc.^(a)		69,886		23,241,987
Moody’s Corp.		299,506		63,345,519
MSCI Inc.^(a)		155,626		44,969,689
Nasdaq Inc.		99,382		9,436,321
S&P Global Inc.^(a)		450,115		110,300,681
T Rowe Price Group Inc.		318,576		31,108,946

				520,437,140

Chemicals — 1.8%
Air Products & Chemicals Inc.		406,037		81,049,046
Celanese Corp.		222,618		16,337,935
Dow Inc.^(b)		1,364,395		39,894,910


Security	Shares		Value

Chemicals (continued)
Ecolab Inc.		235,403	$	36,682,849
FMC Corp.		238,727		19,501,609
Linde PLC		702,598		121,549,454
PPG Industries Inc.		222,134		18,570,402
Sherwin-Williams Co. (The)^(a)		151,327		69,537,783

				403,123,988

Commercial Services & Supplies — 0.5%
Cintas Corp.^(a)		154,421		26,748,806
Copart Inc.^(a)(b)		376,778		25,816,829
Republic Services Inc.		178,490		13,397,459
Rollins Inc.		121,894		4,405,249
Waste Management Inc.		416,970		38,594,743

				108,963,086

Communications Equipment — 0.3%
Arista Networks Inc.^(a)(b)		100,336		20,323,057
Motorola Solutions Inc.		315,659		41,957,394

				62,280,451

Construction & Engineering — 0.0%
Quanta Services Inc.^(a)		118,013		3,744,552


Construction Materials — 0.2%
Martin Marietta Materials Inc.^(a)		115,198		21,798,917
Vulcan Materials Co.		243,794		26,346,818

				48,145,735

Consumer Finance — 0.4%
American Express Co.		740,850		63,424,168
Discover Financial Services		357,964		12,768,576
Synchrony Financial		1,042,031		16,766,279

				92,959,023

Containers & Packaging — 0.2%
Avery Dennison Corp.		109,159		11,120,027
Ball Corp.		427,829		27,663,423

				38,783,450

Distributors — 0.0%
LKQ Corp.^(b)		293,630		6,022,351


Electric Utilities — 0.6%
NextEra Energy Inc.		477,108		114,801,727
NRG Energy Inc.		464,617		12,665,459

				127,467,186

Electrical Equipment — 0.4%
AMETEK Inc.		421,143		30,330,719
Emerson Electric Co.		604,548		28,806,712
Rockwell Automation Inc.		120,508		18,185,862

				77,323,293

Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		545,982		39,791,168
CDW Corp./DE^(a)		264,700		24,688,569
Corning Inc.		665,867		13,676,908
FLIR Systems Inc.		118,642		3,783,493
IPG Photonics Corp.^(a)(b)		33,284		3,670,560
Keysight Technologies Inc.^(a)(b)		345,579		28,918,051
TE Connectivity Ltd.		308,087		19,403,319
Zebra Technologies Corp., Class A^(a)(b)		99,370		18,244,332

				152,176,400

Energy Equipment & Services — 0.0%
National Oilwell Varco Inc.^(a)		220,266		2,165,215


SCHEDULES OF INVESTMENTS			1

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Entertainment — 2.5%
Electronic Arts Inc.^(a)(b)		285,010	$	28,549,452
Live Nation Entertainment Inc.^(a)(b)		173,878		7,904,494
Netflix Inc.^(b)		807,388		303,174,194
Take-Two Interactive Software Inc.^(b)		207,505		24,612,168
Walt Disney Co. (The)		2,025,329		195,646,781

				559,887,089

Equity Real Estate Investment Trusts (REITs) — 2.7%
Alexandria Real Estate Equities Inc.		121,957		16,715,426
American Tower Corp.		815,984		177,680,516
Boston Properties Inc.		117,139		10,803,730
Crown Castle International Corp.		444,166		64,137,570
Duke Realty Corp.		399,540		12,937,105
Equinix Inc.		157,071		98,101,834
Essex Property Trust Inc.		61,212		13,481,331
Extra Space Storage Inc.^(a)		138,351		13,248,492
Federal Realty Investment Trust		54,328		4,053,412
Healthpeak Properties Inc.		428,467		10,218,938
Mid-America Apartment Communities Inc.		94,562		9,742,723
Prologis Inc.		773,596		62,173,910
Public Storage		121,760		24,182,754
Realty Income Corp.		283,822		14,151,365
SBA Communications Corp.		207,482		56,013,916
Simon Property Group Inc.		226,170		12,407,686
UDR Inc.		253,753		9,272,135

				609,322,843

Food & Staples Retailing — 0.7%
Costco Wholesale Corp.		480,234		136,929,121
Sysco Corp.		422,902		19,297,018

				156,226,139

Food Products — 0.3%
Campbell Soup Co.		136,976		6,322,812
Hershey Co. (The)		183,093		24,259,823
Lamb Weston Holdings Inc.		148,991		8,507,386
McCormick & Co. Inc./MD, NVS		116,104		16,395,046
Tyson Foods Inc., Class A		261,081		15,108,757

				70,593,824

Health Care Equipment & Supplies — 3.4%
Abbott Laboratories		1,888,260		149,002,597
ABIOMED Inc.^(a)(b)		47,482		6,892,487
Align Technology Inc.^(a)(b)		132,140		22,985,753
Baxter International Inc.		423,306		34,368,214
Boston Scientific Corp.^(b)		1,513,745		49,393,499
Cooper Companies Inc. (The)^(a)		52,018		14,339,802
Danaher Corp.		753,730		104,323,769
Dentsply Sirona Inc.		217,107		8,430,265
Edwards Lifesciences Corp.^(b)		384,135		72,455,544
Hologic Inc.^(b)		266,793		9,364,434
IDEXX Laboratories Inc.^(a)(b)		158,427		38,377,357
Intuitive Surgical Inc.^(a)(b)		212,920		105,440,113
ResMed Inc.^(a)		264,883		39,014,617
Steris PLC^(a)		84,854		11,877,014
Stryker Corp.		391,897		65,246,932
Teleflex Inc.^(a)		85,352		24,996,187
Varian Medical Systems Inc.^(b)		92,088		9,453,754

				765,962,338

Health Care Technology — 0.1%
Cerner Corp.		364,556		22,963,382


Security	Shares		Value

Hotels, Restaurants & Leisure — 1.9%
Chipotle Mexican Grill Inc.^(b)		46,838	$	30,650,787
Darden Restaurants Inc.		104,673		5,700,492
Hilton Worldwide Holdings Inc.		519,248		35,433,483
Las Vegas Sands Corp.^(a)		354,810		15,068,781
Marriott International Inc./MD, Class A		499,125		37,339,541
McDonald’s Corp.		610,449		100,937,742
MGM Resorts International		578,693		6,828,577
Starbucks Corp.		2,175,608		143,024,470
Wynn Resorts Ltd.		178,014		10,714,663
Yum! Brands Inc.		556,405		38,130,435

				423,828,971

Household Durables — 0.3%
DR Horton Inc.		617,662		21,000,508
Garmin Ltd.		266,089		19,946,031
Leggett & Platt Inc.		159,981		4,268,293
NVR Inc.^(b)		6,345		16,301,003
PulteGroup Inc.^(a)		469,337		10,475,602

				71,991,437

Household Products — 1.8%
Church & Dwight Co. Inc.		244,076		15,664,798
Colgate-Palmolive Co.		710,506		47,149,178
Kimberly-Clark Corp.		310,118		39,654,789
Procter & Gamble Co. (The)		2,664,376		293,081,360

				395,550,125

Industrial Conglomerates — 0.6%
Honeywell International Inc.		605,215		80,971,715
Roper Technologies Inc.		191,684		59,768,988

				140,740,703

Insurance — 0.8%
Aon PLC		271,585		44,822,388
Arthur J Gallagher & Co.		175,267		14,286,013
Cincinnati Financial Corp.		128,808		9,718,564
Marsh & McLennan Companies Inc.		567,017		49,024,290
Progressive Corp. (The)		656,957		48,509,705
Willis Towers Watson PLC		113,682		19,308,888

				185,669,848

Interactive Media & Services — 9.1%
Alphabet Inc., Class A^(b)		551,929		641,313,901
Alphabet Inc., Class C, NVS^(b)		550,659		640,311,792
Facebook Inc., Class A^(b)		4,432,887		739,405,552

				2,021,031,245

Internet & Direct Marketing Retail — 7.4%
Amazon.com Inc.^(b)		767,230		1,495,883,676
Booking Holdings Inc.^(a)(b)		77,192		103,847,941
eBay Inc.		1,408,719		42,346,093

				1,642,077,710

IT Services — 7.2%
Accenture PLC, Class A		737,091		120,337,477
Akamai Technologies Inc.^(a)(b)		214,301		19,606,399
Automatic Data Processing Inc.^(a)		494,042		67,525,661
Broadridge Financial Solutions Inc.^(a)		147,885		14,023,935
Fiserv Inc.^(b)		1,051,981		99,927,675
FleetCor Technologies Inc.^(b)		160,119		29,868,598
Gartner Inc.^(b)		164,795		16,408,638
Global Payments Inc.		270,947		39,078,686
Jack Henry & Associates Inc.		72,835		11,306,905
Leidos Holdings Inc.		122,520		11,228,958
Mastercard Inc., Class A		1,635,336		395,031,764


2		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Paychex Inc.		393,134	$	24,735,991
PayPal Holdings Inc.^(b)		2,163,006		207,086,194
VeriSign Inc.^(b)		100,831		18,158,655
Visa Inc., Class A^(a)		3,153,352		508,068,074
Western Union Co. (The)		772,390		14,003,431

				1,596,397,041

Life Sciences Tools & Services — 1.5%
Agilent Technologies Inc.		324,925		23,271,128
Illumina Inc.^(a)(b)		162,714		44,440,448
IQVIA Holdings Inc.^(a)(b)		229,400		24,743,084
Mettler-Toledo International Inc.^(b)		27,998		19,332,899
PerkinElmer Inc.^(a)		117,495		8,845,024
Thermo Fisher Scientific Inc.^(a)		738,637		209,477,453
Waters Corp.^(a)(b)		73,561		13,391,780

				343,501,816

Machinery — 1.3%
Caterpillar Inc.		600,631		69,697,221
Cummins Inc.		177,838		24,065,038
Deere & Co.		342,189		47,276,832
Dover Corp.^(a)		157,829		13,248,166
IDEX Corp.		79,933		11,039,547
Illinois Tool Works Inc.		328,670		46,710,580
Ingersoll Rand Inc.^(a)(b)		466,625		11,572,300
PACCAR Inc.		636,918		38,934,797
Parker-Hannifin Corp.		130,139		16,882,933
Xylem Inc./NY^(a)		195,667		12,743,792

				292,171,206

Media — 1.3%
Charter Communications Inc., Class A^(a)(b)		288,859		126,032,070
Comcast Corp., Class A		4,683,184		161,007,866

				287,039,936

Metals & Mining — 0.0%
Freeport-McMoRan Inc.		1,470,096		9,923,148


Multi-Utilities — 0.1%
Sempra Energy		233,622		26,396,950


Multiline Retail — 0.6%
Dollar General Corp.		468,915		70,810,854
Target Corp.		597,437		55,543,718

				126,354,572

Oil, Gas & Consumable Fuels — 0.6%
Apache Corp.		429,509		1,795,347
Cabot Oil & Gas Corp.		473,409		8,137,901
ConocoPhillips		2,018,068		62,156,494
EOG Resources Inc.		535,826		19,246,870
Hess Corp.		477,053		15,885,865
Phillips 66		410,098		22,001,758
Pioneer Natural Resources Co.		189,752		13,311,103

				142,535,338

Personal Products — 0.3%
Coty Inc., Class A		255,967		1,320,790
Estee Lauder Companies Inc. (The), Class A^(a)		410,039		65,335,614

				66,656,404

Pharmaceuticals — 3.7%
Bristol-Myers Squibb Co.		2,374,959		132,380,215
Eli Lilly & Co.		856,111		118,759,718
Johnson & Johnson		2,036,233		267,011,233
Merck & Co. Inc.		2,579,493		198,466,192


Security	Shares		Value

Pharmaceuticals (continued)
Zoetis Inc.		877,273	$	103,246,259

				819,863,617

Professional Services — 0.4%
Equifax Inc.		133,740		15,975,243
IHS Markit Ltd.		539,177		32,350,620
Verisk Analytics Inc.^(a)		208,289		29,031,321

				77,357,184

Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A^(b)		616,657		23,254,135


Road & Rail — 1.1%
CSX Corp.		715,826		41,016,830
JB Hunt Transport Services Inc.^(a)		92,630		8,543,265
Kansas City Southern		182,664		23,231,208
Norfolk Southern Corp.		259,122		37,831,812
Old Dominion Freight Line Inc.^(a)		176,400		23,154,264
Union Pacific Corp.		792,810		111,817,922

				245,595,301

Semiconductors & Semiconductor Equipment — 6.7%
Advanced Micro Devices Inc.^(a)(b)		2,154,589		97,990,708
Analog Devices Inc.		678,478		60,825,553
Applied Materials Inc.		1,701,244		77,951,000
Broadcom Inc.		730,667		173,241,146
Intel Corp.		4,567,470		247,191,476
KLA Corp.		291,217		41,859,532
Lam Research Corp.^(a)		267,185		64,124,400
Maxim Integrated Products Inc.		219,325		10,661,388
Microchip Technology Inc.^(a)		439,878		29,823,728
Micron Technology Inc.^(a)(b)		2,039,004		85,760,508
NVIDIA Corp.		1,127,385		297,178,686
Qorvo Inc.^(b)		214,692		17,310,616
QUALCOMM Inc.		2,103,428		142,296,904
Skyworks Solutions Inc.^(a)		182,836		16,341,882
Texas Instruments Inc.		1,067,650		106,690,265
Xilinx Inc.		287,178		22,382,653

				1,491,630,445

Software — 14.8%
Adobe Inc.^(a)(b)		891,775		283,798,476
ANSYS Inc.^(a)(b)		157,066		36,513,133
Autodesk Inc.^(b)		405,341		63,273,730
Cadence Design Systems Inc.^(b)		516,873		34,134,293
Citrix Systems Inc.		110,454		15,634,764
Fortinet Inc.^(a)(b)		262,302		26,537,093
Intuit Inc.		479,451		110,273,730
Microsoft Corp.		14,053,044		2,216,305,569
NortonLifeLock Inc.		654,859		12,252,412
Oracle Corp.		2,394,607		115,731,356
Paycom Software Inc.^(a)(b)		90,718		18,325,943
salesforce.com Inc.^(b)		1,633,901		235,249,066
ServiceNow Inc.^(b)		347,330		99,537,832
Synopsys Inc.^(a)(b)		276,873		35,658,474

				3,303,225,871

Specialty Retail — 2.9%
AutoZone Inc.^(a)(b)		43,925		37,160,550
CarMax Inc.^(a)(b)		302,903		16,305,268
Home Depot Inc. (The)		1,426,769		266,392,040
Lowe’s Companies Inc.		931,955		80,194,728
O’Reilly Automotive Inc.^(a)(b)		139,626		42,034,407
Ross Stores Inc.		665,626		57,889,493


SCHEDULES OF INVESTMENTS			3

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Tiffany & Co.		197,864	$	25,623,388
TJX Companies Inc. (The)		2,233,793		106,797,643
Tractor Supply Co.^(a)		106,932		9,041,101
Ulta Beauty Inc.^(b)		57,854		10,164,948

				651,603,566

Technology Hardware, Storage & Peripherals — 8.9%
Apple Inc.		7,693,799		1,956,456,148
NetApp Inc.		193,467		8,065,639
Seagate Technology PLC		255,635		12,474,988
Xerox Holdings Corp.^(b)		342,546		6,487,821

				1,983,484,596

Textiles, Apparel & Luxury Goods — 0.7%
NIKE Inc., Class B^(a)		1,537,913		127,246,922
VF Corp.		319,703		17,289,538

				144,536,460

Tobacco — 0.6%
Altria Group Inc.		1,341,242		51,865,828
Philip Morris International Inc.		1,260,960		91,999,642

				143,865,470

Trading Companies & Distributors — 0.2%
Fastenal Co.		739,651		23,114,094
United Rentals Inc.^(a)(b)		138,420		14,243,418

				37,357,512

Water Utilities — 0.1%
American Water Works Co. Inc.		167,239		19,995,095


Total Common Stocks — 99.7% (Cost: $19,027,704,885)			22,250,913,092


Short-Term Investments

Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		401,254,941		401,174,689
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		41,016,000		41,016,000

				442,190,689


Total Short-Term Investments — 2.0% (Cost: $442,088,173)				442,190,689


Total Investments in Securities — 101.7% (Cost: $19,469,793,058)				22,693,103,781

Other Assets, Less Liabilities — (1.7)%				(385,724,495	)

Net Assets — 100.0%			$22,307,379,286

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

^(b)	Non-income producing security.

^(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.


Portfolio Abbreviations — Equity

NVS

Non-Voting Shares


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
Boeing Co. (The)		452,981	$	67,557,586
General Dynamics Corp.		354,718		46,932,739
Howmet Aerospace Inc.		294,618		4,731,565
Huntington Ingalls Industries Inc.		25,574		4,659,838
Raytheon Co.		168,092		22,045,266
Textron Inc.		347,250		9,261,157
United Technologies Corp.		576,911		54,420,015

				209,608,166

Air Freight & Logistics — 0.9%
CH Robinson Worldwide Inc.		203,737		13,487,389
Expeditors International of Washington Inc.		123,141		8,215,968
FedEx Corp.^(a)		363,379		44,063,338
United Parcel Service Inc., Class B		583,098		54,473,015

				120,239,710

Airlines — 0.5%
Alaska Air Group Inc.		187,447		5,336,616
American Airlines Group Inc.^(a)		592,988		7,228,524
Delta Air Lines Inc.		868,772		24,786,065
Southwest Airlines Co.		714,979		25,460,402
United Airlines Holdings Inc.^(b)		330,871		10,438,980

				73,250,587

Auto Components — 0.2%
Aptiv PLC		385,365		18,975,373
BorgWarner Inc.		314,184		7,656,664

				26,632,037

Automobiles — 0.5%
Ford Motor Co.		5,901,264		28,503,105
General Motors Co.		1,903,727		39,559,447
Harley-Davidson Inc.		234,769		4,444,177

				72,506,729

Banks — 7.9%
Bank of America Corp.		12,248,298		260,031,366
Citigroup Inc.		3,303,089		139,126,109
Citizens Financial Group Inc.		653,737		12,296,793
Comerica Inc.		219,190		6,431,035
Fifth Third Bancorp		1,069,580		15,883,263
First Republic Bank/CA^(a)		129,235		10,633,456
Huntington Bancshares Inc./OH		1,553,570		12,754,810
JPMorgan Chase & Co.		2,467,555		222,153,977
KeyCorp		1,484,258		15,391,755
M&T Bank Corp.		199,294		20,612,978
People’s United Financial Inc.		675,512		7,464,408
PNC Financial Services Group Inc. (The)		662,907		63,453,458
Regions Financial Corp.		1,451,754		13,022,233
SVB Financial Group^(a)(b)		28,325		4,279,341
Truist Financial Corp.		2,028,959		62,573,096
U.S. Bancorp		2,150,385		74,080,763
Wells Fargo & Co.		5,822,956		167,118,837
Zions Bancorp. N.A		259,297		6,938,788

				1,114,246,466

Beverages — 2.4%
Coca-Cola Co. (The)		3,500,443		154,894,603
Constellation Brands Inc., Class A		253,886		36,397,097
Molson Coors Beverage Co., Class B		285,817		11,149,721
Monster Beverage Corp.^(b)		190,269		10,704,534
PepsiCo Inc.		1,097,015		131,751,501

				344,897,456


Security	Shares		Value

Biotechnology — 2.9%
AbbVie Inc.		1,051,590	$	80,120,642
Alexion Pharmaceuticals Inc.^(b)		139,724		12,545,818
Amgen Inc.		368,593		74,724,859
Biogen Inc.^(b)		272,995		86,370,158
Gilead Sciences Inc.		1,914,151		143,101,929
Regeneron Pharmaceuticals Inc.^(b)		39,976		19,519,881

				416,383,287

Building Products — 0.4%
AO Smith Corp.		208,534		7,884,671
Johnson Controls International PLC		1,169,276		31,523,681
Trane Technologies PLC		140,867		11,634,205

				51,042,557

Capital Markets — 3.0%
Ameriprise Financial Inc.		66,477		6,812,563
Bank of New York Mellon Corp. (The)		1,270,743		42,798,624
BlackRock Inc.^(c)		87,344		38,428,739
Charles Schwab Corp. (The)		465,369		15,645,706
CME Group Inc.		265,857		45,969,334
E*TRADE Financial Corp.		342,991		11,771,451
Franklin Resources Inc.		424,273		7,081,116
Goldman Sachs Group Inc. (The)		482,157		74,536,651
Intercontinental Exchange Inc.		379,871		30,674,583
Invesco Ltd.		566,123		5,140,397
Morgan Stanley		1,764,512		59,993,408
Nasdaq Inc.		91,317		8,670,549
Northern Trust Corp.		319,927		24,141,692
Raymond James Financial Inc.		187,762		11,866,558
State Street Corp.		548,704		29,229,462
T Rowe Price Group Inc.		91,407		8,925,894

				421,686,727

Chemicals — 1.5%
Albemarle Corp.^(a)		159,292		8,979,290
CF Industries Holdings Inc.		330,690		8,994,768
Corteva Inc.^(a)(b)		1,129,401		26,540,924
DuPont de Nemours Inc.		1,121,904		38,256,926
Eastman Chemical Co.		204,464		9,523,933
Ecolab Inc.		185,476		28,902,725
International Flavors & Fragrances Inc.^(a)		161,253		16,460,706
Linde PLC		235,963		40,821,599
LyondellBasell Industries NV, Class A		387,290		19,221,203
Mosaic Co. (The)		531,747		5,753,503
PPG Industries Inc.		174,472		14,585,859

				218,041,436

Commercial Services & Supplies — 0.3%
Republic Services Inc.		171,122		12,844,417
Rollins Inc.^(a)		113,626		4,106,444
Waste Management Inc.		247,410		22,900,270

				39,851,131

Communications Equipment — 1.9%
Cisco Systems Inc.		6,418,406		252,307,540
F5 Networks Inc.^(b)		91,305		9,735,852
Juniper Networks Inc.		508,796		9,738,355

				271,781,747

Construction & Engineering — 0.1%
Jacobs Engineering Group Inc.^(a)		204,082		16,177,580
Quanta Services Inc.^(a)		118,963		3,774,696

				19,952,276


SCHEDULES OF INVESTMENTS			5

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Consumer Finance — 0.5%
American Express Co.		406,400	$	34,791,904
Capital One Financial Corp.		705,501		35,571,360
Discover Financial Services		179,728		6,410,898

				76,774,162

Containers & Packaging — 0.6%
Amcor PLC^(b)		2,445,218		19,855,170
Avery Dennison Corp.		36,670		3,735,573
Ball Corp.^(a)		144,311		9,331,149
International Paper Co.		591,848		18,424,228
Packaging Corp. of America		142,759		12,395,764
Sealed Air Corp.^(a)		235,086		5,808,975
Westrock Co.		392,291		11,086,144

				80,637,003

Distributors — 0.1%
Genuine Parts Co.		220,594		14,852,594
LKQ Corp.^(b)		223,773		4,589,584

				19,442,178

Diversified Consumer Services — 0.0%
H&R Block Inc.		297,036		4,182,267


Diversified Financial Services — 3.8%
Berkshire Hathaway Inc., Class B^(b)		2,959,411		541,069,113


Diversified Telecommunication Services — 4.7%
AT&T Inc.		11,052,142		322,169,939
CenturyLink Inc.		1,478,726		13,988,748
Verizon Communications Inc.		6,257,253		336,202,204

				672,360,891

Electric Utilities — 4.4%
Alliant Energy Corp.		362,568		17,508,409
American Electric Power Co. Inc.		747,358		59,773,693
Duke Energy Corp.		1,102,954		89,206,920
Edison International		541,318		29,658,813
Entergy Corp.		300,494		28,237,421
Evergy Inc.		344,016		18,938,081
Eversource Energy		490,482		38,360,597
Exelon Corp.		1,470,958		54,145,964
FirstEnergy Corp.		815,535		32,678,487
NextEra Energy Inc.		347,593		83,637,828
Pinnacle West Capital Corp.		170,784		12,943,719
PPL Corp.		1,158,707		28,596,889
Southern Co. (The)		1,586,660		85,901,772
Xcel Energy Inc.		793,875		47,870,663

				627,459,256

Electrical Equipment — 0.6%
Eaton Corp. PLC		625,734		48,613,274
Emerson Electric Co.		422,725		20,142,846
Rockwell Automation Inc.		75,327		11,367,598

				80,123,718

Electronic Equipment, Instruments & Components — 0.2%
Corning Inc.		613,243		12,596,011
FLIR Systems Inc.		106,110		3,383,848
IPG Photonics Corp.^(b)		27,007		2,978,332
TE Connectivity Ltd.		252,352		15,893,129

				34,851,320

Energy Equipment & Services — 0.4%
Baker Hughes Co.		986,941		10,362,881
Halliburton Co.		1,335,217		9,146,236
Helmerich & Payne Inc.		164,965		2,581,702


Security	Shares		Value

Energy Equipment & Services (continued)
National Oilwell Varco Inc.^(a)		404,870	$	3,979,872
Schlumberger Ltd.		2,098,355		28,306,809
TechnipFMC PLC		639,251		4,308,552

				58,686,052

Entertainment — 1.4%
Activision Blizzard Inc.		1,162,288		69,132,890
Electronic Arts Inc.^(a)(b)		207,014		20,736,592
Live Nation Entertainment Inc.^(a)(b)		71,318		3,242,116
Walt Disney Co. (The)		1,063,521		102,736,129

				195,847,727

Equity Real Estate Investment Trusts (REITs) — 3.2%
Alexandria Real Estate Equities Inc.		85,664		11,741,108
Apartment Investment & Management Co., Class A		222,954		7,836,833
AvalonBay Communities Inc.		210,936		31,043,451
Boston Properties Inc.		122,353		11,284,617
Crown Castle International Corp.		264,473		38,189,901
Digital Realty Trust Inc.		397,895		55,271,595
Duke Realty Corp.^(a)		226,042		7,319,240
Equity Residential		526,899		32,514,937
Essex Property Trust Inc.		49,657		10,936,458
Extra Space Storage Inc.^(a)		82,461		7,896,465
Federal Realty Investment Trust		61,960		4,622,836
Healthpeak Properties Inc.		398,911		9,514,027
Host Hotels & Resorts Inc.		1,079,475		11,917,404
Iron Mountain Inc.		436,549		10,389,866
Kimco Realty Corp.		642,275		6,210,799
Mid-America Apartment Communities Inc.		94,339		9,719,747
Prologis Inc.		481,017		38,659,336
Public Storage		126,940		25,211,554
Realty Income Corp.		284,860		14,203,120
Regency Centers Corp.		254,532		9,781,665
Simon Property Group Inc.		277,774		15,238,682
SL Green Realty Corp.		123,978		5,343,452
UDR Inc.		236,221		8,631,515
Ventas Inc.		561,883		15,058,464
Vornado Realty Trust		241,001		8,726,646
Welltower Inc.		612,442		28,037,595
Weyerhaeuser Co.		1,124,545		19,061,038

				454,362,351

Food & Staples Retailing — 3.0%
Costco Wholesale Corp.		274,062		78,143,298
Kroger Co. (The)		1,215,154		36,600,438
Sysco Corp.		423,612		19,329,416
Walgreens Boots Alliance Inc.		1,134,693		51,912,205
Walmart Inc.		2,146,211		243,852,494

				429,837,851

Food Products — 2.4%
Archer-Daniels-Midland Co.		840,125		29,555,597
Campbell Soup Co.		143,931		6,643,855
Conagra Brands Inc.		734,386		21,546,885
General Mills Inc.		915,082		48,288,877
Hershey Co. (The)		74,450		9,864,625
Hormel Foods Corp.		419,515		19,566,180
JM Smucker Co. (The)		171,996		19,091,556
Kellogg Co.		375,943		22,552,821
Kraft Heinz Co. (The)		939,941		23,254,140
Lamb Weston Holdings Inc.		99,995		5,709,715
McCormick & Co. Inc./MD, NVS		91,104		12,864,796
Mondelez International Inc., Class A		2,178,356		109,092,068


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Tyson Foods Inc., Class A		231,569	$	13,400,898

				341,432,013

Gas Utilities — 0.1%
Atmos Energy Corp.^(a)		180,071		17,868,445


Health Care Equipment & Supplies — 4.1%
Abbott Laboratories		1,123,064		88,620,980
ABIOMED Inc.^(a)(b)		29,049		4,216,753
Baxter International Inc.		425,610		34,555,276
Becton Dickinson and Co.		409,240		94,031,075
Boston Scientific Corp.^(b)		862,571		28,145,692
Cooper Companies Inc. (The)^(a)		32,486		8,955,416
Danaher Corp.		348,368		48,217,615
Dentsply Sirona Inc.		156,339		6,070,643
Hologic Inc.^(a)(b)		187,692		6,587,989
Medtronic PLC		2,027,897		182,875,751
Steris PLC^(a)		59,297		8,299,801
Stryker Corp.		165,192		27,502,816
Varian Medical Systems Inc.^(b)		61,412		6,304,556
Zimmer Biomet Holdings Inc.		311,710		31,507,647

				575,892,010

Health Care Providers & Services — 6.7%
AmerisourceBergen Corp.		226,869		20,077,907
Anthem Inc.		383,631		87,099,582
Cardinal Health Inc.		441,492		21,165,126
Centene Corp.^(b)		883,617		52,495,686
Cigna Corp.^(b)		564,978		100,102,802
CVS Health Corp.		1,968,293		116,778,824
DaVita Inc.^(b)		134,714		10,246,347
HCA Healthcare Inc.		400,565		35,990,765
Henry Schein Inc.^(a)(b)		223,083		11,270,153
Humana Inc.		199,922		62,779,506
Laboratory Corp. of America Holdings^(a)(b)		146,635		18,533,198
McKesson Corp.		245,083		33,149,927
Quest Diagnostics Inc.		203,225		16,318,968
UnitedHealth Group Inc.		1,433,361		357,451,566
Universal Health Services Inc., Class B		120,952		11,983,924

				955,444,281

Health Care Technology — 0.1%
Cerner Corp.		176,771		11,134,805


Hotels, Restaurants & Leisure — 1.0%
Carnival Corp.		609,349		8,025,126
Darden Restaurants Inc.		100,670		5,482,488
Las Vegas Sands Corp.^(a)		221,019		9,386,677
McDonald’s Corp.		638,096		105,509,174
MGM Resorts International		305,574		3,605,773
Norwegian Cruise Line Holdings Ltd.^(b)		323,666		3,547,380
Royal Caribbean Cruises Ltd.		261,531		8,413,452

				143,970,070

Household Durables — 0.3%
Leggett & Platt Inc.		68,042		1,815,361
Lennar Corp., Class A		424,872		16,230,110
Mohawk Industries Inc.^(b)		90,591		6,906,658
Newell Brands Inc.		579,698		7,698,389
Whirlpool Corp.		96,212		8,254,990

				40,905,508

Household Products — 2.1%
Church & Dwight Co. Inc.		169,887		10,903,348


Security	Shares		Value

Household Products (continued)
Clorox Co. (The)		190,160	$	32,945,220
Colgate-Palmolive Co.		713,488		47,347,064
Kimberly-Clark Corp.		264,011		33,759,086
Procter & Gamble Co. (The)		1,584,664		174,313,040

				299,267,758

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp./VA		999,536		13,593,690


Industrial Conglomerates — 2.1%
3M Co.		869,979		118,760,833
General Electric Co.		13,213,545		104,915,548
Honeywell International Inc.		583,795		78,105,933

				301,782,314

Insurance — 3.6%
Aflac Inc.		1,111,388		38,053,926
Allstate Corp. (The)		490,504		44,993,932
American International Group Inc.		1,318,173		31,965,695
Aon PLC		130,619		21,557,360
Arthur J Gallagher & Co.		137,411		11,200,371
Assurant Inc.		92,314		9,608,964
Chubb Ltd.		685,690		76,584,716
Cincinnati Financial Corp.		124,859		9,420,612
Everest Re Group Ltd.		61,398		11,814,203
Globe Life Inc.		150,021		10,797,011
Hartford Financial Services Group Inc. (The)		544,087		19,173,626
Lincoln National Corp.		301,607		7,938,296
Loews Corp.^(a)		385,141		13,414,461
Marsh & McLennan Companies Inc.		297,104		25,687,612
MetLife Inc.		1,184,078		36,197,264
Principal Financial Group Inc.		391,985		12,284,810
Progressive Corp. (The)		344,180		25,414,251
Prudential Financial Inc.		609,300		31,768,902
Travelers Companies Inc. (The)		390,950		38,840,883
Unum Group		313,660		4,708,037
Willis Towers Watson PLC		100,774		17,116,464
WR Berkley Corp.		220,707		11,514,284

				510,055,680

Interactive Media & Services — 0.2%
Twitter Inc.^(b)		1,176,845		28,903,313


Internet & Direct Marketing Retail — 0.1%
Expedia Group Inc.		210,948		11,870,044


IT Services — 3.4%
Accenture PLC, Class A		355,504		58,039,583
Akamai Technologies Inc.^(a)(b)		68,065		6,227,267
Alliance Data Systems Corp.		62,318		2,097,001
Automatic Data Processing Inc.		249,197		34,060,246
Broadridge Financial Solutions Inc.		52,368		4,966,057
Cognizant Technology Solutions Corp., Class A		829,014		38,524,280
DXC Technology Co.		389,373		5,081,318
Fidelity National Information Services Inc.^(a)		929,912		113,114,496
Global Payments Inc.		232,110		33,477,225
International Business Machines Corp.		1,339,985		148,644,536
Jack Henry & Associates Inc.		55,733		8,651,991
Leidos Holdings Inc.^(a)		100,108		9,174,898
Paychex Inc.		159,604		10,042,284
VeriSign Inc.^(b)		73,331		13,206,180

				485,307,362


SCHEDULES OF INVESTMENTS			7

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Leisure Products — 0.1%
Hasbro Inc.		191,948	$	13,733,879


Life Sciences Tools & Services — 0.5%
Agilent Technologies Inc.		200,779		14,379,792
Illumina Inc.^(a)(b)		88,708		24,227,929
IQVIA Holdings Inc.^(b)		85,097		9,178,563
Mettler-Toledo International Inc.^(b)		13,779		9,514,537
PerkinElmer Inc.^(a)		72,739		5,475,792
Waters Corp.^(a)(b)		37,319		6,793,924

				69,570,537

Machinery — 1.6%
Caterpillar Inc.		343,189		39,823,652
Cummins Inc.		85,510		11,571,213
Deere & Co.		194,793		26,912,601
Dover Corp.		90,649		7,609,077
Flowserve Corp.		199,146		4,757,598
Fortive Corp.^(a)		445,864		24,607,234
IDEX Corp.		49,182		6,792,526
Illinois Tool Works Inc.		172,974		24,583,065
Ingersoll Rand Inc.^(a)(b)		142,094		3,523,931
Parker-Hannifin Corp.		87,129		11,303,245
Pentair PLC		255,737		7,610,733
Snap-on Inc.		83,412		9,076,894
Stanley Black & Decker Inc.		229,461		22,946,100
Westinghouse Air Brake Technologies Corp.^(a)		274,738		13,223,140
Xylem Inc./NY^(a)		112,285		7,313,122

				221,654,131

Media — 1.3%
Comcast Corp., Class A		3,022,191		103,902,927
Discovery Inc., Class A^(a)(b)		240,625		4,677,750
Discovery Inc., Class C, NVS^(b)		509,969		8,944,856
DISH Network Corp., Class A^(a)(b)		388,815		7,772,412
Fox Corp., Class A, NVS^(a)		533,266		12,601,076
Fox Corp., Class B^(b)		247,016		5,651,726
Interpublic Group of Companies Inc. (The)		589,179		9,538,808
News Corp., Class A, NVS		591,129		5,305,383
News Corp., Class B		185,262		1,665,505
Omnicom Group Inc.		328,769		18,049,418
ViacomCBS Inc., Class B, NVS		820,109		11,489,727

				189,599,588

Metals & Mining — 0.6%
Freeport-McMoRan Inc.		993,148		6,703,749
Newmont Corp.		1,240,400		56,165,312
Nucor Corp.		459,027		16,534,153

				79,403,214

Multi-Utilities — 2.4%
Ameren Corp.^(a)		371,309		27,042,434
CenterPoint Energy Inc.		762,755		11,784,565
CMS Energy Corp.		428,261		25,160,334
Consolidated Edison Inc.		503,501		39,273,078
Dominion Energy Inc.		1,245,367		89,903,044
DTE Energy Co.		291,260		27,660,962
NiSource Inc.		562,422		14,043,677
Public Service Enterprise Group Inc.		766,465		34,421,943
Sempra Energy		235,055		26,558,864
WEC Energy Group Inc.		477,804		42,108,867

				337,957,768

Multiline Retail — 0.4%
Dollar Tree Inc.^(b)		358,860		26,365,444


Security	Shares		Value

Multiline Retail (continued)
Kohl’s Corp.		238,195	$	3,475,265
Macy’s Inc.		469,880		2,307,111
Nordstrom Inc.^(a)		162,888		2,498,702
Target Corp.		275,178		25,583,299

				60,229,821

Oil, Gas & Consumable Fuels — 4.8%
Apache Corp.		217,407		908,761
Cabot Oil & Gas Corp.		229,604		3,946,893
Chevron Corp.		2,860,802		207,293,713
Concho Resources Inc.		302,677		12,969,709
Devon Energy Corp.		588,720		4,068,055
Diamondback Energy Inc.		243,733		6,385,805
EOG Resources Inc.		438,989		15,768,485
Exxon Mobil Corp.		6,401,488		243,064,499
HollyFrontier Corp.		225,927		5,537,471
Kinder Morgan Inc./DE		2,949,461		41,056,497
Marathon Oil Corp.		1,216,801		4,003,275
Marathon Petroleum Corp.		980,113		23,150,269
Noble Energy Inc.		727,568		4,394,511
Occidental Petroleum Corp.^(a)		1,346,961		15,597,808
ONEOK Inc.		622,153		13,569,157
Phillips 66		336,509		18,053,708
Pioneer Natural Resources Co.		95,611		6,707,112
Valero Energy Corp.		619,657		28,107,642
Williams Companies Inc. (The)		1,829,314		25,884,793

				680,468,163

Personal Products — 0.0%
Coty Inc., Class A		238,320		1,229,731


Pharmaceuticals — 7.0%
Allergan PLC		496,691		87,963,976
Bristol-Myers Squibb Co.		1,596,006		88,961,375
Eli Lilly & Co.		575,253		79,799,096
Johnson & Johnson		2,309,549		302,851,160
Merck & Co. Inc.		1,733,394		133,367,334
Mylan NV^(b)		777,515		11,592,749
Perrigo Co. PLC^(a)		207,058		9,957,419
Pfizer Inc.		8,372,879		273,290,771

				987,783,880

Professional Services — 0.3%
Equifax Inc.		73,070		8,728,211
IHS Markit Ltd.		164,710		9,882,600
Nielsen Holdings PLC^(a)		541,297		6,787,864
Robert Half International Inc.		178,889		6,753,060
Verisk Analytics Inc.		76,597		10,676,090

				42,827,825

Road & Rail — 0.9%
CSX Corp.^(a)		589,108		33,755,888
JB Hunt Transport Services Inc.^(a)		52,472		4,839,493
Norfolk Southern Corp.		181,861		26,551,706
Union Pacific Corp.		399,079		56,286,102

				121,433,189

Semiconductors & Semiconductor Equipment — 1.7%
Intel Corp.		2,829,977		153,158,355
Maxim Integrated Products Inc.		227,787		11,072,726
Skyworks Solutions Inc.		108,670		9,712,925
Texas Instruments Inc.		537,424		53,704,780
Xilinx Inc.		143,792		11,207,149

				238,855,935


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software — 0.6%
Citrix Systems Inc.^(a)		83,885	$	11,873,922
NortonLifeLock Inc.		331,334		6,199,259
Oracle Corp.		1,311,128		63,366,816

				81,439,997

Specialty Retail — 1.2%
Advance Auto Parts Inc.		104,442		9,746,528
Best Buy Co. Inc.		343,800		19,596,600
Gap Inc. (The)		323,697		2,278,827
Home Depot Inc. (The)		478,585		89,356,605
L Brands Inc.		353,287		4,083,998
Lowe’s Companies Inc.		394,759		33,969,012
Tractor Supply Co.		91,806		7,762,197
Ulta Beauty Inc.^(a)(b)		39,070		6,864,599

				173,658,366

Technology Hardware, Storage & Peripherals — 0.6%
Hewlett Packard Enterprise Co.		1,952,943		18,963,077
HP Inc.		2,245,114		38,975,179
NetApp Inc.		187,544		7,818,709
Seagate Technology PLC		140,719		6,867,087
Western Digital Corp.		448,736		18,676,392

				91,300,444

Textiles, Apparel & Luxury Goods — 0.6%
Capri Holdings Ltd.^(b)		230,598		2,488,152
Hanesbrands Inc.		550,244		4,330,420
NIKE Inc., Class B		622,343		51,492,660
PVH Corp.^(a)		111,586		4,200,097
Ralph Lauren Corp.		75,720		5,060,368
Tapestry Inc.		419,641		5,434,351
Under Armour Inc., Class A^(a)(b)		286,246		2,636,326
Under Armour Inc., Class C, NVS^(b)		295,883		2,384,817
VF Corp.		233,919		12,650,339

				90,677,530

Tobacco — 1.2%
Altria Group Inc.		1,724,131		66,672,146
Philip Morris International Inc.		1,318,192		96,175,288

				162,847,434

Trading Companies & Distributors — 0.2%
Fastenal Co.		261,758		8,179,937
WW Grainger Inc.		66,168		16,442,748

				24,622,685

Water Utilities — 0.1%
American Water Works Co. Inc.		136,122		16,274,746


Wireless Telecommunication Services — 0.3%
T-Mobile U.S. Inc.^(a)(b)		479,416		40,223,002


Total Common Stocks — 99.6% (Cost: $17,030,743,704)				14,138,973,359


Short-Term Investments

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		129,309,488		129,283,627


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		21,602,000	$	21,602,000

				150,885,627


Total Short-Term Investments — 1.1% (Cost: $150,815,417)				150,885,627


Total Investments in Securities — 100.7% (Cost: $17,181,559,121)				14,289,858,986

Other Assets, Less Liabilities — (0.7)%				(102,030,421	)


Net Assets — 100.0%			$14,187,828,565

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

^(b)	Non-income producing security.

^(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.


Portfolio Abbreviations — Equity

NVS

Non-Voting Shares


SCHEDULES OF INVESTMENTS			9

Schedule of Investments

March 31, 2020

iShares^® S&P Mid-Cap 400 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.1%
Axon Enterprise Inc.^(a)(b)		435,571	$	30,825,360
Curtiss-Wright Corp.^(b)		228,745		21,138,325
Mercury Systems Inc.^(a)(b)		407,546		29,074,332
Teledyne Technologies Inc.^(a)(b)		267,701		79,579,476

				160,617,493

Auto Components — 0.9%
Gentex Corp.		1,856,863		41,148,084
Visteon Corp.^(a)(b)		145,374		6,975,045

				48,123,129

Banks — 1.0%
Bank of Hawaii Corp.		171,168		9,455,320
CIT Group Inc.		328,003		5,661,332
Commerce Bancshares Inc.^(b)		418,690		21,081,042
First Financial Bankshares Inc.^(b)		638,166		17,128,375

				53,326,069

Beverages — 0.5%
Boston Beer Co. Inc. (The), Class A, NVS^(a)(b)		67,646		24,863,964


Biotechnology — 1.3%
Arrowhead Pharmaceuticals Inc.^(a)(b)		734,793		21,139,995
Exelixis Inc.^(a)		2,230,289		38,405,576
Ligand Pharmaceuticals Inc.^(a)(b)		120,894		8,791,412

				68,336,983

Building Products — 1.5%
Lennox International Inc.		169,874		30,881,394
Owens Corning		423,210		16,424,780
Trex Co. Inc.^(a)(b)		428,205		34,316,349

				81,622,523

Capital Markets — 3.1%
Eaton Vance Corp., NVS		589,655		19,016,374
Evercore Inc., Class A		200,360		9,228,581
FactSet Research Systems Inc.^(b)		278,523		72,605,376
Federated Hermes Inc.		502,574		9,574,035
SEI Investments Co.		926,443		42,931,369
Stifel Financial Corp.		245,537		10,135,767

				163,491,502

Chemicals — 2.0%
Cabot Corp.		188,898		4,934,016
Ingevity Corp.^(a)(b)		306,605		10,792,496
NewMarket Corp.^(b)		35,232		13,489,276
RPM International Inc.		571,123		33,981,818
Scotts Miracle-Gro Co. (The)^(b)		290,735		29,771,264
Valvoline Inc.		744,692		9,748,018

				102,716,888

Commercial Services & Supplies — 2.1%
Brink’s Co. (The)^(b)		367,197		19,112,604
Clean Harbors Inc.^(a)		376,876		19,348,814
Deluxe Corp.		139,725		3,623,069
Herman Miller Inc.		432,833		9,608,893
MSA Safety Inc.^(b)		167,425		16,943,410
Stericycle Inc.^(a)(b)		294,311		14,297,628
Tetra Tech Inc.^(b)		400,691		28,296,798

				111,231,216

Communications Equipment — 1.5%
Ciena Corp.^(a)(b)		704,011		28,026,678
Lumentum Holdings Inc.^(a)(b)		566,665		41,763,210


Security	Shares		Value

Communications Equipment (continued)
ViaSat Inc.^(a)(b)		216,700	$	7,783,864

				77,573,752

Construction & Engineering — 0.6%
EMCOR Group Inc.		189,442		11,616,584
MasTec Inc.^(a)(b)		442,599		14,486,265
Valmont Industries Inc.		72,949		7,731,135

				33,833,984

Construction Materials — 0.3%
Eagle Materials Inc.^(b)		305,577		17,851,808


Consumer Finance — 0.7%
FirstCash Inc.^(b)		203,624		14,607,986
LendingTree Inc.^(a)(b)		56,240		10,313,853
SLM Corp.^(b)		1,548,351		11,132,644

				36,054,483

Containers & Packaging — 0.7%
AptarGroup Inc.		281,542		28,024,691
Silgan Holdings Inc.		341,013		9,896,197

				37,920,888

Distributors — 1.1%
Pool Corp.^(b)		293,887		57,828,145


Diversified Consumer Services — 0.6%
Service Corp. International^(b)		684,238		26,760,548
WW International Inc.^(a)(b)		178,151		3,012,534

				29,773,082

Electric Utilities — 0.8%
Hawaiian Electric Industries Inc.		383,942		16,528,703
IDACORP Inc.		166,462		14,613,699
PNM Resources Inc.		292,018		11,096,684

				42,239,086

Electrical Equipment — 1.7%
Generac Holdings Inc.^(a)(b)		459,076		42,772,111
Hubbell Inc.		399,203		45,804,552

				88,576,663

Electronic Equipment, Instruments & Components — 3.5%
Cognex Corp.^(b)		1,254,417		52,961,486
Coherent Inc.^(a)(b)		177,280		18,864,365
Jabil Inc.^(b)		1,019,225		25,052,550
Littelfuse Inc.^(b)		112,642		15,028,696
National Instruments Corp.		406,755		13,455,455
Trimble Inc.^(a)(b)		1,828,691		58,207,235

				183,569,787

Energy Equipment & Services — 0.0%
Core Laboratories NV^(b)		127,608		1,319,467


Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A^(b)		198,061		6,720,210


Equity Real Estate Investment Trusts (REITs) — 8.3%
American Campus Communities Inc.		483,803		13,425,533
Brixmor Property Group Inc.		1,223,762		11,625,739
Camden Property Trust		390,920		30,976,501
CoreSite Realty Corp.		276,588		32,056,549
Corporate Office Properties Trust		379,774		8,404,399
Cousins Properties Inc.		1,077,263		31,531,488
CyrusOne Inc.		540,090		33,350,558
Douglas Emmett Inc.		761,614		23,236,843
EastGroup Properties Inc.		281,934		29,456,464


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Mid-Cap 400 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
EPR Properties		254,336	$	6,160,018
First Industrial Realty Trust Inc.		615,024		20,437,248
Healthcare Realty Trust Inc.		451,450		12,608,999
Highwoods Properties Inc.		380,622		13,481,631
Kilroy Realty Corp.		429,360		27,350,232
Lamar Advertising Co., Class A		385,803		19,783,978
Life Storage Inc.		208,872		19,748,848
National Retail Properties Inc.		692,623		22,295,534
Omega Healthcare Investors Inc.		721,734		19,154,820
PotlatchDeltic Corp.^(b)		227,813		7,151,050
PS Business Parks Inc.		147,012		19,923,066
Rayonier Inc.		397,846		9,369,273
Spirit Realty Capital Inc.		306,615		8,017,982
Taubman Centers Inc.		193,054		8,085,102
Urban Edge Properties^(b)		390,287		3,438,428
Weingarten Realty Investors		392,091		5,657,873

				436,728,156

Food & Staples Retailing — 0.7%
Casey’s General Stores Inc.		269,999		35,772,167


Food Products — 1.0%
Lancaster Colony Corp.^(b)		71,093		10,282,892
Pilgrim’s Pride Corp.^(a)(b)		247,352		4,482,018
Post Holdings Inc.^(a)(b)		224,417		18,619,879
Sanderson Farms Inc.^(b)		144,717		17,846,500
Tootsie Roll Industries Inc.^(b)		58,605		2,107,427

				53,338,716

Gas Utilities — 0.3%
ONE Gas Inc.		193,546		16,184,317


Health Care Equipment & Supplies — 6.4%
Cantel Medical Corp.^(b)		154,607		5,550,391
Globus Medical Inc., Class A^(a)(b)		564,999		24,029,407
Haemonetics Corp.^(a)		238,097		23,728,747
Hill-Rom Holdings Inc.^(b)		269,521		27,113,813
ICU Medical Inc.^(a)(b)		141,118		28,473,379
Integra LifeSciences Holdings Corp.^(a)		523,128		23,368,128
LivaNova PLC^(a)		181,854		8,228,894
Masimo Corp.^(a)(b)		360,114		63,783,392
NuVasive Inc.^(a)(b)		248,287		12,578,219
Penumbra Inc.^(a)(b)		235,777		38,037,903
West Pharmaceutical Services Inc.^(b)		543,109		82,688,345

				337,580,618

Health Care Providers & Services — 2.8%
Amedisys Inc.^(a)(b)		236,758		43,454,563
Chemed Corp.^(b)		117,505		50,903,166
Encompass Health Corp.		340,154		21,780,061
HealthEquity Inc.^(a)(b)		520,270		26,320,459
MEDNAX Inc.^(a)(b)		242,424		2,821,816

				145,280,065

Hotels, Restaurants & Leisure — 5.5%
Boyd Gaming Corp.^(b)		586,069		8,451,115
Caesars Entertainment Corp.^(a)(b)		4,096,837		27,694,618
Choice Hotels International Inc.^(b)		233,173		14,281,846
Churchill Downs Inc.^(b)		260,068		26,774,001
Domino’s Pizza Inc.		283,823		91,978,520
Dunkin’ Brands Group Inc.		608,089		32,289,526
Eldorado Resorts Inc.^(a)(b)		481,312		6,930,893
Jack in the Box Inc.		85,387		2,992,814
Marriott Vacations Worldwide Corp.		274,654		15,265,269


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Papa John’s International Inc.		103,563	$	5,527,157
Scientific Games Corp./DE, Class A^(a)(b)		398,472		3,865,178
Six Flags Entertainment Corp.		289,562		3,631,108
Texas Roadhouse Inc.		244,041		10,078,893
Wendy’s Co. (The)		782,567		11,644,597
Wyndham Destinations Inc.^(b)		287,354		6,235,582
Wyndham Hotels & Resorts Inc.		698,160		21,999,022

				289,640,139

Household Durables — 0.8%
Helen of Troy Ltd.^(a)(b)		108,978		15,696,101
KB Home		290,343		5,255,208
Tempur Sealy International Inc.^(a)(b)		333,509		14,577,679
Toll Brothers Inc.		444,771		8,561,842

				44,090,830

Household Products — 0.3%
Energizer Holdings Inc.		472,232		14,285,018


Industrial Conglomerates — 1.0%
Carlisle Companies Inc.^(b)		415,994		52,115,728


Insurance — 3.5%
Alleghany Corp.		52,821		29,175,679
Brown & Brown Inc.^(b)		1,716,502		62,171,702
Primerica Inc.^(b)		303,516		26,855,096
RenaissanceRe Holdings Ltd.^(b)		324,161		48,403,721
RLI Corp.^(b)		184,532		16,225,899

				182,832,097

Interactive Media & Services — 0.2%
Yelp Inc.^(a)(b)		468,288		8,443,233


Internet & Direct Marketing Retail — 0.9%
Etsy Inc.^(a)(b)		869,730		33,432,421
Grubhub Inc.^(a)(b)		375,829		15,307,515

				48,739,936

IT Services — 2.9%
CACI International Inc., Class A^(a)		183,814		38,812,326
KBR Inc.^(b)		1,040,208		21,511,502
LiveRamp Holdings Inc.^(a)(b)		199,495		6,567,375
MAXIMUS Inc.^(b)		258,285		15,032,187
Perspecta Inc.^(b)		1,009,331		18,410,198
Sabre Corp.		968,610		5,743,857
Science Applications International Corp.		161,824		12,076,925
WEX Inc.^(a)(b)		317,762		33,222,017

				151,376,387

Leisure Products — 0.6%
Brunswick Corp./DE		292,855		10,358,282
Polaris Inc.		421,835		20,311,355

				30,669,637

Life Sciences Tools & Services — 4.3%
Bio-Rad Laboratories Inc., Class A^(a)		114,193		40,031,498
Bio-Techne Corp.^(b)		279,750		53,046,195
Charles River Laboratories International Inc.^(a)		358,485		45,244,392
PRA Health Sciences Inc.^(a)(b)		464,256		38,551,818
Repligen Corp.^(a)(b)		343,911		33,201,168
Syneos Health Inc.^(a)(b)		457,853		18,048,565

				228,123,636

Machinery — 5.9%
AGCO Corp.^(b)		243,633		11,511,659
Colfax Corp.^(a)(b)		276,096		5,466,701


SCHEDULES OF INVESTMENTS			11

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Mid-Cap 400 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Donaldson Co. Inc.		594,553	$	22,967,582
Graco Inc.		1,224,203		59,655,412
ITT Inc.		431,305		19,563,995
Lincoln Electric Holdings Inc.		448,847		30,970,443
Nordson Corp.^(b)		375,566		50,727,700
Oshkosh Corp.^(b)		294,740		18,960,624
Timken Co. (The)		497,601		16,092,416
Toro Co. (The)		782,485		50,931,949
Woodward Inc.^(b)		413,898		24,602,097

				311,450,578

Marine — 0.2%
Kirby Corp.^(a)(b)		228,504		9,933,069


Media — 1.6%
Cable One Inc.^(b)		36,886		60,640,953
New York Times Co. (The), Class A^(b)		696,426		21,387,242

				82,028,195

Metals & Mining — 2.2%
Allegheny Technologies Inc.^(a)(b)		452,872		3,849,412
Carpenter Technology Corp.		193,385		3,771,007
Compass Minerals International Inc.		178,578		6,869,896
Reliance Steel & Aluminum Co.		489,273		42,855,422
Royal Gold Inc.		481,463		42,229,120
Steel Dynamics Inc.		774,911		17,466,494

				117,041,351

Multi-Utilities — 0.5%
Black Hills Corp.		211,945		13,570,838
MDU Resources Group Inc.		617,559		13,277,519

				26,848,357

Multiline Retail — 0.2%
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		224,531		10,404,767


Oil, Gas & Consumable Fuels — 0.4%
Cimarex Energy Co.		404,704		6,811,168
Matador Resources Co.^(a)(b)		807,812		2,003,374
Murphy Oil Corp.		495,216		3,035,674
WPX Energy Inc.^(a)(b)		3,055,415		9,319,016

				21,169,232

Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		619,894		10,649,779


Pharmaceuticals — 1.3%
Catalent Inc.^(a)(b)		1,135,929		59,011,512
Nektar Therapeutics^(a)(b)		414,772		7,403,680

				66,415,192

Professional Services — 1.0%
ASGN Inc.^(a)(b)		235,923		8,332,800
CoreLogic Inc.		263,626		8,051,138
FTI Consulting Inc.^(a)(b)		276,219		33,082,750
Insperity Inc.		155,140		5,786,722

				55,253,410

Real Estate Management & Development — 0.3%
Jones Lang LaSalle Inc.^(b)		181,576		18,335,544


Road & Rail — 1.0%
Knight-Swift Transportation Holdings Inc.^(b)		901,724		29,576,547
Landstar System Inc.^(b)		196,977		18,882,215
Werner Enterprises Inc.^(b)		150,250		5,448,065

				53,906,827


Security	Shares		Value

Semiconductors & Semiconductor Equipment — 7.2%
Cabot Microelectronics Corp.^(b)		213,500	$	24,368,890
Cirrus Logic Inc.^(a)(b)		424,123		27,835,193
Cypress Semiconductor Corp.^(b)		2,710,851		63,217,045
MKS Instruments Inc.^(b)		400,118		32,589,611
Monolithic Power Systems Inc.		296,536		49,657,919
Semtech Corp.^(a)(b)		247,674		9,287,775
Silicon Laboratories Inc.^(a)		318,361		27,191,213
SolarEdge Technologies Inc.^(a)(b)		356,813		29,215,848
Synaptics Inc.^(a)(b)		149,506		8,651,912
Teradyne Inc.^(b)		1,230,060		66,632,350
Universal Display Corp.^(b)		311,228		41,013,626

				379,661,382

Software — 6.4%
ACI Worldwide Inc.^(a)		848,515		20,491,637
Blackbaud Inc.^(b)		361,034		20,055,439
CDK Global Inc.^(b)		543,560		17,855,946
Ceridian HCM Holding Inc.^(a)(b)		443,688		22,215,458
CommVault Systems Inc.^(a)(b)		151,486		6,132,153
Fair Isaac Corp.^(a)(b)		212,586		65,410,586
j2 Global Inc.		339,641		25,422,129
LogMeIn Inc.		229,322		19,097,936
Manhattan Associates Inc.^(a)(b)		468,817		23,356,463
PTC Inc.^(a)(b)		396,475		24,268,235
Teradata Corp.^(a)(b)		323,251		6,623,413
Tyler Technologies Inc.^(a)		286,164		84,864,796

				335,794,191

Specialty Retail — 1.6%
Aaron’s Inc.^(b)		282,001		6,423,983
Five Below Inc.^(a)(b)		408,650		28,760,787
Murphy USA Inc.^(a)(b)		212,240		17,904,566
RH^(a)		119,833		12,039,621
Williams-Sonoma Inc.		393,088		16,714,102

				81,843,059

Technology Hardware, Storage & Peripherals — 0.1%
NCR Corp.^(a)(b)		404,262		7,155,437


Textiles, Apparel & Luxury Goods — 1.4%
Carter’s Inc.		204,146		13,418,517
Columbia Sportswear Co.^(b)		131,852		9,199,314
Deckers Outdoor Corp.^(a)(b)		205,346		27,516,364
Skechers U.S.A. Inc., Class A^(a)(b)		982,577		23,326,378

				73,460,573

Thrifts & Mortgage Finance — 0.5%
New York Community Bancorp. Inc.		1,715,223		16,105,944
Washington Federal Inc.		361,622		9,387,707

				25,493,651

Trading Companies & Distributors — 0.4%
Watsco Inc.		122,216		19,313,794


Water Utilities — 0.7%
Essential Utilities Inc.		871,378		35,465,085


Total Common Stocks — 99.7% (Cost: $5,804,895,668)				5,244,415,275


Short-Term Investments

Money Market Funds — 7.9%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		404,184,630		404,103,793


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Mid-Cap 400 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		10,785,000	$	10,785,000

				414,888,793


Total Short-Term Investments — 7.9% (Cost: $414,906,415)				414,888,793


Total Investments in Securities — 107.6% (Cost: $6,219,802,083)				5,659,304,068

Other Assets, Less Liabilities — (7.6)%				(399,207,584	)


Net Assets — 100.0%			$5,260,096,484

^(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.


Portfolio Abbreviations — Equity

NVS

Non-Voting Shares


SCHEDULES OF INVESTMENTS			13

Schedule of Investments

March 31, 2020

iShares^® S&P Mid-Cap 400 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.2%
Curtiss-Wright Corp.		76,875	$	7,104,019


Air Freight & Logistics — 0.8%
XPO Logistics Inc.^(a)(b)		616,951		30,076,361


Airlines — 0.5%
JetBlue Airways Corp.^(a)(b)		1,929,678		17,270,618


Auto Components — 1.6%
Adient PLC^(a)		580,600		5,266,042
Dana Inc.		959,988		7,497,506
Delphi Technologies PLC^(a)		574,100		4,621,505
Goodyear Tire & Rubber Co. (The)		1,557,539		9,064,877
Lear Corp.		367,815		29,884,969
Visteon Corp.^(a)(b)		54,520		2,615,870

				58,950,769

Automobiles — 0.4%
Thor Industries Inc.		369,024		15,565,432


Banks — 12.3%
Associated Banc-Corp.		1,065,755		13,631,006
BancorpSouth Bank		642,167		12,149,800
Bank of Hawaii Corp.		112,815		6,231,901
Bank OZK		808,520		13,502,284
Cathay General Bancorp		506,780		11,630,601
CIT Group Inc.		334,852		5,779,546
Commerce Bancshares Inc.^(b)		312,038		15,711,113
Cullen/Frost Bankers Inc.		380,564		21,231,666
East West Bancorp. Inc.		973,378		25,054,750
First Financial Bankshares Inc.^(b)		326,187		8,754,859
First Horizon National Corp.		2,079,986		16,764,687
FNB Corp.		2,172,459		16,011,023
Fulton Financial Corp.		1,098,020		12,616,250
Hancock Whitney Corp.		583,560		11,391,091
Home BancShares Inc./AR		1,038,136		12,447,251
International Bancshares Corp.		384,221		10,327,860
PacWest Bancorp		801,006		14,354,028
Pinnacle Financial Partners Inc.		481,094		18,060,269
Prosperity Bancshares Inc.		631,018		30,446,618
Signature Bank/New York NY		360,872		29,010,500
Sterling Bancorp./DE		1,351,012		14,118,075
Synovus Financial Corp.		979,567		17,201,197
TCF Financial Corp.		1,025,397		23,235,496
Texas Capital Bancshares Inc.^(a)(b)		335,631		7,440,939
Trustmark Corp.		429,546		10,008,422
UMB Financial Corp.^(b)		288,959		13,401,918
Umpqua Holdings Corp.		1,472,282		16,047,874
United Bankshares Inc./WV		678,856		15,667,996
Valley National Bancorp		2,618,114		19,138,413
Webster Financial Corp.		615,632		14,097,973
Wintrust Financial Corp.		381,776		12,545,159

				468,010,565

Biotechnology — 0.7%
United Therapeutics Corp.^(a)		293,303		27,812,457


Building Products — 0.8%
Lennox International Inc.		79,713		14,491,026
Owens Corning^(b)		341,993		13,272,749


Security	Shares		Value

Building Products (continued)
Resideo Technologies Inc.^(a)(b)		819,193	$	3,964,894

				31,728,669

Capital Markets — 2.8%
Affiliated Managers Group Inc.		329,336		19,476,931
Eaton Vance Corp., NVS		218,859		7,058,203
Evercore Inc., Class A		78,733		3,626,442
Federated Hermes Inc.		187,153		3,565,265
Interactive Brokers Group Inc., Class A^(b)		513,006		22,146,469
Janus Henderson Group PLC		1,040,482		15,940,184
Legg Mason Inc.		545,394		26,642,497
Stifel Financial Corp.		233,525		9,639,912

				108,095,903

Chemicals — 3.0%
Ashland Global Holdings Inc.		402,576		20,156,980
Cabot Corp.		209,024		5,459,707
Chemours Co. (The)		1,094,168		9,705,270
Minerals Technologies Inc.^(b)		232,480		8,429,725
NewMarket Corp.		17,237		6,599,530
Olin Corp.		1,068,285		12,466,886
PolyOne Corp.		604,036		11,458,563
RPM International Inc.		346,716		20,629,602
Sensient Technologies Corp.		283,178		12,321,075
Valvoline Inc.		578,029		7,566,400

				114,793,738

Commercial Services & Supplies — 1.5%
Deluxe Corp.		155,492		4,031,908
Healthcare Services Group Inc.^(b)		496,157		11,863,114
HNI Corp.		285,627		7,194,944
KAR Auction Services Inc.		862,126		10,345,512
MSA Safety Inc.^(b)		85,582		8,660,898
Stericycle Inc.^(a)(b)		341,288		16,579,771

				58,676,147

Communications Equipment — 1.1%
Ciena Corp.^(a)		393,055		15,647,519
InterDigital Inc.		207,658		9,267,776
NetScout Systems Inc.^(a)		440,913		10,436,411
ViaSat Inc.^(a)(b)		188,480		6,770,202

				42,121,908

Construction & Engineering — 1.7%
AECOM^(a)(b)		1,049,991		31,342,231
Dycom Industries Inc.^(a)(b)		210,262		5,393,220
EMCOR Group Inc.		202,893		12,441,399
Fluor Corp.		934,954		6,460,532
Valmont Industries Inc.^(b)		77,526		8,216,206

				63,853,588

Consumer Finance — 0.7%
FirstCash Inc.		99,625		7,147,098
Navient Corp.		1,134,780		8,601,632
SLM Corp.^(b)		1,412,983		10,159,348

				25,908,078

Containers & Packaging — 1.8%
AptarGroup Inc.		170,967		17,018,055
Greif Inc., Class A, NVS		175,014		5,441,185
O-I Glass Inc.		1,038,049		7,380,529
Silgan Holdings Inc.^(b)		206,871		6,003,397
Sonoco Products Co.		669,075		31,011,626

				66,854,792


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Mid-Cap 400 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Consumer Services — 1.8%
Adtalem Global Education Inc.^(a)		360,141	$	9,648,177
Graham Holdings Co., Class B		29,128		9,937,600
Grand Canyon Education Inc.^(a)(b)		322,353		24,590,699
Service Corp. International^(b)		598,655		23,413,397
WW International Inc.^(a)		149,565		2,529,144

				70,119,017

Diversified Financial Services — 0.6%
Jefferies Financial Group Inc.		1,598,850		21,856,280


Electric Utilities — 2.8%
ALLETE Inc.		345,353		20,956,020
Hawaiian Electric Industries Inc.		378,920		16,312,506
IDACORP Inc.		185,328		16,269,945
OGE Energy Corp.		1,338,013		41,117,140
PNM Resources Inc.		266,657		10,132,966

				104,788,577

Electrical Equipment — 1.9%
Acuity Brands Inc.^(b)		264,842		22,686,366
EnerSys^(b)		282,812		14,004,850
nVent Electric PLC		1,040,193		17,548,056
Regal Beloit Corp.		273,713		17,230,233

				71,469,505

Electronic Equipment, Instruments & Components — 4.1%
Arrow Electronics Inc.^(a)		544,425		28,239,325
Avnet Inc.		674,881		16,939,513
Belden Inc.^(b)		258,735		9,335,159
II-VI Inc.^(a)(b)		583,060		16,617,210
Littelfuse Inc.^(b)		60,105		8,019,209
National Instruments Corp.		418,242		13,835,445
SYNNEX Corp.		273,109		19,964,268
Tech Data Corp.^(a)		236,778		30,982,401
Vishay Intertechnology Inc.^(b)		885,292		12,757,058

				156,689,588

Energy Equipment & Services — 0.3%
Apergy Corp.^(a)		522,233		3,002,840
Core Laboratories NV^(b)		179,656		1,857,643
Patterson-UTI Energy Inc.		1,296,982		3,047,907
Transocean Ltd.^(a)(b)		3,836,224		4,450,020

				12,358,410

Entertainment — 0.3%
Cinemark Holdings Inc.		711,047		7,245,569
World Wrestling Entertainment Inc., Class A^(b)		136,113		4,618,314

				11,863,883

Equity Real Estate Investment Trusts (REITs) — 11.0%
American Campus Communities Inc.		477,880		13,261,170
Brixmor Property Group Inc.		877,676		8,337,922
Camden Property Trust		291,254		23,078,967
CoreCivic Inc.		794,355		8,872,945
Corporate Office Properties Trust		404,495		8,951,474
CyrusOne Inc.^(b)		264,961		16,361,342
Diversified Healthcare Trust		1,586,777		5,760,001
Douglas Emmett Inc.		408,098		12,451,070
EPR Properties		293,059		7,097,889
First Industrial Realty Trust Inc.		287,895		9,566,751
GEO Group Inc. (The)		812,254		9,877,009
Healthcare Realty Trust Inc.		483,071		13,492,173
Highwoods Properties Inc.		347,101		12,294,318
JBG SMITH Properties		788,946		25,112,151
Kilroy Realty Corp.		260,870		16,617,419


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Lamar Advertising Co., Class A		224,508	$	11,512,770
Life Storage Inc.		121,795		11,515,717
Macerich Co. (The)		734,938		4,137,701
Mack-Cali Realty Corp.		606,455		9,236,310
Medical Properties Trust Inc.^(b)		3,458,663		59,800,283
National Retail Properties Inc.		516,285		16,619,214
Omega Healthcare Investors Inc.		803,285		21,319,184
Park Hotels & Resorts Inc.		1,600,655		12,661,181
Pebblebrook Hotel Trust		874,912		9,527,792
PotlatchDeltic Corp.^(b)		242,113		7,599,927
Rayonier Inc.		502,020		11,822,571
Sabra Health Care REIT Inc.		1,372,670		14,989,556
Service Properties Trust		1,097,634		5,927,224
Spirit Realty Capital Inc.		387,200		10,125,280
Taubman Centers Inc.		233,565		9,781,702
Urban Edge Properties		417,052		3,674,228
Weingarten Realty Investors		451,777		6,519,142

				417,902,383

Food & Staples Retailing — 0.9%
BJ’s Wholesale Club Holdings Inc.^(a)(b)		816,582		20,798,344
Sprouts Farmers Market Inc.^(a)		790,116		14,688,256

				35,486,600

Food Products — 3.8%
Darling Ingredients Inc.^(a)(b)		1,094,274		20,977,233
Flowers Foods Inc.		1,286,555		26,400,109
Hain Celestial Group Inc. (The)^(a)(b)		537,381		13,955,784
Ingredion Inc.		446,262		33,692,781
Lancaster Colony Corp.^(b)		67,316		9,736,586
Pilgrim’s Pride Corp.^(a)		126,312		2,288,773
Post Holdings Inc.^(a)(b)		239,897		19,904,254
Tootsie Roll Industries Inc.		62,689		2,254,313
TreeHouse Foods Inc.^(a)(b)		375,959		16,598,590

				145,808,423

Gas Utilities — 3.8%
National Fuel Gas Co.		577,016		21,516,927
New Jersey Resources Corp.		638,357		21,684,987
ONE Gas Inc.		176,386		14,749,397
Southwest Gas Holdings Inc.		365,132		25,398,582
Spire Inc.^(b)		340,739		25,378,241
UGI Corp.		1,397,069		37,259,830

				145,987,964

Health Care Equipment & Supplies — 1.5%
Avanos Medical Inc.^(a)(b)		319,676		8,608,875
Cantel Medical Corp.^(b)		110,671		3,973,089
Haemonetics Corp.^(a)(b)		122,074		12,165,895
Hill-Rom Holdings Inc.^(b)		200,816		20,202,089
LivaNova PLC^(a)		158,183		7,157,781
NuVasive Inc.^(a)(b)		121,570		6,158,736

				58,266,465

Health Care Providers & Services — 3.0%
Acadia Healthcare Co. Inc.^(a)(b)		592,936		10,880,376
Encompass Health Corp.		349,307		22,366,127
MEDNAX Inc.^(a)(b)		344,936		4,015,055
Molina Healthcare Inc.^(a)		419,095		58,551,762
Patterson Companies Inc.		576,876		8,820,434
Tenet Healthcare Corp.^(a)(b)		695,092		10,009,325

				114,643,079


SCHEDULES OF INVESTMENTS			15

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Mid-Cap 400 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Technology — 0.2%
Allscripts Healthcare Solutions Inc.^(a)		1,082,977	$	7,624,158


Hotels, Restaurants & Leisure — 1.7%
Brinker International Inc.^(b)		250,883		3,013,105
Cheesecake Factory Inc. (The)		273,673		4,674,335
Cracker Barrel Old Country Store Inc.		160,941		13,393,510
Jack in the Box Inc.		81,021		2,839,786
Papa John’s International Inc.		52,709		2,813,079
Penn National Gaming Inc.^(a)(b)		729,713		9,230,869
Six Flags Entertainment Corp.		262,148		3,287,336
Texas Roadhouse Inc.		213,242		8,806,895
Wendy’s Co. (The)		515,558		7,671,503
Wyndham Destinations Inc.^(b)		344,842		7,483,071

				63,213,489

Household Durables — 1.1%
Helen of Troy Ltd.^(a)(b)		69,082		9,949,880
KB Home		309,922		5,609,588
Taylor Morrison Home Corp.^(a)(b)		885,490		9,740,390
Toll Brothers Inc.		402,567		7,749,415
TRI Pointe Group Inc.^(a)(b)		928,711		8,144,796

				41,194,069

Insurance — 7.6%
Alleghany Corp.		48,107		26,571,901
American Financial Group Inc./OH		500,285		35,059,973
Brighthouse Financial Inc.^(a)(b)		730,346		17,652,463
CNO Financial Group Inc.		1,010,883		12,524,840
First American Financial Corp.		754,223		31,986,597
Genworth Financial Inc., Class A^(a)(b)		3,366,463		11,176,657
Hanover Insurance Group Inc. (The)		263,307		23,850,348
Kemper Corp.		418,757		31,142,958
Mercury General Corp.		180,911		7,366,696
Old Republic International Corp.		1,907,375		29,087,469
Reinsurance Group of America Inc.		418,503		35,212,842
RLI Corp.^(b)		98,477		8,659,083
Selective Insurance Group Inc.		397,055		19,733,634

				290,025,461

Interactive Media & Services — 0.3%
TripAdvisor Inc.		702,798		12,221,657


Internet & Direct Marketing Retail — 0.3%
Grubhub Inc.^(a)(b)		269,412		10,973,151


IT Services — 1.0%
LiveRamp Holdings Inc.^(a)(b)		270,923		8,918,785
MAXIMUS Inc.		192,728		11,216,770
Sabre Corp.		955,003		5,663,168
Science Applications International Corp.		180,548		13,474,297

				39,273,020

Leisure Products — 0.8%
Brunswick Corp./DE		278,539		9,851,925
Mattel Inc.^(a)		2,317,514		20,417,298

				30,269,223

Life Sciences Tools & Services — 0.4%
Bio-Rad Laboratories Inc., Class A^(a)(b)		40,474		14,188,565


Machinery — 2.4%
AGCO Corp.		196,508		9,285,002
Colfax Corp.^(a)(b)		306,606		6,070,799
Crane Co.		340,834		16,762,216
Donaldson Co. Inc.		304,924		11,779,214


Security	Shares		Value

Machinery (continued)
ITT Inc.		193,037	$	8,756,158
Kennametal Inc.		554,687		10,328,272
Oshkosh Corp.		186,747		12,013,435
Terex Corp.		437,529		6,282,916
Trinity Industries Inc.		656,894		10,556,287

				91,834,299

Marine — 0.2%
Kirby Corp.^(a)(b)		191,917		8,342,632


Media — 1.2%
AMC Networks Inc., Class A^(a)(b)		293,962		7,146,216
John Wiley & Sons Inc., Class A		292,840		10,978,572
Meredith Corp.		267,293		3,266,321
New York Times Co. (The), Class A		327,202		10,048,373
TEGNA Inc.^(b)		1,449,827		15,745,121

				47,184,603

Metals & Mining — 1.4%
Allegheny Technologies Inc.^(a)(b)		431,619		3,668,762
Carpenter Technology Corp.		144,003		2,808,059
Commercial Metals Co.		794,065		12,538,286
Compass Minerals International Inc.		63,664		2,449,154
Steel Dynamics Inc.		734,800		16,562,392
U.S. Steel Corp.^(b)		1,134,145		7,156,455
Worthington Industries Inc.		246,181		6,462,251

				51,645,359

Multi-Utilities — 1.3%
Black Hills Corp.		217,863		13,949,768
MDU Resources Group Inc.		776,959		16,704,618
NorthWestern Corp.		337,195		20,174,377

				50,828,763

Multiline Retail — 0.3%
Dillard’s Inc., Class A^(b)		66,132		2,443,577
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		160,497		7,437,431

				9,881,008

Oil, Gas & Consumable Fuels — 1.4%
Antero Midstream Corp.		1,981,081		4,160,270
Cimarex Energy Co.		312,372		5,257,221
CNX Resources Corp.^(a)(b)		1,244,525		6,620,873
EQT Corp.^(b)		1,710,764		12,095,102
Equitrans Midstream Corp.		1,379,454		6,938,654
Murphy Oil Corp.		547,779		3,357,885
PBF Energy Inc., Class A		679,450		4,810,506
World Fuel Services Corp.^(b)		437,685		11,020,908

				54,261,419

Paper & Forest Products — 0.3%
Domtar Corp.		382,015		8,266,804
Louisiana-Pacific Corp.		220,766		3,792,760

				12,059,564

Personal Products — 0.4%
Edgewell Personal Care Co.^(a)		361,556		8,706,269
Nu Skin Enterprises Inc., Class A		370,492		8,095,250

				16,801,519

Pharmaceuticals — 0.7%
Nektar Therapeutics^(a)(b)		800,144		14,282,570
Prestige Consumer Healthcare Inc.^(a)(b)		336,172		12,330,789

				26,613,359

Professional Services — 1.0%
ASGN Inc.^(a)		137,248		4,847,599


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Mid-Cap 400 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
CoreLogic Inc.		292,852	$	8,943,700
Insperity Inc.		111,027		4,141,307
ManpowerGroup Inc.		394,110		20,883,889

				38,816,495

Real Estate Management & Development — 0.5%
Jones Lang LaSalle Inc.^(b)		179,125		18,088,043


Road & Rail — 0.8%
Avis Budget Group Inc.^(a)(b)		379,160		5,270,324
Landstar System Inc.^(b)		84,236		8,074,863
Ryder System Inc.		356,871		9,435,669
Werner Enterprises Inc.^(b)		159,524		5,784,340

				28,565,196

Semiconductors & Semiconductor Equipment — 1.5%
Cree Inc.^(a)(b)		719,959		25,529,746
First Solar Inc.^(a)(b)		507,284		18,292,661
Semtech Corp.^(a)(b)		216,510		8,119,125
Synaptics Inc.^(a)(b)		87,025		5,036,137

				56,977,669

Software — 1.8%
CDK Global Inc.		316,892		10,409,902
Ceridian HCM Holding Inc.^(a)(b)		269,639		13,500,825
CommVault Systems Inc.^(a)(b)		143,058		5,790,988
LogMeIn Inc.		117,686		9,800,890
PTC Inc.^(a)		333,487		20,412,739
Teradata Corp.^(a)		459,620		9,417,614

				69,332,958

Specialty Retail — 1.9%
Aaron’s Inc.^(b)		192,587		4,387,132
American Eagle Outfitters Inc.		1,059,361		8,421,920
AutoNation Inc.^(a)(b)		393,974		11,054,911
Bed Bath & Beyond Inc.		844,194		3,554,057
Dick’s Sporting Goods Inc.		424,185		9,018,173
Foot Locker Inc.		715,622		15,779,465
Sally Beauty Holdings Inc.^(a)(b)		775,886		6,269,159
Urban Outfitters Inc.^(a)(b)		470,510		6,700,062
Williams-Sonoma Inc.		160,481		6,823,652

				72,008,531

Technology Hardware, Storage & Peripherals — 0.2%
NCR Corp.^(a)(b)		485,117		8,586,571


Textiles, Apparel & Luxury Goods — 0.3%
Carter’s Inc.		108,949		7,161,218
Columbia Sportswear Co.		74,015		5,164,026

				12,325,244

Thrifts & Mortgage Finance — 0.5%
New York Community Bancorp. Inc.		1,562,471		14,671,603
Washington Federal Inc.		193,058		5,011,785

				19,683,388

Trading Companies & Distributors — 1.4%
GATX Corp.		234,753		14,686,148
MSC Industrial Direct Co. Inc., Class A		301,211		16,557,568
NOW Inc.^(a)		724,180		3,736,769
Watsco Inc.		106,965		16,903,679

				51,884,164

Water Utilities — 0.7%
Essential Utilities Inc.		649,233		26,423,783


Security	Shares		Value

Wireless Telecommunication Services — 0.3%
Telephone & Data Systems Inc.		654,609	$	10,971,247


Total Common Stocks — 99.6% (Cost: $5,547,896,053)				3,796,161,825


Short-Term Investments

Money Market Funds — 6.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		232,389,984		232,343,506
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		5,268,000		5,268,000

				237,611,506


Total Short-Term Investments — 6.2% (Cost: $237,633,806)				237,611,506


Total Investments in Securities — 105.8% (Cost: $5,785,529,859)				4,033,773,331

Other Assets, Less Liabilities — (5.8)%				(222,741,573	)


Net Assets — 100.0%			$3,811,031,758

^(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.


Portfolio Abbreviations — Equity

NVS

Non-Voting Shares


SCHEDULES OF INVESTMENTS			17

Schedule of Investments

March 31, 2020

iShares^® S&P Small-Cap 600 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.9%
Aerojet Rocketdyne Holdings Inc.^(a)(b)		881,214	$	36,861,182
Aerovironment Inc.^(a)(b)		154,636		9,426,611
Cubic Corp.^(b)		194,763		8,045,659
Moog Inc., Class A		191,464		9,674,676
Triumph Group Inc.		609,828		4,122,437

				68,130,565

Air Freight & Logistics — 0.5%
Forward Air Corp.^(b)		342,947		17,370,266


Airlines — 0.4%
Allegiant Travel Co.		160,166		13,101,579


Auto Components — 1.6%
Dorman Products Inc.^(a)(b)		192,276		10,627,095
Fox Factory Holding Corp.^(a)(b)		468,917		19,694,514
Gentherm Inc.^(a)(b)		191,633		6,017,276
LCI Industries		304,582		20,355,215

				56,694,100

Automobiles — 0.3%
Winnebago Industries Inc.		411,216		11,435,917


Banks — 5.5%
Ameris Bancorp		357,059		8,483,722
Brookline Bancorp. Inc.		427,364		4,820,666
Central Pacific Financial Corp.		183,089		2,911,115
City Holding Co.		119,070		7,921,727
Community Bank System Inc.^(b)		358,898		21,103,202
CVB Financial Corp.		778,639		15,611,712
First Bancorp./Puerto Rico		1,244,052		6,618,357
First Commonwealth Financial Corp.		675,607		6,175,048
Glacier Bancorp. Inc.		615,304		20,923,413
Independent Bank Corp.^(b)		272,071		17,513,210
National Bank Holdings Corp., Class A		275,442		6,583,064
NBT Bancorp. Inc.		271,898		8,806,776
Preferred Bank/Los Angeles CA		166,310		5,624,604
Seacoast Banking Corp. of Florida^(a)(b)		360,109		6,593,596
ServisFirst Bancshares Inc.		559,949		16,417,705
Tompkins Financial Corp.		83,448		5,991,566
Triumph Bancorp. Inc.^(a)(b)		199,898		5,197,348
United Community Banks Inc./GA^(b)		673,101		12,324,479
Veritex Holdings Inc.		287,909		4,022,089
Westamerica Bancorp		177,873		10,455,375

				194,098,774

Beverages — 0.5%
Coca-Cola Consolidated Inc.^(b)		56,438		11,769,016
MGP Ingredients Inc.^(b)		71,235		1,915,509
National Beverage Corp.^(a)(b)		66,904		2,853,456

				16,537,981

Biotechnology — 2.8%
Anika Therapeutics Inc.^(a)(b)		173,909		5,027,709
Cytokinetics Inc.^(a)(b)		393,685		4,641,546
Eagle Pharmaceuticals Inc./DE^(a)(b)		122,717		5,644,982
Emergent BioSolutions Inc.^(a)(b)		325,810		18,851,367
Enanta Pharmaceuticals Inc.^(a)(b)		194,037		9,979,323
Momenta Pharmaceuticals Inc.^(a)		843,025		22,930,280
Progenics Pharmaceuticals Inc.^(a)(b)		508,302		1,931,548
REGENXBIO Inc.^(a)(b)		381,088		12,339,629
Spectrum Pharmaceuticals Inc.^(a)(b)		553,031		1,288,562


Security	Shares		Value

Biotechnology (continued)
Vanda Pharmaceuticals Inc.^(a)		368,012	$	3,812,604
Xencor Inc.^(a)(b)		341,759		10,211,759

				96,659,309

Building Products — 3.4%
AAON Inc.^(b)		494,624		23,900,231
American Woodmark Corp.^(a)(b)		188,677		8,598,011
Apogee Enterprises Inc.		163,083		3,395,388
Gibraltar Industries Inc.^(a)		278,538		11,954,851
Griffon Corp.^(b)		519,789		6,575,331
Patrick Industries Inc.^(b)		272,348		7,669,320
Simpson Manufacturing Co. Inc.		490,990		30,431,560
Universal Forest Products Inc.		747,246		27,790,079

				120,314,771

Capital Markets — 0.5%
Blucora Inc.^(a)(b)		335,788		4,046,245
Greenhill & Co. Inc.^(b)		83,306		819,731
Piper Sandler Cos		99,111		5,012,043
Virtus Investment Partners Inc.		89,433		6,806,746

				16,684,765

Chemicals — 2.5%
American Vanguard Corp.^(b)		172,490		2,494,205
Balchem Corp.^(b)		391,562		38,655,001
HB Fuller Co.		352,939		9,857,586
Innospec Inc.		298,075		20,713,232
Koppers Holdings Inc.^(a)(b)		252,140		3,118,972
Stepan Co.		133,938		11,848,155
Tredegar Corp.		175,459		2,742,424

				89,429,575

Commercial Services & Supplies — 2.0%
Brady Corp., Class A, NVS		411,386		18,565,850
Harsco Corp.^(a)(b)		454,586		3,168,464
Interface Inc.		462,533		3,496,750
Mobile Mini Inc.		279,754		7,337,947
RR Donnelley & Sons Co.		877,604		841,183
U.S. Ecology Inc.		148,369		4,510,418
UniFirst Corp./MA		186,252		28,140,815
Viad Corp.		147,962		3,141,233

				69,202,660

Communications Equipment — 1.4%
Comtech Telecommunications Corp.		296,460		3,939,953
Digi International Inc.^(a)(b)		347,799		3,318,002
Extreme Networks Inc.^(a)(b)		1,484,930		4,588,434
Harmonic Inc.^(a)(b)		1,167,445		6,724,483
Viavi Solutions Inc.^(a)		2,796,998		31,354,348

				49,925,220

Construction & Engineering — 0.4%
Comfort Systems USA Inc.		309,005		11,294,133
MYR Group Inc.^(a)(b)		94,233		2,467,962

				13,762,095

Consumer Finance — 0.4%
Enova International Inc.^(a)(b)		410,716		5,951,275
PRA Group Inc.^(a)(b)		260,608		7,224,054

				13,175,329

Diversified Consumer Services — 0.7%
Perdoceo Education Corp.^(a)		378,618		4,085,288
Strategic Education Inc.^(b)		141,619		19,792,672

				23,877,960


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Telecommunication Services — 1.8%
Cogent Communications Holdings Inc.		507,333	$	41,586,086
Iridium Communications Inc.^(a)(b)		566,370		12,647,042
Vonage Holdings Corp.^(a)(b)		1,250,339		9,039,951

				63,273,079

Electric Utilities — 0.6%
El Paso Electric Co.		287,382		19,530,481


Electrical Equipment — 0.6%
Encore Wire Corp.		150,811		6,332,554
Sunrun Inc.^(a)(b)		609,097		6,151,879
Vicor Corp.^(a)(b)		223,461		9,952,953

				22,437,386

Electronic Equipment, Instruments & Components — 5.2%
Arlo Technologies Inc.^(a)(b)		467,504		1,136,035
Badger Meter Inc.		222,848		11,944,653
Benchmark Electronics Inc.		233,828		4,674,222
CTS Corp.^(b)		213,685		5,318,620
ePlus Inc.^(a)		75,466		4,725,681
Fabrinet^(a)(b)		450,401		24,573,879
FARO Technologies Inc.^(a)(b)		107,651		4,790,469
Insight Enterprises Inc.^(a)(b)		222,805		9,386,775
Itron Inc.^(a)(b)		428,639		23,930,915
KEMET Corp.		706,065		17,058,530
Knowles Corp.^(a)		752,567		10,069,346
Methode Electronics Inc.		311,726		8,238,918
OSI Systems Inc.^(a)(b)		207,331		14,289,253
PC Connection Inc.^(b)		56,658		2,334,876
Plexus Corp.^(a)(b)		354,829		19,359,470
Rogers Corp.^(a)(b)		225,952		21,334,388

				183,166,030

Energy Equipment & Services — 0.3%
DMC Global Inc.		179,496		4,130,203
Geospace Technologies Corp.^(a)(b)		162,302		1,038,733
Helix Energy Solutions Group Inc.^(a)(b)		1,723,136		2,825,943
Newpark Resources Inc.^(a)(b)		560,849		503,082
SEACOR Holdings Inc.^(a)(b)		116,288		3,135,124

				11,633,085

Entertainment — 0.3%
Glu Mobile Inc.^(a)(b)		1,405,605		8,841,255


Equity Real Estate Investment Trusts (REITs) — 6.6%
Acadia Realty Trust		582,680		7,219,405
Agree Realty Corp.		554,669		34,334,011
Alexander & Baldwin Inc.		355,418		3,987,790
American Assets Trust Inc.		350,539		8,763,475
Armada Hoffler Properties Inc.		297,898		3,187,509
CareTrust REIT Inc.		567,880		8,398,945
Community Healthcare Trust Inc.		248,618		9,517,097
Easterly Government Properties Inc.		506,381		12,477,228
Essential Properties Realty Trust Inc.		1,068,573		13,955,563
Four Corners Property Trust Inc.		495,474		9,270,319
Getty Realty Corp.		221,708		5,263,348
Independence Realty Trust Inc.		631,692		5,647,326
Innovative Industrial Properties Inc.		207,832		15,780,684
Investors Real Estate Trust		110,901		6,099,555
Lexington Realty Trust		1,481,699		14,713,271
LTC Properties Inc.		255,775		7,903,448
National Storage Affiliates Trust^(b)		410,727		12,157,519
NexPoint Residential Trust Inc.		206,175		5,197,672
Retail Opportunity Investments Corp.		780,190		6,467,775


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Safehold Inc.^(b)		160,901	$	10,173,770
Saul Centers Inc.		81,480		2,667,655
Universal Health Realty Income Trust		153,793		15,503,872
Urstadt Biddle Properties Inc., Class A		226,155		3,188,786
Washington REIT		469,617		11,209,758

				233,085,781

Food & Staples Retailing — 0.2%
PriceSmart Inc.		119,271		6,267,691


Food Products — 1.1%
Calavo Growers Inc.^(b)		111,804		6,449,973
J&J Snack Foods Corp.		181,728		21,989,088
John B Sanfilippo & Son Inc.		107,140		9,578,316

				38,017,377

Gas Utilities — 0.9%
Northwest Natural Holding Co.		185,788		11,472,409
South Jersey Industries Inc.		742,003		18,550,075

				30,022,484

Health Care Equipment & Supplies — 3.7%
Cardiovascular Systems Inc.^(a)(b)		428,585		15,090,478
CONMED Corp.^(b)		345,008		19,758,608
CryoLife Inc.^(a)(b)		251,542		4,256,091
Cutera Inc.^(a)(b)		174,771		2,282,509
Glaukos Corp.^(a)(b)		474,219		14,634,398
Heska Corp.^(a)(b)		43,785		2,421,311
Inogen Inc.^(a)(b)		137,801		7,118,800
Lantheus Holdings Inc.^(a)(b)		259,873		3,315,979
LeMaitre Vascular Inc.^(b)		199,509		4,971,764
Mesa Laboratories Inc.^(b)		29,895		6,758,961
Natus Medical Inc.^(a)		219,716		5,082,031
Neogen Corp.^(a)(b)		408,376		27,357,108
Orthofix Medical Inc.^(a)(b)		102,943		2,883,433
Surmodics Inc.^(a)(b)		91,402		3,045,515
Tactile Systems Technology Inc.^(a)(b)		124,621		5,004,779
Varex Imaging Corp.^(a)(b)		280,481		6,369,724

				130,351,489

Health Care Providers & Services — 4.5%
Addus HomeCare Corp.^(a)		164,529		11,122,160
AMN Healthcare Services Inc.^(a)(b)		307,034		17,749,636
BioTelemetry Inc.^(a)(b)		413,683		15,930,932
Community Health Systems Inc.^(a)(b)		1,432,715		4,785,268
CorVel Corp.^(a)		109,022		5,942,789
Ensign Group Inc. (The)		372,237		13,999,834
Hanger Inc.^(a)(b)		455,761		7,100,756
LHC Group Inc.^(a)		360,537		50,547,287
Pennant Group Inc. (The)^(a)(b)		319,278		4,520,977
RadNet Inc.^(a)(b)		509,270		5,352,428
Select Medical Holdings Corp.^(a)(b)		678,260		10,173,900
U.S. Physical Therapy Inc.^(b)		155,801		10,750,269

				157,976,236

Health Care Technology — 1.4%
HealthStream Inc.^(a)		204,690		4,902,326
HMS Holdings Corp.^(a)		589,774		14,903,589
NextGen Healthcare Inc.^(a)		314,428		3,282,628
Omnicell Inc.^(a)(b)		321,571		21,088,626
Tabula Rasa HealthCare Inc.^(a)(b)		92,786		4,851,780

				49,028,949

Hotels, Restaurants & Leisure — 1.8%
Bloomin’ Brands Inc.		720,682		5,145,669


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Chuy’s Holdings Inc.^(a)(b)		204,435	$	2,058,660
Dave & Buster’s Entertainment Inc.^(b)		212,408		2,778,297
Dine Brands Global Inc.		205,206		5,885,308
El Pollo Loco Holdings Inc.^(a)(b)		128,692		1,087,447
Monarch Casino & Resort Inc.^(a)(b)		89,550		2,513,669
Ruth’s Hospitality Group Inc.		217,060		1,449,961
Shake Shack Inc., Class A^(a)(b)		377,081		14,231,037
Wingstop Inc.		358,500		28,572,450

				63,722,498

Household Durables — 3.2%
Cavco Industries Inc.^(a)(b)		104,255		15,110,720
Century Communities Inc.^(a)(b)		165,466		2,400,912
Installed Building Products Inc.^(a)(b)		258,856		10,320,589
iRobot Corp.^(a)(b)		150,764		6,166,248
La-Z-Boy Inc.		270,994		5,568,927
LGI Homes Inc.^(a)(b)		268,415		12,118,937
M/I Homes Inc.^(a)		183,133		3,027,188
MDC Holdings Inc.		610,997		14,175,130
Meritage Homes Corp.^(a)(b)		248,854		9,085,659
TopBuild Corp.^(a)(b)		413,222		29,603,224
Universal Electronics Inc.^(a)(b)		169,853		6,517,260

				114,094,794

Household Products — 1.0%
WD-40 Co.		166,813		33,504,391


Industrial Conglomerates — 0.3%
Raven Industries Inc.		433,910		9,211,909


Insurance — 2.6%
AMERISAFE Inc.		112,769		7,270,217
eHealth Inc.^(a)(b)		303,058		42,676,628
James River Group Holdings Ltd.		240,596		8,719,199
Kinsale Capital Group Inc.^(b)		250,828		26,219,051
Safety Insurance Group Inc.		85,643		7,230,838

				92,115,933

Interactive Media & Services — 0.1%
QuinStreet Inc.^(a)(b)		559,434		4,503,444


Internet & Direct Marketing Retail — 0.7%
Liquidity Services Inc.^(a)(b)		162,656		631,105
PetMed Express Inc.		128,676		3,703,295
Shutterstock Inc.		233,434		7,507,238
Stamps.com Inc.^(a)(b)		110,410		14,362,133

				26,203,771

IT Services — 4.0%
Cardtronics PLC, Class A^(a)(b)		290,755		6,082,594
CSG Systems International Inc.^(b)		401,368		16,797,251
EVERTEC Inc.		725,408		16,488,524
ExlService Holdings Inc.^(a)		414,888		21,586,623
ManTech International Corp./VA, Class A		327,597		23,806,474
NIC Inc.		815,564		18,757,972
Perficient Inc.^(a)(b)		396,399		10,738,449
Sykes Enterprises Inc.^(a)(b)		248,800		6,747,456
TTEC Holdings Inc.		215,256		7,904,200
Virtusa Corp.^(a)(b)		363,726		10,329,818

				139,239,361

Leisure Products — 0.3%
Callaway Golf Co.^(b)		1,148,349		11,736,127


Security	Shares		Value

Life Sciences Tools & Services — 1.7%
Medpace Holdings Inc.^(a)(b)		333,308	$	24,458,141
NeoGenomics Inc.^(a)(b)		1,270,854		35,088,279

				59,546,420

Machinery — 7.6%
Alamo Group Inc.^(b)		118,217		10,495,305
Albany International Corp., Class A		373,127		17,660,101
Barnes Group Inc.^(b)		360,529		15,080,928
Chart Industries Inc.^(a)(b)		256,713		7,439,543
CIRCOR International Inc.^(a)(b)		242,262		2,817,507
Enerpac Tool Group Corp.		313,663		5,191,123
ESCO Technologies Inc.		316,233		24,005,247
Federal Signal Corp.^(b)		736,140		20,081,899
Franklin Electric Co. Inc.		468,386		22,075,032
John Bean Technologies Corp.^(b)		385,451		28,627,446
Lindsay Corp.^(b)		59,104		5,412,744
Meritor Inc.^(a)(b)		486,385		6,444,601
Mueller Industries Inc.		456,437		10,927,102
Proto Labs Inc.^(a)(b)		208,220		15,851,789
SPX Corp.^(a)		536,408		17,508,357
SPX FLOW Inc.^(a)(b)		516,974		14,692,401
Tennant Co.^(b)		222,757		12,908,768
Watts Water Technologies Inc., Class A		335,980		28,440,707

				265,660,600

Media — 0.2%
EW Scripps Co. (The), Class A, NVS^(b)		308,109		2,323,142
TechTarget Inc.^(a)		278,894		5,748,005

				8,071,147

Metals & Mining — 0.7%
Cleveland-Cliffs Inc.^(b)		2,706,016		10,688,763
Haynes International Inc.		68,090		1,403,335
Kaiser Aluminum Corp.		121,252		8,400,339
Materion Corp.		138,889		4,862,504

				25,354,941

Mortgage Real Estate Investment — 0.5%
ARMOUR Residential REIT Inc.		273,154		2,406,487
Granite Point Mortgage Trust Inc.		670,023		3,397,016
PennyMac Mortgage Investment Trust^(c)		1,222,743		12,985,531

				18,789,034

Oil, Gas & Consumable Fuels — 0.4%
Callon Petroleum Co.^(a)(b)		2,547,875		1,395,981
Dorian LPG Ltd.^(a)(b)		96,968		844,591
Par Pacific Holdings Inc.^(a)(b)		449,854		3,193,964
PDC Energy Inc.^(a)(b)		600,805		3,730,999
Penn Virginia Corp.^(a)(b)		165,197		510,459
QEP Resources Inc.		1,362,996		455,922
REX American Resources Corp.^(a)		32,924		1,531,295
Ring Energy Inc.^(a)(b)		703,580		463,448
Talos Energy Inc.^(a)(b)		239,855		1,379,166

				13,505,825

Paper & Forest Products — 0.5%
Mercer International Inc.		258,826		1,873,900
Neenah Inc.		93,681		4,040,462
Schweitzer-Mauduit International Inc.		374,770		10,426,101

				16,340,463

Personal Products — 0.5%
Inter Parfums Inc.		213,630		9,901,750
Medifast Inc.		141,845		8,865,313

				18,767,063


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals — 1.4%
Akorn Inc.^(a)(b)		423,650	$	237,752
Amphastar Pharmaceuticals Inc.^(a)(b)		214,546		3,183,863
ANI Pharmaceuticals Inc.^(a)(b)		112,806		4,595,716
Corcept Therapeutics Inc.^(a)(b)		1,254,112		14,911,392
Innoviva Inc.^(a)(b)		816,852		9,606,179
Pacira BioSciences Inc.^(a)(b)		344,873		11,563,592
Supernus Pharmaceuticals Inc.^(a)(b)		356,587		6,415,000

				50,513,494

Professional Services — 1.4%
Exponent Inc.		630,863		45,365,359
Forrester Research Inc.^(a)		71,675		2,095,060

				47,460,419

Real Estate Management & Development — 0.4%
Marcus & Millichap Inc.^(a)(b)		146,033		3,957,494
RE/MAX Holdings Inc., Class A		154,522		3,387,122
St. Joe Co. (The)^(a)(b)		383,784		6,439,896

				13,784,512

Road & Rail — 1.0%
Heartland Express Inc.^(b)		266,308		4,945,340
Marten Transport Ltd.		273,595		5,614,169
Saia Inc.^(a)(b)		315,702		23,216,725

				33,776,234

Semiconductors & Semiconductor Equipment — 5.4%
Advanced Energy Industries Inc.^(a)(b)		466,102		22,601,286
Axcelis Technologies Inc.^(a)(b)		206,651		3,783,780
Brooks Automation Inc.^(b)		880,017		26,840,519
CEVA Inc.^(a)(b)		145,026		3,615,498
Cohu Inc.^(b)		228,425		2,827,902
Diodes Inc.^(a)		502,787		20,430,750
DSP Group Inc.^(a)		133,722		1,791,875
FormFactor Inc.^(a)(b)		921,985		18,522,679
Ichor Holdings Ltd.^(a)(b)		273,359		5,237,558
Kulicke & Soffa Industries Inc.		386,804		8,072,599
MaxLinear Inc.^(a)(b)		353,263		4,122,579
Onto Innovation Inc.^(a)(b)		327,191		9,707,757
PDF Solutions Inc.^(a)(b)		210,603		2,468,267
Power Integrations Inc.^(b)		358,127		31,633,358
Rambus Inc.^(a)(b)		721,539		8,009,083
Ultra Clean Holdings Inc.^(a)(b)		485,486		6,699,707
Veeco Instruments Inc.^(a)(b)		597,883		5,721,740
Xperi Corp.		604,653		8,410,723

				190,497,660

Software — 4.4%
8x8 Inc.^(a)(b)		1,219,955		16,908,576
Agilysys Inc.^(a)(b)		246,826		4,121,994
Alarm.com Holdings Inc.^(a)(b)		443,906		17,272,383
Bottomline Technologies DE Inc.^(a)(b)		269,771		9,887,107
Ebix Inc.^(b)		185,821		2,820,763
LivePerson Inc.^(a)(b)		747,714		17,010,494
MicroStrategy Inc., Class A^(a)		56,184		6,635,330
OneSpan Inc.^(a)(b)		395,960		7,186,674
Progress Software Corp.		544,536		17,425,152
Qualys Inc.^(a)(b)		405,758		35,296,888
SPS Commerce Inc.^(a)		424,056		19,722,845

				154,288,206

Specialty Retail — 2.0%
America’s Car-Mart Inc./TX^(a)(b)		53,968		3,041,097
Asbury Automotive Group Inc.^(a)(b)		120,363		6,647,648


Security	Shares		Value

Specialty Retail (continued)
Boot Barn Holdings Inc.^(a)(b)		347,524	$	4,493,485
Buckle Inc. (The)		217,586		2,983,104
Hibbett Sports Inc.^(a)(b)		111,710		1,221,549
Lithia Motors Inc., Class A		275,634		22,544,105
Monro Inc.^(b)		226,080		9,904,565
Rent-A-Center Inc./TX		602,145		8,514,330
Sleep Number Corp.^(a)(b)		344,999		6,610,181
Zumiez Inc.^(a)(b)		247,646		4,289,229

				70,249,293

Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.^(a)(b)		1,437,494		11,083,079
Diebold Nixdorf Inc.^(a)		932,440		3,282,189

				14,365,268

Textiles, Apparel & Luxury Goods — 1.0%
Crocs Inc.^(a)		837,075		14,221,904
Steven Madden Ltd.^(b)		941,739		21,876,597

				36,098,501

Thrifts & Mortgage Finance — 1.5%
Axos Financial Inc.^(a)		429,514		7,787,089
Flagstar Bancorp. Inc.^(b)		243,355		4,825,730
Meta Financial Group Inc.^(b)		419,455		9,110,563
NMI Holdings Inc., Class A^(a)		829,435		9,629,740
Northfield Bancorp. Inc.		249,262		2,789,242
TrustCo Bank Corp. NY		613,601		3,319,581
Walker & Dunlop Inc.		348,020		14,014,765

				51,476,710

Tobacco — 0.2%
Vector Group Ltd.		896,241		8,442,590


Trading Companies & Distributors — 0.5%
Applied Industrial Technologies Inc.		268,705		12,285,193
Foundation Building Materials Inc.^(a)(b)		110,894		1,141,099
GMS Inc.^(a)		284,665		4,477,780

				17,904,072

Water Utilities — 1.6%
American States Water Co.^(b)		448,406		36,652,707
California Water Service Group		392,391		19,745,115

				56,397,822

Wireless Telecommunication Services — 0.4%
Shenandoah Telecommunications Co.^(b)		319,559		15,738,281


Total Common Stocks — 99.7% (Cost: $4,180,911,609)				3,505,392,972


Short-Term Investments

Money Market Funds — 10.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		368,642,149		368,568,420


SCHEDULES OF INVESTMENTS			21

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		4,212,000	$	4,212,000

				372,780,420


Total Short-Term Investments — 10.6% (Cost: $372,793,849)				372,780,420


Total Investments in Securities — 110.3% (Cost: $4,553,705,458)				3,878,173,392

Other Assets, Less Liabilities — (10.3)%				(363,019,335	)


Net Assets — 100.0%			$3,515,154,057

^(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.


Portfolio Abbreviations — Equity

NVS

Non-Voting Shares


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.3%
AAR Corp.		571,663	$	10,152,735
Aerovironment Inc.^(a)(b)		153,986		9,386,987
Cubic Corp.^(b)		265,357		10,961,898
Moog Inc., Class A		285,552		14,428,942
National Presto Industries Inc.		87,463		6,193,255
Park Aerospace Corp.		338,722		4,267,897

				55,391,714

Air Freight & Logistics — 1.1%
Atlas Air Worldwide Holdings Inc.^(a)(b)		450,692		11,569,263
Echo Global Logistics Inc.^(a)(b)		474,561		8,105,502
Hub Group Inc., Class A^(a)(b)		578,702		26,313,580

				45,988,345

Airlines — 0.8%
Hawaiian Holdings Inc.		808,562		8,441,387
SkyWest Inc.		874,563		22,904,805

				31,346,192

Auto Components — 1.7%
American Axle & Manufacturing Holdings Inc.^(a)(b)		1,948,692		7,034,778
Cooper Tire & Rubber Co.		870,711		14,192,589
Cooper-Standard Holdings Inc.^(a)(b)		294,353		3,023,006
Dorman Products Inc.^(a)(b)		232,348		12,841,874
Garrett Motion Inc.^(a)(b)		1,286,974		3,680,746
Gentherm Inc.^(a)(b)		294,198		9,237,817
Motorcar Parts of America Inc.^(a)(b)		330,638		4,159,426
Standard Motor Products Inc.		349,909		14,545,717

				68,715,953

Banks — 13.4%
Allegiance Bancshares Inc.^(b)		330,522		7,968,885
Ameris Bancorp		625,016		14,850,380
Banc of California Inc.^(b)		775,136		6,201,088
Banner Corp.		552,298		18,247,926
Berkshire Hills Bancorp. Inc.		745,848		11,083,301
Boston Private Financial Holdings Inc.		1,361,312		9,733,381
Brookline Bancorp. Inc.		754,123		8,506,508
Cadence Bancorp		2,061,368		13,501,960
Central Pacific Financial Corp.		212,416		3,377,414
City Holding Co.		87,412		5,815,520
Columbia Banking System Inc.		1,195,914		32,050,495
Community Bank System Inc.^(b)		353,683		20,796,560
Customers Bancorp. Inc.^(a)		498,052		5,443,708
CVB Financial Corp.		1,200,927		24,078,586
Dime Community Bancshares Inc.		531,387		7,285,316
Eagle Bancorp. Inc.		564,938		17,066,777
First Bancorp./Puerto Rico		1,966,783		10,463,286
First Commonwealth Financial Corp.		736,861		6,734,910
First Financial Bancorp		1,625,095		24,230,167
First Midwest Bancorp. Inc.		1,722,205		22,793,383
Franklin Financial Network Inc.		232,045		4,731,398
Glacier Bancorp. Inc.		609,912		20,740,058
Great Western Bancorp. Inc.		827,766		16,952,648
Hanmi Financial Corp.		508,752		5,519,959
Heritage Financial Corp./WA		566,153		11,323,060
Hope Bancorp Inc.		2,069,001		17,007,188
Independent Bank Corp.		205,795		13,247,024
National Bank Holdings Corp., Class A		148,674		3,553,309
NBT Bancorp. Inc.		366,373		11,866,822
OFG Bancorp		796,215		8,901,684


Security	Shares		Value

Banks (continued)
Old National Bancorp./IN		2,453,264	$	32,358,552
Opus Bank		376,513		6,524,970
Pacific Premier Bancorp. Inc.		1,005,881		18,950,798
S&T Bancorp. Inc.		666,187		18,200,229
Seacoast Banking Corp. of Florida^(a)		378,969		6,938,922
Simmons First National Corp., Class A^(b)		1,977,043		36,377,591
Southside Bancshares Inc.		549,951		16,713,011
Tompkins Financial Corp.		93,830		6,736,994
Triumph Bancorp. Inc.^(a)(b)		119,795		3,114,670
United Community Banks Inc./GA		246,561		4,514,532
Veritex Holdings Inc.		408,202		5,702,582
Westamerica Bancorp		209,454		12,311,706

				552,517,258

Beverages — 0.2%
MGP Ingredients Inc.^(b)		129,272		3,476,124
National Beverage Corp.^(a)(b)		105,229		4,488,017

				7,964,141

Biotechnology — 2.1%
Acorda Therapeutics Inc.^(a)(b)		834,628		778,374
AMAG Pharmaceuticals Inc.^(a)(b)		544,973		3,367,933
Cytokinetics Inc.^(a)(b)		462,480		5,452,639
Emergent BioSolutions Inc.^(a)(b)		296,500		17,155,490
Momenta Pharmaceuticals Inc.^(a)		767,510		20,876,272
Myriad Genetics Inc.^(a)(b)		1,291,995		18,488,448
Progenics Pharmaceuticals Inc.^(a)(b)		780,449		2,965,706
Spectrum Pharmaceuticals Inc.^(a)(b)		1,137,935		2,651,389
Vanda Pharmaceuticals Inc.^(a)(b)		398,325		4,126,647
Xencor Inc.^(a)(b)		369,311		11,035,013

				86,897,911

Building Products — 0.7%
Apogee Enterprises Inc.		231,678		4,823,536
Gibraltar Industries Inc.^(a)		163,203		7,004,673
Insteel Industries Inc.^(b)		317,947		4,212,797
PGT Innovations Inc.^(a)(b)		1,010,738		8,480,092
Quanex Building Products Corp.		571,690		5,762,635

				30,283,733

Capital Markets — 1.1%
Blucora Inc.^(a)		374,077		4,507,628
Calamos Asset Management Inc.^(a)(c)		244,726		2
Donnelley Financial Solutions Inc.^(a)(b)		542,729		2,860,182
Greenhill & Co. Inc.^(b)		142,273		1,399,966
INTL. FCStone Inc.^(a)(b)		281,634		10,212,049
Piper Sandler Cos		159,167		8,049,075
Waddell & Reed Financial Inc., Class A		1,218,373		13,865,085
WisdomTree Investments Inc.		2,048,827		4,773,767

				45,667,754

Chemicals — 3.3%
AdvanSix Inc.^(a)		484,597		4,623,055
American Vanguard Corp.^(b)		217,375		3,143,242
Ferro Corp.^(a)(b)		1,420,108		13,292,211
FutureFuel Corp.		448,469		5,054,246
GCP Applied Technologies Inc.^(a)(b)		932,325		16,595,385
Hawkins Inc.		164,137		5,843,277
HB Fuller Co.		379,777		10,607,172
Kraton Corp.^(a)		553,213		4,481,025
Livent Corp.^(a)(b)		2,537,996		13,324,479
LSB Industries Inc.^(a)(b)		379,086		796,081
LyondellBasell^(c)		467,526		202,439
Quaker Chemical Corp.^(b)		224,874		28,397,089


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Rayonier Advanced Materials Inc.		868,205	$	920,297
Stepan Co.		155,941		13,794,541
Tredegar Corp.		180,502		2,821,246
Trinseo SA		677,994		12,278,471

				136,174,256

Commercial Services & Supplies — 2.2%
ABM Industries Inc.		1,154,088		28,113,583
Brady Corp., Class A, NVS		277,221		12,510,984
Harsco Corp.^(a)(b)		712,210		4,964,104
Interface Inc.		356,598		2,695,881
Matthews International Corp., Class A		542,660		13,126,945
Mobile Mini Inc.		366,308		9,608,259
Pitney Bowes Inc.		2,898,999		5,913,958
Team Inc.^(a)(b)		520,552		3,383,588
U.S. Ecology Inc.		230,792		7,016,077
Viad Corp.^(b)		139,308		2,957,509

				90,290,888

Communications Equipment — 0.7%
ADTRAN Inc.		832,931		6,396,910
Applied Optoelectronics Inc.^(a)(b)		332,294		2,522,112
CalAmp Corp.^(a)(b)		592,867		2,667,902
NETGEAR Inc.^(a)(b)		523,679		11,960,828
Plantronics Inc.		568,204		5,716,132

				29,263,884

Construction & Engineering — 1.6%
Aegion Corp.^(a)(b)		535,476		9,601,085
Arcosa Inc.^(b)		840,531		33,402,702
Comfort Systems USA Inc.		198,148		7,242,309
Granite Construction Inc.		809,156		12,282,988
MYR Group Inc.^(a)(b)		153,565		4,021,867

				66,550,951

Construction Materials — 0.1%
U.S. Concrete Inc.^(a)(b)		277,496		5,033,777


Consumer Finance — 1.3%
Encore Capital Group Inc.^(a)(b)		479,051		11,200,213
EZCORP Inc., Class A, NVS^(a)(b)		913,954		3,811,188
Green Dot Corp., Class A^(a)(b)		810,174		20,570,318
PRA Group Inc.^(a)(b)		416,385		11,542,192
World Acceptance Corp.^(a)(b)		96,530		5,271,503

				52,395,414

Containers & Packaging — 0.2%
Myers Industries Inc.		619,843		6,663,312


Distributors — 0.5%
Core-Mark Holding Co. Inc.^(b)		789,482		22,555,501


Diversified Consumer Services — 1.0%
American Public Education Inc.^(a)		267,468		6,400,509
Perdoceo Education Corp.^(a)		690,572		7,451,272
Regis Corp.^(a)(b)		419,789		2,480,953
Strategic Education Inc.^(b)		179,130		25,035,209

				41,367,943

Diversified Financial Services — 0.5%
FGL Holdings		2,267,776		22,224,205


Diversified Telecommunication Services — 1.6%
ATN International Inc.		189,002		11,096,307
Cincinnati Bell Inc.^(a)(b)		843,018		12,341,784
Consolidated Communications Holdings Inc.		1,254,777		5,709,235


Security	Shares		Value

Diversified Telecommunication Services (continued)
Iridium Communications Inc.^(a)(b)		875,154	$	19,542,189
Vonage Holdings Corp.^(a)(b)		2,171,627		15,700,863

				64,390,378

Electric Utilities — 0.5%
El Paso Electric Co.		296,421		20,144,771


Electrical Equipment — 0.7%
AZZ Inc.		453,091		12,740,919
Encore Wire Corp.		149,628		6,282,880
Powell Industries Inc.		153,146		3,931,258
Sunrun Inc.^(a)		484,143		4,889,844

				27,844,901

Electronic Equipment, Instruments & Components — 4.5%
Anixter International Inc.^(a)		522,564		45,917,699
Arlo Technologies Inc.^(a)(b)		645,109		1,567,615
Badger Meter Inc.^(b)		187,516		10,050,858
Bel Fuse Inc., Class B, NVS		176,106		1,715,272
Benchmark Electronics Inc.		321,521		6,427,205
CTS Corp.^(b)		260,480		6,483,347
Daktronics Inc.		651,549		3,212,137
ePlus Inc.^(a)		126,104		7,896,632
FARO Technologies Inc.^(a)(b)		148,745		6,619,152
Insight Enterprises Inc.^(a)(b)		303,810		12,799,515
Knowles Corp.^(a)		419,760		5,616,389
Methode Electronics Inc.		200,084		5,288,220
MTS Systems Corp.		307,664		6,922,440
PC Connection Inc.^(b)		111,160		4,580,904
Sanmina Corp.^(a)(b)		1,215,493		33,158,649
ScanSource Inc.^(a)(b)		437,090		9,349,355
TTM Technologies Inc.^(a)(b)		1,701,689		17,595,464

				185,200,853

Energy Equipment & Services — 1.5%
Archrock Inc.		2,210,436		8,311,239
Diamond Offshore Drilling Inc.^(a)(b)		1,125,270		2,059,244
Dril-Quip Inc.^(a)		627,284		19,132,162
Era Group Inc.^(a)(b)		344,032		1,833,691
Exterran Corp.^(a)(b)		489,190		2,348,112
KLX Energy Services Holdings Inc.^(a)(b)		364,841		255,389
Matrix Service Co.^(a)(b)		474,347		4,492,066
Nabors Industries Ltd.		5,830,876		2,274,625
Newpark Resources Inc.^(a)		765,173		686,360
Noble Corp. PLC^(a)(b)		4,330,493		1,125,928
Oceaneering International Inc.^(a)(b)		1,715,114		5,042,435
Oil States International Inc.^(a)		1,055,679		2,143,028
ProPetro Holding Corp.^(a)(b)		1,423,315		3,558,287
RPC Inc.		894,698		1,843,078
SEACOR Holdings Inc.^(a)(b)		140,597		3,790,495
TETRA Technologies Inc.^(a)(b)		2,182,690		698,461
U.S. Silica Holdings Inc.		1,279,072		2,302,330
Valaris PLC^(a)(b)		3,425,696		1,541,906

				63,438,836

Entertainment — 0.1%
Marcus Corp. (The)		396,728		4,887,689


Equity Real Estate Investment Trusts (REITs) — 8.7%
Acadia Realty Trust		677,286		8,391,573
Alexander & Baldwin Inc.		674,137		7,563,817
American Assets Trust Inc.		331,925		8,298,125
Armada Hoffler Properties Inc.		535,250		5,727,175
CareTrust REIT Inc.		844,328		12,487,611


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
CBL & Associates Properties Inc.^(b)		3,016,501	$	603,602
Cedar Realty Trust Inc.		1,494,181		1,394,220
Chatham Lodging Trust		810,358		4,813,526
DiamondRock Hospitality Co.		3,468,401		17,619,477
Easterly Government Properties Inc.^(b)		567,646		13,986,797
Four Corners Property Trust Inc.		488,954		9,148,329
Franklin Street Properties Corp.^(b)		1,854,232		10,624,749
Getty Realty Corp.		280,209		6,652,162
Global Net Lease Inc.		1,549,908		20,722,270
Hersha Hospitality Trust		622,115		2,227,172
Independence Realty Trust Inc.		674,123		6,026,660
Industrial Logistics Properties Trust		1,129,298		19,807,887
Investors Real Estate Trust		44,889		2,468,895
iStar Inc.^(b)		1,299,919		13,792,141
Kite Realty Group Trust		1,460,014		13,826,333
Lexington Realty Trust		2,192,225		21,768,794
LTC Properties Inc.		323,473		9,995,316
National Storage Affiliates Trust		441,427		13,066,239
NexPoint Residential Trust Inc.^(b)		97,522		2,458,530
Office Properties Income Trust		835,129		22,757,265
Pennsylvania REIT^(b)		1,038,750		946,924
Retail Opportunity Investments Corp.		903,036		7,486,168
RPT Realty		1,397,024		8,424,055
Saul Centers Inc.		87,257		2,856,794
Summit Hotel Properties Inc.		1,827,271		7,711,084
Tanger Factory Outlet Centers Inc.^(b)		1,606,083		8,030,415
Uniti Group Inc.		3,352,625		20,216,329
Urstadt Biddle Properties Inc., Class A		192,069		2,708,173
Washington Prime Group Inc.^(b)		3,205,808		2,580,996
Washington REIT		726,772		17,348,048
Whitestone REIT		700,169		4,341,048
Xenia Hotels & Resorts Inc.		1,951,616		20,101,645

				358,980,344

Food & Staples Retailing — 1.1%
Andersons Inc. (The)		567,023		10,631,681
Chefs’ Warehouse Inc. (The)^(a)		441,071		4,441,585
PriceSmart Inc.		217,284		11,418,274
SpartanNash Co.		631,792		9,047,262
United Natural Foods Inc.^(a)(b)		924,923		8,490,793

				44,029,595

Food Products — 1.7%
B&G Foods Inc.^(b)		1,112,845		20,131,366
Calavo Growers Inc.^(b)		125,360		7,232,018
Cal-Maine Foods Inc.		524,723		23,077,318
Fresh Del Monte Produce Inc.^(b)		526,533		14,537,576
Seneca Foods Corp., Class A^(a)		118,965		4,732,428

				69,710,706

Gas Utilities — 0.7%
Northwest Natural Holding Co.		263,658		16,280,882
South Jersey Industries Inc.		543,974		13,599,350

				29,880,232

Health Care Equipment & Supplies — 4.1%
AngioDynamics Inc.^(a)		655,605		6,837,960
CryoLife Inc.^(a)		290,431		4,914,093
Heska Corp.^(a)(b)		59,957		3,315,622
Inogen Inc.^(a)(b)		120,202		6,209,635
Integer Holdings Corp.^(a)(b)		567,491		35,672,484
Invacare Corp.		585,514		4,350,369
Lantheus Holdings Inc.^(a)(b)		307,008		3,917,422


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Meridian Bioscience Inc.^(a)		740,861	$	6,223,232
Merit Medical Systems Inc.^(a)(b)		959,203		29,975,094
Mesa Laboratories Inc.		27,187		6,146,709
Natus Medical Inc.^(a)		278,901		6,450,980
Neogen Corp.^(a)(b)		327,079		21,911,022
OraSure Technologies Inc.^(a)(b)		1,071,049		11,524,487
Orthofix Medical Inc.^(a)		185,780		5,203,698
Surmodics Inc.^(a)(b)		105,893		3,528,355
Tactile Systems Technology Inc.^(a)(b)		152,429		6,121,549
Varex Imaging Corp.^(a)		267,074		6,065,251

				168,367,962

Health Care Providers & Services — 2.7%
AMN Healthcare Services Inc.^(a)(b)		373,156		21,572,148
Covetrus Inc.^(a)(b)		1,692,245		13,774,874
Cross Country Healthcare Inc.^(a)(b)		640,087		4,314,186
Ensign Group Inc. (The)		338,360		12,725,720
Magellan Health Inc.^(a)(b)		376,326		18,105,044
Owens & Minor Inc.		1,090,487		9,977,956
Providence Service Corp. (The)^(a)(b)		198,478		10,892,473
Select Medical Holdings Corp.^(a)		894,907		13,423,605
Tivity Health Inc.^(a)(b)		740,498		4,657,733

				109,443,739

Health Care Technology — 1.4%
Computer Programs & Systems Inc.		217,041		4,829,162
HealthStream Inc.^(a)		151,259		3,622,653
HMS Holdings Corp.^(a)(b)		686,331		17,343,585
NextGen Healthcare Inc.^(a)(b)		386,837		4,038,578
Omnicell Inc.^(a)(b)		269,158		17,651,382
Tabula Rasa HealthCare Inc.^(a)(b)		208,662		10,910,936

				58,396,296

Hotels, Restaurants & Leisure — 0.5%
BJ’s Restaurants Inc.		330,814		4,595,006
Bloomin’ Brands Inc.		477,654		3,410,450
Dave & Buster’s Entertainment Inc.^(b)		227,088		2,970,311
El Pollo Loco Holdings Inc.^(a)(b)		159,445		1,347,310
Fiesta Restaurant Group Inc.^(a)(b)		351,646		1,417,133
Monarch Casino & Resort Inc.^(a)(b)		80,943		2,272,070
Red Robin Gourmet Burgers Inc.^(a)(b)		225,678		1,922,777
Ruth’s Hospitality Group Inc.		164,965		1,101,966

				19,037,023

Household Durables — 1.0%
Century Communities Inc.^(a)(b)		258,132		3,745,495
Ethan Allen Interiors Inc.		425,508		4,348,692
iRobot Corp.^(a)(b)		273,782		11,197,684
La-Z-Boy Inc.		416,748		8,564,171
M/I Homes Inc.^(a)		227,655		3,763,137
Meritage Homes Corp.^(a)(b)		268,215		9,792,530
Tupperware Brands Corp.^(b)		849,837		1,376,736

				42,788,445

Household Products — 0.5%
Central Garden & Pet Co.^(a)(b)		170,731		4,695,102
Central Garden & Pet Co., Class A, NVS^(a)(b)		696,275		17,803,752

				22,498,854

Insurance — 4.4%
Ambac Financial Group Inc.^(a)		788,780		9,733,545
American Equity Investment Life Holding Co.^(b)		1,384,031		26,019,783
AMERISAFE Inc.		168,672		10,874,284
Employers Holdings Inc.		527,675		21,376,114


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
HCI Group Inc.		111,394	$	4,483,609
Horace Mann Educators Corp.		686,156		25,106,448
James River Group Holdings Ltd.		183,976		6,667,290
ProAssurance Corp.		898,273		22,456,825
Safety Insurance Group Inc.		131,862		11,133,109
Stewart Information Services Corp.		388,150		10,351,960
Third Point Reinsurance Ltd.^(a)		1,385,456		10,266,229
United Fire Group Inc.		368,307		12,010,491
United Insurance Holdings Corp.		360,828		3,334,051
Universal Insurance Holdings Inc.		530,038		9,498,281

				183,312,019

Internet & Direct Marketing Retail — 0.5%
Liquidity Services Inc.^(a)		233,767		907,016
PetMed Express Inc.^(b)		168,928		4,861,748
Stamps.com Inc.^(a)		123,543		16,070,473

				21,839,237

IT Services — 0.6%
Cardtronics PLC, Class A^(a)(b)		211,273		4,419,831
Sykes Enterprises Inc.^(a)(b)		315,411		8,553,947
Unisys Corp.^(a)(b)		875,226		10,809,041

				23,782,819

Leisure Products — 0.6%
Sturm Ruger & Co. Inc.		288,937		14,709,783
Vista Outdoor Inc.^(a)(b)		1,002,018		8,817,758

				23,527,541

Life Sciences Tools & Services — 0.5%
Luminex Corp.^(b)		725,919		19,984,550


Machinery — 3.7%
Astec Industries Inc.^(b)		390,225		13,646,168
Barnes Group Inc.		313,610		13,118,306
Briggs & Stratton Corp.^(b)		738,622		1,336,906
Chart Industries Inc.^(a)(b)		254,008		7,361,152
Enerpac Tool Group Corp.		507,353		8,396,692
EnPro Industries Inc.		360,349		14,262,614
Greenbrier Companies Inc. (The)		563,783		10,001,511
Hillenbrand Inc.		1,284,011		24,537,450
Lindsay Corp.^(b)		103,511		9,479,537
Lydall Inc.^(a)		304,653		1,968,058
Meritor Inc.^(a)(b)		591,284		7,834,513
Mueller Industries Inc.		337,257		8,073,933
Proto Labs Inc.^(a)(b)		166,723		12,692,622
Standex International Corp.		215,617		10,569,545
Titan International Inc.^(b)		869,999		1,348,499
Wabash National Corp.		933,251		6,738,072

				151,365,578

Marine — 0.6%
Matson Inc.		743,599		22,769,001


Media — 0.5%
EW Scripps Co. (The), Class A, NVS^(b)		501,632		3,782,305
Gannett Co. Inc.		2,272,037		3,362,615
Scholastic Corp., NVS		532,549		13,574,674

				20,719,594

Metals & Mining — 1.2%
Century Aluminum Co.^(a)(b)		865,565		3,133,345
Cleveland-Cliffs Inc.^(b)		3,039,487		12,005,974
Haynes International Inc.		117,599		2,423,715
Kaiser Aluminum Corp.		102,467		7,098,914


Security	Shares		Value

Metals & Mining (continued)
Materion Corp.^(b)		156,517	$	5,479,660
Olympic Steel Inc.^(b)		158,165		1,637,008
SunCoke Energy Inc.		1,505,052		5,794,450
TimkenSteel Corp.^(a)(b)		693,592		2,240,302
Warrior Met Coal Inc.^(b)		863,656		9,172,027

				48,985,395

Mortgage Real Estate Investment — 1.7%
Apollo Commercial Real Estate Finance Inc.		2,473,881		18,356,197
ARMOUR Residential REIT Inc.		630,618		5,555,745
Capstead Mortgage Corp.		1,634,273		6,863,947
Invesco Mortgage Capital Inc.		2,795,373		9,532,222
KKR Real Estate Finance Trust Inc.		421,422		6,325,544
New York Mortgage Trust Inc.		6,318,515		9,793,698
Ready Capital Corp.		607,673		4,387,399
Redwood Trust Inc.		1,961,932		9,927,376

				70,742,128

Multi-Utilities — 1.2%
Avista Corp.		1,157,661		49,189,016


Multiline Retail — 0.3%
Big Lots Inc.		675,750		9,609,165
JC Penney Co. Inc.^(a)(b)		5,229,602		1,882,657

				11,491,822

Oil, Gas & Consumable Fuels — 1.7%
Bonanza Creek Energy Inc.^(a)(b)		322,715		3,630,544
Callon Petroleum Co.^(a)(b)		3,200,294		1,753,441
CONSOL Energy Inc.^(a)(b)		450,098		1,660,862
Denbury Resources Inc.^(a)(b)		8,593,080		1,586,283
Dorian LPG Ltd.^(a)(b)		365,482		3,183,348
Green Plains Inc.		587,670		2,850,199
Gulfport Energy Corp.^(a)(b)		2,526,781		1,123,659
HighPoint Resources Corp.^(a)(b)		1,892,508		359,576
Laredo Petroleum Inc.^(a)(b)		3,133,330		1,190,039
Oasis Petroleum Inc.^(a)(b)		5,043,495		1,765,223
PDC Energy Inc.^(a)(b)		823,731		5,115,369
QEP Resources Inc.		2,186,594		731,416
Range Resources Corp.^(b)		3,638,145		8,294,971
Renewable Energy Group Inc.^(a)(b)		675,055		13,858,879
REX American Resources Corp.^(a)(b)		50,687		2,357,452
SM Energy Co.		1,832,098		2,235,160
Southwestern Energy Co.^(a)(b)		9,410,704		15,904,090
Whiting Petroleum Corp.^(a)(b)		1,580,179		1,059,352

				68,659,863

Paper & Forest Products — 1.0%
Boise Cascade Co.^(b)		676,455		16,086,100
Clearwater Paper Corp.^(a)(b)		286,242		6,242,938
Mercer International Inc.		327,610		2,371,896
Neenah Inc.		158,375		6,830,714
PH Glatfelter Co.		769,149		9,399,001

				40,930,649

Personal Products — 0.3%
USANA Health Sciences Inc.^(a)(b)		217,298		12,551,132


Pharmaceuticals — 1.1%
Akorn Inc.^(a)(b)		1,031,220		578,721
Amphastar Pharmaceuticals Inc.^(a)(b)		291,595		4,327,270
Endo International PLC^(a)(b)		3,504,842		12,967,915
Lannett Co. Inc.^(a)(b)		582,088		4,045,512
Pacira BioSciences Inc.^(a)(b)		232,752		7,804,174


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Phibro Animal Health Corp., Class A		353,312	$	8,539,551
Supernus Pharmaceuticals Inc.^(a)		401,184		7,217,300

				45,480,443

Professional Services — 1.3%
Forrester Research Inc.^(a)		81,103		2,370,641
Heidrick & Struggles International Inc.		333,785		7,510,162
Kelly Services Inc., Class A, NVS		578,377		7,339,604
Korn Ferry^(b)		958,447		23,309,431
Resources Connection Inc.		524,371		5,752,350
TrueBlue Inc.^(a)(b)		678,209		8,653,947

				54,936,135

Real Estate Management & Development — 0.3%
Marcus & Millichap Inc.^(a)(b)		199,832		5,415,447
RE/MAX Holdings Inc., Class A		90,170		1,976,527
Realogy Holdings Corp.		1,990,721		5,992,070

				13,384,044

Road & Rail — 0.5%
ArcBest Corp.		443,450		7,769,244
Heartland Express Inc.		430,799		7,999,937
Marten Transport Ltd.		282,999		5,807,140

				21,576,321

Semiconductors & Semiconductor Equipment — 1.9%
Axcelis Technologies Inc.^(a)		270,843		4,959,135
CEVA Inc.^(a)(b)		175,945		4,386,309
Cohu Inc.^(b)		396,708		4,911,245
DSP Group Inc.^(a)(b)		211,271		2,831,031
Kulicke & Soffa Industries Inc.		551,884		11,517,819
MaxLinear Inc.^(a)(b)		624,253		7,285,032
Onto Innovation Inc.^(a)(b)		384,055		11,394,912
PDF Solutions Inc.^(a)(b)		179,312		2,101,537
Photronics Inc.^(a)(b)		1,107,846		11,366,500
Rambus Inc.^(a)		905,908		10,055,579
SMART Global Holdings Inc.^(a)(b)		228,566		5,554,154

				76,363,253

Software — 0.9%
Bottomline Technologies DE Inc.^(a)(b)		276,648		10,139,149
Ebix Inc.^(b)		123,901		1,880,817
MicroStrategy Inc., Class A^(a)		63,164		7,459,669
TiVo Corp.		2,202,785		15,595,718

				35,075,353

Specialty Retail — 3.1%
Abercrombie & Fitch Co., Class A		1,087,346		9,883,975
America’s Car-Mart Inc./TX^(a)(b)		30,064		1,694,106
Asbury Automotive Group Inc.^(a)(b)		164,097		9,063,077
Barnes & Noble Education Inc.^(a)(b)		673,398		915,821
Buckle Inc. (The)		184,024		2,522,969
Caleres Inc.		699,536		3,637,587
Cato Corp. (The), Class A		378,112		4,034,455
Chico’s FAS Inc.		2,037,772		2,628,726
Children’s Place Inc. (The)		251,843		4,926,049
Conn’s Inc.^(a)(b)		331,669		1,386,376
Designer Brands Inc., Class A		954,018		4,751,010
Express Inc.^(a)(b)		1,169,491		1,742,542
GameStop Corp., Class A^(b)		1,142,064		3,997,224
Genesco Inc.^(a)(b)		244,933		3,267,406
Group 1 Automotive Inc.^(b)		304,429		13,474,028
Guess? Inc.		738,415		4,999,070
Haverty Furniture Companies Inc.		314,548		3,739,976


Security	Shares		Value

Specialty Retail (continued)
Hibbett Sports Inc.^(a)(b)		144,269	$	1,577,582
Lumber Liquidators Holdings Inc.^(a)(b)		499,159		2,341,056
MarineMax Inc.^(a)(b)		374,882		3,906,270
Michaels Companies Inc. (The)^(a)(b)		1,337,098		2,166,099
Monro Inc.		253,314		11,097,686
Office Depot Inc.		9,474,309		15,537,867
Shoe Carnival Inc.		155,283		3,225,228
Signet Jewelers Ltd.		902,159		5,818,926
Sonic Automotive Inc., Class A^(b)		419,133		5,566,086
Tailored Brands Inc.^(b)		879,491		1,530,314

				129,431,511

Textiles, Apparel & Luxury Goods — 1.6%
Fossil Group Inc.^(a)(b)		808,084		2,658,596
G-III Apparel Group Ltd.^(a)(b)		746,014		5,744,308
Kontoor Brands Inc.^(a)		811,793		15,562,072
Movado Group Inc.		285,153		3,370,508
Oxford Industries Inc.		295,500		10,714,830
Unifi Inc.^(a)(b)		254,043		2,934,197
Vera Bradley Inc.^(a)(b)		407,747		1,679,918
Wolverine World Wide Inc.		1,404,318		21,345,633

				64,010,062

Thrifts & Mortgage Finance — 1.5%
Axos Financial Inc.^(a)(b)		315,676		5,723,206
Flagstar Bancorp. Inc.^(b)		249,293		4,943,480
HomeStreet Inc.		365,060		8,115,284
Northfield Bancorp. Inc.		399,304		4,468,212
Northwest Bancshares Inc.		1,733,532		20,056,965
Provident Financial Services Inc.		1,038,516		13,355,316
TrustCo Bank Corp. NY		791,434		4,281,658

				60,944,121

Tobacco — 0.6%
Universal Corp./VA		430,100		19,014,721
Vector Group Ltd.		723,985		6,819,939

				25,834,660

Trading Companies & Distributors — 1.1%
Applied Industrial Technologies Inc.		287,978		13,166,354
DXP Enterprises Inc./TX^(a)(b)		280,034		3,433,217
Foundation Building Materials Inc.^(a)(b)		146,579		1,508,298
GMS Inc.^(a)		331,534		5,215,030
Kaman Corp.^(b)		483,974		18,618,480
Veritiv Corp.^(a)(b)		221,133		1,738,105

				43,679,484

Water Utilities — 0.3%
California Water Service Group^(b)		276,406		13,908,750


Wireless Telecommunication Services — 0.5%
Shenandoah Telecommunications Co.^(b)		358,359		17,649,181
Spok Holdings Inc.		304,884		3,259,210

				20,908,391


Total Common Stocks — 98.6% (Cost: $6,392,384,009)				4,061,716,628


Short-Term Investments

Money Market Funds — 8.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(d)(e)(f)		289,029,114		288,971,308


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (continued)

March 31, 2020

iShares^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(d)(e)		49,110,000	$	49,110,000

				338,081,308


Total Short-Term Investments — 8.2% (Cost: $338,102,754)				338,081,308


Total Investments in Securities — 106.8% (Cost: $6,730,486,763)				4,399,797,936

Other Assets, Less Liabilities — (6.8)%				(278,881,144	)


Net Assets — 100.0%			$4,120,916,792

^(a)	Non-income producing security.

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

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

^(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.


Portfolio Abbreviations — Equity

NVS

Non-Voting Shares


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.0%
Boeing Co. (The)		4,027,646	$	600,683,124
General Dynamics Corp.		1,772,286		234,491,161
Howmet Aerospace Inc.		2,868,623		46,070,085
Huntington Ingalls Industries Inc.^(a)		305,142		55,599,924
L3Harris Technologies Inc.^(a)		1,667,483		300,347,038
Lockheed Martin Corp.		1,869,898		633,801,927
Northrop Grumman Corp.^(a)		1,180,701		357,221,088
Raytheon Co.		2,094,343		274,673,084
Textron Inc.^(a)		1,691,989		45,125,347
TransDigm Group Inc.		376,621		120,590,278
United Technologies Corp.		6,111,774		576,523,641

				3,245,126,697

Air Freight & Logistics — 0.5%
CH Robinson Worldwide Inc.^(a)		1,022,964		67,720,217
Expeditors International of Washington Inc.		1,270,617		84,775,566
FedEx Corp.^(a)		1,808,233		219,266,334
United Parcel Service Inc., Class B		5,278,931		493,157,734

				864,919,851

Airlines — 0.2%
Alaska Air Group Inc.		903,207		25,714,303
American Airlines Group Inc.^(a)		2,891,108		35,242,607
Delta Air Lines Inc.		4,323,194		123,340,725
Southwest Airlines Co.		3,581,802		127,547,969
United Airlines Holdings Inc.^(a)(b)		1,641,213		51,780,270

				363,625,874

Auto Components — 0.1%
Aptiv PLC^(a)		1,912,871		94,189,768
BorgWarner Inc.^(a)		1,561,858		38,062,479

				132,252,247

Automobiles — 0.2%
Ford Motor Co.		29,286,691		141,454,718
General Motors Co.^(a)		9,514,576		197,712,889
Harley-Davidson Inc.		1,162,193		22,000,313

				361,167,920

Banks — 4.1%
Bank of America Corp.		60,985,908		1,294,730,827
Citigroup Inc.		16,446,495		692,726,369
Citizens Financial Group Inc.		3,287,234		61,832,871
Comerica Inc.		1,090,037		31,981,686
Fifth Third Bancorp.		5,366,481		79,692,243
First Republic Bank/CA^(a)		1,269,461		104,451,251
Huntington Bancshares Inc./OH		7,701,738		63,231,269
JPMorgan Chase & Co.		23,627,798		2,127,210,654
KeyCorp.		7,431,012		77,059,594
M&T Bank Corp.		992,148		102,617,868
People’s United Financial Inc.		3,354,460		37,066,783
PNC Financial Services Group Inc. (The)		3,296,258		315,517,816
Regions Financial Corp.		7,294,443		65,431,154
SVB Financial Group^(a)(b)		385,513		58,243,304
Truist Financial Corp.		10,087,814		311,108,184
U.S. Bancorp.		10,700,205		368,622,062
Wells Fargo & Co.		28,993,217		832,105,328
Zions Bancorp. N.A.		1,289,011		34,493,934

				6,658,123,197

Beverages — 1.9%
Brown-Forman Corp., Class B, NVS^(a)		1,352,239		75,062,787
Coca-Cola Co. (The)		29,048,421		1,285,392,629


Security	Shares		Value

Beverages (continued)
Constellation Brands Inc., Class A		1,261,796	$	180,891,074
Molson Coors Beverage Co., Class B		1,407,172		54,893,780
Monster Beverage Corp.^(a)(b)		2,886,941		162,419,301
PepsiCo Inc.		10,504,600		1,261,602,460

				3,020,262,031

Biotechnology — 2.4%
AbbVie Inc.		11,140,315		848,780,600
Alexion Pharmaceuticals Inc.^(a)(b)		1,673,458		150,259,794
Amgen Inc.		4,476,130		907,445,835
Biogen Inc.^(a)(b)		1,359,279		430,048,690
Gilead Sciences Inc.		9,530,618		712,509,001
Incyte Corp.^(a)(b)		1,350,026		98,862,404
Regeneron Pharmaceuticals Inc.^(a)(b)		601,765		293,835,832
Vertex Pharmaceuticals Inc.^(b)		1,937,202		460,957,216

				3,902,699,372

Building Products — 0.3%
Allegion PLC^(a)		701,661		64,566,845
AO Smith Corp.		999,689		37,798,241
Fortune Brands Home & Security Inc.^(a)		1,025,386		44,347,945
Johnson Controls International PLC		5,833,291		157,265,525
Masco Corp.		2,139,631		73,967,044
Trane Technologies PLC		1,805,030		149,077,428

				527,023,028

Capital Markets — 2.6%
Ameriprise Financial Inc.		958,009		98,176,762
Bank of New York Mellon Corp. (The)		6,346,058		213,735,234
BlackRock Inc.^(c)		887,680		390,552,570
Cboe Global Markets Inc.^(a)		831,809		74,238,953
Charles Schwab Corp. (The)		8,596,704		289,021,189
CME Group Inc.^(a)		2,699,597		466,787,317
E*TRADE Financial Corp.^(a)		1,671,258		57,357,575
Franklin Resources Inc.		2,044,703		34,126,093
Goldman Sachs Group Inc. (The)		2,399,583		370,951,536
Intercontinental Exchange Inc.^(a)		4,194,531		338,708,378
Invesco Ltd.		2,783,316		25,272,509
MarketAxess Holdings Inc.^(a)		284,174		94,507,747
Moody’s Corp.^(a)		1,223,180		258,702,570
Morgan Stanley		8,775,881		298,379,954
MSCI Inc.^(a)		638,126		184,392,889
Nasdaq Inc.^(a)		856,219		81,297,994
Northern Trust Corp.		1,599,503		120,698,496
Raymond James Financial Inc.		931,544		58,873,581
S&P Global Inc.^(a)		1,839,930		450,874,847
State Street Corp.		2,749,715		146,477,318
T Rowe Price Group Inc.^(a)		1,756,314		171,504,062

				4,224,637,574

Chemicals — 1.7%
Air Products & Chemicals Inc.		1,659,186		331,190,117
Albemarle Corp.^(a)		801,952		45,206,034
Celanese Corp.		914,029		67,080,588
CF Industries Holdings Inc.		1,619,663		44,054,834
Corteva Inc.^(a)(b)		5,658,293		132,969,885
Dow Inc.^(b)		5,576,678		163,062,065
DuPont de Nemours Inc.		5,576,550		190,160,355
Eastman Chemical Co.		1,008,300		46,966,614
Ecolab Inc.		1,885,384		293,799,389
FMC Corp.		976,377		79,760,237
International Flavors & Fragrances Inc.^(a)		806,219		82,298,836
Linde PLC		4,046,681		700,075,813

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
LyondellBasell Industries NV, Class A		1,933,095	$	95,939,505
Mosaic Co. (The)^(a)		2,573,102		27,840,964
PPG Industries Inc.		1,777,927		148,634,697
Sherwin-Williams Co. (The)		617,790		283,886,861

				2,732,926,794

Commercial Services & Supplies — 0.4%
Cintas Corp.^(a)		634,071		109,833,779
Copart Inc.^(a)(b)		1,547,187		106,013,253
Republic Services Inc.		1,578,673		118,495,195
Rollins Inc.^(a)		1,029,693		37,213,105
Waste Management Inc.^(a)		2,935,878		271,744,868

				643,300,200

Communications Equipment — 1.0%
Arista Networks Inc.^(a)(b)		403,455		81,719,810
Cisco Systems Inc.		31,957,905		1,256,265,246
F5 Networks Inc.^(a)(b)		463,555		49,428,870
Juniper Networks Inc.		2,526,811		48,363,162
Motorola Solutions Inc.^(a)		1,295,979		172,261,529

				1,608,038,617

Construction & Engineering — 0.1%
Jacobs Engineering Group Inc.^(a)		1,022,967		81,090,594
Quanta Services Inc.^(a)		1,099,891		34,899,541

				115,990,135

Construction Materials — 0.1%
Martin Marietta Materials Inc.^(a)		472,217		89,357,623
Vulcan Materials Co.^(a)		1,000,477		108,121,549

				197,479,172

Consumer Finance — 0.5%
American Express Co.		5,053,905		432,664,807
Capital One Financial Corp.		3,515,192		177,235,981
Discover Financial Services		2,370,564		84,558,018
Synchrony Financial		4,268,972		68,687,759

				763,146,565

Containers & Packaging — 0.3%
Amcor PLC^(b)		12,249,537		99,466,240
Avery Dennison Corp.^(a)		619,622		63,120,893
Ball Corp.^(a)		2,473,834		159,958,107
International Paper Co.		2,944,773		91,670,784
Packaging Corp. of America^(a)		709,681		61,621,601
Sealed Air Corp.^(a)		1,195,747		29,546,908
Westrock Co.		1,974,360		55,795,414

				561,179,947

Distributors — 0.1%
Genuine Parts Co.		1,083,932		72,981,142
LKQ Corp.^(a)(b)		2,275,947		46,679,673

				119,660,815

Diversified Consumer Services — 0.0%
H&R Block Inc.^(a)		1,441,088		20,290,519


Diversified Financial Services — 1.7%
Berkshire Hathaway Inc., Class B^(b)		14,735,242		2,694,044,295


Diversified Telecommunication Services — 2.1%
AT&T Inc.		55,030,177		1,604,129,660
CenturyLink Inc.		7,307,949		69,133,197
Verizon Communications Inc.		31,155,768		1,673,999,415

				3,347,262,272


Security	Shares		Value

Electric Utilities — 2.3%
Alliant Energy Corp.		1,821,438	$	87,957,241
American Electric Power Co. Inc.		3,715,695		297,181,286
Duke Energy Corp.		5,491,730		444,171,122
Edison International		2,712,105		148,596,233
Entergy Corp.		1,492,746		140,273,342
Evergy Inc.		1,723,303		94,867,830
Eversource Energy		2,435,965		190,516,823
Exelon Corp.		7,305,337		268,909,455
FirstEnergy Corp.		4,090,021		163,887,142
NextEra Energy Inc.^(a)		3,682,073		885,980,405
NRG Energy Inc.		1,860,517		50,717,693
Pinnacle West Capital Corp.		850,165		64,434,005
PPL Corp.		5,807,257		143,323,103
Southern Co. (The)		7,899,123		427,658,519
Xcel Energy Inc.^(a)		3,950,307		238,203,512

				3,646,677,711

Electrical Equipment — 0.4%
AMETEK Inc.		1,715,322		123,537,491
Eaton Corp. PLC		3,126,270		242,879,916
Emerson Electric Co.		4,597,429		219,067,492
Rockwell Automation Inc.		868,952		131,133,546

				716,618,445

Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		2,233,499		162,777,407
CDW Corp./DE^(a)		1,086,149		101,305,117
Corning Inc.		5,808,635		119,309,363
FLIR Systems Inc.^(a)		998,819		31,852,338
IPG Photonics Corp.^(a)(b)		264,984		29,222,435
Keysight Technologies Inc.^(a)(b)		1,418,620		118,710,122
TE Connectivity Ltd.		2,515,002		158,394,826
Zebra Technologies Corp., Class A^(a)(b)		409,536		75,190,810

				796,762,418

Energy Equipment & Services — 0.2%
Baker Hughes Co.		4,947,011		51,943,616
Halliburton Co.		6,691,751		45,838,494
Helmerich & Payne Inc.		780,993		12,222,540
National Oilwell Varco Inc.^(a)		2,979,115		29,284,701
Schlumberger Ltd.		10,469,955		141,239,693
TechnipFMC PLC		3,090,103		20,827,294

				301,356,338

Entertainment — 2.0%
Activision Blizzard Inc.		5,785,442		344,118,090
Electronic Arts Inc.^(a)(b)		2,193,621		219,735,016
Live Nation Entertainment Inc.^(a)(b)		1,070,212		48,651,837
Netflix Inc.^(b)		3,301,431		1,239,687,340
Take-Two Interactive Software Inc.^(a)(b)		856,055		101,536,684
Walt Disney Co. (The)^(a)		13,577,870		1,311,622,242

				3,265,351,209

Equity Real Estate Investment Trusts (REITs) — 2.9%
Alexandria Real Estate Equities Inc.		927,320		127,098,479
American Tower Corp.		3,336,761		726,579,708
Apartment Investment & Management Co., Class A		1,145,324		40,258,139
AvalonBay Communities Inc.		1,055,705		155,368,105
Boston Properties Inc.		1,092,293		100,742,183
Crown Castle International Corp.^(a)		3,132,078		452,272,063
Digital Realty Trust Inc.		1,986,344		275,923,045
Duke Realty Corp.^(a)		2,751,803		89,103,381
Equinix Inc.^(a)		642,094		401,032,650

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Equity Residential^(a)		2,641,984	$	163,036,833
Essex Property Trust Inc.		499,812		110,078,595
Extra Space Storage Inc.^(a)		979,558		93,802,474
Federal Realty Investment Trust^(a)		529,626		39,515,396
Healthpeak Properties Inc.		3,706,319		88,395,708
Host Hotels & Resorts Inc.		5,344,184		58,999,791
Iron Mountain Inc.		2,136,966		50,859,791
Kimco Realty Corp.		3,130,211		30,269,140
Mid-America Apartment Communities Inc.		862,350		88,847,920
Prologis Inc.^(a)		5,559,155		446,789,287
Public Storage^(a)		1,135,918		225,604,674
Realty Income Corp.		2,581,706		128,723,861
Regency Centers Corp.		1,267,207		48,698,765
SBA Communications Corp.^(a)		850,883		229,712,884
Simon Property Group Inc.		2,301,674		126,269,836
SL Green Realty Corp.		607,511		26,183,724
UDR Inc.		2,212,150		80,831,961
Ventas Inc.		2,830,893		75,867,932
Vornado Realty Trust		1,177,824		42,649,007
Welltower Inc.		3,051,520		139,698,586
Weyerhaeuser Co.		5,663,134		95,990,121

				4,759,204,039

Food & Staples Retailing — 1.7%
Costco Wholesale Corp.		3,328,041		948,924,331
Kroger Co. (The)		6,065,669		182,697,950
Sysco Corp.		3,840,373		175,236,220
Walgreens Boots Alliance Inc.		5,661,260		259,002,645
Walmart Inc.		10,686,502		1,214,200,357

				2,780,061,503

Food Products — 1.2%
Archer-Daniels-Midland Co.		4,193,549		147,529,054
Campbell Soup Co.		1,277,466		58,967,831
Conagra Brands Inc.		3,645,839		106,968,916
General Mills Inc.		4,543,695		239,770,785
Hershey Co. (The)^(a)		1,117,215		148,030,987
Hormel Foods Corp.		2,082,393		97,122,810
JM Smucker Co. (The)		862,195		95,703,645
Kellogg Co.		1,867,756		112,046,682
Kraft Heinz Co. (The)^(a)		4,705,564		116,415,653
Lamb Weston Holdings Inc.^(a)		1,092,019		62,354,285
McCormick & Co. Inc./MD, NVS		927,022		130,904,777
Mondelez International Inc., Class A		10,846,492		543,192,319
Tyson Foods Inc., Class A		2,223,611		128,680,369

				1,987,688,113

Gas Utilities — 0.1%
Atmos Energy Corp.		899,014		89,209,159


Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		13,314,206		1,050,623,995
ABIOMED Inc.^(a)(b)		341,467		49,567,350
Align Technology Inc.^(a)(b)		542,311		94,334,998
Baxter International Inc.^(a)		3,846,118		312,266,320
Becton Dickinson and Co.^(a)		2,037,470		468,149,482
Boston Scientific Corp.^(a)(b)		10,487,106		342,194,269
Cooper Companies Inc. (The)^(a)		372,410		102,662,265
Danaher Corp.^(a)		4,815,746		666,547,404
Dentsply Sirona Inc.^(a)		1,655,720		64,291,608
Edwards Lifesciences Corp.^(a)(b)		1,568,483		295,847,263
Hologic Inc.^(a)(b)		2,012,074		70,623,797


Security	Shares		Value

Health Care Equipment & Supplies (continued)
IDEXX Laboratories Inc.^(a)(b)		646,244	$	156,546,147
Intuitive Surgical Inc.^(a)(b)		870,253		430,957,988
Medtronic PLC		10,097,328		910,577,039
ResMed Inc.^(a)		1,083,140		159,535,691
Steris PLC^(a)		643,894		90,125,843
Stryker Corp.		2,424,051		403,580,251
Teleflex Inc.^(a)		349,659		102,401,135
Varian Medical Systems Inc.^(a)(b)		686,394		70,465,208
Zimmer Biomet Holdings Inc.		1,546,717		156,342,154

				5,997,640,207

Health Care Providers & Services — 2.9%
AmerisourceBergen Corp.^(a)		1,127,984		99,826,584
Anthem Inc.^(a)		1,909,541		433,542,189
Cardinal Health Inc.		2,211,794		106,033,404
Centene Corp.^(a)(b)		4,397,934		261,281,259
Cigna Corp.^(a)(b)		2,813,076		498,420,806
CVS Health Corp.		9,800,462		581,461,410
DaVita Inc.^(a)(b)		659,341		50,149,476
HCA Healthcare Inc.^(a)		1,992,971		179,068,444
Henry Schein Inc.^(a)(b)		1,096,605		55,400,485
Humana Inc.		1,001,447		314,474,387
Laboratory Corp. of America Holdings^(a)(b)		725,698		91,720,970
McKesson Corp.		1,217,224		164,641,718
Quest Diagnostics Inc.		1,018,849		81,813,575
UnitedHealth Group Inc.^(a)		7,137,084		1,779,846,008
Universal Health Services Inc., Class B^(a)		603,056		59,750,789

				4,757,431,504

Health Care Technology — 0.1%
Cerner Corp.		2,375,270		149,618,257


Hotels, Restaurants & Leisure — 1.5%
Carnival Corp.		3,026,660		39,861,112
Chipotle Mexican Grill Inc.^(a)(b)		193,762		126,797,853
Darden Restaurants Inc.		937,254		51,042,853
Hilton Worldwide Holdings Inc.		2,133,814		145,611,467
Las Vegas Sands Corp.^(a)		2,556,043		108,555,146
Marriott International Inc./MD, Class A		2,044,245		152,929,969
McDonald’s Corp.		5,673,192		938,062,297
MGM Resorts International		3,880,361		45,788,260
Norwegian Cruise Line Holdings Ltd.^(a)(b)		1,606,915		17,611,788
Royal Caribbean Cruises Ltd.		1,299,283		41,797,934
Starbucks Corp.		8,896,769		584,873,594
Wynn Resorts Ltd.		729,930		43,934,487
Yum! Brands Inc.		2,280,420		156,277,183

				2,453,143,943

Household Durables — 0.3%
DR Horton Inc.		2,510,391		85,353,294
Garmin Ltd.		1,090,615		81,752,500
Leggett & Platt Inc.		1,017,270		27,140,764
Lennar Corp., Class A		2,110,456		80,619,419
Mohawk Industries Inc.^(a)(b)		440,237		33,563,669
Newell Brands Inc.		2,878,140		38,221,699
NVR Inc.^(a)(b)		26,511		68,109,675
PulteGroup Inc.		1,927,117		43,013,252
Whirlpool Corp.		467,954		40,150,453

				497,924,725

Household Products — 1.9%
Church & Dwight Co. Inc.^(a)		1,856,329		119,139,195
Clorox Co. (The)		949,037		164,420,660

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Products (continued)
Colgate-Palmolive Co.		6,456,304	$	428,440,334
Kimberly-Clark Corp.		2,582,402		330,211,744
Procter & Gamble Co. (The)		18,786,419		2,066,506,090

				3,108,718,023

Independent Power and Renewable Electricity Producers — 0.0%
AES Corp./VA		5,020,580		68,279,888


Industrial Conglomerates — 1.3%
3M Co.		4,332,013		591,363,094
General Electric Co.^(a)		65,791,722		522,386,273
Honeywell International Inc.		5,382,715		720,153,440
Roper Technologies Inc.		783,916		244,432,848

				2,078,335,655

Insurance — 2.0%
Aflac Inc.		5,551,010		190,066,582
Allstate Corp. (The)		2,449,831		224,722,998
American International Group Inc.		6,579,359		159,549,456
Aon PLC^(a)		1,766,153		291,485,891
Arthur J Gallagher & Co.^(a)		1,414,123		115,265,166
Assurant Inc.^(a)		451,059		46,950,731
Chubb Ltd.^(a)		3,418,802		381,845,995
Cincinnati Financial Corp.^(a)		1,135,530		85,675,739
Everest Re Group Ltd.		308,129		59,290,182
Globe Life Inc.		736,095		52,976,757
Hartford Financial Services Group Inc. (The)		2,717,199		95,754,093
Lincoln National Corp.		1,480,949		38,978,578
Loews Corp.^(a)		1,934,314		67,372,157
Marsh & McLennan Companies Inc.		3,801,718		328,696,538
MetLife Inc.		5,911,304		180,708,563
Principal Financial Group Inc.		1,976,322		61,937,931
Progressive Corp. (The)		4,400,486		324,931,886
Prudential Financial Inc.		3,048,155		158,930,802
Travelers Companies Inc. (The)		1,939,147		192,654,254
Unum Group		1,499,089		22,501,326
Willis Towers Watson PLC		966,541		164,166,989
WR Berkley Corp.		1,095,316		57,142,636

				3,301,605,250

Interactive Media & Services — 5.2%
Alphabet Inc., Class A^(a)(b)		2,257,155		2,622,701,252
Alphabet Inc., Class C, NVS^(b)		2,251,633		2,618,221,369
Facebook Inc., Class A^(a)(b)		18,128,449		3,023,825,293
Twitter Inc.^(a)(b)		5,871,688		144,208,657

				8,408,956,571

Internet & Direct Marketing Retail — 4.2%
Amazon.com Inc.^(a)(b)		3,137,348		6,116,950,142
Booking Holdings Inc.^(a)(b)		315,283		424,156,526
eBay Inc.^(a)		5,782,730		173,828,864
Expedia Group Inc.		1,063,277		59,830,597

				6,774,766,129

IT Services — 5.5%
Accenture PLC, Class A		4,784,098		781,051,839
Akamai Technologies Inc.^(a)(b)		1,210,040		110,706,560
Alliance Data Systems Corp.		295,340		9,938,191
Automatic Data Processing Inc.^(a)		3,259,584		445,519,941
Broadridge Financial Solutions Inc.^(a)		866,367		82,157,583
Cognizant Technology Solutions Corp., Class A^(a)		4,126,535		191,760,081
DXC Technology Co.		1,917,090		25,018,025
Fidelity National Information Services Inc.^(a)		4,629,892		563,180,063
Fiserv Inc.^(b)		4,301,055		408,557,214


Security	Shares		Value

IT Services (continued)
FleetCor Technologies Inc.^(a)(b)		652,315	$	121,682,840
Gartner Inc.^(a)(b)		671,262		66,837,557
Global Payments Inc.^(a)		2,260,947		326,096,386
International Business Machines Corp.		6,671,697		740,091,348
Jack Henry & Associates Inc.^(a)		576,944		89,564,787
Leidos Holdings Inc.^(a)		998,918		91,550,835
Mastercard Inc., Class A		6,687,452		1,615,420,905
Paychex Inc.		2,395,060		150,697,175
PayPal Holdings Inc.^(a)(b)		8,845,423		846,860,798
VeriSign Inc.^(b)		773,307		139,264,858
Visa Inc., Class A^(a)		12,895,671		2,077,750,512
Western Union Co. (The)		3,103,241		56,261,759

				8,939,969,257

Leisure Products — 0.0%
Hasbro Inc.		971,810		69,533,005


Life Sciences Tools & Services — 1.1%
Agilent Technologies Inc.		2,343,909		167,870,763
Illumina Inc.^(a)(b)		1,107,178		302,392,455
IQVIA Holdings Inc.^(a)(b)		1,353,049		145,939,865
Mettler-Toledo International Inc.^(a)(b)		182,120		125,755,681
PerkinElmer Inc.^(a)		828,664		62,381,826
Thermo Fisher Scientific Inc.		3,020,755		856,686,118
Waters Corp.^(a)(b)		487,242		88,702,406

				1,749,729,114

Machinery — 1.4%
Caterpillar Inc.		4,163,301		483,109,448
Cummins Inc.		1,158,482		156,765,784
Deere & Co.		2,368,937		327,292,336
Dover Corp.^(a)		1,089,008		91,411,332
Flowserve Corp.		989,807		23,646,489
Fortive Corp.^(a)		2,219,284		122,482,284
IDEX Corp.^(a)		570,382		78,775,458
Illinois Tool Works Inc.		2,202,287		312,989,028
Ingersoll Rand Inc.^(a)(b)		2,618,097		64,928,806
PACCAR Inc.		2,605,113		159,250,558
Parker-Hannifin Corp.		962,547		124,871,222
Pentair PLC		1,243,212		36,997,989
Snap-on Inc.		413,984		45,049,739
Stanley Black & Decker Inc.		1,156,200		115,620,000
Westinghouse Air Brake Technologies Corp.^(a)		1,357,361		65,329,785
Xylem Inc./NY^(a)		1,361,551		88,677,817

				2,297,198,075

Media — 1.3%
Charter Communications Inc., Class A^(a)(b)		1,181,105		515,327,923
Comcast Corp., Class A		34,199,389		1,175,774,994
Discovery Inc., Class A^(a)(b)		1,161,210		22,573,922
Discovery Inc., Class C, NVS^(a)(b)		2,536,298		44,486,667
DISH Network Corp., Class A^(a)(b)		1,899,183		37,964,668
Fox Corp., Class A, NVS^(a)		2,670,804		63,111,098
Fox Corp., Class B^(a)(b)		1,174,067		26,862,653
Interpublic Group of Companies Inc. (The)		2,848,415		46,115,839
News Corp., Class A, NVS^(a)		2,985,479		26,794,674
News Corp., Class B^(a)		832,305		7,482,422
Omnicom Group Inc.		1,631,442		89,566,166
ViacomCBS Inc., Class B, NVS		4,040,824		56,611,944

				2,112,672,970

Metals & Mining — 0.3%
Freeport-McMoRan Inc.		10,972,878		74,066,927

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining (continued)
Newmont Corp.^(a)		6,167,762	$	279,276,263
Nucor Corp.		2,311,115		83,246,362

				436,589,552

Multi-Utilities — 1.1%
Ameren Corp.^(a)		1,858,592		135,361,255
CenterPoint Energy Inc.		3,736,983		57,736,387
CMS Energy Corp.		2,146,234		126,091,247
Consolidated Edison Inc.		2,495,330		194,635,740
Dominion Energy Inc.		6,200,583		447,620,087
DTE Energy Co.		1,453,100		138,000,907
NiSource Inc.		2,825,279		70,547,217
Public Service Enterprise Group Inc.		3,824,060		171,738,535
Sempra Energy^(a)		2,117,188		239,221,072
WEC Energy Group Inc.		2,385,590		210,242,047

				1,791,194,494

Multiline Retail — 0.5%
Dollar General Corp.		1,915,389		289,242,893
Dollar Tree Inc.^(a)(b)		1,781,996		130,923,246
Kohl’s Corp.		1,169,156		17,057,986
Macy’s Inc.^(a)		2,436,504		11,963,235
Nordstrom Inc.^(a)		808,343		12,399,981
Target Corp.		3,817,164		354,881,737

				816,469,078

Oil, Gas & Consumable Fuels — 2.5%
Apache Corp.		2,844,092		11,888,305
Cabot Oil & Gas Corp.		3,010,392		51,748,638
Chevron Corp.		14,244,310		1,032,142,703
Concho Resources Inc.^(a)		1,520,326		65,145,969
ConocoPhillips		8,298,069		255,580,525
Devon Energy Corp.		2,926,191		20,219,980
Diamondback Energy Inc.		1,215,897		31,856,501
EOG Resources Inc.		4,399,875		158,043,510
Exxon Mobil Corp.		31,873,846		1,210,249,933
Hess Corp.^(a)		1,957,135		65,172,596
HollyFrontier Corp.		1,109,918		27,204,090
Kinder Morgan Inc./DE		14,731,666		205,064,791
Marathon Oil Corp.		6,147,419		20,225,009
Marathon Petroleum Corp.		4,910,478		115,985,490
Noble Energy Inc.		3,660,611		22,110,090
Occidental Petroleum Corp.^(a)		6,764,786		78,336,222
ONEOK Inc.		3,122,021		68,091,278
Phillips 66		3,355,082		180,000,149
Pioneer Natural Resources Co.		1,250,339		87,711,281
Valero Energy Corp.		3,099,218		140,580,528
Williams Companies Inc. (The)		9,119,034		129,034,331

				3,976,391,919

Personal Products — 0.2%
Coty Inc., Class A		2,068,175		10,671,783
Estee Lauder Companies Inc. (The), Class A^(a)		1,673,484		266,652,941

				277,324,724

Pharmaceuticals — 5.1%
Allergan PLC		2,472,968		437,962,633
Bristol-Myers Squibb Co.		17,659,232		984,325,591
Eli Lilly & Co.		6,364,972		882,948,916
Johnson & Johnson		19,826,439		2,599,840,946
Merck & Co. Inc.		19,179,469		1,475,668,345
Mylan NV^(a)(b)		3,862,898		57,595,809
Perrigo Co. PLC^(a)		1,025,309		49,307,110
Pfizer Inc.		41,689,758		1,360,753,701


Security	Shares		Value

Pharmaceuticals (continued)
Zoetis Inc.		3,588,035	$	422,275,839

				8,270,678,890

Professional Services — 0.3%
Equifax Inc.^(a)		915,770		109,388,726
IHS Markit Ltd.		3,008,074		180,484,440
Nielsen Holdings PLC^(a)		2,685,911		33,681,324
Robert Half International Inc.		862,114		32,544,804
Verisk Analytics Inc.^(a)		1,234,436		172,055,690

				528,154,984

Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A^(a)(b)		2,510,687		94,678,007


Road & Rail — 1.0%
CSX Corp.^(a)		5,851,160		335,271,468
JB Hunt Transport Services Inc.^(a)		640,359		59,060,310
Kansas City Southern^(a)		747,700		95,092,486
Norfolk Southern Corp.		1,960,121		286,177,666
Old Dominion Freight Line Inc.^(a)		724,421		95,087,435
Union Pacific Corp.		5,229,548		737,575,450

				1,608,264,815

Semiconductors & Semiconductor Equipment — 4.5%
Advanced Micro Devices Inc.^(a)(b)		8,811,323		400,738,970
Analog Devices Inc.		2,774,459		248,730,249
Applied Materials Inc.^(a)		6,954,324		318,647,126
Broadcom Inc.		2,988,169		708,494,870
Intel Corp.		32,769,528		1,773,486,855
KLA Corp.		1,193,299		171,524,798
Lam Research Corp.		1,089,911		261,578,640
Maxim Integrated Products Inc.		2,017,230		98,057,550
Microchip Technology Inc.^(a)		1,791,952		121,494,346
Micron Technology Inc.^(b)		8,335,963		350,610,604
NVIDIA Corp.		4,610,353		1,215,289,051
Qorvo Inc.^(a)(b)		863,943		69,659,724
QUALCOMM Inc.		8,601,759		581,908,996
Skyworks Solutions Inc.^(a)		1,273,975		113,867,886
Texas Instruments Inc.		7,041,884		703,695,468
Xilinx Inc.^(a)		1,889,725		147,285,167

				7,285,070,300

Software — 8.6%
Adobe Inc.^(a)(b)		3,646,683		1,160,520,398
ANSYS Inc.^(a)(b)		647,276		150,472,252
Autodesk Inc.^(a)(b)		1,654,370		258,247,157
Cadence Design Systems Inc.^(a)(b)		2,113,747		139,591,852
Citrix Systems Inc.^(a)		870,120		123,165,486
Fortinet Inc.^(a)(b)		1,069,347		108,185,836
Intuit Inc.		1,960,925		451,012,750
Microsoft Corp.		57,469,488		9,063,512,952
NortonLifeLock Inc.		4,367,248		81,711,210
Oracle Corp.		16,320,444		788,767,058
Paycom Software Inc.^(a)(b)		370,591		74,863,088
salesforce.com Inc.^(b)		6,681,971		962,070,185
ServiceNow Inc.^(b)		1,420,739		407,155,383
Synopsys Inc.^(a)(b)		1,130,074		145,542,230

				13,914,817,837

Specialty Retail — 2.2%
Advance Auto Parts Inc.^(a)		523,732		48,874,670
AutoZone Inc.^(a)(b)		180,146		152,403,516
Best Buy Co. Inc.		1,722,053		98,157,021
CarMax Inc.^(a)(b)		1,226,421		66,018,243

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Gap Inc. (The)		1,507,459	$	10,612,511
Home Depot Inc. (The)		8,217,444		1,534,278,969
L Brands Inc.		1,756,498		20,305,117
Lowe’s Companies Inc.		5,774,064		496,858,207
O’Reilly Automotive Inc.^(a)(b)		571,617		172,085,298
Ross Stores Inc.^(a)		2,720,234		236,578,751
Tiffany & Co.^(a)		816,431		105,727,815
TJX Companies Inc. (The)		9,133,242		436,660,300
Tractor Supply Co.^(a)		884,550		74,788,703
Ulta Beauty Inc.^(a)(b)		432,242		75,944,919

				3,529,294,040

Technology Hardware, Storage & Peripherals — 5.3%
Apple Inc.^(a)		31,463,747		8,000,916,225
Hewlett Packard Enterprise Co.		9,751,366		94,685,764
HP Inc.		11,125,509		193,138,836
NetApp Inc.		1,725,742		71,946,184
Seagate Technology PLC		1,748,182		85,311,281
Western Digital Corp.		2,249,351		93,617,989
Xerox Holdings Corp.^(b)		1,376,739		26,075,437

				8,565,691,716

Textiles, Apparel & Luxury Goods — 0.6%
Capri Holdings Ltd.^(a)(b)		1,095,688		11,822,473
Hanesbrands Inc.		2,803,426		22,062,963
NIKE Inc., Class B		9,384,327		776,459,216
PVH Corp.^(a)		570,709		21,481,487
Ralph Lauren Corp.		376,079		25,133,360
Tapestry Inc.		2,052,719		26,582,711
Under Armour Inc., Class A^(a)(b)		1,466,778		13,509,025
Under Armour Inc., Class C, NVS^(a)(b)		1,516,048		12,219,347
VF Corp.		2,483,805		134,324,174

				1,043,594,756

Tobacco — 0.9%
Altria Group Inc.		14,072,980		544,202,137
Philip Morris International Inc.		11,720,773		855,147,598

				1,399,349,735

Trading Companies & Distributors — 0.2%
Fastenal Co.		4,336,778		135,524,312
United Rentals Inc.^(a)(b)		564,663		58,103,823
WW Grainger Inc.		329,453		81,869,071

				275,497,206

Water Utilities — 0.1%
American Water Works Co. Inc.		1,366,255		163,349,448


Wireless Telecommunication Services — 0.1%
T-Mobile U.S. Inc.^(a)(b)		2,394,303		200,882,022


Total Common Stocks — 99.6% (Cost: $174,966,961,942)				161,388,902,153


Short-Term Investments

Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		3,345,061,767		3,344,392,754


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		411,171,000	$	411,171,000

				3,755,563,754


Total Short-Term Investments — 2.3% (Cost: $3,756,525,161)			3,755,563,754


Total Investments in Securities — 101.9% (Cost: $178,723,487,103)				165,144,465,907

Other Assets, Less Liabilities — (1.9)%				(3,125,509,567	)


Net Assets — 100.0%			$	162,018,956,340

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

^(b)	Non-income producing security.

^(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.


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

Schedule of Investments

March 31, 2020

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.8%
Axon Enterprise Inc.^(a)(b)		1,645,624	$	116,460,811
Curtiss-Wright Corp.^(b)		1,183,829		109,397,638
Mercury Systems Inc.^(a)(b)		1,540,119		109,872,089
Teledyne Technologies Inc.^(a)(b)		1,011,351		300,644,312

				636,374,850

Air Freight & Logistics — 0.3%
XPO Logistics Inc.^(a)(b)		2,559,604		124,780,695


Airlines — 0.2%
JetBlue Airways Corp.^(a)(b)		8,001,796		71,616,074


Auto Components — 1.2%
Adient PLC^(a)		2,425,779		22,001,816
Dana Inc.		4,010,443		31,321,560
Delphi Technologies PLC^(a)		2,398,036		19,304,190
Gentex Corp.		7,015,272		155,458,427
Goodyear Tire & Rubber Co. (The)		6,471,004		37,661,243
Lear Corp.		1,526,003		123,987,744
Visteon Corp.^(a)(b)		775,492		37,208,106

				426,943,086

Automobiles — 0.2%
Thor Industries Inc.		1,530,751		64,567,077


Banks — 6.0%
Associated Banc-Corp.		4,410,868		56,415,002
BancorpSouth Bank^(b)		2,656,255		50,256,345
Bank of Hawaii Corp.		1,116,270		61,662,755
Bank OZK		3,350,047		55,945,785
Cathay General Bancorp.		2,093,198		48,038,894
CIT Group Inc.		2,624,995		45,307,414
Commerce Bancshares Inc.^(b)		2,876,053		144,809,268
Cullen/Frost Bankers Inc.		1,578,856		88,084,376
East West Bancorp. Inc.		4,038,407		103,948,596
First Financial Bankshares Inc.^(b)		3,767,159		101,110,548
First Horizon National Corp.		8,622,369		69,496,294
FNB Corp.		8,998,676		66,320,242
Fulton Financial Corp.		4,543,407		52,203,746
Hancock Whitney Corp.		2,411,189		47,066,409
Home BancShares Inc./AR		4,293,134		51,474,677
International Bancshares Corp.		1,598,372		42,964,239
PacWest Bancorp.		3,316,259		59,427,361
Pinnacle Financial Partners Inc.^(b)		1,995,861		74,924,622
Prosperity Bancshares Inc.^(b)		2,617,963		126,316,715
Signature Bank/New York NY		1,497,207		120,360,471
Sterling Bancorp./DE		5,588,067		58,395,300
Synovus Financial Corp.		4,063,861		71,361,399
TCF Financial Corp.		4,254,171		96,399,515
Texas Capital Bancshares Inc.^(a)(b)		1,401,947		31,081,165
Trustmark Corp.		1,776,453		41,391,355
UMB Financial Corp.^(b)		1,196,541		55,495,572
Umpqua Holdings Corp.		6,106,934		66,565,581
United Bankshares Inc./WV		2,815,099		64,972,485
Valley National Bancorp.		10,862,092		79,401,892
Webster Financial Corp.		2,552,148		58,444,189
Wintrust Financial Corp.		1,581,571		51,970,423

				2,141,612,635

Beverages — 0.3%
Boston Beer Co. Inc. (The), Class A, NVS^(a)(b)		255,579		93,940,617


Security	Shares		Value

Biotechnology — 1.0%
Arrowhead Pharmaceuticals Inc.^(a)(b)		2,776,061	$	79,867,275
Exelixis Inc.^(a)(b)		8,426,097		145,097,390
Ligand Pharmaceuticals Inc.^(a)(b)		455,993		33,159,811
United Therapeutics Corp.^(a)(b)		1,216,870		115,389,698

				373,514,174

Building Products — 1.2%
Lennox International Inc.		972,370		176,767,142
Owens Corning^(b)		3,016,850		117,083,949
Resideo Technologies Inc.^(a)(b)		3,438,803		16,643,807
Trex Co. Inc.^(a)(b)		1,617,774		129,648,408

				440,143,306

Capital Markets — 3.0%
Affiliated Managers Group Inc.^(b)		1,366,378		80,807,595
Eaton Vance Corp., NVS		3,137,645		101,189,051
Evercore Inc., Class A		1,080,853		49,784,089
FactSet Research Systems Inc.^(b)		1,052,267		274,304,962
Federated Hermes Inc.		2,654,397		50,566,263
Interactive Brokers Group Inc., Class A^(b)		2,128,347		91,880,740
Janus Henderson Group PLC		4,315,069		66,106,857
Legg Mason Inc.^(b)		2,262,734		110,534,556
SEI Investments Co.^(b)		3,500,110		162,195,097
Stifel Financial Corp.^(b)		1,896,101		78,271,049

				1,065,640,259

Chemicals — 2.4%
Ashland Global Holdings Inc.^(b)		1,670,220		83,627,916
Cabot Corp.		1,574,170		41,117,320
Chemours Co. (The)		4,519,871		40,091,256
Ingevity Corp.^(a)(b)		1,159,802		40,825,030
Minerals Technologies Inc.^(b)		971,000		35,208,460
NewMarket Corp.^(b)		204,805		78,413,690
Olin Corp.		4,421,628		51,600,399
PolyOne Corp.		2,501,220		47,448,143
RPM International Inc.		3,596,195		213,973,603
Scotts Miracle-Gro Co. (The)^(b)		1,098,756		112,512,615
Sensient Technologies Corp.		1,171,569		50,974,967
Valvoline Inc.		5,221,903		68,354,710

				864,148,109

Commercial Services & Supplies — 1.9%
Brink’s Co. (The)^(b)		1,387,270		72,207,403
Clean Harbors Inc.^(a)(b)		1,422,706		73,041,726
Deluxe Corp.		1,170,829		30,359,596
Healthcare Services Group Inc.		2,062,369		49,311,243
Herman Miller Inc.		1,645,650		36,533,430
HNI Corp.		1,187,540		29,914,133
KAR Auction Services Inc.		3,558,385		42,700,620
MSA Safety Inc.^(b)		988,322		100,018,186
Stericycle Inc.^(a)(b)		2,527,120		122,767,490
Tetra Tech Inc.^(b)		1,513,810		106,905,262

				663,759,089

Communications Equipment — 1.3%
Ciena Corp.^(a)(b)		4,289,949		170,782,870
InterDigital Inc.		863,332		38,530,507
Lumentum Holdings Inc.^(a)(b)		2,140,878		157,782,709
NetScout Systems Inc.^(a)(b)		1,820,364		43,088,016
ViaSat Inc.^(a)(b)		1,594,993		57,292,148

				467,476,250

Construction & Engineering — 1.1%
AECOM^(a)(b)		4,356,223		130,033,257

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
Dycom Industries Inc.^(a)(b)		881,673	$	22,614,913
EMCOR Group Inc.^(b)		1,557,198		95,487,381
Fluor Corp.		3,875,957		26,782,863
MasTec Inc.^(a)(b)		1,667,714		54,584,279
Valmont Industries Inc.^(b)		596,383		63,204,670

				392,707,363

Construction Materials — 0.2%
Eagle Materials Inc.^(b)		1,153,427		67,383,205


Consumer Finance — 0.7%
FirstCash Inc.^(b)		1,183,549		84,907,805
LendingTree Inc.^(a)(b)		211,845		38,850,255
Navient Corp.		4,695,851		35,594,551
SLM Corp.^(b)		11,707,322		84,175,645

				243,528,256

Containers & Packaging — 1.2%
AptarGroup Inc.		1,772,785		176,463,019
Greif Inc., Class A, NVS		725,147		22,544,820
O-I Glass Inc.		4,349,000		30,921,390
Silgan Holdings Inc.^(b)		2,148,380		62,345,988
Sonoco Products Co.		2,775,837		128,660,045

				420,935,262

Distributors — 0.6%
Pool Corp.^(b)		1,110,296		218,472,944


Diversified Consumer Services — 1.1%
Adtalem Global Education Inc.^(a)		1,504,233		40,298,402
Graham Holdings Co., Class B		120,183		41,002,834
Grand Canyon Education Inc.^(a)(b)		1,337,350		102,019,745
Service Corp. International^(b)		5,068,809		198,241,120
WW International Inc.^(a)(b)		1,291,328		21,836,356

				403,398,457

Diversified Financial Services — 0.3%
Jefferies Financial Group Inc.		6,633,307		90,677,307


Electric Utilities — 1.7%
ALLETE Inc.		1,432,817		86,943,336
Hawaiian Electric Industries Inc.		3,021,983		130,096,368
IDACORP Inc.		1,397,590		122,694,426
OGE Energy Corp.		5,551,137		170,586,440
PNM Resources Inc.		2,208,919		83,938,922

				594,259,492

Electrical Equipment — 1.8%
Acuity Brands Inc.^(b)		1,098,797		94,122,951
EnerSys^(b)		1,171,147		57,995,199
Generac Holdings Inc.^(a)(b)		1,734,388		161,592,930
Hubbell Inc.		1,508,202		173,051,097
nVent Electric PLC		4,315,503		72,802,536
Regal Beloit Corp.^(b)		1,135,368		71,471,416

				631,036,129

Electronic Equipment, Instruments & Components — 3.8%
Arrow Electronics Inc.^(a)(b)		2,258,677		117,157,576
Avnet Inc.		2,799,768		70,274,177
Belden Inc.^(b)		1,067,284		38,507,607
Cognex Corp.^(b)		4,739,215		200,089,657
Coherent Inc.^(a)(b)		669,757		71,268,842
II-VI Inc.^(a)(b)		2,417,150		68,888,775
Jabil Inc.^(b)		3,852,314		94,689,878
Littelfuse Inc.^(b)		675,477		90,122,141


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
National Instruments Corp.		3,271,005	$	108,204,845
SYNNEX Corp.		1,133,119		82,830,999
Tech Data Corp.^(a)(b)		982,323		128,536,965
Trimble Inc.^(a)(b)		6,908,819		219,907,709
Vishay Intertechnology Inc.^(b)		3,659,702		52,736,306

				1,343,215,477

Energy Equipment & Services — 0.2%
Apergy Corp.^(a)(b)		2,157,968		12,408,316
Core Laboratories NV^(b)		1,236,305		12,783,394
Patterson-UTI Energy Inc.		5,420,402		12,737,945
Transocean Ltd.^(a)(b)		15,838,929		18,373,157

				56,302,812

Entertainment — 0.2%
Cinemark Holdings Inc.		2,945,829		30,017,998
World Wrestling Entertainment Inc., Class A^(b)		1,320,300		44,797,779

				74,815,777

Equity Real Estate Investment Trusts (REITs) — 9.5%
American Campus Communities Inc.		3,810,454		105,740,099
Brixmor Property Group Inc.		8,259,618		78,466,371
Camden Property Trust		2,685,276		212,781,270
CoreCivic Inc.		3,318,233		37,064,663
CoreSite Realty Corp.		1,045,117		121,129,060
Corporate Office Properties Trust		3,104,689		68,706,768
Cousins Properties Inc.		4,069,864		119,124,919
CyrusOne Inc.^(b)		3,139,191		193,845,044
Diversified Healthcare Trust		6,615,705		24,015,009
Douglas Emmett Inc.		4,570,937		139,459,288
EastGroup Properties Inc.		1,065,191		111,291,156
EPR Properties		2,175,226		52,683,974
First Industrial Realty Trust Inc.		3,520,575		116,988,707
GEO Group Inc. (The)		3,376,428		41,057,364
Healthcare Realty Trust Inc.^(b)		3,708,682		103,583,488
Highwoods Properties Inc.		2,876,988		101,902,915
JBG SMITH Properties		3,273,207		104,186,179
Kilroy Realty Corp.		2,704,657		172,286,651
Lamar Advertising Co., Class A		2,385,213		122,313,723
Life Storage Inc.		1,293,657		122,315,269
Macerich Co. (The)		3,041,767		17,125,148
Mack-Cali Realty Corp.		2,521,867		38,408,034
Medical Properties Trust Inc.^(b)		14,349,296		248,099,328
National Retail Properties Inc.		4,759,771		153,217,029
Omega Healthcare Investors Inc.		6,059,349		160,815,122
Park Hotels & Resorts Inc.		6,638,472		52,510,314
Pebblebrook Hotel Trust^(b)		3,639,326		39,632,260
PotlatchDeltic Corp.^(b)		1,860,287		58,394,409
PS Business Parks Inc.		555,439		75,273,093
Rayonier Inc.^(b)		3,585,540		84,439,467
Sabra Health Care REIT Inc.		5,692,419		62,161,216
Service Properties Trust^(b)		4,582,986		24,748,124
Spirit Realty Capital Inc.		2,765,651		72,321,774
Taubman Centers Inc.		1,697,730		71,100,932
Urban Edge Properties		3,205,778		28,242,904
Weingarten Realty Investors		3,348,382		48,317,152

				3,383,748,223

Food & Staples Retailing — 0.8%
BJ’s Wholesale Club Holdings Inc.^(a)(b)		3,387,817		86,287,699
Casey’s General Stores Inc.^(b)		1,020,067		135,148,677
Sprouts Farmers Market Inc.^(a)		3,271,181		60,811,255

				282,247,631

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products — 2.3%
Darling Ingredients Inc.^(a)(b)		4,539,926	$	87,030,381
Flowers Foods Inc.		5,337,671		109,529,009
Hain Celestial Group Inc. (The)^(a)(b)		2,234,245		58,023,343
Ingredion Inc.		1,851,431		139,783,041
Lancaster Colony Corp.^(b)		548,773		79,374,527
Pilgrim’s Pride Corp.^(a)(b)		1,450,435		26,281,882
Post Holdings Inc.^(a)(b)		1,843,165		152,927,400
Sanderson Farms Inc.^(b)		546,336		67,374,156
Tootsie Roll Industries Inc.^(b)		482,753		17,359,796
TreeHouse Foods Inc.^(a)(b)		1,558,421		68,804,287

				806,487,822

Gas Utilities — 1.9%
National Fuel Gas Co.		2,393,932		89,269,724
New Jersey Resources Corp.		2,648,447		89,967,745
ONE Gas Inc.		1,462,480		122,292,578
Southwest Gas Holdings Inc.		1,514,851		105,373,036
Spire Inc.^(b)		1,413,661		105,289,471
UGI Corp.		5,796,166		154,583,747

				666,776,301

Health Care Equipment & Supplies — 4.2%
Avanos Medical Inc.^(a)(b)		1,323,143		35,632,241
Cantel Medical Corp.^(b)		1,043,483		37,461,040
Globus Medical Inc., Class A^(a)(b)		2,134,549		90,782,369
Haemonetics Corp.^(a)(b)		1,405,525		140,074,621
Hill-Rom Holdings Inc.^(b)		1,851,397		186,250,538
ICU Medical Inc.^(a)(b)		533,169		107,577,509
Integra LifeSciences Holdings Corp.^(a)(b)		1,976,387		88,285,207
LivaNova PLC^(a)(b)		1,339,982		60,634,185
Masimo Corp.^(a)(b)		1,360,488		240,969,635
NuVasive Inc.^(a)(b)		1,444,089		73,157,549
Penumbra Inc.^(a)(b)		890,775		143,708,731
West Pharmaceutical Services Inc.		2,051,868		312,396,903

				1,516,930,528

Health Care Providers & Services — 2.9%
Acadia Healthcare Co. Inc.^(a)(b)		2,467,797		45,284,075
Amedisys Inc.^(a)(b)		894,482		164,173,226
Chemed Corp.^(b)		443,960		192,323,472
Encompass Health Corp.		2,734,300		175,077,229
HealthEquity Inc.^(a)(b)		1,965,570		99,438,186
MEDNAX Inc.^(a)(b)		2,349,267		27,345,468
Molina Healthcare Inc.^(a)(b)		1,738,765		242,922,858
Patterson Companies Inc.		2,388,958		36,527,168
Tenet Healthcare Corp.^(a)(b)		2,881,124		41,488,186

				1,024,579,868

Health Care Technology — 0.1%
Allscripts Healthcare Solutions Inc.^(a)(b)		4,523,731		31,847,066


Hotels, Restaurants & Leisure — 3.8%
Boyd Gaming Corp.^(b)		2,231,099		32,172,448
Brinker International Inc.^(b)		1,038,543		12,472,901
Caesars Entertainment Corp.^(a)(b)		15,477,924		104,630,766
Cheesecake Factory Inc. (The)^(b)		1,132,044		19,335,312
Choice Hotels International Inc.^(b)		879,411		53,863,924
Churchill Downs Inc.^(b)		983,092		101,209,321
Cracker Barrel Old Country Store Inc.		667,126		55,518,226
Domino’s Pizza Inc.^(b)		1,072,291		347,497,344
Dunkin’ Brands Group Inc.		2,297,326		121,988,011
Eldorado Resorts Inc.^(a)(b)		1,822,327		26,241,509
Jack in the Box Inc.		657,839		23,057,257


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Marriott Vacations Worldwide Corp.		1,037,616	$	57,670,697
Papa John’s International Inc.^(b)		611,252		32,622,519
Penn National Gaming Inc.^(a)(b)		3,007,783		38,048,455
Scientific Games Corp./DE, Class A^(a)(b)		1,506,985		14,617,754
Six Flags Entertainment Corp.		2,188,190		27,439,903
Texas Roadhouse Inc.		1,809,337		74,725,618
Wendy’s Co. (The)		5,103,602		75,941,598
Wyndham Destinations Inc.^(b)		2,507,636		54,415,701
Wyndham Hotels & Resorts Inc.^(b)		2,639,090		83,157,726

				1,356,626,990

Household Durables — 0.9%
Helen of Troy Ltd.^(a)(b)		697,828		100,508,167
KB Home^(b)		2,386,855		43,202,075
Taylor Morrison Home Corp.^(a)(b)		3,662,388		40,286,268
Tempur Sealy International Inc.^(a)(b)		1,259,045		55,032,857
Toll Brothers Inc.		3,347,468		64,438,759
TRI Pointe Group Inc.^(a)(b)		3,880,282		34,030,073

				337,498,199

Household Products — 0.1%
Energizer Holdings Inc.^(b)		1,784,106		53,969,206


Industrial Conglomerates — 0.5%
Carlisle Companies Inc.^(b)		1,571,639		196,894,934


Insurance — 5.3%
Alleghany Corp.		399,144		220,467,188
American Financial Group Inc./OH		2,075,592		145,457,487
Brighthouse Financial Inc.^(a)(b)		3,030,039		73,236,043
Brown & Brown Inc.^(b)		6,484,945		234,884,708
CNO Financial Group Inc.		4,178,811		51,775,468
First American Financial Corp.		3,109,618		131,878,899
Genworth Financial Inc., Class A^(a)(b)		14,010,440		46,514,661
Hanover Insurance Group Inc. (The)^(b)		1,092,399		98,949,501
Kemper Corp.^(b)		1,737,314		129,204,042
Mercury General Corp.		748,931		30,496,470
Old Republic International Corp.		7,913,272		120,677,398
Primerica Inc.^(b)		1,146,976		101,484,437
Reinsurance Group of America Inc.		1,736,273		146,090,010
RenaissanceRe Holdings Ltd.^(b)		1,224,664		182,866,829
RLI Corp.^(b)		1,106,593		97,302,723
Selective Insurance Group Inc.^(b)		1,647,284		81,870,015

				1,893,155,879

Interactive Media & Services — 0.2%
TripAdvisor Inc.		2,913,726		50,669,695
Yelp Inc.^(a)(b)		1,780,270		32,098,268

				82,767,963

Internet & Direct Marketing Retail — 0.6%
Etsy Inc.^(a)(b)		3,285,866		126,308,689
Grubhub Inc.^(a)(b)		2,535,991		103,290,913

				229,599,602

IT Services — 2.1%
CACI International Inc., Class A^(a)(b)		694,438		146,630,584
KBR Inc.^(b)		3,928,140		81,233,935
LiveRamp Holdings Inc.^(a)(b)		1,872,945		61,657,349
MAXIMUS Inc.^(b)		1,774,240		103,260,768
Perspecta Inc.^(b)		3,810,902		69,510,853
Sabre Corp.		7,570,980		44,895,911
Science Applications International Corp.		1,360,664		101,546,354

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
WEX Inc.^(a)(b)		1,200,488	$	125,511,021

				734,246,775

Leisure Products — 0.7%
Brunswick Corp./DE		2,262,027		80,007,895
Mattel Inc.^(a)(b)		9,614,940		84,707,621
Polaris Inc.		1,594,607		76,780,327

				241,495,843

Life Sciences Tools & Services — 2.6%
Bio-Rad Laboratories Inc., Class A^(a)(b)		599,200		210,055,552
Bio-Techne Corp.^(b)		1,056,895		200,408,430
Charles River Laboratories International Inc.^(a)(b)		1,354,373		170,935,416
PRA Health Sciences Inc.^(a)(b)		1,753,964		145,649,171
Repligen Corp.^(a)(b)		1,299,273		125,431,815
Syneos Health Inc.^(a)(b)		1,727,011		68,078,774

				920,559,158

Machinery — 4.4%
AGCO Corp.^(b)		1,737,911		82,116,295
Colfax Corp.^(a)(b)		2,329,380		46,121,724
Crane Co.		1,412,693		69,476,242
Donaldson Co. Inc.^(b)		3,509,723		135,580,599
Graco Inc.		4,625,042		225,378,297
ITT Inc.		2,432,026		110,316,699
Kennametal Inc.		2,295,952		42,750,626
Lincoln Electric Holdings Inc.		1,695,768		117,007,992
Nordson Corp.^(b)		1,418,886		191,648,932
Oshkosh Corp.^(b)		1,887,299		121,409,945
Terex Corp.		1,815,726		26,073,825
Timken Co. (The)		1,877,659		60,723,492
Toro Co. (The)^(b)		2,956,222		192,420,490
Trinity Industries Inc.		2,715,212		43,633,457
Woodward Inc.^(b)		1,563,712		92,947,041

				1,557,605,656

Marine — 0.2%
Kirby Corp.^(a)(b)		1,662,400		72,264,528


Media — 1.4%
AMC Networks Inc., Class A^(a)(b)		1,227,421		29,838,604
Cable One Inc.^(b)		139,376		229,135,538
John Wiley & Sons Inc., Class A		1,209,865		45,357,839
Meredith Corp.		1,120,676		13,694,661
New York Times Co. (The), Class A^(b)		3,986,512		122,425,783
TEGNA Inc.^(b)		6,015,081		65,323,780

				505,776,205

Metals & Mining — 1.8%
Allegheny Technologies Inc.^(a)(b)		3,515,903		29,885,175
Carpenter Technology Corp.		1,318,975		25,720,012
Commercial Metals Co.		3,280,140		51,793,411
Compass Minerals International Inc.		936,063		36,010,344
Reliance Steel & Aluminum Co.		1,848,505		161,910,553
Royal Gold Inc.		1,818,951		159,540,192
Steel Dynamics Inc.		5,974,765		134,671,203
U.S. Steel Corp.^(b)		4,737,386		29,892,906
Worthington Industries Inc.		1,022,504		26,840,730

				656,264,526

Multi-Utilities — 0.9%
Black Hills Corp.		1,704,212		109,120,694
MDU Resources Group Inc.		5,556,913		119,473,630


Security	Shares		Value

Multi-Utilities (continued)
NorthWestern Corp.		1,398,965	$	83,700,076

				312,294,400

Multiline Retail — 0.2%
Dillard’s Inc., Class A^(b)		274,715		10,150,719
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		1,514,950		70,202,783

				80,353,502

Oil, Gas & Consumable Fuels — 0.8%
Antero Midstream Corp.		8,275,221		17,377,964
Cimarex Energy Co.		2,821,243		47,481,520
CNX Resources Corp.^(a)(b)		5,174,137		27,526,409
EQT Corp.^(b)		7,072,643		50,003,586
Equitrans Midstream Corp.		5,678,748		28,564,102
Matador Resources Co.^(a)(b)		3,078,772		7,635,355
Murphy Oil Corp.		4,157,099		25,483,017
PBF Energy Inc., Class A		2,836,191		20,080,232
World Fuel Services Corp.^(b)		1,807,423		45,510,911
WPX Energy Inc.^(a)(b)		11,545,532		35,213,873

				304,876,969

Paper & Forest Products — 0.2%
Domtar Corp.		1,595,272		34,521,686
Louisiana-Pacific Corp.		3,253,538		55,895,783

				90,417,469

Personal Products — 0.2%
Edgewell Personal Care Co.^(a)(b)		1,503,194		36,196,911
Nu Skin Enterprises Inc., Class A		1,548,147		33,827,012

				70,023,923

Pharmaceuticals — 1.0%
Catalent Inc.^(a)(b)		4,291,557		222,946,386
Nektar Therapeutics^(a)(b)		4,878,527		87,081,707
Prestige Consumer Healthcare Inc.^(a)(b)		1,388,651		50,935,719

				360,963,812

Professional Services — 1.0%
ASGN Inc.^(a)(b)		1,462,459		51,654,052
CoreLogic Inc.^(b)		2,205,165		67,345,739
FTI Consulting Inc.^(a)(b)		1,043,571		124,988,499
Insperity Inc.		1,047,682		39,078,538
ManpowerGroup Inc.		1,635,086		86,643,207

				369,710,035

Real Estate Management & Development — 0.4%
Jones Lang LaSalle Inc.^(b)		1,429,119		144,312,437


Road & Rail — 0.9%
Avis Budget Group Inc.^(a)(b)		1,584,151		22,019,699
Knight-Swift Transportation Holdings Inc.^(b)		3,407,224		111,756,947
Landstar System Inc.^(b)		1,094,387		104,907,938
Ryder System Inc.		1,472,753		38,939,589
Werner Enterprises Inc.^(b)		1,233,103		44,712,315

				322,336,488

Semiconductors & Semiconductor Equipment — 4.7%
Cabot Microelectronics Corp.^(b)		807,070		92,118,970
Cirrus Logic Inc.^(a)		1,602,832		105,193,864
Cree Inc.^(a)(b)		2,986,958		105,917,531
Cypress Semiconductor Corp.^(b)		10,241,607		238,834,275
First Solar Inc.^(a)(b)		2,104,620		75,892,597
MKS Instruments Inc.^(b)		1,511,651		123,123,974
Monolithic Power Systems Inc.		1,120,287		187,603,261
Semtech Corp.^(a)(b)		1,837,093		68,890,987
Silicon Laboratories Inc.^(a)(b)		1,202,790		102,730,294

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
SolarEdge Technologies Inc.^(a)(b)		1,348,062	$	110,379,317
Synaptics Inc.^(a)(b)		927,314		53,663,661
Teradyne Inc.^(b)		4,647,147		251,735,953
Universal Display Corp.^(b)		1,175,805		154,947,583

				1,671,032,267

Software — 4.4%
ACI Worldwide Inc.^(a)(b)		3,205,735		77,418,500
Blackbaud Inc.^(b)		1,363,993		75,769,811
CDK Global Inc.^(b)		3,366,506		110,589,722
Ceridian HCM Holding Inc.^(a)(b)		2,794,893		139,940,293
CommVault Systems Inc.^(a)(b)		1,170,266		47,372,368
Fair Isaac Corp.^(a)		803,142		247,118,762
j2 Global Inc.		1,283,771		96,090,259
LogMeIn Inc.		1,353,701		112,736,219
Manhattan Associates Inc.^(a)(b)		1,772,057		88,283,880
PTC Inc.^(a)(b)		2,882,509		176,438,376
Teradata Corp.^(a)(b)		3,115,817		63,843,090
Tyler Technologies Inc.^(a)(b)		1,081,128		320,619,320

				1,556,220,600

Specialty Retail — 1.7%
Aaron’s Inc.^(b)		1,853,373		42,219,837
American Eagle Outfitters Inc.		4,418,513		35,127,178
AutoNation Inc.^(a)(b)		1,630,029		45,738,614
Bed Bath & Beyond Inc.		3,526,261		14,845,559
Dick’s Sporting Goods Inc.		1,771,397		37,659,900
Five Below Inc.^(a)(b)		1,543,880		108,658,275
Foot Locker Inc.		2,968,337		65,451,831
Murphy USA Inc.^(a)(b)		801,528		67,616,902
RH^(a)(b)		452,223		45,434,845
Sally Beauty Holdings Inc.^(a)(b)		3,240,963		26,186,981
Urban Outfitters Inc.^(a)(b)		1,963,129		27,954,957
Williams-Sonoma Inc.		2,152,318		91,516,561

				608,411,440

Technology Hardware, Storage & Peripherals — 0.2%
NCR Corp.^(a)(b)		3,532,355		62,522,683


Textiles, Apparel & Luxury Goods — 0.9%
Carter’s Inc.		1,224,244		80,469,558
Columbia Sportswear Co.^(b)		805,197		56,178,595
Deckers Outdoor Corp.^(a)(b)		775,822		103,960,148
Skechers U.S.A. Inc., Class A^(a)(b)		3,713,574		88,160,247

				328,768,548

Thrifts & Mortgage Finance — 0.5%
New York Community Bancorp. Inc.		12,960,347		121,697,658
Washington Federal Inc.		2,168,638		56,297,843

				177,995,501

Trading Companies & Distributors — 0.8%
GATX Corp.^(b)		972,378		60,831,968
MSC Industrial Direct Co. Inc., Class A		1,247,401		68,569,633
NOW Inc.^(a)(b)		3,028,440		15,626,750
Watsco Inc.		905,368		143,075,305

				288,103,656

Water Utilities — 0.7%
Essential Utilities Inc.		5,985,561		243,612,333


Security	Shares		Value

Wireless Telecommunication Services — 0.1%
Telephone & Data Systems Inc.		2,712,205	$	45,456,556


Total Common Stocks — 99.6% (Cost: $44,199,302,320)				35,560,004,224


Short-Term Investments

Money Market Funds — 8.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		2,952,333,179		2,951,742,712
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		93,289,000		93,289,000

				3,045,031,712


Total Short-Term Investments — 8.5% (Cost: $3,045,368,376)				3,045,031,712


Total Investments in Securities — 108.1% (Cost: $47,244,670,696)				38,605,035,936

Other Assets, Less Liabilities — (8.1)%				(2,882,579,889	)


Net Assets — 100.0%			$	35,722,456,047

^(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.


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

Schedule of Investments

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.9%
AAR Corp.		29,178	$	518,201
Aerojet Rocketdyne Holdings Inc.^(a)(b)		60,556		2,533,057
Aerovironment Inc.^(a)		16,509		1,006,389
Air Industries Group^(a)(b)		7,343		7,784
Astronics Corp.^(a)(b)		21,394		196,397
Astrotech Corp.^(a)		1,452		3,775
Axon Enterprise Inc.^(a)		50,411		3,567,586
Boeing Co. (The)		456,039		68,013,656
BWX Technologies Inc.^(b)		83,015		4,043,661
CPI Aerostructures Inc.^(a)(b)		7,206		16,213
Cubic Corp.^(b)		23,640		976,568
Curtiss-Wright Corp.		37,272		3,444,305
Ducommun Inc.^(a)(b)		7,673		190,674
General Dynamics Corp.		198,236		26,228,605
HEICO Corp.^(b)		34,402		2,566,733
HEICO Corp., Class A		60,884		3,890,488
Hexcel Corp.		75,217		2,797,320
Howmet Aerospace Inc.		327,915		5,266,315
Huntington Ingalls Industries Inc.^(b)		35,884		6,538,424
Innovative Solutions & Support Inc.^(a)(b)		14,368		45,834
Kratos Defense & Security Solutions Inc.^(a)(b)		72,777		1,007,234
L3Harris Technologies Inc.		190,064		34,234,328
Lockheed Martin Corp.		211,277		71,612,339
Maxar Technologies Inc.^(a)		55,660		594,449
Mercury Systems Inc.^(a)(b)		45,700		3,260,238
MICT Inc.^(a)		4,533		3,400
Moog Inc., Class A		29,207		1,475,830
National Presto Industries Inc.		6,624		469,045
Northrop Grumman Corp.		133,394		40,358,355
Park Aerospace Corp.		15,268		192,377
Parsons Corp.^(a)		15,811		505,320
Raytheon Co.		237,527		31,151,666
Raytheon Technologies Corp., NVS		694,187		65,482,660
SIFCO Industries Inc.^(a)(b)		614		1,381
Spirit AeroSystems Holdings Inc., Class A		88,148		2,109,382
Teledyne Technologies Inc.^(a)		31,165		9,264,420
Textron Inc.		190,460		5,079,568
TransDigm Group Inc.		42,163		13,500,171
Triumph Group Inc.		34,815		235,349
Vectrus Inc.^(a)		7,690		318,443
Virgin Galactic Holdings Inc.^(a)(b)		68,347		1,010,169
Virtra Inc.^(a)		6,300		14,175

				413,732,284

Air Freight & Logistics — 0.5%
Air T Inc.^(a)(b)		379		4,794
Air Transport Services Group Inc.^(a)(b)		46,228		845,048
Atlas Air Worldwide Holdings Inc.^(a)(b)		22,034		565,613
CH Robinson Worldwide Inc.		112,840		7,470,008
Echo Global Logistics Inc.^(a)(b)		21,774		371,900
Expeditors International of Washington Inc.		144,686		9,653,450
FedEx Corp.		203,425		24,667,315
Forward Air Corp.		23,183		1,174,219
Hub Group Inc., Class A^(a)		29,502		1,341,456
Radiant Logistics Inc.^(a)(b)		23,401		90,562
United Parcel Service Inc., Class B		598,123		55,876,651
XPO Logistics Inc.^(a)(b)		76,313		3,720,259

				105,781,275


Security	Shares		Value

Airlines — 0.2%
Alaska Air Group Inc.		104,931	$	2,987,385
Allegiant Travel Co.		9,650		789,370
American Airlines Group Inc.		330,282		4,026,138
Delta Air Lines Inc.		485,932		13,863,640
Hawaiian Holdings Inc.		45,219		472,086
JetBlue Airways Corp.^(a)		255,123		2,283,351
Mesa Air Group Inc.^(a)(b)		51,111		168,155
SkyWest Inc.		45,557		1,193,138
Southwest Airlines Co.		400,085		14,247,027
Spirit Airlines Inc.^(a)(b)		58,858		758,680
United Airlines Holdings Inc.^(a)(b)		186,563		5,886,063

				46,675,033

Auto Components — 0.2%
Adient PLC^(a)		72,204		654,890
American Axle & Manufacturing Holdings Inc.^(a)(b)		88,889		320,889
Aptiv PLC		214,694		10,571,533
Autoliv Inc.		68,253		3,140,321
BorgWarner Inc.		174,288		4,247,399
Cooper Tire & Rubber Co.		44,951		732,701
Cooper-Standard Holdings Inc.^(a)(b)		12,730		130,737
Dana Inc.		125,201		977,820
Delphi Technologies PLC^(a)		74,603		600,554
Dorman Products Inc.^(a)		22,909		1,266,180
Fox Factory Holding Corp.^(a)(b)		32,404		1,360,968
Garrett Motion Inc.^(a)		60,795		173,874
Gentex Corp.		210,541		4,665,589
Gentherm Inc.^(a)		24,774		777,904
Goodyear Tire & Rubber Co. (The)		203,683		1,185,435
Horizon Global Corp.^(a)(b)		38,807		72,569
LCI Industries		22,092		1,476,408
Lear Corp.		45,891		3,728,644
Modine Manufacturing Co.^(a)(b)		59,048		191,906
Motorcar Parts of America Inc.^(a)(b)		28,868		363,160
Shiloh Industries Inc.^(a)(b)		7,612		9,515
Standard Motor Products Inc.		20,471		850,980
Stoneridge Inc.^(a)(b)		22,311		373,709
Strattec Security Corp.		16,507		238,856
Superior Industries International Inc.		58,976		70,771
Sypris Solutions Inc.^(a)(b)		15,121		9,299
Tenneco Inc., Class A		36,265		130,554
Unique Fabricating Inc.		714		1,671
Veoneer Inc.^(a)(b)		87,632		641,466
Visteon Corp.^(a)(b)		21,649		1,038,719
Workhorse Group Inc.^(a)(b)		29,814		53,963
XPEL Inc.^(a)(b)		23,159		232,053

				40,291,037

Automobiles — 0.5%
Arcimoto Inc.^(a)(b)		12,488		14,361
Ford Motor Co.		3,305,402		15,965,092
General Motors Co.		1,066,907		22,170,328
Harley-Davidson Inc.		127,456		2,412,742
Tesla Inc.^(a)(b)		121,667		63,753,508
Thor Industries Inc.		46,907		1,978,537
Winnebago Industries Inc.		24,124		670,888

				106,965,456

Banks — 4.3%
1st Constitution Bancorp.		6,837		90,590
1st Source Corp.		14,402		467,057
ACNB Corp.		6,831		204,930

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Allegiance Bancshares Inc.^(b)		16,009	$	385,977
Amalgamated Bank, Class A		28,908		312,785
Amerant Bancorp Inc.^(a)(b)		24,662		379,548
American National Bankshares Inc.		15,969		381,659
American River Bankshares		6,900		59,478
Ameris Bancorp		47,216		1,121,852
AmeriServ Financial Inc.		14,825		38,842
Ames National Corp.		7,544		154,275
Arrow Financial Corp.		8,881		247,513
Associated Banc-Corp.		135,897		1,738,123
Atlantic Capital Bancshares Inc.^(a)		7,210		85,583
Atlantic Union Bankshares Corp.		68,290		1,495,551
Auburn National Bancorp. Inc.		595		23,330
Banc of California Inc.		44,159		353,272
BancFirst Corp.		14,632		488,270
Bancorp. Inc. (The)^(a)(b)		29,827		181,050
BancorpSouth Bank		85,408		1,615,919
Bank First Corp.		7,503		420,168
Bank of America Corp.		6,896,706		146,417,068
Bank of Commerce Holdings		8,196		64,503
Bank of Hawaii Corp.		36,839		2,034,986
Bank of Marin Bancorp.		13,418		402,540
Bank of Princeton (The)		14,882		346,006
Bank of South Carolina Corp.		960		14,400
Bank of the James Financial Group Inc.		775		6,588
Bank OZK		97,570		1,629,419
Bank7 Corp.		2,920		23,185
BankFinancial Corp.		29		255
BankUnited Inc.		91,414		1,709,442
Bankwell Financial Group Inc.		6,791		103,631
Banner Corp.		19,279		636,978
Bar Harbor Bankshares		14,292		246,966
Baycom Corp.^(a)(b)		21,588		260,135
BCB Bancorp. Inc.		7,567		80,589
Berkshire Hills Bancorp. Inc.		42,544		632,204
BOK Financial Corp.		25,010		1,064,426
Boston Private Financial Holdings Inc.		41,027		293,343
Bridge Bancorp. Inc.		7,592		160,647
Brookline Bancorp. Inc.		34,424		388,303
Bryn Mawr Bank Corp.		15,267		433,277
Business First Bancshares Inc.		20,136		271,836
Byline Bancorp Inc.		24,195		250,902
C&F Financial Corp.		704		28,090
Cadence Bancorp		101,899		667,438
Cambridge Bancorp		6,287		326,924
Camden National Corp.		8,072		253,864
Capital Bancorp Inc./MD^(a)(b)		36,720		459,734
Capital City Bank Group Inc.		7,704		155,004
Capstar Financial Holdings Inc.		30,152		298,203
Carolina Financial Corp.		19,142		495,204
Carter Bank & Trust		9,303		85,402
Cathay General Bancorp.		60,136		1,380,121
CB Financial Services Inc.		829		16,008
CBTX Inc.		14,994		266,443
CenterState Bank Corp.^(b)		97,427		1,678,667
Central Pacific Financial Corp.		9,084		144,436
Central Valley Community Bancorp.		7,497		97,761
Century Bancorp. Inc./MA, Class A, NVS		787		48,983
Chemung Financial Corp.		774		25,527
CIT Group Inc.		81,786		1,411,626


Security	Shares		Value

Banks (continued)
Citigroup Inc.		1,860,364	$	78,358,532
Citizens & Northern Corp.		8,162		163,240
Citizens Community Bancorp. Inc./WI^(b)		799		5,154
Citizens Financial Group Inc.		386,520		7,270,441
Citizens Holding Co.		828		16,659
City Holding Co.		11,902		791,840
Civista Bancshares Inc.		7,716		115,431
CNB Financial Corp./PA		8,295		156,527
Coastal Financial Corp./WA^(a)(b)		32,065		337,003
Codorus Valley Bancorp. Inc.		7,683		123,696
Colony Bankcorp Inc.		6,844		85,550
Columbia Banking System Inc.		49,678		1,331,370
Comerica Inc.		128,770		3,778,112
Commerce Bancshares Inc.^(b)		93,333		4,699,317
Community Bank System Inc.^(b)		34,800		2,046,240
Community Bankers Trust Corp.		15,926		77,241
Community Financial Corp. (The)		880		19,448
Community First Bancshares Inc./GA^(a)(b)		2,609		17,924
Community Trust Bancorp. Inc.		14,741		468,616
Community West Bancshares		6,850		41,717
ConnectOne Bancorp. Inc.^(b)		28,039		376,844
County Bancorp. Inc.^(b)		862		15,947
CrossFirst Bankshares Inc.^(a)(b)		36,139		303,568
Cullen/Frost Bankers Inc.		51,821		2,891,094
Customers Bancorp. Inc.^(a)		20,396		222,928
CVB Financial Corp.		129,001		2,586,470
Dime Community Bancshares Inc.		52,241		716,224
Eagle Bancorp. Inc.		22,182		670,118
Eagle Bancorp. Montana Inc.		850		13,779
East West Bancorp. Inc.		119,457		3,074,823
Emclaire Financial Corp.		214		4,973
Enterprise Bancorp. Inc./MA		6,953		187,661
Enterprise Financial Services Corp.		15,196		424,120
Equity Bancshares Inc., Class A^(a)		7,707		132,946
Esquire Financial Holdings Inc.^(a)		22,519		338,911
Evans Bancorp. Inc.		793		19,278
Farmers & Merchants Bancorp. Inc./Archbold OH		16,844		436,428
Farmers National Banc Corp.		14,884		173,101
Fauquier Bankshares Inc.		831		11,219
FB Financial Corp.		14,483		285,605
Fidelity D&D Bancorp. Inc.		6,967		355,456
Fifth Third Bancorp		615,533		9,140,665
Financial Institutions Inc.		8,352		151,505
First Bancorp. Inc./ME		7,614		167,508
First Bancorp./Puerto Rico		144,865		770,682
First Bancorp./Southern Pines NC		16,228		374,542
First Bancshares Inc. (The)^(b)		6,675		127,292
First Bank/Hamilton NJ^(b)		7,272		50,468
First Busey Corp.		35,788		612,333
First Business Financial Services Inc.		7,358		114,049
First Capital Inc.		627		37,557
First Choice Bancorp		21,795		327,143
First Citizens BancShares Inc./NC, Class A		7,448		2,479,216
First Commonwealth Financial Corp.		43,630		398,778
First Community Bankshares Inc.		14,371		334,844
First Community Corp./SC		6,879		108,138
First Financial Bancorp		66,509		991,649
First Financial Bankshares Inc.		112,030		3,006,885
First Financial Corp./IN		8,783		296,163
First Financial Northwest Inc.		7,608		76,384

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
First Foundation Inc.		21,353	$	218,228
First Guaranty Bancshares Inc.		19,811		285,873
First Hawaiian Inc.		110,598		1,828,185
First Horizon National Corp.		261,314		2,106,191
First Internet Bancorp.		843		13,842
First Interstate BancSystem Inc., Class A		29,024		837,052
First Merchants Corp.		43,691		1,157,375
First Mid Bancshares Inc.		279		6,623
First Midwest Bancorp. Inc.		83,714		1,107,955
First National Corp./VA^(b)		3,235		48,525
First Northwest Bancorp		8,283		90,036
First of Long Island Corp. (The)		21,546		373,823
First Republic Bank/CA		134,247		11,045,843
First Savings Financial Group Inc.		214		8,335
First U.S. Bancshares Inc.		6,768		41,556
First United Corp.		7,000		100,030
First Western Financial Inc.^(a)(b)		29,733		396,936
Flushing Financial Corp.		22,431		299,678
FNB Corp.		309,071		2,277,853
FNCB Bancorp Inc.		62,189		429,726
Franklin Financial Network Inc.^(b)		14,486		295,370
Franklin Financial Services Corp.		883		24,238
Fulton Financial Corp.		136,195		1,564,881
FVCBankcorp Inc.^(a)(b)		26,799		356,963
German American Bancorp. Inc.		15,021		412,326
Glacier Bancorp. Inc.		73,372		2,495,015
Glen Burnie Bancorp		598		4,664
Great Southern Bancorp. Inc.		7,561		305,464
Great Western Bancorp. Inc.		30,924		633,324
Guaranty Bancshares Inc./TX		15,508		358,855
Hancock Whitney Corp.		79,662		1,555,002
Hanmi Financial Corp.		14,565		158,030
Harborone Bancorp Inc.^(a)(b)		55,009		414,218
Hawthorn Bancshares Inc.		7,090		130,102
HBT Financial Inc.		7,482		78,785
Heartland Financial USA Inc.		24,565		741,863
Heritage Commerce Corp.		15,333		117,604
Heritage Financial Corp./WA		22,192		443,840
Hilltop Holdings Inc.		60,920		921,110
Home BancShares Inc./AR		127,904		1,533,569
HomeTrust Bancshares Inc.		14,728		234,470
Hope Bancorp Inc.		83,765		688,548
Horizon Bancorp Inc./IN		21,862		215,559
Howard Bancorp. Inc.^(a)(b)		1,401		15,215
Huntington Bancshares Inc./OH		912,816		7,494,219
IBERIABANK Corp.		51,821		1,873,847
Independent Bank Corp.		24,450		1,573,846
Independent Bank Corp./MI		15,842		203,887
Independent Bank Group Inc.		31,180		738,342
International Bancshares Corp.		45,009		1,209,842
Investar Holding Corp.		6,880		87,858
Investors Bancorp. Inc.		210,530		1,682,135
JPMorgan Chase & Co.		2,674,044		240,744,181
KeyCorp.		878,336		9,108,344
Lakeland Bancorp. Inc.		30,742		332,321
Lakeland Financial Corp.		22,131		813,314
Landmark Bancorp. Inc./Manhattan KS		781		15,932
LCNB Corp.		7,404		93,290
Level One Bancorp. Inc.		20,081		361,458
Limestone Bancorp. Inc.^(a)(b)		457		5,091


Security	Shares		Value

Banks (continued)
Live Oak Bancshares Inc.^(b)		31,651	$	394,688
M&T Bank Corp.		115,358		11,931,478
Macatawa Bank Corp.		22,300		158,776
Mackinac Financial Corp.		764		7,984
MainStreet Bancshares Inc.^(a)(b)		1,804		30,235
Malvern Bancorp. Inc.^(a)(b)		6,817		83,508
Mercantile Bank Corp.		14,438		305,652
Meridian Corp.^(a)		1,164		15,924
Metropolitan Bank Holding Corp.^(a)		13,343		359,327
Mid Penn Bancorp. Inc.		790		15,998
Middlefield Banc Corp.		538		8,506
Midland States Bancorp. Inc.		20,172		352,808
MidWestOne Financial Group Inc.		7,216		151,103
MutualFirst Financial Inc.		6,848		193,114
MVB Financial Corp.		30,403		387,638
National Bank Holdings Corp., Class A		22,819		545,374
National Bankshares Inc.		7,219		230,286
NBT Bancorp. Inc.		24,473		792,680
Nicolet Bankshares Inc.^(a)(b)		7,193		392,594
Northeast Bank^(a)		1,049		12,231
Northrim Bancorp. Inc.		6,851		184,977
Norwood Financial Corp.		1,117		29,824
Oak Valley Bancorp.		6,820		107,347
OFG Bancorp.		36,448		407,489
Ohio Valley Banc Corp.		781		23,414
Old National Bancorp./IN		128,716		1,697,764
Old Point Financial Corp.		766		11,582
Old Second Bancorp. Inc.		22,765		157,306
Opus Bank		15,503		268,667
Origin Bancorp Inc.		14,118		285,889
Orrstown Financial Services Inc.		7,644		105,258
Pacific Mercantile Bancorp.^(a)(b)		8,270		38,952
Pacific Premier Bancorp. Inc.		41,444		780,805
PacWest Bancorp.		107,762		1,931,095
Park National Corp.		9,227		716,384
Parke Bancorp. Inc.		8,044		108,514
Pathfinder Bancorp. Inc.		713		7,629
Patriot National Bancorp Inc.		59		361
PCB Bancorp.		29,873		292,158
Peapack Gladstone Financial Corp.		8,394		150,672
Penns Woods Bancorp. Inc.		9,580		232,794
Peoples Bancorp. Inc./OH		15,025		332,804
Peoples Bancorp. of North Carolina Inc.		893		18,181
Peoples Financial Services Corp.		6,869		272,974
People’s United Financial Inc.		375,793		4,152,513
People’s Utah Bancorp.		2,323		44,997
Pinnacle Financial Partners Inc.^(b)		66,583		2,499,526
Plumas Bancorp.		6,657		123,155
PNC Financial Services Group Inc. (The)		378,079		36,189,722
Popular Inc.		89,454		3,130,890
Preferred Bank/Los Angeles CA		8,025		271,406
Premier Financial Bancorp. Inc.		8,037		99,659
Prosperity Bancshares Inc.		78,092		3,767,939
QCR Holdings Inc.		8,097		219,186
RBB Bancorp.		22,775		312,473
Regions Financial Corp.		862,894		7,740,159
Reliant Bancorp Inc.		21,394		241,110
Renasant Corp.		45,089		984,744
Republic Bancorp. Inc./KY, Class A		7,421		245,116
Republic First Bancorp. Inc.^(a)		29,260		64,079

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Richmond Mutual Bancorp. Inc.^(a)		36,720	$	374,544
Riverview Financial Corp.		6,713		43,433
S&T Bancorp. Inc.		20,643		563,967
Salisbury Bancorp. Inc.		207		6,417
Sandy Spring Bancorp. Inc.		28,703		649,836
SB Financial Group Inc.		865		9,619
SB One Bancorp.		754		12,818
Seacoast Banking Corp. of Florida^(a)		38,063		696,934
Select Bancorp. Inc.^(a)(b)		7,413		56,561
ServisFirst Bancshares Inc.		36,078		1,057,807
Shore Bancshares Inc.		8,335		90,435
Sierra Bancorp.		7,745		136,157
Signature Bank/New York NY		47,472		3,816,274
Simmons First National Corp., Class A		85,481		1,572,850
SmartFinancial Inc.		6,954		105,770
Sound Financial Bancorp. Inc.		260		5,548
South Plains Financial Inc.		2,685		41,591
South State Corp.		30,175		1,772,178
Southern First Bancshares Inc.^(a)		6,766		191,951
Southern National Bancorp. of Virginia Inc.		14,573		143,398
Southside Bancshares Inc.		22,366		679,703
Southwest Georgia Financial Corp.		281		5,132
Spirit of Texas Bancshares Inc.^(a)		22,223		229,786
Sterling Bancorp./DE		173,281		1,810,786
Stock Yards Bancorp. Inc.		15,443		446,766
Summit Financial Group Inc.		7,488		158,820
Summit State Bank		868		6,935
SVB Financial Group^(a)(b)		44,284		6,690,427
Synovus Financial Corp.		128,005		2,247,768
TCF Financial Corp.		134,092		3,038,525
Texas Capital Bancshares Inc.^(a)		38,212		847,160
Tompkins Financial Corp.		8,179		587,252
TowneBank/Portsmouth VA		52,087		942,254
TriCo Bancshares		15,579		464,566
TriState Capital Holdings Inc.^(a)		15,669		151,519
Triumph Bancorp. Inc.^(a)		28,545		742,170
Truist Financial Corp.		1,142,755		35,242,564
Trustmark Corp.		54,693		1,274,347
U.S. Bancorp.		1,223,638		42,154,329
UMB Financial Corp.		36,802		1,706,877
Umpqua Holdings Corp.		180,047		1,962,512
Union Bankshares Inc./Morrisville VT		808		18,180
United Bancorp. Inc./OH		6,673		73,536
United Bancshares Inc./OH		679		11,034
United Bankshares Inc./WV		96,596		2,229,436
United Community Banks Inc./GA		36,095		660,899
United Security Bancshares/Fresno CA		8,339		53,370
Unity Bancorp. Inc.		6,828		79,888
Univest Financial Corp.		15,081		246,122
Valley National Bancorp.		357,232		2,611,366
Veritex Holdings Inc.		32,103		448,479
Village Bank and Trust Financial Corp.^(a)(b)		113		2,859
Washington Trust Bancorp. Inc.		14,167		517,946
Webster Financial Corp.		74,888		1,714,935
Wellesley Bank		267		7,874
Wells Fargo & Co.		3,283,914		94,248,332
WesBanco Inc.		50,573		1,198,580
West Bancorp. Inc.		14,394		235,342
Westamerica Bancorp.		18,144		1,066,504
Western Alliance Bancorp.		81,385		2,491,195


Security	Shares		Value

Banks (continued)
Wintrust Financial Corp.		44,277	$	1,454,942
Zions Bancorp. N.A.		157,396		4,211,917

				921,919,215

Beverages — 1.7%
Alkaline Water Co. Inc. (The)^(a)(b)		159,303		95,582
Boston Beer Co. Inc. (The), Class A, NVS^(a)(b)		7,535		2,769,565
Brown-Forman Corp., Class A		45,880		2,357,314
Brown-Forman Corp., Class B, NVS		155,389		8,625,643
Celsius Holdings Inc.^(a)(b)		122,760		516,820
Coca-Cola Co. (The)		3,284,911		145,357,312
Coca-Cola Consolidated Inc.^(b)		4,618		962,992
Constellation Brands Inc., Class A		141,515		20,287,590
Craft Brew Alliance Inc.^(a)(b)		7,564		112,704
Eastside Distilling Inc.^(a)(b)		6,889		7,991
Keurig Dr Pepper Inc.		227,512		5,521,716
MGP Ingredients Inc.^(b)		8,923		239,939
Molson Coors Beverage Co., Class B		157,188		6,131,904
Monster Beverage Corp.^(a)		330,796		18,610,583
National Beverage Corp.^(a)(b)		13,126		559,824
New Age Beverages Corp.^(a)(b)		88,332		122,781
PepsiCo Inc.		1,187,606		142,631,481
Primo Water Corp.		18,032		163,371
Reed’s Inc.^(a)(b)		7,683		3,649
Willamette Valley Vineyards Inc.^(a)(b)		794		3,811

				355,082,572

Biotechnology — 3.0%
89bio Inc.^(a)(b)		4,768		120,392
AbbVie Inc.		1,258,085		95,853,496
Abeona Therapeutics Inc.^(a)(b)		21,939		46,072
ACADIA Pharmaceuticals Inc.^(a)(b)		99,177		4,190,228
Acceleron Pharma Inc.^(a)(b)		37,000		3,325,190
Achieve Life Sciences Inc.^(a)(b)		1,892		618
Acorda Therapeutics Inc.^(a)(b)		36,894		34,407
Actinium Pharmaceuticals Inc.^(a)		30,010		5,822
Adamas Pharmaceuticals Inc.^(a)(b)		29,608		85,567
ADMA Biologics Inc.^(a)(b)		11,956		34,433
Aduro Biotech Inc.^(a)		21,633		59,274
Advaxis Inc.^(a)		1,169		620
Adverum Biotechnologies Inc.^(a)(b)		43,195		422,015
Aeglea BioTherapeutics Inc.^(a)		7,840		36,534
Agenus Inc.^(a)(b)		61,625		150,981
AgeX Therapeutics Inc.^(a)(b)		5,911		5,497
Agios Pharmaceuticals Inc.^(a)(b)		47,974		1,702,118
AIM ImmunoTech Inc.^(a)(b)		414		1,060
Aimmune Therapeutics Inc.^(a)(b)		31,633		456,148
Akcea Therapeutics Inc.^(a)(b)		14,270		204,061
Akebia Therapeutics Inc.^(a)		100,431		761,267
Akero Therapeutics Inc.^(a)		27,092		574,350
Albireo Pharma Inc.^(a)(b)		2,646		43,315
Aldeyra Therapeutics Inc.^(a)(b)		9,170		22,650
Alector Inc.^(a)(b)		22,973		554,338
Alexion Pharmaceuticals Inc.^(a)		187,702		16,853,763
Alkermes PLC^(a)(b)		130,064		1,875,523
Allakos Inc.^(a)(b)		20,882		929,040
Allena Pharmaceuticals Inc.^(a)(b)		65,631		63,170
Allogene Therapeutics Inc.^(a)(b)		35,905		697,993
Alnylam Pharmaceuticals Inc.^(a)(b)		94,461		10,282,080
Alpine Immune Sciences Inc.^(a)(b)		718		2,068
Altimmune Inc.^(a)(b)		120		385

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
AMAG Pharmaceuticals Inc.^(a)(b)		30,256	$	186,982
Amgen Inc.		505,479		102,475,758
Amicus Therapeutics Inc.^(a)(b)		187,213		1,729,848
AnaptysBio Inc.^(a)(b)		20,105		284,084
Anavex Life Sciences Corp.^(a)(b)		23,346		73,540
Anika Therapeutics Inc.^(a)(b)		14,207		410,724
Anixa Biosciences Inc.^(a)(b)		7,532		11,976
Apellis Pharmaceuticals Inc.^(a)(b)		43,124		1,155,292
Applied Genetic Technologies Corp./DE^(a)		7,781		25,522
Applied Therapeutics Inc.^(a)		3,092		101,077
Aprea Therapeutics Inc.^(a)(b)		5,364		186,453
Aptevo Therapeutics Inc.^(a)		1,033		3,812
Aptinyx Inc.^(a)(b)		13,026		28,136
AquaBounty Technologies Inc.^(a)		234		381
Aravive Inc.^(a)(b)		1,635		9,418
ARCA biopharma Inc.^(a)		48		132
Arcturus Therapeutics Ltd.^(a)(b)		43,889		596,452
Arcus Biosciences Inc.^(a)(b)		38,814		538,738
Ardelyx Inc.^(a)(b)		14,884		84,616
Arena Pharmaceuticals Inc.^(a)(b)		38,629		1,622,418
Aridis Pharmaceuticals Inc.^(a)(b)		5,063		29,214
Armata Pharmaceuticals Inc.^(a)		5		16
Arrowhead Pharmaceuticals Inc.^(a)(b)		85,658		2,464,381
ArTara Therapeutics Inc.^(a)(b)		158		3,730
Assembly Biosciences Inc.^(a)		20,845		309,131
Atara Biotherapeutics Inc.^(a)(b)		49,582		421,943
Athenex Inc.^(a)(b)		41,844		323,873
Athersys Inc.^(a)(b)		67,822		203,466
Atossa Genetics Inc.^(a)		54		72
Atreca Inc., Class A^(a)(b)		42,761		707,695
aTyr Pharma Inc.^(a)		406		1,137
AVEO Pharmaceuticals Inc.^(a)		5,356		19,389
Avid Bioservices Inc.^(a)(b)		29,674		151,634
Avrobio Inc.^(a)(b)		34,617		538,641
AzurRx BioPharma Inc.^(a)		15,952		9,252
Bellicum Pharmaceuticals Inc.^(a)(b)		5,190		24,082
Biocept Inc.^(a)		1,893		502
BioCryst Pharmaceuticals Inc.^(a)(b)		75,217		150,434
Biogen Inc.^(a)		153,518		48,570,025
Biohaven Pharmaceutical Holding Co. Ltd.^(a)(b)		34,736		1,182,066
BioMarin Pharmaceutical Inc.^(a)(b)		149,181		12,605,794
Bio-Path Holdings Inc.^(a)(b)		260		1,170
BioSpecifics Technologies Corp.^(a)(b)		6,654		376,417
Bioxcel Therapeutics Inc.^(a)		6,956		155,467
Bluebird Bio Inc.^(a)(b)		46,497		2,137,002
Blueprint Medicines Corp.^(a)(b)		46,605		2,725,460
BrainStorm Cell Therapeutics Inc.^(a)(b)		15,117		70,143
Brickell Biotech Inc.^(a)		983		1,170
Bridgebio Pharma Inc.^(a)(b)		20,808		603,432
Cabaletta Bio Inc.^(a)(b)		5,968		43,566
Caladrius Biosciences Inc.^(a)(b)		6,591		11,864
Calithera Biosciences Inc.^(a)		21,888		97,183
Calyxt Inc.^(a)(b)		28,832		96,011
Cancer Genetics Inc.^(a)		257		709
Capricor Therapeutics Inc.^(a)		603		718
CareDx Inc.^(a)(b)		31,019		677,145
CASI Pharmaceuticals Inc.^(a)(b)		22,411		45,718
Castle Biosciences Inc.^(a)(b)		22,571		672,842
Catabasis Pharmaceutical Inc.^(a)		461		1,913
Catalyst Biosciences Inc.^(a)		45		197


Security	Shares		Value

Biotechnology (continued)
Catalyst Pharmaceuticals Inc.^(a)(b)		83,496	$	321,460
Celcuity Inc.^(a)(b)		23,916		155,454
Celldex Therapeutics Inc.^(a)(b)		6,061		10,061
Cellectar Biosciences Inc.^(a)		59		75
Cellular Biomedicine Group Inc.^(a)(b)		7,350		116,277
CEL-SCI Corp.^(a)(b)		12,497		144,215
Celsion Corp.^(a)		461		417
Checkpoint Therapeutics Inc.^(a)(b)		36,523		55,150
ChemoCentryx Inc.^(a)		33,436		1,343,458
Chimerix Inc.^(a)		61,071		87,942
Cidara Therapeutics Inc.^(a)(b)		8,063		19,996
Cleveland BioLabs Inc.^(a)		741		1,230
Clovis Oncology Inc.^(a)(b)		44,511		283,090
Cohbar Inc.^(a)(b)		157,290		179,311
Coherus Biosciences Inc.^(a)		45,180		732,820
Conatus Pharmaceuticals Inc.^(a)		14,186		4,399
Concert Pharmaceuticals Inc.^(a)		14,229		125,784
Constellation Pharmaceuticals Inc.^(a)(b)		8,198		257,663
ContraFect Corp.^(a)(b)		7,884		45,412
Corbus Pharmaceuticals Holdings Inc.^(a)(b)		59,399		311,251
Cortexyme Inc.^(a)(b)		596		27,184
Corvus Pharmaceuticals Inc.^(a)(b)		901		1,901
Crinetics Pharmaceuticals Inc.^(a)(b)		20,233		297,425
CTI BioPharma Corp.^(a)		15,202		13,986
Cue Biopharma Inc.^(a)(b)		144		2,043
Curis Inc.^(a)(b)		16,674		11,737
Cyclacel Pharmaceuticals Inc.^(a)		796		307
Cyclerion Therapeutics Inc.^(a)		13,390		35,484
Cytokinetics Inc.^(a)(b)		38,626		455,401
CytomX Therapeutics Inc.^(a)		39,218		300,802
Deciphera Pharmaceuticals Inc.^(a)		13,592		559,583
Denali Therapeutics Inc.^(a)(b)		55,129		965,309
DiaMedica Therapeutics Inc.^(a)		7,277		20,376
Dicerna Pharmaceuticals Inc.^(a)(b)		45,856		842,375
Dyadic International Inc.^(a)(b)		2,880		14,976
Dynavax Technologies Corp.^(a)(b)		44,455		156,926
Eagle Pharmaceuticals Inc./DE^(a)(b)		5,447		250,562
Editas Medicine Inc.^(a)(b)		39,427		781,837
Eidos Therapeutics Inc.^(a)(b)		4,686		229,567
Eiger BioPharmaceuticals Inc.^(a)		8,729		59,357
Emergent BioSolutions Inc.^(a)		36,082		2,087,705
Enanta Pharmaceuticals Inc.^(a)		12,875		662,161
Enochian Biosciences Inc.^(a)(b)		68,273		204,819
Epizyme Inc.^(a)(b)		59,747		926,676
Equillium Inc.^(a)(b)		4,269		11,569
Esperion Therapeutics Inc.^(a)(b)		20,957		660,774
Evelo Biosciences Inc.^(a)(b)		58,669		220,302
Exact Sciences Corp.^(a)		119,374		6,923,692
Exelixis Inc.^(a)		247,693		4,265,273
Exicure Inc.^(a)(b)		179,143		265,132
Fate Therapeutics Inc.^(a)(b)		58,832		1,306,659
FibroGen Inc.^(a)(b)		61,725		2,144,944
Five Prime Therapeutics Inc.^(a)		22,248		50,503
Flexion Therapeutics Inc.^(a)(b)		17,616		138,638
Fortress Biotech Inc.^(a)(b)		82,822		156,534
Forty Seven Inc.^(a)		28,273		2,697,810
Frequency Therapeutics Inc.^(a)(b)		5,178		92,220
G1 Therapeutics Inc.^(a)(b)		20,286		223,552
Galectin Therapeutics Inc.^(a)(b)		23,296		45,660
Galera Therapeutics Inc.^(a)		4,602		43,719

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Genocea Biosciences Inc.^(a)		1,549	$	2,664
GenVec Inc.^(c)		437		0	^(d)
Geron Corp.^(a)(b)		127,530		151,761
Gilead Sciences Inc.		1,081,098		80,822,886
Global Blood Therapeutics Inc.^(a)(b)		49,943		2,551,588
GlycoMimetics Inc.^(a)		35,559		81,075
Gossamer Bio Inc.^(a)		24,059		244,199
Gritstone Oncology Inc.^(a)(b)		44,731		260,334
Halozyme Therapeutics Inc.^(a)(b)		128,605		2,313,604
Harpoon Therapeutics Inc.^(a)		5,614		65,010
Heat Biologics Inc.^(a)(b)		407		232
Heron Therapeutics Inc.^(a)(b)		68,084		799,306
Homology Medicines Inc.^(a)(b)		20,648		320,870
Hookipa Pharma Inc.^(a)		5,331		43,981
iBio Inc.^(a)(b)		7,039		7,461
Ideaya Biosciences Inc.^(a)(b)		4,736		19,512
Idera Pharmaceuticals Inc.^(a)(b)		9,158		12,089
IGM Biosciences Inc.^(a)(b)		9,856		553,414
Immucell Corp.^(a)(b)		736		2,789
Immunic Inc.^(a)(b)		318		1,898
ImmunoGen Inc.^(a)		134,375		458,219
Immunomedics Inc.^(a)(b)		144,741		1,951,109
Incyte Corp.^(a)		148,179		10,851,148
Infinity Pharmaceuticals Inc.^(a)		36,907		30,917
Inmune Bio Inc.^(a)(b)		2,627		8,643
Inovio Pharmaceuticals Inc.^(a)(b)		99,318		738,926
Insmed Inc.^(a)		74,066		1,187,278
Intellia Therapeutics Inc.^(a)(b)		14,992		183,352
Intercept Pharmaceuticals Inc.^(a)(b)		20,411		1,285,077
Invitae Corp.^(a)(b)		69,012		943,394
Ionis Pharmaceuticals Inc.^(a)(b)		109,256		5,165,624
Iovance Biotherapeutics Inc.^(a)(b)		98,588		2,951,232
Ironwood Pharmaceuticals Inc.^(a)		128,890		1,300,500
IsoRay Inc.^(a)(b)		51,949		27,533
IVERIC bio Inc.^(a)(b)		22,803		78,442
Jounce Therapeutics Inc.^(a)(b)		16,487		78,313
Kadmon Holdings Inc.^(a)		165,276		692,506
KalVista Pharmaceuticals Inc.^(a)		7,339		56,143
Karuna Therapeutics Inc.^(a)(b)		7,800		561,600
Karyopharm Therapeutics Inc.^(a)(b)		60,898		1,169,851
Kezar Life Sciences Inc.^(a)		27,557		120,149
Kindred Biosciences Inc.^(a)(b)		14,202		56,808
Kiniksa Pharmaceuticals Ltd., Class A^(a)(b)		27,921		432,217
Kodiak Sciences Inc.^(a)(b)		20,878		995,881
Krystal Biotech Inc.^(a)(b)		10,259		443,599
Kura Oncology Inc.^(a)		24,738		246,143
La Jolla Pharmaceutical Co.^(a)		14,558		61,144
Lexicon Pharmaceuticals Inc.^(a)(b)		25,240		49,218
Ligand Pharmaceuticals Inc.^(a)(b)		15,499		1,127,087
Lineage Cell Therapeutics Inc.^(a)(b)		57,484		47,603
LogicBio Therapeutics Inc.^(a)(b)		5,624		27,783
Lumos Pharma Inc.^(a)(b)		2,358		20,043
MacroGenics Inc.^(a)(b)		35,466		206,412
Madrigal Pharmaceuticals Inc.^(a)(b)		7,030		469,323
Magenta Therapeutics Inc.^(a)(b)		16,578		104,110
MannKind Corp.^(a)(b)		80,561		82,978
Marker Therapeutics Inc.^(a)(b)		87,598		166,436
Matinas BioPharma Holdings Inc.^(a)(b)		201,311		120,827
MediciNova Inc.^(a)		25,127		93,472
MEI Pharma Inc.^(a)		22,586		36,363


Security	Shares		Value

Biotechnology (continued)
Merrimack Pharmaceuticals Inc.		8,361	$	17,976
Mersana Therapeutics Inc.^(a)(b)		89,977		524,566
Millendo Therapeutics Inc.^(a)		1,337		7,059
Minerva Neurosciences Inc.^(a)(b)		14,334		86,291
Miragen Therapeutics Inc.^(a)(b)		119		53
Mirati Therapeutics Inc.^(a)(b)		28,887		2,220,544
Mirum Pharmaceuticals Inc.^(a)		4,557		63,798
Moderna Inc.^(a)(b)		174,061		5,213,127
Molecular Templates Inc.^(a)(b)		6,192		82,292
Moleculin Biotech Inc.^(a)		35,591		21,696
Momenta Pharmaceuticals Inc.^(a)		96,769		2,632,117
Morphic Holding Inc.^(a)		29,083		426,938
Mustang Bio Inc.^(a)(b)		82,424		220,896
Myriad Genetics Inc.^(a)(b)		61,589		881,339
NanoViricides Inc.^(a)(b)		1,651		9,477
NantKwest Inc.^(a)(b)		23,097		66,519
Natera Inc.^(a)		47,345		1,413,722
Navidea Biopharmaceuticals Inc.^(a)		5,914		4,504
Neoleukin Therapeutics Inc.^(a)		7,526		85,646
Neon Therapeutics Inc.^(a)(b)		13,406		35,392
NeuBase Therapeutics Inc.^(a)(b)		784		5,582
Neurocrine Biosciences Inc.^(a)		77,126		6,675,255
NextCure Inc.^(a)(b)		13,120		486,358
Novavax Inc.^(a)(b)		15,670		212,799
Ocugen Inc.^(a)(b)		112		31
Oncocyte Corp.^(a)(b)		693		1,698
OncoSec Medical Inc.^(a)(b)		1,207		1,533
Oncternal Therapeutics Inc.^(b)(c)		722		1,480
Oncternal Therapeutics Inc.^(a)		722		2,115
OpGen Inc.^(a)		1		3
OPKO Health Inc.^(a)(b)		322,966		432,774
Oragenics Inc.^(a)		854		495
Organogenesis Holdings Inc.^(a)		50,947		164,559
Organovo Holdings Inc.^(a)(b)		68,331		28,016
Orgenesis Inc.^(a)(b)		10,225		38,855
Ovid therapeutics Inc.^(a)(b)		23,900		71,222
Oyster Point Pharma Inc.^(a)(b)		4,611		161,385
Palatin Technologies Inc.^(a)(b)		113,955		48,271
PDL BioPharma Inc.^(a)(b)		136,246		384,214
PDS Biotechnology Corp.^(a)		277		202
Pfenex Inc.^(a)(b)		14,404		127,043
PhaseBio Pharmaceuticals Inc.^(a)		38,703		128,107
Phio Pharmaceuticals Corp.^(a)		7		12
Pieris Pharmaceuticals Inc.^(a)(b)		91,156		207,836
Plus Therapeutics Inc.^(a)		9		17
PolarityTE Inc.^(a)		16,927		18,281
Portola Pharmaceuticals Inc.^(a)(b)		53,669		382,660
PRECIGEN Inc.^(a)(b)		89,022		302,675
Precision BioSciences Inc.^(a)(b)		6,964		41,993
Prevail Therapeutics Inc.^(a)(b)		42,333		516,039
Principia Biopharma Inc.^(a)		13,553		804,777
Progenics Pharmaceuticals Inc.^(a)		42,882		162,952
Protagonist Therapeutics Inc.^(a)(b)		34,689		244,904
Proteostasis Therapeutics Inc.^(a)(b)		6,675		7,610
Prothena Corp. PLC^(a)		36,885		394,669
PTC Therapeutics Inc.^(a)		52,455		2,340,018
Puma Biotechnology Inc.^(a)(b)		23,401		197,504
Ra Pharmaceuticals Inc.^(a)		30,661		1,472,035
Radius Health Inc.^(a)		36,618		476,034
Rapt Therapeutics Inc.^(a)		2,338		49,729

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Regeneron Pharmaceuticals Inc.^(a)		68,255	$	33,328,234
REGENXBIO Inc.^(a)(b)		28,247		914,638
Regulus Therapeutics Inc.^(a)		1,182		545
Replimune Group Inc.^(a)		43,440		433,097
Retrophin Inc.^(a)(b)		27,419		400,043
Rexahn Pharmaceuticals Inc.^(a)(b)		1,064		1,915
Rhythm Pharmaceuticals Inc.^(a)		17,372		264,402
Rigel Pharmaceuticals Inc.^(a)(b)		57,015		88,943
Rocket Pharmaceuticals Inc.^(a)(b)		21,499		299,911
Rubius Therapeutics Inc.^(a)(b)		8,355		37,180
Sage Therapeutics Inc.^(a)		42,961		1,233,840
Salarius Pharmaceuticals Inc.^(a)(b)		802		546
Sangamo Therapeutics Inc.^(a)(b)		89,901		572,669
Sarepta Therapeutics Inc.^(a)(b)		58,528		5,725,209
Savara Inc.^(a)(b)		873		1,851
Scholar Rock Holding Corp.^(a)(b)		28,017		339,286
Seattle Genetics Inc.^(a)(b)		95,912		11,066,327
Selecta Biosciences Inc.^(a)(b)		225,920		544,467
SELLAS Life Sciences Group Inc.^(a)		2		3
Seneca Biopharma Inc.^(a)		97		64
Seres Therapeutics Inc.^(a)(b)		36,638		130,798
Sesen Bio Inc.^(a)(b)		34,947		19,591
Soleno Therapeutics Inc.^(a)		600		1,428
Solid Biosciences Inc.^(a)(b)		14,617		34,935
Soligenix Inc.^(a)(b)		13,654		22,939
Sorrento Therapeutics Inc.^(a)(b)		60,148		110,672
Spectrum Pharmaceuticals Inc.^(a)		90,625		211,156
Spero Therapeutics Inc.^(a)(b)		43,904		354,744
Spring Bank Pharmaceuticals Inc.^(a)(b)		45,482		42,298
SpringWorks Therapeutics Inc.^(a)(b)		7,674		207,198
Stemline Therapeutics Inc.^(a)(b)		24,798		120,022
Stoke Therapeutics Inc.^(a)(b)		21,190		485,251
Sunesis Pharmaceuticals Inc.^(a)(b)		8,116		3,367
Sutro Biopharma Inc.^(a)		46,710		476,442
Syndax Pharmaceuticals Inc.^(a)(b)		7,121		78,117
Synlogic Inc.^(a)(b)		458		788
Synthetic Biologics Inc.^(a)		1,090		350
Syros Pharmaceuticals Inc.^(a)		59,444		352,503
T2 Biosystems Inc.^(a)(b)		14,341		9,314
TCR2 Therapeutics Inc.^(a)(b)		29,905		231,465
Tenax Therapeutics Inc.^(a)		627		358
TG Therapeutics Inc.^(a)(b)		60,504		595,359
Tocagen Inc.^(a)(b)		45,152		55,085
Tonix Pharmaceuticals Holding Corp.^(a)		5		4
Tracon Pharmaceuticals Inc.^(a)		632		1,055
Translate Bio Inc.^(a)(b)		60,657		604,750
Trevena Inc.^(a)		23,289		13,203
Trovagene Inc.^(a)		188		190
Turning Point Therapeutics Inc.^(a)(b)		12,014		536,545
Twist Bioscience Corp.^(a)(b)		22,708		694,411
Tyme Technologies Inc.^(a)(b)		208,844		229,728
Ultragenyx Pharmaceutical Inc.^(a)(b)		44,505		1,977,357
United Therapeutics Corp.^(a)		36,936		3,502,456
UNITY Biotechnology Inc.^(a)(b)		73,204		424,583
Vaccinex Inc.^(a)(b)		2,566		10,264
Vanda Pharmaceuticals Inc.^(a)		53,495		554,208
Vaxart Inc.^(a)		1,830		3,239
VBI Vaccines Inc.^(a)(b)		248,221		235,810
Veracyte Inc.^(a)		38,524		936,518
Verastem Inc.^(a)		62,031		163,762


Security	Shares		Value

Biotechnology (continued)
Vericel Corp.^(a)(b)		32,119	$	294,531
Vertex Pharmaceuticals Inc.^(a)		218,734		52,047,755
Viela Bio Inc.^(a)(b)		6,986		265,468
Viking Therapeutics Inc.^(a)(b)		67,746		317,051
VistaGen Therapeutics Inc.^(a)(b)		34,481		15,172
Voyager Therapeutics Inc.^(a)		17,190		157,289
vTv Therapeutics Inc., Class A^(a)(b)		7,239		13,826
X4 Pharmaceuticals Inc.^(a)(b)		1,202		12,020
XBiotech Inc.^(a)		7,198		76,443
Xencor Inc.^(a)(b)		46,189		1,380,127
XOMA Corp.^(a)(b)		7,499		152,605
Yield10 Bioscience Inc.^(a)		7		26
Y-mAbs Therapeutics Inc.^(a)(b)		22,511		587,537
Zafgen Inc.^(a)(b)		15,126		11,647
ZIOPHARM Oncology Inc.^(a)(b)		110,030		269,573

				634,479,656

Building Products — 0.4%
AAON Inc.^(b)		31,876		1,540,248
Advanced Drainage Systems Inc.		45,184		1,330,217
Allegion PLC		81,557		7,504,875
Alpha Pro Tech Ltd.^(a)(b)		14,259		172,249
American Woodmark Corp.^(a)(b)		14,558		663,408
AO Smith Corp.		120,386		4,551,795
Apogee Enterprises Inc.		22,666		471,906
Armstrong Flooring Inc.^(a)		21,711		31,047
Armstrong World Industries Inc.		44,255		3,514,732
Builders FirstSource Inc.^(a)(b)		99,649		1,218,707
Continental Materials Corp.^(a)		77		693
Cornerstone Building Brands Inc.^(a)		29,919		136,431
CSW Industrials Inc.		14,232		922,945
Fortune Brands Home & Security Inc.		119,110		5,151,507
Gibraltar Industries Inc.^(a)		23,100		991,452
Griffon Corp.		30,127		381,107
Insteel Industries Inc.		22,985		304,551
JELD-WEN Holding Inc.^(a)		61,172		595,204
Jewett-Cameron Trading Co. Ltd.^(a)		566		3,062
Johnson Controls International PLC		674,052		18,172,442
Lennox International Inc.		30,394		5,525,325
Masco Corp.		245,522		8,487,695
Masonite International Corp.^(a)		22,742		1,079,108
Owens Corning		89,636		3,478,773
Patrick Industries Inc.		21,285		599,386
PGT Innovations Inc.^(a)		61,639		517,151
Quanex Building Products Corp.		29,311		295,455
Resideo Technologies Inc.^(a)(b)		102,959		498,322
Simpson Manufacturing Co. Inc.		31,749		1,967,803
Tecogen Inc.^(a)(b)		7,482		6,958
Trane Technologies PLC		203,747		16,827,465
Trex Co. Inc.^(a)(b)		49,838		3,994,017
Universal Forest Products Inc.		53,927		2,005,545

				92,941,581

Capital Markets — 2.7%
Affiliated Managers Group Inc.		40,449		2,392,154
Ameriprise Financial Inc.		111,743		11,451,423
Apollo Global Management Inc.		170,609		5,715,401
Ares Management Corp., Class A		58,182		1,799,569
Artisan Partners Asset Management Inc., Class A		43,085		925,897
Ashford Inc.^(a)(b)		329		1,892
Assetmark Financial Holdings Inc.^(a)(b)		18,253		372,179

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Associated Capital Group Inc., Class A		1,422	$	43,513
B. Riley Financial Inc.		2,604		47,966
Bank of New York Mellon Corp. (The)		712,141		23,984,909
BGC Partners Inc., Class A		230,338		580,452
BlackRock Inc.^(e)		99,060		43,583,429
Blackstone Group Inc. (The), Class A		562,806		25,647,069
Blucora Inc.^(a)		44,059		530,911
BrightSphere Investment Group PLC^(a)		59,530		380,397
Calamos Asset Management Inc.^(a)(c)		4,841		0	^(d)
Cboe Global Markets Inc.		95,979		8,566,126
Charles Schwab Corp. (The)		977,617		32,867,483
CME Group Inc.^(b)		304,003		52,565,159
Cohen & Co. Inc.		735		2,440
Cohen & Steers Inc.		23,315		1,059,667
Cowen Inc., Class A^(b)		21,928		211,824
Diamond Hill Investment Group Inc.		627		56,580
Donnelley Financial Solutions Inc.^(a)		22,180		116,889
E*TRADE Financial Corp.		190,460		6,536,587
Eaton Vance Corp., NVS		92,670		2,988,607
Evercore Inc., Class A		36,385		1,675,893
FactSet Research Systems Inc.		31,807		8,291,449
Federated Hermes Inc.		75,889		1,445,685
Focus Financial Partners Inc., Class A^(a)(b)		19,794		455,460
Franklin Resources Inc.		232,795		3,885,348
GAIN Capital Holdings Inc.		21,841		121,873
GAMCO Investors Inc., Class A		6,497		71,402
Goldman Sachs Group Inc. (The)		270,375		41,797,271
Great Elm Capital Group Inc.^(a)(b)		5,167		9,611
Greenhill & Co. Inc.		22,714		223,506
Hamilton Lane Inc., Class A		22,365		1,237,008
Hennessy Advisors Inc.		4,118		30,144
Houlihan Lokey Inc.^(b)		32,490		1,693,379
Interactive Brokers Group Inc., Class A^(b)		66,595		2,874,906
Intercontinental Exchange Inc.		475,240		38,375,630
INTL. FCStone Inc.^(a)(b)		14,314		519,026
Invesco Ltd.		332,652		3,020,480
Janus Henderson Group PLC		128,287		1,965,357
KKR & Co. Inc., Class A, NVS		463,657		10,882,030
Lazard Ltd., Class A		95,600		2,252,336
Legg Mason Inc.		68,460		3,344,271
LPL Financial Holdings Inc.		72,069		3,922,716
Manning & Napier Inc.		14,333		17,916
MarketAxess Holdings Inc.		31,699		10,542,136
Medley Management Inc., Class A^(b)		4,829		3,282
Moelis & Co., Class A		50,495		1,418,909
Moody’s Corp.		137,500		29,081,250
Morgan Stanley		989,357		33,638,138
Morningstar Inc.		15,057		1,750,376
MSCI Inc.^(b)		72,542		20,961,736
Nasdaq Inc.		98,951		9,395,397
National Holdings Corp.^(a)		7,435		11,599
Northern Trust Corp.		182,304		13,756,660
Oppenheimer Holdings Inc., Class A, NVS		7,630		150,769
Piper Sandler Cos		14,279		722,089
PJT Partners Inc., Class A^(b)		14,739		639,525
Pzena Investment Management Inc., Class A		14,276		63,671
Raymond James Financial Inc.		104,633		6,612,806
S&P Global Inc.		208,497		51,092,190
Safeguard Scientifics Inc.		9,536		52,925
Sculptor Capital Management Inc.		21,761		294,644


Security	Shares		Value

Capital Markets (continued)
SEI Investments Co.		104,641	$	4,849,064
Siebert Financial Corp.^(a)(b)		37,361		269,746
Silvercrest Asset Management Group Inc., Class A		6,923		65,491
State Street Corp.		314,149		16,734,717
Stifel Financial Corp.		59,776		2,467,553
T Rowe Price Group Inc.		197,958		19,330,599
TD Ameritrade Holding Corp.		224,701		7,788,137
Tradeweb Markets Inc., Class A^(b)		53,755		2,259,860
U.S. Global Investors Inc., Class A, NVS		15,313		14,855
Value Line Inc.		194		6,276
Victory Capital Holdings Inc., Class A^(b)		36,749		601,214
Virtu Financial Inc., Class A		53,338		1,110,497
Virtus Investment Partners Inc.		6,824		519,375
Waddell & Reed Financial Inc., Class A		70,081		797,522
Westwood Holdings Group Inc.		7,268		133,077
WisdomTree Investments Inc.		69,999		163,098

				587,840,403

Chemicals — 1.7%
Advanced Emissions Solutions Inc.		42,039		276,196
AdvanSix Inc.^(a)		23,150		220,851
AgroFresh Solutions Inc.^(a)(b)		21,955		36,006
Air Products & Chemicals Inc.		186,817		37,290,541
Albemarle Corp.^(b)		90,357		5,093,424
American Vanguard Corp.^(b)		21,926		317,050
Amyris Inc.^(a)(b)		20,631		52,815
Ashland Global Holdings Inc.		47,865		2,396,601
Axalta Coating Systems Ltd.^(a)		178,265		3,078,637
Balchem Corp.		29,532		2,915,399
Cabot Corp.		52,112		1,361,165
Celanese Corp.		106,251		7,797,761
CF Industries Holdings Inc.		186,816		5,081,395
Chase Corp.		7,209		593,229
Chemours Co. (The)		137,215		1,217,097
Core Molding Technologies Inc.^(a)		7,214		11,110
Corteva Inc.^(a)		635,923		14,944,191
Dow Inc.^(a)		634,832		18,562,488
DuPont de Nemours Inc.		629,709		21,473,077
Eastman Chemical Co.		116,629		5,432,579
Ecolab Inc.		213,162		33,217,034
Element Solutions Inc.^(a)(b)		173,419		1,449,783
Ferro Corp.^(a)		67,947		635,984
Flotek Industries Inc.^(a)(b)		44,440		39,552
FMC Corp.		112,036		9,152,221
FutureFuel Corp.		15,897		179,159
GCP Applied Technologies Inc.^(a)(b)		49,814		886,689
Hawkins Inc.		7,545		268,602
HB Fuller Co.		38,327		1,070,473
Huntsman Corp.		177,581		2,562,494
Ikonics Corp.^(a)(b)		237		751
Ingevity Corp.^(a)		36,854		1,297,261
Innospec Inc.		21,713		1,508,836
International Flavors & Fragrances Inc.^(b)		90,884		9,277,439
Intrepid Potash Inc.^(a)(b)		89,733		71,786
Koppers Holdings Inc.^(a)(b)		15,265		188,828
Kraton Corp.^(a)		23,259		188,398
Kronos Worldwide Inc.		17,378		146,670
Linde PLC		458,020		79,237,460
Livent Corp.^(a)(b)		107,278		563,210
Loop Industries Inc.^(a)(b)		51,866		378,103
LSB Industries Inc.^(a)		15,142		31,798

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
LyondellBasell^(c)		14,275	$	6,181
LyondellBasell Industries NV, Class A		216,508		10,745,292
Marrone Bio Innovations Inc.^(a)(b)		15,693		12,820
Minerals Technologies Inc.		29,658		1,075,399
Mosaic Co. (The)^(b)		298,592		3,230,765
NewMarket Corp.		6,520		2,496,312
Northern Technologies International Corp.		1,582		11,707
Olin Corp.		134,984		1,575,263
OMNOVA Solutions Inc.^(a)		37,517		380,422
PolyOne Corp.		77,239		1,465,224
PPG Industries Inc.		202,426		16,922,814
PQ Group Holdings Inc.^(a)(b)		30,826		336,003
Quaker Chemical Corp.^(b)		10,011		1,264,189
Rayonier Advanced Materials Inc.		36,743		38,948
RPM International Inc.		109,981		6,543,870
Scotts Miracle-Gro Co. (The)		31,616		3,237,478
Sensient Technologies Corp.		37,333		1,624,359
Sherwin-Williams Co. (The)		69,712		32,034,058
Stepan Co.		20,637		1,825,549
Taronis Technologiess Inc.^(a)		21,385		3,424
Trecora Resources^(a)		15,132		90,035
Tredegar Corp.		21,860		341,672
Trinseo SA		37,221		674,072
Tronox Holdings PLC, Class A^(a)		84,793		422,269
Valvoline Inc.		158,664		2,076,912
Venator Materials PLC^(a)(b)		43,921		75,544
Westlake Chemical Corp.		30,610		1,168,384
WR Grace & Co.		49,195		1,751,342

				361,934,450

Commercial Services & Supplies — 0.5%
ABM Industries Inc.		57,926		1,411,077
ACCO Brands Corp.		83,412		421,231
Acme United Corp.		740		15,000
ADT Inc.^(b)		89,395		386,186
Advanced Disposal Services Inc.^(a)(b)		66,404		2,178,051
AMREP Corp.^(a)		692		3,322
Aqua Metals Inc.^(a)(b)		20,583		9,266
ARC Document Solutions Inc.		30,352		24,585
Brady Corp., Class A, NVS		46,994		2,120,839
BrightView Holdings Inc.^(a)(b)		17,503		193,583
Brink’s Co. (The)		44,778		2,330,695
Casella Waste Systems Inc., Class A^(a)(b)		32,021		1,250,740
CECO Environmental Corp.^(a)		22,331		104,286
Charah Solutions Inc.^(a)(b)		7,096		12,134
Cimpress PLC^(a)(b)		22,121		1,176,837
Cintas Corp.^(b)		70,156		12,152,422
Clean Harbors Inc.^(a)		44,480		2,283,603
CompX International Inc.		257		3,906
Copart Inc.^(a)(b)		170,460		11,679,919
Covanta Holding Corp.		105,419		901,332
Deluxe Corp.		38,097		987,855
Document Security Systems Inc.^(a)(b)		21,716		4,302
Ennis Inc.		21,949		412,202
Fuel Tech Inc.^(a)		14,960		5,992
Harsco Corp.^(a)(b)		67,426		469,959
Healthcare Services Group Inc.		60,472		1,445,886
Heritage-Crystal Clean Inc.^(a)(b)		14,365		233,288
Herman Miller Inc.		45,830		1,017,426
HNI Corp.		37,189		936,791
Hudson Technologies Inc.^(a)(b)		22,682		15,644


Security	Shares		Value

Commercial Services & Supplies (continued)
IAA Inc.^(a)		112,227	$	3,362,321
Interface Inc.		44,799		338,680
JanOne Inc.^(a)		173		374
KAR Auction Services Inc.		112,227		1,346,724
Kimball International Inc., Class B, NVS		7,500		89,325
Knoll Inc.		30,720		317,030
Matthews International Corp., Class A		30,388		735,086
McGrath RentCorp.		23,033		1,206,469
Mobile Mini Inc.		37,331		979,192
MSA Safety Inc.^(b)		29,128		2,947,754
NL Industries Inc.		7,591		22,621
Odyssey Marine Exploration Inc.^(a)(b)		6,875		23,031
Performant Financial Corp.^(a)(b)		30,213		27,192
Perma-Fix Environmental Services^(a)(b)		8,242		42,941
PICO Holdings Inc.^(a)		9,740		75,777
Pitney Bowes Inc.		107,353		219,000
Quad/Graphics Inc.		21,719		54,732
Quest Resource Holding Corp.^(a)		7,717		9,029
Republic Services Inc.		183,065		13,740,859
Rollins Inc.^(b)		125,696		4,542,653
RR Donnelley & Sons Co.		67,682		64,873
SP Plus Corp.^(a)(b)		14,933		309,860
Steelcase Inc., Class A		74,345		733,785
Stericycle Inc.^(a)(b)		72,569		3,525,402
Team Inc.^(a)(b)		22,796		148,174
Tetra Tech Inc.		45,721		3,228,817
U.S. Ecology Inc.		27,389		832,626
UniFirst Corp./MA^(b)		14,365		2,170,408
Viad Corp.^(b)		15,208		322,866
Virco Manufacturing Corp.^(a)		7,277		15,282
VSE Corp.		7,298		119,614
Waste Management Inc.		331,048		30,641,803
Wilhelmina International Inc.^(a)(b)		303		964

				116,383,623

Communications Equipment — 1.0%
Acacia Communications Inc.^(a)		32,732		2,198,936
ADTRAN Inc.		38,209		293,445
Applied Optoelectronics Inc.^(a)(b)		14,303		108,560
Arista Networks Inc.^(a)(b)		46,115		9,340,593
Aviat Networks Inc.^(a)(b)		6,871		58,404
BK Technologies Corp.^(a)		13,581		22,544
CalAmp Corp.^(a)(b)		73,450		330,525
Calix Inc.^(a)		37,328		264,282
Cambium Networks Corp.^(a)(b)		5,214		29,198
Casa Systems Inc.^(a)		20,069		70,242
Ciena Corp.^(a)(b)		132,218		5,263,599
Cisco Systems Inc.		3,612,288		141,999,041
Clearfield Inc.^(a)(b)		8,128		96,317
ClearOne Inc.^(a)		8,515		14,305
CommScope Holding Co. Inc.^(a)(b)		162,509		1,480,457
Communications Systems Inc.		6,892		30,738
Comtech Telecommunications Corp.		20,954		278,479
DASAN Zhone Solutions Inc.^(a)(b)		6,360		26,648
Digi International Inc.^(a)(b)		21,935		209,260
EchoStar Corp., Class A^(a)(b)		37,474		1,198,044
EMCORE Corp.^(a)(b)		6,934		15,532
Extreme Networks Inc.^(a)		80,202		247,824
F5 Networks Inc.^(a)		51,086		5,447,300
Genasys Inc.^(a)(b)		23,424		76,596
Harmonic Inc.^(a)(b)		68,429		394,151

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment (continued)
Infinera Corp.^(a)(b)		136,709	$	724,558
Inseego Corp.^(a)(b)		32,215		200,699
InterDigital Inc.		29,531		1,317,969
Juniper Networks Inc.		289,625		5,543,423
KVH Industries Inc.^(a)(b)		14,262		134,491
Lantronix Inc.^(a)		7,403		14,473
Lumentum Holdings Inc.^(a)(b)		65,304		4,812,905
Motorola Solutions Inc.		148,874		19,788,332
NETGEAR Inc.^(a)(b)		29,176		666,380
NetScout Systems Inc.^(a)		58,160		1,376,647
Network-1 Technologies Inc.		8,362		18,229
Optical Cable Corp.^(a)(b)		7,368		17,683
PC-Tel Inc.		10,804		71,847
Plantronics Inc.		29,250		294,255
Resonant Inc.^(a)		6,867		10,163
Ribbon Communications Inc.^(a)(b)		38,276		115,976
TESSCO Technologies Inc.		6,803		33,267
Ubiquiti Inc.^(b)		10,260		1,452,611
ViaSat Inc.^(a)(b)		50,683		1,820,533
Viavi Solutions Inc.^(a)		188,811		2,116,571
Vislink Technologies Inc.^(a)		20		4
Westell Technologies Inc., Class A^(a)		8,304		6,477

				210,032,513

Construction & Engineering — 0.2%
AECOM^(a)		126,864		3,786,890
Aegion Corp.^(a)(b)		29,886		535,856
Ameresco Inc., Class A^(a)(b)		15,172		258,379
Arcosa Inc.^(b)		39,311		1,562,219
Argan Inc.		10,485		362,466
Comfort Systems USA Inc.		29,627		1,082,867
Concrete Pumping Holdings Inc.^(a)(b)		10,051		28,746
Construction Partners Inc., Class A^(a)		38,594		651,853
Dycom Industries Inc.^(a)(b)		24,277		622,705
EMCOR Group Inc.		47,009		2,882,592
Fluor Corp.		118,265		817,211
Goldfield Corp. (The)^(a)		22,666		64,371
Granite Construction Inc.		36,558		554,950
Great Lakes Dredge & Dock Corp.^(a)		45,394		376,770
HC2 Holdings Inc.^(a)(b)		22,396		34,714
IES Holdings Inc.^(a)(b)		7,415		130,875
Infrastructure and Energy Alternatives Inc.^(a)(b)		8,620		17,326
Jacobs Engineering Group Inc.		115,183		9,130,556
Limbach Holdings Inc.^(a)(b)		5,234		14,917
MasTec Inc.^(a)		52,908		1,731,679
MYR Group Inc.^(a)		15,307		400,890
Northwest Pipe Co.^(a)		7,587		168,811
NV5 Global Inc.^(a)(b)		7,293		301,128
Orion Group Holdings Inc.^(a)(b)		22,557		58,648
Primoris Services Corp.		30,235		480,737
Quanta Services Inc.		120,928		3,837,045
Sterling Construction Co. Inc.^(a)(b)		14,886		141,417
Tutor Perini Corp.^(a)		30,751		206,647
Valmont Industries Inc.		17,776		1,883,901
WillScot Corp.^(a)(b)		30,873		312,744

				32,439,910

Construction Materials — 0.1%
Eagle Materials Inc.		37,969		2,218,149
Forterra Inc.^(a)(b)		16,074		96,123
Martin Marietta Materials Inc.^(b)		52,346		9,905,434


Security	Shares		Value

Construction Materials (continued)
Summit Materials Inc., Class A^(a)		98,612	$	1,479,180
Tecnoglass Inc.		605		2,335
U.S. Concrete Inc.^(a)		14,182		257,261
U.S. Lime & Minerals Inc.		502		37,073
Vulcan Materials Co.^(b)		111,962		12,099,733

				26,095,288

Consumer Finance — 0.5%
Ally Financial Inc.		327,946		4,732,261
American Express Co.		572,153		48,982,018
Asta Funding Inc.^(a)(b)		7,439		61,744
Atlanticus Holdings Corp.^(a)(b)		6,675		66,216
Capital One Financial Corp.		397,062		20,019,866
Consumer Portfolio Services Inc.^(a)(b)		15,229		20,711
Credit Acceptance Corp.^(a)(b)		10,865		2,778,072
Curo Group Holdings Corp.		28,428		150,668
Discover Financial Services		271,078		9,669,352
Elevate Credit Inc.^(a)(b)		115,275		119,886
Encore Capital Group Inc.^(a)(b)		17,441		407,771
Enova International Inc.^(a)(b)		22,715		329,140
EZCORP Inc., Class A, NVS^(a)(b)		44,560		185,815
FirstCash Inc.		36,666		2,630,419
Green Dot Corp., Class A^(a)(b)		39,138		993,714
LendingClub Corp.^(a)(b)		68,793		540,025
LendingTree Inc.^(a)(b)		6,315		1,158,108
Medallion Financial Corp.^(a)(b)		79,677		148,199
Navient Corp.		185,404		1,405,362
Nelnet Inc., Class A		21,153		960,558
Nicholas Financial Inc.^(a)(b)		8,118		47,409
OneMain Holdings Inc.		66,066		1,263,182
Oportun Financial Corp.^(a)(b)		5,461		57,614
PRA Group Inc.^(a)(b)		37,741		1,046,181
Regional Management Corp.^(a)		7,747		105,824
Santander Consumer USA Holdings Inc.		89,252		1,241,495
SLM Corp.		359,597		2,585,502
Synchrony Financial		480,522		7,731,599
World Acceptance Corp.^(a)(b)		7,393		403,732

				109,842,443

Containers & Packaging — 0.4%
Amcor PLC^(a)		1,377,853		11,188,166
AptarGroup Inc.		52,613		5,237,098
Avery Dennison Corp.		70,188		7,150,052
Ball Corp.		284,246		18,379,346
Berry Global Group Inc.^(a)(b)		111,661		3,764,092
Crown Holdings Inc.^(a)		112,502		6,529,616
Graphic Packaging Holding Co.		246,118		3,002,640
Greif Inc., Class A, NVS		22,257		691,970
Greif Inc., Class B		7,430		297,646
International Paper Co.		326,978		10,178,825
Myers Industries Inc.		22,431		241,133
O-I Glass Inc.		135,337		962,246
Packaging Corp. of America		78,121		6,783,246
Ranpak Holdings Corp.^(a)(b)		7,061		44,202
Sealed Air Corp.		133,229		3,292,089
Silgan Holdings Inc.^(b)		61,434		1,782,815
Sonoco Products Co.		83,688		3,878,939
UFP Technologies Inc.^(a)(b)		6,851		260,955
Westrock Co.		219,197		6,194,507

				89,859,583

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Distributors — 0.1%
AMCON Distributing Co.		53	$	3,339
Core-Mark Holding Co. Inc.		37,458		1,070,175
Educational Development Corp.		1,390		6,463
Funko Inc., Class A^(a)		9,448		37,698
Genuine Parts Co.		121,942		8,210,355
Greenlane Holdings Inc., Class A^(a)(b)		5,530		9,512
LKQ Corp.^(a)(b)		256,242		5,255,523
Pool Corp.		32,417		6,378,693
Weyco Group Inc.		6,825		137,660

				21,109,418

Diversified Consumer Services — 0.2%
Adtalem Global Education Inc.^(a)		45,190		1,210,640
American Public Education Inc.^(a)		14,727		352,417
Aspen Group Inc./CO^(a)(b)		95,548		763,428
Bright Horizons Family Solutions Inc.^(a)		50,414		5,142,228
Carriage Services Inc.		14,768		238,503
Chegg Inc.^(a)		99,363		3,555,208
Collectors Universe Inc.		7,270		113,921
Franchise Group Inc.^(b)		6,721		58,607
frontdoor Inc.^(a)		72,468		2,520,437
Graham Holdings Co., Class B		3,232		1,102,661
Grand Canyon Education Inc.^(a)		42,549		3,245,850
H&R Block Inc.^(b)		173,446		2,442,120
Houghton Mifflin Harcourt Co.^(a)		83,244		156,499
HyreCar Inc.^(a)(b)		10,746		14,615
K12 Inc.^(a)		37,784		712,606
Laureate Education Inc., Class A^(a)		91,443		961,066
Lincoln Educational Services Corp.^(a)(b)		22,278		49,012
OneSpaWorld Holdings Ltd.		19,711		80,027
Perdoceo Education Corp.^(a)		52,890		570,683
Regis Corp.^(a)(b)		30,158		178,234
Select Interior Concepts Inc., Class A^(a)(b)		37,896		78,445
Service Corp. International		151,910		5,941,200
ServiceMaster Global Holdings Inc.^(a)		112,637		3,041,199
Strategic Education Inc.		17,702		2,474,031
Universal Technical Institute Inc.^(a)(b)		15,325		91,184
WW International Inc.^(a)(b)		43,505		735,669
XpresSpa Group Inc.^(a)		332		65
Zovio Inc.^(a)(b)		14,875		24,544

				35,855,099

Diversified Financial Services — 1.5%
Alerus Financial Corp.		2,274		37,567
A-Mark Precious Metals Inc.^(a)(b)		684		8,400
Berkshire Hathaway Inc., Class B^(a)		1,664,016		304,232,045
Cannae Holdings Inc.^(a)(b)		53,774		1,800,891
Equitable Holdings Inc.		374,907		5,417,406
FGL Holdings^(b)		149,909		1,469,108
FlexShopper Inc.^(a)(b)		8,212		10,429
GWG Holdings Inc.^(a)		186		1,890
Jefferies Financial Group Inc.		217,008		2,966,499
LM Funding America Inc.^(a)		426		234
Marlin Business Services Corp.		7,534		84,155
On Deck Capital Inc.^(a)		30,040		46,262
Voya Financial Inc.^(b)		118,138		4,790,496

				320,865,382

Diversified Telecommunication Services — 1.8%
Alaska Communications Systems Group Inc.^(a)		44,924		78,168
Anterix Inc.^(a)(b)		7,680		350,746
AT&T Inc.		6,227,688		181,537,105


Security	Shares		Value

Diversified Telecommunication Services (continued)
ATN International Inc.		7,682	$	451,010
Bandwidth Inc., Class A^(a)(b)		13,802		928,737
CenturyLink Inc.		835,495		7,903,783
Cincinnati Bell Inc.^(a)(b)		26,821		392,659
Cogent Communications Holdings Inc.		35,012		2,869,934
Consolidated Communications Holdings Inc.		60,668		276,039
Frontier Communications Corp.^(a)(b)		79,469		30,198
GCI Liberty Inc., Class A^(a)		84,300		4,802,571
Globalstar Inc.^(a)(b)		1,178,207		347,100
IDT Corp., Class B^(a)		9,245		50,108
Iridium Communications Inc.^(a)(b)		81,063		1,810,137
Ooma Inc.^(a)		8,637		103,039
ORBCOMM Inc.^(a)		42,619		103,990
Otelco Inc., Class A^(a)		811		3,820
Verizon Communications Inc.		3,528,571		189,590,120
Vonage Holdings Corp.^(a)(b)		178,145		1,287,988

				392,917,252

Electric Utilities — 2.1%
ALLETE Inc.		42,579		2,583,694
Alliant Energy Corp.		202,465		9,777,035
American Electric Power Co. Inc.		415,779		33,254,004
Avangrid Inc.		48,072		2,104,592
Duke Energy Corp.		614,759		49,721,708
Edison International		305,519		16,739,386
El Paso Electric Co.		35,747		2,429,366
Entergy Corp.		169,586		15,935,996
Evergy Inc.		200,918		11,060,536
Eversource Energy		274,534		21,471,304
Exelon Corp.		823,988		30,330,998
FirstEnergy Corp.		460,064		18,434,765
Genie Energy Ltd., Class B		14,870		106,767
Hawaiian Electric Industries Inc.		89,478		3,852,028
IDACORP Inc.		43,289		3,800,341
MGE Energy Inc.		30,586		2,002,465
NextEra Energy Inc.		416,718		100,270,685
NRG Energy Inc.		217,776		5,936,574
OGE Energy Corp.		167,794		5,156,310
Otter Tail Corp.		38,409		1,707,664
Pinnacle West Capital Corp.		96,345		7,301,988
PNM Resources Inc.		66,972		2,544,936
Portland General Electric Co.		74,405		3,566,976
PPL Corp.		655,844		16,186,230
Southern Co. (The)		896,760		48,550,586
Spark Energy Inc., Class A		13,984		87,680
Xcel Energy Inc.		443,718		26,756,195

				441,670,809

Electrical Equipment — 0.5%
Acuity Brands Inc.^(b)		32,840		2,813,074
Allied Motion Technologies Inc.^(b)		6,842		162,155
American Superconductor Corp.^(a)(b)		8,199		44,931
AMETEK Inc.		195,683		14,093,090
Atkore International Group Inc.^(a)		45,052		949,246
AZZ Inc.		22,177		623,617
Babcock & Wilcox Enterprises Inc.^(a)(b)		16,180		16,504
Bloom Energy Corp., Class A^(a)		16,593		86,781
Broadwind Energy Inc.^(a)(b)		14,888		20,843
Capstone Turbine Corp.^(a)(b)		1,371		1,645
Eaton Corp. PLC		355,662		27,631,381
Emerson Electric Co.		518,822		24,721,868

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electrical Equipment (continued)
Encore Wire Corp.		15,594	$	654,792
Energous Corp.^(a)(b)		20,745		15,414
Energy Focus Inc.^(a)(b)		7,418		2,448
EnerSys		36,947		1,829,615
Espey Manufacturing & Electronics Corp.		612		11,098
FuelCell Energy Inc.^(a)(b)		189,829		286,642
Generac Holdings Inc.^(a)(b)		52,788		4,918,258
GrafTech International Ltd.		39,490		320,659
Hubbell Inc.		44,388		5,093,079
Ideal Power Inc.^(a)(b)		636		1,202
LSI Industries Inc.		21,852		82,601
nVent Electric PLC		143,658		2,423,510
Ocean Power Technologies Inc.^(a)		15		6
Orion Energy Systems Inc.^(a)(b)		22,785		84,305
Pioneer Power Solutions Inc.^(a)		6,718		10,413
Plug Power Inc.^(a)(b)		175,521		621,344
Powell Industries Inc.		7,435		190,856
Preformed Line Products Co.		650		32,390
Regal Beloit Corp.		37,361		2,351,875
Rockwell Automation Inc.		98,608		14,880,933
Sensata Technologies Holding PLC^(a)(b)		136,224		3,940,960
Servotronics Inc.		113		767
Sunrun Inc.^(a)(b)		64,645		652,914
Sunworks Inc.^(a)		1,820		684
Thermon Group Holdings Inc.^(a)(b)		23,409		352,774
TPI Composites Inc.^(a)(b)		15,368		227,139
Ultralife Corp.^(a)(b)		7,716		40,123
Vicor Corp.^(a)(b)		14,437		643,024
Vivint Solar Inc.^(a)(b)		24,837		108,538

				110,943,498

Electronic Equipment, Instruments & Components — 0.8%
ADDvantage Technologies Group Inc.^(a)(b)		6,697		14,733
Airgain Inc.^(a)		36,349		268,619
Akoustis Technologies Inc.^(a)(b)		43,285		232,440
Amphenol Corp., Class A		252,575		18,407,666
Anixter International Inc.^(a)		22,751		1,999,130
Applied DNA Sciences Inc.^(a)(b)		366		1,471
Arlo Technologies Inc.^(a)		45,781		111,248
Arrow Electronics Inc.^(a)		70,107		3,636,450
Avnet Inc.		88,733		2,227,198
Badger Meter Inc.^(b)		22,721		1,217,846
Bel Fuse Inc., Class A		246		1,722
Bel Fuse Inc., Class B, NVS		7,495		73,001
Belden Inc.		36,778		1,326,950
Benchmark Electronics Inc.		38,337		766,357
CDW Corp./DE		122,816		11,455,048
Cemtrex Inc.^(a)(b)		788		547
ClearSign Technologies Corp.^(a)		2,687		1,935
Coda Octopus Group Inc.^(a)(b)		36,926		207,155
Cognex Corp.^(b)		144,072		6,082,720
Coherent Inc.^(a)(b)		21,622		2,300,797
Corning Inc.		667,243		13,705,171
CPS Technologies Corp.^(a)(b)		7,295		7,368
CTS Corp.^(b)		23,422		582,974
CUI Global Inc.^(a)(b)		15,355		13,683
Daktronics Inc.		30,278		149,271
Data I/O Corp.^(a)		7,211		20,263
Digital Ally Inc.^(a)		889		756
Dolby Laboratories Inc., Class A		54,032		2,929,075
Electro-Sensors Inc.^(a)		222		606


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
ePlus Inc.^(a)		15,134	$	947,691
Fabrinet^(a)		30,068		1,640,510
FARO Technologies Inc.^(a)		14,866		661,537
Fitbit Inc., Class A^(a)		178,756		1,190,515
FLIR Systems Inc.		112,442		3,585,775
Frequency Electronics Inc.^(a)(b)		7,211		65,909
Identiv Inc.^(a)(b)		8,370		28,291
IEC Electronics Corp.^(a)(b)		7,718		45,845
II-VI Inc.^(a)(b)		74,869		2,133,767
Image Sensing Systems Inc.^(a)(b)		6,842		24,768
Insight Enterprises Inc.^(a)(b)		30,007		1,264,195
Intellicheck Inc.^(a)(b)		7,363		24,961
IPG Photonics Corp.^(a)(b)		30,149		3,324,832
Iteris Inc.^(a)(b)		22,322		71,430
Itron Inc.^(a)		27,292		1,523,712
Jabil Inc.		120,315		2,957,343
KEMET Corp.^(b)		40,392		975,871
Key Tronic Corp.^(a)(b)		7,652		22,267
Keysight Technologies Inc.^(a)(b)		160,009		13,389,553
Kimball Electronics Inc.^(a)		15,726		171,728
Knowles Corp.^(a)		68,437		915,687
LGL Group Inc. (The)^(a)		449		4,010
LightPath Technologies Inc., Class A^(a)		8,320		8,902
Littelfuse Inc.		20,867		2,784,075
Luna Innovations Inc.^(a)(b)		29,433		181,013
Methode Electronics Inc.		30,182		797,710
MicroVision Inc.^(a)(b)		38,300		6,607
MTS Systems Corp.		14,744		331,740
Napco Security Technologies Inc.^(a)(b)		8,343		126,563
National Instruments Corp.		98,008		3,242,105
Neonode Inc.^(a)(b)		2,003		3,545
nLight Inc.^(a)		32,231		338,103
Novanta Inc.^(a)(b)		29,390		2,347,673
OSI Systems Inc.^(a)		14,964		1,031,319
PAR Technology Corp.^(a)(b)		7,786		100,128
PC Connection Inc.^(b)		16,549		681,984
Perceptron Inc.^(a)(b)		7,566		21,790
Plexus Corp.^(a)		29,221		1,594,298
Powerfleet Inc.^(a)		8,227		28,465
Research Frontiers Inc.^(a)(b)		15,151		35,453
RF Industries Ltd.		7,218		28,655
Richardson Electronics Ltd.		8,189		31,364
Rogers Corp.^(a)(b)		15,147		1,430,180
Sanmina Corp.^(a)		67,563		1,843,119
ScanSource Inc.^(a)(b)		22,366		478,409
Schmitt Industries Inc.^(a)		498		1,370
SigmaTron International Inc.^(a)		6,682		18,843
Superconductor Technologies Inc.^(a)		30		6
SYNNEX Corp.		35,015		2,559,597
Taitron Components Inc., Class A		800		1,776
TE Connectivity Ltd.		284,584		17,923,100
Tech Data Corp.^(a)		29,972		3,921,836
Trimble Inc.^(a)		209,379		6,664,534
TTM Technologies Inc.^(a)(b)		81,608		843,827
Universal Security Instruments Inc.^(a)		622		236
Vishay Intertechnology Inc.		105,999		1,527,446
Vishay Precision Group Inc.^(a)(b)		8,260		165,861
Wayside Technology Group Inc.		830		10,616
Wireless Telecom Group Inc.^(a)(b)		14,813		14,072
Wrap Technologies Inc.^(a)(b)		67,139		286,012

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Zebra Technologies Corp., Class A^(a)(b)		46,124	$	8,468,366

				162,593,095

Energy Equipment & Services — 0.2%
Apergy Corp.^(a)(b)		67,296		386,952
Archrock Inc.		112,668		423,632
Aspen Aerogels Inc.^(a)(b)		14,760		90,626
Baker Hughes Co.		549,868		5,773,614
Cactus Inc., Class A		37,601		436,172
Core Laboratories NV^(b)		37,280		385,475
Covia Holdings Corp.^(a)(b)		87,774		50,154
Dawson Geophysical Co.^(a)(b)		38,963		37,903
Diamond Offshore Drilling Inc.^(a)(b)		66,765		122,180
DMC Global Inc.		12,754		293,470
Dril-Quip Inc.^(a)		28,397		866,109
ENGlobal Corp.^(a)(b)		14,356		10,623
Enservco Corp.^(a)(b)		21,932		2,568
Era Group Inc.^(a)		15,094		80,451
Exterran Corp.^(a)		43,548		209,030
Forum Energy Technologies Inc.^(a)(b)		96,043		17,028
Frank’s International NV^(a)(b)		61,283		158,723
FTS International Inc.^(a)(b)		23,748		5,296
Geospace Technologies Corp.^(a)		14,187		90,797
Gulf Island Fabrication Inc.^(a)(b)		8,404		25,212
Halliburton Co.		732,252		5,015,926
Helix Energy Solutions Group Inc.^(a)		114,151		187,208
Helmerich & Payne Inc.		89,884		1,406,685
Hi-Crush Inc.^(a)		231,877		54,491
Independence Contract Drilling Inc.^(a)		1,050		1,470
ION Geophysical Corp.^(a)(b)		7,477		9,496
KLX Energy Services Holdings Inc.^(a)		16,797		11,758
Liberty Oilfield Services Inc., Class A		32,068		86,263
Mammoth Energy Services Inc.^(b)		22,511		16,856
Matrix Service Co.^(a)		22,356		211,711
Mitcham Industries Inc.^(a)		8,173		10,216
Nabors Industries Ltd.		245,436		95,745
National Oilwell Varco Inc.		321,030		3,155,725
Natural Gas Services Group Inc.^(a)		17		76
NCS Multistage Holdings Inc.^(a)		90,632		58,004
Newpark Resources Inc.^(a)		74,340		66,683
NexTier Oilfield Solutions Inc.^(a)(b)		137,502		160,877
Nine Energy Service Inc.^(a)(b)		13,742		11,108
Noble Corp. PLC^(a)(b)		210,281		54,673
Oceaneering International Inc.^(a)		90,227		265,267
Oil States International Inc.^(a)		58,022		117,785
Patterson-UTI Energy Inc.		182,118		427,977
Profire Energy Inc.^(a)(b)		23,207		18,278
ProPetro Holding Corp.^(a)(b)		69,058		172,645
Quintana Energy Services Inc.^(a)(b)		6,342		5,518
Ranger Energy Services Inc.^(a)(b)		4,168		16,922
RigNet Inc.^(a)(b)		8,278		14,900
RPC Inc.		40,315		83,049
Schlumberger Ltd.		1,198,572		16,168,736
SEACOR Holdings Inc.^(a)		15,607		420,765
SEACOR Marine Holdings Inc.^(a)(b)		37,984		166,370
Select Energy Services Inc., Class A^(a)(b)		45,776		147,856
Smart Sand Inc.^(a)(b)		117,072		121,755
Solaris Oilfield Infrastructure Inc., Class A		29,722		156,041
Superior Drilling Products Inc.^(a)(b)		7,359		2,557
Synthesis Energy Systems Inc.^(a)(b)		796		1,672
TechnipFMC PLC		353,418		2,382,037


Security	Shares		Value

Energy Equipment & Services (continued)
TETRA Technologies Inc.^(a)		74,757	$	23,922
Tidewater Inc.^(a)(b)		27,197		192,555
Transocean Ltd.^(a)(b)		491,880		570,581
U.S. Silica Holdings Inc.		53,484		96,271
U.S. Well Services Inc.^(a)(b)		53,284		15,985
Valaris PLC^(a)(b)		165,473		74,479

				41,744,909

Entertainment — 1.8%
Activision Blizzard Inc.		654,124		38,907,295
AMC Entertainment Holdings Inc., Class A^(b)		47,683		150,678
Ballantyne Strong Inc.^(a)(b)		8,311		14,212
Chicken Soup For The Soul Entertainment Inc.^(a)(b)		3,008		20,304
Cinedigm Corp., Class A^(a)(b)		7,620		2,781
Cinemark Holdings Inc.		89,727		914,318
Electronic Arts Inc.^(a)		249,427		24,985,103
Gaia Inc.^(a)(b)		14,896		132,276
Global Eagle Entertainment Inc.^(a)(b)		37,602		5,930
Glu Mobile Inc.^(a)(b)		96,828		609,048
Liberty Media Corp.-Liberty Braves, Class A^(a)		16,499		321,730
Liberty Media Corp.-Liberty Braves, Class C, NVS^(a)(b)		29,461		561,527
Liberty Media Corp.-Liberty Formula One, Class A^(a)		14,197		366,567
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		185,385		5,048,034
Lions Gate Entertainment Corp., Class A^(a)		47,823		290,764
Lions Gate Entertainment Corp., Class B, NVS^(a)		90,422		504,555
Live Nation Entertainment Inc.^(a)(b)		119,752		5,443,926
LiveXLive Media Inc.^(a)(b)		77,776		122,886
Madison Square Garden Co. (The), Class A^(a)(b)		14,612		3,089,123
Marcus Corp. (The)		15,060		185,539
Netflix Inc.^(a)		372,838		140,000,669
NTN Buzztime Inc.^(a)		331		503
Reading International Inc., Class A, NVS^(a)(b)		14,736		57,323
Roku Inc.^(a)(b)		77,278		6,760,279
Sciplay Corp.^(a)(b)		13,785		131,302
Take-Two Interactive Software Inc.^(a)		95,910		11,375,885
Walt Disney Co. (The)^(b)		1,534,709		148,252,889
World Wrestling Entertainment Inc., Class A^(b)		38,425		1,303,760
Zynga Inc., Class A^(a)		782,636		5,361,057

				394,920,263

Equity Real Estate Investment Trusts (REITs) — 3.7%
Acadia Realty Trust		69,064		855,703
ACRE Realty Investors Inc.^(a)(c)		2,715		2,253
Agree Realty Corp.		39,427		2,440,531
Alexander & Baldwin Inc.		52,438		588,354
Alexander’s Inc.		1,605		442,900
Alexandria Real Estate Equities Inc.		104,385		14,307,008
American Assets Trust Inc.		35,568		889,200
American Campus Communities Inc.		113,209		3,141,550
American Finance Trust Inc.		90,227		563,919
American Homes 4 Rent, Class A		210,464		4,882,765
American Tower Corp.		376,842		82,057,345
Americold Realty Trust^(b)		158,197		5,385,026
Apartment Investment & Management Co., Class A		127,174		4,470,166
Apple Hospitality REIT Inc.		197,238		1,808,672
Armada Hoffler Properties Inc.		64		685
Ashford Hospitality Trust Inc.		66,429		49,104
AvalonBay Communities Inc.		118,874		17,494,687
Bluerock Residential Growth REIT Inc.		15,011		83,611

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Boston Properties Inc.		122,262	$	11,276,224
Braemar Hotels & Resorts Inc.		16,677		28,351
Brandywine Realty Trust		142,687		1,501,067
Brixmor Property Group Inc.		249,633		2,371,514
BRT Apartments Corp.		7,449		76,352
Camden Property Trust		82,551		6,541,341
CareTrust REIT Inc.		79,665		1,178,245
CatchMark Timber Trust Inc., Class A		30,254		218,434
CBL & Associates Properties Inc.		81,814		16,371
Cedar Realty Trust Inc.		51,381		47,944
Chatham Lodging Trust		22,646		134,517
CIM Commercial Trust Corp.		1,414		15,681
City Office REIT Inc.		52,892		382,409
Clipper Realty Inc.		36,349		188,288
Colony Capital Inc.		412,496		721,868
Columbia Property Trust Inc.		104,429		1,305,363
Community Healthcare Trust Inc.		16,546		633,381
Condor Hospitality Trust Inc.		4,796		19,712
CoreCivic Inc.		112,192		1,253,185
CorEnergy Infrastructure Trust Inc.		8,128		149,393
CorePoint Lodging Inc.		35,395		138,748
CoreSite Realty Corp.		29,673		3,439,101
Corporate Office Properties Trust		89,981		1,991,280
Cousins Properties Inc.		122,100		3,573,867
Crown Castle International Corp.^(b)		354,183		51,144,025
CubeSmart		158,453		4,244,956
CyrusOne Inc.^(b)		95,703		5,909,660
DiamondRock Hospitality Co.^(b)		185,407		941,868
Digital Realty Trust Inc.		224,051		31,122,924
Diversified Healthcare Trust		201,299		730,715
Douglas Emmett Inc.		140,245		4,278,875
Duke Realty Corp.		310,136		10,042,204
Easterly Government Properties Inc.		79,159		1,950,478
EastGroup Properties Inc.		30,473		3,183,819
Empire State Realty Trust Inc., Class A^(b)		97,784		876,145
EPR Properties		67,707		1,639,864
Equinix Inc.^(b)		72,585		45,334,413
Equity Commonwealth		113,230		3,590,523
Equity LifeStyle Properties Inc.		153,328		8,813,293
Equity Residential		298,900		18,445,119
Essential Properties Realty Trust Inc.		51,390		671,153
Essex Property Trust Inc.		57,324		12,625,038
Extra Space Storage Inc.^(b)		107,464		10,290,753
Farmland Partners Inc.^(b)		14,775		89,684
Federal Realty Investment Trust		58,983		4,400,722
First Industrial Realty Trust Inc.		109,517		3,639,250
Four Corners Property Trust Inc.		52,043		973,725
Franklin Street Properties Corp.^(b)		75,356		431,790
Front Yard Residential Corp.		44,975		537,451
Gaming and Leisure Properties Inc.		173,207		4,799,566
GEO Group Inc. (The)		112,138		1,363,598
Getty Realty Corp.		22,287		529,093
Gladstone Commercial Corp.		15,733		225,926
Gladstone Land Corp.^(b)		7,262		86,055
Global Medical REIT Inc.		44,668		452,040
Global Net Lease Inc.		67,565		903,344
Global Self Storage Inc.		7,180		25,202
Hannon Armstrong Sustainable Infrastructure Capital Inc.		54,371		1,109,712
Healthcare Realty Trust Inc.		102,643		2,866,819


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Healthcare Trust of America Inc., Class A		171,752	$	4,170,139
Healthpeak Properties Inc.		422,898		10,086,117
Hersha Hospitality Trust		35,977		128,798
Highwoods Properties Inc.		89,768		3,179,583
Host Hotels & Resorts Inc.		616,122		6,801,987
Hudson Pacific Properties Inc.		126,584		3,210,170
Independence Realty Trust Inc.		88,740		793,336
Industrial Logistics Properties Trust		68,224		1,196,649
Innovative Industrial Properties Inc.		14,223		1,079,952
Investors Real Estate Trust		15,626		859,430
Invitation Homes Inc.^(b)		461,732		9,867,213
Iron Mountain Inc.		245,389		5,840,258
iStar Inc.		54,675		580,102
JBG SMITH Properties		98,234		3,126,788
Jernigan Capital Inc.		30,889		338,543
Kilroy Realty Corp.		80,053		5,099,376
Kimco Realty Corp.		347,145		3,356,892
Kite Realty Group Trust		82,386		780,195
Lamar Advertising Co., Class A		74,341		3,812,206
Lexington Realty Trust		219,866		2,183,269
Life Storage Inc.		38,693		3,658,423
LTC Properties Inc.		30,532		943,439
Macerich Co. (The)		87,395		492,034
Mack-Cali Realty Corp.		75,072		1,143,347
Medical Properties Trust Inc.		442,839		7,656,686
Mid-America Apartment Communities Inc.		97,258		10,020,492
Monmouth Real Estate Investment Corp.		61,176		737,171
National Health Investors Inc.		36,832		1,823,921
National Retail Properties Inc.		147,150		4,736,758
National Storage Affiliates Trust		43,848		1,297,901
New Senior Investment Group Inc.		51,379		131,530
NexPoint Residential Trust Inc.		15,664		394,889
Office Properties Income Trust		35,377		964,023
Omega Healthcare Investors Inc.		179,347		4,759,869
One Liberty Properties Inc.		14,151		197,123
Outfront Media Inc.		116,975		1,576,823
Paramount Group Inc.		158,478		1,394,606
Park Hotels & Resorts Inc.		201,527		1,594,079
Pebblebrook Hotel Trust^(b)		110,836		1,207,004
Pennsylvania REIT^(b)		61,218		55,806
Physicians Realty Trust		158,981		2,216,195
Piedmont Office Realty Trust Inc., Class A		119,967		2,118,617
Plymouth Industrial REIT Inc.		30,478		340,134
Postal Realty Trust Inc., Class A^(b)		4,114		65,083
PotlatchDeltic Corp.		53,438		1,677,419
Power REIT^(a)		239		2,493
Preferred Apartment Communities Inc., Class A		45,676		327,954
Prologis Inc.		628,176		50,486,505
PS Business Parks Inc.		17,543		2,377,427
Public Storage		127,585		25,339,657
QTS Realty Trust Inc., Class A		49,705		2,883,387
Rayonier Inc.		113,849		2,681,144
Realty Income Corp.		291,765		14,547,403
Regency Centers Corp.		141,153		5,424,510
Retail Opportunity Investments Corp.		102,116		846,542
Retail Properties of America Inc., Class A		194,551		1,005,829
Retail Value Inc.		16,188		198,303
Rexford Industrial Realty Inc.		95,803		3,928,881
RLJ Lodging Trust		142,291		1,098,487
RPT Realty		48,079		289,916

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Ryman Hospitality Properties Inc.		44,564	$	1,597,619
Sabra Health Care REIT Inc.		164,212		1,793,195
Safehold Inc.		10,336		653,545
Saul Centers Inc.		8,154		266,962
SBA Communications Corp.		95,811		25,866,096
Seritage Growth Properties, Class A		21,587		196,658
Service Properties Trust		135,536		731,894
Simon Property Group Inc.		261,314		14,335,686
SITE Centers Corp.		119,574		622,981
SL Green Realty Corp.		69,975		3,015,923
Sotherly Hotels Inc.		8,199		13,118
Spirit Realty Capital Inc.		85,294		2,230,438
STAG Industrial Inc.		105,944		2,385,859
STORE Capital Corp.		180,777		3,275,679
Summit Hotel Properties Inc.		84,198		355,316
Sun Communities Inc.		77,049		9,619,568
Sunstone Hotel Investors Inc.		179,509		1,563,523
Tanger Factory Outlet Centers Inc.^(b)		79,775		398,875
Taubman Centers Inc.		53,978		2,260,599
Terreno Realty Corp.		57,337		2,967,190
UDR Inc.		256,527		9,373,497
UMH Properties Inc.		25,108		272,673
Uniti Group Inc.		158,295		954,519
Universal Health Realty Income Trust		2,443		246,279
Urban Edge Properties		95,522		841,549
Urstadt Biddle Properties Inc., Class A		12,063		170,088
Ventas Inc.		319,437		8,560,912
VEREIT Inc.		871,187		4,260,104
VICI Properties Inc.		397,634		6,616,630
Vornado Realty Trust		135,016		4,888,929
Washington Prime Group Inc.^(b)		200,806		161,669
Washington REIT		60,717		1,449,315
Weingarten Realty Investors		114,188		1,647,733
Welltower Inc.		344,168		15,756,011
Weyerhaeuser Co.		628,655		10,655,702
Wheeler Real Estate Investment Trust Inc.^(a)		736		736
Whitestone REIT		22,154		137,355
WP Carey Inc.		148,199		8,607,398
Xenia Hotels & Resorts Inc.		89,818		925,125

				793,745,678

Food & Staples Retailing — 1.6%
Andersons Inc. (The)		22,264		417,450
BJ’s Wholesale Club Holdings Inc.^(a)(b)		92,850		2,364,890
Casey’s General Stores Inc.^(b)		31,978		4,236,765
Chefs’ Warehouse Inc. (The)^(a)(b)		15,061		151,664
Costco Wholesale Corp.		376,538		107,362,280
Grocery Outlet Holding Corp.^(a)(b)		40,363		1,386,065
HF Foods Group Inc.^(a)(b)		28,045		235,298
Ingles Markets Inc., Class A		16,161		584,382
Kroger Co. (The)		674,107		20,304,103
Natural Grocers by Vitamin Cottage Inc.^(b)		31,011		263,904
Performance Food Group Co.^(a)(b)		92,177		2,278,615
PriceSmart Inc.		16,009		841,273
Rite Aid Corp.^(a)		39,364		590,460
SpartanNash Co.		43,266		619,569
Sprouts Farmers Market Inc.^(a)		98,794		1,836,580
Sysco Corp.		437,571		19,966,365
U.S. Foods Holding Corp.^(a)		181,102		3,207,316
United Natural Foods Inc.^(a)(b)		35,879		329,369
Village Super Market Inc., Class A		6,922		170,143


Security	Shares		Value

Food & Staples Retailing (continued)
Walmart Inc.		1,206,155	$	137,043,331
Walgreens Boots Alliance Inc.		642,725		29,404,669
Weis Markets Inc.		13,739		572,367

				334,166,858

Food Products — 1.2%
Alico Inc.		649		20,145
Amergent Hospitality Group Inc., NVS		1,017		0	^(d)
Arcadia Biosciences Inc.^(a)(b)		219		624
Archer-Daniels-Midland Co.		474,267		16,684,713
B&G Foods Inc.		51,493		931,508
Beyond Meat Inc.^(a)(b)		8,421		560,839
Bridgford Foods Corp.^(a)(b)		641		14,788
Bunge Ltd.		120,692		4,951,993
Calavo Growers Inc.^(b)		16,408		946,578
Cal-Maine Foods Inc.		29,133		1,281,269
Campbell Soup Co.		143,645		6,630,653
Coffee Holding Co. Inc.^(a)(b)		7,299		17,007
Conagra Brands Inc.		411,197		12,064,520
Darling Ingredients Inc.^(a)		135,125		2,590,346
Farmer Bros. Co.^(a)(b)		13		90
Flowers Foods Inc.		150,124		3,080,544
Fresh Del Monte Produce Inc.^(b)		27,156		749,777
Freshpet Inc.^(a)(b)		27,015		1,725,448
General Mills Inc.		515,602		27,208,318
Hain Celestial Group Inc. (The)^(a)(b)		75,259		1,954,476
Hershey Co. (The)		126,250		16,728,125
Hormel Foods Corp.		238,816		11,138,378
Hostess Brands Inc.^(a)		82,120		875,399
Ingredion Inc.		53,863		4,066,656
J&J Snack Foods Corp.		13,627		1,648,867
JM Smucker Co. (The)		96,808		10,745,688
John B Sanfilippo & Son Inc.		6,922		618,827
Kellogg Co.		209,810		12,586,502
Kraft Heinz Co. (The)^(b)		530,207		13,117,321
Lamb Weston Holdings Inc.		122,439		6,991,267
Lancaster Colony Corp.		17,328		2,506,322
Landec Corp.^(a)(b)		22,411		194,752
Lifeway Foods Inc.^(a)(b)		6,709		12,881
Limoneira Co.		8,177		107,119
McCormick & Co. Inc./MD, NVS		103,950		14,678,779
Mondelez International Inc., Class A		1,228,174		61,506,954
Pilgrim’s Pride Corp.^(a)		50,040		906,725
Post Holdings Inc.^(a)		57,782		4,794,173
RiceBran Technologies^(a)(b)		7,384		7,384
Rocky Mountain Chocolate Factory Inc.		6,669		32,011
S&W Seed Co.^(a)(b)		8,426		17,021
Sanderson Farms Inc.		15,656		1,930,698
Seaboard Corp.		183		514,742
Seneca Foods Corp., Class A^(a)		6,802		270,584
Seneca Foods Corp., Class B^(a)		117		4,212
Simply Good Foods Co. (The)^(a)(b)		70,469		1,357,233
Tootsie Roll Industries Inc.		21,885		786,959
TreeHouse Foods Inc.^(a)		45,203		1,995,712
Tyson Foods Inc., Class A		249,185		14,420,336

				265,975,263

Gas Utilities — 0.2%
Atmos Energy Corp.		102,772		10,198,066
Chesapeake Utilities Corp.^(b)		14,434		1,237,138
National Fuel Gas Co.		74,288		2,770,200

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Gas Utilities (continued)
New Jersey Resources Corp.		75,703	$	2,571,631
Northwest Natural Holding Co.		27,411		1,692,629
ONE Gas Inc.		44,401		3,712,812
RGC Resources Inc.		1,246		36,047
South Jersey Industries Inc.		74,193		1,854,825
Southwest Gas Holdings Inc.		46,074		3,204,907
Spire Inc.		43,299		3,224,909
UGI Corp.		177,769		4,741,099

				35,244,263

Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		1,503,765		118,662,096
ABIOMED Inc.^(a)(b)		38,139		5,536,257
Accuray Inc.^(a)(b)		66,819		126,956
Aethlon Medical Inc.^(a)		415		631
Akers Biosciences Inc.^(a)		3		6
Align Technology Inc.^(a)(b)		61,418		10,683,661
Alphatec Holdings Inc.^(a)(b)		6,722		23,191
AngioDynamics Inc.^(a)(b)		22,372		233,340
Antares Pharma Inc.^(a)		119,681		282,447
Apollo Endosurgery Inc.^(a)(b)		72		138
Apyx Medical Corp.^(a)(b)		22,333		80,175
AtriCure Inc.^(a)		24,164		811,669
Atrion Corp.		1,031		670,150
Avanos Medical Inc.^(a)(b)		41,728		1,123,735
Avinger Inc.^(a)(b)		8		3
Axogen Inc.^(a)(b)		36,374		378,290
Axonics Modulation Technologies Inc.^(a)		10,035		254,989
Baxter International Inc.		434,574		35,283,063
Becton Dickinson and Co.		229,430		52,716,131
Beyond Air Inc.^(a)(b)		8,602		68,816
Biolase Inc.^(a)(b)		7,296		2,736
BioLife Solutions Inc.^(a)(b)		7,591		72,115
Biomerica Inc.^(a)		6,443		46,067
BioSig Technologies Inc.^(a)(b)		76,139		319,022
Boston Scientific Corp.^(a)		1,182,837		38,595,971
Cantel Medical Corp.		29,808		1,070,107
Cardiovascular Systems Inc.^(a)(b)		25,635		902,608
Cerus Corp.^(a)(b)		87,855		408,526
Chembio Diagnostics Inc.^(a)(b)		7,398		37,878
ClearPoint Neuro Inc.^(a)		8,343		29,868
Conformis Inc.^(a)(b)		46,926		29,563
CONMED Corp.		22,191		1,270,879
Cooper Companies Inc. (The)		42,444		11,700,538
CryoLife Inc.^(a)(b)		22,243		376,352
CryoPort Inc.^(a)(b)		20,765		354,459
Cutera Inc.^(a)		8,420		109,965
CytoSorbents Corp.^(a)(b)		14,810		114,481
Danaher Corp.		543,945		75,287,427
Dare Bioscience Inc.^(a)(b)		643		547
Dentsply Sirona Inc.		191,907		7,451,749
DexCom Inc.^(a)(b)		76,671		20,645,200
Edwards Lifesciences Corp.^(a)		177,089		33,402,527
Ekso Bionics Holdings Inc.^(a)(b)		14,033		39,713
ElectroCore Inc.^(a)		13,913		13,217
Electromed Inc.^(a)(b)		6,669		74,960
Endologix Inc.^(a)(b)		6,288		4,344
Envista Holdings Corp.^(a)(b)		134,764		2,013,374
FONAR Corp.^(a)(b)		6,844		100,059
GenMark Diagnostics Inc.^(a)(b)		38,455		158,435
Glaukos Corp.^(a)(b)		35,311		1,089,697


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Globus Medical Inc., Class A^(a)		60,339	$	2,566,218
Haemonetics Corp.^(a)		43,535		4,338,698
Helius Medical Technologies Inc.^(a)(b)		68,424		22,580
Heska Corp.^(a)(b)		7,114		393,404
Hill-Rom Holdings Inc.		58,469		5,881,981
Hologic Inc.^(a)		225,282		7,907,398
ICU Medical Inc.^(a)		16,918		3,413,545
IDEXX Laboratories Inc.^(a)		72,980		17,678,675
Inogen Inc.^(a)		15,178		784,096
Insulet Corp.^(a)(b)		51,485		8,530,035
Integer Holdings Corp.^(a)(b)		30,334		1,906,795
Integra LifeSciences Holdings Corp.^(a)(b)		59,220		2,645,357
IntriCon Corp.^(a)(b)		6,847		80,589
Intuitive Surgical Inc.^(a)(b)		98,300		48,679,143
Invacare Corp.		22,772		169,196
InVivo Therapeutics Holdings Corp.^(a)		16		27
iRadimed Corp.^(a)(b)		6,615		141,230
iRhythm Technologies Inc.^(a)(b)		21,872		1,779,287
IRIDEX Corp.^(a)(b)		7,310		11,769
Kewaunee Scientific Corp.		262		2,002
Lantheus Holdings Inc.^(a)(b)		32,836		418,987
LeMaitre Vascular Inc.		8,254		205,690
LivaNova PLC^(a)(b)		42,666		1,930,637
Masimo Corp.^(a)		40,065		7,096,313
Medtronic PLC		1,139,058		102,720,250
Meridian Bioscience Inc.^(a)		30,916		259,694
Merit Medical Systems Inc.^(a)		44,986		1,405,813
Mesa Laboratories Inc.^(b)		2,261		511,190
Microbot Medical Inc.^(a)		17		94
Milestone Scientific Inc.^(a)(b)		8,220		10,275
Misonix Inc.^(a)(b)		6,806		64,113
Motus GI Holdings Inc.^(a)(b)		8,541		5,755
Natus Medical Inc.^(a)		29,162		674,517
Neogen Corp.^(a)(b)		46,192		3,094,402
NeuroMetrix Inc.^(a)		10		12
Neuronetics Inc.^(a)		29,240		55,264
Nevro Corp.^(a)		25,352		2,534,693
NuVasive Inc.^(a)		43,472		2,202,292
OraSure Technologies Inc.^(a)		45,141		485,717
Orthofix Medical Inc.^(a)		15,027		420,906
OrthoPediatrics Corp.^(a)(b)		12,614		500,019
PAVmed Inc.^(a)(b)		16,174		32,025
Penumbra Inc.^(a)(b)		25,621		4,133,436
Predictive Oncology Inc.^(a)		6		9
Pro-Dex Inc.^(a)(b)		613		9,918
Pulse Biosciences Inc.^(a)(b)		27,685		198,225
Quidel Corp.^(a)(b)		30,194		2,953,275
Repro-Med Systems Inc.^(a)(b)		14,194		106,455
ResMed Inc.		121,223		17,854,936
Retractable Technologies Inc.^(a)(b)		8,273		12,906
Rockwell Medical Inc.^(a)(b)		52,071		106,746
RTI Surgical Holdings Inc.^(a)		45,835		78,378
SeaSpine Holdings Corp.^(a)(b)		7,469		61,022
Second Sight Medical Products Inc.^(a)(b)		5,079		5,052
Senseonics Holdings Inc.^(a)(b)		96,278		60,992
Sensus Healthcare Inc.^(a)(b)		61,565		153,913
Shockwave Medical Inc.^(a)(b)		4,931		163,611
SI-BONE Inc.^(a)		27,420		327,669
Sientra Inc.^(a)(b)		27,935		55,591
Silk Road Medical Inc.^(a)(b)		4,515		142,132

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
SiNtx Technologies Inc.^(a)		13	$	5
SmileDirectClub Inc.^(a)(b)		49,290		230,184
Soliton Inc.^(a)(b)		810		6,561
Sorrento Tech Inc.^(a)(c)		126		1
STAAR Surgical Co.^(a)		22,640		730,366
Stereotaxis Inc.^(a)(b)		27,481		82,993
Steris PLC		72,463		10,142,646
Strata Skin Sciences Inc.^(a)		1,191		1,073
Stryker Corp.		273,959		45,611,434
Surmodics Inc.^(a)		8,579		285,852
Tactile Systems Technology Inc.^(a)		14,692		590,031
Tandem Diabetes Care Inc.^(a)(b)		49,535		3,187,577
Tela Bio Inc.^(a)		3,109		24,312
Teleflex Inc.^(b)		38,908		11,394,597
ThermoGenesis Holdings Inc.^(a)		27		95
TransEnterix Inc.^(a)(b)		16,518		5,811
TransMedics Group Inc.^(a)(b)		2,260		27,301
Utah Medical Products Inc.		1,035		97,342
Vapotherm Inc.^(a)(b)		24,002		451,958
Varex Imaging Corp.^(a)(b)		30,855		700,717
Varian Medical Systems Inc.^(a)		76,801		7,884,391
Venus Concept Inc.^(a)(b)		12,583		44,670
Vermillion Inc.^(a)(b)		21,849		18,187
ViewRay Inc.^(a)(b)		67,042		167,605
VolitionRx Ltd.^(a)(b)		8,212		25,539
West Pharmaceutical Services Inc.		62,168		9,465,078
Wright Medical Group NV^(a)(b)		99,947		2,863,482
Xtant Medical Holdings Inc.^(a)		120		80
Zimmer Biomet Holdings Inc.		173,427		17,530,001
Zosano Pharma Corp.^(a)		202		114
Zynex Inc.^(a)(b)		7,419		82,128

				792,295,208

Health Care Providers & Services — 2.8%
Acadia Healthcare Co. Inc.^(a)(b)		74,335		1,364,047
Addus HomeCare Corp.^(a)(b)		7,355		497,198
Amedisys Inc.^(a)(b)		28,048		5,147,930
American Renal Associates Holdings Inc.^(a)(b)		7,344		48,544
American Shared Hospital Services^(a)		709		1,099
AmerisourceBergen Corp.		129,516		11,462,166
AMN Healthcare Services Inc.^(a)(b)		37,918		2,192,040
Anthem Inc.		216,832		49,229,537
Apollo Medical Holdings Inc.^(a)		24,021		310,351
Avalon GloboCare Corp.^(a)(b)		19,537		30,282
BioTelemetry Inc.^(a)(b)		29,408		1,132,502
Brookdale Senior Living Inc.^(a)		186,629		582,282
Capital Senior Living Corp.^(a)(b)		22,519		13,061
Cardinal Health Inc.		254,987		12,224,077
Catasys Inc.^(a)(b)		36,365		553,839
Centene Corp.^(a)		495,141		29,416,327
Chemed Corp.		13,561		5,874,625
Cigna Corp.^(a)		319,773		56,657,380
Community Health Systems Inc.^(a)(b)		90,134		301,048
CorVel Corp.^(a)		7,643		416,620
Covetrus Inc.^(a)(b)		79,659		648,424
Cross Country Healthcare Inc.^(a)		29,156		196,511
CVS Health Corp.		1,107,626		65,715,451
CynergisTek Inc./DE^(a)(b)		6,975		9,835
DaVita Inc.^(a)		75,765		5,762,686
Digirad Corp.^(a)(b)		1,268		5,034
Encompass Health Corp.		83,919		5,373,334


Security	Shares		Value

Health Care Providers & Services (continued)
Ensign Group Inc. (The)		40,164	$	1,510,568
Enzo Biochem Inc.^(a)(b)		30,884		78,137
Exagen Inc.^(a)(b)		4,235		67,506
Five Star Senior Living Inc.^(a)(b)		14,017		38,967
Fulgent Genetics Inc.^(a)(b)		8,675		93,343
Genesis Healthcare Inc.^(a)		21,883		18,439
Guardant Health Inc.^(a)(b)		32,137		2,236,735
Hanger Inc.^(a)		30,952		482,232
HCA Healthcare Inc.		225,669		20,276,360
HealthEquity Inc.^(a)		58,142		2,941,404
Henry Schein Inc.^(a)(b)		128,823		6,508,138
Humana Inc.		114,774		36,041,332
InfuSystem Holdings Inc.^(a)(b)		14,904		126,535
Interpace Biosciences Inc.^(a)		27		139
Joint Corp. (The)^(a)(b)		7,286		79,053
Laboratory Corp. of America Holdings^(a)		83,148		10,509,076
LHC Group Inc.^(a)(b)		23,827		3,340,545
Magellan Health Inc.^(a)		14,805		712,269
McKesson Corp.		140,830		19,048,666
MEDNAX Inc.^(a)(b)		75,441		878,133
Molina Healthcare Inc.^(a)		52,482		7,332,260
National HealthCare Corp.		7,917		567,886
National Research Corp.		7,663		348,513
Option Care Health Inc.^(a)		37,320		353,420
Owens & Minor Inc.		96,231		880,514
Patterson Companies Inc.		75,912		1,160,694
Pennant Group Inc. (The)^(a)		20,418		289,119
PetIQ Inc.^(a)		16,762		389,381
Premier Inc., Class A^(a)		53,131		1,738,446
Progyny Inc.^(a)(b)		8,325		176,407
Providence Service Corp. (The)^(a)		8,230		451,662
Psychemedics Corp.		6,693		40,493
Quest Diagnostics Inc.		114,562		9,199,329
Quorum Health Corp.^(a)(b)		22,909		10,346
R1 RCM Inc.^(a)(b)		75,998		690,822
RadNet Inc.^(a)		25,218		265,041
Regional Health Properties Inc.^(a)(b)		885		1,221
Select Medical Holdings Corp.^(a)		85,115		1,276,725
Sharps Compliance Corp.^(a)(b)		8,130		64,552
Surgery Partners Inc.^(a)(b)		29,261		191,074
Tenet Healthcare Corp.^(a)		94,094		1,354,954
Tivity Health Inc.^(a)(b)		47,060		296,007
Triple-S Management Corp., Class B^(a)		22,621		318,956
U.S. Physical Therapy Inc.^(b)		9,189		634,041
UnitedHealth Group Inc.		805,949		200,987,562
Universal Health Services Inc., Class B		70,206		6,956,011

				596,129,243

Health Care Technology — 0.3%
Allscripts Healthcare Solutions Inc.^(a)(b)		150,435		1,059,062
Castlight Health Inc., Class B^(a)		36,630		26,487
Cerner Corp.		270,341		17,028,780
Change Healthcare Inc.^(a)(b)		187,051		1,868,640
Computer Programs & Systems Inc.		7,675		170,769
Evolent Health Inc., Class A^(a)		70,022		380,219
Health Catalyst Inc.^(a)(b)		13,345		348,972
HealthStream Inc.^(a)		21,748		520,865
HMS Holdings Corp.^(a)		68,836		1,739,486
HTG Molecular Diagnostics Inc.^(a)(b)		6,686		2,173
Icad Inc.^(a)(b)		8,360		61,362
Inovalon Holdings Inc., Class A^(a)		57,260		953,952

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Technology (continued)
Inspire Medical Systems Inc.^(a)(b)		9,640	$	581,099
Livongo Health Inc.^(a)(b)		11,555		329,664
Micron Solutions Inc.^(a)		620		1,271
MTBC Inc.^(a)(b)		5,382		29,601
NantHealth Inc.^(a)(b)		19,124		30,407
NextGen Healthcare Inc.^(a)		36,917		385,413
Omnicell Inc.^(a)		35,863		2,351,896
OptimizeRx Corp.^(a)		31,678		287,003
Phreesia Inc.^(a)(b)		18,341		385,711
SCWorx Corp.^(a)(b)		5,601		12,602
Simulations Plus Inc.^(b)		7,658		267,417
Streamline Health Solutions Inc.^(a)		15,935		13,545
Tabula Rasa HealthCare Inc.^(a)(b)		13,911		727,406
Teladoc Health Inc.^(a)(b)		58,700		9,099,087
Veeva Systems Inc., Class A^(a)(b)		111,287		17,401,948
Vocera Communications Inc.^(a)(b)		24,497		520,316

				56,585,153

Hotels, Restaurants & Leisure — 1.6%
Allied Esports Entertainment Inc.^(a)(b)		6,225		9,773
Aramark		211,341		4,220,480
Ark Restaurants Corp.		295		3,118
BBQ Holdings Inc.^(a)		7,639		14,667
Biglari Holdings Inc., Class A^(a)(b)		19		5,643
Biglari Holdings Inc., Class B, NVS^(a)		199		10,229
BJ’s Restaurants Inc.		21,736		301,913
Bloomin’ Brands Inc.		73,360		523,790
Bowl America Inc., Class A		686		5,957
Boyd Gaming Corp.^(b)		66,050		952,441
Brinker International Inc.		27,783		333,674
Caesars Entertainment Corp.^(a)		467,664		3,161,409
Canterbury Park Holding Corp.^(b)		598		6,213
Carnival Corp.		338,188		4,453,936
Carrols Restaurant Group Inc.^(a)(b)		29,288		53,304
Century Casinos Inc.^(a)(b)		15,672		37,770
Chanticleer Holdings Inc.^(a)		1,017		408
Cheesecake Factory Inc. (The)		37,342		637,801
Chipotle Mexican Grill Inc.^(a)		21,467		14,048,005
Choice Hotels International Inc.		29,758		1,822,678
Churchill Downs Inc.^(b)		30,290		3,118,356
Chuy’s Holdings Inc.^(a)(b)		14,747		148,502
Cracker Barrel Old Country Store Inc.		21,662		1,802,712
Darden Restaurants Inc.		104,971		5,716,721
Dave & Buster’s Entertainment Inc.		28,873		377,659
Del Taco Restaurants Inc.^(a)(b)		22,296		76,475
Denny’s Corp.^(a)		66,863		513,508
Dine Brands Global Inc.		14,757		423,231
Domino’s Pizza Inc.		32,926		10,670,329
Dover Motorsports Inc.		14,782		18,478
Drive Shack Inc.^(a)(b)		36,691		55,770
Dunkin’ Brands Group Inc.		67,260		3,571,506
El Pollo Loco Holdings Inc.^(a)(b)		15,348		129,691
Eldorado Resorts Inc.^(a)(b)		53,463		769,867
Everi Holdings Inc.^(a)		52,875		174,488
Extended Stay America Inc.		164,731		1,204,184
Fiesta Restaurant Group Inc.^(a)(b)		29,589		119,244
Flanigan’s Enterprises Inc.^(a)(b)		198		2,297
Full House Resorts Inc.^(a)(b)		4,630		5,788
Golden Entertainment Inc.^(a)		31,605		208,909
Good Times Restaurants Inc.^(a)(b)		8,135		4,718
Hilton Grand Vacations Inc.^(a)(b)		77,317		1,219,289


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Hilton Worldwide Holdings Inc.		244,460	$	16,681,950
Hyatt Hotels Corp., Class A^(b)		36,453		1,746,099
Inspired Entertainment Inc.^(a)(b)		69,426		234,660
J Alexander’s Holdings Inc.^(a)		14,274		54,669
Jack in the Box Inc.		21,415		750,596
Kura Sushi USA Inc., Class A^(a)(b)		2,417		28,907
Las Vegas Sands Corp.		289,064		12,276,548
Lindblad Expeditions Holdings Inc.^(a)		14,957		62,371
Luby’s Inc.^(a)		15,644		10,481
Marriott International Inc./MD, Class A		232,273		17,376,343
Marriott Vacations Worldwide Corp.		31,214		1,734,874
McDonald’s Corp.		642,283		106,201,494
MGM Resorts International		444,000		5,239,200
Monarch Casino & Resort Inc.^(a)(b)		7,440		208,841
Nathan’s Famous Inc.		709		43,249
Noodles & Co.^(a)(b)		15,334		72,223
Norwegian Cruise Line Holdings Ltd.^(a)(b)		182,110		1,995,926
ONE Group Hospitality Inc. (The)^(a)(b)		14,329		18,484
Papa John’s International Inc.		22,632		1,207,870
Penn National Gaming Inc.^(a)		98,431		1,245,152
Planet Fitness Inc., Class A^(a)(b)		69,787		3,398,627
Playa Hotels & Resorts NV^(a)(b)		60,956		106,673
PlayAGS Inc.^(a)(b)		20,082		53,217
Potbelly Corp.^(a)(b)		21,756		67,226
Rave Restaurant Group Inc.^(a)(b)		3,285		2,464
RCI Hospitality Holdings Inc.		7,644		76,211
Red Lion Hotels Corp.^(a)		15,259		22,278
Red Robin Gourmet Burgers Inc.^(a)(b)		15,624		133,116
Red Rock Resorts Inc., Class A		54,386		465,000
Royal Caribbean Cruises Ltd.		147,169		4,734,427
Ruth’s Hospitality Group Inc.		29,430		196,592
Scientific Games Corp./DE, Class A^(a)(b)		47,452		460,284
SeaWorld Entertainment Inc.^(a)		34,362		378,669
Shake Shack Inc., Class A^(a)(b)		27,126		1,023,735
Six Flags Entertainment Corp.		61,619		772,702
Starbucks Corp.		1,009,911		66,391,549
Target Hospitality Corp.^(a)(b)		1,075		2,139
Texas Roadhouse Inc.		53,988		2,229,704
Town Sports International Holdings Inc.^(a)(b)		22,426		11,215
Twin River Worldwide Holdings Inc.		20,144		262,073
Vail Resorts Inc.^(b)		34,768		5,135,581
Wendy’s Co. (The)		158,798		2,362,914
Wingstop Inc.		23,503		1,873,189
Wyndham Destinations Inc.		77,085		1,672,745
Wyndham Hotels & Resorts Inc.		76,731		2,417,794
Wynn Resorts Ltd.		82,447		4,962,485
Yum! Brands Inc.		255,293		17,495,229

				344,832,706

Household Durables — 0.4%
Bassett Furniture Industries Inc.		15,849		86,377
Beazer Homes USA Inc.^(a)		22,292		143,560
Cavco Industries Inc.^(a)(b)		7,360		1,066,758
Century Communities Inc.^(a)(b)		14,923		216,533
Comstock Holding Companies Inc.^(a)(b)		285		419
Dixie Group Inc. (The)^(a)(b)		14,224		9,246
DR Horton Inc.		285,752		9,715,568
Emerson Radio Corp.^(a)(b)		15,118		10,583
Ethan Allen Interiors Inc.		14,310		146,248
Flexsteel Industries Inc.		13		142
Garmin Ltd.		122,821		9,206,662

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Durables (continued)
GoPro Inc., Class A^(a)(b)		91,869	$	240,697
Green Brick Partners Inc.^(a)(b)		22,373		180,103
Hamilton Beach Brands Holding Co., Class A		28		266
Helen of Troy Ltd.^(a)(b)		22,531		3,245,140
Hooker Furniture Corp.		8,222		128,345
Hovnanian Enterprises Inc., Class A^(a)(b)		4,745		39,099
Installed Building Products Inc.^(a)(b)		20,608		821,641
iRobot Corp.^(a)(b)		22,669		927,162
KB Home		67,958		1,230,040
La-Z-Boy Inc.		38,292		786,901
Legacy Housing Corp.^(a)(b)		42,848		396,344
Leggett & Platt Inc.		112,753		3,008,250
Lennar Corp., Class A		240,369		9,182,096
Lennar Corp., Class B		13,041		377,146
LGI Homes Inc.^(a)(b)		14,459		652,824
Libbey Inc.^(a)(b)		15,704		8,009
Lifetime Brands Inc.		7,816		44,160
Live Ventures Inc.^(a)(b)		631		3,231
Lovesac Co. (The)^(a)(b)		6,665		38,857
M/I Homes Inc.^(a)(b)		21,771		359,875
MDC Holdings Inc.		42,341		982,311
Meritage Homes Corp.^(a)(b)		29,970		1,094,205
Mohawk Group Holdings Inc.^(a)(b)		2,918		4,756
Mohawk Industries Inc.^(a)(b)		51,266		3,908,520
Nephros Inc.^(a)(b)		2,562		15,628
New Home Co. Inc. (The)^(a)		8,364		11,459
Newell Brands Inc.		327,711		4,352,002
Nova Lifestyle Inc.^(a)		2,790		2,957
NVR Inc.^(a)		2,725		7,000,825
P&F Industries Inc., Class A		689		3,032
PulteGroup Inc.		222,655		4,969,660
Purple Innovation Inc.^(a)		9,444		53,642
Skyline Champion Corp.^(a)		42,580		667,654
Sonos Inc.^(a)(b)		47,736		404,801
Taylor Morrison Home Corp.^(a)(b)		107,627		1,183,897
Tempur Sealy International Inc.^(a)		36,157		1,580,422
Toll Brothers Inc.		113,069		2,176,578
TopBuild Corp.^(a)		30,693		2,198,847
TRI Pointe Group Inc.^(a)(b)		120,291		1,054,952
Tupperware Brands Corp.^(b)		40,099		64,960
Turtle Beach Corp.^(a)(b)		2,103		13,123
Universal Electronics Inc.^(a)		9,172		351,930
VOXX International Corp.^(a)(b)		14,748		42,032
Vuzix Corp.^(a)(b)		8,376		10,302
Whirlpool Corp.		54,288		4,657,910
Yunhong CTI Ltd., NVS^(a)		230		216
ZAGG Inc.^(a)(b)		22,690		70,566

				79,149,469

Household Products — 1.7%
Central Garden & Pet Co.^(a)		7,665		210,787
Central Garden & Pet Co., Class A, NVS^(a)		36,857		942,433
Church & Dwight Co. Inc.^(b)		208,971		13,411,759
Clorox Co. (The)		107,048		18,546,066
Colgate-Palmolive Co.		730,128		48,451,294
Energizer Holdings Inc.		54,754		1,656,308
Kimberly-Clark Corp.		291,233		37,239,964
Ocean Bio-Chem Inc.		728		3,531
Oil-Dri Corp. of America		6,658		222,644
Procter & Gamble Co. (The)		2,121,478		233,362,580
Spectrum Brands Holdings Inc.		39,094		1,421,849


Security	Shares		Value

Household Products (continued)
WD-40 Co.		13,574	$	2,726,338

				358,195,553

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp./VA		567,789		7,721,930
Clearway Energy Inc., Class A		29,380		504,455
Clearway Energy Inc., Class C		58,816		1,105,741
Ormat Technologies Inc.^(b)		44,035		2,979,408
Sunnova Energy International Inc.^(a)(b)		49,159		495,031
TerraForm Power Inc., Class A		83,957		1,324,002
Vistra Energy Corp.		385,163		6,147,201

				20,277,768

Industrial Conglomerates — 1.1%
3M Co.		490,227		66,920,888
Carlisle Companies Inc.		47,746		5,981,619
General Electric Co.		7,447,251		59,131,173
Honeywell International Inc.		609,770		81,581,128
Raven Industries Inc.		30,024		637,409
Roper Technologies Inc.		88,427		27,572,423

				241,824,640

Insurance — 2.3%
1347 Property Insurance Holdings Inc.^(a)(b)		6,735		32,867
Aflac Inc.		635,511		21,759,897
Alleghany Corp.		12,589		6,953,534
Allstate Corp. (The)		279,592		25,646,974
Ambac Financial Group Inc.^(a)		35,855		442,451
American Equity Investment Life Holding Co.		60,670		1,140,596
American Financial Group Inc./OH		63,256		4,432,981
American International Group Inc.		736,722		17,865,509
American National Insurance Co.		7,509		618,591
AMERISAFE Inc.		6,027		388,561
Aon PLC^(b)		200,148		33,032,426
Arch Capital Group Ltd.^(a)		345,107		9,821,745
Argo Group International Holdings Ltd.		31,774		1,177,544
Arthur J Gallagher & Co.^(b)		159,361		12,989,515
Assurant Inc.		51,824		5,394,360
Assured Guaranty Ltd.		87,476		2,256,006
Athene Holding Ltd., Class A^(a)(b)		105,383		2,615,606
Atlantic American Corp.		749		1,580
Atlas Financial Holdings Inc.^(a)(b)		7,689		2,460
Axis Capital Holdings Ltd.		76,021		2,938,212
Benefytt Technologies Inc.^(a)		7,356		164,701
Brighthouse Financial Inc.^(a)		92,949		2,246,577
Brown & Brown Inc.		197,806		7,164,533
BRP Group Inc., Class A^(a)(b)		15,974		168,526
Chubb Ltd.		385,804		43,090,449
Cincinnati Financial Corp.		129,982		9,807,142
Citizens Inc./TX^(a)(b)		37,505		244,533
CNA Financial Corp.		22,408		695,544
CNO Financial Group Inc.		140,088		1,735,690
Conifer Holdings Inc.^(a)(b)		833		2,499
Crawford & Co., Class A, NVS		14,881		107,143
Crawford & Co., Class B		8,203		52,417
Donegal Group Inc., Class A		7,246		110,139
eHealth Inc.^(a)(b)		15,247		2,147,083
Employers Holdings Inc.		22,421		908,275
Enstar Group Ltd.^(a)		13,057		2,076,716
Erie Indemnity Co., Class A, NVS		16,839		2,496,213
Everest Re Group Ltd.		35,499		6,830,718
FBL Financial Group Inc., Class A		13,624		635,832

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
FedNat Holding Co.		8,302	$	95,307
Fidelity National Financial Inc.		234,825		5,842,446
First American Financial Corp.		90,287		3,829,072
Genworth Financial Inc., Class A^(a)		410,301		1,362,199
Global Indemnity Ltd.		7,429		189,440
Globe Life Inc.		85,652		6,164,374
Goosehead Insurance Inc., Class A^(a)		8,421		375,829
Greenlight Capital Re Ltd., Class A^(a)(b)		23,212		138,111
Hallmark Financial Services Inc.^(a)(b)		14,186		57,311
Hanover Insurance Group Inc. (The)		35,243		3,192,311
Hartford Financial Services Group Inc. (The)		304,875		10,743,795
HCI Group Inc.		6,456		259,854
Heritage Insurance Holdings Inc.		21,805		233,532
Horace Mann Educators Corp.		20,343		744,350
ICC Holdings Inc.^(a)(b)		1,139		12,495
Independence Holding Co.^(b)		7,247		185,233
Investors Title Co.		321		41,088
James River Group Holdings Ltd.		23,896		865,991
Kemper Corp.		52,917		3,935,437
Kingstone Companies Inc.		6,740		34,441
Kingsway Financial Services Inc.^(a)		9,991		19,782
Kinsale Capital Group Inc.		21,070		2,202,447
Lincoln National Corp.		169,230		4,454,134
Loews Corp.^(b)		222,038		7,733,584
Maiden Holdings Ltd.^(a)		17,760		16,162
Markel Corp.^(a)		11,894		11,036,324
Marsh & McLennan Companies Inc.		429,056		37,096,182
MBIA Inc.^(a)		59,746		426,586
Mercury General Corp.		24,727		1,006,883
MetLife Inc.		659,011		20,145,966
National General Holdings Corp.		45,703		756,385
National Security Group Inc. (The)		249		3,366
National Western Life Group Inc., Class A		423		72,756
NI Holdings Inc.^(a)		31,302		424,455
Old Republic International Corp.		230,912		3,521,408
Palomar Holdings Inc.^(a)(b)		14,751		857,918
Primerica Inc.		35,998		3,185,103
Principal Financial Group Inc.		218,230		6,839,328
ProAssurance Corp.		36,192		904,800
Progressive Corp. (The)		495,424		36,582,108
ProSight Global Inc.^(a)(b)		28,919		281,960
Protective Insurance Corp., Class A		175		2,538
Protective Insurance Corp., Class B, NVS		7,374		101,393
Prudential Financial Inc.		338,983		17,674,574
Reinsurance Group of America Inc.		51,992		4,374,607
RenaissanceRe Holdings Ltd.		36,581		5,462,275
RLI Corp.^(b)		37,082		3,260,620
Safety Insurance Group Inc.		11,860		1,001,340
Selective Insurance Group Inc.		50,714		2,520,486
State Auto Financial Corp.^(b)		14,267		396,480
Stewart Information Services Corp.		16,242		433,174
Third Point Reinsurance Ltd.^(a)(b)		37,602		278,631
Tiptree Inc.		29,219		152,523
Travelers Companies Inc. (The)		219,411		21,798,483
Trupanion Inc.^(a)(b)		21,984		572,244
Unico American Corp.^(a)		619		3,262
United Fire Group Inc.		15,589		508,357
United Insurance Holdings Corp.		8,788		81,201
Universal Insurance Holdings Inc.		21,722		389,258
Unum Group		181,610		2,725,966


Security	Shares		Value

Insurance (continued)
Watford Holdings Ltd.^(a)(b)		9,050	$	132,583
White Mountains Insurance Group Ltd.^(b)		2,302		2,094,820
Willis Towers Watson PLC		109,995		18,682,651
WR Berkley Corp.		131,893		6,880,858

				495,594,722

Interactive Media & Services — 4.6%
Alphabet Inc., Class A^(a)		254,882		296,160,140
Alphabet Inc., Class C, NVS^(a)		254,265		295,661,885
ANGI Homeservices Inc., Class A^(a)(b)		48,127		252,667
AutoWeb Inc.^(a)(b)		5,920		6,038
Cargurus Inc.^(a)(b)		52,783		999,710
Cars.com Inc.^(a)(b)		59,757		256,955
DHI Group Inc.^(a)(b)		30,953		66,858
Eventbrite Inc., Class A^(a)(b)		21,074		153,840
EverQuote Inc., Class A^(a)		2,597		68,171
Facebook Inc., Class A^(a)		2,047,167		341,467,456
IAC/InterActiveCorp.^(a)		61,403		11,005,260
IZEA Worldwide Inc.^(a)(b)		7,095		1,419
Liberty TripAdvisor Holdings Inc., Class A^(a)		59,235		106,623
Match Group Inc.^(a)(b)		45,994		3,037,444
Meet Group Inc. (The)^(a)		42,750		250,942
Pinterest Inc., Class A^(a)(b)		73,201		1,130,223
QuinStreet Inc.^(a)(b)		29,800		239,890
Snap Inc., Class A, NVS^(a)(b)		698,257		8,302,276
Super League Gaming Inc.^(a)(b)		6,573		14,461
Travelzoo^(a)		7,220		28,375
TripAdvisor Inc.		88,197		1,533,746
TrueCar Inc.^(a)		67,843		164,180
Twitter Inc.^(a)		659,094		16,187,349
Yelp Inc.^(a)		61,076		1,101,200
Zedge Inc., Class B^(a)		6,797		5,981
Zillow Group Inc., Class A^(a)(b)		37,527		1,274,792
Zillow Group Inc., Class C, NVS^(a)(b)		102,726		3,700,191

				983,178,072

Internet & Direct Marketing Retail — 3.7%
1-800-Flowers.com Inc., Class A^(a)		14,362		190,009
Amazon.com Inc.^(a)		354,242		690,672,712
Blue Apron Holdings Inc., Class A^(a)(b)		33,060		398,373
Booking Holdings Inc.^(a)		35,769		48,120,751
Chewy Inc., Class A^(a)(b)		45,518		1,706,470
Duluth Holdings Inc., Class B^(a)(b)		16,686		66,911
eBay Inc.^(b)		650,708		19,560,282
Etsy Inc.^(a)(b)		102,208		3,928,876
Expedia Group Inc.		117,205		6,595,125
Groupon Inc.^(a)		344,970		338,140
Grubhub Inc.^(a)(b)		75,540		3,076,744
iMedia Brands Inc.^(a)(b)		2,509		4,692
Lands’ End Inc.^(a)(b)		14,781		78,931
Leaf Group Ltd.^(a)		8,381		11,231
Liquidity Services Inc.^(a)		22,132		85,872
PetMed Express Inc.		20,701		595,775
Quotient Technology Inc.^(a)		52,203		339,319
Qurate Retail Inc., Series A^(a)(b)		352,850		2,154,149
RealReal Inc. (The)^(a)(b)		13,251		92,889
Remark Holdings Inc.^(a)(b)		14,263		5,603
Revolve Group Inc.^(a)(b)		20,192		174,459
Rubicon Project Inc. (The)^(a)(b)		24,860		137,973
Shutterstock Inc.^(b)		15,142		486,967
Stamps.com Inc.^(a)		14,886		1,936,371

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Internet & Direct Marketing Retail (continued)
Stitch Fix Inc., Class A^(a)(b)		20,088	$	255,118
U.S. Auto Parts Network Inc.^(a)(b)		14,738		25,791
Waitr Holdings Inc.^(a)(b)		44,074		54,211
Wayfair Inc., Class A^(a)(b)		53,902		2,880,523

				783,974,267

IT Services — 5.3%
Accenture PLC, Class A		541,429		88,393,699
Akamai Technologies Inc.^(a)		135,899		12,433,400
ALJ Regional Holdings Inc.^(a)		8,403		5,042
Alliance Data Systems Corp.		36,107		1,215,001
Automatic Data Processing Inc.		369,465		50,498,476
Black Knight Inc.^(a)		129,112		7,496,243
Booz Allen Hamilton Holding Corp.		117,551		8,068,701
Brightcove Inc.^(a)		29,268		203,998
Broadridge Financial Solutions Inc.		97,163		9,213,967
CACI International Inc., Class A^(a)(b)		21,837		4,610,883
Cardtronics PLC, Class A^(a)(b)		37,131		776,781
Cass Information Systems Inc.		9,007		316,686
Cognizant Technology Solutions Corp., Class A		470,895		21,882,491
Computer Task Group Inc.^(a)		14,216		54,447
Conduent Inc.^(a)		148,645		364,180
CSG Systems International Inc.		32,686		1,367,909
CSP Inc.		681		4,760
DXC Technology Co.		225,746		2,945,985
Endurance International Group Holdings Inc.^(a)		52,000		100,360
EPAM Systems Inc.^(a)(b)		46,562		8,644,701
Euronet Worldwide Inc.^(a)(b)		46,513		3,987,094
EVERTEC Inc.		52,326		1,189,370
Evo Payments Inc., Class A^(a)(b)		36,655		560,822
Exela Technologies Inc.^(a)(b)		122,760		25,166
ExlService Holdings Inc.^(a)		29,351		1,527,133
Fastly Inc., Class A^(a)(b)		6,186		117,410
Fidelity National Information Services Inc.		522,188		63,518,948
Fiserv Inc.^(a)		484,861		46,056,946
FleetCor Technologies Inc.^(a)		73,364		13,685,321
Gartner Inc.^(a)(b)		75,605		7,527,990
Genpact Ltd.		127,808		3,731,994
Global Payments Inc.		255,723		36,882,928
GoDaddy Inc., Class A^(a)		148,027		8,453,822
GreenSky Inc., Class A^(a)(b)		38,864		148,460
GTT Communications Inc.^(a)(b)		27,349		217,425
Hackett Group Inc. (The)		21,842		277,830
I3 Verticals Inc., Class A^(a)		7,415		141,552
Information Services Group Inc.^(a)(b)		23,311		59,909
Innodata Inc.^(a)		22,340		17,872
Inpixon^(a)		1		1
International Business Machines Corp.		754,609		83,708,776
International Money Express Inc.^(a)		42,632		389,230
Jack Henry & Associates Inc.^(b)		65,965		10,240,407
KBR Inc.		113,438		2,345,898
Leidos Holdings Inc.		115,482		10,583,925
Limelight Networks Inc.^(a)(b)		52,602		299,831
LiveRamp Holdings Inc.^(a)(b)		60,764		2,000,351
ManTech International Corp./VA, Class A		21,765		1,581,663
Marathon Patent Group Inc.^(a)		302		136
Mastercard Inc., Class A		755,759		182,561,144
MAXIMUS Inc.		52,542		3,057,944
MoneyGram International Inc.^(a)(b)		22,762		29,818
MongoDB Inc.^(a)(b)		28,093		3,835,818
NIC Inc.		49,899		1,147,677


Security	Shares		Value

IT Services (continued)
Okta Inc.^(a)(b)		95,736	$	11,704,683
Paychex Inc.		271,736		17,097,629
PayPal Holdings Inc.^(a)(b)		997,543		95,504,767
Paysign Inc.^(a)(b)		27,491		141,854
Perficient Inc.^(a)(b)		29,793		807,092
Perspecta Inc.		118,237		2,156,643
PFSweb Inc.^(a)		14,179		42,537
PRGX Global Inc.^(a)(b)		21,840		61,152
Priority Technology Holdings Inc.^(a)(b)		5,846		11,341
Replay Holding Corp.^(a)(b)		37,224		534,164
Sabre Corp.		238,550		1,414,602
Science Applications International Corp.		44,828		3,345,514
ServiceSource International Inc.^(a)(b)		45,345		39,763
Square Inc., Class A^(a)(b)		292,143		15,302,450
StarTek Inc.^(a)(b)		8,172		30,727
Steel Connect Inc.^(a)(b)		37,533		28,150
Switch Inc., Class A^(b)		36,011		519,639
Sykes Enterprises Inc.^(a)		30,237		820,027
TTEC Holdings Inc.		14,445		530,420
Twilio Inc., Class A^(a)(b)		104,113		9,317,072
Unisys Corp.^(a)(b)		35,290		435,832
Usio Inc.^(a)(b)		908		1,026
VeriSign Inc.^(a)		87,836		15,818,385
Verra Mobility Corp.^(a)(b)		91,486		653,210
Virtusa Corp.^(a)(b)		22,406		636,330
Visa Inc., Class A^(b)		1,456,248		234,630,678
Western Union Co. (The)		362,316		6,568,789
WEX Inc.^(a)		35,961		3,759,723
WidePoint Corp.^(a)		60,932		22,301

				1,130,444,821

Leisure Products — 0.1%
Acushnet Holdings Corp.^(b)		35,635		916,532
American Outdoor Brands Corp.^(a)(b)		44,595		370,139
Brunswick Corp./DE		73,382		2,595,521
Callaway Golf Co.^(b)		75,411		770,700
Clarus Corp.		17,213		168,687
Escalade Inc.		7,518		44,732
Hasbro Inc.		107,026		7,657,710
JAKKS Pacific Inc.^(a)		14,380		5,019
Johnson Outdoors Inc., Class A		6,820		427,614
Malibu Boats Inc., Class A^(a)(b)		14,966		430,871
Marine Products Corp.		1,322		10,682
MasterCraft Boat Holdings Inc.^(a)(b)		15,433		112,661
Mattel Inc.^(a)		292,592		2,577,736
Nautilus Inc.^(a)		22,630		59,064
Peloton Interactive Inc.^(a)(b)		34,488		915,656
Polaris Inc.		47,684		2,295,985
Sturm Ruger & Co. Inc.		12,418		632,200
Summer Infant Inc.^(a)(b)		885		1,673
Vista Outdoor Inc.^(a)(b)		58,345		513,436
YETI Holdings Inc.^(a)(b)		28,211		550,679

				21,057,297

Life Sciences Tools & Services — 1.1%
10X Genomics Inc., Class A^(a)		9,608		598,770
Accelerate Diagnostics Inc.^(a)(b)		23,334		194,372
Adaptive Biotechnologies Corp.^(a)		13,117		364,390
Agilent Technologies Inc.		263,899		18,900,446
Avantor Inc.^(a)		177,182		2,213,003
Bioanalytical Systems Inc.^(a)(b)		6,824		22,246

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Bio-Rad Laboratories Inc., Class A^(a)		18,032	$	6,321,298
Bio-Techne Corp.		31,114		5,899,837
Bruker Corp.^(b)		90,069		3,229,874
Champions Oncology Inc.^(a)(b)		4,964		36,734
Charles River Laboratories International Inc.^(a)		38,585		4,869,813
ChromaDex Corp.^(a)(b)		14,695		47,906
Codexis Inc.^(a)(b)		35,900		400,644
Fluidigm Corp.^(a)(b)		38,999		99,057
Harvard Bioscience Inc.^(a)(b)		91,030		201,176
Illumina Inc.^(a)(b)		125,430		34,257,442
IQVIA Holdings Inc.^(a)		155,535		16,776,005
Luminex Corp.^(b)		39,924		1,099,108
Medpace Holdings Inc.^(a)		23,351		1,713,496
Mettler-Toledo International Inc.^(a)(b)		21,260		14,680,243
NanoString Technologies Inc.^(a)(b)		25,255		607,383
NeoGenomics Inc.^(a)		84,983		2,346,381
Pacific Biosciences of California Inc.^(a)(b)		113,488		347,273
PerkinElmer Inc.^(b)		94,651		7,125,327
Personalis Inc.^(a)(b)		31,418		253,543
PRA Health Sciences Inc.^(a)		53,371		4,431,928
Quanterix Corp.^(a)		8,170		150,083
Repligen Corp.^(a)(b)		39,642		3,827,039
Syneos Health Inc.^(a)(b)		51,875		2,044,913
Thermo Fisher Scientific Inc.		341,127		96,743,617
Waters Corp.^(a)		57,665		10,497,913

				240,301,260

Machinery — 1.7%
AGCO Corp.		53,472		2,526,552
Alamo Group Inc.		6,772		601,218
Albany International Corp., Class A^(b)		28,812		1,363,672
Allison Transmission Holdings Inc.		106,600		3,476,226
Altra Industrial Motion Corp.		51,347		898,059
Art’s-Way Manufacturing Co. Inc.^(a)		304		611
Astec Industries Inc.^(b)		14,634		511,751
Barnes Group Inc.		38,466		1,609,033
Blue Bird Corp.^(a)		28,003		306,073
Briggs & Stratton Corp.		36,921		66,827
Caterpillar Inc.		471,273		54,686,519
Chart Industries Inc.^(a)(b)		29,606		857,982
Chicago Rivet & Machine Co.		125		2,650
CIRCOR International Inc.^(a)		15,626		181,730
Colfax Corp.^(a)		72,355		1,432,629
Columbus McKinnon Corp./NY		15,247		381,175
Commercial Vehicle Group Inc.^(a)(b)		22,284		33,649
Crane Co.		44,332		2,180,248
Cummins Inc.		130,359		17,640,180
Deere & Co.		266,962		36,883,470
Donaldson Co. Inc.		106,224		4,103,433
Douglas Dynamics Inc.		16,193		575,013
Dover Corp.		122,503		10,282,902
Eastern Co. (The)		6,764		131,898
Energy Recovery Inc.^(a)(b)		14,382		107,002
Enerpac Tool Group Corp.		45,241		748,739
EnPro Industries Inc.		15,739		622,950
ESCO Technologies Inc.		22,463		1,705,166
Evoqua Water Technologies Corp.^(a)(b)		60,862		682,263
ExOne Co. (The)^(a)(b)		7,662		48,960
Federal Signal Corp.		51,856		1,414,632
Flowserve Corp.		114,387		2,732,705
Fortive Corp.^(b)		248,877		13,735,522


Security	Shares		Value

Machinery (continued)
Franklin Electric Co. Inc.		30,180	$	1,422,383
FreightCar America Inc.^(a)		8,239		7,662
Gates Industrial Corp. PLC^(a)(b)		38,900		287,082
Gencor Industries Inc.^(a)		7,241		76,030
Gorman-Rupp Co. (The)		15,068		470,272
Graco Inc.		144,456		7,039,341
Graham Corp.		7,654		98,737
Greenbrier Companies Inc. (The)		29,529		523,844
Helios Technologies Inc.		22,899		868,330
Hillenbrand Inc.		60,605		1,158,161
Hurco Companies Inc.		6,890		200,499
Hyster-Yale Materials Handling Inc.		7,548		302,599
IDEX Corp.		65,340		9,024,107
Illinois Tool Works Inc.		250,372		35,582,869
Ingersoll Rand Inc.^(a)		285,646		7,084,021
ITT Inc.		74,251		3,368,025
John Bean Technologies Corp.^(b)		27,414		2,036,038
Kadant Inc.		7,900		589,735
Kennametal Inc.		67,136		1,250,072
LB Foster Co., Class A^(a)		7,651		94,566
Lincoln Electric Holdings Inc.		52,234		3,604,146
Lindsay Corp.		7,775		712,034
LiqTech International Inc.^(a)(b)		9,986		42,840
LS Starrett Co. (The), Class A^(a)		6,842		22,168
Lydall Inc.^(a)		15,495		100,098
Manitex International Inc.^(a)(b)		14,270		58,935
Manitowoc Co. Inc. (The)^(a)		36,461		309,918
Mayville Engineering Co. Inc.^(a)(b)		5,523		33,856
Meritor Inc.^(a)		75,879		1,005,397
Middleby Corp. (The)^(a)(b)		47,018		2,674,384
Miller Industries Inc./TN		9,588		271,149
Mueller Industries Inc.		44,728		1,070,788
Mueller Water Products Inc., Class A		134,464		1,077,057
Navistar International Corp.^(a)(b)		52,425		864,488
NN Inc.		24,834		42,963
Nordson Corp.		44,728		6,041,411
Omega Flex Inc.		6,742		569,025
Oshkosh Corp.		60,377		3,884,052
PACCAR Inc.		293,794		17,959,627
Parker-Hannifin Corp.		109,497		14,205,046
Park-Ohio Holdings Corp.		7,436		140,838
Pentair PLC		145,067		4,317,194
Perma-Pipe International Holdings Inc.^(a)(b)		7,210		44,846
Proto Labs Inc.^(a)		21,815		1,660,776
RBC Bearings Inc.^(a)		21,754		2,453,634
REV Group Inc.		15,418		64,293
Rexnord Corp.		104,245		2,363,234
Snap-on Inc.		46,813		5,094,191
Spartan Motors Inc.		29,481		380,600
SPX Corp.^(a)		43,746		1,427,869
SPX FLOW Inc.^(a)(b)		36,897		1,048,613
Standex International Corp.		7,987		391,523
Stanley Black & Decker Inc.		129,474		12,947,400
Taylor Devices Inc.^(a)(b)		702		6,030
Tennant Co.		16,146		935,661
Terex Corp.		52,269		750,583
Timken Co. (The)		53,677		1,735,914
Titan International Inc.		37,311		57,832
Toro Co. (The)		90,954		5,920,196
TriMas Corp.^(a)(b)		37,337		862,485

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Trinity Industries Inc.		90,108	$	1,448,036
Twin Disc Inc.^(a)		7,596		53,020
Wabash National Corp.		52,689		380,415
WABCO Holdings Inc.^(a)		44,023		5,945,306
Watts Water Technologies Inc., Class A		22,537		1,907,757
Welbilt Inc.^(a)(b)		112,137		575,263
Westinghouse Air Brake Technologies Corp.		155,445		7,481,568
Woodward Inc.^(b)		46,363		2,755,817
Xylem Inc./NY		151,330		9,856,123

				361,572,211

Marine — 0.0%
Eagle Bulk Shipping Inc.^(a)(b)		104,597		193,504
Genco Shipping & Trading Ltd.		16,131		103,561
Kirby Corp.^(a)		51,102		2,221,404
Matson Inc.		30,177		924,020
Pangaea Logistics Solutions Ltd.		7,552		15,104

				3,457,593

Media — 1.4%
AH Belo Corp., Class A		15,295		26,307
Altice USA Inc., Class A^(a)		262,869		5,859,350
AMC Networks Inc., Class A^(a)		36,700		892,177
Beasley Broadcast Group Inc., Class A		904		1,672
Boston Omaha Corp., Class A^(a)(b)		17,646		319,569
Cable One Inc.		4,617		7,590,394
Cardlytics Inc.^(a)(b)		16,771		586,314
Central European Media Enterprises Ltd.,
Class A^(a)(b)		60,249		188,579
Charter Communications Inc., Class A^(a)		133,401		58,204,190
Clear Channel Outdoor Holdings Inc.^(a)(b)		304,541		194,906
Comcast Corp., Class A		3,869,209		133,023,405
comScore Inc.^(a)(b)		39,001		109,983
Cumulus Media Inc., Class A^(a)		36,231		196,372
Daily Journal Corp.^(a)(b)		181		41,322
Discovery Inc., Class A^(a)(b)		133,909		2,603,191
Discovery Inc., Class C, NVS^(a)(b)		291,577		5,114,261
DISH Network Corp., Class A^(a)		215,909		4,316,021
Emerald Holding Inc.		38,427		99,526
Emmis Communications Corp., Class A^(a)		7,320		14,640
Entercom Communications Corp., Class A		80,403		137,489
Entravision Communications Corp., Class A		45,168		91,691
EW Scripps Co. (The), Class A, NVS^(b)		44,399		334,769
Fluent Inc.^(a)(b)		81,561		95,426
Fox Corp., Class A, NVS^(b)		302,665		7,151,974
Fox Corp., Class B^(a)		134,582		3,079,236
Gannett Co. Inc.		94,393		139,702
Gray Television Inc.^(a)(b)		69,694		748,514
Gray Television Inc.^(a)		756		8,981
Harte-Hanks Inc.^(a)(b)		2,073		3,255
Hemisphere Media Group Inc.^(a)(b)		7,676		65,553
Iheartmedia Inc., Class A^(a)		49,210		359,725
Insignia Systems Inc.^(a)		8,208		6,074
Interpublic Group of Companies Inc. (The)		329,076		5,327,741
John Wiley & Sons Inc., Class A		37,472		1,404,825
John Wiley & Sons Inc., Class B^(b)		787		29,623
Lee Enterprises Inc.^(a)(b)		45,092		44,326
Liberty Broadband Corp., Class A^(a)(b)		20,756		2,220,892
Liberty Broadband Corp., Class C, NVS^(a)(b)		124,432		13,777,111
Liberty Global PLC, Class A^(a)(b)		155,855		2,573,166
Liberty Global PLC, Class C, NVS^(a)(b)		323,616		5,084,007


Security	Shares		Value

Media (continued)
Liberty Latin America Ltd., Class A^(a)		44,088	$	463,806
Liberty Latin America Ltd., Class C, NVS^(a)(b)		89,531		918,588
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)(b)		72,564		2,299,553
Liberty Media Corp.-Liberty SiriusXM,
Class C, NVS^(a)		128,854		4,074,364
Loral Space & Communications Inc.^(a)		27,356		444,535
Marchex Inc., Class B^(a)		22,623		32,803
MDC Partners Inc., Class A^(a)		177,466		257,326
Mediaco Holding Inc., Class A^(a)		857		3,394
Meredith Corp.		31,265		382,058
MSG Networks Inc., Class A^(a)		39,090		398,718
National CineMedia Inc.		74,926		244,259
New York Times Co. (The), Class A		125,596		3,857,053
News Corp., Class A, NVS		314,578		2,823,338
News Corp., Class B		96,564		868,110
Nexstar Media Group Inc., Class A		38,284		2,210,135
Omnicom Group Inc.		182,763		10,033,689
Saga Communications Inc., Class A		6,648		182,887
Salem Media Group Inc.		8,300		7,254
Scholastic Corp., NVS		22,339		569,421
Sinclair Broadcast Group Inc., Class A^(b)		54,468		875,846
Sirius XM Holdings Inc.^(b)		1,189,828		5,877,750
SPAR Group Inc.^(a)(b)		6,852		4,454
SRAX Inc.^(a)(b)		10,033		20,166
TechTarget Inc.^(a)		14,879		306,656
TEGNA Inc.		179,271		1,946,883
Townsquare Media Inc., Class A		7,684		35,423
Tribune Publishing Co.		6,285		50,971
Urban One Inc., NVS^(a)(b)		22,852		21,709
Urban One Inc., Class A^(a)(b)		233		259
ViacomCBS Inc., Class A		19,924		355,245
ViacomCBS Inc., Class B, NVS		443,854		6,218,395
WideOpenWest Inc.^(a)(b)		58,615		279,007

				308,130,314

Metals & Mining — 0.4%
Alcoa Corp.^(a)(b)		159,605		983,167
Allegheny Technologies Inc.^(a)		99,702		847,467
Ampco-Pittsburgh Corp.^(a)(b)		7,438		18,595
Carpenter Technology Corp.		42,487		828,497
Century Aluminum Co.^(a)(b)		46,093		166,857
Cleveland-Cliffs Inc.^(b)		337,714		1,333,970
Coeur Mining Inc.^(a)(b)		178,317		572,398
Commercial Metals Co.		90,930		1,435,785
Compass Minerals International Inc.		30,462		1,171,873
Comstock Mining Inc.^(a)(b)		4,552		1,844
Contura Energy Inc.^(a)(b)		2,628		6,176
Freeport-McMoRan Inc.		1,212,280		8,182,890
Friedman Industries Inc.		7,247		31,959
General Moly Inc.^(a)(b)		82,420		13,187
Gold Resource Corp.^(b)		45,131		124,110
Golden Minerals Co.^(a)(b)		75,934		15,954
Haynes International Inc.		8,209		169,188
Hecla Mining Co.^(b)		487,466		887,188
Kaiser Aluminum Corp.		15,726		1,089,497
Materion Corp.		16,626		582,076
McEwen Mining Inc.^(a)(b)		187,103		123,638
Newmont Corp.		696,180		31,523,030
Nucor Corp.		257,844		9,287,541
Olympic Steel Inc.		7,531		77,946
Paramount Gold Nevada Corp.^(a)(b)		6,896		4,207

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining (continued)
Ramaco Resources Inc.^(a)		7,654	$	18,293
Reliance Steel & Aluminum Co.		57,168		5,007,345
Royal Gold Inc.		55,050		4,828,436
Ryerson Holding Corp.^(a)		14,304		76,097
Schnitzer Steel Industries Inc., Class A		22,382		291,861
Solitario Zinc Corp.^(a)(b)		29,840		5,950
Steel Dynamics Inc.		182,571		4,115,150
SunCoke Energy Inc.		52,568		202,387
Synalloy Corp.^(a)		7,606		66,400
TimkenSteel Corp.^(a)(b)		30,215		97,594
U.S. Antimony Corp.^(a)(b)		59,486		19,666
U.S. Steel Corp.^(b)		151,401		955,340
Universal Stainless & Alloy Products Inc.^(a)(b)		7,245		55,859
Warrior Met Coal Inc.^(b)		32,087		340,764
Worthington Industries Inc.		37,477		983,771

				76,543,953

Mortgage Real Estate Investment — 0.1%
AG Mortgage Investment Trust Inc.		14,415		39,497
AGNC Investment Corp.		470,514		4,978,038
Annaly Capital Management Inc.		1,239,500		6,284,265
Anworth Mortgage Asset Corp.		52,297		59,096
Apollo Commercial Real Estate Finance Inc.		119,590		887,358
Arbor Realty Trust Inc.		65,694		321,901
Ares Commercial Real Estate Corp.		21,283		148,768
Arlington Asset Investment Corp., Class A		91,303		199,954
ARMOUR Residential REIT Inc.^(b)		50,147		441,795
Blackstone Mortgage Trust Inc., Class A		107,831		2,007,813
Capstead Mortgage Corp.		51,995		218,379
Cherry Hill Mortgage Investment Corp.		6,874		42,619
Chimera Investment Corp.		157,267		1,431,130
Colony Credit Real Estate Inc.		69,035		271,998
Dynex Capital Inc.		12,969		135,396
Ellington Financial Inc.		46,156		263,551
Ellington Residential Mortgage REIT		6,892		36,528
Exantas Capital Corp.		21,756		60,047
Granite Point Mortgage Trust Inc.		52,700		267,189
Great Ajax Corp.		15,235		96,895
Hunt Companies Finance Trust Inc.		13,966		25,837
Invesco Mortgage Capital Inc.		143,815		490,409
KKR Real Estate Finance Trust Inc.		23,235		348,757
Ladder Capital Corp.		79,738		377,958
Manhattan Bridge Capital Inc.		879		3,595
MFA Financial Inc.		466,940		723,757
New Residential Investment Corp.		337,524		1,690,995
New York Mortgage Trust Inc.		235,097		364,400
Orchid Island Capital Inc.		151,589		447,187
PennyMac Mortgage Investment Trust^(e)		74,734		793,675
Ready Capital Corp.		13,770		99,419
Redwood Trust Inc.		92,662		468,870
Starwood Property Trust Inc.		232,186		2,379,906
TPG RE Finance Trust Inc.		58,066		318,782
Tremont Mortgage Trust		5,243		11,010
Two Harbors Investment Corp.		217,953		830,401
Western Asset Mortgage Capital Corp.		24,316		55,684

				27,622,859

Multi-Utilities — 1.0%
Ameren Corp.		205,069		14,935,175
Avista Corp.		59,913		2,545,703
Black Hills Corp.		52,016		3,330,585


Security	Shares		Value

Multi-Utilities (continued)
CenterPoint Energy Inc.		425,336	$	6,571,441
CMS Energy Corp.		237,796		13,970,515
Consolidated Edison Inc.		279,211		21,778,458
Dominion Energy Inc.		695,380		50,199,482
DTE Energy Co.		163,628		15,539,751
MDU Resources Group Inc.		157,974		3,396,441
NiSource Inc.		315,227		7,871,218
NorthWestern Corp.		47,491		2,841,387
Public Service Enterprise Group Inc.		429,235		19,276,944
Sempra Energy^(b)		244,652		27,643,230
Unitil Corp.		8,289		433,680
WEC Energy Group Inc.		267,691		23,591,608

				213,925,618

Multiline Retail — 0.4%
Big Lots Inc.		31,979		454,741
Dillard’s Inc., Class A^(b)		8,583		317,142
Dollar General Corp.		219,259		33,110,302
Dollar Tree Inc.^(a)		202,586		14,883,993
JC Penney Co. Inc.^(a)(b)		274,538		98,834
Kohl’s Corp.		133,951		1,954,345
Macy’s Inc.		257,410		1,263,883
Nordstrom Inc.		88,605		1,359,201
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		43,048		1,994,844
Target Corp.		433,191		40,273,767
Tuesday Morning Corp.^(a)(b)		37,335		21,498

				95,732,550

Oil, Gas & Consumable Fuels — 2.2%
Abraxas Petroleum Corp.^(a)(b)		263,885		31,930
Adams Resources & Energy Inc.		606		14,241
Aemetis Inc.^(a)(b)		8,337		4,335
Altus Midstream Co., Class A^(a)(b)		76,986		57,739
Amplify Energy Corp.		57,953		32,796
Antero Midstream Corp.		262,584		551,426
Antero Resources Corp.^(a)(b)		186,998		133,311
Apache Corp.		312,641		1,306,839
Arch Coal Inc., Class A		14,784		427,258
Barnwell Industries Inc.^(a)		747		463
Berry Corp.		30,066		72,459
Bonanza Creek Energy Inc.^(a)(b)		7,379		83,014
Brigham Minerals Inc., Class A		8,978		74,248
Cabot Oil & Gas Corp.		358,102		6,155,773
California Resources Corp.^(a)(b)		40,089		40,089
Callon Petroleum Co.^(a)		267,221		146,410
Camber Energy Inc.^(a)		1		1
Centennial Resource Development Inc./DE, Class A^(a)		157,147		41,330
Centrus Energy Corp., Class A^(a)(b)		6,893		34,948
Chaparral Energy Inc., Class A^(a)		98,244		46,175
Cheniere Energy Inc.^(a)(b)		199,207		6,673,434
Chesapeake Energy Corp.^(a)(b)		878,369		151,694
Chevron Corp.		1,612,257		116,824,142
Cimarex Energy Co.		84,085		1,415,151
Clean Energy Fuels Corp.^(a)		97,595		173,719
CNX Resources Corp.^(a)		167,341		890,254
Comstock Resources Inc.^(a)(b)		12,674		68,313
Concho Resources Inc.		167,834		7,191,687
ConocoPhillips		943,900		29,072,120
CONSOL Energy Inc.^(a)(b)		22,659		83,612
Contango Oil & Gas Co.^(a)(b)		68,352		102,528

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Continental Resources Inc./OK^(b)		66,508	$	508,121
CVR Energy Inc.		22,398		370,239
Delek U.S. Holdings Inc.		65,903		1,038,631
Denbury Resources Inc.^(a)(b)		399,099		73,674
Devon Energy Corp.		343,003		2,370,151
Diamond S Shipping Inc.^(a)		26,612		314,288
Diamondback Energy Inc.		135,463		3,549,131
Dorian LPG Ltd.^(a)		15,867		138,202
Earthstone Energy Inc., Class A^(a)(b)		29,199		51,390
EOG Resources Inc.		490,292		17,611,289
EQT Corp.		214,906		1,519,385
Equitrans Midstream Corp.		171,510		862,695
Evolution Petroleum Corp.		113,119		295,241
Extraction Oil & Gas Inc.^(a)(b)		119,000		50,218
Exxon Mobil Corp.		3,609,331		137,046,298
Falcon Minerals Corp.		59,388		127,684
Gevo Inc.^(a)		262		215
Goodrich Petroleum Corp.^(a)(b)		37,699		160,598
Green Plains Inc.		22,521		109,227
Gulfport Energy Corp.^(a)		133,249		59,256
Hallador Energy Co.		14,905		14,143
Harvest Natural Resources Inc.^(a)(c)		8,626		3,019
Hess Corp.^(b)		216,640		7,214,112
HighPoint Resources Corp.^(a)(b)		97,995		18,619
HollyFrontier Corp.		125,123		3,066,765
Houston American Energy Corp.^(a)(b)		30,683		3,648
International Seaways Inc.^(b)		30,875		737,604
Kinder Morgan Inc./DE		1,646,548		22,919,948
Kosmos Energy Ltd.		264,898		237,243
Laredo Petroleum Inc.^(a)(b)		75,874		28,817
Lilis Energy Inc.^(a)(b)		313,328		54,268
Lonestar Resources U.S. Inc., Class A^(a)		111,183		46,030
Magnolia Oil & Gas Corp., Class A^(a)(b)		76,155		304,620
Marathon Oil Corp.		684,175		2,250,936
Marathon Petroleum Corp.		556,841		13,152,584
Matador Resources Co.^(a)		75,105		186,260
Montage Resources Corp.^(a)(b)		16,482		37,085
Murphy Oil Corp.^(b)		128,727		789,097
NACCO Industries Inc., Class A		560		15,669
NextDecade Corp.^(a)		6,273		11,793
Noble Energy Inc.		402,051		2,428,388
Northern Oil and Gas Inc.^(a)(b)		163,197		108,216
Oasis Petroleum Inc.^(a)(b)		192,344		67,320
Occidental Petroleum Corp.^(b)		757,756		8,774,814
ONEOK Inc.		351,053		7,656,466
Overseas Shipholding Group Inc., Class A^(a)(b)		1,987		4,510
Pacific Ethanol Inc.^(a)(b)		45,833		11,917
Panhandle Oil and Gas Inc., Class A		44,962		165,910
Par Pacific Holdings Inc.^(a)		35,473		251,858
Parsley Energy Inc., Class A		265,698		1,522,450
PBF Energy Inc., Class A		85,581		605,913
PDC Energy Inc.^(a)(b)		87,824		545,387
Peabody Energy Corp.		61,733		179,026
PEDEVCO Corp.^(a)(b)		1,000		875
Penn Virginia Corp.^(a)		7,980		24,658
Phillips 66		379,800		20,376,270
Pioneer Natural Resources Co.		142,062		9,965,649
PrimeEnergy Resources Corp.^(a)(b)		174		12,876
QEP Resources Inc.		196,991		65,893
Range Resources Corp.^(b)		173,559		395,715


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Renewable Energy Group Inc.^(a)		36,223	$	743,658
REX American Resources Corp.^(a)(b)		7,913		368,034
Ring Energy Inc.^(a)(b)		81,872		53,929
SandRidge Energy Inc.^(a)(b)		15,345		13,797
SilverBow Resources Inc.^(a)(b)		23,345		57,662
SM Energy Co.		81,351		99,248
Southwestern Energy Co.^(a)		481,874		814,367
Talos Energy Inc.^(a)(b)		14,148		81,351
Targa Resources Corp.		190,441		1,315,947
Tellurian Inc.^(a)(b)		81,245		73,437
Torchlight Energy Resources Inc.^(a)(b)		180,103		70,780
TransAtlantic Petroleum Ltd.^(a)(b)		149,479		30,927
U.S. Energy Corp. Wyoming^(a)		571		1,633
Unit Corp.^(a)(b)		46,692		12,140
Uranium Energy Corp.^(a)		331,903		185,866
VAALCO Energy Inc.^(a)(b)		202,213		182,396
Valero Energy Corp.		352,407		15,985,182
Vertex Energy Inc.^(a)(b)		14,731		8,839
W&T Offshore Inc.^(a)(b)		77,121		131,106
Westwater Resources Inc.^(a)		11		11
Whiting Petroleum Corp.^(a)(b)		80,430		53,920
Williams Companies Inc. (The)		1,021,828		14,458,866
World Fuel Services Corp.		60,871		1,532,732
WPX Energy Inc.^(a)		363,166		1,107,656
Yuma Energy Inc.^(a)		48		74
Zion Oil & Gas Inc.^(a)(b)		97,009		17,171

				479,814,472

Paper & Forest Products — 0.0%
Boise Cascade Co.		30,225		718,750
Clearwater Paper Corp.^(a)(b)		14,895		324,860
Domtar Corp.		53,063		1,148,283
Louisiana-Pacific Corp.		113,618		1,951,957
Mercer International Inc.		36,794		266,389
Neenah Inc.		14,730		635,305
PH Glatfelter Co.		36,834		450,111
Resolute Forest Products Inc.^(a)		97,468		122,810
Schweitzer-Mauduit International Inc.		23,177		644,784
Verso Corp., Class A^(a)(b)		28,838		325,293

				6,588,542

Personal Products — 0.2%
BellRing Brands Inc., Class A^(a)(b)		33,289		567,577
Coty Inc., Class A		253,384		1,307,461
Cyanotech Corp.^(a)		812		1,632
Edgewell Personal Care Co.^(a)		45,381		1,092,775
elf Beauty Inc.^(a)(b)		16,347		160,855
Estee Lauder Companies Inc. (The), Class A^(b)		188,519		30,038,618
Herbalife Nutrition Ltd.^(a)(b)		83,247		2,427,483
Inter Parfums Inc.		14,827		687,231
Lifevantage Corp.^(a)(b)		14,153		145,776
Mannatech Inc.		256		2,752
Medifast Inc.		9,416		588,500
MYOS RENS Technology Inc.^(a)		307		279
Natural Alternatives International Inc.^(a)		880		5,544
Natural Health Trends Corp.		7,231		23,790
Nature’s Sunshine Products Inc.^(a)(b)		7,469		60,723
Nu Skin Enterprises Inc., Class A		50,372		1,100,628
Reliv International Inc.^(a)		258		839
Revlon Inc., Class A^(a)(b)		7,762		84,839
United-Guardian Inc.		14,598		210,941

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Personal Products (continued)
USANA Health Sciences Inc.^(a)		9,787	$	565,297
Veru Inc.^(a)(b)		15,819		51,728
Youngevity International Inc.^(a)(b)		12,339		8,637

				39,133,905

Pharmaceuticals — 4.6%
AcelRx Pharmaceuticals Inc.^(a)(b)		84,262		99,429
Acer Therapeutics Inc.^(a)(b)		368		732
Aclaris Therapeutics Inc.^(a)(b)		53,793		55,945
Adamis Pharmaceuticals Corp.^(a)(b)		8,255		2,949
Aerie Pharmaceuticals Inc.^(a)(b)		35,310		476,685
Aerpio Pharmaceuticals Inc.^(a)		119,226		65,550
Agile Therapeutics Inc.^(a)(b)		37,345		69,462
Akorn Inc.^(a)		110,443		61,981
Alimera Sciences Inc.^(a)(b)		9,787		37,582
Allergan PLC		279,637		49,523,713
Amneal Pharmaceuticals Inc.^(a)(b)		67,541		235,043
Amphastar Pharmaceuticals Inc.^(a)(b)		15,121		224,396
Ampio Pharmaceuticals Inc.^(a)(b)		218,216		90,560
ANI Pharmaceuticals Inc.^(a)(b)		7,685		313,087
Aquestive Therapeutics Inc.^(a)(b)		7,858		17,209
Arvinas Holding Co. LLC^(a)(b)		19,417		782,505
Assertio Therapeutics Inc.^(a)		50,321		32,709
Avenue Therapeutics Inc.^(a)(b)		5,508		49,242
Axsome Therapeutics Inc.^(a)(b)		22,677		1,334,088
Baudax Bio Inc.^(a)		3,060		7,589
BioDelivery Sciences International Inc.^(a)(b)		42,440		160,848
BioPharmX Corp.^(a)		247		75
Bristol-Myers Squibb Co.		1,995,656		111,237,865
Cara Therapeutics Inc.^(a)(b)		44,572		588,796
Cassava Sciences Inc.^(a)		6,236		25,630
Catalent Inc.^(a)		128,938		6,698,329
cbdMD Inc.^(a)(b)		100,153		93,142
Cerecor Inc.^(a)		6,998		17,355
Chiasma Inc.^(a)(b)		9,169		33,467
Clearside Biomedical Inc.^(a)(b)		30,766		52,302
Collegium Pharmaceutical Inc.^(a)(b)		29,335		479,041
Corcept Therapeutics Inc.^(a)		89,174		1,060,279
CorMedix Inc.^(a)(b)		10,581		37,986
Cumberland Pharmaceuticals Inc.^(a)(b)		8,319		30,198
Cymabay Therapeutics Inc.^(a)		51,209		75,789
Durect Corp.^(a)(b)		89,489		138,708
Elanco Animal Health Inc.^(a)(b)		331,391		7,419,844
Eli Lilly & Co.		718,154		99,622,323
Eloxx Pharmaceuticals Inc.^(a)(b)		37,183		72,879
Endo International PLC^(a)(b)		152,080		562,696
Eton Pharmaceuticals Inc.^(a)(b)		9,090		37,269
Evofem Biosciences Inc.^(a)(b)		574		3,054
Evoke Pharma Inc.^(a)(b)		60,532		70,217
Evolus Inc.^(a)(b)		6,762		28,062
EyeGate Pharmaceuticals Inc.^(a)		42		218
Eyenovia Inc.^(a)(b)		9,310		21,413
EyePoint Pharmaceuticals Inc.^(a)(b)		23,207		23,671
Fulcrum Therapeutics Inc.^(a)(b)		4,068		48,572
Harrow Health Inc.^(a)(b)		53,268		203,484
Hepion Pharmaceuticals Inc.^(a)(b)		86		153
Horizon Therapeutics PLC^(a)		151,963		4,501,144
Hoth Therapeutics Inc.^(a)		1		3
Innovate Biopharmaceuticals Inc.^(a)		18,351		9,234
Innoviva Inc.^(a)		67,867		798,116
Intersect ENT Inc.^(a)		23,330		276,460


Security	Shares		Value

Pharmaceuticals (continued)
Intra-Cellular Therapies Inc.^(a)(b)		50,002	$	768,531
Jaguar Health Inc.^(a)		109		52
Jazz Pharmaceuticals PLC^(a)		46,119		4,599,909
Johnson & Johnson		2,238,963		293,595,218
Kala Pharmaceuticals Inc.^(a)(b)		59,670		524,499
Kaleido Biosciences Inc.^(a)(b)		4,834		29,729
KemPharm Inc.^(a)		6,736		1,516
Lannett Co. Inc.^(a)(b)		29,978		208,347
Lipocine Inc.^(a)(b)		67,591		32,444
Liquidia Technologies Inc.^(a)(b)		28,713		135,238
Mallinckrodt PLC^(a)(b)		76,743		151,951
Marinus Pharmaceuticals Inc.^(a)(b)		97,118		197,150
Menlo Therapeutics Inc.^(a)		9,245		24,777
Merck & Co. Inc.		2,165,773		166,634,575
Mylan NV^(a)		432,621		6,450,379
MyoKardia Inc.^(a)(b)		40,095		1,879,654
Nektar Therapeutics^(a)(b)		148,278		2,646,762
Neos Therapeutics Inc.^(a)(b)		59,081		44,311
NGM Biopharmaceuticals Inc.^(a)		32,010		394,683
NovaBay Pharmaceuticals Inc.^(a)(b)		657		394
Novan Inc.^(a)(b)		15,640		7,429
Novus Therapeutics Inc.^(a)		317		124
Ocular Therapeutix Inc.^(a)(b)		36,902		182,665
Odonate Therapeutics Inc.^(a)		24,117		665,870
Omeros Corp.^(a)(b)		45,329		606,049
OncoMed Pharmaceuticals Inc., NVS^(c)		6,598		66
Onconova Therapeutics Inc.^(a)		31		9
Opiant Pharmaceuticals Inc.^(a)		2,506		24,007
Optinose Inc.^(a)(b)		54,319		243,892
Osmotica Pharmaceuticals PLC^(a)		6,700		21,306
Otonomy Inc.^(a)(b)		15,679		30,888
Pacira BioSciences Inc.^(a)		38,279		1,283,495
Paratek Pharmaceuticals Inc.^(a)(b)		14,696		46,292
Perrigo Co. PLC		114,364		5,499,765
Pfizer Inc.		4,722,597		154,145,566
Phathom Pharmaceuticals Inc.^(a)(b)		9,248		238,783
Phibro Animal Health Corp., Class A		22,113		534,471
PLx Pharma Inc.^(a)		348		783
Prestige Consumer Healthcare Inc.^(a)(b)		44,891		1,646,602
ProPhase Labs Inc.		123		232
Provention Bio Inc.^(a)(b)		29,309		269,643
Pulmatrix Inc.^(a)		15		15
Reata Pharmaceuticals Inc., Class A^(a)(b)		21,710		3,133,621
Recro Pharma Inc.^(a)		8,227		67,215
Relmada Therapeutics Inc.^(a)(b)		10,167		346,796
resTORbio Inc.^(a)		70,141		72,245
Revance Therapeutics Inc.^(a)		36,437		539,268
Ritter Pharmaceuticals Inc.^(a)		15,081		4,027
Satsuma Pharmaceuticals Inc.^(a)(b)		5,087		109,472
scPharmaceuticals Inc.^(a)		2,486		18,396
SCYNEXIS Inc.^(a)(b)		75,567		59,018
Seelos Therapeutics Inc.^(a)		43		21
Seelos Therapeutics Inc. New		43		23
SIGA Technologies Inc.^(a)(b)		76,233		364,394
Sonoma Pharmaceuticals Inc.^(a)		609		3,021
Strongbridge Biopharma PLC^(a)(b)		184,549		348,798
Supernus Pharmaceuticals Inc.^(a)		44,529		801,077
Teligent Inc.^(a)(b)		53,496		14,979
Tetraphase Pharmaceuticals Inc.^(a)		4,778		6,116
TFF Pharmaceuticals Inc.^(a)(b)		4,085		15,686

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
TherapeuticsMD Inc.^(a)(b)		134,344	$	142,405
Theravance Biopharma Inc.^(a)(b)		37,395		864,198
Titan Pharmaceuticals Inc.^(a)		1,839		428
Trevi Therapeutics Inc.^(a)(b)		4,786		15,746
Tricida Inc.^(a)		20,806		457,732
Urovant Sciences Ltd.^(a)(b)		36,143		333,238
Verrica Pharmaceuticals Inc.^(a)(b)		35,491		387,917
VIVUS Inc.^(a)(b)		13,150		47,340
WaVe Life Sciences Ltd.^(a)(b)		17,586		164,781
Xeris Pharmaceuticals Inc.^(a)(b)		21,943		42,789
Zoetis Inc.		404,135		47,562,648
Zogenix Inc.^(a)		36,364		899,282
Zynerba Pharmaceuticals Inc.^(a)(b)		9,279		35,539

				988,535,365

Professional Services — 0.5%
Acacia Research Corp.^(a)		8,453		18,766
AIkido Pharma Inc., NVS^(a)		56		28
Akerna Corp.^(a)(b)		2,408		12,329
ASGN Inc.^(a)		45,303		1,600,102
Barrett Business Services Inc.		7,218		286,122
BG Staffing Inc.		20,843		155,906
CBIZ Inc.^(a)		38,222		799,604
CoreLogic Inc.		62,159		1,898,336
CoStar Group Inc.^(a)(b)		30,982		18,192,940
CRA International Inc.		7,464		249,372
DLH Holdings Corp.^(a)		819		3,448
Equifax Inc.^(b)		102,373		12,228,455
Exponent Inc.		44,348		3,189,065
Forrester Research Inc.^(a)		7,609		222,411
Franklin Covey Co.^(a)(b)		14,221		220,994
FTI Consulting Inc.^(a)(b)		30,930		3,704,486
GEE Group Inc.^(a)		802		292
GP Strategies Corp.^(a)(b)		14,781		96,224
Heidrick & Struggles International Inc.		14,852		334,170
Hill International Inc.^(a)(b)		122,397		177,476
HireQuest Inc.^(a)(b)		3,385		20,208
Hudson Global Inc.^(a)		1,946		16,638
Huron Consulting Group Inc.^(a)		16,305		739,595
ICF International Inc.		15,085		1,036,340
IHS Markit Ltd.		342,255		20,535,300
InnerWorkings Inc.^(a)(b)		30,261		35,405
Insperity Inc.		32,080		1,196,584
Kelly Services Inc., Class A, NVS		22,785		289,142
Kforce Inc.		21,918		560,443
Korn Ferry		45,409		1,104,347
Lightbridge Corp.^(a)(b)		501		977
ManpowerGroup Inc.		51,501		2,729,038
Mastech Digital Inc.^(a)		1,268		16,281
Mistras Group Inc.^(a)(b)		14,443		61,527
Nielsen Holdings PLC		299,075		3,750,401
RCM Technologies Inc.^(a)		7,825		9,781
Red Violet Inc.^(a)(b)		1,041		18,738
Rekor Systems Inc.^(a)(b)		9,005		33,319
Resources Connection Inc.		30,000		329,100
Robert Half International Inc.		98,416		3,715,204
TransUnion^(b)		158,969		10,520,568
TriNet Group Inc.^(a)		36,879		1,388,863
TrueBlue Inc.^(a)		30,928		394,641
Upwork Inc.^(a)		45,840		295,668
Verisk Analytics Inc.^(b)		140,647		19,603,379


Security	Shares		Value

Professional Services (continued)
Volt Information Sciences Inc.^(a)		7,680	$	6,221
Willdan Group Inc.^(a)(b)		7,224		154,377

				111,952,611

Real Estate Management & Development — 0.1%
Altisource Portfolio Solutions SA^(a)(b)		8,082		61,989
American Realty Investors Inc.^(a)		779		7,198
CBRE Group Inc., Class A^(a)		286,559		10,806,140
CKX Lands Inc.^(a)		229		1,947
Consolidated-Tomoka Land Co.^(b)		6,786		307,609
eXp World Holdings Inc.^(a)(b)		47,381		400,843
Forestar Group Inc.^(a)		1,009		10,443
FRP Holdings Inc.^(a)(b)		6,808		292,744
Griffin Industrial Realty Inc.		642		20,993
Howard Hughes Corp. (The)^(a)(b)		36,419		1,839,888
InterGroup Corp. (The)^(a)		126		3,529
Jones Lang LaSalle Inc.^(b)		43,638		4,406,565
JW Mays Inc.^(a)		106		2,352
Kennedy-Wilson Holdings Inc.		111,666		1,498,558
Marcus & Millichap Inc.^(a)		21,859		592,379
Maui Land & Pineapple Co. Inc.^(a)(b)		7,200		78,696
Newmark Group Inc., Class A		131,859		560,401
Rafael Holdings Inc., Class B^(a)(b)		4,855		62,193
RE/MAX Holdings Inc., Class A		14,788		324,153
Realogy Holdings Corp.		95,204		286,564
Redfin Corp.^(a)(b)		59,858		923,010
RMR Group Inc. (The), Class A		9,512		256,539
St. Joe Co. (The)^(a)(b)		33,151		556,274
Stratus Properties Inc.^(a)		6,790		120,115
Tejon Ranch Co.^(a)(b)		8,406		118,188
Transcontinental Realty Investors Inc.^(a)		269		5,517
Trinity Place Holdings Inc.^(a)(b)		127,269		231,630

				23,776,457

Road & Rail — 1.0%
AMERCO		6,886		2,000,727
ArcBest Corp.		21,786		381,691
Avis Budget Group Inc.^(a)(b)		57,112		793,857
Covenant Transportation Group Inc., Class A^(a)		8,151		70,669
CSX Corp.		663,882		38,040,439
Daseke Inc.^(a)(b)		95,117		133,164
Heartland Express Inc.^(b)		29,896		555,169
Hertz Global Holdings Inc.^(a)(b)		88,647		547,838
JB Hunt Transport Services Inc.^(b)		74,421		6,863,849
Kansas City Southern^(b)		84,199		10,708,429
Knight-Swift Transportation Holdings Inc.^(b)		99,024		3,247,987
Landstar System Inc.		36,109		3,461,409
Lyft Inc., Class A^(a)(b)		169,546		4,552,310
Marten Transport Ltd.		30,974		635,586
Norfolk Southern Corp.		224,575		32,787,950
Old Dominion Freight Line Inc.^(b)		81,599		10,710,685
PAM Transportation Services Inc.^(a)		673		20,695
Patriot Transportation Holding Inc.		681		6,415
Roadrunner Transportation Systems Inc.^(a)(b)		22,482		57,329
Ryder System Inc.		44,153		1,167,405
Saia Inc.^(a)(b)		21,858		1,607,437
Schneider National Inc., Class B		15,622		302,129
U.S. Xpress Enterprises Inc., Class A^(a)		55,155		184,218
Uber Technologies Inc.^(a)(b)		172,756		4,823,348
Union Pacific Corp.		593,106		83,651,670
Universal Logistics Holdings Inc.^(b)		7,316		95,840

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Road & Rail (continued)
USA Truck Inc.^(a)(b)		7,387	$	23,417
Werner Enterprises Inc.		37,448		1,357,864
YRC Worldwide Inc.^(a)(b)		29,161		48,990

				208,838,516

Semiconductors & Semiconductor Equipment — 4.3%
ACM Research Inc., Class A^(a)(b)		8,108		240,078
Adesto Technologies Corp.^(a)(b)		10,345		115,761
Advanced Energy Industries Inc.^(a)(b)		29,060		1,409,119
Advanced Micro Devices Inc.^(a)(b)		999,235		45,445,208
Aehr Test Systems^(a)		14,141		23,615
Alpha & Omega Semiconductor Ltd.^(a)		27		173
Ambarella Inc.^(a)(b)		26,861		1,304,370
Amkor Technology Inc.^(a)(b)		87,865		684,468
Amtech Systems Inc.^(a)(b)		7,662		33,330
Analog Devices Inc.		314,859		28,227,109
Applied Materials Inc.		787,330		36,075,461
Atomera Inc.^(a)(b)		10,930		38,255
Axcelis Technologies Inc.^(a)		22,643		414,593
AXT Inc.^(a)(b)		29,837		95,777
Broadcom Inc.		337,495		80,020,065
Brooks Automation Inc.		59,829		1,824,785
Cabot Microelectronics Corp.		24,553		2,802,479
CEVA Inc.^(a)		15,277		380,856
Cirrus Logic Inc.^(a)(b)		52,044		3,415,648
Cohu Inc.		30,514		377,763
Cree Inc.^(a)(b)		87,062		3,087,219
CVD Equipment Corp.^(a)(b)		6,770		16,113
CyberOptics Corp.^(a)(b)		7,201		123,209
Cypress Semiconductor Corp.		308,578		7,196,039
Diodes Inc.^(a)		30,247		1,229,087
DSP Group Inc.^(a)		26		348
eMagin Corp.^(a)(b)		15,847		3,391
Enphase Energy Inc.^(a)(b)		65,914		2,128,363
Entegris Inc.^(b)		113,416		5,077,634
Envision Solar International Inc.^(a)(b)		4,622		35,081
Everspin Technologies Inc.^(a)(b)		57,607		150,930
First Solar Inc.^(a)(b)		66,276		2,389,913
FormFactor Inc.^(a)		59,758		1,200,538
GSI Technology Inc.^(a)(b)		15,141		105,381
Ichor Holdings Ltd.^(a)		16,403		314,282
Impinj Inc.^(a)(b)		12,571		210,061
Inphi Corp.^(a)(b)		38,509		3,048,758
Intel Corp.		3,708,623		200,710,677
inTEST Corp.^(a)(b)		7,299		19,415
KLA Corp.		135,424		19,465,846
Kopin Corp.^(a)(b)		51,883		18,118
Kulicke & Soffa Industries Inc.		59,246		1,236,464
Lam Research Corp.		122,893		29,494,320
Lattice Semiconductor Corp.^(a)(b)		107,884		1,922,493
MACOM Technology Solutions Holdings Inc.^(a)(b)		32,653		618,121
Marvell Technology Group Ltd.		563,415		12,750,081
Maxim Integrated Products Inc.		232,358		11,294,922
MaxLinear Inc.^(a)(b)		58,833		686,581
Microchip Technology Inc.		203,358		13,787,672
Micron Technology Inc.^(a)		942,355		39,635,451
MKS Instruments Inc.		44,395		3,615,973
Monolithic Power Systems Inc.		35,078		5,874,162
MoSys Inc.^(a)(b)		293		270
NeoPhotonics Corp.^(a)(b)		22,561		163,567
NVE Corp.		6,629		344,907


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corp.^(b)		520,632	$	137,238,595
ON Semiconductor Corp.^(a)(b)		342,739		4,263,673
Onto Innovation Inc.^(a)(b)		40,186		1,192,319
PDF Solutions Inc.^(a)		22,326		261,661
Photronics Inc.^(a)		47,751		489,925
Pixelworks Inc.^(a)(b)		22,320		63,612
Power Integrations Inc.		24,459		2,160,464
Qorvo Inc.^(a)		99,949		8,058,888
QUALCOMM Inc.		973,962		65,888,529
QuickLogic Corp.^(a)(b)		3,444		9,781
Rambus Inc.^(a)		94,219		1,045,831
Rubicon Technology Inc.^(a)		842		6,323
Semtech Corp.^(a)		52,493		1,968,488
Silicon Laboratories Inc.^(a)		36,760		3,139,672
Skyworks Solutions Inc.		144,637		12,927,655
SMART Global Holdings Inc.^(a)(b)		13,168		319,982
SolarEdge Technologies Inc.^(a)(b)		40,713		3,333,580
SunPower Corp.^(a)(b)		58,951		298,882
Synaptics Inc.^(a)		30,061		1,739,630
Teradyne Inc.		144,814		7,844,574
Texas Instruments Inc.		796,662		79,610,434
Trio-Tech International^(a)		311		836
Ultra Clean Holdings Inc.^(a)		29,268		403,898
Universal Display Corp.		36,836		4,854,248
Veeco Instruments Inc.^(a)(b)		37,602		359,851
Xilinx Inc.		214,951		16,753,281
Xperi Corp.		44,605		620,456

				925,739,368

Software — 8.6%
2U Inc.^(a)		46,556		987,918
8x8 Inc.^(a)(b)		76,623		1,061,995
A10 Networks Inc.^(a)		30,340		188,411
ACI Worldwide Inc.^(a)		96,884		2,339,749
Adobe Inc.^(a)		411,749		131,035,002
Agilysys Inc.^(a)(b)		14,373		240,029
Alarm.com Holdings Inc.^(a)(b)		30,330		1,180,140
Altair Engineering Inc., Class A^(a)(b)		31,595		837,267
Alteryx Inc., Class A^(a)(b)		40,658		3,869,422
American Software Inc./GA, Class A		22,350		317,594
Anaplan Inc.^(a)		71,813		2,173,061
ANSYS Inc.^(a)		72,284		16,803,861
Appfolio Inc., Class A^(a)(b)		4,393		487,403
Appian Corp.^(a)(b)		23,254		935,508
Aquamed Technologies Inc.		1,090		0	^(d)
Aspen Technology Inc.^(a)(b)		58,889		5,598,577
Asure Software Inc.^(a)(b)		5,468		32,589
AudioEye Inc.^(a)(b)		2,856		12,167
Autodesk Inc.^(a)		186,784		29,156,982
Avalara Inc.^(a)(b)		55,627		4,149,774
Avaya Holdings Corp.^(a)(b)		84,783		685,894
Aware Inc./MA^(a)(b)		15,041		42,867
Benefitfocus Inc.^(a)(b)		20,871		185,961
Blackbaud Inc.		39,316		2,184,004
Blackline Inc.^(a)(b)		38,689		2,035,428
Bottomline Technologies DE Inc.^(a)		34,616		1,268,676
Box Inc., Class A^(a)(b)		129,354		1,816,130
BSQUARE Corp.^(a)(b)		7,817		7,427
Cadence Design Systems Inc.^(a)		237,558		15,688,330
CDK Global Inc.		103,501		3,400,008
CERENCE Inc.^(a)(b)		30,817		474,582

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Ceridian HCM Holding Inc.^(a)(b)		84,129	$	4,212,339
ChannelAdvisor Corp.^(a)		21,672		157,339
Citrix Systems Inc.		97,917		13,860,151
Cloudera Inc.^(a)		209,793		1,651,071
Cloudflare Inc., Class A^(a)(b)		31,662		743,424
CommVault Systems Inc.^(a)		30,265		1,225,127
Cornerstone OnDemand Inc.^(a)		45,007		1,428,972
Coupa Software Inc.^(a)(b)		53,608		7,490,646
Crowdstrike Holdings Inc., Class A^(a)(b)		17,376		967,496
Datadog Inc., Class A^(a)(b)		23,419		842,616
Digimarc Corp.^(a)(b)		9,330		121,757
Digital Turbine Inc.^(a)(b)		44,398		191,355
DocuSign Inc.^(a)(b)		105,103		9,711,517
Domo Inc., Class B^(a)		7,766		77,194
Dropbox Inc., Class A^(a)(b)		173,748		3,144,839
Dynatrace Inc.^(a)		52,037		1,240,562
Ebix Inc.^(b)		22,300		338,514
eGain Corp.^(a)		15,005		109,987
Elastic NV^(a)(b)		27,069		1,510,721
Envestnet Inc.^(a)(b)		45,171		2,429,296
Everbridge Inc.^(a)		29,907		3,180,909
Evolving Systems Inc.^(a)		7,607		5,933
Fair Isaac Corp.^(a)		24,640		7,581,482
Finjan Holdings Inc.^(a)(b)		6,850		6,850
FireEye Inc.^(a)(b)		164,969		1,745,372
Five9 Inc.^(a)(b)		52,624		4,023,631
ForeScout Technologies Inc.^(a)(b)		31,059		981,154
Fortinet Inc.^(a)(b)		121,019		12,243,492
GlobalSCAPE Inc.		8,817		62,777
GSE Systems Inc.^(a)(b)		8,208		7,652
GTY Technology Holdings Inc.^(a)(b)		13,710		61,969
Guidewire Software Inc.^(a)(b)		70,760		5,611,976
HubSpot Inc.^(a)(b)		32,131		4,279,528
Intelligent Systems Corp.^(a)(b)		6,659		226,339
Intuit Inc.		219,895		50,575,850
Inuvo Inc.^(a)(b)		15,943		3,769
Issuer Direct Corp.^(a)		318		2,830
j2 Global Inc.		38,472		2,879,629
LivePerson Inc.^(a)		45,613		1,037,696
LogMeIn Inc.		44,426		3,699,797
Majesco^(a)		7,565		41,305
Manhattan Associates Inc.^(a)		54,173		2,698,899
Marin Software Inc.^(a)		1,625		1,950
Medallia Inc.^(a)(b)		16,196		324,568
Microsoft Corp.		6,489,832		1,023,511,405
MicroStrategy Inc., Class A^(a)		7,564		893,308
Mitek Systems Inc.^(a)(b)		14,931		117,656
MobileIron Inc.^(a)(b)		44,569		169,362
Model N Inc.^(a)		35,046		778,372
Net Element Inc.^(a)		51		90
NetSol Technologies Inc.^(a)(b)		7,595		18,988
New Relic Inc.^(a)		39,036		1,805,025
NortonLifeLock Inc.		482,216		9,022,261
Nuance Communications Inc.^(a)(b)		247,252		4,148,889
Nutanix Inc., Class A^(a)(b)		125,748		1,986,818
NXT-ID Inc.^(a)		250		88
Oblong Inc.^(a)		1,121		1,351
OneSpan Inc.^(a)(b)		22,750		412,913
Oracle Corp.		1,842,312		89,038,939
Pagerduty Inc.^(a)(b)		4,604		79,557


Security	Shares		Value

Software (continued)
Palo Alto Networks Inc.^(a)(b)		83,397	$	13,673,772
Pareteum Corp.^(a)		59,167		24,377
Park City Group Inc.^(a)(b)		14,124		53,671
Paycom Software Inc.^(a)(b)		40,551		8,191,708
Paylocity Holding Corp.^(a)		29,005		2,561,722
Pegasystems Inc.^(b)		29,828		2,124,648
Phunware Inc.^(a)(b)		20,448		13,802
Ping Identity Holding Corp.^(a)(b)		10,585		211,912
Pluralsight Inc., Class A^(a)(b)		76,842		843,725
Progress Software Corp.		38,298		1,225,536
Proofpoint Inc.^(a)		45,495		4,667,332
PROS Holdings Inc.^(a)		29,353		910,824
PTC Inc.^(a)		90,753		5,554,991
Q2 Holdings Inc.^(a)		39,099		2,309,187
QAD Inc., Class A		7,510		299,874
QAD Inc., Class B^(b)		244		5,985
Qualys Inc.^(a)(b)		29,846		2,596,304
Qumu Corp.^(a)		8,139		13,511
Rapid7 Inc.^(a)(b)		35,909		1,555,937
RealNetworks Inc.^(a)		21,939		16,015
RealPage Inc.^(a)(b)		69,024		3,653,440
Rimini Street Inc.^(a)(b)		12,789		52,307
RingCentral Inc., Class A^(a)(b)		63,341		13,422,591
Riot Blockchain Inc.^(a)(b)		7,190		5,989
Rosetta Stone Inc.^(a)		17,126		240,107
SailPoint Technologies Holding Inc.^(a)		77,788		1,183,933
salesforce.com Inc.^(a)		754,582		108,644,716
Seachange International Inc.^(a)(b)		29,384		109,308
SecureWorks Corp., Class A^(a)(b)		7,643		87,971
ServiceNow Inc.^(a)		160,467		45,986,633
SharpSpring Inc.^(a)		6,816		41,305
ShotSpotter Inc.^(a)(b)		6,470		177,796
Slack Technologies Inc., Class A^(a)		32,740		878,742
Smartsheet Inc., Class A^(a)		74,067		3,074,521
Smith Micro Software Inc.^(a)(b)		8,228		34,640
SolarWinds Corp.^(a)(b)		55,151		864,216
Splunk Inc.^(a)(b)		131,353		16,580,689
SPS Commerce Inc.^(a)		29,816		1,386,742
SS&C Technologies Holdings Inc.		185,218		8,116,253
Support.com Inc.		5,669		6,179
SVMK Inc.^(a)		75,892		1,025,301
Synacor Inc.^(a)(b)		22,333		22,780
Synchronoss Technologies Inc.^(a)(b)		55,070		167,964
Synopsys Inc.^(a)		129,073		16,623,312
Telaria Inc.^(a)(b)		29,201		175,206
Telenav Inc.^(a)(b)		22,668		97,926
Tenable Holdings Inc.^(a)(b)		38,930		851,010
Teradata Corp.^(a)		98,509		2,018,449
TiVo Corp.		97,260		688,601
Trade Desk Inc. (The), Class A^(a)(b)		33,192		6,406,056
Tyler Technologies Inc.^(a)		33,123		9,822,957
Upland Software Inc.^(a)(b)		17,352		465,381
Varonis Systems Inc.^(a)(b)		24,009		1,528,653
Verb Technology Co. Inc.^(a)(b)		15,759		19,856
Verint Systems Inc.^(a)		53,506		2,300,758
Veritone Inc.^(a)(b)		54,581		127,174
VirnetX Holding Corp.^(a)(b)		41,910		229,248
VMware Inc., Class A^(a)(b)		66,881		8,099,289
Workday Inc., Class A^(a)		139,558		18,173,243
Workiva Inc.^(a)		32,657		1,055,801

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Yext Inc.^(a)(b)		69,539	$	708,602
Zendesk Inc.^(a)(b)		95,624		6,120,892
Zix Corp.^(a)		45,027		194,066
Zoom Video Communications Inc., Class A^(a)(b)		20,792		3,038,127
Zscaler Inc.^(a)(b)		54,408		3,311,271
Zuora Inc., Class A^(a)(b)		56,886		457,932

				1,849,054,824

Specialty Retail — 2.1%
Aaron’s Inc.^(b)		57,125		1,301,308
Abercrombie & Fitch Co., Class A		50,610		460,045
Advance Auto Parts Inc.		60,297		5,626,916
American Eagle Outfitters Inc.		150,677		1,197,882
America’s Car-Mart Inc./TX^(a)		7,428		418,568
Asbury Automotive Group Inc.^(a)(b)		15,174		838,060
Ascena Retail Group Inc.^(a)		10,755		14,949
At Home Group Inc.^(a)(b)		22,604		45,660
AutoNation Inc.^(a)(b)		51,406		1,442,452
AutoZone Inc.^(a)		20,406		17,263,476
Barnes & Noble Education Inc.^(a)(b)		30,148		41,001
Bed Bath & Beyond Inc.		109,655		461,648
Best Buy Co. Inc.		196,507		11,200,899
Big 5 Sporting Goods Corp.		13,289		14,219
Blink Charging Co.^(a)(b)		12,327		21,326
Boot Barn Holdings Inc.^(a)(b)		30,750		397,598
Buckle Inc. (The)		21,045		288,527
Build-A-Bear Workshop Inc.^(a)(b)		29,969		42,856
Burlington Stores Inc.^(a)		57,186		9,061,694
Caleres Inc.		38,491		200,153
Camping World Holdings Inc., Class A		12,743		72,508
CarMax Inc.^(a)		139,951		7,533,562
Carvana Co.^(a)(b)		41,847		2,305,351
Cato Corp. (The), Class A		30,292		323,216
Chico’s FAS Inc.		110,187		142,141
Children’s Place Inc. (The)		15,312		299,503
Citi Trends Inc.		14,324		127,484
Conn’s Inc.^(a)(b)		22,301		93,218
Container Store Group Inc. (The)^(a)(b)		14,918		35,206
Designer Brands Inc. , Class A		57,569		286,694
Destination XL Group Inc.^(a)		37,338		13,076
Dick’s Sporting Goods Inc.		59,466		1,264,247
Express Inc.^(a)(b)		39,321		58,588
Five Below Inc.^(a)		45,313		3,189,129
Floor & Decor Holdings Inc., Class A^(a)(b)		58,730		1,884,646
Foot Locker Inc.		95,671		2,109,546
Francesca’s Holdings Corp.^(a)(b)		2,579		5,854
GameStop Corp., Class A^(b)		77,189		270,162
Gap Inc. (The)		181,220		1,275,789
Genesco Inc.^(a)		16,900		225,446
GNC Holdings Inc., Class A^(a)(b)		113,675		53,211
Group 1 Automotive Inc.		15,611		690,943
Guess? Inc.		39,741		269,047
Haverty Furniture Companies Inc.		15,235		181,144
Hibbett Sports Inc.^(a)(b)		22,393		244,867
Home Depot Inc. (The)		929,793		173,601,651
J. Jill Inc.^(a)(b)		14,108		7,793
Kirkland’s Inc.^(a)(b)		14,338		11,105
L Brands Inc.		197,503		2,283,135
Lazydays Holdings Inc.^(a)(b)		3,257		6,709
Lithia Motors Inc., Class A		19,784		1,618,133
Lowe’s Companies Inc.		653,353		56,221,026


Security	Shares		Value

Specialty Retail (continued)
Lumber Liquidators Holdings Inc.^(a)		22,438	$	105,234
MarineMax Inc.^(a)(b)		9,050		94,301
Michaels Companies Inc. (The)^(a)		69,512		112,609
Monro Inc.^(b)		29,177		1,278,244
Murphy USA Inc.^(a)		23,157		1,953,525
National Vision Holdings Inc.^(a)(b)		67,237		1,305,743
O’Reilly Automotive Inc.^(a)		65,158		19,615,816
Office Depot Inc.		442,571		725,816
Party City Holdco Inc.^(a)(b)		44,996		20,622
Penske Automotive Group Inc.		30,667		858,676
Recycling Asset Holdings Inc.^(b)		7,042		739
Rent-A-Center Inc./TX		44,392		627,703
RH^(a)		14,315		1,438,228
Ross Stores Inc.		307,781		26,767,714
RTW RetailWinds Inc.^(a)		29,461		6,190
Sally Beauty Holdings Inc.^(a)(b)		111,880		903,990
Shoe Carnival Inc.		7,220		149,959
Signet Jewelers Ltd.		43,987		283,716
Sleep Number Corp.^(a)		27,196		521,075
Sonic Automotive Inc., Class A		22,731		301,868
Sportsman’s Warehouse Holdings Inc.^(a)(b)		22,936		141,286
Stage Stores Inc.^(a)(b)		23,345		8,488
Stein Mart Inc.^(a)		44		20
Tailored Brands Inc.^(b)		31,755		55,254
Tandy Leather Factory Inc.^(a)(b)		6,888		24,797
Tiffany & Co.^(b)		90,573		11,729,203
Tilly’s Inc., Class A		13,909		57,444
TJX Companies Inc. (The)		1,031,830		49,331,792
Tractor Supply Co.		100,013		8,456,099
Trans World Entertainment Corp.^(a)		364		1,212
TravelCenters of America Inc.^(a)(b)		38,568		377,002
Ulta Beauty Inc.^(a)(b)		49,869		8,761,983
Urban Outfitters Inc.^(a)		67,654		963,393
Williams-Sonoma Inc.		67,030		2,850,116
Winmark Corp.		359		45,744
Xcel Brands Inc.^(a)		315		192
Zumiez Inc.^(a)(b)		22,933		397,200

				447,316,360

Technology Hardware, Storage & Peripherals — 4.6%
3D Systems Corp.^(a)		102,621		791,208
Apple Inc.		3,553,110		903,520,342
AstroNova Inc.		6,731		52,232
Avid Technology Inc.^(a)(b)		23,206		156,176
Dell Technologies Inc., Class C^(a)(b)		127,854		5,056,626
Diebold Nixdorf Inc.^(a)		68,096		239,698
Eastman Kodak Co.^(a)		30,204		52,253
Hewlett Packard Enterprise Co.		1,114,125		10,818,154
HP Inc.		1,251,405		21,724,391
Immersion Corp.^(a)(b)		22,635		121,324
Intevac Inc.^(a)(b)		15,742		64,385
NCR Corp.^(a)		111,521		1,973,922
NetApp Inc.		201,085		8,383,234
One Stop Systems Inc.^(a)		8,421		12,126
Pure Storage Inc., Class A^(a)(b)		178,089		2,190,495
Seagate Technology PLC		201,005		9,809,044
TransAct Technologies Inc.		7,369		22,917
Western Digital Corp.		253,365		10,545,051
Xerox Holdings Corp.^(a)		161,859		3,065,609

				978,599,187

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 0.7%
Apex Global Brands Inc.^(a)		2,238	$	940
Capri Holdings Ltd.^(a)		126,136		1,361,007
Carter’s Inc.		39,933		2,624,796
Centric Brands Inc.^(a)(b)		239		268
Charles & Colvard Ltd.^(a)		22,378		15,139
Columbia Sportswear Co.		23,276		1,623,967
Crocs Inc.^(a)		59,962		1,018,754
Crown Crafts Inc.		7,536		36,022
Culp Inc.		13		96
Deckers Outdoor Corp.^(a)		23,375		3,132,250
Delta Apparel Inc.^(a)(b)		6,913		71,964
Forward Industries Inc.^(a)(b)		8,147		9,043
Fossil Group Inc.^(a)(b)		47,108		154,985
G-III Apparel Group Ltd.^(a)(b)		30,669		236,151
Hanesbrands Inc.		301,088		2,369,563
Iconix Brand Group Inc.^(a)		5,115		3,399
Jerash Holdings U.S. Inc.^(b)		1,955		8,739
Kontoor Brands Inc.^(a)		38,522		738,467
Lakeland Industries Inc.^(a)(b)		6,882		106,671
Levi Strauss & Co., Class A		35,809		445,106
Lululemon Athletica Inc.^(a)(b)		102,006		19,335,237
Movado Group Inc.		8,805		104,075
NIKE Inc., Class B		1,058,870		87,610,904
Oxford Industries Inc.		14,368		520,984
PVH Corp.		62,139		2,338,912
Ralph Lauren Corp.		45,798		3,060,680
Rocky Brands Inc.		7,287		141,003
Sequential Brands Group Inc.^(a)(b)		22,833		4,681
Skechers U.S.A. Inc., Class A^(a)		114,417		2,716,260
Steven Madden Ltd.		67,608		1,570,534
Superior Group of Companies Inc.		7,346		62,147
Tapestry Inc.		241,945		3,133,188
Under Armour Inc., Class A^(a)		157,833		1,453,642
Under Armour Inc., Class C, NVS^(a)		162,816		1,312,297
Unifi Inc.^(a)		14,239		164,460
Vera Bradley Inc.^(a)		15,312		63,085
VF Corp.		276,637		14,960,529
Vince Holding Corp.^(a)		896		3,476
Wolverine World Wide Inc.		69,063		1,049,758

				153,563,179

Thrifts & Mortgage Finance — 0.2%
1895 Bancorp of Wisconsin Inc.^(a)(b)		1,607		12,535
Axos Financial Inc.^(a)		43,276		784,594
Bancorp 34 Inc.^(b)		2,367		25,800
Bridgewater Bancshares Inc.^(a)		43,860		427,635
Broadway Financial Corp./DE^(a)(b)		6,714		8,795
Capitol Federal Financial Inc.		133,499		1,549,923
CBM Bancorp Inc.^(a)(b)		3,321		38,457
Central Federal Corp.^(a)(b)		1,726		18,158
Columbia Financial Inc.^(a)(b)		43,017		619,445
Elmira Savings Bank		668		7,682
ESSA Bancorp. Inc.		7,524		102,703
Essent Group Ltd.		87,664		2,309,070
Federal Agricultural Mortgage Corp., Class A		5,519		264,691
Federal Agricultural Mortgage Corp., Class C, NVS		7,537		419,283
FFBW Inc., NVS^(a)(b)		2,417		19,263
First Defiance Financial Corp.		29,149		429,656
First Seacoast Bancorp.^(a)		2,148		12,974
Flagstar Bancorp. Inc.		30,907		612,886
FS Bancorp. Inc.		807		29,052


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
FSB Bancorp Inc./NY^(a)(b)		1,157	$	15,967
Greene County Bancorp. Inc.		636		14,857
Guaranty Federal Bancshares Inc.		825		12,177
Hingham Institution for Savings		401		58,141
HMN Financial Inc.^(a)(b)		848		15,264
Home Bancorp. Inc.		6,744		164,688
Home Federal Bancorp. Inc./LA		253		5,946
HomeStreet Inc.		12,573		279,498
HV Bancorp Inc.^(a)(b)		1,371		15,067
IF Bancorp. Inc.		697		11,152
Impac Mortgage Holdings Inc.^(a)(b)		7,311		17,766
Income Opportunity Realty Investors Inc.^(a)		108		1,111
Kearny Financial Corp./MD		106,313		913,229
Kentucky First Federal Bancorp.		844		4,811
Lake Shore Bancorp. Inc.		652		6,846
Luther Burbank Corp.		46,905		430,119
Magyar Bancorp. Inc.^(a)(b)		714		6,426
Merchants Bancorp./IN^(b)		23,384		354,969
Meridian Bancorp. Inc.		38,273		429,423
Meta Financial Group Inc.		29,531		641,413
MGIC Investment Corp.		300,955		1,911,064
Mid-Southern Bancorp Inc.^(b)		2,439		31,219
MMA Capital Holdings Inc.^(a)(b)		14,554		359,920
Mr Cooper Group Inc.^(a)		64,616		473,635
MSB Financial Corp./MD		650		7,956
New York Community Bancorp. Inc.		407,396		3,825,448
NMI Holdings Inc., Class A^(a)		53,778		624,363
Northfield Bancorp. Inc.		30,247		338,464
Northwest Bancshares Inc.		76,548		885,660
OceanFirst Financial Corp.		46,232		735,551
Oconee Federal Financial Corp.		212		3,871
Ocwen Financial Corp.^(a)(b)		97,397		48,699
OP Bancorp.		50,415		376,096
Ottawa Bancorp Inc.^(b)		2,091		21,851
PB Bancorp Inc.		698		10,400
PCSB Financial Corp.^(b)		23,681		331,297
Pioneer Bancorp. Inc./NY^(a)(b)		37,972		394,149
Ponce de Leon Federal Bank^(a)(b)		36,495		374,804
Provident Bancorp Inc.^(a)		15,309		131,964
Provident Financial Holdings Inc.		6,896		105,026
Provident Financial Services Inc.		59,220		761,569
Prudential Bancorp. Inc.		7,347		108,736
Radian Group Inc.		172,619		2,235,416
Randolph Bancorp Inc.^(a)(b)		24,545		235,387
Rhinebeck Bancorp Inc.^(a)(b)		3,407		21,703
Riverview Bancorp. Inc.		15,885		79,584
Sachem Capital Corp.		105,497		183,565
Security National Financial Corp., Class A^(a)(b)		9,300		39,711
Severn Bancorp. Inc.^(b)		7,407		47,553
Southern Missouri Bancorp. Inc.		6,736		163,483
Standard AVB Financial Corp.		2,225		47,081
Sterling Bancorp Inc./MI^(b)		50,042		215,181
Territorial Bancorp. Inc.		14,030		344,436
TFS Financial Corp.		52,727		805,141
Timberland Bancorp. Inc./WA		6,878		125,799
TrustCo Bank Corp. NY		50,748		274,547
Walker & Dunlop Inc.		22,227		895,081
Washington Federal Inc.		66,014		1,713,723
Waterstone Financial Inc.		22,293		324,140
Western New England Bancorp Inc.		21,898		148,030

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
WSFS Financial Corp.		46,277	$	1,153,223
WVS Financial Corp.		222		2,930

				32,008,928

Tobacco — 0.7%
22nd Century Group Inc.^(a)(b)		83,845		62,884
Altria Group Inc.		1,594,108		61,644,156
Philip Morris International Inc.		1,324,176		96,611,881
Pyxus International Inc.^(a)(b)		7,459		23,197
Standard Diversified Inc.^(a)(b)		2,109		22,988
Turning Point Brands Inc.^(b)		9,443		199,342
Universal Corp./VA		21,032		929,825
Vector Group Ltd.		103,002		970,279

				160,464,552

Trading Companies & Distributors — 0.3%
AeroCentury Corp.^(a)		249		249
Air Lease Corp.		89,517		1,981,906
Applied Industrial Technologies Inc.		29,934		1,368,582
Beacon Roofing Supply Inc.^(a)(b)		59,094		977,415
BlueLinx Holdings Inc.^(a)(b)		7,200		35,640
BMC Stock Holdings Inc.^(a)		50,602		897,173
CAI International Inc.^(a)		14,825		209,626
DXP Enterprises Inc./TX^(a)(b)		8,272		101,415
EVI Industries Inc.^(a)(b)		6,601		104,164
Fastenal Co.		489,671		15,302,219
Foundation Building Materials Inc.^(a)		28,383		292,061
GATX Corp.		30,129		1,884,870
General Finance Corp.^(a)		8,341		52,048
GMS Inc.^(a)		37,493		589,765
H&E Equipment Services Inc.		23,284		341,809
HD Supply Holdings Inc.^(a)		143,517		4,080,188
Herc Holdings Inc.^(a)(b)		24,130		493,700
Houston Wire & Cable Co.^(a)(b)		14,972		32,789
Huttig Building Products Inc.^(a)(b)		14,734		10,314
India Globalization Capital Inc.^(a)		29,054		14,236
Kaman Corp.		22,399		861,690
Lawson Products Inc./DE^(a)		6,789		181,402
MRC Global Inc.^(a)		82,350		350,811
MSC Industrial Direct Co. Inc., Class A		37,910		2,083,913
Nesco Holding Inc.^(a)(b)		76,096		249,595
NOW Inc.^(a)		89,436		461,490
Rush Enterprises Inc., Class A		22,423		715,742
Rush Enterprises Inc., Class B		7,522		229,496
SiteOne Landscape Supply Inc.^(a)(b)		32,349		2,381,533
Systemax Inc.		7,740		137,230
Titan Machinery Inc.^(a)		14,840		128,960
Transcat Inc.^(a)		7,237		191,781
Triton International Ltd.		51,697		1,337,401
United Rentals Inc.^(a)		65,233		6,712,476
Univar Solutions Inc.^(a)(b)		118,727		1,272,753
Veritiv Corp.^(a)		7,352		57,787
Watsco Inc.		27,640		4,367,949
WESCO International Inc.^(a)		36,840		841,794
Willis Lease Finance Corp.^(a)		6,741		179,311
WW Grainger Inc.		37,971		9,435,793

				60,949,076

Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		65,461		1,652,890


Security	Shares		Value

Water Utilities — 0.2%
American States Water Co.^(b)		30,442	$	2,488,329
American Water Works Co. Inc.		153,924		18,403,153
Artesian Resources Corp., Class A, NVS		7,299		272,837
Cadiz Inc.^(a)(b)		14,927		174,198
California Water Service Group		42,860		2,156,715
Essential Utilities Inc.		179,834		7,319,244
Global Water Resources Inc.		51,004		519,731
Middlesex Water Co.		22,553		1,355,886
Pure Cycle Corp.^(a)(b)		14,791		164,920
SJW Group		22,597		1,305,429
York Water Co. (The)^(b)		8,291		360,327

				34,520,769

Wireless Telecommunication Services — 0.1%
Boingo Wireless Inc.^(a)(b)		43,955		466,363
Gogo Inc.^(a)(b)		37,741		80,011
Shenandoah Telecommunications Co.^(b)		36,947		1,819,640
Spok Holdings Inc.		13,908		148,676
Sprint Corp.^(a)(b)		530,918		4,576,513
T-Mobile U.S. Inc.^(a)(b)		269,508		22,611,721
Telephone & Data Systems Inc.		87,937		1,473,824
U.S. Cellular Corp.^(a)		8,945		261,999

				31,438,747


Total Common Stocks — 99.7% (Cost: $22,290,609,330)				21,368,821,134


Warrants

Biotechnology — 0.0%
Salarius Pharmaceuticals Inc., (Expires 01/20/25)^(b)		19,965		0	^(d)


Energy Equipment & Services — 0.0%
SAExploration Holdings Inc. (Expires 07/27/21)		38		—


Total Warrants — 0.0% (Cost: $0)				0	^(d)


Short-Term Investments

Money Market Funds — 4.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(e)(f)(g)		928,187,497		928,001,859
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(e)(f)		38,418,000		38,418,000

				966,419,859


Total Short-Term Investments — 4.5% (Cost: $966,557,712)				966,419,859


Total Investments in Securities — 104.2% (Cost: $23,257,167,042)				22,335,240,993

Other Assets, Less Liabilities — (4.2)%				(896,208,288	)


Net Assets — 100.0%			$	21,439,032,705

^(a)	Non-income producing security.

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

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Rounds to less than $1.

^(e)	Affiliate of the Fund.

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

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


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

Schedule of Investments

March 31, 2020

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.5%
Axon Enterprise Inc.^(a)		31,910	$	2,258,271
Boeing Co. (The)		126,459		18,860,095
Curtiss-Wright Corp.		16,760		1,548,792
Howmet Aerospace Inc.		104,178		1,673,099
Huntington Ingalls Industries Inc.		12,973		2,363,810
L3Harris Technologies Inc.		118,831		21,403,840
Lockheed Martin Corp.		133,420		45,222,709
Mercury Systems Inc.^(a)(b)		29,863		2,130,426
Northrop Grumman Corp.		84,250		25,489,837
Raytheon Co.		89,817		11,779,500
Teledyne Technologies Inc.^(a)		19,609		5,829,167
TransDigm Group Inc.		26,767		8,570,526
United Technologies Corp.		231,142		21,803,625

				168,933,697

Air Freight & Logistics — 0.3%
Expeditors International of Washington Inc.		47,621		3,177,273
United Parcel Service Inc., Class B		169,513		15,835,905

				19,013,178

Auto Components — 0.1%
Gentex Corp.		136,020		3,014,203
Visteon Corp.^(a)(b)		10,690		512,906

				3,527,109

Banks — 1.2%
Bank of Hawaii Corp.		12,577		694,754
CIT Group Inc.		23,987		414,016
Commerce Bancshares Inc.^(b)		30,681		1,544,788
First Financial Bankshares Inc.		46,767		1,255,226
First Republic Bank/CA		44,396		3,652,903
JPMorgan Chase & Co.		809,234		72,855,337
SVB Financial Group^(a)		17,743		2,680,612

				83,097,636

Beverages — 1.4%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		4,953		1,820,525
Brown-Forman Corp., Class B, NVS		97,956		5,437,538
Coca-Cola Co. (The)		829,067		36,686,215
Monster Beverage Corp.^(a)(b)		137,500		7,735,750
PepsiCo Inc.		359,775		43,208,977

				94,889,005

Biotechnology — 2.0%
AbbVie Inc.		421,291		32,098,162
Alexion Pharmaceuticals Inc.^(a)		69,004		6,195,869
Amgen Inc.		188,436		38,201,630
Arrowhead Pharmaceuticals Inc.^(a)(b)		53,844		1,549,092
Exelixis Inc.^(a)		163,383		2,813,455
Incyte Corp.^(a)(b)		96,108		7,037,989
Ligand Pharmaceuticals Inc.^(a)(b)		8,885		646,117
Regeneron Pharmaceuticals Inc.^(a)		28,769		14,047,615
Vertex Pharmaceuticals Inc.^(a)		138,227		32,891,115

				135,481,044

Building Products — 0.4%
Allegion PLC^(b)		49,957		4,597,043
Fortune Brands Home & Security Inc.		74,820		3,235,965
Lennox International Inc.		12,445		2,262,377
Masco Corp.		152,737		5,280,118
Owens Corning		31,026		1,204,119
Trane Technologies PLC		79,855		6,595,225


Security	Shares		Value

Building Products (continued)
Trex Co. Inc.^(a)(b)		31,373	$	2,514,232

				25,689,079

Capital Markets — 2.4%
Ameriprise Financial Inc.		44,277		4,537,507
BlackRock Inc.^(c)		32,312		14,216,311
Cboe Global Markets Inc.^(b)		59,602		5,319,478
Charles Schwab Corp. (The)		448,633		15,083,041
CME Group Inc.		98,251		16,988,580
Eaton Vance Corp., NVS		43,222		1,393,910
Evercore Inc., Class A		14,729		678,418
FactSet Research Systems Inc.^(b)		20,397		5,317,090
Federated Hermes Inc.		36,726		699,630
Intercontinental Exchange Inc.		164,637		13,294,438
MarketAxess Holdings Inc.^(b)		20,386		6,779,772
Moody’s Corp.^(b)		87,281		18,459,931
MSCI Inc.		45,533		13,157,216
Nasdaq Inc.		28,995		2,753,075
S&P Global Inc.^(b)		131,371		32,192,464
SEI Investments Co.		67,865		3,144,864
Stifel Financial Corp.		18,034		744,444
T Rowe Price Group Inc.		92,963		9,077,837

				163,838,006

Chemicals — 1.8%
Air Products & Chemicals Inc.		118,494		23,652,587
Cabot Corp.		13,818		360,926
Celanese Corp.		64,989		4,769,543
Dow Inc.^(a)		398,597		11,654,976
Ecolab Inc.		68,753		10,713,780
FMC Corp.		69,688		5,692,813
Ingevity Corp.^(a)		22,508		792,282
Linde PLC		205,015		35,467,595
NewMarket Corp.		2,579		987,422
PPG Industries Inc.		64,833		5,420,039
RPM International Inc.		41,842		2,489,599
Scotts Miracle-Gro Co. (The)		21,308		2,181,939
Sherwin-Williams Co. (The)^(b)		44,163		20,293,782
Valvoline Inc.		54,769		716,926

				125,194,209

Commercial Services & Supplies — 0.6%
Brink’s Co. (The)^(b)		26,911		1,400,718
Cintas Corp.		45,068		7,806,679
Clean Harbors Inc.^(a)		27,616		1,417,805
Copart Inc.^(a)		109,969		7,535,076
Deluxe Corp.		10,220		265,005
Herman Miller Inc.		31,782		705,560
MSA Safety Inc.		12,267		1,241,420
Republic Services Inc.		52,096		3,910,326
Rollins Inc.		35,599		1,286,548
Stericycle Inc.^(a)		21,578		1,048,259
Tetra Tech Inc.		29,356		2,073,121
Waste Management Inc.		121,690		11,263,626

				39,954,143

Communications Equipment — 0.3%
Arista Networks Inc.^(a)(b)		29,163		5,906,966
Ciena Corp.^(a)		51,573		2,053,121
Lumentum Holdings Inc.^(a)(b)		41,509		3,059,213
Motorola Solutions Inc.		92,102		12,242,198
ViaSat Inc.^(a)(b)		15,841		569,009

				23,830,507

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering — 0.1%
EMCOR Group Inc.		13,904	$	852,593
MasTec Inc.^(a)		32,447		1,061,990
Quanta Services Inc.		34,455		1,093,257
Valmont Industries Inc.		5,327		564,556

				3,572,396

Construction Materials — 0.2%
Eagle Materials Inc.		22,397		1,308,433
Martin Marietta Materials Inc.^(b)		33,605		6,359,074
Vulcan Materials Co.		71,159		7,690,153

				15,357,660

Consumer Finance — 0.4%
American Express Co.		216,412		18,527,031
Discover Financial Services		104,494		3,727,301
FirstCash Inc.		14,925		1,070,719
LendingTree Inc.^(a)(b)		4,127		756,851
SLM Corp.		113,589		816,705
Synchrony Financial		303,443		4,882,398

				29,781,005

Containers & Packaging — 0.2%
AptarGroup Inc.		20,632		2,053,709
Avery Dennison Corp.		31,881		3,247,717
Ball Corp.		124,865		8,073,771
Silgan Holdings Inc.^(b)		25,041		726,690

				14,101,887

Distributors — 0.1%
LKQ Corp.^(a)		85,715		1,758,015
Pool Corp.^(b)		21,522		4,234,884

				5,992,899

Diversified Consumer Services — 0.0%
Service Corp. International		50,135		1,960,780
WW International Inc.^(a)(b)		13,042		220,540

				2,181,320

Electric Utilities — 0.6%
Hawaiian Electric Industries Inc.		28,145		1,211,642
IDACORP Inc.		12,197		1,070,775
NextEra Energy Inc.		139,249		33,506,094
NRG Energy Inc.		135,276		3,687,624
PNM Resources Inc.		21,434		814,492

				40,290,627

Electrical Equipment — 0.4%
AMETEK Inc.		122,890		8,850,538
Emerson Electric Co.		176,833		8,426,092
Generac Holdings Inc.^(a)(b)		33,626		3,132,934
Hubbell Inc.		29,240		3,354,998
Rockwell Automation Inc.		35,415		5,344,478

				29,109,040

Electronic Equipment, Instruments & Components — 0.8%
Amphenol Corp., Class A		159,385		11,615,979
CDW Corp./DE^(b)		77,239		7,204,082
Cognex Corp.^(b)		91,883		3,879,300
Coherent Inc.^(a)(b)		12,992		1,382,479
Corning Inc.		194,358		3,992,113
FLIR Systems Inc.		34,639		1,104,638
IPG Photonics Corp.^(a)		9,565		1,054,828
Jabil Inc.		74,711		1,836,396
Keysight Technologies Inc.^(a)(b)		100,838		8,438,124
Littelfuse Inc.		8,250		1,100,715
National Instruments Corp.		29,826		986,644


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
TE Connectivity Ltd.		89,905	$	5,662,217
Trimble Inc.^(a)(b)		133,946		4,263,501
Zebra Technologies Corp., Class A^(a)		28,991		5,322,748

				57,843,764

Energy Equipment & Services — 0.0%
Core Laboratories NV		9,385		97,041
National Oilwell Varco Inc.^(b)		64,385		632,904

				729,945

Entertainment — 2.4%
Electronic Arts Inc.^(a)(b)		83,189		8,333,042
Live Nation Entertainment Inc.^(a)(b)		50,773		2,308,141
Netflix Inc.^(a)(b)		235,565		88,454,658
Take-Two Interactive Software Inc.^(a)		60,840		7,216,232
Walt Disney Co. (The)		590,974		57,088,088
World Wrestling Entertainment Inc., Class A^(b)		14,564		494,157

				163,894,318

Equity Real Estate Investment Trusts (REITs) — 3.0%
Alexandria Real Estate Equities Inc.		35,598		4,879,062
American Campus Communities Inc.		35,488		984,792
American Tower Corp.		238,085		51,843,009
Boston Properties Inc.		34,016		3,137,296
Brixmor Property Group Inc.		89,748		852,606
Camden Property Trust		28,906		2,290,511
CoreSite Realty Corp.		20,260		2,348,134
Corporate Office Properties Trust		27,624		611,319
Cousins Properties Inc.		78,924		2,310,105
Crown Castle International Corp.		129,632		18,718,861
CyrusOne Inc.^(b)		39,569		2,443,386
Douglas Emmett Inc.		55,847		1,703,892
Duke Realty Corp.		116,597		3,775,411
EastGroup Properties Inc.		20,661		2,158,661
EPR Properties		18,617		450,904
Equinix Inc.		45,839		28,629,664
Essex Property Trust Inc.		17,763		3,912,123
Extra Space Storage Inc.		40,388		3,867,555
Federal Realty Investment Trust		15,871		1,184,135
First Industrial Realty Trust Inc.		45,075		1,497,842
Healthcare Realty Trust Inc.		33,104		924,595
Healthpeak Properties Inc.		125,085		2,983,277
Highwoods Properties Inc.		27,913		988,678
Kilroy Realty Corp.		31,470		2,004,639
Lamar Advertising Co., Class A		28,230		1,447,634
Life Storage Inc.		15,307		1,447,277
Mid-America Apartment Communities Inc.		27,600		2,843,628
National Retail Properties Inc.		51,269		1,650,349
Omega Healthcare Investors Inc.		52,893		1,403,780
PotlatchDeltic Corp.		16,655		522,800
Prologis Inc.		226,199		18,179,614
PS Business Parks Inc.^(b)		10,767		1,459,144
Public Storage		35,533		7,057,209
Rayonier Inc.		29,240		688,602
Realty Income Corp.		78,855		3,931,710
SBA Communications Corp.		60,532		16,341,824
Simon Property Group Inc.		65,996		3,620,541
Spirit Realty Capital Inc.		22,550		589,683
Taubman Centers Inc.		14,176		593,691
UDR Inc.		74,064		2,706,299
Urban Edge Properties		28,582		251,807

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Weingarten Realty Investors		28,664	$	413,622

				209,649,671

Food & Staples Retailing — 0.7%
Casey’s General Stores Inc.^(b)		19,777		2,620,255
Costco Wholesale Corp.^(b)		140,105		39,948,139
Sysco Corp.		123,437		5,632,430

				48,200,824

Food Products — 0.4%
Campbell Soup Co.		39,975		1,845,246
Hershey Co. (The)		53,417		7,077,753
Lamb Weston Holdings Inc.		43,199		2,466,663
Lancaster Colony Corp.		5,218		754,732
McCormick & Co. Inc./MD, NVS		33,882		4,784,477
Pilgrim’s Pride Corp.^(a)(b)		18,078		327,573
Post Holdings Inc.^(a)		16,445		1,364,442
Sanderson Farms Inc.^(b)		10,600		1,307,192
Tootsie Roll Industries Inc.		4,300		154,631
Tyson Foods Inc., Class A		76,175		4,408,247

				24,490,956

Gas Utilities — 0.0%
ONE Gas Inc.		14,183		1,185,982


Health Care Equipment & Supplies — 3.6%
Abbott Laboratories		551,016		43,480,672
ABIOMED Inc.^(a)(b)		13,847		2,010,030
Align Technology Inc.^(a)		38,559		6,707,338
Baxter International Inc.		123,508		10,027,614
Boston Scientific Corp.^(a)		442,068		14,424,679
Cantel Medical Corp.^(b)		11,323		406,496
Cooper Companies Inc. (The)		15,192		4,187,979
Danaher Corp.		219,914		30,438,297
Dentsply Sirona Inc.		63,390		2,461,434
Edwards Lifesciences Corp.^(a)		112,111		21,146,377
Globus Medical Inc., Class A^(a)		41,396		1,760,572
Haemonetics Corp.^(a)		17,448		1,738,868
Hill-Rom Holdings Inc.		19,750		1,986,850
Hologic Inc.^(a)		77,860		2,732,886
ICU Medical Inc.^(a)(b)		10,338		2,085,898
IDEXX Laboratories Inc.^(a)		46,116		11,171,140
Integra LifeSciences Holdings Corp.^(a)		38,334		1,712,380
Intuitive Surgical Inc.^(a)		62,127		30,765,912
LivaNova PLC^(a)(b)		13,292		601,463
Masimo Corp.^(a)(b)		26,380		4,672,426
NuVasive Inc.^(a)(b)		18,217		922,873
Penumbra Inc.^(a)(b)		17,271		2,786,330
ResMed Inc.		77,295		11,384,780
Steris PLC		24,614		3,445,222
Stryker Corp.		114,231		19,018,319
Teleflex Inc.		24,888		7,288,700
Varian Medical Systems Inc.^(a)		26,879		2,759,398
West Pharmaceutical Services Inc.		39,772		6,055,287

				248,180,220

Health Care Providers & Services — 0.2%
Amedisys Inc.^(a)(b)		17,343		3,183,134
Chemed Corp.		8,612		3,730,718
Encompass Health Corp.		24,929		1,596,204
HealthEquity Inc.^(a)(b)		38,118		1,928,390
MEDNAX Inc.^(a)		17,747		206,575

				10,645,021


Security	Shares		Value

Health Care Technology — 0.1%
Cerner Corp.		106,379	$	6,700,813


Hotels, Restaurants & Leisure — 2.1%
Boyd Gaming Corp.		43,097		621,459
Caesars Entertainment Corp.^(a)(b)		300,196		2,029,325
Chipotle Mexican Grill Inc.^(a)		13,750		8,998,000
Choice Hotels International Inc.^(b)		17,090		1,046,763
Churchill Downs Inc.^(b)		19,065		1,962,742
Darden Restaurants Inc.		30,337		1,652,153
Domino’s Pizza Inc.		20,790		6,737,415
Dunkin’ Brands Group Inc.		44,547		2,365,446
Eldorado Resorts Inc.^(a)(b)		35,209		507,010
Hilton Worldwide Holdings Inc.		151,678		10,350,507
Jack in the Box Inc.		6,268		219,693
Las Vegas Sands Corp.		103,556		4,398,023
Marriott International Inc./MD, Class A		145,869		10,912,460
Marriott Vacations Worldwide Corp.		20,131		1,118,881
McDonald’s Corp.		178,123		29,452,638
MGM Resorts International		168,944		1,993,539
Papa John’s International Inc.		7,597		405,452
Scientific Games Corp./DE, Class A^(a)		29,224		283,473
Six Flags Entertainment Corp.		21,202		265,873
Starbucks Corp.		634,800		41,731,752
Texas Roadhouse Inc.		17,904		739,435
Wendy’s Co. (The)		57,459		854,990
Wyndham Destinations Inc.		21,017		456,069
Wyndham Hotels & Resorts Inc.		51,191		1,613,028
Wynn Resorts Ltd.		51,950		3,126,870
Yum! Brands Inc.		162,589		11,142,224

				144,985,220

Household Durables — 0.4%
DR Horton Inc.		180,274		6,129,316
Garmin Ltd.		77,673		5,822,368
Helen of Troy Ltd.^(a)(b)		7,984		1,149,935
KB Home		21,258		384,770
Leggett & Platt Inc.		46,723		1,246,569
NVR Inc.^(a)		1,870		4,804,236
PulteGroup Inc.		136,971		3,057,193
Tempur Sealy International Inc.^(a)		24,445		1,068,491
Toll Brothers Inc.		32,499		625,606

				24,288,484

Household Products — 1.7%
Church & Dwight Co. Inc.		71,246		4,572,569
Colgate-Palmolive Co.		207,322		13,757,888
Energizer Holdings Inc.		34,609		1,046,922
Kimberly-Clark Corp.		90,291		11,545,510
Procter & Gamble Co. (The)		777,461		85,520,710

				116,443,599

Industrial Conglomerates — 0.7%
Carlisle Companies Inc.		30,476		3,818,033
Honeywell International Inc.		176,679		23,637,883
Roper Technologies Inc.		55,938		17,442,028

				44,897,944

Insurance — 1.0%
Alleghany Corp.		3,860		2,132,071
Aon PLC		79,297		13,087,177
Arthur J Gallagher & Co.^(b)		51,145		4,168,829
Brown & Brown Inc.		125,729		4,553,904
Cincinnati Financial Corp.		37,582		2,835,562

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Marsh & McLennan Companies Inc.		165,488	$	14,308,093
Primerica Inc.		22,245		1,968,238
Progressive Corp. (The)		191,701		14,155,202
RenaissanceRe Holdings Ltd.		23,748		3,546,051
RLI Corp.^(b)		13,527		1,189,429
Willis Towers Watson PLC		33,177		5,635,113

				67,579,669

Interactive Media & Services — 8.6%
Alphabet Inc., Class A^(a)		161,059		187,142,505
Alphabet Inc., Class C, NVS^(a)		160,657		186,813,566
Facebook Inc., Class A^(a)		1,293,503		215,756,300
Yelp Inc.^(a)(b)		34,383		619,926

				590,332,297

Internet & Direct Marketing Retail — 7.0%
Amazon.com Inc.^(a)		223,639		436,033,431
Booking Holdings Inc.^(a)		22,493		30,260,283
eBay Inc.		411,082		12,357,125
Etsy Inc.^(a)(b)		63,708		2,448,935
Grubhub Inc.^(a)(b)		27,553		1,122,234

				482,222,008

IT Services — 6.9%
Accenture PLC, Class A		215,062		35,111,022
Akamai Technologies Inc.^(a)		62,551		5,722,791
Automatic Data Processing Inc.		144,213		19,711,033
Broadridge Financial Solutions Inc.		43,147		4,091,630
CACI International Inc., Class A^(a)(b)		13,467		2,843,557
Fiserv Inc.^(a)		306,996		29,161,550
FleetCor Technologies Inc.^(a)		46,649		8,701,904
Gartner Inc.^(a)		48,092		4,788,520
Global Payments Inc.		79,170		11,418,689
Jack Henry & Associates Inc.		21,514		3,339,833
KBR Inc.		76,236		1,576,560
Leidos Holdings Inc.		35,774		3,278,687
LiveRamp Holdings Inc.^(a)		14,587		480,204
Mastercard Inc., Class A		477,166		115,264,219
MAXIMUS Inc.		18,933		1,101,901
Paychex Inc.		114,752		7,220,196
PayPal Holdings Inc.^(a)		631,148		60,426,110
Perspecta Inc.^(b)		73,975		1,349,304
Sabre Corp.		70,885		420,348
Science Applications International Corp.		11,885		886,978
VeriSign Inc.^(a)		29,439		5,301,669
Visa Inc., Class A^(b)		920,131		148,251,507
Western Union Co. (The)		225,400		4,086,502
WEX Inc.^(a)(b)		23,283		2,434,238

				476,968,952

Leisure Products — 0.0%
Brunswick Corp./DE		21,511		760,844
Polaris Inc.		30,936		1,489,568

				2,250,412

Life Sciences Tools & Services — 1.7%
Agilent Technologies Inc.		94,828		6,791,581
Bio-Rad Laboratories Inc., Class A^(a)		8,363		2,931,733
Bio-Techne Corp.		20,487		3,884,745
Charles River Laboratories International Inc.^(a)		26,262		3,314,527
Illumina Inc.^(a)(b)		47,414		12,949,712
IQVIA Holdings Inc.^(a)(b)		66,941		7,220,256
Mettler-Toledo International Inc.^(a)		8,249		5,696,017
PerkinElmer Inc.		34,054		2,563,585


Security	Shares		Value

Life Sciences Tools & Services (continued)
PRA Health Sciences Inc.^(a)		34,012	$	2,824,357
Repligen Corp.^(a)(b)		25,194		2,432,229
Syneos Health Inc.^(a)		33,501		1,320,609
Thermo Fisher Scientific Inc.		215,535		61,125,726
Waters Corp.^(a)(b)		21,483		3,910,980

				116,966,057

Machinery — 1.6%
AGCO Corp.		17,875		844,594
Caterpillar Inc.		175,281		20,339,607
Colfax Corp.^(a)(b)		20,274		401,425
Cummins Inc.		51,896		7,022,567
Deere & Co.		99,860		13,796,658
Donaldson Co. Inc.		43,562		1,682,800
Dover Corp.		46,084		3,868,291
Graco Inc.		89,669		4,369,570
IDEX Corp.		23,317		3,220,311
Illinois Tool Works Inc.		95,912		13,631,013
Ingersoll Rand Inc.^(a)(b)		135,834		3,368,683
ITT Inc.		31,607		1,433,694
Lincoln Electric Holdings Inc.		32,882		2,268,858
Nordson Corp.		27,505		3,715,100
Oshkosh Corp.		21,600		1,389,528
PACCAR Inc.		185,929		11,365,840
Parker-Hannifin Corp.		37,991		4,928,572
Timken Co. (The)		36,470		1,179,440
Toro Co. (The)		57,320		3,730,959
Woodward Inc.^(b)		30,332		1,802,934
Xylem Inc./NY		57,130		3,720,877

				108,081,321

Marine — 0.0%
Kirby Corp.^(a)		16,781		729,470


Media — 1.3%
Cable One Inc.^(b)		2,700		4,438,827
Charter Communications Inc., Class A^(a)(b)		84,278		36,771,334
Comcast Corp., Class A		1,366,514		46,980,751
New York Times Co. (The), Class A		51,029		1,567,101

				89,758,013

Metals & Mining — 0.2%
Allegheny Technologies Inc.^(a)(b)		33,372		283,662
Carpenter Technology Corp.		14,158		276,081
Compass Minerals International Inc.		13,131		505,149
Freeport-McMoRan Inc.		429,104		2,896,452
Reliance Steel & Aluminum Co.		35,840		3,139,226
Royal Gold Inc.		35,271		3,093,619
Steel Dynamics Inc.		56,794		1,280,137

				11,474,326

Multi-Utilities — 0.1%
Black Hills Corp.		15,543		995,218
MDU Resources Group Inc.		45,290		973,735
Sempra Energy		68,190		7,704,788

				9,673,741

Multiline Retail — 0.5%
Dollar General Corp.		136,864		20,667,833
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		16,480		763,683
Target Corp.		174,328		16,207,274

				37,638,790

Oil, Gas & Consumable Fuels — 0.6%
Apache Corp.		125,503		524,603

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Cabot Oil & Gas Corp.		138,191	$	2,375,503
Cimarex Energy Co.		29,620		498,505
ConocoPhillips		589,842		18,167,134
EOG Resources Inc.		156,381		5,617,205
Hess Corp.		139,254		4,637,158
Matador Resources Co.^(a)(b)		59,479		147,508
Murphy Oil Corp.		36,306		222,556
Phillips 66		119,449		6,408,439
Pioneer Natural Resources Co.		55,222		3,873,823
WPX Energy Inc.^(a)		224,304		684,127

				43,156,561

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		45,514		781,931


Personal Products — 0.3%
Coty Inc., Class A		74,842		386,185
Estee Lauder Companies Inc. (The), Class A^(b)		119,632		19,062,163

				19,448,348

Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		693,044		38,630,272
Catalent Inc.^(a)(b)		83,201		4,322,292
Eli Lilly & Co.		249,794		34,651,424
Johnson & Johnson		594,153		77,911,283
Merck & Co. Inc.		752,675		57,910,814
Nektar Therapeutics^(a)		30,322		541,248
Zoetis Inc.		256,026		30,131,700

				244,099,033

Professional Services — 0.4%
ASGN Inc.^(a)(b)		17,334		612,237
CoreLogic Inc.		19,267		588,414
Equifax Inc.^(b)		39,056		4,665,239
FTI Consulting Inc.^(a)		20,230		2,422,947
IHS Markit Ltd.		157,364		9,441,840
Insperity Inc.		11,354		423,504
Verisk Analytics Inc.		60,783		8,471,935

				26,626,116

Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A^(a)		179,966		6,786,518
Jones Lang LaSalle Inc.		13,312		1,344,246

				8,130,764

Road & Rail — 1.1%
CSX Corp.		209,019		11,976,789
JB Hunt Transport Services Inc.^(b)		27,053		2,495,098
Kansas City Southern^(b)		53,286		6,776,914
Knight-Swift Transportation Holdings Inc.^(b)		66,069		2,167,063
Landstar System Inc.^(b)		14,433		1,383,547
Norfolk Southern Corp.		75,687		11,050,302
Old Dominion Freight Line Inc.^(b)		51,491		6,758,709
Union Pacific Corp.		231,352		32,629,886
Werner Enterprises Inc.^(b)		10,982		398,207

				75,636,515

Semiconductors & Semiconductor Equipment — 6.7%
Advanced Micro Devices Inc.^(a)		628,713		28,593,867
Analog Devices Inc.		197,976		17,748,548
Applied Materials Inc.		496,554		22,752,104
Broadcom Inc.		213,212		50,552,565
Cabot Microelectronics Corp.^(b)		15,653		1,786,633
Cirrus Logic Inc.^(a)		31,086		2,040,174
Cypress Semiconductor Corp.		198,549		4,630,163


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Intel Corp.		1,332,762	$	72,129,079
KLA Corp.		84,823		12,192,458
Lam Research Corp.		77,986		18,716,640
Maxim Integrated Products Inc.		64,024		3,112,207
Microchip Technology Inc.^(b)		128,467		8,710,063
Micron Technology Inc.^(a)		595,090		25,029,485
MKS Instruments Inc.^(b)		29,314		2,387,625
Monolithic Power Systems Inc.		21,723		3,637,734
NVIDIA Corp.		328,956		86,712,802
Qorvo Inc.^(a)		62,463		5,036,392
QUALCOMM Inc.		613,757		41,520,661
Semtech Corp.^(a)		18,191		682,163
Silicon Laboratories Inc.^(a)		23,327		1,992,359
Skyworks Solutions Inc.		53,124		4,748,223
SolarEdge Technologies Inc.^(a)(b)		26,140		2,140,343
Synaptics Inc.^(a)(b)		10,995		636,281
Teradyne Inc.		90,095		4,880,446
Texas Instruments Inc.		311,531		31,131,293
Universal Display Corp.^(b)		22,792		3,003,530
Xilinx Inc.		83,816		6,532,619

				463,036,457

Software — 14.3%
ACI Worldwide Inc.^(a)		62,180		1,501,647
Adobe Inc.^(a)		260,196		82,804,775
ANSYS Inc.^(a)		46,008		10,695,480
Autodesk Inc.^(a)		118,279		18,463,352
Blackbaud Inc.^(b)		26,455		1,469,575
Cadence Design Systems Inc.^(a)		150,839		9,961,408
CDK Global Inc.		39,836		1,308,613
Ceridian HCM Holding Inc.^(a)(b)		32,521		1,628,326
Citrix Systems Inc.^(b)		32,151		4,550,974
CommVault Systems Inc.^(a)		11,107		449,611
Fair Isaac Corp.^(a)		15,569		4,790,426
Fortinet Inc.^(a)		76,319		7,721,193
Intuit Inc.		139,920		32,181,600
j2 Global Inc.		24,895		1,863,391
LogMeIn Inc.		16,802		1,399,271
Manhattan Associates Inc.^(a)		34,360		1,711,815
Microsoft Corp.		4,100,582		646,702,787
NortonLifeLock Inc.		191,133		3,576,098
Oracle Corp.		698,730		33,769,621
Paycom Software Inc.^(a)(b)		26,369		5,326,802
PTC Inc.^(a)		29,069		1,779,314
salesforce.com Inc.^(a)		476,777		68,646,352
ServiceNow Inc.^(a)		101,376		29,052,334
Synopsys Inc.^(a)		80,813		10,407,906
Teradata Corp.^(a)		23,635		484,281
Tyler Technologies Inc.^(a)		20,960		6,215,898

				988,462,850

Specialty Retail — 2.8%
Aaron’s Inc.		20,637		470,111
AutoZone Inc.^(a)(b)		12,803		10,831,338
CarMax Inc.^(a)		88,406		4,758,895
Five Below Inc.^(a)(b)		29,935		2,106,825
Home Depot Inc. (The)		416,301		77,727,560
Lowe’s Companies Inc.		271,929		23,399,490
Murphy USA Inc.^(a)(b)		15,551		1,311,882
O’Reilly Automotive Inc.^(a)		40,670		12,243,704
RH^(a)		8,795		883,634

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Ross Stores Inc.		194,451	$	16,911,403
Tiffany & Co.		58,032		7,515,144
TJX Companies Inc. (The)		651,853		31,165,092
Tractor Supply Co.		31,190		2,637,115
Ulta Beauty Inc.^(a)(b)		16,907		2,970,560
Williams-Sonoma Inc.		28,810		1,225,001

				196,157,754

Technology Hardware, Storage & Peripherals — 8.4%
Apple Inc.		2,245,012		570,884,101
NCR Corp.^(a)(b)		29,553		523,088
NetApp Inc.		56,449		2,353,359
Seagate Technology PLC		74,585		3,639,748
Xerox Holdings Corp.^(a)		99,986		1,893,735

				579,294,031

Textiles, Apparel & Luxury Goods — 0.7%
Carter’s Inc.		14,963		983,518
Columbia Sportswear Co.		9,692		676,211
Deckers Outdoor Corp.^(a)		15,042		2,015,628
NIKE Inc., Class B		448,733		37,128,168
Skechers U.S.A. Inc., Class A^(a)(b)		72,024		1,709,850
VF Corp.		93,317		5,046,583

				47,559,958

Thrifts & Mortgage Finance — 0.0%
New York Community Bancorp. Inc.		125,684		1,180,173
Washington Federal Inc.		26,571		689,783

				1,869,956

Tobacco — 0.6%
Altria Group Inc.		391,647		15,144,990
Philip Morris International Inc.		367,992		26,848,696

				41,993,686

Trading Companies & Distributors — 0.2%
Fastenal Co.		215,830		6,744,687
United Rentals Inc.^(a)(b)		40,410		4,158,189
Watsco Inc.		8,954		1,415,001

				12,317,877

Water Utilities — 0.1%
American Water Works Co. Inc.		48,591		5,809,540
Essential Utilities Inc.		63,835		2,598,084

				8,407,624


Total Common Stocks — 99.8% (Cost: $6,647,788,263)				6,876,625,725


Short-Term Investments

Money Market Funds — 4.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		281,210,174		281,153,932


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		11,716,000	$	11,716,000

				292,869,932


Total Short-Term Investments — 4.2% (Cost: $292,836,484)				292,869,932


Total Investments in Securities — 104.0% (Cost: $6,940,624,747)				7,169,495,657

Other Assets, Less Liabilities — (4.0)%				(276,166,395	)


Net Assets — 100.0%			$	6,893,329,262

^(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.


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

Schedule of Investments

March 31, 2020

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.4%
Boeing Co. (The)		158,550	$	23,646,147
Curtiss-Wright Corp.^(a)		6,155		568,784
General Dynamics Corp.		124,217		16,435,151
Howmet Aerospace Inc.		103,114		1,656,011
Huntington Ingalls Industries Inc.		8,934		1,627,864
Raytheon Co.		58,884		7,722,637
Textron Inc.^(a)		121,365		3,236,804
United Technologies Corp.		202,009		19,055,509

				73,948,907

Air Freight & Logistics — 0.9%
CH Robinson Worldwide Inc.		71,264		4,717,677
Expeditors International of Washington Inc.		43,522		2,903,788
FedEx Corp.		126,887		15,386,318
United Parcel Service Inc., Class B		204,189		19,075,336
XPO Logistics Inc.^(a)(b)		49,172		2,397,135

				44,480,254

Airlines — 0.5%
Alaska Air Group Inc.		65,598		1,867,575
American Airlines Group Inc.^(a)		207,587		2,530,485
Delta Air Lines Inc.		304,147		8,677,314
JetBlue Airways Corp.^(a)(b)		153,692		1,375,543
Southwest Airlines Co.		250,329		8,914,216
United Airlines Holdings Inc.^(b)		115,523		3,644,751

				27,009,884

Auto Components — 0.3%
Adient PLC^(b)		46,330		420,213
Aptiv PLC		134,895		6,642,230
BorgWarner Inc.		109,916		2,678,653
Dana Inc.		76,658		598,699
Delphi Technologies PLC^(b)		45,824		368,883
Goodyear Tire & Rubber Co. (The)		120,516		701,403
Lear Corp.		29,315		2,381,844
Visteon Corp.^(a)(b)		4,324		207,465

				13,999,390

Automobiles — 0.5%
Ford Motor Co.		2,057,921		9,939,758
General Motors Co.^(a)		666,741		13,854,878
Harley-Davidson Inc.		82,152		1,555,137
Thor Industries Inc.		29,398		1,240,008

				26,589,781

Banks — 8.1%
Associated Banc-Corp.		84,830		1,084,976
BancorpSouth Bank		51,067		966,188
Bank of America Corp.		4,286,987		91,012,734
Bank of Hawaii Corp.		9,009		497,657
Bank OZK		64,352		1,074,678
Cathay General Bancorp.		40,337		925,734
CIT Group Inc.		26,747		461,653
Citigroup Inc.		1,156,102		48,695,016
Citizens Financial Group Inc.		228,601		4,299,985
Comerica Inc.		76,776		2,252,608
Commerce Bancshares Inc.^(a)		24,349		1,225,972
Cullen/Frost Bankers Inc.		30,297		1,690,270
East West Bancorp. Inc.		77,538		1,995,828
Fifth Third Bancorp.		374,163		5,556,321
First Financial Bankshares Inc.^(a)		26,015		698,243
First Horizon National Corp.		165,709		1,335,615


Security	Shares		Value

Banks (continued)
First Republic Bank/CA		45,190	$	3,718,233
FNB Corp.		173,015		1,275,121
Fulton Financial Corp.		87,368		1,003,858
Hancock Whitney Corp.		46,416		906,040
Home BancShares Inc./AR		82,601		990,386
Huntington Bancshares Inc./OH		543,469		4,461,880
International Bancshares Corp.		30,524		820,485
JPMorgan Chase & Co.		863,679		77,757,020
KeyCorp.		519,242		5,384,540
M&T Bank Corp.		69,776		7,216,932
PacWest Bancorp.		63,806		1,143,404
People’s United Financial Inc.		236,821		2,616,872
Pinnacle Financial Partners Inc.		38,333		1,439,021
PNC Financial Services Group Inc. (The)		231,602		22,168,943
Prosperity Bancshares Inc.		50,294		2,426,685
Regions Financial Corp.		507,863		4,555,531
Signature Bank/New York NY		28,770		2,312,820
Sterling Bancorp./DE		107,570		1,124,107
SVB Financial Group^(b)		9,865		1,490,404
Synovus Financial Corp.		78,016		1,369,961
TCF Financial Corp.		81,693		1,851,163
Texas Capital Bancshares Inc.^(b)		26,808		594,333
Truist Financial Corp.		710,358		21,907,441
Trustmark Corp.		34,216		797,233
U.S. Bancorp.		752,632		25,928,172
UMB Financial Corp.		22,997		1,066,601
Umpqua Holdings Corp.		117,231		1,277,818
United Bankshares Inc./WV		54,078		1,248,120
Valley National Bancorp.		208,528		1,524,340
Webster Financial Corp.		49,079		1,123,909
Wells Fargo & Co.		2,038,077		58,492,810
Wintrust Financial Corp.		30,369		997,925
Zions Bancorp. N.A.		90,776		2,429,166

				427,194,752

Beverages — 2.3%
Coca-Cola Co. (The)		1,225,163		54,213,463
Constellation Brands Inc., Class A		88,534		12,692,234
Molson Coors Beverage Co., Class B		98,695		3,850,092
Monster Beverage Corp.^(b)		66,211		3,725,031
PepsiCo Inc.		383,970		46,114,797

				120,595,617

Biotechnology — 2.8%
AbbVie Inc.		368,051		28,041,806
Alexion Pharmaceuticals Inc.^(b)		48,880		4,388,935
Amgen Inc.		129,005		26,153,183
Biogen Inc.^(b)		95,557		30,232,324
Gilead Sciences Inc.		669,953		50,085,686
Regeneron Pharmaceuticals Inc.^(b)		13,920		6,796,997
United Therapeutics Corp.^(b)		23,350		2,214,164

				147,913,095

Building Products — 0.4%
AO Smith Corp.		73,036		2,761,491
Johnson Controls International PLC		407,690		10,991,322
Lennox International Inc.		6,361		1,156,366
Owens Corning		27,228		1,056,719
Resideo Technologies Inc.^(b)		65,414		316,604
Trane Technologies PLC		48,547		4,009,497

				20,291,999

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets — 3.0%
Affiliated Managers Group Inc.		26,062	$	1,541,307
Ameriprise Financial Inc.		23,590		2,417,503
Bank of New York Mellon Corp. (The)		443,538		14,938,360
BlackRock Inc.^(c)		30,501		13,419,525
Charles Schwab Corp. (The)		162,754		5,471,789
CME Group Inc.		92,826		16,050,544
E*TRADE Financial Corp.		120,114		4,122,312
Eaton Vance Corp., NVS		17,491		564,085
Evercore Inc., Class A		6,259		288,290
Federated Hermes Inc.		14,759		281,159
Franklin Resources Inc.		148,572		2,479,667
Goldman Sachs Group Inc. (The)		168,757		26,088,145
Interactive Brokers Group Inc., Class A^(a)		40,870		1,764,358
Intercontinental Exchange Inc.^(a)		132,417		10,692,673
Invesco Ltd.		198,181		1,799,483
Janus Henderson Group PLC		82,814		1,268,710
Legg Mason Inc.		43,442		2,122,142
Morgan Stanley		616,953		20,976,402
Nasdaq Inc.		32,349		3,071,538
Northern Trust Corp.		111,962		8,448,652
Raymond James Financial Inc.		65,706		4,152,619
State Street Corp.		192,136		10,235,085
Stifel Financial Corp.		18,559		766,115
T Rowe Price Group Inc.		32,369		3,160,833

				156,121,296

Chemicals — 1.6%
Albemarle Corp.^(a)		56,375		3,177,859
Ashland Global Holdings Inc.		32,065		1,605,495
Cabot Corp.		17,307		452,059
CF Industries Holdings Inc.		115,594		3,144,157
Chemours Co. (The)		87,046		772,098
Corteva Inc.^(b)		395,461		9,293,333
DuPont de Nemours Inc.		391,521		13,350,866
Eastman Chemical Co.		72,283		3,366,942
Ecolab Inc.		64,891		10,111,965
International Flavors & Fragrances Inc.^(a)		56,401		5,757,414
Linde PLC		82,315		14,240,495
LyondellBasell Industries NV, Class A		135,542		6,726,949
Minerals Technologies Inc.		18,551		672,659
Mosaic Co. (The)		186,190		2,014,576
NewMarket Corp.		1,400		536,018
Olin Corp.		85,001		991,962
PolyOne Corp.		48,026		911,053
PPG Industries Inc.		61,099		5,107,876
RPM International Inc.		27,613		1,642,974
Sensient Technologies Corp.		22,540		980,715
Valvoline Inc.		46,130		603,842

				85,461,307

Commercial Services & Supplies — 0.4%
Deluxe Corp.		12,306		319,095
Healthcare Services Group Inc.		39,447		943,178
HNI Corp.		22,802		574,382
KAR Auction Services Inc.		68,562		822,744
MSA Safety Inc.^(a)		6,832		691,398
Republic Services Inc.		59,845		4,491,966
Rollins Inc.^(a)		39,709		1,435,083
Stericycle Inc.^(a)(b)		27,177		1,320,259
Waste Management Inc.		86,631		8,018,565

				18,616,670


Security	Shares		Value

Communications Equipment — 1.9%
Ciena Corp.^(b)		31,316	$	1,246,690
Cisco Systems Inc.		2,246,468		88,308,657
F5 Networks Inc.^(b)		31,924		3,404,056
InterDigital Inc.		16,561		739,117
Juniper Networks Inc.		178,196		3,410,672
NetScout Systems Inc.^(b)		35,044		829,492
ViaSat Inc.^(a)(b)		15,070		541,314

				98,479,998

Construction & Engineering — 0.2%
AECOM^(b)		83,660		2,497,251
Dycom Industries Inc.^(b)		16,764		429,997
EMCOR Group Inc.		16,141		989,766
Fluor Corp.		74,652		515,845
Jacobs Engineering Group Inc.		71,391		5,659,165
Quanta Services Inc.		41,655		1,321,713
Valmont Industries Inc.		6,206		657,712

				12,071,449

Consumer Finance — 0.6%
American Express Co.		141,817		12,140,953
Capital One Financial Corp.		246,124		12,409,572
Discover Financial Services		63,436		2,262,762
FirstCash Inc.^(a)		7,925		568,540
Navient Corp.		90,605		686,786
SLM Corp.		112,376		807,983

				28,876,596

Containers & Packaging — 0.6%
Amcor PLC^(b)		855,865		6,949,624
AptarGroup Inc.		13,617		1,355,436
Avery Dennison Corp.		12,914		1,315,549
Ball Corp.		50,563		3,269,404
Greif Inc., Class A, NVS		13,973		434,421
International Paper Co.		207,093		6,446,805
O-I Glass Inc.		82,774		588,523
Packaging Corp. of America		49,832		4,326,912
Sealed Air Corp.		82,268		2,032,842
Silgan Holdings Inc.		16,500		478,830
Sonoco Products Co.		53,276		2,469,343
Westrock Co.		135,478		3,828,608

				33,496,297

Distributors — 0.1%
Genuine Parts Co.		76,512		5,151,553
LKQ Corp.^(b)		78,304		1,606,015

				6,757,568

Diversified Consumer Services — 0.1%
Adtalem Global Education Inc.^(b)		28,773		770,829
Graham Holdings Co., Class B		2,315		789,808
Grand Canyon Education Inc.^(a)(b)		25,662		1,957,626
H&R Block Inc.^(a)		103,984		1,464,095
Service Corp. International		47,694		1,865,312
WW International Inc.^(a)(b)		11,860		200,553

				7,048,223

Diversified Financial Services — 3.6%
Berkshire Hathaway Inc., Class B^(b)		1,035,802		189,375,680
Jefferies Financial Group Inc.		126,367		1,727,437

				191,103,117

Diversified Telecommunication Services — 4.5%
AT&T Inc.		3,868,343		112,762,198
CenturyLink Inc.		517,312		4,893,772

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Telecommunication Services (continued)
Verizon Communications Inc.		2,190,105	$	117,674,342

				235,330,312

Electric Utilities — 4.3%
ALLETE Inc.		27,507		1,669,125
Alliant Energy Corp.		126,896		6,127,808
American Electric Power Co. Inc.		261,684		20,929,486
Duke Energy Corp.		386,052		31,223,886
Edison International		189,498		10,382,595
Entergy Corp.		105,205		9,886,114
Evergy Inc.		120,380		6,626,919
Eversource Energy		171,093		13,381,184
Exelon Corp.		515,149		18,962,635
FirstEnergy Corp.		285,515		11,440,586
Hawaiian Electric Industries Inc.		30,158		1,298,302
IDACORP Inc.		14,731		1,293,234
NextEra Energy Inc.		121,640		29,269,017
OGE Energy Corp.		106,413		3,270,071
Pinnacle West Capital Corp.		59,157		4,483,509
PNM Resources Inc.		21,188		805,144
PPL Corp.		405,769		10,014,379
Southern Co. (The)		555,359		30,067,136
Xcel Energy Inc.		278,059		16,766,958

				227,898,088

Electrical Equipment — 0.6%
Acuity Brands Inc.		21,083		1,805,970
Eaton Corp. PLC		219,151		17,025,841
Emerson Electric Co.		148,047		7,054,439
EnerSys		22,523		1,115,339
nVent Electric PLC		82,840		1,397,511
Regal Beloit Corp.		21,826		1,373,947
Rockwell Automation Inc.		26,364		3,978,591

				33,751,638

Electronic Equipment, Instruments & Components — 0.5%
Arrow Electronics Inc.^(b)		43,367		2,249,446
Avnet Inc.		53,783		1,349,953
Belden Inc.^(a)		20,572		742,238
Corning Inc.		214,520		4,406,241
FLIR Systems Inc.		37,127		1,183,980
II-VI Inc.^(b)		46,417		1,322,884
IPG Photonics Corp.^(a)(b)		9,457		1,042,918
Littelfuse Inc.^(a)		4,793		639,482
National Instruments Corp.		33,310		1,101,895
SYNNEX Corp.		21,783		1,592,337
TE Connectivity Ltd.		88,258		5,558,489
Tech Data Corp.^(b)		18,856		2,467,308
Vishay Intertechnology Inc.		70,475		1,015,545

				24,672,716

Energy Equipment & Services — 0.4%
Apergy Corp.^(b)		41,239		237,124
Baker Hughes Co.		345,549		3,628,264
Core Laboratories NV^(a)		14,394		148,834
Halliburton Co.		466,191		3,193,408
Helmerich & Payne Inc.		57,724		903,381
National Oilwell Varco Inc.^(a)		141,743		1,393,334
Patterson-UTI Energy Inc.		103,560		243,366
Schlumberger Ltd.		731,618		9,869,527
TechnipFMC PLC		223,752		1,508,088
Transocean Ltd.^(a)(b)		306,224		355,220

				21,480,546


Security	Shares		Value

Entertainment — 1.3%
Activision Blizzard Inc.		406,932	$	24,204,315
Cinemark Holdings Inc.		56,769		578,476
Electronic Arts Inc.^(a)(b)		72,540		7,266,332
Live Nation Entertainment Inc.^(a)(b)		24,769		1,125,999
Walt Disney Co. (The)		372,234		35,957,804
World Wrestling Entertainment Inc., Class A^(a)		10,879		369,125

				69,502,051

Equity Real Estate Investment Trusts (REITs) — 3.7%
Alexandria Real Estate Equities Inc.		29,683		4,068,352
American Campus Communities Inc.		38,063		1,056,248
Apartment Investment & Management Co., Class A		79,288		2,786,973
AvalonBay Communities Inc.		73,771		10,856,878
Boston Properties Inc.		42,338		3,904,834
Brixmor Property Group Inc.		69,803		663,129
Camden Property Trust		23,192		1,837,734
CoreCivic Inc.		63,424		708,446
Corporate Office Properties Trust		32,031		708,846
Crown Castle International Corp.		92,237		13,319,023
CyrusOne Inc.		21,081		1,301,752
Digital Realty Trust Inc.		139,329		19,354,191
Diversified Healthcare Trust		126,697		459,910
Douglas Emmett Inc.		32,458		990,294
Duke Realty Corp.		80,232		2,597,912
EPR Properties		23,379		566,239
Equity Residential		184,483		11,384,446
Essex Property Trust Inc.		17,374		3,826,450
Extra Space Storage Inc.		29,017		2,778,668
Federal Realty Investment Trust		21,719		1,620,455
First Industrial Realty Trust Inc.		22,978		763,559
GEO Group Inc. (The)		64,555		784,989
Healthcare Realty Trust Inc.		38,461		1,074,216
Healthpeak Properties Inc.		139,695		3,331,726
Highwoods Properties Inc.		27,613		978,052
Host Hotels & Resorts Inc.		377,725		4,170,084
Iron Mountain Inc.		150,876		3,590,849
JBG SMITH Properties		62,872		2,001,216
Kilroy Realty Corp.		20,766		1,322,794
Kimco Realty Corp.		224,844		2,174,241
Lamar Advertising Co., Class A		17,871		916,425
Life Storage Inc.		9,673		914,582
Macerich Co. (The)		58,685		330,397
Mack-Cali Realty Corp.		48,207		734,193
Medical Properties Trust Inc.		275,178		4,757,828
Mid-America Apartment Communities Inc.		33,429		3,444,190
National Retail Properties Inc.		41,123		1,323,749
Omega Healthcare Investors Inc.		63,985		1,698,162
Park Hotels & Resorts Inc.		127,469		1,008,280
Pebblebrook Hotel Trust		69,481		756,648
PotlatchDeltic Corp.^(a)		19,300		605,827
Prologis Inc.^(a)		167,800		13,486,086
Public Storage		44,410		8,820,270
Rayonier Inc.		39,964		941,152
Realty Income Corp.		100,165		4,994,227
Regency Centers Corp.		89,185		3,427,380
Sabra Health Care REIT Inc.		109,324		1,193,818
Service Properties Trust		87,598		473,029
Simon Property Group Inc.		97,331		5,339,579
SL Green Realty Corp.		43,401		1,870,583
Spirit Realty Capital Inc.		30,723		803,406
Taubman Centers Inc.		18,683		782,444

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
UDR Inc.		82,762	$	3,024,123
Urban Edge Properties		33,140		291,963
Ventas Inc.		196,501		5,266,227
Vornado Realty Trust		84,297		3,052,394
Weingarten Realty Investors		36,076		520,577
Welltower Inc.		214,426		9,816,422
Weyerhaeuser Co.		393,474		6,669,384

				192,245,851

Food & Staples Retailing — 2.9%
BJ’s Wholesale Club Holdings Inc.^(a)(b)		65,076		1,657,486
Costco Wholesale Corp.		95,917		27,348,814
Kroger Co. (The)		423,842		12,766,121
Sprouts Farmers Market Inc.^(b)		62,928		1,169,832
Sysco Corp.		148,169		6,760,951
Walgreens Boots Alliance Inc.		397,428		18,182,331
Walmart Inc.		751,204		85,351,798

				153,237,333

Food Products — 2.5%
Archer-Daniels-Midland Co.		294,188		10,349,534
Campbell Soup Co.		50,561		2,333,896
Conagra Brands Inc.		257,201		7,546,277
Darling Ingredients Inc.^(b)		87,084		1,669,400
Flowers Foods Inc.		102,489		2,103,074
General Mills Inc.		320,452		16,910,252
Hain Celestial Group Inc. (The)^(a)(b)		42,790		1,111,256
Hershey Co. (The)		26,042		3,450,565
Hormel Foods Corp.		146,904		6,851,603
Ingredion Inc.		35,567		2,685,308
JM Smucker Co. (The)		60,207		6,682,977
Kellogg Co.		131,615		7,895,584
Kraft Heinz Co. (The)		329,092		8,141,736
Lamb Weston Holdings Inc.		34,977		1,997,187
Lancaster Colony Corp.		5,353		774,258
McCormick & Co. Inc./MD, NVS		31,855		4,498,245
Mondelez International Inc., Class A		762,452		38,183,596
Pilgrim’s Pride Corp.^(b)		10,022		181,599
Post Holdings Inc.^(b)		19,088		1,583,731
Tootsie Roll Industries Inc.		4,956		178,207
TreeHouse Foods Inc.^(a)(b)		29,923		1,321,100
Tyson Foods Inc., Class A		80,994		4,687,123

				131,136,508

Gas Utilities — 0.3%
Atmos Energy Corp.		63,020		6,253,475
National Fuel Gas Co.		45,955		1,713,662
New Jersey Resources Corp.		50,833		1,726,797
ONE Gas Inc.		14,031		1,173,272
Southwest Gas Holdings Inc.		29,100		2,024,196
Spire Inc.		27,149		2,022,058
UGI Corp.		111,350		2,969,704

				17,883,164

Health Care Equipment & Supplies — 3.9%
Abbott Laboratories		393,079		31,017,864
ABIOMED Inc.^(b)		10,366		1,504,729
Avanos Medical Inc.^(b)		25,509		686,957
Baxter International Inc.		148,389		12,047,703
Becton Dickinson and Co.		143,230		32,909,957
Boston Scientific Corp.^(b)		301,959		9,852,922
Cantel Medical Corp.		8,787		315,453
Cooper Companies Inc. (The)		11,368		3,133,816


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Danaher Corp.		121,971	$	16,882,006
Dentsply Sirona Inc.^(a)		55,636		2,160,346
Haemonetics Corp.^(b)		9,700		966,702
Hill-Rom Holdings Inc.		15,996		1,609,198
Hologic Inc.^(b)		65,688		2,305,649
LivaNova PLC^(b)		12,655		572,639
Medtronic PLC		709,794		64,009,223
NuVasive Inc.^(a)(b)		9,689		490,845
Steris PLC^(a)		20,782		2,908,856
Stryker Corp.		57,818		9,626,119
Varian Medical Systems Inc.^(a)(b)		21,806		2,238,604
Zimmer Biomet Holdings Inc.		108,729		10,990,327

				206,229,915

Health Care Providers & Services — 6.5%
Acadia Healthcare Co. Inc.^(a)(b)		47,178		865,716
AmerisourceBergen Corp.		79,453		7,031,590
Anthem Inc.		134,279		30,486,704
Cardinal Health Inc.		154,590		7,411,045
Centene Corp.^(b)		309,459		18,384,959
Cigna Corp.^(b)		197,758		35,038,762
CVS Health Corp.		688,927		40,874,039
DaVita Inc.^(b)		47,100		3,582,426
Encompass Health Corp.		27,813		1,780,866
HCA Healthcare Inc.		139,780		12,559,233
Henry Schein Inc.^(a)(b)		77,123		3,896,254
Humana Inc.		70,013		21,985,482
Laboratory Corp. of America Holdings^(b)		51,213		6,472,811
McKesson Corp.		85,372		11,547,417
MEDNAX Inc.^(a)(b)		27,379		318,692
Molina Healthcare Inc.^(b)		32,912		4,598,135
Patterson Companies Inc.		45,863		701,245
Quest Diagnostics Inc.		71,122		5,711,097
Tenet Healthcare Corp.^(b)		55,304		796,378
UnitedHealth Group Inc.		501,707		125,115,692
Universal Health Services Inc., Class B^(a)		42,670		4,227,744

				343,386,287

Health Care Technology — 0.1%
Allscripts Healthcare Solutions Inc.^(b)		86,458		608,664
Cerner Corp.		61,087		3,847,870

				4,456,534

Hotels, Restaurants & Leisure — 1.1%
Brinker International Inc.		19,915		239,179
Carnival Corp.		212,746		2,801,865
Cheesecake Factory Inc. (The)		21,889		373,864
Cracker Barrel Old Country Store Inc.		12,833		1,067,962
Darden Restaurants Inc.		35,224		1,918,299
Jack in the Box Inc.		6,815		238,866
Las Vegas Sands Corp.		77,355		3,285,267
McDonald’s Corp.		223,332		36,927,946
MGM Resorts International		106,946		1,261,963
Norwegian Cruise Line Holdings Ltd.^(b)		113,303		1,241,801
Papa John’s International Inc.		4,234		225,969
Penn National Gaming Inc.^(a)(b)		57,989		733,561
Royal Caribbean Cruises Ltd.		91,086		2,930,237
Six Flags Entertainment Corp.		20,917		262,299
Texas Roadhouse Inc.		16,995		701,893
Wendy’s Co. (The)		41,154		612,371
Wyndham Destinations Inc.		27,524		597,271

				55,420,613

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Durables — 0.3%
Helen of Troy Ltd.^(b)		5,469	$	787,700
KB Home		24,644		446,056
Leggett & Platt Inc.		23,798		634,931
Lennar Corp., Class A		147,541		5,636,066
Mohawk Industries Inc.^(b)		31,659		2,413,682
Newell Brands Inc.		202,898		2,694,486
Taylor Morrison Home Corp.^(a)(b)		70,185		772,035
Toll Brothers Inc.		31,185		600,311
TRI Pointe Group Inc.^(a)(b)		74,167		650,445
Whirlpool Corp.		33,665		2,888,457

				17,524,169

Household Products — 2.0%
Church & Dwight Co. Inc.		59,380		3,811,009
Clorox Co. (The)		66,316		11,489,247
Colgate-Palmolive Co.		249,926		16,585,089
Kimberly-Clark Corp.		92,438		11,820,047
Procter & Gamble Co. (The)		554,648		61,011,280

				104,716,672

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp./VA		349,685		4,755,716


Industrial Conglomerates — 2.0%
3M Co.		304,519		41,569,889
General Electric Co.		4,624,812		36,721,007
Honeywell International Inc.		204,323		27,336,374

				105,627,270

Insurance — 3.8%
Aflac Inc.		389,259		13,328,228
Alleghany Corp.		3,835		2,118,262
Allstate Corp. (The)		171,790		15,758,297
American Financial Group Inc./OH		39,824		2,790,866
American International Group Inc.		459,777		11,149,592
Aon PLC		45,774		7,554,541
Arthur J Gallagher & Co.		48,657		3,966,032
Assurant Inc.		31,816		3,311,727
Brighthouse Financial Inc.^(b)		58,207		1,406,863
Chubb Ltd.		239,987		26,804,148
Cincinnati Financial Corp.		43,702		3,297,316
CNO Financial Group Inc.		80,458		996,875
Everest Re Group Ltd.		21,697		4,174,937
First American Financial Corp.		59,384		2,518,475
Genworth Financial Inc., Class A^(b)		268,020		889,826
Globe Life Inc.		53,023		3,816,065
Hanover Insurance Group Inc. (The)		20,963		1,898,829
Hartford Financial Services Group Inc. (The)		190,502		6,713,290
Kemper Corp.		33,379		2,482,396
Lincoln National Corp.		105,584		2,778,971
Loews Corp.^(a)		134,678		4,690,835
Marsh & McLennan Companies Inc.		104,050		8,996,163
Mercury General Corp.		14,423		587,305
MetLife Inc.		413,079		12,627,825
Old Republic International Corp.		151,961		2,317,405
Principal Financial Group Inc.		137,146		4,298,156
Progressive Corp. (The)		120,508		8,898,311
Prudential Financial Inc.		212,427		11,075,944
Reinsurance Group of America Inc.		33,360		2,806,910
RLI Corp.^(a)		7,835		688,932
Selective Insurance Group Inc.		31,637		1,572,359
Travelers Companies Inc. (The)		136,421		13,553,426


Security	Shares		Value

Insurance (continued)
Unum Group		109,819	$	1,648,383
Willis Towers Watson PLC		35,235		5,984,665
WR Berkley Corp.		77,241		4,029,663

				201,531,818

Interactive Media & Services — 0.2%
TripAdvisor Inc.		55,973		973,370
Twitter Inc.^(b)		410,285		10,076,600

				11,049,970

Internet & Direct Marketing Retail — 0.1%
Expedia Group Inc.		74,259		4,178,554
Grubhub Inc.^(a)(b)		21,401		871,663

				5,050,217

IT Services — 3.3%
Accenture PLC, Class A		124,475		20,321,789
Akamai Technologies Inc.^(b)		24,118		2,206,556
Alliance Data Systems Corp.		21,851		735,286
Automatic Data Processing Inc.		86,883		11,875,169
Broadridge Financial Solutions Inc.		18,311		1,736,432
Cognizant Technology Solutions Corp., Class A		289,379		13,447,442
DXC Technology Co.		136,321		1,778,989
Fidelity National Information Services Inc.		325,456		39,588,468
Global Payments Inc.		81,049		11,689,697
International Business Machines Corp.		468,987		52,024,728
Jack Henry & Associates Inc.		19,625		3,046,585
Leidos Holdings Inc.^(a)		35,328		3,237,811
LiveRamp Holdings Inc.^(a)(b)		21,598		711,006
MAXIMUS Inc.		15,346		893,137
Paychex Inc.		55,896		3,516,976
Sabre Corp.		75,818		449,601
Science Applications International Corp.		14,351		1,071,015
VeriSign Inc.^(b)		25,552		4,601,660

				172,932,347

Leisure Products — 0.1%
Brunswick Corp./DE		22,168		784,082
Hasbro Inc.		67,609		4,837,424
Mattel Inc.^(b)		184,612		1,626,432

				7,247,938

Life Sciences Tools & Services — 0.5%
Agilent Technologies Inc.		70,173		5,025,790
Bio-Rad Laboratories Inc., Class A^(b)		3,197		1,120,740
Illumina Inc.^(b)		31,110		8,496,763
IQVIA Holdings Inc.^(b)		29,744		3,208,188
Mettler-Toledo International Inc.^(b)		4,797		3,312,377
PerkinElmer Inc.^(a)		25,428		1,914,220
Waters Corp.^(a)(b)		13,054		2,376,481

				25,454,559

Machinery — 1.6%
AGCO Corp.		15,694		741,542
Caterpillar Inc.		119,792		13,900,664
Colfax Corp.^(a)(b)		24,500		485,100
Crane Co.		27,151		1,335,286
Cummins Inc.		30,139		4,078,409
Deere & Co.		68,232		9,426,933
Donaldson Co. Inc.		24,281		937,975
Dover Corp.		31,718		2,662,409
Flowserve Corp.		69,703		1,665,205
Fortive Corp.		156,119		8,616,208
IDEX Corp.		17,436		2,408,086

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Illinois Tool Works Inc.		60,239	$	8,561,167
Ingersoll Rand Inc.^(a)(b)		49,838		1,235,982
ITT Inc.		15,424		699,633
Kennametal Inc.		44,097		821,086
Oshkosh Corp.^(a)		14,886		957,616
Parker-Hannifin Corp.		30,657		3,977,133
Pentair PLC		89,487		2,663,133
Snap-on Inc.		29,216		3,179,285
Stanley Black & Decker Inc.		80,311		8,031,100
Terex Corp.		34,908		501,279
Trinity Industries Inc.		52,264		839,882
Westinghouse Air Brake Technologies Corp.^(a)		95,848		4,613,164
Xylem Inc./NY		39,317		2,560,716

				84,898,993

Marine — 0.0%
Kirby Corp.^(a)(b)		15,338		666,743


Media — 1.3%
AMC Networks Inc., Class A^(b)		23,450		570,070
Comcast Corp., Class A		1,057,779		36,366,442
Discovery Inc., Class A^(a)(b)		84,207		1,636,984
Discovery Inc., Class C, NVS^(b)		178,523		3,131,294
DISH Network Corp., Class A^(a)(b)		135,199		2,702,628
Fox Corp., Class A, NVS		186,554		4,408,271
Fox Corp., Class B^(b)		86,457		1,978,136
Interpublic Group of Companies Inc. (The)		206,264		3,339,414
John Wiley & Sons Inc., Class A		23,281		872,805
Meredith Corp.		21,381		261,276
New York Times Co. (The), Class A		26,000		798,460
News Corp., Class A, NVS		206,905		1,856,972
News Corp., Class B^(a)		64,814		582,678
Omnicom Group Inc.		114,957		6,311,139
TEGNA Inc.		115,512		1,254,460
ViacomCBS Inc., Class B, NVS		287,126		4,022,635

				70,093,664

Metals & Mining — 0.6%
Allegheny Technologies Inc.^(a)(b)		34,238		291,023
Carpenter Technology Corp.		11,433		222,944
Commercial Metals Co.		63,193		997,817
Compass Minerals International Inc.		5,039		193,850
Ferroglobe PLC^(b)(d)		5,019		0	^(e)
Freeport-McMoRan Inc.		347,619		2,346,428
Newmont Corp.		434,300		19,665,104
Nucor Corp.		159,854		5,757,941
Steel Dynamics Inc.		58,527		1,319,199
U.S. Steel Corp.^(a)		90,555		571,402
Worthington Industries Inc.		19,675		516,469

				31,882,177

Multi-Utilities — 2.3%
Ameren Corp.		130,017		9,469,138
Black Hills Corp.		17,366		1,111,945
CenterPoint Energy Inc.		267,055		4,126,000
CMS Energy Corp.		150,022		8,813,793
Consolidated Edison Inc.		175,674		13,702,572
Dominion Energy Inc.		435,867		31,465,239
DTE Energy Co.		101,567		9,645,818
MDU Resources Group Inc.		61,875		1,330,313
NiSource Inc.		196,729		4,912,323
NorthWestern Corp.		26,874		1,607,871


Security	Shares		Value

Multi-Utilities (continued)
Public Service Enterprise Group Inc.		267,239	$	12,001,703
Sempra Energy^(a)		81,941		9,258,514
WEC Energy Group Inc.		166,687		14,690,125

				122,135,354

Multiline Retail — 0.4%
Dillard’s Inc., Class A^(a)		5,231		193,285
Dollar Tree Inc.^(b)		125,082		9,189,774
Kohl’s Corp.		83,391		1,216,675
Macy’s Inc.		164,520		807,793
Nordstrom Inc.^(a)		57,038		874,963
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		12,834		594,728
Target Corp.		96,379		8,960,356

				21,837,574

Oil, Gas & Consumable Fuels — 4.6%
Antero Midstream Corp.		158,128		332,069
Apache Corp.		76,063		317,943
Cabot Oil & Gas Corp.		80,350		1,381,216
Chevron Corp.		1,001,298		72,554,053
Cimarex Energy Co.		24,984		420,481
CNX Resources Corp.^(b)		99,375		528,675
Concho Resources Inc.		105,817		4,534,258
Devon Energy Corp.		206,038		1,423,723
Diamondback Energy Inc.		85,823		2,248,563
EOG Resources Inc.		153,548		5,515,444
EQT Corp.		136,136		962,482
Equitrans Midstream Corp.		108,536		545,936
Exxon Mobil Corp.		2,240,579		85,074,785
HollyFrontier Corp.		79,078		1,938,202
Kinder Morgan Inc./DE		1,029,341		14,328,427
Marathon Oil Corp.		425,939		1,401,339
Marathon Petroleum Corp.		343,194		8,106,242
Murphy Oil Corp.		43,732		268,077
Noble Energy Inc.		254,691		1,538,334
Occidental Petroleum Corp.^(a)		472,084		5,466,733
ONEOK Inc.		218,327		4,761,712
PBF Energy Inc., Class A		54,252		384,104
PetroCorp Inc. Escrow^(b)(d)		190		0	^(e)
Phillips 66		117,191		6,287,297
Pioneer Natural Resources Co.		33,534		2,352,410
Valero Energy Corp.		217,000		9,843,120
Williams Companies Inc. (The)		640,536		9,063,584
World Fuel Services Corp.		34,802		876,314

				242,455,523

Paper & Forest Products — 0.0%
Domtar Corp.		30,473		659,436
Louisiana-Pacific Corp.		17,530		301,165

				960,601

Personal Products — 0.0%
Coty Inc., Class A		83,437		430,535
Edgewell Personal Care Co.^(b)		28,883		695,503
Nu Skin Enterprises Inc., Class A		29,578		646,279

				1,772,317

Pharmaceuticals — 6.6%
Allergan PLC		173,833		30,785,824
Bristol-Myers Squibb Co.		558,619		31,137,423
Eli Lilly & Co.		201,333		27,928,914
Johnson & Johnson		808,356		105,999,722
Merck & Co. Inc.		606,704		46,679,806
Mylan NV^(b)		271,928		4,054,447

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Nektar Therapeutics^(a)(b)		63,700	$	1,137,045
Perrigo Co. PLC		72,498		3,486,429
Pfizer Inc.		2,930,577		95,654,033
Prestige Consumer Healthcare Inc.^(b)		26,763		981,667

				347,845,310

Professional Services — 0.3%
ASGN Inc.^(b)		10,976		387,672
CoreLogic Inc.		23,275		710,818
Equifax Inc.^(a)		25,788		3,080,377
IHS Markit Ltd.		57,538		3,452,280
Insperity Inc.		8,817		328,874
ManpowerGroup Inc.		31,408		1,664,310
Nielsen Holdings PLC		189,334		2,374,248
Robert Half International Inc.		62,557		2,361,527
Verisk Analytics Inc.^(a)		26,702		3,721,725

				18,081,831

Real Estate Management & Development — 0.0%
Jones Lang LaSalle Inc.		14,254		1,439,369


Road & Rail — 0.9%
Avis Budget Group Inc.^(a)(b)		30,251		420,489
CSX Corp.		205,467		11,773,259
JB Hunt Transport Services Inc.		18,337		1,691,221
Landstar System Inc.		6,727		644,850
Norfolk Southern Corp.		63,406		9,257,276
Ryder System Inc.		28,349		749,548
Union Pacific Corp.		139,767		19,712,738
Werner Enterprises Inc.		12,759		462,641

				44,712,022

Semiconductors & Semiconductor Equipment — 1.7%
Cree Inc.^(a)(b)		57,342		2,033,347
First Solar Inc.^(a)(b)		40,426		1,457,762
Intel Corp.		990,518		53,606,834
Maxim Integrated Products Inc.		79,729		3,875,627
Semtech Corp.^(b)		17,309		649,087
Skyworks Solutions Inc.^(a)		38,046		3,400,551
Synaptics Inc.^(a)(b)		6,946		401,965
Texas Instruments Inc.		188,204		18,807,226
Xilinx Inc.		50,266		3,917,732

				88,150,131

Software — 0.7%
CDK Global Inc.^(a)		25,206		828,017
Ceridian HCM Holding Inc.^(a)(b)		21,441		1,073,551
Citrix Systems Inc.^(a)		29,039		4,110,470
CommVault Systems Inc.^(b)		11,419		462,241
LogMeIn Inc.		9,351		778,751
NortonLifeLock Inc.		116,022		2,170,772
Oracle Corp.		459,055		22,186,128
PTC Inc.^(b)		26,586		1,627,329
Teradata Corp.^(b)		36,538		748,664

				33,985,923

Specialty Retail — 1.3%
Aaron’s Inc.		15,390		350,584
Advance Auto Parts Inc.		36,869		3,440,615
American Eagle Outfitters Inc.		84,562		672,268
AutoNation Inc.^(b)		30,763		863,210
Bed Bath & Beyond Inc.		67,417		283,826
Best Buy Co. Inc.		120,366		6,860,862
Dick’s Sporting Goods Inc.		33,871		720,097


Security	Shares		Value

Specialty Retail (continued)
Foot Locker Inc.		56,994	$	1,256,718
Gap Inc. (The)		113,315		797,738
Home Depot Inc. (The)		167,504		31,274,672
L Brands Inc.		123,643		1,429,313
Lowe’s Companies Inc.		137,681		11,847,450
Sally Beauty Holdings Inc.^(a)(b)		61,929		500,386
Tractor Supply Co.		32,237		2,725,638
Ulta Beauty Inc.^(a)(b)		13,696		2,406,387
Urban Outfitters Inc.^(b)		37,533		534,470
Williams-Sonoma Inc.		12,833		545,659

				66,509,893

Technology Hardware, Storage & Peripherals — 0.6%
Hewlett Packard Enterprise Co.		683,316		6,634,998
HP Inc.		783,098		13,594,581
NCR Corp.^(a)(b)		38,727		685,468
NetApp Inc.		65,655		2,737,157
Seagate Technology PLC		49,262		2,403,986
Western Digital Corp.		157,079		6,537,628

				32,593,818

Textiles, Apparel & Luxury Goods — 0.6%
Capri Holdings Ltd.^(b)		80,715		870,915
Carter’s Inc.		8,708		572,377
Columbia Sportswear Co.		5,900		411,643
Hanesbrands Inc.		192,560		1,515,447
NIKE Inc., Class B^(a)		217,915		18,030,287
PVH Corp.^(a)		39,460		1,485,274
Ralph Lauren Corp.		26,504		1,771,262
Tapestry Inc.		146,898		1,902,329
Under Armour Inc., Class A^(a)(b)		100,212		922,953
Under Armour Inc., Class C, NVS^(a)(b)		103,578		834,839
VF Corp.		81,025		4,381,832

				32,699,158

Thrifts & Mortgage Finance — 0.0%
New York Community Bancorp. Inc.		124,447		1,168,557
Washington Federal Inc.		15,448		401,030

				1,569,587

Tobacco — 1.1%
Altria Group Inc.		603,666		23,343,764
Philip Morris International Inc.		461,384		33,662,577

				57,006,341

Trading Companies & Distributors — 0.2%
Fastenal Co.		91,640		2,863,750
GATX Corp.^(a)		18,678		1,168,496
MSC Industrial Direct Co. Inc., Class A		24,013		1,319,994
NOW Inc.^(a)(b)		57,907		298,800
Watsco Inc.		8,534		1,348,628
WW Grainger Inc.		23,016		5,719,476

				12,719,144

Water Utilities — 0.2%
American Water Works Co. Inc.		47,679		5,700,501
Essential Utilities Inc.		51,735		2,105,615

				7,806,116

Wireless Telecommunication Services — 0.3%
Telephone & Data Systems Inc.		52,085		872,945

Schedule of Investments (continued)

March 31, 2020

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Wireless Telecommunication Services (continued)
T-Mobile U.S. Inc.^(a)(b)		167,258	$	14,032,946

				14,905,891


Total Common Stocks — 99.6% (Cost: $6,486,901,082)				5,249,305,912


Short-Term Investments

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(f)(g)		67,519,896		67,506,392
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(f)		9,543,000		9,543,000

				77,049,392


Total Short-Term Investments — 1.5% (Cost: $77,030,460)				77,049,392


Total Investments in Securities — 101.1% (Cost: $6,563,931,542)				5,326,355,304

Other Assets, Less Liabilities — (1.1)%				(55,972,370	)


Net Assets — 100.0%			$	5,270,382,934

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

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	Rounds to less than $1.

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

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


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

Schedule of Investments

March 31, 2020

iShares^® Russell 1000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.0%
Boeing Co. (The)		403,499	$	60,177,841
BWX Technologies Inc.		74,037		3,606,342
Curtiss-Wright Corp.		33,039		3,053,134
General Dynamics Corp.		193,937		25,659,804
HEICO Corp.^(a)		33,192		2,476,455
HEICO Corp., Class A		59,598		3,808,312
Hexcel Corp.		64,135		2,385,181
Howmet Aerospace Inc.		291,749		4,685,489
Huntington Ingalls Industries Inc.		30,618		5,578,906
L3Harris Technologies Inc.		168,157		30,288,439
Lockheed Martin Corp.		188,490		63,888,686
Northrop Grumman Corp.		119,087		36,029,772
Raytheon Co.		213,073		27,944,524
Spirit AeroSystems Holdings Inc., Class A		76,066		1,820,259
Teledyne Technologies Inc.^(b)		27,023		8,033,127
Textron Inc.		174,700		4,659,249
TransDigm Group Inc.		39,309		12,586,349
United Technologies Corp.		618,283		58,322,635

				355,004,504

Air Freight & Logistics — 0.5%
CH Robinson Worldwide Inc.^(a)		103,071		6,823,300
Expeditors International of Washington Inc.		131,851		8,797,099
FedEx Corp.		183,437		22,243,571
United Parcel Service Inc., Class B		532,308		49,728,213
XPO Logistics Inc.^(b)		68,161		3,322,849

				90,915,032

Airlines — 0.2%
Alaska Air Group Inc.		89,242		2,540,720
American Airlines Group Inc.		291,729		3,556,176
Copa Holdings SA, Class A, NVS		22,367		1,013,001
Delta Air Lines Inc.		437,069		12,469,579
JetBlue Airways Corp.^(a)(b)		212,661		1,903,316
Southwest Airlines Co.		354,054		12,607,863
United Airlines Holdings Inc.^(a)(b)		174,858		5,516,770

				39,607,425

Auto Components — 0.1%
Aptiv PLC		195,840		9,643,162
BorgWarner Inc.^(a)		159,990		3,898,956
Gentex Corp.		191,376		4,240,892
Goodyear Tire & Rubber Co. (The)		163,251		950,121
Lear Corp.		47,391		3,850,519

				22,583,650

Automobiles — 0.5%
Ford Motor Co.		2,973,185		14,360,483
General Motors Co.		945,405		19,645,516
Harley-Davidson Inc.		113,248		2,143,785
Tesla Inc.^(a)(b)		109,949		57,613,276
Thor Industries Inc.		41,678		1,757,978

				95,521,038

Banks — 4.0%
Associated Banc-Corp.		115,517		1,477,462
Bank of America Corp.		6,094,335		129,382,732
Bank of Hawaii Corp.		28,710		1,585,940
Bank OZK		92,927		1,551,881
BankUnited Inc.		65,460		1,224,102
BOK Financial Corp.		26,387		1,123,031
CIT Group Inc.		75,301		1,299,695


Security	Shares		Value

Banks (continued)
Citigroup Inc.		1,610,970	$	67,854,056
Citizens Financial Group Inc.		329,545		6,198,742
Comerica Inc.		108,871		3,194,275
Commerce Bancshares Inc.^(a)		76,547		3,854,142
Cullen/Frost Bankers Inc.		44,231		2,467,648
East West Bancorp. Inc.		112,895		2,905,917
Fifth Third Bancorp		535,278		7,948,878
First Citizens BancShares Inc./NC, Class A		5,055		1,682,658
First Hawaiian Inc.		98,847		1,633,941
First Horizon National Corp.		226,882		1,828,669
First Republic Bank/CA		130,113		10,705,698
FNB Corp.		236,340		1,741,826
Huntington Bancshares Inc./OH		775,451		6,366,453
JPMorgan Chase & Co.		2,377,531		214,049,116
KeyCorp		743,594		7,711,070
M&T Bank Corp.		99,760		10,318,177
PacWest Bancorp		85,765		1,536,909
People’s United Financial Inc.		332,903		3,678,578
Pinnacle Financial Partners Inc.		54,978		2,063,874
PNC Financial Services Group Inc. (The)		329,608		31,550,078
Popular Inc.		74,195		2,596,825
Prosperity Bancshares Inc.		69,076		3,332,917
Regions Financial Corp.		731,669		6,563,071
Signature Bank/New York NY		40,911		3,288,835
Sterling Bancorp./DE		144,996		1,515,208
SVB Financial Group^(a)(b)		39,926		6,032,020
Synovus Financial Corp.		106,106		1,863,221
TCF Financial Corp.		110,188		2,496,860
Texas Capital Bancshares Inc.^(b)		40,272		892,830
Truist Financial Corp.		1,019,902		31,453,778
U.S. Bancorp		1,061,654		36,573,980
Umpqua Holdings Corp.		175,412		1,911,991
Webster Financial Corp.		66,401		1,520,583
Wells Fargo & Co.		2,840,139		81,511,989
Western Alliance Bancorp		70,500		2,158,005
Wintrust Financial Corp.		44,728		1,469,762
Zions Bancorp. N.A		120,974		3,237,264

				715,354,687

Beverages — 1.7%
Brown-Forman Corp., Class A		34,133		1,753,754
Brown-Forman Corp., Class B, NVS^(a)		132,654		7,363,624
Coca-Cola Co. (The)		2,922,550		129,322,837
Constellation Brands Inc., Class A		120,108		17,218,683
Keurig Dr Pepper Inc.		179,620		4,359,377
Molson Coors Beverage Co., Class B		132,000		5,149,320
Monster Beverage Corp.^(a)(b)		290,055		16,318,494
PepsiCo Inc.		1,067,876		128,251,908

				309,737,997

Biotechnology — 2.6%
AbbVie Inc.		1,127,346		85,892,492
Agios Pharmaceuticals Inc.^(a)(b)		45,560		1,616,469
Alexion Pharmaceuticals Inc.^(b)		163,108		14,645,467
Alkermes PLC^(b)		115,271		1,662,208
Alnylam Pharmaceuticals Inc.^(b)		81,566		8,878,459
Amgen Inc.		449,559		91,139,096
Biogen Inc.^(b)		132,328		41,865,933
BioMarin Pharmaceutical Inc.^(a)(b)		135,660		11,463,270
Bluebird Bio Inc.^(a)(b)		43,372		1,993,377
Exact Sciences Corp.^(b)		108,079		6,268,582


SCHEDULES OF INVESTMENTS			1

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Exelixis Inc.^(b)		223,519	$	3,848,997
Gilead Sciences Inc.		972,330		72,691,391
Incyte Corp.^(b)		136,533		9,998,312
Ionis Pharmaceuticals Inc.^(b)		97,052		4,588,619
Moderna Inc.^(a)(b)		169,263		5,069,427
Neurocrine Biosciences Inc.^(b)		69,530		6,017,821
Regeneron Pharmaceuticals Inc.^(b)		62,287		30,414,119
Sage Therapeutics Inc.^(a)(b)		41,009		1,177,778
Sarepta Therapeutics Inc.^(a)(b)		53,070		5,191,307
Seattle Genetics Inc.^(a)(b)		89,173		10,288,781
United Therapeutics Corp.^(b)		32,528		3,084,468
Vertex Pharmaceuticals Inc.^(b)		197,778		47,061,275

				464,857,648

Building Products — 0.4%
Allegion PLC		69,961		6,437,811
AO Smith Corp.		102,502		3,875,601
Armstrong World Industries Inc.^(a)		37,138		2,949,500
Fortune Brands Home & Security Inc.		108,188		4,679,131
Johnson Controls International PLC		582,269		15,697,972
Lennox International Inc.		27,125		4,931,054
Masco Corp.		209,474		7,241,516
Owens Corning^(a)		81,324		3,156,184
Resideo Technologies Inc.^(b)		75,430		365,081
Trane Technologies PLC		181,201		14,965,391

				64,299,241

Capital Markets — 2.6%
Affiliated Managers Group Inc.		37,924		2,242,825
Ameriprise Financial Inc.		96,028		9,840,949
Bank of New York Mellon Corp. (The)		608,503		20,494,381
BGC Partners Inc., Class A		197,855		498,595
BlackRock Inc.^(c)		90,267		39,714,772
Cboe Global Markets Inc.		84,773		7,565,990
Charles Schwab Corp. (The)		875,275		29,426,746
CME Group Inc.		269,856		46,660,801
E*TRADE Financial Corp.		171,495		5,885,708
Eaton Vance Corp., NVS		81,878		2,640,566
Evercore Inc., Class A		26,854		1,236,895
FactSet Research Systems Inc.		28,218		7,355,868
Franklin Resources Inc.		211,396		3,528,199
Goldman Sachs Group Inc. (The)		242,819		37,537,389
Interactive Brokers Group Inc., Class A^(a)		56,438		2,436,428
Intercontinental Exchange Inc.		418,615		33,803,161
Invesco Ltd.		288,963		2,623,784
Janus Henderson Group PLC		123,646		1,894,257
Lazard Ltd., Class A		74,649		1,758,730
Legg Mason Inc.		64,736		3,162,354
LPL Financial Holdings Inc.		60,921		3,315,930
MarketAxess Holdings Inc.^(a)		28,262		9,399,093
Moody’s Corp.^(a)		123,809		26,185,604
Morgan Stanley		886,573		30,143,482
Morningstar Inc.		14,848		1,726,080
MSCI Inc.		62,717		18,122,704
Nasdaq Inc.		86,943		8,255,238
Northern Trust Corp.		146,256		11,036,478
Raymond James Financial Inc.		95,281		6,021,759
S&P Global Inc.^(a)		187,480		45,941,974
SEI Investments Co.		98,561		4,567,317
State Street Corp.		271,643		14,470,423
T Rowe Price Group Inc.		176,280		17,213,742


Security	Shares		Value

Capital Markets (continued)
TD Ameritrade Holding Corp.		205,930	$	7,137,534
Virtu Financial Inc., Class A		38,546		802,528

				464,648,284

Chemicals — 1.7%
Air Products & Chemicals Inc.		167,670		33,468,609
Albemarle Corp.^(a)		79,849		4,501,088
Ashland Global Holdings Inc.		42,401		2,123,018
Axalta Coating Systems Ltd.^(b)		162,915		2,813,542
Cabot Corp.		39,533		1,032,602
Celanese Corp.		90,800		6,663,812
CF Industries Holdings Inc.		168,929		4,594,869
Chemours Co. (The)		114,359		1,014,364
Corteva Inc.^(a)(b)		570,032		13,395,752
Dow Inc.^(b)		569,174		16,642,648
DuPont de Nemours Inc.		563,056		19,200,210
Eastman Chemical Co.		105,773		4,926,906
Ecolab Inc.		192,019		29,922,321
Element Solutions Inc.^(a)(b)		159,946		1,337,149
FMC Corp.		99,258		8,108,386
Huntsman Corp.		159,675		2,304,110
International Flavors & Fragrances Inc.^(a)		81,954		8,365,864
Linde PLC		409,432		70,831,736
LyondellBasell Industries NV, Class A		201,683		10,009,527
Mosaic Co. (The)^(a)		261,946		2,834,256
NewMarket Corp.		5,036		1,928,133
Olin Corp.		115,433		1,347,103
PPG Industries Inc.		179,211		14,982,040
RPM International Inc.		97,952		5,828,144
Scotts Miracle-Gro Co. (The)		30,334		3,106,202
Sherwin-Williams Co. (The)		63,153		29,020,066
Valvoline Inc.		150,518		1,970,281
Westlake Chemical Corp.^(a)		24,609		939,325
WR Grace & Co.		46,160		1,643,296

				304,855,359

Commercial Services & Supplies — 0.4%
ADT Inc.^(a)		105,692		456,589
Cintas Corp.^(a)		64,967		11,253,584
Clean Harbors Inc.^(b)		40,730		2,091,078
Copart Inc.^(b)		152,505		10,449,643
IAA Inc.^(a)(b)		100,696		3,016,852
KAR Auction Services Inc.		90,443		1,085,316
Republic Services Inc.		162,793		12,219,243
Rollins Inc.^(a)		107,386		3,880,930
Stericycle Inc.^(a)(b)		67,674		3,287,603
Waste Management Inc.		323,720		29,963,523

				77,704,361

Communications Equipment — 1.0%
Arista Networks Inc.^(a)(b)		44,736		9,061,277
Ciena Corp.^(b)		117,123		4,662,667
Cisco Systems Inc.		3,266,224		128,395,266
CommScope Holding Co. Inc.^(a)(b)		156,412		1,424,913
EchoStar Corp., Class A^(a)(b)		35,522		1,135,638
F5 Networks Inc.^(b)		46,150		4,920,975
Juniper Networks Inc.		256,321		4,905,984
Motorola Solutions Inc.^(a)		129,845		17,258,997
Ubiquiti Inc.^(a)		6,064		858,541
ViaSat Inc.^(a)(b)		44,885		1,612,269

				174,236,527


2		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering — 0.1%
AECOM^(b)		114,195	$	3,408,720
Fluor Corp.		105,125		726,414
Jacobs Engineering Group Inc.^(a)		98,341		7,795,491
Quanta Services Inc.		110,282		3,499,248
Valmont Industries Inc.		16,349		1,732,667

				17,162,540

Construction Materials — 0.1%
Eagle Materials Inc.		30,251		1,767,264
Martin Marietta Materials Inc.^(a)		47,880		9,060,332
Vulcan Materials Co.		100,991		10,914,097

				21,741,693

Consumer Finance — 0.5%
Ally Financial Inc.		288,554		4,163,834
American Express Co.		504,564		43,195,724
Capital One Financial Corp.		344,702		17,379,875
Credit Acceptance Corp.^(a)(b)		7,728		1,975,972
Discover Financial Services		237,416		8,468,629
LendingTree Inc.^(a)(b)		5,788		1,061,461
Navient Corp.		142,287		1,078,536
OneMain Holdings Inc.		48,965		936,211
Santander Consumer USA Holdings Inc.		77,734		1,081,280
SLM Corp.^(a)		329,099		2,366,222
Synchrony Financial		469,570		7,555,381

				89,263,125

Containers & Packaging — 0.4%
AptarGroup Inc.		48,536		4,831,273
Ardagh Group SA^(a)		13,651		161,901
Avery Dennison Corp.^(a)		64,290		6,549,222
Ball Corp.^(a)		247,389		15,996,173
Berry Global Group Inc.^(a)(b)		98,129		3,307,929
Crown Holdings Inc.^(b)		98,479		5,715,721
Graphic Packaging Holding Co.		215,118		2,624,440
International Paper Co.		300,721		9,361,445
O-I Glass Inc.		116,252		826,552
Packaging Corp. of America		71,621		6,218,851
Sealed Air Corp.		113,498		2,804,535
Silgan Holdings Inc.		58,927		1,710,061
Sonoco Products Co.		76,462		3,544,014
Westrock Co.		195,530		5,525,678

				69,177,795

Distributors — 0.1%
Genuine Parts Co.		107,629		7,246,661
LKQ Corp.^(b)		236,456		4,849,712
Pool Corp.		29,241		5,753,752

				17,850,125

Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.^(a)(b)		44,493		4,538,286
frontdoor Inc.^(b)		67,201		2,337,251
Graham Holdings Co., Class B		3,160		1,078,097
Grand Canyon Education Inc.^(a)(b)		37,328		2,847,566
H&R Block Inc.		146,571		2,063,720
Service Corp. International		136,989		5,357,640
ServiceMaster Global Holdings Inc.^(a)(b)		101,058		2,728,566

				20,951,126

Diversified Financial Services — 1.6%
Berkshire Hathaway Inc., Class B^(b)		1,491,371		272,667,360
Equitable Holdings Inc.		314,399		4,543,065
Jefferies Financial Group Inc.		193,740		2,648,426


Security	Shares		Value

Diversified Financial Services (continued)
Voya Financial Inc.		100,631	$	4,080,587

				283,939,438

Diversified Telecommunication Services — 1.9%
AT&T Inc.		5,566,020		162,249,483
CenturyLink Inc.		835,084		7,899,895
GCI Liberty Inc., Class A^(a)(b)		76,225		4,342,538
Verizon Communications Inc.		3,155,232		169,530,615

				344,022,531

Electric Utilities — 2.2%
Alliant Energy Corp.		184,438		8,906,511
American Electric Power Co. Inc.		376,459		30,109,191
Avangrid Inc.		42,982		1,881,752
Duke Energy Corp.		555,168		44,901,988
Edison International		265,479		14,545,594
Entergy Corp.		150,746		14,165,602
Evergy Inc.		174,344		9,597,637
Eversource Energy		245,601		19,208,454
Exelon Corp.		738,155		27,171,486
FirstEnergy Corp.		409,641		16,414,315
Hawaiian Electric Industries Inc.		82,084		3,533,716
IDACORP Inc.		37,770		3,315,828
NextEra Energy Inc.^(a)		372,241		89,568,630
NRG Energy Inc.		191,233		5,213,012
OGE Energy Corp.		154,440		4,745,941
PG&E Corp.^(a)(b)		402,159		3,615,409
Pinnacle West Capital Corp.		85,100		6,449,729
PPL Corp.		588,923		14,534,620
Southern Co. (The)		792,995		42,932,749
Xcel Energy Inc.		398,511		24,030,213

				384,842,377

Electrical Equipment — 0.5%
Acuity Brands Inc.		28,843		2,470,691
AMETEK Inc.		173,610		12,503,392
Eaton Corp. PLC		313,623		24,365,371
Emerson Electric Co.		465,297		22,171,402
GrafTech International Ltd.		45,567		370,004
Hubbell Inc.		41,927		4,810,704
nVent Electric PLC		114,218		1,926,858
Regal Beloit Corp.		29,881		1,881,009
Rockwell Automation Inc.		88,126		13,299,095
Sensata Technologies Holding PLC^(a)(b)		115,363		3,337,451

				87,135,977

Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		221,656		16,154,289
Arrow Electronics Inc.^(b)		61,105		3,169,516
Avnet Inc.		72,120		1,810,212
CDW Corp./DE^(a)		108,144		10,086,591
Cognex Corp.		125,454		5,296,668
Coherent Inc.^(b)		18,097		1,925,702
Corning Inc.		580,951		11,932,734
Dolby Laboratories Inc., Class A		49,416		2,678,841
FLIR Systems Inc.		104,360		3,328,040
IPG Photonics Corp.^(a)(b)		27,613		3,045,162
Jabil Inc.		117,001		2,875,885
Keysight Technologies Inc.^(b)		143,633		12,019,210
Littelfuse Inc.		18,282		2,439,184
National Instruments Corp.		97,014		3,209,223
SYNNEX Corp.		31,190		2,279,989
Trimble Inc.^(a)(b)		193,945		6,173,269


SCHEDULES OF INVESTMENTS			3

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Zebra Technologies Corp., Class A^(a)(b)		40,395	$	7,416,522

				95,841,037

Energy Equipment & Services — 0.2%
Apergy Corp.^(b)		64,666		371,830
Baker Hughes Co.		493,531		5,182,075
Halliburton Co.		660,269		4,522,843
Helmerich & Payne Inc.		76,274		1,193,688
National Oilwell Varco Inc.^(a)		285,415		2,805,629
Patterson-UTI Energy Inc.		163,789		384,904
Schlumberger Ltd.		1,053,848		14,216,410
Transocean Ltd.^(a)(b)		438,795		509,002

				29,186,381

Entertainment — 2.0%
Activision Blizzard Inc.		577,310		34,338,399
Cinemark Holdings Inc.		75,218		766,471
Electronic Arts Inc.^(b)		216,880		21,724,870
Liberty Media Corp.-Liberty Formula One, Class A^(a)(b)		15,671		404,625
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)(b)		146,484		3,988,759
Lions Gate Entertainment Corp., Class A^(b)		33,159		201,607
Lions Gate Entertainment Corp., Class B, NVS^(b)		77,525		432,590
Live Nation Entertainment Inc.^(a)(b)		96,331		4,379,207
Madison Square Garden Co. (The), Class A^(a)(b)		14,539		3,073,690
Netflix Inc.^(b)		321,097		120,571,923
Roku Inc.^(a)(b)		64,734		5,662,930
Spotify Technology SA^(a)(b)		99,477		12,080,487
Take-Two Interactive Software Inc.^(b)		86,071		10,208,881
Walt Disney Co. (The)		1,331,036		128,578,078
World Wrestling Entertainment Inc., Class A^(a)		32,056		1,087,660
Zynga Inc., Class A^(b)		647,963		4,438,547

				351,938,724

Equity Real Estate Investment Trusts (REITs) — 3.5%
Alexandria Real Estate Equities Inc.		92,802		12,719,442
American Campus Communities Inc.		103,431		2,870,210
American Homes 4 Rent, Class A		192,124		4,457,277
American Tower Corp.		334,813		72,905,531
Americold Realty Trust^(a)		145,053		4,937,604
Apartment Investment & Management Co., Class A		111,662		3,924,919
Apple Hospitality REIT Inc.		150,830		1,383,111
AvalonBay Communities Inc.		106,299		15,644,024
Boston Properties Inc.		117,345		10,822,729
Brandywine Realty Trust		121,347		1,276,570
Brixmor Property Group Inc.		215,842		2,050,499
Brookfield Property REIT Inc., Class A		43,683		370,869
Camden Property Trust		70,148		5,558,528
Colony Capital Inc.		360,662		631,159
Columbia Property Trust Inc.		79,713		996,413
CoreSite Realty Corp.		28,855		3,344,295
Corporate Office Properties Trust		84,926		1,879,412
Cousins Properties Inc.		110,406		3,231,584
Crown Castle International Corp.		315,979		45,627,368
CubeSmart		146,967		3,937,246
CyrusOne Inc.		84,170		5,197,498
Digital Realty Trust Inc.		198,422		27,562,800
Douglas Emmett Inc.		125,706		3,835,290
Duke Realty Corp.		278,759		9,026,216
Empire State Realty Trust Inc., Class A^(a)		123,713		1,108,469
EPR Properties		60,542		1,466,327


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Equinix Inc.		64,781	$	40,460,269
Equity Commonwealth		90,068		2,856,056
Equity LifeStyle Properties Inc.		131,404		7,553,102
Equity Residential		278,740		17,201,045
Essex Property Trust Inc.		49,914		10,993,059
Extra Space Storage Inc.		95,560		9,150,826
Federal Realty Investment Trust^(a)		58,029		4,329,544
Gaming and Leisure Properties Inc.		149,227		4,135,080
Healthcare Trust of America Inc., Class A		164,443		3,992,676
Healthpeak Properties Inc.		387,418		9,239,919
Highwoods Properties Inc.		79,294		2,808,594
Host Hotels & Resorts Inc.		547,655		6,046,111
Hudson Pacific Properties Inc.		114,629		2,906,991
Invitation Homes Inc.		411,128		8,785,805
Iron Mountain Inc.		218,031		5,189,138
JBG SMITH Properties		91,257		2,904,710
Kilroy Realty Corp.		78,780		5,018,286
Kimco Realty Corp.		314,436		3,040,596
Lamar Advertising Co., Class A		64,442		3,304,586
Life Storage Inc.		35,195		3,327,687
Macerich Co. (The)		112,197		631,669
Medical Properties Trust Inc.		389,188		6,729,061
Mid-America Apartment Communities Inc.		86,852		8,948,362
National Retail Properties Inc.		129,645		4,173,273
Omega Healthcare Investors Inc.		166,034		4,406,542
Outfront Media Inc.		107,940		1,455,031
Paramount Group Inc.		142,961		1,258,057
Park Hotels & Resorts Inc.		188,496		1,491,003
Prologis Inc.		558,266		44,867,838
Public Storage		113,177		22,478,084
Rayonier Inc.		102,091		2,404,243
Realty Income Corp.		247,372		12,333,968
Regency Centers Corp.		128,576		4,941,176
Retail Properties of America Inc., Class A		172,760		893,169
SBA Communications Corp.		85,563		23,099,443
Service Properties Trust		129,339		698,431
Simon Property Group Inc.		233,730		12,822,428
SITE Centers Corp.		121,430		632,650
SL Green Realty Corp.		58,857		2,536,737
Spirit Realty Capital Inc.		73,644		1,925,791
STORE Capital Corp.		167,420		3,033,650
Sun Communities Inc.		68,629		8,568,331
Taubman Centers Inc.		43,633		1,827,350
UDR Inc.		219,965		8,037,521
Ventas Inc.		282,490		7,570,732
VEREIT Inc.		821,435		4,016,817
VICI Properties Inc.		350,008		5,824,133
Vornado Realty Trust		133,382		4,829,762
Weingarten Realty Investors		97,304		1,404,097
Welltower Inc.		314,477		14,396,757
Weyerhaeuser Co.		569,892		9,659,669
WP Carey Inc.		129,918		7,545,637

				635,450,882

Food & Staples Retailing — 1.6%
Casey’s General Stores Inc.		27,739		3,675,140
Costco Wholesale Corp.		334,968		95,509,426
Grocery Outlet Holding Corp.^(a)(b)		41,353		1,420,062
Kroger Co. (The)		603,602		18,180,492
Sprouts Farmers Market Inc.^(b)		91,534		1,701,617
Sysco Corp.		357,733		16,323,357


4		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food & Staples Retailing (continued)
U.S. Foods Holding Corp.^(b)		160,692	$	2,845,855
Walgreens Boots Alliance Inc.		573,982		26,259,677
Walmart Inc.		1,059,384		120,367,210

				286,282,836

Food Products — 1.2%
Archer-Daniels-Midland Co.		423,777		14,908,475
Beyond Meat Inc.^(a)(b)		35,094		2,337,260
Bunge Ltd.		106,876		4,385,122
Campbell Soup Co.		126,902		5,857,796
Conagra Brands Inc.		366,026		10,739,203
Flowers Foods Inc.		147,720		3,031,214
General Mills Inc.		460,432		24,296,997
Hain Celestial Group Inc. (The)^(a)(b)		64,832		1,683,687
Hershey Co. (The)		110,079		14,585,467
Hormel Foods Corp.		210,820		9,832,645
Ingredion Inc.		50,079		3,780,965
JM Smucker Co. (The)		83,332		9,249,852
Kellogg Co.		186,337		11,178,357
Kraft Heinz Co. (The)^(a)		476,601		11,791,109
Lamb Weston Holdings Inc.		112,582		6,428,432
McCormick & Co. Inc./MD, NVS		92,835		13,109,230
Mondelez International Inc., Class A		1,083,398		54,256,572
Pilgrim’s Pride Corp.^(b)		36,571		662,667
Post Holdings Inc.^(b)		50,593		4,197,701
Seaboard Corp.		213		599,126
TreeHouse Foods Inc.^(a)(b)		43,264		1,910,106
Tyson Foods Inc., Class A		218,848		12,664,734

				221,486,717

Gas Utilities — 0.1%
Atmos Energy Corp.^(a)		92,535		9,182,248
National Fuel Gas Co.		61,994		2,311,756
UGI Corp.		162,085		4,322,807

				15,816,811

Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		1,312,823		103,594,863
ABIOMED Inc.^(b)		33,439		4,854,005
Align Technology Inc.^(b)		59,138		10,287,055
Baxter International Inc.		367,560		29,842,196
Becton Dickinson and Co.		204,077		46,890,772
Boston Scientific Corp.^(b)		1,058,170		34,528,087
Cantel Medical Corp.^(a)		30,459		1,093,478
Cooper Companies Inc. (The)		37,394		10,308,404
Danaher Corp.		469,668		65,006,748
Dentsply Sirona Inc.		171,532		6,660,588
DexCom Inc.^(a)(b)		68,949		18,565,897
Edwards Lifesciences Corp.^(a)(b)		158,052		29,811,768
Envista Holdings Corp.^(b)		109,143		1,630,597
Hill-Rom Holdings Inc.		51,595		5,190,457
Hologic Inc.^(b)		200,292		7,030,249
ICU Medical Inc.^(b)		14,587		2,943,219
IDEXX Laboratories Inc.^(b)		64,405		15,601,467
Insulet Corp.^(a)(b)		44,975		7,451,458
Integra LifeSciences Holdings Corp.^(b)		53,791		2,402,844
Intuitive Surgical Inc.^(b)		87,297		43,230,347
Masimo Corp.^(b)		35,523		6,291,834
Medtronic PLC		1,023,116		92,264,601
Penumbra Inc.^(a)(b)		23,814		3,841,913
ResMed Inc.		108,556		15,989,213
Steris PLC		64,147		8,978,656


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Stryker Corp.		261,418	$	43,523,483
Teleflex Inc.^(a)		35,342		10,350,258
Varian Medical Systems Inc.^(b)		70,086		7,195,029
West Pharmaceutical Services Inc.		55,486		8,447,744
Zimmer Biomet Holdings Inc.		156,802		15,849,546

				659,656,776

Health Care Providers & Services — 2.8%
Acadia Healthcare Co. Inc.^(a)(b)		71,109		1,304,850
AmerisourceBergen Corp.		113,032		10,003,332
Anthem Inc.		193,349		43,897,957
Cardinal Health Inc.		223,961		10,736,690
Centene Corp.^(b)		441,728		26,243,060
Chemed Corp.		11,893		5,152,048
Cigna Corp.^(b)		279,282		49,483,185
Covetrus Inc.^(a)(b)		72,811		592,682
CVS Health Corp.		989,517		58,708,044
DaVita Inc.^(b)		66,724		5,075,027
Encompass Health Corp.		75,746		4,850,016
Guardant Health Inc.^(a)(b)		28,458		1,980,677
HCA Healthcare Inc.		204,986		18,417,992
Henry Schein Inc.^(a)(b)		110,374		5,576,094
Humana Inc.		100,681		31,615,848
Laboratory Corp. of America Holdings^(b)		74,069		9,361,581
McKesson Corp.		122,972		16,633,193
MEDNAX Inc.^(b)		66,572		774,898
Molina Healthcare Inc.^(a)(b)		45,818		6,401,233
Premier Inc., Class A^(a)(b)		44,795		1,465,692
Quest Diagnostics Inc.		100,539		8,073,282
UnitedHealth Group Inc.		720,567		179,694,998
Universal Health Services Inc., Class B		59,325		5,877,921

				501,920,300

Health Care Technology — 0.2%
Cerner Corp.		236,998		14,928,504
Change Healthcare Inc.^(a)(b)		170,371		1,702,006
Veeva Systems Inc., Class A^(b)		99,777		15,602,130

				32,232,640

Hotels, Restaurants & Leisure — 1.7%
Aramark		193,687		3,867,929
Caesars Entertainment Corp.^(b)		436,729		2,952,288
Carnival Corp.		305,705		4,026,135
Chipotle Mexican Grill Inc.^(b)		19,498		12,759,491
Choice Hotels International Inc.		24,211		1,482,924
Darden Restaurants Inc.		93,223		5,076,925
Domino’s Pizza Inc.		31,355		10,161,215
Dunkin’ Brands Group Inc.		64,522		3,426,118
Extended Stay America Inc.		125,977		920,892
Hilton Grand Vacations Inc.^(b)		64,938		1,024,072
Hilton Worldwide Holdings Inc.		208,208		14,208,114
Hyatt Hotels Corp., Class A		26,352		1,262,261
International Game Technology PLC		86,364		513,866
Las Vegas Sands Corp.		256,027		10,873,467
Marriott International Inc./MD, Class A		208,625		15,607,236
McDonald’s Corp.		574,491		94,992,087
MGM Resorts International		375,877		4,435,349
Norwegian Cruise Line Holdings Ltd.^(b)		157,237		1,723,317
Planet Fitness Inc., Class A^(b)		60,595		2,950,976
Royal Caribbean Cruises Ltd.		130,797		4,207,739
Six Flags Entertainment Corp.		64,611		810,222
Starbucks Corp.		900,082		59,171,391


SCHEDULES OF INVESTMENTS			5

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Vail Resorts Inc.^(a)		30,746	$	4,541,492
Wendy’s Co. (The)		135,119		2,010,571
Wyndham Destinations Inc.		64,009		1,388,995
Wyndham Hotels & Resorts Inc.		70,071		2,207,937
Wynn Resorts Ltd.		75,152		4,523,399
Yum China Holdings Inc.^(a)		277,210		11,817,462
Yum! Brands Inc.		231,853		15,888,886

				298,832,756

Household Durables — 0.3%
DR Horton Inc.		254,819		8,663,846
Garmin Ltd.^(a)		111,350		8,346,796
Leggett & Platt Inc.		96,626		2,577,982
Lennar Corp., Class A		207,646		7,932,077
Lennar Corp., Class B		11,558		334,257
Mohawk Industries Inc.^(a)(b)		45,639		3,479,517
Newell Brands Inc.		282,572		3,752,556
NVR Inc.^(b)		2,443		6,276,336
PulteGroup Inc.^(a)		195,195		4,356,752
Tempur Sealy International Inc.^(b)		36,227		1,583,482
Toll Brothers Inc.		95,239		1,833,351
Whirlpool Corp.		47,432		4,069,666

				53,206,618

Household Products — 1.7%
Church & Dwight Co. Inc.		186,242		11,953,011
Clorox Co. (The)		95,520		16,548,840
Colgate-Palmolive Co.		640,674		42,515,127
Energizer Holdings Inc.		49,635		1,501,459
Kimberly-Clark Corp.		260,157		33,266,276
Procter & Gamble Co. (The)		1,855,290		204,081,900
Reynolds Consumer Products Inc.		35,948		1,048,603
Spectrum Brands Holdings Inc.		31,577		1,148,455

				312,063,671

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp./VA		500,566		6,807,698
Vistra Energy Corp.		321,224		5,126,735

				11,934,433

Industrial Conglomerates — 1.2%
3M Co.		426,477		58,218,375
Carlisle Companies Inc.		42,137		5,278,923
General Electric Co.		6,596,216		52,373,955
Honeywell International Inc.		548,192		73,342,608
Roper Technologies Inc.		77,856		24,276,280

				213,490,141

Insurance — 2.3%
Aflac Inc.		551,887		18,896,611
Alleghany Corp.		10,520		5,810,722
Allstate Corp. (The)^(a)		242,429		22,238,012
American Financial Group Inc./OH		54,539		3,822,093
American International Group Inc.		662,015		16,053,864
American National Insurance Co.		5,438		447,982
Aon PLC		175,070		28,893,553
Arch Capital Group Ltd.^(b)		293,059		8,340,459
Arthur J Gallagher & Co.^(a)		143,022		11,657,723
Assurant Inc.		46,934		4,885,360
Assured Guaranty Ltd.		68,272		1,760,735
Athene Holding Ltd., Class A^(a)(b)		106,166		2,635,040
Axis Capital Holdings Ltd.		62,442		2,413,383
Brighthouse Financial Inc.^(b)		78,181		1,889,635
Brown & Brown Inc.		180,328		6,531,480


Security	Shares		Value

Insurance (continued)
Chubb Ltd.		343,464	$	38,361,494
Cincinnati Financial Corp.		116,505		8,790,302
CNA Financial Corp.		19,420		602,797
Erie Indemnity Co., Class A, NVS		18,557		2,750,890
Everest Re Group Ltd.		30,758		5,918,454
Fidelity National Financial Inc.		197,135		4,904,719
First American Financial Corp.		79,880		3,387,711
Globe Life Inc.		81,811		5,887,938
Hanover Insurance Group Inc. (The)		28,838		2,612,146
Hartford Financial Services Group Inc. (The)		273,036		9,621,789
Kemper Corp.		48,430		3,601,739
Lincoln National Corp.		147,904		3,892,833
Loews Corp.^(a)		187,736		6,538,845
Markel Corp.^(b)		10,285		9,543,349
Marsh & McLennan Companies Inc.		386,340		33,402,956
Mercury General Corp.		19,916		810,979
MetLife Inc.		589,800		18,030,186
Old Republic International Corp.		220,163		3,357,486
Primerica Inc.		29,982		2,652,807
Principal Financial Group Inc.		205,800		6,449,772
Progressive Corp. (The)		444,140		32,795,298
Prudential Financial Inc.		304,013		15,851,238
Reinsurance Group of America Inc.		48,559		4,085,754
RenaissanceRe Holdings Ltd.		32,774		4,893,814
Travelers Companies Inc. (The)		193,770		19,251,049
Unum Group		151,565		2,274,991
White Mountains Insurance Group Ltd.^(a)		2,464		2,242,240
Willis Towers Watson PLC		98,762		16,774,726
WR Berkley Corp.		110,022		5,739,848

				411,304,802

Interactive Media & Services — 4.8%
Alphabet Inc., Class A^(b)		228,265		265,232,517
Alphabet Inc., Class C, NVS^(b)		228,581		265,796,273
Facebook Inc., Class A^(b)		1,822,006		303,910,601
IAC/InterActiveCorp.^(a)(b)		56,317		10,093,696
Match Group Inc.^(a)(b)		40,832		2,696,545
TripAdvisor Inc.		74,624		1,297,711
Twitter Inc.^(a)(b)		578,245		14,201,697
Zillow Group Inc., Class A^(a)(b)		42,746		1,452,082
Zillow Group Inc., Class C, NVS^(a)(b)		95,055		3,423,881

				868,105,003

Internet & Direct Marketing Retail — 3.9%
Amazon.com Inc.^(b)		318,828		621,625,328
Booking Holdings Inc.^(b)		31,842		42,837,679
eBay Inc.		571,665		17,184,250
Etsy Inc.^(a)(b)		89,288		3,432,231
Expedia Group Inc.		102,643		5,775,722
Grubhub Inc.^(a)(b)		72,117		2,937,325
Qurate Retail Inc., Series A^(a)(b)		290,082		1,770,951
Wayfair Inc., Class A^(a)(b)		47,837		2,556,409

				698,119,895

IT Services — 5.5%
Accenture PLC, Class A		485,900		79,328,034
Akamai Technologies Inc.^(b)		120,095		10,987,492
Alliance Data Systems Corp.		30,521		1,027,032
Amdocs Ltd.		100,660		5,533,280
Automatic Data Processing Inc.		331,648		45,329,649
Black Knight Inc.^(b)		108,088		6,275,589
Booz Allen Hamilton Holding Corp.		103,422		7,098,886


6		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Broadridge Financial Solutions Inc.		86,249	$	8,178,993
CACI International Inc., Class A^(b)		18,531		3,912,821
Cognizant Technology Solutions Corp., Class A		417,969		19,423,019
DXC Technology Co.		189,813		2,477,060
EPAM Systems Inc.^(b)		39,277		7,292,168
Euronet Worldwide Inc.^(a)(b)		38,889		3,333,565
Fidelity National Information Services Inc.		464,874		56,547,273
Fiserv Inc.^(a)(b)		429,810		40,827,652
FleetCor Technologies Inc.^(a)(b)		65,084		12,140,769
Gartner Inc.^(a)(b)		67,024		6,673,580
Genpact Ltd.^(a)		139,917		4,085,576
Global Payments Inc.		227,060		32,748,864
GoDaddy Inc., Class A^(b)		132,763		7,582,095
International Business Machines Corp.		676,165		75,006,983
Jack Henry & Associates Inc.		58,145		9,026,430
Leidos Holdings Inc.		102,259		9,372,037
Mastercard Inc., Class A		675,923		163,275,960
MongoDB Inc.^(a)(b)		31,719		4,330,912
Okta Inc.^(a)(b)		79,449		9,713,435
Paychex Inc.		245,429		15,442,393
PayPal Holdings Inc.^(b)		895,680		85,752,403
Sabre Corp.		214,564		1,272,364
Square Inc., Class A^(a)(b)		260,792		13,660,285
Switch Inc., Class A^(a)		44,063		635,829
Twilio Inc., Class A^(a)(b)		93,009		8,323,375
VeriSign Inc.^(b)		79,263		14,274,474
Visa Inc., Class A^(a)		1,306,251		210,463,161
Western Union Co. (The)		322,788		5,852,146
WEX Inc.^(b)		33,403		3,492,284

				990,697,868

Leisure Products — 0.1%
Brunswick Corp./DE		59,150		2,092,135
Hasbro Inc.		96,168		6,880,820
Mattel Inc.^(b)		260,192		2,292,292
Polaris Inc.		45,386		2,185,336

				13,450,583

Life Sciences Tools & Services — 1.2%
Adaptive Biotechnologies Corp.^(b)		50,777		1,410,585
Agilent Technologies Inc.		235,114		16,838,865
Avantor Inc.^(b)		238,959		2,984,598
Bio-Rad Laboratories Inc., Class A^(b)		16,364		5,736,564
Bio-Techne Corp.		28,915		5,482,862
Bruker Corp.		79,813		2,862,094
Charles River Laboratories International Inc.^(b)		37,254		4,701,827
Illumina Inc.^(a)(b)		111,801		30,535,089
IQVIA Holdings Inc.^(b)		135,380		14,602,087
Mettler-Toledo International Inc.^(b)		18,117		12,509,969
PerkinElmer Inc.		84,381		6,352,202
PPD Inc.^(b)		51,668		920,207
PRA Health Sciences Inc.^(b)		48,894		4,060,158
QIAGEN NV^(a)(b)		167,813		6,981,021
Thermo Fisher Scientific Inc.		303,953		86,201,071
Waters Corp.^(a)(b)		49,038		8,927,368

				211,106,567

Machinery — 1.6%
AGCO Corp.		45,373		2,143,874
Allison Transmission Holdings Inc.^(a)		82,747		2,698,380
Caterpillar Inc.		408,548		47,407,910
Colfax Corp.^(a)(b)		66,245		1,311,651


Security	Shares		Value

Machinery (continued)
Crane Co.		39,952	$	1,964,839
Cummins Inc.		111,591		15,100,494
Deere & Co.		215,651		29,794,342
Donaldson Co. Inc.		94,261		3,641,303
Dover Corp.		110,931		9,311,548
Flowserve Corp.		102,270		2,443,230
Fortive Corp.		223,844		12,353,950
Gates Industrial Corp. PLC^(a)(b)		33,140		244,573
Graco Inc.		124,762		6,079,652
IDEX Corp.		57,267		7,909,145
Illinois Tool Works Inc.		243,936		34,668,184
Ingersoll Rand Inc.^(b)		265,379		6,581,399
ITT Inc.		68,240		3,095,367
Lincoln Electric Holdings Inc.		44,879		3,096,651
Middleby Corp. (The)^(b)		43,030		2,447,547
Nordson Corp.		44,111		5,958,073
Oshkosh Corp.		52,369		3,368,898
PACCAR Inc.		258,221		15,785,050
Parker-Hannifin Corp.		97,004		12,584,329
Pentair PLC		130,100		3,871,776
Snap-on Inc.		40,717		4,430,824
Stanley Black & Decker Inc.		116,102		11,610,200
Timken Co. (The)		46,545		1,505,265
Toro Co. (The)		81,954		5,334,386
Trinity Industries Inc.		70,121		1,126,845
WABCO Holdings Inc.^(b)		38,562		5,207,798
Westinghouse Air Brake Technologies Corp.		138,038		6,643,769
Woodward Inc.^(a)		43,246		2,570,542
Xylem Inc./NY^(a)		135,713		8,838,988

				281,130,782

Marine — 0.0%
Kirby Corp.^(a)(b)		46,580		2,024,833


Media — 1.4%
Altice USA Inc., Class A^(b)		228,790		5,099,729
AMC Networks Inc., Class A^(a)(b)		33,382		811,516
Cable One Inc.		3,303		5,430,165
Charter Communications Inc., Class A^(a)(b)		114,341		49,888,122
Comcast Corp., Class A		3,433,685		118,050,090
Discovery Inc., Class A^(a)(b)		122,702		2,385,327
Discovery Inc., Class C, NVS^(b)		255,971		4,489,731
DISH Network Corp., Class A^(b)		195,002		3,898,090
Fox Corp., Class A, NVS^(a)		258,558		6,109,726
Fox Corp., Class B^(a)(b)		118,692		2,715,673
Interpublic Group of Companies Inc. (The)		299,010		4,840,972
John Wiley & Sons Inc., Class A		32,045		1,201,367
Liberty Broadband Corp., Class A^(b)		19,085		2,042,095
Liberty Broadband Corp., Class C, NVS^(b)		80,939		8,961,566
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)(b)		61,477		1,948,206
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(b)		117,088		3,702,323
New York Times Co. (The), Class A		122,857		3,772,938
News Corp., Class A, NVS		302,926		2,718,761
News Corp., Class B		101,571		913,123
Nexstar Media Group Inc., Class A		35,576		2,053,802
Omnicom Group Inc.		165,061		9,061,849
Sinclair Broadcast Group Inc., Class A		52,280		840,662
Sirius XM Holdings Inc.^(a)		1,029,086		5,083,685
ViacomCBS Inc., Class A		4,355		77,650


SCHEDULES OF INVESTMENTS			7

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
ViacomCBS Inc., Class B, NVS		415,449	$	5,820,441

				251,917,609

Metals & Mining — 0.3%
Alcoa Corp.^(a)(b)		140,001		862,406
Freeport-McMoRan Inc.		1,108,537		7,482,625
Newmont Corp.		622,568		28,189,879
Nucor Corp.		234,636		8,451,589
Reliance Steel & Aluminum Co.		50,646		4,436,083
Royal Gold Inc.		49,552		4,346,206
Southern Copper Corp.		65,856		1,854,505
Steel Dynamics Inc.		153,226		3,453,714
U.S. Steel Corp.^(a)		117,003		738,289

				59,815,296

Mortgage Real Estate Investment — 0.1%
AGNC Investment Corp.		402,630		4,259,825
Annaly Capital Management Inc.		1,098,765		5,570,739
Chimera Investment Corp.		146,665		1,334,651
MFA Financial Inc.		359,223		556,796
New Residential Investment Corp.		301,982		1,512,930
Starwood Property Trust Inc.		211,117		2,163,949
Two Harbors Investment Corp.		218,769		833,510

				16,232,400

Multi-Utilities — 1.0%
Ameren Corp.^(a)		185,504		13,510,256
CenterPoint Energy Inc.		387,049		5,979,907
CMS Energy Corp.		214,278		12,588,833
Consolidated Edison Inc.		252,541		19,698,198
Dominion Energy Inc.		626,484		45,225,880
DTE Energy Co.		140,631		13,355,726
MDU Resources Group Inc.		155,023		3,332,995
NiSource Inc.		281,406		7,026,708
Public Service Enterprise Group Inc.		384,840		17,283,164
Sempra Energy		214,461		24,231,948
WEC Energy Group Inc.		239,451		21,102,817

				183,336,432

Multiline Retail — 0.5%
Dollar General Corp.		194,089		29,309,380
Dollar Tree Inc.^(a)(b)		179,225		13,167,661
Kohl’s Corp.		118,373		1,727,062
Macy’s Inc.		243,827		1,197,190
Nordstrom Inc.^(a)		86,768		1,331,021
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		38,963		1,805,545
Target Corp.		373,377		34,712,860

				83,250,719

Oil, Gas & Consumable Fuels — 2.3%
Antero Midstream Corp.		202,940		426,174
Antero Resources Corp.^(a)(b)		258,109		184,006
Apache Corp.		285,067		1,191,580
Cabot Oil & Gas Corp.		304,754		5,238,721
Centennial Resource Development Inc./DE, Class A^(a)(b)		187,735		49,374
Cheniere Energy Inc.^(a)(b)		177,044		5,930,974
Chesapeake Energy Corp.^(a)(b)		979,360		169,135
Chevron Corp.		1,453,423		105,315,031
Cimarex Energy Co.		78,720		1,324,858
Concho Resources Inc.		152,266		6,524,598
ConocoPhillips		827,701		25,493,191
Continental Resources Inc./OK^(a)		60,905		465,314
Devon Energy Corp.		290,449		2,007,003


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Diamondback Energy Inc.		120,978	$	3,169,624
EOG Resources Inc.		441,304		15,851,640
EQT Corp.		194,764		1,376,982
Equitrans Midstream Corp.		138,566		696,987
Exxon Mobil Corp.		3,227,326		122,541,568
Hess Corp.		205,544		6,844,615
HollyFrontier Corp.		111,020		2,721,100
Kinder Morgan Inc./DE		1,484,285		20,661,247
Kosmos Energy Ltd.		271,823		243,445
Marathon Oil Corp.		596,807		1,963,495
Marathon Petroleum Corp.		488,571		11,540,047
Murphy Oil Corp.		107,996		662,015
Noble Energy Inc.		364,496		2,201,556
Occidental Petroleum Corp.		680,816		7,883,849
ONEOK Inc.		313,573		6,839,027
Parsley Energy Inc., Class A		225,992		1,294,934
PBF Energy Inc., Class A		94,693		670,426
Phillips 66		336,093		18,031,389
Pioneer Natural Resources Co.		124,479		8,732,202
Range Resources Corp.^(a)		156,341		356,457
Targa Resources Corp.		176,572		1,220,113
Valero Energy Corp.		311,292		14,120,205
Williams Companies Inc. (The)		917,980		12,989,417
WPX Energy Inc.^(a)(b)		300,732		917,233

				417,849,532

Paper & Forest Products — 0.0%
Domtar Corp.		41,943		907,647


Personal Products — 0.2%
Coty Inc., Class A		216,910		1,119,256
Estee Lauder Companies Inc. (The), Class A		165,964		26,444,704
Herbalife Nutrition Ltd.^(a)(b)		77,416		2,257,450
Nu Skin Enterprises Inc., Class A		41,592		908,785

				30,730,195

Pharmaceuticals — 4.8%
Allergan PLC		249,977		44,270,927
Bristol-Myers Squibb Co.		1,782,664		99,365,691
Catalent Inc.^(a)(b)		116,355		6,044,642
Elanco Animal Health Inc.^(a)(b)		300,805		6,735,024
Eli Lilly & Co.		648,423		89,949,239
Horizon Therapeutics PLC^(b)		144,300		4,274,166
Jazz Pharmaceuticals PLC^(b)		41,348		4,124,049
Johnson & Johnson		2,025,274		265,574,180
Merck & Co. Inc.		1,941,906		149,410,248
Mylan NV^(b)		389,232		5,803,449
Nektar Therapeutics^(a)(b)		127,252		2,271,448
Perrigo Co. PLC^(a)		95,622		4,598,462
Pfizer Inc.		4,241,506		138,442,756
Zoetis Inc.		364,965		42,952,731

				863,817,012

Professional Services — 0.5%
CoreLogic Inc.		59,055		1,803,540
CoStar Group Inc.^(b)		27,311		16,037,292
Equifax Inc.^(a)		92,375		11,034,194
IHS Markit Ltd.		296,601		17,796,060
ManpowerGroup Inc.		43,705		2,315,928
Nielsen Holdings PLC		266,011		3,335,778
Robert Half International Inc.		86,790		3,276,322
TransUnion		143,248		9,480,153


8		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
Verisk Analytics Inc.		122,172	$	17,028,333

				82,107,600

Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A^(b)		255,422		9,631,964
Howard Hughes Corp. (The)^(b)		28,654		1,447,600
Jones Lang LaSalle Inc.		39,886		4,027,688

				15,107,252

Road & Rail — 1.1%
AMERCO		6,627		1,925,475
CSX Corp.		562,081		32,207,241
JB Hunt Transport Services Inc.		65,162		6,009,891
Kansas City Southern		72,636		9,237,847
Knight-Swift Transportation Holdings Inc.^(a)		94,576		3,102,093
Landstar System Inc.^(a)		30,251		2,899,861
Lyft Inc., Class A^(a)(b)		144,704		3,885,302
Norfolk Southern Corp.		196,333		28,664,618
Old Dominion Freight Line Inc.^(a)		74,349		9,759,050
Ryder System Inc.		37,017		978,729
Schneider National Inc., Class B^(a)		44,804		866,509
Uber Technologies Inc.^(a)(b)		721,711		20,150,171
Union Pacific Corp.		529,392		74,665,448

				194,352,235

Semiconductors & Semiconductor Equipment — 4.3%
Advanced Micro Devices Inc.^(b)		785,632		35,730,543
Analog Devices Inc.		279,974		25,099,669
Applied Materials Inc.^(a)		702,761		32,200,509
Broadcom Inc.		294,450		69,814,095
Cree Inc.^(a)(b)		83,755		2,969,952
Cypress Semiconductor Corp.		277,529		6,471,976
Entegris Inc.^(a)		101,655		4,551,094
First Solar Inc.^(a)(b)		59,664		2,151,484
Intel Corp.		3,263,312		176,610,446
KLA Corp.		119,449		17,169,599
Lam Research Corp.		109,763		26,343,120
Marvell Technology Group Ltd.		503,311		11,389,928
Maxim Integrated Products Inc.		204,272		9,929,662
Microchip Technology Inc.		179,991		12,203,390
Micron Technology Inc.^(b)		842,905		35,452,584
MKS Instruments Inc.^(a)		42,162		3,434,095
Monolithic Power Systems Inc.		32,749		5,484,148
NVIDIA Corp.		444,814		117,252,970
ON Semiconductor Corp.^(a)(b)		309,296		3,847,642
Qorvo Inc.^(a)(b)		89,432		7,210,902
QUALCOMM Inc.		870,697		58,902,652
Skyworks Solutions Inc.		128,641		11,497,933
Teradyne Inc.		128,650		6,968,971
Texas Instruments Inc.		714,727		71,422,669
Universal Display Corp.		32,336		4,261,238
Xilinx Inc.		190,835		14,873,680

				773,244,951

Software — 8.9%
2U Inc.^(a)(b)		42,297		897,542
Adobe Inc.^(b)		366,805		116,732,023
Alteryx Inc., Class A^(a)(b)		34,483		3,281,747
Anaplan Inc.^(a)(b)		65,851		1,992,651
ANSYS Inc.^(b)		63,904		14,855,763
Aspen Technology Inc.^(a)(b)		51,200		4,867,584
Atlassian Corp. PLC, Class A^(a)(b)		91,691		12,585,507
Autodesk Inc.^(b)		167,717		26,180,624


Security	Shares		Value

Software (continued)
Avalara Inc.^(a)(b)		35,650	$	2,659,490
Bill.Com Holdings Inc.^(a)(b)		7,468		255,406
Cadence Design Systems Inc.^(b)		211,057		13,938,204
CDK Global Inc.		94,203		3,094,569
CERENCE Inc.^(b)		26,848		413,459
Ceridian HCM Holding Inc.^(a)(b)		72,275		3,618,809
Citrix Systems Inc.		89,309		12,641,689
Coupa Software Inc.^(a)(b)		48,749		6,811,698
DocuSign Inc.^(a)(b)		121,045		11,184,558
Dropbox Inc., Class A^(a)(b)		159,418		2,885,466
Dynatrace Inc.^(b)		99,084		2,362,163
Elastic NV^(a)(b)		41,342		2,307,297
Fair Isaac Corp.^(b)		21,863		6,727,026
FireEye Inc.^(a)(b)		149,768		1,584,545
Fortinet Inc.^(a)(b)		108,472		10,974,112
Guidewire Software Inc.^(a)(b)		63,843		5,063,388
HubSpot Inc.^(a)(b)		31,329		4,172,710
Intuit Inc.		189,710		43,633,300
LogMeIn Inc.		35,438		2,951,277
Manhattan Associates Inc.^(a)(b)		48,011		2,391,908
Medallia Inc.^(a)(b)		51,444		1,030,938
Microsoft Corp.		5,766,562		909,444,493
New Relic Inc.^(a)(b)		39,872		1,843,681
NortonLifeLock Inc.		430,753		8,059,389
Nuance Communications Inc.^(a)(b)		223,163		3,744,675
Nutanix Inc., Class A^(a)(b)		128,273		2,026,713
Oracle Corp.		1,529,773		73,933,929
Pagerduty Inc.^(a)(b)		31,983		552,666
Palo Alto Networks Inc.^(a)(b)		72,074		11,817,253
Paycom Software Inc.^(a)(b)		37,347		7,544,467
Paylocity Holding Corp.^(a)(b)		26,178		2,312,041
Pegasystems Inc.		28,394		2,022,505
Pluralsight Inc., Class A^(a)(b)		46,765		513,480
Proofpoint Inc.^(a)(b)		43,186		4,430,452
PTC Inc.^(a)(b)		77,956		4,771,687
RealPage Inc.^(a)(b)		60,222		3,187,550
RingCentral Inc., Class A^(a)(b)		57,013		12,081,625
salesforce.com Inc.^(b)		640,131		92,166,061
ServiceNow Inc.^(b)		141,970		40,685,763
Smartsheet Inc., Class A^(a)(b)		65,570		2,721,811
SolarWinds Corp.^(b)		29,949		469,301
Splunk Inc.^(b)		119,298		15,058,987
SS&C Technologies Holdings Inc.		170,025		7,450,495
Synopsys Inc.^(b)		113,111		14,567,566
Teradata Corp.^(a)(b)		79,843		1,635,983
Trade Desk Inc. (The), Class A^(a)(b)		29,744		5,740,592
Tyler Technologies Inc.^(b)		29,024		8,607,357
VMware Inc., Class A^(a)(b)		58,801		7,120,801
Workday Inc., Class A^(a)(b)		125,525		16,345,865
Zendesk Inc.^(a)(b)		84,972		5,439,058
Zscaler Inc.^(b)		50,902		3,097,896

				1,591,489,595

Specialty Retail — 2.1%
Advance Auto Parts Inc.^(a)		49,970		4,663,200
AutoNation Inc.^(a)(b)		43,237		1,213,230
AutoZone Inc.^(a)(b)		18,166		15,368,436
Best Buy Co. Inc.		167,881		9,569,217
Burlington Stores Inc.^(b)		49,613		7,861,676
CarMax Inc.^(a)(b)		124,486		6,701,081
Carvana Co.^(a)(b)		36,222		1,995,470


SCHEDULES OF INVESTMENTS			9

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Dick’s Sporting Goods Inc.		42,898	$	912,012
Five Below Inc.^(a)(b)		42,952		3,022,962
Floor & Decor Holdings Inc., Class A^(a)(b)		54,496		1,748,777
Foot Locker Inc.		78,329		1,727,155
Gap Inc. (The)		174,906		1,231,338
Home Depot Inc. (The)		831,193		155,192,045
L Brands Inc.		172,264		1,991,372
Lowe’s Companies Inc.		588,864		50,671,747
O’Reilly Automotive Inc.^(b)		57,076		17,182,730
Penske Automotive Group Inc.		23,552		659,456
Ross Stores Inc.		269,053		23,399,539
Tiffany & Co.		91,598		11,861,941
TJX Companies Inc. (The)		925,392		44,242,992
Tractor Supply Co.^(a)		90,420		7,645,011
Ulta Beauty Inc.^(a)(b)		42,022		7,383,265
Urban Outfitters Inc.^(a)(b)		46,717		665,250
Williams-Sonoma Inc.		60,781		2,584,408

				379,494,310

Technology Hardware, Storage & Peripherals — 4.8%
Apple Inc.^(a)		3,142,937		799,217,450
Dell Technologies Inc., Class C^(a)(b)		117,706		4,655,272
Hewlett Packard Enterprise Co.		991,779		9,630,174
HP Inc.		1,102,503		19,139,452
NCR Corp.^(a)(b)		97,100		1,718,670
NetApp Inc.		174,987		7,295,208
Pure Storage Inc., Class A^(a)(b)		184,864		2,273,827
Western Digital Corp.		225,769		9,396,506
Xerox Holdings Corp.^(b)		134,138		2,540,574

				855,867,133

Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings Ltd.^(a)(b)		111,307		1,201,003
Carter’s Inc.		31,927		2,098,562
Columbia Sportswear Co.^(a)		23,275		1,623,897
Hanesbrands Inc.		280,776		2,209,707
Lululemon Athletica Inc.^(a)(b)		89,664		16,995,811
NIKE Inc., Class B		891,377		73,752,533
PVH Corp.^(a)		54,596		2,054,993
Ralph Lauren Corp.		36,591		2,445,376
Skechers U.S.A. Inc., Class A^(b)		102,977		2,444,674
Tapestry Inc.		206,629		2,675,846
Under Armour Inc., Class A^(a)(b)		141,371		1,302,027
Under Armour Inc., Class C, NVS^(a)(b)		145,887		1,175,849
VF Corp.		233,771		12,642,336

				122,622,614

Thrifts & Mortgage Finance — 0.0%
MGIC Investment Corp.		250,575		1,591,151
New York Community Bancorp. Inc.		343,710		3,227,437
TFS Financial Corp.		31,297		477,905

				5,296,493

Tobacco — 0.8%
Altria Group Inc.		1,426,262		55,153,552
Philip Morris International Inc.		1,184,846		86,446,364

				141,599,916

Trading Companies & Distributors — 0.2%
Air Lease Corp.		84,058		1,861,044
Fastenal Co.		435,455		13,607,969
HD Supply Holdings Inc.^(b)		121,796		3,462,660
MSC Industrial Direct Co. Inc., Class A		31,412		1,726,718
United Rentals Inc.^(b)		56,301		5,793,373


Security	Shares		Value

Trading Companies & Distributors (continued)
Univar Solutions Inc.^(a)(b)		128,473	$	1,377,231
Watsco Inc.		24,807		3,920,250
WESCO International Inc.^(b)		34,603		790,678
WW Grainger Inc.		32,767		8,142,599

				40,682,522

Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		59,598		1,504,849


Water Utilities — 0.1%
American Water Works Co. Inc.		138,336		16,539,452
Essential Utilities Inc.		162,685		6,621,280

				23,160,732

Wireless Telecommunication Services — 0.1%
Sprint Corp.^(a)(b)		425,796		3,670,361
Telephone & Data Systems Inc.		75,026		1,257,436
T-Mobile U.S. Inc.^(a)(b)		238,263		19,990,266
U.S. Cellular Corp.^(b)		10,662		312,290

				25,230,353


Total Common Stocks — 99.7% (Cost: $18,849,053,396)				17,870,310,933


Short-Term Investments

Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		597,080,822		596,961,406
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		33,076,000		33,076,000

				630,037,406


Total Short-Term Investments — 3.5% (Cost: $630,105,670)				630,037,406


Total Investments in Securities — 103.2% (Cost: $19,479,159,066)				18,500,348,339

Other Assets, Less Liabilities — (3.2)%				(575,451,993	)


Net Assets — 100.0%			$	17,924,896,346

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

^(b)	Non-income producing security.

^(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.


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares


10		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Russell 1000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.2%
Boeing Co. (The)		1,740,114	$	259,520,602
BWX Technologies Inc.^(a)		226,056		11,011,188
General Dynamics Corp.		54,464		7,206,132
HEICO Corp.^(a)		142,903		10,661,993
HEICO Corp., Class A		256,479		16,389,008
Hexcel Corp.		253,435		9,425,248
Huntington Ingalls Industries Inc.^(a)		105,276		19,182,340
L3Harris Technologies Inc.		366,109		65,943,553
Lockheed Martin Corp.		812,920		275,539,234
Northrop Grumman Corp.		513,503		155,360,333
Raytheon Co.		571,964		75,013,078
Spirit AeroSystems Holdings Inc., Class A^(a)		300,854		7,199,436
TransDigm Group Inc.		137,282		43,956,323

				956,408,468

Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.^(a)		339,294		22,461,263
Expeditors International of Washington Inc.		402,063		26,825,643
United Parcel Service Inc., Class B		2,295,631		214,457,848
XPO Logistics Inc.^(a)(b)		169,210		8,248,988

				271,993,742

Airlines — 0.1%
Alaska Air Group Inc.		170,121		4,843,345
American Airlines Group Inc.^(a)		146,387		1,784,457
Delta Air Lines Inc.		377,296		10,764,255
JetBlue Airways Corp.^(a)(b)		109,305		978,280
Southwest Airlines Co.		904,451		32,207,500
United Airlines Holdings Inc.^(a)(b)		165,632		5,225,690

				55,803,527

Auto Components — 0.0%
Aptiv PLC		48,923		2,408,969


Automobiles — 0.6%
Tesla Inc.^(a)(b)		474,140		248,449,360


Banks — 0.1%
CIT Group Inc.		24,840		428,738
Comerica Inc.		35,212		1,033,120
First Republic Bank/CA		97,000		7,981,160
Prosperity Bancshares Inc.		32,367		1,561,708
Signature Bank/New York NY		86,822		6,979,621
SVB Financial Group^(a)(b)		12,461		1,882,608
Synovus Financial Corp.		53,783		944,429
Western Alliance Bancorp		42,274		1,294,007

				22,105,391

Beverages — 2.2%
Brown-Forman Corp., Class A^(a)		144,488		7,423,794
Brown-Forman Corp., Class B, NVS^(a)		528,642		29,344,917
Coca-Cola Co. (The)		8,595,676		380,358,663
Monster Beverage Corp.^(a)(b)		1,259,412		70,854,519
PepsiCo Inc.		3,868,321		464,585,352

				952,567,245

Biotechnology — 3.3%
AbbVie Inc.		4,861,718		370,414,294
Agios Pharmaceuticals Inc.^(a)(b)		15,978		566,899
Alexion Pharmaceuticals Inc.^(a)(b)		531,164		47,693,216
Alnylam Pharmaceuticals Inc.^(a)(b)		296,169		32,237,996
Amgen Inc.		1,783,652		361,599,770
Biogen Inc.^(b)		196,475		62,160,761


Security	Shares		Value

Biotechnology (continued)
BioMarin Pharmaceutical Inc.^(a)(b)		585,976	$	49,514,972
Exact Sciences Corp.^(a)(b)		459,027		26,623,566
Exelixis Inc.^(b)		388,041		6,682,066
Gilead Sciences Inc.		603,780		45,138,593
Incyte Corp.^(b)		591,683		43,328,946
Ionis Pharmaceuticals Inc.^(a)(b)		414,152		19,581,107
Moderna Inc.^(a)(b)		668,696		20,027,445
Neurocrine Biosciences Inc.^(a)(b)		300,814		26,035,452
Regeneron Pharmaceuticals Inc.^(b)		54,928		26,820,793
Sage Therapeutics Inc.^(b)		158,107		4,540,833
Sarepta Therapeutics Inc.^(a)(b)		228,031		22,305,992
Seattle Genetics Inc.^(b)		383,645		44,264,960
Vertex Pharmaceuticals Inc.^(b)		852,936		202,956,121

				1,412,493,782

Building Products — 0.3%
Allegion PLC^(a)		232,904		21,431,826
AO Smith Corp.		71,990		2,721,942
Armstrong World Industries Inc.		157,076		12,474,976
Fortune Brands Home & Security Inc.^(a)		141,042		6,100,066
Lennox International Inc.		105,439		19,167,756
Trane Technologies PLC		741,586		61,247,588

				123,144,154

Capital Markets — 1.7%
Ameriprise Financial Inc.		59,827		6,131,071
Cboe Global Markets Inc.		87,111		7,774,657
Charles Schwab Corp. (The)		2,269,487		76,300,153
E*TRADE Financial Corp.^(a)		132,141		4,535,079
Evercore Inc., Class A		50,234		2,313,778
FactSet Research Systems Inc.^(a)		123,438		32,177,818
Interactive Brokers Group Inc., Class A^(a)		62,788		2,710,558
Intercontinental Exchange Inc.		720,963		58,217,762
Lazard Ltd., Class A		128,838		3,035,423
LPL Financial Holdings Inc.		270,567		14,726,962
MarketAxess Holdings Inc.^(a)		121,617		40,446,166
Moody’s Corp.^(a)		534,357		113,016,506
Morningstar Inc.		63,280		7,356,300
MSCI Inc.^(a)		271,027		78,315,962
Raymond James Financial Inc.		99,360		6,279,552
S&P Global Inc.^(a)		808,465		198,114,348
SEI Investments Co.		199,663		9,252,383
T Rowe Price Group Inc.		218,379		21,324,709
TD Ameritrade Holding Corp.		768,527		26,637,146
Virtu Financial Inc., Class A		78,005		1,624,064

				710,290,397

Chemicals — 0.8%
Air Products & Chemicals Inc.		103,015		20,562,824
Axalta Coating Systems Ltd.^(a)(b)		192,266		3,320,434
CF Industries Holdings Inc.		69,371		1,886,891
Ecolab Inc.		828,427		129,093,779
Element Solutions Inc.^(a)(b)		298,562		2,495,978
NewMarket Corp.		21,389		8,189,207
PPG Industries Inc.		251,693		21,041,535
RPM International Inc.		68,587		4,080,927
Scotts Miracle-Gro Co. (The)^(a)		127,213		13,026,611
Sherwin-Williams Co. (The)^(a)		272,435		125,189,331
WR Grace & Co.		176,920		6,298,352

				335,185,869

Commercial Services & Supplies — 0.5%
Cintas Corp.		279,077		48,341,718


SCHEDULES OF INVESTMENTS			11

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
Copart Inc.^(a)(b)		662,111	$	45,367,846
IAA Inc.^(a)(b)		387,629		11,613,365
KAR Auction Services Inc.		397,707		4,772,484
Republic Services Inc.		43,524		3,266,911
Rollins Inc.^(a)		461,724		16,686,705
Waste Management Inc.^(a)		1,091,144		100,996,289

				231,045,318

Communications Equipment — 1.6%
Arista Networks Inc.^(a)(b)		194,603		39,416,838
Cisco Systems Inc.		14,085,735		553,710,243
F5 Networks Inc.^(a)(b)		187,007		19,940,556
Motorola Solutions Inc.^(a)		416,761		55,395,872
Ubiquiti Inc.^(a)		30,121		4,264,531

				672,728,040

Construction & Engineering — 0.0%
Quanta Services Inc.^(a)		103,751		3,292,019


Construction Materials — 0.1%
Eagle Materials Inc.^(a)		109,633		6,404,760
Martin Marietta Materials Inc.^(a)		60,929		11,529,595
Vulcan Materials Co.		395,875		42,782,211

				60,716,566

Consumer Finance — 0.3%
American Express Co.		1,212,904		103,836,712
Credit Acceptance Corp.^(a)(b)		29,376		7,511,149
Discover Financial Services		356,726		12,724,416
LendingTree Inc.^(a)(b)		24,662		4,522,764
Synchrony Financial		541,683		8,715,680

				137,310,721

Containers & Packaging — 0.3%
AptarGroup Inc.^(a)		85,229		8,483,695
Avery Dennison Corp.^(a)		257,604		26,242,119
Ball Corp.		1,063,723		68,780,329
Berry Global Group Inc.^(a)(b)		160,093		5,396,735
Crown Holdings Inc.^(a)(b)		241,688		14,027,572
Sealed Air Corp.^(a)		46,235		1,142,467

				124,072,917

Distributors — 0.1%
LKQ Corp.^(b)		141,528		2,902,740
Pool Corp.		125,199		24,635,407

				27,538,147

Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.^(b)		188,495		19,226,490
Grand Canyon Education Inc.^(a)(b)		12,060		919,997
H&R Block Inc.^(a)		105,606		1,486,933
Service Corp. International^(a)		205,238		8,026,858
ServiceMaster Global Holdings Inc.^(a)(b)		59,949		1,618,623

				31,278,901

Diversified Financial Services — 0.0%
Voya Financial Inc.^(a)		26,290		1,066,060


Electrical Equipment — 0.3%
Acuity Brands Inc.^(a)		31,657		2,711,739
AMETEK Inc.^(a)		597,342		43,020,571
Emerson Electric Co.		169,410		8,072,386
Hubbell Inc.		95,707		10,981,421
Rockwell Automation Inc.		379,180		57,222,054
Sensata Technologies Holding PLC^(a)(b)		224,971		6,508,411

				128,516,582


Security	Shares		Value

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		960,802	$	70,023,250
CDW Corp./DE^(a)		469,565		43,796,328
Cognex Corp.^(a)		537,487		22,692,701
Corning Inc.		788,422		16,194,188
Dolby Laboratories Inc., Class A		27,349		1,482,589
FLIR Systems Inc.		38,959		1,242,403
IPG Photonics Corp.^(a)(b)		8,234		908,046
Jabil Inc.		103,378		2,541,031
Keysight Technologies Inc.^(a)(b)		617,955		51,710,474
National Instruments Corp.		22,915		758,028
Trimble Inc.^(a)(b)		132,599		4,220,626
Zebra Technologies Corp., Class A^(a)(b)		176,062		32,324,983

				247,894,647

Entertainment — 1.7%
Activision Blizzard Inc.		133,338		7,930,944
Electronic Arts Inc.^(b)		845,119		84,655,570
Live Nation Entertainment Inc.^(a)(b)		427,592		19,438,332
Madison Square Garden Co. (The), Class A^(a)(b)		5,714		1,207,997
Netflix Inc.^(a)(b)		1,384,808		519,995,404
Roku Inc.^(a)(b)		280,515		24,539,452
Spotify Technology SA^(a)(b)		428,034		51,980,449
Take-Two Interactive Software Inc.^(a)(b)		169,089		20,055,646
World Wrestling Entertainment Inc., Class A^(a)		140,306		4,760,583
Zynga Inc., Class A^(a)(b)		615,574		4,216,682

				738,781,059

Equity Real Estate Investment Trusts (REITs) — 2.4%
American Homes 4 Rent, Class A^(a)		358,216		8,310,611
American Tower Corp.		1,443,911		314,411,620
Americold Realty Trust		618,793		21,063,714
Brookfield Property REIT Inc., Class A^(a)		208,352		1,768,908
Colony Capital Inc.		84,616		148,078
CoreSite Realty Corp.		92,763		10,751,232
Crown Castle International Corp.		1,362,706		196,774,746
Equinix Inc.		279,328		174,459,889
Equity LifeStyle Properties Inc.		567,090		32,596,333
Extra Space Storage Inc.		335,017		32,081,228
Iron Mountain Inc.		102,756		2,445,593
Lamar Advertising Co., Class A		279,790		14,347,631
Outfront Media Inc.		45,325		610,981
Public Storage^(a)		369,308		73,348,262
SBA Communications Corp.		369,448		99,739,877
Simon Property Group Inc.		897,583		49,241,403
Sun Communities Inc.		68,663		8,572,576
UDR Inc.		47,680		1,742,227

				1,042,414,909

Food & Staples Retailing — 1.2%
Casey’s General Stores Inc.^(a)		32,232		4,270,417
Costco Wholesale Corp.		1,444,567		411,889,389
Grocery Outlet Holding Corp.^(a)(b)		24,427		838,823
Sprouts Farmers Market Inc.^(a)(b)		180,937		3,363,619
Sysco Corp.		1,555,044		70,956,658

				491,318,906

Food Products — 0.3%
Campbell Soup Co.		308,424		14,236,852
Hershey Co. (The)		415,928		55,110,460
Kellogg Co.		305,666		18,336,903
Lamb Weston Holdings Inc.		119,469		6,821,680
McCormick & Co. Inc./MD, NVS		260,160		36,737,194
Pilgrim’s Pride Corp.^(b)		59,903		1,085,442


12		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Post Holdings Inc.^(a)(b)		93,266	$	7,738,280
TreeHouse Foods Inc.^(a)(b)		30,165		1,331,785

				141,398,596

Health Care Equipment & Supplies — 3.4%
Abbott Laboratories		2,451,457		193,444,472
ABIOMED Inc.^(a)(b)		146,082		21,205,263
Align Technology Inc.^(b)		256,855		44,679,927
Baxter International Inc.^(a)		747,486		60,688,388
Becton Dickinson and Co.^(a)		73,616		16,914,748
Boston Scientific Corp.^(a)(b)		4,563,425		148,904,558
Cantel Medical Corp.^(a)		57,821		2,075,774
Cooper Companies Inc. (The)^(a)		21,246		5,856,885
Danaher Corp.		106,896		14,795,475
DexCom Inc.^(a)(b)		298,173		80,289,044
Edwards Lifesciences Corp.^(b)		681,917		128,623,185
Envista Holdings Corp.^(a)(b)		329,648		4,924,941
Hill-Rom Holdings Inc.		111,518		11,218,711
Hologic Inc.^(b)		687,075		24,116,332
ICU Medical Inc.^(b)		18,691		3,771,283
IDEXX Laboratories Inc.^(a)(b)		279,857		67,792,560
Insulet Corp.^(a)(b)		194,376		32,204,216
Intuitive Surgical Inc.^(b)		376,498		186,445,575
Masimo Corp.^(a)(b)		155,022		27,457,497
Penumbra Inc.^(a)(b)		101,743		16,414,198
ResMed Inc.		467,607		68,873,835
Steris PLC^(a)		15,666		2,192,770
Stryker Corp.		1,127,355		187,693,334
Teleflex Inc.^(a)		152,690		44,716,793
Varian Medical Systems Inc.^(b)		301,090		30,909,899
West Pharmaceutical Services Inc.		182,307		27,756,241

				1,453,965,904

Health Care Providers & Services — 2.9%
AmerisourceBergen Corp.		489,766		43,344,291
Anthem Inc.^(a)		244,298		55,465,418
Centene Corp.^(a)(b)		1,630,876		96,890,343
Chemed Corp.		51,196		22,178,107
Cigna Corp.^(b)		369,786		65,518,683
Encompass Health Corp.		159,232		10,195,625
Guardant Health Inc.^(a)(b)		118,529		8,249,618
HCA Healthcare Inc.^(a)		532,454		47,840,992
Henry Schein Inc.^(a)(b)		61,278		3,095,765
Humana Inc.		187,146		58,767,587
Laboratory Corp. of America Holdings^(b)		18,934		2,393,068
McKesson Corp.		63,465		8,584,276
Molina Healthcare Inc.^(a)(b)		153,051		21,382,755
UnitedHealth Group Inc.^(a)		3,107,491		774,946,106

				1,218,852,634

Health Care Technology — 0.3%
Cerner Corp.		1,029,390		64,841,276
Change Healthcare Inc.^(a)(b)		320,694		3,203,733
Veeva Systems Inc., Class A^(a)(b)		431,583		67,486,634

				135,531,643

Hotels, Restaurants & Leisure — 1.8%
Chipotle Mexican Grill Inc.^(a)(b)		83,829		54,857,698
Choice Hotels International Inc.		44,137		2,703,391
Darden Restaurants Inc.		392,198		21,359,103
Domino’s Pizza Inc.		134,529		43,596,813
Dunkin’ Brands Group Inc.		256,022		13,594,768
Hilton Grand Vacations Inc.^(a)(b)		32,200		507,794


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Hilton Worldwide Holdings Inc.		900,549	$	61,453,464
Las Vegas Sands Corp.^(a)		528,787		22,457,584
Marriott International Inc./MD, Class A		904,529		67,667,814
McDonald’s Corp.		400,184		66,170,424
MGM Resorts International		134,215		1,583,737
Norwegian Cruise Line Holdings Ltd.^(a)(b)		139,796		1,532,164
Planet Fitness Inc., Class A^(a)(b)		268,973		13,098,985
Six Flags Entertainment Corp.		126		1,580
Starbucks Corp.		3,881,723		255,184,470
Vail Resorts Inc.		118,143		17,450,903
Wendy’s Co. (The)		568,804		8,463,804
Wyndham Hotels & Resorts Inc.^(a)		86,545		2,727,033
Wynn Resorts Ltd.		270,539		16,283,742
Yum China Holdings Inc.^(a)		959,274		40,893,851
Yum! Brands Inc.		886,753		60,769,183

				772,358,305

Household Durables — 0.1%
Lennar Corp., Class A		378,659		14,464,774
Lennar Corp., Class B		105		3,036
NVR Inc.^(a)(b)		10,507		26,993,639
Tempur Sealy International Inc.^(b)		148,811		6,504,529

				47,965,978

Household Products — 0.4%
Church & Dwight Co. Inc.^(a)		811,386		52,074,754
Clorox Co. (The)		338,495		58,644,259
Procter & Gamble Co. (The)		465,671		51,223,810
Reynolds Consumer Products Inc.		63,149		1,842,056

				163,784,879

Industrial Conglomerates — 0.9%
3M Co.		1,406,940		192,061,379
Carlisle Companies Inc.^(a)		156,734		19,635,636
Honeywell International Inc.		1,153,665		154,348,840
Roper Technologies Inc.^(a)		51,168		15,954,694

				382,000,549

Insurance — 0.9%
Alleghany Corp.		4,778		2,639,128
Aon PLC^(a)		755,168		124,632,927
Arch Capital Group Ltd.^(a)(b)		165,397		4,707,199
Arthur J Gallagher & Co.^(a)		125,464		10,226,571
Athene Holding Ltd., Class A^(a)(b)		178,163		4,422,006
Axis Capital Holdings Ltd.		33,729		1,303,626
Brown & Brown Inc.		44,493		1,611,536
Erie Indemnity Co., Class A, NVS		52,872		7,837,745
Everest Re Group Ltd.		39,058		7,515,540
Kemper Corp.		36,523		2,716,215
Markel Corp.^(a)(b)		3,539		3,283,803
Marsh & McLennan Companies Inc.		1,462,753		126,469,624
Primerica Inc.^(a)		99,144		8,772,261
Progressive Corp. (The)		625,884		46,215,275
RenaissanceRe Holdings Ltd.^(a)		53,177		7,940,390
Travelers Companies Inc. (The)		131,475		13,062,041

				373,355,887

Interactive Media & Services — 8.7%
Alphabet Inc., Class A^(a)(b)		984,399		1,143,822,418
Alphabet Inc., Class C, NVS^(b)		985,733		1,146,220,190
Facebook Inc., Class A^(b)		7,857,415		1,310,616,822
IAC/InterActiveCorp.^(b)		139,629		25,025,706
Match Group Inc.^(a)(b)		178,211		11,769,054
TripAdvisor Inc.		294,894		5,128,206


SCHEDULES OF INVESTMENTS			13

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services (continued)
Twitter Inc.^(a)(b)		2,505,964	$	61,546,476

				3,704,128,872

Internet & Direct Marketing Retail — 7.0%
Amazon.com Inc.^(b)		1,374,977		2,680,820,156
Booking Holdings Inc.^(a)(b)		137,275		184,678,803
eBay Inc.^(a)		2,484,438		74,682,206
Etsy Inc.^(a)(b)		383,274		14,733,053
Expedia Group Inc.		383,269		21,566,547
Grubhub Inc.^(a)(b)		300,963		12,258,223
Wayfair Inc., Class A^(a)(b)		207,604		11,094,358

				2,999,833,346

IT Services — 8.9%
Accenture PLC, Class A		2,095,508		342,112,636
Akamai Technologies Inc.^(b)		476,527		43,597,455
Alliance Data Systems Corp.		14,030		472,110
Automatic Data Processing Inc.		1,430,318		195,495,864
Black Knight Inc.^(a)(b)		467,342		27,133,877
Booz Allen Hamilton Holding Corp.^(a)		443,840		30,465,178
Broadridge Financial Solutions Inc.		372,517		35,325,787
Cognizant Technology Solutions Corp., Class A^(a)		138,615		6,441,439
EPAM Systems Inc.^(a)(b)		170,638		31,680,651
Euronet Worldwide Inc.^(a)(b)		166,487		14,271,266
Fidelity National Information Services Inc.		1,226,935		149,244,373
Fiserv Inc.^(a)(b)		1,853,554		176,069,095
FleetCor Technologies Inc.^(b)		280,797		52,379,872
Gartner Inc.^(a)(b)		286,665		28,543,234
Genpact Ltd.		602,602		17,595,978
Global Payments Inc.		979,229		141,234,199
GoDaddy Inc., Class A^(b)		569,886		32,546,189
International Business Machines Corp.		1,764,142		195,696,272
Jack Henry & Associates Inc.		222,453		34,533,604
Mastercard Inc., Class A		2,915,000		704,147,400
MongoDB Inc.^(a)(b)		139,404		19,034,222
Okta Inc.^(a)(b)		345,014		42,181,412
Paychex Inc.		1,057,979		66,568,039
PayPal Holdings Inc.^(a)(b)		3,862,566		369,802,069
Sabre Corp.		155,096		919,719
Square Inc., Class A^(a)(b)		1,132,293		59,309,507
Switch Inc., Class A^(a)		188,047		2,713,518
Twilio Inc., Class A^(a)(b)		403,754		36,131,946
VeriSign Inc.^(b)		234,596		42,248,394
Visa Inc., Class A^(a)		5,633,269		907,632,301
Western Union Co. (The)		302,069		5,476,511
WEX Inc.^(a)(b)		142,708		14,920,121

				3,825,924,238

Leisure Products — 0.1%
Hasbro Inc.		418,347		29,932,728
Mattel Inc.^(b)		755,298		6,654,175
Polaris Inc.		163,584		7,876,570

				44,463,473

Life Sciences Tools & Services — 1.4%
Adaptive Biotechnologies Corp.^(a)(b)		155,503		4,319,873
Agilent Technologies Inc.		96,429		6,906,245
Avantor Inc.^(a)(b)		730,789		9,127,555
Bio-Techne Corp.		125,598		23,815,893
Bruker Corp.^(a)		330,627		11,856,284
Charles River Laboratories International Inc.^(b)		158,578		20,014,129
Illumina Inc.^(b)		482,190		131,695,733
IQVIA Holdings Inc.^(b)		249,925		26,956,911


Security	Shares		Value

Life Sciences Tools & Services (continued)
Mettler-Toledo International Inc.^(a)(b)		78,151	$	53,964,047
PerkinElmer Inc.^(a)		77,485		5,833,071
PPD Inc.^(b)		131,372		2,339,735
PRA Health Sciences Inc.^(a)(b)		205,115		17,032,750
Thermo Fisher Scientific Inc.		892,659		253,158,092
Waters Corp.^(a)(b)		210,364		38,296,766

				605,317,084

Machinery — 1.0%
Allison Transmission Holdings Inc.		359,937		11,737,546
Caterpillar Inc.		138,790		16,105,192
Deere & Co.		102,686		14,187,098
Donaldson Co. Inc.^(a)		422,245		16,311,324
Dover Corp.		203,626		17,092,366
Flowserve Corp.		82,080		1,960,891
Fortive Corp.^(a)		210,778		11,632,838
Graco Inc.		541,215		26,373,407
IDEX Corp.^(a)		121,040		16,716,834
Illinois Tool Works Inc.		1,052,004		149,510,809
Ingersoll Rand Inc.^(a)(b)		655,552		16,257,690
Lincoln Electric Holdings Inc.		182,075		12,563,175
Middleby Corp. (The)^(a)(b)		174,939		9,950,530
Nordson Corp.^(a)		170,980		23,094,269
Toro Co. (The)		354,547		23,077,464
WABCO Holdings Inc.^(a)(b)		138,465		18,699,698
Westinghouse Air Brake Technologies Corp.		158,391		7,623,359
Woodward Inc.^(a)		142,182		8,451,298
Xylem Inc./NY^(a)		586,831		38,220,303

				439,566,091

Media — 1.1%
Altice USA Inc., Class A^(b)		999,993		22,289,844
AMC Networks Inc., Class A^(a)(b)		135,519		3,294,467
Cable One Inc.		14,021		23,050,664
Charter Communications Inc., Class A^(a)(b)		289,947		126,506,776
Comcast Corp., Class A		6,959,683		239,273,901
Fox Corp., Class A, NVS^(a)		109,301		2,582,783
Fox Corp., Class B^(b)		50,737		1,160,863
Interpublic Group of Companies Inc. (The)		108,857		1,762,395
New York Times Co. (The), Class A^(a)		99,783		3,064,336
Nexstar Media Group Inc., Class A		108,415		6,258,798
Omnicom Group Inc.		371,397		20,389,695
Sinclair Broadcast Group Inc., Class A		207,083		3,329,895
Sirius XM Holdings Inc.^(a)		4,504,863		22,254,023
ViacomCBS Inc., Class A		37,750		673,082
ViacomCBS Inc., Class B, NVS		979,191		13,718,466

				489,609,988

Metals & Mining — 0.0%
Royal Gold Inc.		64,980		5,699,396
Southern Copper Corp.		188,616		5,311,426

				11,010,822

Multiline Retail — 0.4%
Dollar General Corp.		786,707		118,800,624
Dollar Tree Inc.^(a)(b)		422,740		31,058,708
Nordstrom Inc.^(a)		341,863		5,244,178
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		165,575		7,672,745
Target Corp.		85,644		7,962,323

				170,738,578

Oil, Gas & Consumable Fuels — 0.1%
Cabot Oil & Gas Corp.		830,118		14,269,728
Cheniere Energy Inc.^(a)(b)		444,068		14,876,278


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Diamondback Energy Inc.		109,226	$	2,861,721
Equitrans Midstream Corp.		65,120		327,554
ONEOK Inc.		428,999		9,356,468
Parsley Energy Inc., Class A		561,687		3,218,466
Pioneer Natural Resources Co.		234,697		16,463,995

				61,374,210

Personal Products — 0.3%
Estee Lauder Companies Inc. (The), Class A^(a)		716,050		114,095,407
Herbalife Nutrition Ltd.^(a)(b)		55,089		1,606,395

				115,701,802

Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		4,512,778		251,542,246
Eli Lilly & Co.		2,796,381		387,913,972
Horizon Therapeutics PLC^(b)		68,800		2,037,856
Jazz Pharmaceuticals PLC^(a)(b)		161,739		16,131,848
Johnson & Johnson		1,318,842		172,939,751
Merck & Co. Inc.		7,938,980		610,825,121
Nektar Therapeutics^(a)(b)		79,159		1,412,988
Zoetis Inc.		1,573,956		185,238,882

				1,628,042,664

Professional Services — 0.7%
CoreLogic Inc.		84		2,565
CoStar Group Inc.^(a)(b)		118,541		69,608,461
Equifax Inc.^(a)		333,931		39,888,058
IHS Markit Ltd.		807,354		48,441,240
Nielsen Holdings PLC		142,141		1,782,448
Robert Half International Inc.		375,568		14,177,692
TransUnion^(a)		612,999		40,568,274
Verisk Analytics Inc.		525,752		73,279,314

				287,748,052

Real Estate Management & Development — 0.0%
CBRE Group Inc., Class A^(b)		406,572		15,331,830
Howard Hughes Corp. (The)^(a)(b)		35,660		1,801,543
Jones Lang LaSalle Inc.^(a)		18,632		1,881,460

				19,014,833

Road & Rail — 1.0%
CSX Corp.^(a)		872,813		50,012,185
JB Hunt Transport Services Inc.		84,176		7,763,553
Landstar System Inc.^(a)		115,896		11,109,791
Lyft Inc., Class A^(a)(b)		69,085		1,854,932
Norfolk Southern Corp.		115,324		16,837,304
Old Dominion Freight Line Inc.^(a)		134,136		17,606,691
Uber Technologies Inc.^(a)(b)		336,248		9,388,044
Union Pacific Corp.		2,283,077		322,005,180

				436,577,680

Semiconductors & Semiconductor Equipment — 4.6%
Advanced Micro Devices Inc.^(b)		3,388,092		154,090,424
Analog Devices Inc.		160,711		14,407,741
Applied Materials Inc.^(a)		1,629,936		74,683,668
Broadcom Inc.		1,269,800		301,069,580
Cree Inc.^(a)(b)		24,166		856,926
Entegris Inc.^(a)		434,141		19,436,493
KLA Corp.^(a)		516,930		74,303,518
Lam Research Corp.		417,660		100,238,400
Maxim Integrated Products Inc.		328,228		15,955,163
Microchip Technology Inc.^(a)		216,896		14,705,549
Monolithic Power Systems Inc.		140,226		23,482,246
NVIDIA Corp.		1,918,189		505,634,620


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
QUALCOMM Inc.		3,754,830	$	254,014,249
Skyworks Solutions Inc.^(a)		29,166		2,606,857
Teradyne Inc.^(a)		550,811		29,837,432
Texas Instruments Inc.		3,082,287		308,012,940
Universal Display Corp.^(a)		137,128		18,070,728
Xilinx Inc.		820,872		63,978,764

				1,975,385,298

Software — 15.8%
2U Inc.^(a)(b)		67,230		1,426,621
Adobe Inc.^(a)(b)		1,581,826		503,400,306
Alteryx Inc., Class A^(a)(b)		147,861		14,071,931
Anaplan Inc.^(a)(b)		281,900		8,530,294
ANSYS Inc.^(a)(b)		275,281		63,994,574
Aspen Technology Inc.^(a)(b)		225,798		21,466,616
Atlassian Corp. PLC, Class A^(a)(b)		394,465		54,144,266
Autodesk Inc.^(a)(b)		560,668		87,520,275
Avalara Inc.^(a)(b)		149,309		11,138,451
Bill.Com Holdings Inc.^(a)(b)		25,868		884,686
Cadence Design Systems Inc.^(a)(b)		917,064		60,562,907
CDK Global Inc.		388,881		12,774,741
Ceridian HCM Holding Inc.^(a)(b)		247,830		12,408,848
Citrix Systems Inc.^(a)		341,882		48,393,397
Coupa Software Inc.^(a)(b)		209,481		29,270,780
DocuSign Inc.^(a)(b)		520,768		48,118,963
Dropbox Inc., Class A^(b)		684,910		12,396,871
Dynatrace Inc.^(a)(b)		348,192		8,300,897
Elastic NV^(a)(b)		177,835		9,924,971
Fair Isaac Corp.^(b)		93,342		28,720,400
FireEye Inc.^(a)(b)		634,779		6,715,962
Fortinet Inc.^(a)(b)		469,358		47,484,949
Guidewire Software Inc.^(a)(b)		274,730		21,788,836
HubSpot Inc.^(a)(b)		133,995		17,846,794
Intuit Inc.		818,132		188,170,360
Manhattan Associates Inc.^(a)(b)		202,603		10,093,681
Medallia Inc.^(a)(b)		181,072		3,628,683
Microsoft Corp.^(a)		24,868,496		3,922,010,504
New Relic Inc.^(a)(b)		155,311		7,181,581
Nutanix Inc., Class A^(a)(b)		576,679		9,111,528
Oracle Corp.		6,597,164		318,840,936
Pagerduty Inc.^(a)(b)		135,746		2,345,691
Palo Alto Networks Inc.^(a)(b)		312,199		51,188,148
Paycom Software Inc.^(a)(b)		161,503		32,625,221
Paylocity Holding Corp.^(a)(b)		115,996		10,244,767
Pegasystems Inc.^(a)		123,966		8,830,098
Pluralsight Inc., Class A^(a)(b)		177,659		1,950,696
Proofpoint Inc.^(a)(b)		181,708		18,641,424
PTC Inc.^(b)		341,697		20,915,273
RealPage Inc.^(a)(b)		257,613		13,635,456
RingCentral Inc., Class A^(a)(b)		245,072		51,933,208
salesforce.com Inc.^(b)		2,760,628		397,475,219
ServiceNow Inc.^(b)		612,289		175,469,782
Smartsheet Inc., Class A^(a)(b)		284,246		11,799,051
SolarWinds Corp.^(a)(b)		41,993		658,030
Splunk Inc.^(a)(b)		513,229		64,784,897
SS&C Technologies Holdings Inc.^(a)		656,735		28,778,128
Synopsys Inc.^(a)(b)		490,896		63,222,496
Teradata Corp.^(b)		370,608		7,593,758
Trade Desk Inc. (The), Class A^(a)(b)		129,955		25,081,315
Tyler Technologies Inc.^(a)(b)		126,233		37,435,658
VMware Inc., Class A^(b)		252,639		30,594,583


SCHEDULES OF INVESTMENTS			15

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Workday Inc., Class A^(a)(b)		545,239	$	71,001,023
Zendesk Inc.^(a)(b)		367,802		23,543,006
Zscaler Inc.^(a)(b)		227,928		13,871,698

				6,753,943,235

Specialty Retail — 2.8%
Advance Auto Parts Inc.		54,333		5,070,356
AutoZone Inc.^(b)		78,205		66,161,430
Best Buy Co. Inc.		153,293		8,737,701
Burlington Stores Inc.^(b)		214,229		33,946,727
CarMax Inc.^(a)(b)		254,398		13,694,244
Carvana Co.^(a)(b)		136,970		7,545,677
Five Below Inc.^(a)(b)		183,127		12,888,478
Floor & Decor Holdings Inc., Class A^(a)(b)		224,700		7,210,623
Home Depot Inc. (The)		2,043,139		381,474,483
L Brands Inc.		98,713		1,141,122
Lowe’s Companies Inc.		2,539,509		218,524,750
O’Reilly Automotive Inc.^(a)(b)		245,527		73,915,903
Ross Stores Inc.		1,167,055		101,498,773
TJX Companies Inc. (The)		3,990,846		190,802,347
Tractor Supply Co.^(a)		391,929		33,137,597
Ulta Beauty Inc.^(a)(b)		180,812		31,768,669
Williams-Sonoma Inc.		46,248		1,966,465

				1,189,485,345

Technology Hardware, Storage & Peripherals — 8.2%
Apple Inc.		13,554,030		3,446,654,289
Dell Technologies Inc., Class C^(a)(b)		352,618		13,946,042
HP Inc.		218,386		3,791,181
NCR Corp.^(b)		417,761		7,394,370
NetApp Inc.		752,643		31,377,686
Pure Storage Inc., Class A^(a)(b)		772,227		9,498,392

				3,512,661,960

Textiles, Apparel & Luxury Goods — 1.1%
Capri Holdings Ltd.^(a)(b)		150,296		1,621,694
Carter’s Inc.		64,443		4,235,838
Columbia Sportswear Co.^(a)		62,538		4,363,276
Hanesbrands Inc.		888,523		6,992,676
Lululemon Athletica Inc.^(a)(b)		388,746		73,686,804
NIKE Inc., Class B^(a)		3,844,061		318,057,607
Skechers U.S.A. Inc., Class A^(b)		155,015		3,680,056
Under Armour Inc., Class A^(a)(b)		375,312		3,456,624
Under Armour Inc., Class C, NVS^(a)(b)		382,753		3,084,989
VF Corp.		1,013,695		54,820,626

				474,000,190

Tobacco — 0.3%
Altria Group Inc.		2,999,532		115,991,902


Trading Companies & Distributors — 0.3%
Air Lease Corp.		24,302		538,046
Fastenal Co.		1,704,558		53,267,437
United Rentals Inc.^(a)(b)		172,819		17,783,075
WW Grainger Inc.		142,331		35,369,254

				106,957,812

Wireless Telecommunication Services — 0.1%
T-Mobile U.S. Inc.^(a)(b)		536,451		45,008,239


Total Common Stocks — 99.8% (Cost: $33,443,821,040)				42,730,525,785


Security	Shares		Value

Short-Term Investments

Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		1,699,346,300	$	1,699,006,431
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		80,304,000		80,304,000

				1,779,310,431


Total Short-Term Investments — 4.1% (Cost: $1,779,469,700)				1,779,310,431


Total Investments in Securities — 103.9% (Cost: $35,223,290,740)				44,509,836,216

Other Assets, Less Liabilities — (3.9)%				(1,675,490,939	)


Net Assets — 100.0%			$	42,834,345,277

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

^(b)	Non-income producing security.

^(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.


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.7%
BWX Technologies Inc.^(a)		72,389	$	3,526,068
Curtiss-Wright Corp.		125,123		11,562,616
General Dynamics Corp.		705,929		93,401,466
Hexcel Corp.		16,417		610,548
Howmet Aerospace Inc.		1,154,845		18,546,811
Huntington Ingalls Industries Inc.^(a)		24,580		4,478,722
L3Harris Technologies Inc.^(a)		325,727		58,669,947
Raytheon Co.		315,525		41,381,104
Spirit AeroSystems Holdings Inc., Class A		30,424		728,046
Teledyne Technologies Inc.^(b)		107,045		31,821,267
Textron Inc.^(a)		693,468		18,494,792
TransDigm Group Inc.		28,961		9,273,023
United Technologies Corp.		2,408,517		227,195,409

				519,689,819

Air Freight & Logistics — 0.3%
CH Robinson Worldwide Inc.^(a)		93,804		6,209,825
Expeditors International of Washington Inc.		150,789		10,060,642
FedEx Corp.^(a)		715,720		86,788,207
XPO Logistics Inc.^(a)(b)		113,747		5,545,166

				108,603,840

Airlines — 0.3%
Alaska Air Group Inc.		193,970		5,522,326
American Airlines Group Inc.^(a)		1,068,721		13,027,709
Copa Holdings SA, Class A, NVS		92,876		4,206,354
Delta Air Lines Inc.		1,358,540		38,759,146
JetBlue Airways Corp.^(a)(b)		809,335		7,243,548
Southwest Airlines Co.		557,546		19,854,213
United Airlines Holdings Inc.^(b)		535,668		16,900,326

				105,513,622

Auto Components — 0.3%
Aptiv PLC		712,257		35,071,535
BorgWarner Inc.^(a)		604,034		14,720,309
Gentex Corp.		750,622		16,633,783
Goodyear Tire & Rubber Co. (The)		688,807		4,008,857
Lear Corp.		180,852		14,694,225

				85,128,709

Automobiles — 0.5%
Ford Motor Co.		11,606,799		56,060,839
General Motors Co.		3,683,543		76,544,024
Harley-Davidson Inc.		469,331		8,884,436
Thor Industries Inc.		156,846		6,615,764

				148,105,063

Banks — 8.9%
Associated Banc-Corp.		457,847		5,855,863
Bank of America Corp.		23,761,347		504,453,397
Bank of Hawaii Corp.		119,382		6,594,662
Bank OZK		371,833		6,209,611
BankUnited Inc.		268,341		5,017,977
BOK Financial Corp.		88,941		3,785,329
CIT Group Inc.		259,569		4,480,161
Citigroup Inc.		6,275,661		264,330,841
Citizens Financial Group Inc.		1,288,275		24,232,453
Comerica Inc.		389,922		11,440,312
Commerce Bancshares Inc.^(a)		303,527		15,282,584
Cullen/Frost Bankers Inc.		165,874		9,254,110
East West Bancorp. Inc.		427,577		11,005,832
Fifth Third Bancorp		2,101,866		31,212,710


Security	Shares		Value

Banks (continued)
First Citizens BancShares Inc./NC, Class A		21,328	$	7,099,451
First Hawaiian Inc.		400,099		6,613,637
First Horizon National Corp.		937,026		7,552,430
First Republic Bank/CA		412,848		33,969,133
FNB Corp.		959,682		7,072,856
Huntington Bancshares Inc./OH		3,001,600		24,643,136
JPMorgan Chase & Co.		9,269,800		834,560,094
KeyCorp		2,906,866		30,144,200
M&T Bank Corp.		387,790		40,109,120
PacWest Bancorp		340,944		6,109,717
People’s United Financial Inc.		1,306,077		14,432,151
Pinnacle Financial Partners Inc.		219,256		8,230,870
PNC Financial Services Group Inc. (The)		1,283,959		122,900,556
Popular Inc.		281,645		9,857,575
Prosperity Bancshares Inc.		240,458		11,602,099
Regions Financial Corp.		2,860,326		25,657,124
Signature Bank/New York NY		81,431		6,546,238
Sterling Bancorp./DE		584,289		6,105,820
SVB Financial Group^(a)(b)		143,772		21,721,074
Synovus Financial Corp.		383,613		6,736,244
TCF Financial Corp.		452,343		10,250,092
Texas Capital Bancshares Inc.^(a)(b)		161,214		3,574,114
Truist Financial Corp.		3,973,424		122,540,396
U.S. Bancorp		4,135,716		142,475,416
Umpqua Holdings Corp.		679,015		7,401,264
Webster Financial Corp.		270,052		6,184,191
Wells Fargo & Co.		11,073,996		317,823,685
Western Alliance Bancorp		261,287		7,997,995
Wintrust Financial Corp.		177,959		5,847,733
Zions Bancorp. N.A		484,811		12,973,542

				2,771,887,795

Beverages — 1.1%
Brown-Forman Corp., Class A^(a)		8,805		452,401
Brown-Forman Corp., Class B, NVS^(a)		33,659		1,868,411
Coca-Cola Co. (The)		3,620,381		160,201,859
Constellation Brands Inc., Class A		470,348		67,429,089
Keurig Dr Pepper Inc.		701,934		17,035,938
Molson Coors Beverage Co., Class B		514,656		20,076,731
PepsiCo Inc.		665,598		79,938,320

				347,002,749

Biotechnology — 1.7%
Agios Pharmaceuticals Inc.^(a)(b)		165,140		5,859,167
Alexion Pharmaceuticals Inc.^(b)		155,039		13,920,952
Alkermes PLC^(b)		462,109		6,663,612
Alnylam Pharmaceuticals Inc.^(a)(b)		54,199		5,899,561
Amgen Inc.		140,894		28,563,441
Biogen Inc.^(b)		338,723		107,165,183
Bluebird Bio Inc.^(a)(b)		159,169		7,315,407
Exelixis Inc.^(b)		522,838		9,003,270
Gilead Sciences Inc.		3,242,307		242,394,871
Moderna Inc.^(a)(b)		68,946		2,064,933
Regeneron Pharmaceuticals Inc.^(b)		192,700		94,093,483
United Therapeutics Corp.^(a)(b)		127,911		12,129,161

				535,073,041

Building Products — 0.4%
Allegion PLC		65,260		6,005,225
AO Smith Corp.		335,212		12,674,366
Fortune Brands Home & Security Inc.		277,116		11,985,267
Johnson Controls International PLC		2,268,306		61,153,530


SCHEDULES OF INVESTMENTS			17

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Building Products (continued)
Lennox International Inc.		9,015	$	1,638,837
Masco Corp.		828,243		28,632,360
Owens Corning		314,444		12,203,572
Resideo Technologies Inc.^(b)		363,268		1,758,217
Trane Technologies PLC		42,075		3,474,974

				139,526,348

Capital Markets — 3.8%
Affiliated Managers Group Inc.		150,527		8,902,167
Ameriprise Financial Inc.		323,508		33,153,100
Bank of New York Mellon Corp. (The)		2,378,133		80,095,519
BGC Partners Inc., Class A		887,763		2,237,163
BlackRock Inc.^(c)		351,626		154,704,891
Cboe Global Markets Inc.^(a)		246,119		21,966,121
Charles Schwab Corp. (The)		1,367,852		45,987,184
CME Group Inc.		1,051,142		181,752,963
E*TRADE Financial Corp.		544,092		18,673,237
Eaton Vance Corp., NVS		318,385		10,267,916
Evercore Inc., Class A		70,038		3,225,950
Franklin Resources Inc.		828,843		13,833,390
Goldman Sachs Group Inc. (The)		945,966		146,236,884
Interactive Brokers Group Inc., Class A^(a)		157,842		6,814,039
Intercontinental Exchange Inc.		981,667		79,269,610
Invesco Ltd.		1,151,708		10,457,509
Janus Henderson Group PLC		477,714		7,318,578
Lazard Ltd., Class A		186,121		4,385,011
Legg Mason Inc.		254,018		12,408,779
Morgan Stanley		3,455,330		117,481,220
Nasdaq Inc.		339,781		32,262,206
Northern Trust Corp.		573,373		43,266,727
Raymond James Financial Inc.		281,939		17,818,545
SEI Investments Co.		193,092		8,947,883
State Street Corp.		1,058,180		56,369,249
T Rowe Price Group Inc.		486,082		47,465,907
TD Ameritrade Holding Corp.		95,368		3,305,455
Virtu Financial Inc., Class A		85,991		1,790,333

				1,170,397,536

Chemicals — 2.8%
Air Products & Chemicals Inc.		560,410		111,863,440
Albemarle Corp.^(a)		312,683		17,625,941
Ashland Global Holdings Inc.^(a)		165,456		8,284,382
Axalta Coating Systems Ltd.^(a)(b)		423,192		7,308,526
Cabot Corp.		174,285		4,552,324
Celanese Corp.		353,402		25,936,173
CF Industries Holdings Inc.		575,510		15,653,872
Chemours Co. (The)		513,269		4,552,696
Corteva Inc.^(a)(b)		2,225,607		52,301,764
Dow Inc.^(b)		2,223,130		65,004,321
DuPont de Nemours Inc.		2,201,813		75,081,823
Eastman Chemical Co.		408,759		19,039,994
Element Solutions Inc.^(a)(b)		405,080		3,386,469
FMC Corp.		383,427		31,322,152
Huntsman Corp.		639,521		9,228,288
International Flavors & Fragrances Inc.^(a)		316,407		32,298,827
Linde PLC^(a)		1,594,978		275,931,194
LyondellBasell Industries NV, Class A		789,095		39,162,785
Mosaic Co. (The)^(a)		1,024,087		11,080,621
NewMarket Corp.		1,647		630,587
Olin Corp.		488,969		5,706,268
PPG Industries Inc.		472,405		39,493,058


Security	Shares		Value

Chemicals (continued)
RPM International Inc.		315,221	$	18,755,650
Valvoline Inc.		585,425		7,663,213
Westlake Chemical Corp.^(a)		104,670		3,995,254

				885,859,622

Commercial Services & Supplies — 0.3%
ADT Inc.^(a)		336,177		1,452,285
Clean Harbors Inc.^(b)		152,598		7,834,381
IAA Inc.^(a)(b)		36,110		1,081,856
KAR Auction Services Inc.		33,450		401,400
Republic Services Inc.		591,495		44,397,615
Stericycle Inc.^(a)(b)		264,420		12,845,523
Waste Management Inc.		274,947		25,449,094

				93,462,154

Communications Equipment — 0.2%
Ciena Corp.^(a)(b)		457,671		18,219,882
CommScope Holding Co. Inc.^(a)(b)		565,679		5,153,336
EchoStar Corp., Class A^(a)(b)		148,019		4,732,167
F5 Networks Inc.^(b)		13,321		1,420,418
Juniper Networks Inc.		994,550		19,035,687
Motorola Solutions Inc.		134,456		17,871,892
ViaSat Inc.^(a)(b)		169,341		6,082,729

				72,516,111

Construction & Engineering — 0.2%
AECOM^(b)		448,915		13,400,113
Fluor Corp.		412,708		2,851,812
Jacobs Engineering Group Inc.^(a)		384,218		30,456,961
Quanta Services Inc.		321,711		10,207,890
Valmont Industries Inc.^(a)		63,396		6,718,708

				63,635,484

Construction Materials — 0.1%
Eagle Materials Inc.^(a)		17,533		1,024,278
Martin Marietta Materials Inc.^(a)		129,370		24,480,685
Vulcan Materials Co.		31,660		3,421,496

				28,926,459

Consumer Finance — 0.7%
Ally Financial Inc.		1,100,145		15,875,092
American Express Co.		868,738		74,372,660
Capital One Financial Corp.		1,348,850		68,009,017
Credit Acceptance Corp.^(a)(b)		2,903		742,268
Discover Financial Services		600,968		21,436,529
Navient Corp.		575,669		4,363,571
OneMain Holdings Inc.		193,159		3,693,200
Santander Consumer USA Holdings Inc.		316,847		4,407,342
SLM Corp.		1,276,130		9,175,375
Synchrony Financial		1,337,439		21,519,393

				223,594,447

Containers & Packaging — 0.5%
AptarGroup Inc.		112,363		11,184,613
Ardagh Group SA^(a)		54,329		644,342
Avery Dennison Corp.^(a)		16,589		1,689,921
Berry Global Group Inc.^(a)(b)		240,568		8,109,547
Crown Holdings Inc.^(a)(b)		168,722		9,792,625
Graphic Packaging Holding Co.^(a)		871,146		10,627,981
International Paper Co.		1,164,741		36,258,387
O-I Glass Inc.^(a)		459,725		3,268,645
Packaging Corp. of America		276,970		24,049,305
Sealed Air Corp.		419,070		10,355,220
Silgan Holdings Inc.^(a)		230,094		6,677,328


18		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Containers & Packaging (continued)
Sonoco Products Co.		292,934	$	13,577,491
Westrock Co.		749,349		21,176,603

				157,412,008

Distributors — 0.1%
Genuine Parts Co.		416,838		28,065,703
LKQ Corp.^(a)(b)		799,201		16,391,612

				44,457,315

Diversified Consumer Services — 0.2%
frontdoor Inc.^(a)(b)		251,429		8,744,700
Graham Holdings Co., Class B		12,439		4,243,814
Grand Canyon Education Inc.^(a)(b)		127,508		9,726,948
H&R Block Inc.^(a)		490,586		6,907,451
Service Corp. International		336,368		13,155,352
ServiceMaster Global Holdings Inc.^(a)(b)		332,068		8,965,836

				51,744,101

Diversified Financial Services — 3.6%
Berkshire Hathaway Inc., Class B^(b)		5,814,732		1,063,107,452
Equitable Holdings Inc.		1,228,736		17,755,235
Jefferies Financial Group Inc.		751,796		10,277,051
Voya Financial Inc.^(a)		376,963		15,285,850

				1,106,425,588

Diversified Telecommunication Services — 4.3%
AT&T Inc.		21,701,494		632,598,550
CenturyLink Inc.		3,228,548		30,542,064
GCI Liberty Inc., Class A^(a)(b)		289,131		16,471,793
Verizon Communications Inc.		12,302,021		660,987,589

				1,340,599,996

Electric Utilities — 4.8%
Alliant Energy Corp.		712,411		34,402,327
American Electric Power Co. Inc.		1,466,535		117,293,469
Avangrid Inc.		171,828		7,522,630
Duke Energy Corp.		2,162,684		174,917,882
Edison International		1,038,541		56,901,661
Entergy Corp.		589,571		55,401,987
Evergy Inc.		674,882		37,152,254
Eversource Energy		960,889		75,151,129
Exelon Corp.		2,878,850		105,970,469
FirstEnergy Corp.		1,602,100		64,196,147
Hawaiian Electric Industries Inc.		325,626		14,018,199
IDACORP Inc.		151,767		13,323,625
NextEra Energy Inc.^(a)		1,451,441		349,245,733
NRG Energy Inc.		747,918		20,388,245
OGE Energy Corp.		589,130		18,103,965
PG&E Corp.^(a)(b)		1,571,424		14,127,102
Pinnacle West Capital Corp.		331,285		25,108,090
PPL Corp.		2,281,754		56,313,689
Southern Co. (The)		3,089,222		167,250,479
Xcel Energy Inc.		1,555,571		93,800,931

				1,500,590,013

Electrical Equipment — 0.7%
Acuity Brands Inc.		86,374		7,398,797
AMETEK Inc.		142,343		10,251,543
Eaton Corp. PLC		1,225,043		95,173,590
Emerson Electric Co.		1,659,646		79,082,132
GrafTech International Ltd.		168,991		1,372,207
Hubbell Inc.		75,027		8,608,598
nVent Electric PLC		437,659		7,383,307
Regal Beloit Corp.		120,582		7,590,637


Security	Shares		Value

Electrical Equipment (continued)
Sensata Technologies Holding PLC^(a)(b)		276,586	$	8,001,633

				224,862,444

Electronic Equipment, Instruments & Components — 0.5%
Arrow Electronics Inc.^(b)		244,588		12,686,780
Avnet Inc.		293,293		7,361,654
Coherent Inc.^(a)(b)		69,724		7,419,331
Corning Inc.		1,549,851		31,833,939
Dolby Laboratories Inc., Class A		161,384		8,748,627
FLIR Systems Inc.		364,469		11,622,916
IPG Photonics Corp.^(a)(b)		97,814		10,786,928
Jabil Inc.		346,388		8,514,217
Littelfuse Inc.		68,007		9,073,494
National Instruments Corp.		358,924		11,873,206
SYNNEX Corp.		122,249		8,936,402
Trimble Inc.^(a)(b)		612,514		19,496,321

				148,353,815

Energy Equipment & Services — 0.4%
Apergy Corp.^(b)		228,218		1,312,254
Baker Hughes Co.		1,953,670		20,513,535
Halliburton Co.		2,582,230		17,688,276
Helmerich & Payne Inc.		315,883		4,943,569
National Oilwell Varco Inc.^(a)		1,123,082		11,039,896
Patterson-UTI Energy Inc.		563,566		1,324,380
Schlumberger Ltd.		4,111,762		55,467,669
Transocean Ltd.^(a)(b)		1,762,139		2,044,081

				114,333,660

Entertainment — 2.3%
Activision Blizzard Inc.		2,127,551		126,546,734
Cinemark Holdings Inc.		315,762		3,217,615
Electronic Arts Inc.^(a)(b)		81,667		8,180,583
Liberty Media Corp.-Liberty Formula One, Class A^(a)(b)		73,677		1,902,340
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)(b)		578,839		15,761,786
Lions Gate Entertainment Corp., Class A^(b)		154,409		938,807
Lions Gate Entertainment Corp., Class B, NVS^(b)		310,418		1,732,132
Madison Square Garden Co. (The), Class A^(a)(b)		51,254		10,835,608
Take-Two Interactive Software Inc.^(b)		178,651		21,189,795
Walt Disney Co. (The)		5,189,593		501,314,684
Zynga Inc., Class A^(b)		1,982,393		13,579,392

				705,199,476

Equity Real Estate Investment Trusts (REITs) — 4.9%
Alexandria Real Estate Equities Inc.		359,528		49,276,908
American Campus Communities Inc.		399,879		11,096,642
American Homes 4 Rent, Class A		446,999		10,370,377
Apartment Investment & Management Co., Class A		435,153		15,295,628
Apple Hospitality REIT Inc.		622,055		5,704,244
AvalonBay Communities Inc.		412,990		60,779,738
Boston Properties Inc.		458,511		42,288,470
Brandywine Realty Trust		546,660		5,750,863
Brixmor Property Group Inc.		866,099		8,227,941
Camden Property Trust		275,926		21,864,376
Colony Capital Inc.		1,338,670		2,342,673
Columbia Property Trust Inc.		340,212		4,252,650
CoreSite Realty Corp.		24,533		2,843,375
Corporate Office Properties Trust		324,330		7,177,423
Cousins Properties Inc.		431,446		12,628,424
CubeSmart		568,557		15,231,642
CyrusOne Inc.		329,325		20,335,819


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Digital Realty Trust Inc.		774,071	$	107,526,203
Douglas Emmett Inc.		486,729		14,850,102
Duke Realty Corp.		1,089,483		35,277,460
Empire State Realty Trust Inc., Class A^(a)		421,331		3,775,126
EPR Properties		230,534		5,583,533
Equity Commonwealth		356,630		11,308,737
Equity Residential		1,084,980		66,954,116
Essex Property Trust Inc.		194,044		42,736,251
Extra Space Storage Inc.^(a)		70,249		6,727,044
Federal Realty Investment Trust		219,577		16,382,640
Gaming and Leisure Properties Inc.		600,017		16,626,471
Healthcare Trust of America Inc., Class A		642,907		15,609,782
Healthpeak Properties Inc.		1,500,625		35,789,906
Highwoods Properties Inc.		302,339		10,708,847
Host Hotels & Resorts Inc.		2,107,460		23,266,358
Hudson Pacific Properties Inc.		453,581		11,502,814
Invitation Homes Inc.		1,584,628		33,863,500
Iron Mountain Inc.		749,427		17,836,363
JBG SMITH Properties		361,608		11,509,983
Kilroy Realty Corp.		307,880		19,611,956
Kimco Realty Corp.		1,242,331		12,013,341
Life Storage Inc.		137,404		12,991,548
Macerich Co. (The)		418,546		2,356,414
Medical Properties Trust Inc.		1,520,990		26,297,917
Mid-America Apartment Communities Inc.		336,726		34,692,880
National Retail Properties Inc.		504,083		16,226,432
Omega Healthcare Investors Inc.		675,015		17,914,898
Outfront Media Inc.		360,227		4,855,860
Paramount Group Inc.		607,123		5,342,682
Park Hotels & Resorts Inc.		706,461		5,588,107
Prologis Inc.		2,174,776		174,786,747
Public Storage		106,528		21,157,526
Rayonier Inc.		383,607		9,033,945
Realty Income Corp.		966,835		48,206,393
Regency Centers Corp.		490,201		18,838,424
Retail Properties of America Inc., Class A		629,738		3,255,745
Service Properties Trust		481,353		2,599,306
Simon Property Group Inc.		104,035		5,707,360
SITE Centers Corp.		444,399		2,315,319
SL Green Realty Corp.		233,840		10,078,504
Spirit Realty Capital Inc.		293,320		7,670,318
STORE Capital Corp.		634,769		11,502,014
Sun Communities Inc.		205,808		25,695,129
Taubman Centers Inc.		173,113		7,249,972
UDR Inc.		814,681		29,768,444
Ventas Inc.		1,104,371		29,597,143
VEREIT Inc.		3,166,769		15,485,500
VICI Properties Inc.		1,355,551		22,556,369
Vornado Realty Trust		516,850		18,715,139
Weingarten Realty Investors		358,422		5,172,029
Welltower Inc.		1,218,086		55,763,977
Weyerhaeuser Co.		2,208,953		37,441,753
WP Carey Inc.		506,669		29,427,336

				1,533,218,856

Food & Staples Retailing — 2.2%
Casey’s General Stores Inc.^(a)		82,656		10,951,093
Grocery Outlet Holding Corp.^(a)(b)		133,327		4,578,449
Kroger Co. (The)		2,357,062		70,994,707
Sprouts Farmers Market Inc.^(a)(b)		171,284		3,184,170
U.S. Foods Holding Corp.^(a)(b)		646,600		11,451,286


Security	Shares		Value

Food & Staples Retailing (continued)
Walgreens Boots Alliance Inc.		2,236,792	$	102,333,234
Walmart Inc.		4,130,493		469,306,615

				672,799,554

Food Products — 2.4%
Archer-Daniels-Midland Co.		1,652,022		58,118,134
Beyond Meat Inc.^(a)(b)		144,228		9,605,585
Bunge Ltd.		404,389		16,592,081
Campbell Soup Co.		219,573		10,135,490
Conagra Brands Inc.		1,430,423		41,968,611
Flowers Foods Inc.		574,853		11,795,984
General Mills Inc.		1,796,081		94,779,194
Hain Celestial Group Inc. (The)^(a)(b)		252,485		6,557,035
Hershey Co. (The)		54,448		7,214,360
Hormel Foods Corp.		823,865		38,425,064
Ingredion Inc.		197,057		14,877,803
JM Smucker Co. (The)		326,507		36,242,277
Kellogg Co.		451,080		27,060,289
Kraft Heinz Co. (The)^(a)		1,851,668		45,810,266
Lamb Weston Holdings Inc.		318,548		18,189,091
McCormick & Co. Inc./MD, NVS		128,363		18,126,139
Mondelez International Inc., Class A		4,220,456		211,360,436
Pilgrim’s Pride Corp.^(a)(b)		102,182		1,851,538
Post Holdings Inc.^(a)(b)		109,393		9,076,337
Seaboard Corp.		720		2,025,216
TreeHouse Foods Inc.^(a)(b)		136,699		6,035,261
Tyson Foods Inc., Class A		853,519		49,393,145

				735,239,336

Gas Utilities — 0.2%
Atmos Energy Corp.		358,435		35,567,505
National Fuel Gas Co.		249,940		9,320,263
UGI Corp.		617,666		16,473,152

				61,360,920

Health Care Equipment & Supplies — 4.0%
Abbott Laboratories		2,899,672		228,813,117
Baxter International Inc.		758,925		61,617,121
Becton Dickinson and Co.		727,426		167,140,672
Cantel Medical Corp.^(a)		48,207		1,730,631
Cooper Companies Inc. (The)^(a)		124,706		34,377,703
Danaher Corp.		1,732,737		239,828,128
Dentsply Sirona Inc.		661,066		25,669,193
Envista Holdings Corp.^(a)(b)		150,983		2,255,686
Hill-Rom Holdings Inc.		98,675		9,926,705
Hologic Inc.^(b)		153,840		5,399,784
ICU Medical Inc.^(a)(b)		41,174		8,307,678
Integra LifeSciences Holdings Corp.^(a)(b)		209,872		9,374,982
Medtronic PLC		3,989,045		359,732,078
Steris PLC^(a)		236,074		33,043,278
West Pharmaceutical Services Inc.^(a)		52,547		8,000,281
Zimmer Biomet Holdings Inc.		608,484		61,505,563

				1,256,722,600

Health Care Providers & Services — 2.7%
Acadia Healthcare Co. Inc.^(a)(b)		257,367		4,722,684
Anthem Inc.		533,307		121,082,021
Cardinal Health Inc.		867,460		41,586,032
Centene Corp.^(b)		251,452		14,938,763
Cigna Corp.^(b)		755,034		133,776,924
Covetrus Inc.^(a)(b)		320,289		2,607,152
CVS Health Corp.		3,854,606		228,693,774
DaVita Inc.^(b)		260,415		19,807,165


20		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Encompass Health Corp.		143,352	$	9,178,829
HCA Healthcare Inc.		321,364		28,874,555
Henry Schein Inc.^(a)(b)		382,942		19,346,230
Humana Inc.		225,236		70,728,609
Laboratory Corp. of America Holdings^(b)		269,680		34,084,855
McKesson Corp.		426,353		57,668,507
MEDNAX Inc.^(a)(b)		242,181		2,818,987
Molina Healthcare Inc.^(b)		38,438		5,370,173
Premier Inc., Class A^(a)(b)		187,516		6,135,524
Quest Diagnostics Inc.		396,723		31,856,857
Universal Health Services Inc., Class B		235,270		23,310,552

				856,588,193

Health Care Technology — 0.0%
Change Healthcare Inc.^(a)(b)		369,336		3,689,667


Hotels, Restaurants & Leisure — 1.5%
Aramark		754,901		15,075,373
Caesars Entertainment Corp.^(a)(b)		1,706,727		11,537,475
Carnival Corp.		1,180,810		15,551,268
Choice Hotels International Inc.		56,321		3,449,661
Dunkin’ Brands Group Inc.		16,142		857,140
Extended Stay America Inc.^(a)		573,173		4,189,895
Hilton Grand Vacations Inc.^(a)(b)		218,910		3,452,211
Hyatt Hotels Corp., Class A^(a)		107,066		5,128,461
International Game Technology PLC		290,335		1,727,493
Las Vegas Sands Corp.		522,937		22,209,134
McDonald’s Corp.		1,879,520		310,778,632
MGM Resorts International		1,309,014		15,446,365
Norwegian Cruise Line Holdings Ltd.^(b)		500,917		5,490,050
Royal Caribbean Cruises Ltd.		508,620		16,362,305
Six Flags Entertainment Corp.		213,607		2,678,632
Vail Resorts Inc.		12,766		1,885,666
Wyndham Destinations Inc.		256,580		5,567,786
Wyndham Hotels & Resorts Inc.^(a)		192,125		6,053,859
Wynn Resorts Ltd.		49,876		3,002,037
Yum China Holdings Inc.		207,232		8,834,300
Yum! Brands Inc.		100,561		6,891,445

				466,169,188

Household Durables — 0.5%
DR Horton Inc.		995,634		33,851,556
Garmin Ltd.		430,032		32,235,199
Leggett & Platt Inc.		382,941		10,216,866
Lennar Corp., Class A		486,421		18,581,282
Lennar Corp., Class B		19,890		575,219
Mohawk Industries Inc.^(a)(b)		176,090		13,425,101
Newell Brands Inc.		1,119,811		14,871,090
PulteGroup Inc.		746,957		16,672,080
Toll Brothers Inc.		362,003		6,968,558
Whirlpool Corp.		182,514		15,659,701

				163,056,652

Household Products — 3.4%
Clorox Co. (The)		68,315		11,835,574
Colgate-Palmolive Co.		2,495,754		165,618,235
Energizer Holdings Inc.		179,629		5,433,777
Kimberly-Clark Corp.		1,013,370		129,579,622
Procter & Gamble Co. (The)		6,814,052		749,545,720
Reynolds Consumer Products Inc.		84,008		2,450,513
Spectrum Brands Holdings Inc.		135,472		4,927,117

				1,069,390,558


Security	Shares		Value

Independent Power and Renewable Electricity Producers — 0.2%
AES Corp./VA		1,981,976	$	26,954,873
Vistra Energy Corp.		1,248,003		19,918,128

				46,873,001

Industrial Conglomerates — 1.6%
3M Co.		390,395		53,292,822
Carlisle Companies Inc.^(a)		20,014		2,507,354
General Electric Co.		25,695,752		204,024,271
Honeywell International Inc.		1,093,357		146,280,233
Roper Technologies Inc.		256,788		80,069,066

				486,173,746

Insurance — 4.1%
Aflac Inc.		2,155,507		73,804,560
Alleghany Corp.		37,294		20,599,341
Allstate Corp. (The)		944,338		86,624,125
American Financial Group Inc./OH		218,199		15,291,386
American International Group Inc.		2,583,397		62,647,377
American National Insurance Co.		19,368		1,595,536
Arch Capital Group Ltd.^(b)		981,607		27,936,535
Arthur J Gallagher & Co.		436,440		35,574,224
Assurant Inc.		181,683		18,911,383
Assured Guaranty Ltd.		275,790		7,112,624
Athene Holding Ltd., Class A^(a)(b)		240,597		5,971,618
Axis Capital Holdings Ltd.		220,268		8,513,358
Brighthouse Financial Inc.^(a)(b)		314,445		7,600,136
Brown & Brown Inc.		664,150		24,055,513
Chubb Ltd.		1,337,946		149,435,189
Cincinnati Financial Corp.^(a)		451,308		34,051,189
CNA Financial Corp.		81,702		2,536,030
Erie Indemnity Co., Class A, NVS		26,049		3,861,504
Everest Re Group Ltd.		82,856		15,943,151
Fidelity National Financial Inc.		789,421		19,640,794
First American Financial Corp.		318,451		13,505,507
Globe Life Inc.		320,334		23,054,438
Hanover Insurance Group Inc. (The)		114,492		10,370,685
Hartford Financial Services Group Inc. (The)		1,068,575		37,656,583
Kemper Corp.^(a)		148,867		11,071,239
Lincoln National Corp.		594,155		15,638,160
Loews Corp.^(a)		741,282		25,818,852
Markel Corp.^(a)(b)		36,883		34,223,367
Marsh & McLennan Companies Inc.		183,082		15,829,270
Mercury General Corp.		80,976		3,297,343
MetLife Inc.		2,308,507		70,571,059
Old Republic International Corp.		828,985		12,642,021
Primerica Inc.^(a)		33,995		3,007,878
Principal Financial Group Inc.		813,151		25,484,152
Progressive Corp. (The)		1,164,362		85,976,490
Prudential Financial Inc.		1,177,181		61,378,217
Reinsurance Group of America Inc.		183,115		15,407,296
RenaissanceRe Holdings Ltd.		79,903		11,931,116
Travelers Companies Inc. (The)		633,727		62,960,777
Unum Group		589,006		8,840,980
White Mountains Insurance Group Ltd.^(a)		8,966		8,159,060
Willis Towers Watson PLC		382,580		64,981,213
WR Berkley Corp.		431,770		22,525,441

				1,266,036,717

Interactive Media & Services — 0.1%
IAC/InterActiveCorp.^(b)		91,798		16,452,955
TripAdvisor Inc.		29,990		521,526
Zillow Group Inc., Class A^(a)(b)		167,072		5,675,436


SCHEDULES OF INVESTMENTS			21

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services (continued)
Zillow Group Inc., Class C, NVS^(a)(b)		374,441	$	13,487,365

				36,137,282

Internet & Direct Marketing Retail — 0.0%
Expedia Group Inc.		52,449		2,951,305
Qurate Retail Inc., Series A^(b)		1,114,359		6,803,162

				9,754,467

IT Services — 1.3%
Akamai Technologies Inc.^(a)(b)		40,616		3,715,958
Alliance Data Systems Corp.		106,555		3,585,576
Amdocs Ltd.		398,071		21,881,963
CACI International Inc., Class A^(b)		72,886		15,389,879
Cognizant Technology Solutions Corp., Class A		1,505,913		69,979,777
DXC Technology Co.		758,481		9,898,177
Fidelity National Information Services Inc.		702,663		85,471,927
International Business Machines Corp.		1,040,520		115,424,884
Jack Henry & Associates Inc.		26,660		4,138,698
Leidos Holdings Inc.		396,135		36,305,773
Sabre Corp.		670,583		3,976,557
VeriSign Inc.^(b)		94,884		17,087,659
Western Union Co. (The)		969,954		17,585,266

				404,442,094

Leisure Products — 0.0%
Brunswick Corp./DE		247,799		8,764,651
Mattel Inc.^(b)		317,063		2,793,325
Polaris Inc.		18,747		902,668

				12,460,644

Life Sciences Tools & Services — 0.9%
Adaptive Biotechnologies Corp.^(a)(b)		57,906		1,608,629
Agilent Technologies Inc.		831,411		59,545,656
Avantor Inc.^(a)(b)		270,597		3,379,757
Bio-Rad Laboratories Inc., Class A^(b)		63,097		22,119,284
IQVIA Holdings Inc.^(a)(b)		300,249		32,384,857
PerkinElmer Inc.^(a)		254,148		19,132,261
PPD Inc.^(b)		83,695		1,490,608
QIAGEN NV^(a)(b)		656,115		27,294,384
Thermo Fisher Scientific Inc.		377,695		107,114,302

				274,069,738

Machinery — 2.2%
AGCO Corp.^(a)		190,403		8,996,542
Caterpillar Inc.		1,467,474		170,285,683
Colfax Corp.^(a)(b)		274,770		5,440,446
Crane Co.		155,116		7,628,605
Cummins Inc.		435,186		58,889,369
Deere & Co.		747,691		103,300,989
Dover Corp.		240,106		20,154,498
Flowserve Corp.		298,043		7,120,247
Fortive Corp.^(a)		679,700		37,512,643
Gates Industrial Corp. PLC^(a)(b)		135,888		1,002,853
IDEX Corp.		111,590		15,411,695
Ingersoll Rand Inc.^(b)		420,047		10,417,172
ITT Inc.		257,331		11,672,534
Lincoln Electric Holdings Inc.		10,422		719,118
Nordson Corp.^(a)		15,242		2,058,737
Oshkosh Corp.^(a)		199,039		12,804,179
PACCAR Inc.		1,006,048		61,499,714
Parker-Hannifin Corp.		379,561		49,240,449
Pentair PLC		506,663		15,078,291
Snap-on Inc.		162,569		17,690,759
Stanley Black & Decker Inc.^(a)		449,213		44,921,300


Security	Shares		Value

Machinery (continued)
Timken Co. (The)		198,423	$	6,417,000
Trinity Industries Inc.		314,086		5,047,362
WABCO Holdings Inc.^(b)		24,687		3,333,979
Westinghouse Air Brake Technologies Corp.^(a)		383,818		18,473,160
Woodward Inc.^(a)		29,630		1,761,207

				696,878,531

Marine — 0.0%
Kirby Corp.^(a)(b)		171,796		7,467,972


Media — 1.7%
Charter Communications Inc., Class A^(a)(b)		183,482		80,055,031
Comcast Corp., Class A		7,089,269		243,729,068
Discovery Inc., Class A^(a)(b)		459,155		8,925,973
Discovery Inc., Class C, NVS^(a)(b)		1,012,570		17,760,478
DISH Network Corp., Class A^(a)(b)		781,935		15,630,881
Fox Corp., Class A, NVS^(a)		922,613		21,801,345
Fox Corp., Class B^(b)		421,578		9,645,705
Interpublic Group of Companies Inc. (The)		1,031,892		16,706,332
John Wiley & Sons Inc., Class A		129,416		4,851,806
Liberty Broadband Corp., Class A^(a)(b)		72,854		7,795,378
Liberty Broadband Corp., Class C, NVS^(b)		315,349		34,915,441
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)(b)		250,157		7,927,475
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(b)		460,713		14,567,745
New York Times Co. (The), Class A		389,657		11,966,367
News Corp., Class A, NVS^(a)		1,135,278		10,189,120
News Corp., Class B^(a)		389,459		3,501,236
Nexstar Media Group Inc., Class A		30,063		1,735,537
Omnicom Group Inc.		297,042		16,307,606
Sinclair Broadcast Group Inc., Class A		11,082		178,199
ViacomCBS Inc., Class A		13,427		239,403
ViacomCBS Inc., Class B, NVS		706,811		9,902,422

				538,332,548

Metals & Mining — 0.7%
Alcoa Corp.^(a)(b)		550,580		3,391,573
Freeport-McMoRan Inc.		4,296,624		29,002,212
Newmont Corp.		2,425,613		109,831,757
Nucor Corp.		903,874		32,557,542
Reliance Steel & Aluminum Co.		192,041		16,820,871
Royal Gold Inc.		132,164		11,592,104
Southern Copper Corp.		67,864		1,911,050
Steel Dynamics Inc.		610,148		13,752,736
U.S. Steel Corp.^(a)		535,484		3,378,904

				222,238,749

Mortgage Real Estate Investment — 0.2%
AGNC Investment Corp.		1,603,181		16,961,655
Annaly Capital Management Inc.		4,237,022		21,481,702
Chimera Investment Corp.		579,933		5,277,390
MFA Financial Inc.		1,406,939		2,180,755
New Residential Investment Corp.		1,202,094		6,022,491
Starwood Property Trust Inc.		795,609		8,154,992
Two Harbors Investment Corp.		768,942		2,929,669

				63,008,654

Multi-Utilities — 2.3%
Ameren Corp.		726,434		52,906,188
CenterPoint Energy Inc.		1,501,768		23,202,316
CMS Energy Corp.		839,223		49,304,351
Consolidated Edison Inc.		987,228		77,003,784
Dominion Energy Inc.		2,440,462		176,176,952


22		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Multi-Utilities (continued)
DTE Energy Co.		549,512	$	52,187,155
MDU Resources Group Inc.		594,880		12,789,920
NiSource Inc.		1,104,998		27,591,800
Public Service Enterprise Group Inc.		1,497,292		67,243,384
Sempra Energy^(a)		836,948		94,566,754
WEC Energy Group Inc.		935,810		82,472,935

				715,445,539

Multiline Retail — 0.5%
Dollar General Corp.		44,142		6,665,884
Dollar Tree Inc.^(b)		319,562		23,478,220
Kohl’s Corp.		466,570		6,807,256
Macy’s Inc.^(a)		890,353		4,371,633
Target Corp.		1,377,408		128,057,622

				169,380,615

Oil, Gas & Consumable Fuels — 5.1%
Antero Midstream Corp.		720,868		1,513,823
Antero Resources Corp.^(a)(b)		952,166		678,799
Apache Corp.		1,124,393		4,699,963
Cabot Oil & Gas Corp.		449,682		7,730,034
Centennial Resource Development Inc./DE, Class A^(a)(b)		564,528		148,471
Cheniere Energy Inc.^(a)(b)		290,343		9,726,491
Chesapeake Energy Corp.^(a)(b)		3,853,890		665,567
Chevron Corp.		5,666,784		410,615,169
Cimarex Energy Co.		296,319		4,987,049
Concho Resources Inc.		589,714		25,269,245
ConocoPhillips		3,224,313		99,308,840
Continental Resources Inc./OK^(a)		281,416		2,150,018
Devon Energy Corp.		1,135,479		7,846,160
Diamondback Energy Inc.		376,010		9,851,462
EOG Resources Inc.		1,722,471		61,871,158
EQT Corp.^(a)		748,497		5,291,874
Equitrans Midstream Corp.		541,416		2,723,322
Exxon Mobil Corp.		12,583,068		477,779,092
Hess Corp.^(a)		796,915		26,537,269
HollyFrontier Corp.		453,658		11,119,158
Kinder Morgan Inc./DE		5,791,193		80,613,407
Kosmos Energy Ltd.		1,070,797		959,006
Marathon Oil Corp.		2,378,284		7,824,554
Marathon Petroleum Corp.		1,909,863		45,110,964
Murphy Oil Corp.		430,188		2,637,052
Noble Energy Inc.		1,404,166		8,481,163
Occidental Petroleum Corp.^(a)		2,657,642		30,775,494
ONEOK Inc.		830,592		18,115,212
Parsley Energy Inc., Class A		373,500		2,140,155
PBF Energy Inc., Class A		352,552		2,496,068
Phillips 66		1,309,228		70,240,082
Pioneer Natural Resources Co.		280,386		19,669,078
Range Resources Corp.^(a)		528,722		1,205,486
Targa Resources Corp.		677,862		4,684,026
Valero Energy Corp.		1,216,918		55,199,400
Williams Companies Inc. (The)		3,599,934		50,939,066
WPX Energy Inc.^(a)(b)		1,226,136		3,739,715

				1,575,342,892

Paper & Forest Products — 0.0%
Domtar Corp.		176,812		3,826,212


Personal Products — 0.1%
Coty Inc., Class A		865,857		4,467,822


Security	Shares		Value

Personal Products (continued)
Herbalife Nutrition Ltd.^(a)(b)		258,902	$	7,549,582
Nu Skin Enterprises Inc., Class A		162,254		3,545,250

				15,562,654

Pharmaceuticals — 6.1%
Allergan PLC		973,774		172,455,375
Bristol-Myers Squibb Co.		2,867,973		159,860,815
Catalent Inc.^(a)(b)		454,603		23,616,626
Elanco Animal Health Inc.^(a)(b)		1,175,281		26,314,542
Horizon Therapeutics PLC^(b)		481,608		14,265,229
Jazz Pharmaceuticals PLC^(b)		19,069		1,901,942
Johnson & Johnson		6,704,044		879,101,290
Merck & Co. Inc.		396,965		30,542,487
Mylan NV^(a)(b)		1,520,841		22,675,739
Nektar Therapeutics^(a)(b)		421,235		7,519,045
Perrigo Co. PLC		373,742		17,973,253
Pfizer Inc.		16,537,329		539,778,418

				1,896,004,761

Professional Services — 0.2%
CoreLogic Inc.		214,686		6,556,511
Equifax Inc.^(a)		56,783		6,782,729
IHS Markit Ltd.		432,634		25,958,040
ManpowerGroup Inc.		175,836		9,317,550
Nielsen Holdings PLC^(a)		919,591		11,531,671

				60,146,501

Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A^(b)		631,665		23,820,087
Howard Hughes Corp. (The)^(a)(b)		87,577		4,424,390
Jones Lang LaSalle Inc.^(a)		134,047		13,536,066

				41,780,543

Road & Rail — 1.2%
AMERCO		27,170		7,894,244
CSX Corp.		1,401,536		80,308,013
JB Hunt Transport Services Inc.^(a)		174,710		16,113,503
Kansas City Southern^(a)		284,145		36,137,561
Knight-Swift Transportation Holdings Inc.^(a)		368,229		12,077,911
Landstar System Inc.^(a)		11,022		1,056,569
Lyft Inc., Class A^(a)(b)		520,752		13,982,191
Norfolk Southern Corp.		662,798		96,768,508
Old Dominion Freight Line Inc.^(a)		167,688		22,010,727
Ryder System Inc.		162,938		4,308,081
Schneider National Inc., Class B^(a)		164,451		3,180,482
Uber Technologies Inc.^(a)(b)		2,509,048		70,052,620

				363,890,410

Semiconductors & Semiconductor Equipment — 3.9%
Analog Devices Inc.		943,996		84,629,241
Applied Materials Inc.		1,270,216		58,201,297
Cree Inc.^(a)(b)		294,738		10,451,409
Cypress Semiconductor Corp.		1,092,410		25,475,001
First Solar Inc.^(a)(b)		244,112		8,802,679
Intel Corp.		12,723,392		688,589,975
Lam Research Corp.^(a)		51,732		12,415,680
Marvell Technology Group Ltd.		1,967,212		44,518,008
Maxim Integrated Products Inc.		500,863		24,346,950
Microchip Technology Inc.^(a)		501,163		33,978,851
Micron Technology Inc.^(a)(b)		3,283,646		138,110,151
MKS Instruments Inc.^(a)		159,370		12,980,687
ON Semiconductor Corp.^(a)(b)		1,211,659		15,073,038
Qorvo Inc.^(b)		343,820		27,722,207


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions Inc.^(a)		479,194	$	42,830,360

				1,228,125,534

Software — 0.3%
2U Inc.^(a)(b)		104,091		2,208,811
Autodesk Inc.^(b)		148,847		23,235,017
Bill.Com Holdings Inc.^(a)(b)		10,973		375,277
CERENCE Inc.^(a)(b)		107,852		1,660,921
Ceridian HCM Holding Inc.^(a)(b)		48,395		2,423,138
Citrix Systems Inc.^(a)		37,632		5,326,809
Dynatrace Inc.^(a)(b)		71,422		1,702,700
LogMeIn Inc.		144,214		12,010,142
Medallia Inc.^(a)(b)		37,243		746,350
NortonLifeLock Inc.		1,666,988		31,189,345
Nuance Communications Inc.^(a)(b)		837,271		14,049,407
SolarWinds Corp.^(a)(b)		95,490		1,496,328
SS&C Technologies Holdings Inc.		63,129		2,766,313

				99,190,558

Specialty Retail — 1.3%
Advance Auto Parts Inc.		151,843		14,169,989
AutoNation Inc.^(a)(b)		159,393		4,472,568
Best Buy Co. Inc.		526,473		30,008,961
CarMax Inc.^(a)(b)		258,633		13,922,214
Dick’s Sporting Goods Inc.		172,718		3,671,985
Foot Locker Inc.		307,931		6,789,878
Gap Inc. (The)		625,506		4,403,562
Home Depot Inc. (The)		1,392,389		259,972,950
L Brands Inc.		568,876		6,576,206
Penske Automotive Group Inc.		100,218		2,806,104
Tiffany & Co.^(a)		357,972		46,357,374
Urban Outfitters Inc.^(b)		194,328		2,767,231
Williams-Sonoma Inc.		184,657		7,851,616

				403,770,638

Technology Hardware, Storage & Peripherals — 0.5%
Dell Technologies Inc., Class C^(b)		124,098		4,908,076
Hewlett Packard Enterprise Co.		3,877,096		37,646,602
HP Inc.		4,093,910		71,070,278
Western Digital Corp.		882,383		36,724,780
Xerox Holdings Corp.^(b)		525,806		9,958,766

				160,308,502

Textiles, Apparel & Luxury Goods — 0.2%
Capri Holdings Ltd.^(a)(b)		246,699		2,661,882
Carter’s Inc.		68,559		4,506,383
Columbia Sportswear Co.^(a)		30,589		2,134,195
Hanesbrands Inc.		245,886		1,935,123
PVH Corp.^(a)		216,018		8,130,917
Ralph Lauren Corp.		140,422		9,384,402
Skechers U.S.A. Inc., Class A^(b)		248,601		5,901,788
Tapestry Inc.		835,602		10,821,046
Under Armour Inc., Class A^(a)(b)		191,966		1,768,007
Under Armour Inc., Class C, NVS^(b)		196,381		1,582,831

				48,826,574

Thrifts & Mortgage Finance — 0.1%
MGIC Investment Corp.		1,067,658		6,779,629
New York Community Bancorp. Inc.		1,344,277		12,622,761
TFS Financial Corp.		134,464		2,053,265

				21,455,655

Tobacco — 1.4%
Altria Group Inc.		2,844,769		110,007,217


Security	Shares		Value

Tobacco (continued)
Philip Morris International Inc.		4,620,119	$	337,083,882

				447,091,099

Trading Companies & Distributors — 0.2%
Air Lease Corp.^(a)		290,125		6,423,368
Fastenal Co.		169,101		5,284,406
HD Supply Holdings Inc.^(b)		475,218		13,510,448
MSC Industrial Direct Co. Inc., Class A		134,364		7,385,989
United Rentals Inc.^(a)(b)		64,091		6,594,964
Univar Solutions Inc.^(a)(b)		501,978		5,381,204
Watsco Inc.		95,382		15,073,217
WESCO International Inc.^(a)(b)		123,348		2,818,502

				62,472,098

Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		217,496		5,491,774


Water Utilities — 0.3%
American Water Works Co. Inc.		535,610		64,037,532
Essential Utilities Inc.		639,952		26,046,046

				90,083,578

Wireless Telecommunication Services — 0.2%
Sprint Corp.^(a)(b)		1,678,196		14,466,050
Telephone & Data Systems Inc.		295,908		4,959,418
T-Mobile U.S. Inc.^(a)(b)		444,326		37,278,951
U.S. Cellular Corp.^(b)		37,931		1,110,999

				57,815,418


Total Common Stocks — 99.5% (Cost: $36,855,568,932)				31,041,022,437


Short-Term Investments

Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(c)(d)(e)		591,562,932		591,444,619
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(c)(d)		88,826,000		88,826,000

				680,270,619


Total Short-Term Investments — 2.2% (Cost: $680,305,028)				680,270,619


Total Investments in Securities — 101.7% (Cost: $37,535,873,960)				31,721,293,056

Other Assets, Less Liabilities — (1.7)%				(545,502,273	)


Net Assets — 100.0%			$	31,175,790,783

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

^(b)	Non-income producing security.

^(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.


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares


24		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.4%
AAR Corp.		751,493	$	13,346,516
Aerojet Rocketdyne Holdings Inc.^(a)(b)		1,637,763		68,507,626
Aerovironment Inc.^(a)(b)		476,856		29,069,142
Astronics Corp.^(a)(b)		510,228		4,683,893
Axon Enterprise Inc.^(a)(b)		1,305,749		92,407,857
Cubic Corp.^(b)		697,587		28,817,319
Ducommun Inc.^(a)(b)		247,618		6,153,307
Kratos Defense & Security Solutions Inc.^(a)(b)		2,009,289		27,808,560
Maxar Technologies Inc.^(a)		1,337,094		14,280,164
Mercury Systems Inc.^(a)(b)		1,215,117		86,686,447
Moog Inc., Class A		695,269		35,131,942
National Presto Industries Inc.		110,880		7,851,413
Park Aerospace Corp.		431,226		5,433,448
Parsons Corp.^(a)(b)		429,266		13,719,341
Triumph Group Inc.^(b)		1,062,635		7,183,413
Vectrus Inc.^(a)(b)		256,035		10,602,409

				451,682,797

Air Freight & Logistics — 0.4%
Air Transport Services Group Inc.^(a)(b)		1,310,675		23,959,139
Atlas Air Worldwide Holdings Inc.^(a)(b)		521,124		13,377,253
Echo Global Logistics Inc.^(a)(b)		597,810		10,210,595
Forward Air Corp.^(b)		632,048		32,013,231
Hub Group Inc., Class A^(a)(b)		724,435		32,940,059
Radiant Logistics Inc.^(a)(b)		882,786		3,416,382

				115,916,659

Airlines — 0.3%
Allegiant Travel Co.		292,793		23,950,467
Hawaiian Holdings Inc.		1,017,322		10,620,842
Mesa Air Group Inc.^(a)(b)		459,654		1,512,261
SkyWest Inc.		1,101,083		28,837,364
Spirit Airlines Inc.^(a)(b)		1,543,739		19,898,796

				84,819,730

Auto Components — 0.8%
Adient PLC^(a)		1,977,792		17,938,573
American Axle & Manufacturing Holdings Inc.^(a)(b)		2,512,938		9,071,706
Cooper Tire & Rubber Co.^(b)		1,123,358		18,310,735
Cooper-Standard Holdings Inc.^(a)(b)		374,302		3,844,082
Dana Inc.		3,233,602		25,254,432
Dorman Products Inc.^(a)(b)		603,482		33,354,450
Fox Factory Holding Corp.^(a)(b)		843,450		35,424,900
Gentherm Inc.^(a)(b)		736,592		23,128,989
LCI Industries		546,981		36,554,740
Modine Manufacturing Co.^(a)(b)		1,093,928		3,555,266
Motorcar Parts of America Inc.^(a)(b)		422,508		5,315,151
Standard Motor Products Inc.		475,226		19,755,145
Stoneridge Inc.^(a)(b)		590,507		9,890,992
Tenneco Inc., Class A		1,162,333		4,184,399
Visteon Corp.^(a)(b)		626,040		30,037,399

				275,620,959

Automobiles — 0.1%
Winnebago Industries Inc.		703,727		19,570,648


Banks — 9.0%
1st Constitution Bancorp		198,229		2,626,534
1st Source Corp.		320,938		10,408,019
ACNB Corp.		157,390		4,721,700
Allegiance Bancshares Inc.^(b)		421,293		10,157,374
Amalgamated Bank, Class A		306,101		3,312,013


Security	Shares		Value

Banks (continued)
Amerant Bancorp Inc.^(a)(b)		427,329	$	6,576,593
American National Bankshares Inc.		238,844		5,708,372
Ameris Bancorp		1,365,579		32,446,157
Ames National Corp.		192,535		3,937,341
Arrow Financial Corp.		281,416		7,843,064
Atlantic Capital Bancshares Inc.^(a)(b)		497,606		5,906,583
Atlantic Union Bankshares Corp.		1,790,816		39,218,870
Banc of California Inc.^(b)		1,031,255		8,250,040
BancFirst Corp.		419,142		13,986,769
Bancorp. Inc. (The)^(a)(b)		1,120,711		6,802,716
BancorpSouth Bank^(b)		2,224,256		42,082,924
Bank First Corp.^(b)		127,507		7,140,392
Bank of Commerce Holdings		398,649		3,137,368
Bank of Marin Bancorp		298,932		8,967,960
Bank of NT Butterfield & Son Ltd. (The)		1,187,003		20,214,661
Bank of Princeton (The)^(b)		122,550		2,849,288
Bank7 Corp.^(b)		97,847		776,905
BankFinancial Corp.		310,312		2,733,849
Bankwell Financial Group Inc.		152,180		2,322,267
Banner Corp.		726,534		24,004,683
Bar Harbor Bankshares		334,219		5,775,304
Baycom Corp.^(a)(b)		236,790		2,853,320
BCB Bancorp. Inc.		322,454		3,434,135
Berkshire Hills Bancorp. Inc.		1,003,427		14,910,925
Boston Private Financial Holdings Inc.		1,808,889		12,933,556
Bridge Bancorp. Inc.		366,662		7,758,568
Brookline Bancorp. Inc.		1,677,726		18,924,749
Bryn Mawr Bank Corp.		450,876		12,795,861
Business First Bancshares Inc.		275,555		3,719,992
Byline Bancorp Inc.^(b)		514,526		5,335,635
C&F Financial Corp.		70,447		2,810,835
Cadence Bancorp		2,648,297		17,346,345
Cambridge Bancorp		94,863		4,932,876
Camden National Corp.		338,957		10,660,198
Capital Bancorp Inc./MD^(a)(b)		175,717		2,199,977
Capital City Bank Group Inc.^(b)		296,691		5,969,423
Capstar Financial Holdings Inc.		322,617		3,190,682
Carolina Financial Corp.		523,964		13,554,949
Carter Bank & Trust^(b)		500,291		4,592,671
Cathay General Bancorp		1,719,161		39,454,745
CBTX Inc.		410,834		7,300,520
CenterState Bank Corp.^(b)		2,702,728		46,568,003
Central Pacific Financial Corp.		566,556		9,008,240
Central Valley Community Bancorp		242,814		3,166,295
Century Bancorp. Inc./MA, Class A, NVS		61,481		3,826,577
Chemung Financial Corp.^(b)		82,735		2,728,600
Citizens & Northern Corp.		264,775		5,295,500
City Holding Co.		345,075		22,957,840
Civista Bancshares Inc.		338,957		5,070,797
CNB Financial Corp./PA		322,692		6,089,198
Coastal Financial Corp./WA^(a)(b)		171,395		1,801,361
Codorus Valley Bancorp. Inc.		213,764		3,441,600
Colony Bankcorp Inc.		164,118		2,051,475
Columbia Banking System Inc.		1,527,224		40,929,603
Community Bank System Inc.^(b)		1,072,515		63,063,882
Community Bankers Trust Corp.		499,092		2,420,596
Community Financial Corp. (The)		96,190		2,125,799
Community Trust Bancorp. Inc.		343,615		10,923,521
ConnectOne Bancorp. Inc.		761,330		10,232,275
CrossFirst Bankshares Inc.^(a)(b)		1,062,610		8,925,924


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Customers Bancorp. Inc.^(a)		634,283	$	6,932,713
CVB Financial Corp.		2,976,146		59,671,727
Dime Community Bancshares Inc.		700,467		9,603,403
Eagle Bancorp. Inc.		697,979		21,085,946
Enterprise Bancorp. Inc./MA		208,676		5,632,165
Enterprise Financial Services Corp.^(b)		544,826		15,206,094
Equity Bancshares Inc., Class A^(a)(b)		333,877		5,759,378
Esquire Financial Holdings Inc.^(a)(b)		143,916		2,165,936
Evans Bancorp. Inc.		105,008		2,552,744
Farmers & Merchants Bancorp. Inc./Archbold OH		222,667		5,769,302
Farmers National Banc Corp.		565,585		6,577,754
FB Financial Corp.^(b)		387,812		7,647,653
Fidelity D&D Bancorp. Inc.^(b)		59,344		3,027,731
Financial Institutions Inc.		341,827		6,200,742
First Bancorp. Inc./ME		226,775		4,989,050
First Bancorp./Puerto Rico		4,526,959		24,083,422
First Bancorp./Southern Pines NC		659,829		15,228,853
First Bancshares Inc. (The)		379,621		7,239,372
First Bank/Hamilton NJ^(b)		383,529		2,661,691
First Busey Corp.		1,147,525		19,634,153
First Business Financial Services Inc.		181,556		2,814,118
First Capital Inc.^(b)		71,686		4,293,991
First Choice Bancorp		222,773		3,343,823
First Commonwealth Financial Corp.		2,068,639		18,907,360
First Community Bankshares Inc.		401,398		9,352,573
First Financial Bancorp		2,091,254		31,180,597
First Financial Bankshares Inc.^(b)		2,906,805		78,018,646
First Financial Corp./IN		290,832		9,806,855
First Financial Northwest Inc.		173,152		1,738,446
First Foundation Inc.^(b)		891,099		9,107,032
First Guaranty Bancshares Inc.		114,821		1,656,867
First Internet Bancorp		206,660		3,393,357
First Interstate BancSystem Inc., Class A		848,457		24,469,500
First Merchants Corp.		1,209,750		32,046,277
First Mid Bancshares Inc.		321,692		7,636,968
First Midwest Bancorp. Inc.		2,290,581		30,315,840
First Northwest Bancorp		210,742		2,290,766
First of Long Island Corp. (The)		509,780		8,844,683
Flushing Financial Corp.		601,112		8,030,856
FNCB Bancorp Inc.		377,779		2,610,453
Franklin Financial Network Inc.^(b)		303,023		6,178,639
Franklin Financial Services Corp.		92,496		2,539,015
Fulton Financial Corp.		3,597,013		41,329,679
FVCBankcorp Inc.^(a)(b)		268,001		3,569,773
German American Bancorp. Inc.		559,698		15,363,710
Glacier Bancorp. Inc.		1,937,589		65,887,714
Great Southern Bancorp. Inc.^(b)		252,204		10,189,042
Great Western Bancorp. Inc.		1,192,879		24,430,162
Guaranty Bancshares Inc./TX		181,847		4,207,940
Hancock Whitney Corp.		1,945,613		37,978,366
Hanmi Financial Corp.		656,288		7,120,725
Harborone Bancorp Inc.^(a)		596,288		4,490,049
Hawthorn Bancshares Inc.		124,977		2,293,328
HBT Financial Inc.		205,059		2,159,271
Heartland Financial USA Inc.^(b)		776,179		23,440,606
Heritage Commerce Corp.		1,225,250		9,397,667
Heritage Financial Corp./WA		806,706		16,134,120
Hilltop Holdings Inc.		1,567,410		23,699,239
Home BancShares Inc./AR		3,478,623		41,708,690
HomeTrust Bancshares Inc.^(b)		349,371		5,561,986


Security	Shares		Value

Banks (continued)
Hope Bancorp Inc.		2,571,104	$	21,134,475
Horizon Bancorp Inc./IN		849,589		8,376,948
Howard Bancorp. Inc.^(a)(b)		277,019		3,008,426
IBERIABANK Corp.		1,170,183		42,313,817
Independent Bank Corp.^(b)		712,692		45,875,984
Independent Bank Corp./MI		498,760		6,419,041
Independent Bank Group Inc.		799,195		18,924,938
International Bancshares Corp.		1,246,961		33,518,312
Investar Holding Corp.		206,734		2,639,993
Investors Bancorp. Inc.		5,095,835		40,715,722
Lakeland Bancorp. Inc.		1,103,738		11,931,408
Lakeland Financial Corp.		554,330		20,371,627
LCNB Corp.		275,533		3,471,716
Level One Bancorp. Inc.		108,884		1,959,912
Live Oak Bancshares Inc.^(b)		589,883		7,355,841
Macatawa Bank Corp.		579,108		4,123,249
Mackinac Financial Corp.		203,685		2,128,508
MainStreet Bancshares Inc.^(a)(b)		156,947		2,630,432
Malvern Bancorp. Inc.^(a)(b)		159,519		1,954,108
Mercantile Bank Corp.		361,522		7,653,421
Metrocity Bankshares Inc.		358,148		4,204,658
Metropolitan Bank Holding Corp.^(a)(b)		154,900		4,171,457
Mid Penn Bancorp. Inc.		152,328		3,084,642
Midland States Bancorp. Inc.		494,652		8,651,463
MidWestOne Financial Group Inc.		263,226		5,511,952
MutualFirst Financial Inc.^(b)		125,946		3,551,677
MVB Financial Corp.		208,538		2,658,860
National Bank Holdings Corp., Class A		642,964		15,366,840
National Bankshares Inc.		141,603		4,517,136
NBT Bancorp. Inc.		920,900		29,827,951
Nicolet Bankshares Inc.^(a)(b)		209,092		11,412,241
Northeast Bank^(a)(b)		180,702		2,106,985
Northrim Bancorp. Inc.		150,504		4,063,608
Norwood Financial Corp.		130,285		3,478,609
Oak Valley Bancorp		146,946		2,312,930
OFG Bancorp		1,113,482		12,448,729
Ohio Valley Banc Corp.		94,130		2,822,017
Old National Bancorp./IN		3,606,419		47,568,667
Old Second Bancorp. Inc.^(b)		637,850		4,407,543
Opus Bank		484,914		8,403,560
Origin Bancorp Inc.^(b)		426,947		8,645,677
Orrstown Financial Services Inc.		226,288		3,115,986
Pacific Mercantile Bancorp.^(a)(b)		429,781		2,024,269
Pacific Premier Bancorp. Inc.		1,237,509		23,314,670
Park National Corp.		297,401		23,090,214
Parke Bancorp. Inc.		218,720		2,950,533
PCB Bancorp		273,450		2,674,341
Peapack Gladstone Financial Corp.^(b)		420,953		7,556,106
Penns Woods Bancorp. Inc.		156,792		3,810,046
Peoples Bancorp. Inc./OH		411,175		9,107,526
Peoples Bancorp. of North Carolina Inc.		100,101		2,038,056
Peoples Financial Services Corp.		157,449		6,257,023
People’s Utah Bancorp		346,383		6,709,439
Preferred Bank/Los Angeles CA		312,662		10,574,229
Premier Financial Bancorp. Inc.		297,833		3,693,129
Professional Holding Corp., Class A^(a)(b)		76,531		1,220,669
QCR Holdings Inc.^(b)		336,790		9,116,905
RBB Bancorp		358,563		4,919,484
Red River Bancshares Inc.^(b)		110,636		4,117,872
Reliant Bancorp Inc.^(b)		233,378		2,630,170


26		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Renasant Corp.^(b)		1,243,067	$	27,148,583
Republic Bancorp. Inc./KY, Class A		218,038		7,201,795
Republic First Bancorp. Inc.^(a)(b)		1,042,755		2,283,633
Richmond Mutual Bancorp. Inc.^(a)(b)		295,741		3,016,558
S&T Bancorp. Inc.		884,490		24,164,267
Sandy Spring Bancorp. Inc.		774,251		17,529,043
SB One Bancorp		180,869		3,074,773
Seacoast Banking Corp. of Florida^(a)(b)		1,087,166		19,906,009
Select Bancorp. Inc.^(a)(b)		364,984		2,784,828
ServisFirst Bancshares Inc.^(b)		1,066,315		31,264,356
Shore Bancshares Inc.		284,002		3,081,422
Sierra Bancorp		315,233		5,541,796
Silvergate Capital Corp., Class A^(a)		71,992		686,804
Simmons First National Corp., Class A		2,132,561		39,239,122
SmartFinancial Inc.^(b)		281,025		4,274,390
South Plains Financial Inc.		227,426		3,522,829
South State Corp.		750,197		44,059,070
Southern First Bancshares Inc.^(a)(b)		156,771		4,447,593
Southern National Bancorp. of Virginia Inc.		443,305		4,362,121
Southside Bancshares Inc.		718,685		21,840,837
Spirit of Texas Bancshares Inc.^(a)(b)		307,256		3,177,027
Stock Yards Bancorp. Inc.		459,271		13,286,710
Summit Financial Group Inc.		242,640		5,146,394
Tompkins Financial Corp.		323,246		23,209,063
TowneBank/Portsmouth VA		1,493,120		27,010,541
TriCo Bancshares^(b)		599,301		17,871,156
TriState Capital Holdings Inc.^(a)(b)		555,898		5,375,534
Triumph Bancorp. Inc.^(a)(b)		508,481		13,220,506
Trustmark Corp.		1,444,162		33,648,975
UMB Financial Corp.^(b)		993,568		46,081,684
Union Bankshares Inc./Morrisville VT		86,654		1,949,715
United Bankshares Inc./WV		2,187,850		50,495,578
United Community Banks Inc./GA		1,655,841		30,318,449
United Security Bancshares/Fresno CA		309,070		1,978,048
Unity Bancorp. Inc.^(b)		182,048		2,129,962
Univest Financial Corp.		653,257		10,661,154
Valley National Bancorp		8,691,844		63,537,380
Veritex Holdings Inc.		1,106,036		15,451,323
Washington Trust Bancorp. Inc.		342,968		12,538,910
WesBanco Inc.		1,446,484		34,281,671
West Bancorp. Inc.		360,108		5,887,766
Westamerica Bancorp		559,870		32,909,159

				2,920,665,633

Beverages — 0.4%
Boston Beer Co. Inc. (The), Class A, NVS^(a)(b)		187,278		68,835,902
Celsius Holdings Inc.^(a)(b)		693,396		2,919,197
Coca-Cola Consolidated Inc.^(b)		105,088		21,914,001
Craft Brew Alliance Inc.^(a)(b)		259,987		3,873,806
MGP Ingredients Inc.^(b)		295,683		7,950,916
National Beverage Corp.^(a)(b)		264,762		11,292,099
New Age Beverages Corp.^(a)(b)		1,597,924		2,221,114
Primo Water Corp.		4,008		36,316

				119,043,351

Biotechnology — 9.3%
89bio Inc.^(a)(b)		66,212		1,671,853
Abeona Therapeutics Inc.^(a)(b)		1,224,671		2,571,809
ACADIA Pharmaceuticals Inc.^(a)(b)		2,519,399		106,444,608
Acceleron Pharma Inc.^(a)(b)		1,008,305		90,616,370
Acorda Therapeutics Inc.^(a)(b)		983,239		916,969


Security	Shares		Value

Biotechnology (continued)
Adamas Pharmaceuticals Inc.^(a)(b)		538,341	$	1,555,806
ADMA Biologics Inc.^(a)(b)		1,552,373		4,470,834
Aduro Biotech Inc.^(a)(b)		1,513,502		4,146,995
Adverum Biotechnologies Inc.^(a)(b)		1,417,332		13,847,334
Aeglea BioTherapeutics Inc.^(a)(b)		578,055		2,693,736
Affimed NV^(a)(b)		1,645,435		2,599,787
Agenus Inc.^(a)(b)		2,427,558		5,947,517
AgeX Therapeutics Inc.^(a)(b)		469,921		437,027
Aimmune Therapeutics Inc.^(a)(b)		1,001,661		14,443,952
Akcea Therapeutics Inc.^(a)(b)		289,814		4,144,340
Akebia Therapeutics Inc.^(a)(b)		2,637,075		19,989,029
Akero Therapeutics Inc.^(a)(b)		187,676		3,978,731
Albireo Pharma Inc.^(a)(b)		250,774		4,105,170
Aldeyra Therapeutics Inc.^(a)(b)		515,089		1,272,270
Alector Inc.^(a)(b)		774,191		18,681,229
Allakos Inc.^(a)(b)		436,110		19,402,534
Allogene Therapeutics Inc.^(a)(b)		872,627		16,963,869
AMAG Pharmaceuticals Inc.^(a)(b)		754,088		4,660,264
Amicus Therapeutics Inc.^(a)(b)		5,738,626		53,024,904
AnaptysBio Inc.^(a)(b)		562,636		7,950,047
Anavex Life Sciences Corp.^(a)(b)		1,102,112		3,471,653
Anika Therapeutics Inc.^(a)(b)		304,144		8,792,803
Apellis Pharmaceuticals Inc.^(a)(b)		1,284,747		34,418,372
Applied Therapeutics Inc.^(a)(b)		182,467		5,964,846
Aprea Therapeutics Inc.^(a)(b)		145,578		5,060,291
Arcus Biosciences Inc.^(a)(b)		741,973		10,298,585
Arcutis Biotherapeutics Inc.^(a)(b)		233,296		6,952,221
Ardelyx Inc.^(a)(b)		1,399,778		7,957,738
Arena Pharmaceuticals Inc.^(a)(b)		1,131,962		47,542,404
Arrowhead Pharmaceuticals Inc.^(a)(b)		2,244,202		64,565,692
Assembly Biosciences Inc.^(a)(b)		636,966		9,446,206
Atara Biotherapeutics Inc.^(a)(b)		1,150,755		9,792,925
Athenex Inc.^(a)(b)		1,522,851		11,786,867
Athersys Inc.^(a)(b)		2,995,180		8,985,540
Atreca Inc., Class A^(a)(b)		386,390		6,394,755
Avid Bioservices Inc.^(a)(b)		1,238,241		6,327,412
Avrobio Inc.^(a)(b)		523,987		8,153,238
Axcella Health Inc.^(a)(b)		189,463		647,963
Beam Therapeutics Inc.^(a)(b)		275,422		4,957,596
Beyondspring Inc.^(a)(b)		287,111		3,677,892
BioCryst Pharmaceuticals Inc.^(a)(b)		3,482,518		6,965,036
Biohaven Pharmaceutical Holding Co. Ltd.^(a)(b)		959,007		32,635,008
BioSpecifics Technologies Corp.^(a)(b)		135,842		7,684,582
Bioxcel Therapeutics Inc.^(a)(b)		161,109		3,600,786
Black Diamond Therapeutics Inc.^(a)(b)		270,674		6,753,316
Blueprint Medicines Corp.^(a)(b)		1,199,940		70,172,491
Bridgebio Pharma Inc.^(a)(b)		1,679,725		48,712,025
Cabaletta Bio Inc.^(a)(b)		146,940		1,072,662
Calithera Biosciences Inc.^(a)(b)		1,133,629		5,033,313
Calyxt Inc.^(a)(b)		205,917		685,704
CareDx Inc.^(a)(b)		920,881		20,102,832
CASI Pharmaceuticals Inc.^(a)(b)		1,077,871		2,198,857
Castle Biosciences Inc.^(a)(b)		212,444		6,332,956
Catalyst Pharmaceuticals Inc.^(a)(b)		2,195,062		8,450,989
Celcuity Inc.^(a)(b)		123,123		800,300
Cellular Biomedicine Group Inc.^(a)(b)		274,606		4,344,267
CEL-SCI Corp.^(a)(b)		737,023		8,505,245
Centogene NV^(a)		43,513		870,260
Checkpoint Therapeutics Inc.^(a)(b)		509,420		769,224
ChemoCentryx Inc.^(a)(b)		913,242		36,694,064


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Chimerix Inc.^(a)		1,084,022	$	1,560,992
Clovis Oncology Inc.^(a)(b)		1,136,995		7,231,288
Coherus Biosciences Inc.^(a)(b)		1,393,860		22,608,409
Concert Pharmaceuticals Inc.^(a)(b)		594,223		5,252,931
Constellation Pharmaceuticals Inc.^(a)(b)		423,683		13,316,357
Corbus Pharmaceuticals Holdings Inc.^(a)(b)		1,472,429		7,715,528
Cortexyme Inc.^(a)(b)		255,996		11,675,978
Crinetics Pharmaceuticals Inc.^(a)(b)		243,931		3,585,786
Cue Biopharma Inc.^(a)(b)		461,742		6,552,119
Cyclerion Therapeutics Inc.^(a)(b)		521,663		1,382,407
Cytokinetics Inc.^(a)(b)		1,262,160		14,880,866
CytomX Therapeutics Inc.^(a)(b)		1,024,922		7,861,152
Deciphera Pharmaceuticals Inc.^(a)(b)		470,104		19,354,182
Denali Therapeutics Inc.^(a)(b)		1,168,619		20,462,519
Dicerna Pharmaceuticals Inc.^(a)(b)		1,195,009		21,952,315
Dynavax Technologies Corp.^(a)(b)		1,857,977		6,558,659
Eagle Pharmaceuticals Inc./DE^(a)(b)		204,081		9,387,726
Editas Medicine Inc.^(a)(b)		1,155,663		22,916,797
Eidos Therapeutics Inc.^(a)(b)		254,112		12,448,947
Eiger BioPharmaceuticals Inc.^(a)(b)		517,764		3,520,795
Emergent BioSolutions Inc.^(a)(b)		1,023,361		59,211,667
Enanta Pharmaceuticals Inc.^(a)		426,526		21,936,232
Enochian Biosciences Inc.^(a)(b)		309,695		929,085
Epizyme Inc.^(a)(b)		1,730,953		26,847,081
Esperion Therapeutics Inc.^(a)(b)		566,733		17,869,092
Evelo Biosciences Inc.^(a)(b)		290,821		1,092,033
Fate Therapeutics Inc.^(a)(b)		1,359,748		30,200,003
FibroGen Inc.^(a)(b)		1,760,007		61,160,243
Five Prime Therapeutics Inc.^(a)(b)		785,521		1,783,133
Flexion Therapeutics Inc.^(a)(b)		769,079		6,052,652
Forty Seven Inc.^(a)(b)		563,615		53,780,143
Frequency Therapeutics Inc.^(a)(b)		129,648		2,309,031
G1 Therapeutics Inc.^(a)(b)		758,619		8,359,981
Galectin Therapeutics Inc.^(a)(b)		933,580		1,829,817
Galera Therapeutics Inc.^(a)		37,869		359,756
Geron Corp.^(a)(b)		4,248,353		5,055,540
Global Blood Therapeutics Inc.^(a)(b)		1,298,426		66,336,584
GlycoMimetics Inc.^(a)(b)		746,780		1,702,658
Gossamer Bio Inc.^(a)(b)		962,122		9,765,538
Gritstone Oncology Inc.^(a)(b)		550,556		3,204,236
Halozyme Therapeutics Inc.^(a)(b)		3,015,849		54,255,124
Harpoon Therapeutics Inc.^(a)(b)		166,431		1,927,271
Heron Therapeutics Inc.^(a)(b)		1,876,815		22,033,808
Homology Medicines Inc.^(a)(b)		562,450		8,740,473
Hookipa Pharma Inc.^(a)(b)		224,105		1,848,866
IGM Biosciences Inc.^(a)(b)		111,640		6,268,586
ImmunoGen Inc.^(a)(b)		3,787,549		12,915,542
Immunomedics Inc.^(a)(b)		4,266,498		57,512,393
Inovio Pharmaceuticals Inc.^(a)(b)		2,131,334		15,857,125
Insmed Inc.^(a)(b)		1,988,965		31,883,109
Intellia Therapeutics Inc.^(a)(b)		871,705		10,660,952
Intercept Pharmaceuticals Inc.^(a)(b)		563,919		35,504,340
Invitae Corp.^(a)(b)		1,930,021		26,383,387
Iovance Biotherapeutics Inc.^(a)(b)		2,623,872		78,545,608
Ironwood Pharmaceuticals Inc.^(a)(b)		3,499,744		35,312,417
Jounce Therapeutics Inc.^(a)(b)		356,805		1,694,824
Kadmon Holdings Inc.^(a)(b)		3,587,828		15,032,999
KalVista Pharmaceuticals Inc.^(a)(b)		286,797		2,193,997
Karuna Therapeutics Inc.^(a)(b)		235,350		16,945,200
Karyopharm Therapeutics Inc.^(a)(b)		1,328,904		25,528,246


Security	Shares		Value

Biotechnology (continued)
Kezar Life Sciences Inc.^(a)		695,095	$	3,030,614
Kindred Biosciences Inc.^(a)(b)		818,246		3,272,984
Kiniksa Pharmaceuticals Ltd., Class A^(a)(b)		308,141		4,770,023
Kodiak Sciences Inc.^(a)(b)		628,799		29,993,712
Krystal Biotech Inc.^(a)(b)		234,495		10,139,564
Kura Oncology Inc.^(a)(b)		764,874		7,610,496
La Jolla Pharmaceutical Co.^(a)(b)		454,514		1,908,959
Lexicon Pharmaceuticals Inc.^(a)(b)		923,681		1,801,178
Ligand Pharmaceuticals Inc.^(a)(b)		382,909		27,845,142
Lineage Cell Therapeutics Inc.^(a)(b)		2,419,670		2,003,729
LogicBio Therapeutics Inc.^(a)(b)		171,242		845,935
MacroGenics Inc.^(a)(b)		1,106,342		6,438,910
Madrigal Pharmaceuticals Inc.^(a)(b)		202,325		13,507,217
Magenta Therapeutics Inc.^(a)(b)		430,249		2,701,964
MannKind Corp.^(a)(b)		4,141,784		4,266,038
Marker Therapeutics Inc.^(a)(b)		598,512		1,137,173
MediciNova Inc.^(a)(b)		912,776		3,395,527
MEI Pharma Inc.^(a)(b)		2,233,251		3,595,534
MeiraGTx Holdings PLC^(a)(b)		389,229		5,231,238
Mersana Therapeutics Inc.^(a)(b)		793,170		4,624,181
Millendo Therapeutics Inc.^(a)(b)		207,320		1,094,650
Minerva Neurosciences Inc.^(a)(b)		648,881		3,906,264
Mirati Therapeutics Inc.^(a)(b)		667,061		51,276,979
Mirum Pharmaceuticals Inc.^(a)		60,795		851,130
Molecular Templates Inc.^(a)(b)		455,259		6,050,392
Momenta Pharmaceuticals Inc.^(a)(b)		2,542,745		69,162,664
Morphic Holding Inc.^(a)(b)		240,202		3,526,165
Mustang Bio Inc.^(a)(b)		614,880		1,647,878
Myriad Genetics Inc.^(a)(b)		1,589,179		22,741,152
Natera Inc.^(a)(b)		1,394,994		41,654,521
Neon Therapeutics Inc.^(a)(b)		314,227		829,559
NextCure Inc.^(a)(b)		325,498		12,066,211
Novavax Inc.^(a)(b)		719,939		9,776,772
Oncocyte Corp.^(a)(b)		474,683		1,162,973
Oncternal Therapeutics Inc.^(b)(c)		13,273		27,210
OPKO Health Inc.^(a)(b)		8,642,589		11,581,069
Organogenesis Holdings Inc.^(a)(b)		232,736		751,737
Oyster Point Pharma Inc.^(a)(b)		126,895		4,441,325
Palatin Technologies Inc.^(a)(b)		5,340,080		2,262,058
PDL BioPharma Inc.^(a)(b)		2,520,568		7,108,002
Pfenex Inc.^(a)(b)		684,840		6,040,289
PhaseBio Pharmaceuticals Inc.^(a)(b)		303,011		1,002,966
Pieris Pharmaceuticals Inc.^(a)(b)		1,101,059		2,510,415
PolarityTE Inc.^(a)(b)		310,306		335,130
Portola Pharmaceuticals Inc.^(a)(b)		1,709,730		12,190,375
PRECIGEN Inc.^(a)(b)		1,683,083		5,722,482
Precision BioSciences Inc.^(a)(b)		807,779		4,870,907
Prevail Therapeutics Inc.^(a)(b)		314,576		3,834,681
Principia Biopharma Inc.^(a)(b)		412,334		24,484,393
Progenics Pharmaceuticals Inc.^(a)(b)		1,964,821		7,466,320
Protagonist Therapeutics Inc.^(a)(b)		412,258		2,910,541
Prothena Corp. PLC^(a)(b)		895,507		9,581,925
PTC Therapeutics Inc.^(a)(b)		1,347,041		60,091,499
Puma Biotechnology Inc.^(a)(b)		679,367		5,733,857
Ra Pharmaceuticals Inc.^(a)(b)		778,685		37,384,667
Radius Health Inc.^(a)(b)		1,014,938		13,194,194
Rapt Therapeutics Inc.^(a)(b)		35,070		745,939
REGENXBIO Inc.^(a)(b)		745,847		24,150,526
Replimune Group Inc.^(a)(b)		290,119		2,892,486
Retrophin Inc.^(a)(b)		939,253		13,703,701


28		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
REVOLUTION Medicines Inc.^(a)(b)		316,770	$	6,940,431
Rhythm Pharmaceuticals Inc.^(a)(b)		655,784		9,981,032
Rigel Pharmaceuticals Inc.^(a)(b)		3,902,115		6,087,299
Rocket Pharmaceuticals Inc.^(a)(b)		716,416		9,994,003
Rubius Therapeutics Inc.^(a)(b)		771,934		3,435,106
Sangamo Therapeutics Inc.^(a)(b)		2,574,768		16,401,272
Savara Inc.^(a)(b)		798,870		1,693,604
Scholar Rock Holding Corp.^(a)(b)		392,412		4,752,109
Seres Therapeutics Inc.^(a)(b)		815,725		2,912,138
Solid Biosciences Inc.^(a)(b)		400,718		957,716
Sorrento Therapeutics Inc.^(a)(b)		2,969,092		5,463,129
Spectrum Pharmaceuticals Inc.^(a)(b)		2,489,217		5,799,876
Spero Therapeutics Inc.^(a)(b)		308,596		2,493,456
SpringWorks Therapeutics Inc.^(a)(b)		235,458		6,357,366
Stemline Therapeutics Inc.^(a)(b)		1,014,123		4,908,355
Stoke Therapeutics Inc.^(a)(b)		381,347		8,732,846
Sutro Biopharma Inc.^(a)(b)		240,268		2,450,734
Syndax Pharmaceuticals Inc.^(a)(b)		444,016		4,870,856
Synlogic Inc.^(a)(b)		326,622		561,790
Syros Pharmaceuticals Inc.^(a)(b)		765,549		4,539,706
TCR2 Therapeutics Inc.^(a)(b)		263,353		2,038,352
TG Therapeutics Inc.^(a)(b)		1,925,952		18,951,368
Tocagen Inc.^(a)(b)		441,293		538,377
Translate Bio Inc.^(a)(b)		774,562		7,722,383
Turning Point Therapeutics Inc.^(a)(b)		622,764		27,812,640
Twist Bioscience Corp.^(a)(b)		586,135		17,924,008
Tyme Technologies Inc.^(a)(b)		1,303,770		1,434,147
Ultragenyx Pharmaceutical Inc.^(a)(b)		1,224,790		54,417,420
UNITY Biotechnology Inc.^(a)(b)		646,316		3,748,633
UroGen Pharma Ltd.^(a)(b)		419,481		7,483,541
Vanda Pharmaceuticals Inc.^(a)(b)		1,178,927		12,213,684
VBI Vaccines Inc.^(a)(b)		3,435,529		3,263,753
Veracyte Inc.^(a)(b)		1,054,617		25,637,739
Vericel Corp.^(a)(b)		1,000,828		9,177,593
Viela Bio Inc.^(a)(b)		123,129		4,678,902
Viking Therapeutics Inc.^(a)(b)		1,495,447		6,998,692
Vir Biotechnology Inc.^(a)(b)		162,431		5,566,510
Voyager Therapeutics Inc.^(a)(b)		533,317		4,879,851
X4 Pharmaceuticals Inc.^(a)(b)		265,245		2,652,450
XBiotech Inc.^(a)(b)		294,074		3,123,066
Xencor Inc.^(a)(b)		1,056,314		31,562,662
Y-mAbs Therapeutics Inc.^(a)(b)		528,660		13,798,026
ZIOPHARM Oncology Inc.^(a)(b)		4,151,109		10,170,217

				3,019,183,385

Building Products — 1.5%
AAON Inc.^(b)		920,497		44,478,415
Advanced Drainage Systems Inc.^(b)		970,689		28,577,084
American Woodmark Corp.^(a)(b)		375,313		17,103,013
Apogee Enterprises Inc.		592,954		12,345,302
Armstrong Flooring Inc.^(a)(b)		393,007		562,000
Builders FirstSource Inc.^(a)(b)		2,555,138		31,249,338
Caesarstone Ltd.		498,024		5,264,114
Cornerstone Building Brands Inc.^(a)(b)		1,015,886		4,632,440
CSW Industrials Inc.^(b)		334,778		21,710,353
Gibraltar Industries Inc.^(a)		722,120		30,993,390
Griffon Corp.		829,314		10,490,822
Insteel Industries Inc.^(b)		412,768		5,469,176
JELD-WEN Holding Inc.^(a)(b)		1,527,305		14,860,678
Masonite International Corp.^(a)		549,568		26,077,002
Patrick Industries Inc.^(b)		512,180		14,422,989


Security	Shares		Value

Building Products (continued)
PGT Innovations Inc.^(a)		1,280,016	$	10,739,334
Quanex Building Products Corp.		737,572		7,434,726
Simpson Manufacturing Co. Inc.		1,003,986		62,227,052
Trex Co. Inc.^(a)(b)		1,315,120		105,393,717
Universal Forest Products Inc.		1,334,873		49,643,927

				503,674,872

Capital Markets — 1.5%
Ares Management Corp., Class A		1,602,736		49,572,625
Artisan Partners Asset Management Inc., Class A		1,121,716		24,105,677
Assetmark Financial Holdings Inc.^(a)(b)		307,459		6,269,089
Associated Capital Group Inc., Class A		49,194		1,505,336
B. Riley Financial Inc.		462,659		8,522,179
Blucora Inc.^(a)		1,083,083		13,051,150
BrightSphere Investment Group PLC^(a)		1,466,932		9,373,695
Calamos Asset Management Inc.^(a)(c)		313,221		3
Cohen & Steers Inc.		510,619		23,207,634
Cowen Inc., Class A^(b)		635,740		6,141,248
Diamond Hill Investment Group Inc.		70,010		6,317,702
Donnelley Financial Solutions Inc.^(a)(b)		688,691		3,629,402
Federated Hermes Inc.		2,161,604		41,178,556
Focus Financial Partners Inc., Class A^(a)(b)		695,666		16,007,275
GAIN Capital Holdings Inc.		421,243		2,350,536
GAMCO Investors Inc., Class A		125,316		1,377,223
Greenhill & Co. Inc.^(b)		339,932		3,344,931
Hamilton Lane Inc., Class A^(b)		493,124		27,274,688
Houlihan Lokey Inc.^(b)		943,504		49,175,429
INTL. FCStone Inc.^(a)(b)		361,930		13,123,582
Moelis & Co., Class A		1,064,401		29,909,668
Oppenheimer Holdings Inc., Class A, NVS		213,771		4,224,115
Piper Sandler Cos		296,999		15,019,239
PJT Partners Inc., Class A^(b)		512,208		22,224,705
Pzena Investment Management Inc., Class A		400,365		1,785,628
Safeguard Scientifics Inc.^(b)		435,682		2,418,035
Sculptor Capital Management Inc.		373,597		5,058,503
Siebert Financial Corp.^(a)(b)		157,115		1,134,370
Silvercrest Asset Management Group Inc., Class A		176,370		1,668,460
Stifel Financial Corp.^(b)		1,489,577		61,489,739
Value Line Inc.		24,287		785,684
Virtus Investment Partners Inc.		145,241		11,054,293
Waddell & Reed Financial Inc., Class A		1,523,625		17,338,853
Westwood Holdings Group Inc.		178,965		3,276,849
WisdomTree Investments Inc.		3,039,536		7,082,119

				489,998,220

Chemicals — 1.7%
Advanced Emissions Solutions Inc.		363,544		2,388,484
AdvanSix Inc.^(a)(b)		628,392		5,994,860
American Vanguard Corp.^(b)		654,077		9,457,953
Amyris Inc.^(a)(b)		1,337,356		3,423,631
Balchem Corp.^(b)		721,812		71,257,281
Chase Corp.		165,657		13,631,915
Ferro Corp.^(a)(b)		1,823,264		17,065,751
Flotek Industries Inc.^(a)(b)		1,145,627		1,019,608
FutureFuel Corp.		570,647		6,431,192
GCP Applied Technologies Inc.^(a)(b)		1,212,548		21,583,354
Hawkins Inc.		215,433		7,669,415
HB Fuller Co.		1,141,671		31,886,871
Ingevity Corp.^(a)(b)		941,301		33,133,795
Innospec Inc.		544,917		37,866,282
Intrepid Potash Inc.^(a)(b)		2,123,458		1,698,766


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Koppers Holdings Inc.^(a)(b)		426,012	$	5,269,769
Kraton Corp.^(a)(b)		698,869		5,660,839
Kronos Worldwide Inc.		513,752		4,336,067
Livent Corp.^(a)(b)		3,318,020		17,419,605
LSB Industries Inc.^(a)(b)		471,312		989,755
LyondellBasell^(c)		555,980		240,739
Marrone Bio Innovations Inc.^(a)(b)		1,156,486		944,733
Minerals Technologies Inc.^(b)		772,634		28,015,709
OMNOVA Solutions Inc.^(a)(b)		1,013,745		10,279,374
Orion Engineered Carbons SA		1,340,714		10,001,727
PolyOne Corp.		2,060,789		39,093,167
PQ Group Holdings Inc.^(a)(b)		864,877		9,427,159
Quaker Chemical Corp.^(b)		293,996		37,125,815
Rayonier Advanced Materials Inc.		1,077,807		1,142,475
Sensient Technologies Corp.		949,759		41,324,014
Stepan Co.		458,893		40,593,675
Trecora Resources^(a)(b)		485,511		2,888,791
Tredegar Corp.		586,442		9,166,089
Trinseo SA		878,891		15,916,716
Tronox Holdings PLC, Class A^(a)		2,035,722		10,137,896
Valhi Inc.		680,844		701,269

				555,184,541

Commercial Services & Supplies — 2.6%
ABM Industries Inc.		1,492,548		36,358,469
ACCO Brands Corp.		2,194,488		11,082,164
Advanced Disposal Services Inc.^(a)(b)		1,629,716		53,454,685
Brady Corp., Class A, NVS		1,083,572		48,901,604
BrightView Holdings Inc.^(a)(b)		719,909		7,962,194
Brink’s Co. (The)^(b)		1,118,604		58,223,338
Casella Waste Systems Inc., Class A^(a)(b)		1,027,123		40,119,424
CECO Environmental Corp.^(a)(b)		682,184		3,185,799
Charah Solutions Inc.^(a)(b)		232,289		397,214
Cimpress PLC^(a)(b)		419,351		22,309,473
CompX International Inc.		33,829		514,201
Covanta Holding Corp.		2,634,243		22,522,778
Deluxe Corp.		945,878		24,526,617
Ennis Inc.		572,320		10,748,170
Harsco Corp.^(a)(b)		1,745,572		12,166,637
Healthcare Services Group Inc.		1,664,973		39,809,504
Heritage-Crystal Clean Inc.^(a)(b)		341,104		5,539,529
Herman Miller Inc.		1,320,216		29,308,795
HNI Corp.		965,762		24,327,545
Interface Inc.		1,312,386		9,921,638
Kimball International Inc., Class B, NVS		808,670		9,631,260
Knoll Inc.		1,101,009		11,362,413
Matthews International Corp., Class A		681,619		16,488,364
McGrath RentCorp		541,720		28,375,294
Mobile Mini Inc.		978,155		25,657,006
MSA Safety Inc.^(b)		791,105		80,059,826
NL Industries Inc.^(b)		176,856		527,031
PICO Holdings Inc.^(a)(b)		407,265		3,168,522
Pitney Bowes Inc.		3,877,936		7,910,989
Quad/Graphics Inc.		774,930		1,952,824
RR Donnelley & Sons Co.		1,637,875		1,569,903
SP Plus Corp.^(a)(b)		515,375		10,694,031
Steelcase Inc., Class A		1,966,056		19,404,973
Team Inc.^(a)(b)		658,067		4,277,435
Tetra Tech Inc.^(b)		1,222,311		86,319,603
U.S. Ecology Inc.		537,841		16,350,366
UniFirst Corp./MA^(b)		339,583		51,307,595


Security	Shares		Value

Commercial Services & Supplies (continued)
Viad Corp.^(b)		452,468	$	9,605,896
VSE Corp.		190,301		3,119,033

				849,162,142

Communications Equipment — 1.3%
Acacia Communications Inc.^(a)(b)		850,289		57,122,415
ADTRAN Inc.		1,065,880		8,185,958
Applied Optoelectronics Inc.^(a)(b)		424,042		3,218,479
CalAmp Corp.^(a)(b)		760,753		3,423,389
Calix Inc.^(a)(b)		1,073,498		7,600,366
Cambium Networks Corp.^(a)(b)		97,724		547,254
Casa Systems Inc.^(a)(b)		699,313		2,447,596
Clearfield Inc.^(a)(b)		235,636		2,792,287
Comtech Telecommunications Corp.		537,424		7,142,365
DASAN Zhone Solutions Inc.^(a)(b)		178,470		747,789
Digi International Inc.^(a)(b)		646,814		6,170,606
Extreme Networks Inc.^(a)		2,687,871		8,305,521
Harmonic Inc.^(a)(b)		1,980,559		11,408,020
Infinera Corp.^(a)(b)		3,982,195		21,105,634
Inseego Corp.^(a)(b)		1,052,320		6,555,954
InterDigital Inc.		698,371		31,168,298
KVH Industries Inc.^(a)(b)		353,661		3,335,023
Lumentum Holdings Inc.^(a)(b)		1,673,846		123,362,450
NETGEAR Inc.^(a)(b)		667,385		15,243,073
NetScout Systems Inc.^(a)(b)		1,588,808		37,607,085
Plantronics Inc.		768,960		7,735,738
Ribbon Communications Inc.^(a)(b)		1,318,316		3,994,497
TESSCO Technologies Inc.^(b)		136,619		668,067
Viavi Solutions Inc.^(a)(b)		5,154,183		57,778,391

				427,666,255

Construction & Engineering — 1.1%
Aegion Corp.^(a)(b)		681,031		12,210,886
Ameresco Inc., Class A^(a)(b)		513,059		8,737,395
Arcosa Inc.^(b)		1,088,698		43,264,859
Argan Inc.		328,668		11,362,053
Comfort Systems USA Inc.		813,428		29,730,793
Concrete Pumping Holdings Inc.^(a)(b)		582,743		1,666,645
Construction Partners Inc., Class A^(a)(b)		417,816		7,056,912
Dycom Industries Inc.^(a)(b)		690,008		17,698,705
EMCOR Group Inc.^(b)		1,251,069		76,715,551
Granite Construction Inc.		1,048,955		15,923,137
Great Lakes Dredge & Dock Corp.^(a)(b)		1,386,392		11,507,054
IES Holdings Inc.^(a)(b)		178,508		3,150,666
MasTec Inc.^(a)(b)		1,343,698		43,979,236
MYR Group Inc.^(a)(b)		356,485		9,336,342
Northwest Pipe Co.^(a)(b)		216,254		4,811,651
NV5 Global Inc.^(a)(b)		232,128		9,584,565
Primoris Services Corp.		1,000,722		15,911,480
Sterling Construction Co. Inc.^(a)(b)		599,410		5,694,395
Tutor Perini Corp.^(a)(b)		919,664		6,180,142
WillScot Corp.^(a)(b)		1,178,137		11,934,528

				346,456,995

Construction Materials — 0.2%
Forterra Inc.^(a)(b)		434,931		2,600,887
Summit Materials Inc., Class A^(a)(b)		2,553,268		38,299,020
U.S. Concrete Inc.^(a)(b)		356,647		6,469,577
U.S. Lime & Minerals Inc.		42,996		3,175,255

				50,544,739

Consumer Finance — 0.6%
Curo Group Holdings Corp.^(b)		346,755		1,837,802


30		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Consumer Finance (continued)
Elevate Credit Inc.^(a)(b)		530,812	$	552,044
Encore Capital Group Inc.^(a)(b)		691,570		16,168,907
Enova International Inc.^(a)(b)		717,361		10,394,561
EZCORP Inc., Class A, NVS^(a)(b)		1,133,888		4,728,313
FirstCash Inc.^(b)		925,130		66,368,826
Green Dot Corp., Class A^(a)(b)		1,085,026		27,548,810
LendingClub Corp.^(a)(b)		1,510,135		11,854,560
Medallion Financial Corp.^(a)(b)		455,743		847,682
Nelnet Inc., Class A^(b)		403,008		18,300,593
Oportun Financial Corp.^(a)(b)		163,470		1,724,609
PRA Group Inc.^(a)(b)		1,008,913		27,967,068
Regional Management Corp.^(a)(b)		190,979		2,608,773
World Acceptance Corp.^(a)(b)		122,103		6,668,045


			197,570,593

Containers & Packaging — 0.1%
Greif Inc., Class A, NVS		579,834		18,027,039
Greif Inc., Class B		133,041		5,329,623
Myers Industries Inc.		815,932		8,771,269
UFP Technologies Inc.^(a)(b)		156,590		5,964,513


			38,092,444

Distributors — 0.1%
Core-Mark Holding Co. Inc.^(b)		1,013,583		28,958,066
Funko Inc., Class A^(a)(b)		489,836		1,954,446
Greenlane Holdings Inc., Class A^(a)(b)		304,641		523,983
Weyco Group Inc.		131,113		2,644,549


			34,081,044

Diversified Consumer Services — 0.9%
Adtalem Global Education Inc.^(a)		1,183,758		31,712,877
American Public Education Inc.^(a)(b)		337,370		8,073,264
Carriage Services Inc.^(b)		370,583		5,984,915
Chegg Inc.^(a)(b)		2,650,813		94,846,089
Collectors Universe Inc.		200,754		3,145,815
Houghton Mifflin Harcourt Co.^(a)(b)		2,382,416		4,478,942
K12 Inc.^(a)(b)		881,986		16,634,256
Laureate Education Inc., Class A^(a)(b)		2,526,877		26,557,477
OneSpaWorld Holdings Ltd.		1,038,452		4,216,115
Perdoceo Education Corp.^(a)(b)		1,537,864		16,593,553
Regis Corp.^(a)(b)		519,877		3,072,473
Select Interior Concepts Inc., Class A^(a)(b)		472,600		978,282
Strategic Education Inc.^(b)		478,214		66,835,189
WW International Inc.^(a)(b)		1,046,457		17,695,588


			300,824,835

Diversified Financial Services — 0.3%
Alerus Financial Corp.		67,321		1,112,143
Banco Latinoamericano de Comercio Exterior SA, Class E		703,646		7,254,590
Cannae Holdings Inc.^(a)(b)		1,656,937		55,490,820
FGL Holdings^(b)		3,268,498		32,031,280
GWG Holdings Inc.^(a)(b)		63,111		641,208
Marlin Business Services Corp.		188,874		2,109,723
On Deck Capital Inc.^(a)(b)		1,468,476		2,261,453


			100,901,217

Diversified Telecommunication Services — 0.8%
Anterix Inc.^(a)(b)		242,542		11,076,893
ATN International Inc.		247,654		14,539,766
Bandwidth Inc., Class A^(a)(b)		360,256		24,241,626
Cincinnati Bell Inc.^(a)(b)		1,081,510		15,833,306
Cogent Communications Holdings Inc.		950,795		77,936,666
Consolidated Communications Holdings Inc.		1,606,740		7,310,667


Security	Shares		Value

Diversified Telecommunication Services (continued)
Frontier Communications Corp.^(a)(b)		2,469,352	$	938,354
IDT Corp., Class B^(a)		367,930		1,994,181
Intelsat SA^(a)(b)		1,498,751		2,293,089
Iridium Communications Inc.^(a)(b)		2,220,067		49,574,096
Ooma Inc.^(a)(b)		460,091		5,488,886
ORBCOMM Inc.^(a)(b)		1,643,662		4,010,535
Vonage Holdings Corp.^(a)		5,066,768		36,632,733


			251,870,798

Electric Utilities — 1.2%
ALLETE Inc.		1,162,051		70,513,255
El Paso Electric Co.		905,837		61,560,682
Genie Energy Ltd., Class B		317,764		2,281,546
MGE Energy Inc.^(b)		782,458		51,227,525
Otter Tail Corp.		883,846		39,295,793
PNM Resources Inc.		1,781,438		67,694,644
Portland General Electric Co.^(b)		2,010,143		96,366,255
Spark Energy Inc., Class A		293,480		1,840,120


			390,779,820

Electrical Equipment — 1.1%
Allied Motion Technologies Inc.		163,881		3,883,980
American Superconductor Corp.^(a)(b)		464,047		2,542,978
Atkore International Group Inc.^(a)(b)		1,056,540		22,261,298
AZZ Inc.		583,982		16,421,574
Bloom Energy Corp., Class A^(a)(b)		1,264,917		6,615,516
Encore Wire Corp.		457,578		19,213,700
Energous Corp.^(a)(b)		614,434		456,524
EnerSys^(b)		956,678		47,374,695
Generac Holdings Inc.^(a)(b)		1,368,426		127,496,250
Plug Power Inc.^(a)(b)		6,680,237		23,648,039
Powell Industries Inc.		197,088		5,059,249
Preformed Line Products Co.		66,800		3,328,644
Sunrun Inc.^(a)(b)		2,528,005		25,532,850
Thermon Group Holdings Inc.^(a)(b)		739,095		11,138,162
TPI Composites Inc.^(a)(b)		644,812		9,530,321
Vicor Corp.^(a)(b)		399,008		17,771,816
Vivint Solar Inc.^(a)(b)		1,023,356		4,472,066


			346,747,662

Electronic Equipment, Instruments & Components — 2.9%
Airgain Inc.^(a)(b)		204,450		1,510,886
Akoustis Technologies Inc.^(a)(b)		554,931		2,979,979
Anixter International Inc.^(a)		683,229		60,035,332
Arlo Technologies Inc.^(a)(b)		1,674,405		4,068,804
Badger Meter Inc.^(b)		640,647		34,338,679
Bel Fuse Inc., Class B, NVS		234,015		2,279,306
Belden Inc.^(b)		874,843		31,564,335
Benchmark Electronics Inc.		821,693		16,425,643
Coda Octopus Group Inc.^(a)(b)		102,310		573,959
CTS Corp.^(b)		723,039		17,996,441
Daktronics Inc.		813,979		4,012,916
ePlus Inc.^(a)(b)		302,673		18,953,383
Fabrinet^(a)		817,308		44,592,324
FARO Technologies Inc.^(a)(b)		388,774		17,300,443
Fitbit Inc., Class A^(a)(b)		5,174,038		34,459,093
II-VI Inc.^(a)(b)		2,023,327		57,664,819
Insight Enterprises Inc.^(a)(b)		783,256		32,998,575
Iteris Inc.^(a)(b)		896,678		2,869,370
Itron Inc.^(a)(b)		768,758		42,919,759
KEMET Corp.^(b)		1,276,094		30,830,431
Kimball Electronics Inc.^(a)(b)		545,652		5,958,520


SCHEDULES OF INVESTMENTS			31

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Knowles Corp.^(a)(b)		1,823,559	$	24,399,219
Methode Electronics Inc.		818,553		21,634,356
MTS Systems Corp.		433,665		9,757,463
Napco Security Technologies Inc.^(a)(b)		267,370		4,056,003
nLight Inc.^(a)(b)		740,260		7,765,327
Novanta Inc.^(a)(b)		751,276		60,011,927
OSI Systems Inc.^(a)(b)		377,854		26,041,698
PAR Technology Corp.^(a)(b)		257,205		3,307,656
PC Connection Inc.^(b)		252,214		10,393,739
Plexus Corp.^(a)(b)		645,393		35,212,642
Rogers Corp.^(a)(b)		414,818		39,167,116
Sanmina Corp.^(a)		1,538,711		41,976,036
ScanSource Inc.^(a)(b)		570,545		12,203,958
Tech Data Corp.^(a)(b)		794,821		104,002,328
TTM Technologies Inc.^(a)(b)		2,216,031		22,913,761
Vishay Intertechnology Inc.^(b)		2,974,234		42,858,712
Vishay Precision Group Inc.^(a)(b)		232,445		4,667,496
Wrap Technologies Inc.^(a)(b)		168,164		716,379


			935,418,813

Energy Equipment & Services — 0.5%
Archrock Inc.		2,893,643		10,880,098
Cactus Inc., Class A		1,054,669		12,234,160
Covia Holdings Corp.^(a)(b)		919,025		525,131
Diamond Offshore Drilling Inc.^(a)(b)		1,497,246		2,739,960
DMC Global Inc.^(b)		319,223		7,345,321
Dril-Quip Inc.^(a)(b)		809,469		24,688,805
Era Group Inc.^(a)(b)		440,660		2,348,718
Exterran Corp.^(a)		686,878		3,297,014
Forum Energy Technologies Inc.^(a)(b)		1,845,426		327,194
Frank’s International NV^(a)(b)		2,355,056		6,099,595
FTS International Inc.^(a)(b)		760,356		169,559
Geospace Technologies Corp.^(a)(b)		292,135		1,869,664
Helix Energy Solutions Group Inc.^(a)(b)		3,168,755		5,196,758
Independence Contract Drilling Inc.^(a)(b)		50,786		71,100
KLX Energy Services Holdings Inc.^(a)(b)		459,888		321,922
Liberty Oilfield Services Inc., Class A		1,188,106		3,196,005
Mammoth Energy Services Inc.		262,726		196,729
Matrix Service Co.^(a)		607,837		5,756,216
Nabors Industries Ltd.		7,971,791		3,109,796
National Energy Services Reunited Corp.^(a)(b)		523,978		2,661,808
Natural Gas Services Group Inc.^(a)(b)		293,612		1,309,510
NCS Multistage Holdings Inc.^(a)(b)		218,710		139,974
Newpark Resources Inc.^(a)(b)		1,977,532		1,773,846
NexTier Oilfield Solutions Inc.^(a)(b)		3,647,455		4,267,522
Nine Energy Service Inc.^(a)(b)		351,158		283,841
Noble Corp. PLC^(a)(b)		5,456,501		1,418,690
Oceaneering International Inc.^(a)		2,254,571		6,628,439
Oil States International Inc.^(a)(b)		1,336,305		2,712,699
Pacific Drilling SA^(a)(b)		659,406		283,545
ProPetro Holding Corp.^(a)(b)		1,792,127		4,480,318
RigNet Inc.^(a)(b)		313,061		563,510
RPC Inc.		1,275,064		2,626,632
SEACOR Holdings Inc.^(a)(b)		395,129		10,652,678
SEACOR Marine Holdings Inc.^(a)(b)		425,664		1,864,408
Seadrill Ltd.^(a)(b)		1,295,040		556,867
Select Energy Services Inc., Class A^(a)(b)		1,308,935		4,227,860
Smart Sand Inc.^(a)(b)		453,599		471,743
Solaris Oilfield Infrastructure Inc., Class A		712,007		3,738,037
TETRA Technologies Inc.^(a)(b)		2,856,834		914,187
Tidewater Inc.^(a)(b)		880,993		6,237,431


Security	Shares		Value

Energy Equipment & Services (continued)
U.S. Silica Holdings Inc.		1,634,532	$	2,942,158
U.S. Well Services Inc.^(a)(b)		443,336		133,001


			151,262,449

Entertainment — 0.2%
AMC Entertainment Holdings Inc., Class A^(b)		1,151,514		3,638,784
Eros International PLC^(a)(b)		1,635,394		2,698,400
Gaia Inc.^(a)(b)		238,595		2,118,724
Glu Mobile Inc.^(a)(b)		2,609,960		16,416,648
IMAX Corp.^(a)(b)		1,171,798		10,604,772
Liberty Media Corp.-Liberty Braves, Class A^(a)(b)		223,762		4,363,359
Liberty Media Corp.-Liberty Braves, Class C, NVS^(a)(b)		804,547		15,334,666
LiveXLive Media Inc.^(a)(b)		620,815		980,888
Marcus Corp. (The)		507,959		6,258,055
Reading International Inc., Class A, NVS^(a)(b)		371,279		1,444,275


			63,858,571

Equity Real Estate Investment Trusts (REITs) — 7.0%
Acadia Realty Trust		1,917,567		23,758,655
Agree Realty Corp.		929,409		57,530,417
Alexander & Baldwin Inc.		1,554,341		17,439,706
Alexander’s Inc.		47,733		13,171,921
American Assets Trust Inc.		1,082,545		27,063,625
American Finance Trust Inc.		2,392,245		14,951,531
Armada Hoffler Properties Inc.		1,256,283		13,442,228
Ashford Hospitality Trust Inc.		1,975,228		1,460,089
Bluerock Residential Growth REIT Inc.		502,769		2,800,423
Braemar Hotels & Resorts Inc.		658,928		1,120,178
BRT Apartments Corp.		215,241		2,206,220
CareTrust REIT Inc.		2,137,744		31,617,234
CatchMark Timber Trust Inc., Class A		1,086,660		7,845,685
CBL & Associates Properties Inc.^(b)		3,871,651		774,717
Cedar Realty Trust Inc.		1,876,235		1,750,715
Chatham Lodging Trust		1,040,659		6,181,514
CIM Commercial Trust Corp.		266,090		2,950,938
City Office REIT Inc.		1,194,461		8,635,953
Clipper Realty Inc.		308,967		1,600,449
Community Healthcare Trust Inc.		426,874		16,340,737
CoreCivic Inc.		2,661,408		29,727,927
CorEnergy Infrastructure Trust Inc.^(b)		294,602		5,414,785
CorePoint Lodging Inc.		925,419		3,627,642
DiamondRock Hospitality Co.		4,510,184		22,911,735
Diversified Healthcare Trust		5,268,521		19,124,731
Easterly Government Properties Inc.^(b)		1,667,990		41,099,274
EastGroup Properties Inc.		861,091		89,966,788
Essential Properties Realty Trust Inc.		2,053,100		26,813,486
Farmland Partners Inc.^(b)		636,396		3,862,924
First Industrial Realty Trust Inc.		2,824,003		93,841,620
Four Corners Property Trust Inc.		1,573,190		29,434,385
Franklin Street Properties Corp.^(b)		2,311,068		13,242,420
Front Yard Residential Corp.		1,099,364		13,137,400
GEO Group Inc. (The)		2,662,365		32,374,358
Getty Realty Corp.		751,176		17,832,918
Gladstone Commercial Corp.		726,655		10,434,766
Gladstone Land Corp.^(b)		413,556		4,900,639
Global Medical REIT Inc.^(b)		864,748		8,751,250
Global Net Lease Inc.		2,012,409		26,905,908
Hannon Armstrong Sustainable Infrastructure Capital Inc.		1,413,486		28,849,249
Healthcare Realty Trust Inc.^(b)		2,966,260		82,847,642


32		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Hersha Hospitality Trust		776,975	$	2,781,571
Independence Realty Trust Inc.		2,053,353		18,356,976
Industrial Logistics Properties Trust		1,449,113		25,417,442
Innovative Industrial Properties Inc.		365,127		27,724,093
Investors Real Estate Trust		261,150		14,363,250
iStar Inc.		1,351,969		14,344,391
Jernigan Capital Inc.		484,490		5,310,010
Kite Realty Group Trust		1,872,728		17,734,734
Lexington Realty Trust		5,420,445		53,825,019
LTC Properties Inc.		879,352		27,171,977
Mack-Cali Realty Corp.		1,936,867		29,498,484
Monmouth Real Estate Investment Corp.		2,104,571		25,360,081
National Health Investors Inc.		954,347		47,259,263
National Storage Affiliates Trust		1,329,375		39,349,500
New Senior Investment Group Inc.		1,891,025		4,841,024
NexPoint Residential Trust Inc.^(b)		444,392		11,203,122
Office Properties Income Trust		1,069,475		29,143,194
One Liberty Properties Inc.		358,408		4,992,623
Pebblebrook Hotel Trust^(b)		2,906,681		31,653,756
Pennsylvania REIT^(b)		1,547,411		1,410,620
Physicians Realty Trust		4,231,116		58,981,757
Piedmont Office Realty Trust Inc., Class A^(b)		2,807,355		49,577,889
PotlatchDeltic Corp.^(b)		1,482,907		46,548,451
Preferred Apartment Communities Inc., Class A		1,022,843		7,344,013
PS Business Parks Inc.		448,938		60,840,078
QTS Realty Trust Inc., Class A^(b)		1,289,644		74,812,248
Retail Opportunity Investments Corp.		2,576,935		21,362,791
Retail Value Inc.		342,379		4,194,143
Rexford Industrial Realty Inc.		2,543,064		104,291,055
RLJ Lodging Trust^(b)		3,773,584		29,132,069
RPT Realty		1,775,517		10,706,368
Ryman Hospitality Properties Inc.		1,098,098		39,366,813
Sabra Health Care REIT Inc.		4,522,126		49,381,616
Safehold Inc.^(b)		285,075		18,025,292
Saul Centers Inc.		271,705		8,895,622
Seritage Growth Properties, Class A		764,696		6,966,381
STAG Industrial Inc.		3,354,217		75,536,967
Summit Hotel Properties Inc.		2,343,384		9,889,080
Sunstone Hotel Investors Inc.		5,032,833		43,835,975
Tanger Factory Outlet Centers Inc.^(b)		2,022,106		10,110,530
Terreno Realty Corp.		1,478,793		76,527,538
UMH Properties Inc.		809,284		8,788,824
Uniti Group Inc.		4,130,619		24,907,633
Universal Health Realty Income Trust		286,195		28,851,318
Urban Edge Properties		2,596,073		22,871,403
Urstadt Biddle Properties Inc., Class A		672,790		9,486,339
Washington Prime Group Inc.^(b)		4,286,986		3,451,452
Washington REIT^(b)		1,840,760		43,938,941
Whitestone REIT		851,711		5,280,608
Xenia Hotels & Resorts Inc.		2,553,710		26,303,213


			2,269,692,319

Food & Staples Retailing — 0.7%
Andersons Inc. (The)		712,258		13,354,838
BJ’s Wholesale Club Holdings Inc.^(a)(b)		2,489,305		63,402,598
Chefs’ Warehouse Inc. (The)^(a)(b)		557,655		5,615,586
HF Foods Group Inc.^(a)(b)		493,080		4,136,941
Ingles Markets Inc., Class A		319,521		11,553,879
Natural Grocers by Vitamin Cottage Inc.^(b)		186,667		1,588,536
Performance Food Group Co.^(a)(b)		2,568,290		63,488,129
PriceSmart Inc.^(b)		503,538		26,460,922


Security	Shares		Value

Food & Staples Retailing (continued)
Rite Aid Corp.^(a)(b)		1,236,516	$	18,547,740
SpartanNash Co.		796,828		11,410,577
United Natural Foods Inc.^(a)(b)		1,180,880		10,840,478
Village Super Market Inc., Class A		178,388		4,384,777
Weis Markets Inc.		214,086		8,918,823


			243,703,824

Food Products — 1.5%
Alico Inc.		115,377		3,581,302
B&G Foods Inc.^(b)		1,422,372		25,730,709
Bridgford Foods Corp.^(a)(b)		38,312		883,858
Calavo Growers Inc.		363,222		20,954,277
Cal-Maine Foods Inc.		706,166		31,057,181
Darling Ingredients Inc.^(a)(b)		3,681,585		70,575,984
Farmer Bros. Co.^(a)(b)		239,730		1,668,521
Fresh Del Monte Produce Inc.^(b)		687,655		18,986,155
Freshpet Inc.^(a)(b)		770,355		49,202,574
Hostess Brands Inc.^(a)(b)		2,678,697		28,554,910
J&J Snack Foods Corp.^(b)		338,994		41,018,274
John B Sanfilippo & Son Inc.^(b)		191,643		17,132,884
Lancaster Colony Corp.^(b)		423,811		61,300,023
Landec Corp.^(a)(b)		580,881		5,047,856
Limoneira Co.		345,532		4,526,469
Sanderson Farms Inc.^(b)		443,697		54,716,714
Seneca Foods Corp., Class A^(a)		147,419		5,864,328
Simply Good Foods Co. (The)^(a)(b)		1,849,654		35,624,336
Tootsie Roll Industries Inc.^(b)		378,793		13,621,388


			490,047,743

Gas Utilities — 1.4%
Chesapeake Utilities Corp.^(b)		357,846		30,670,981
New Jersey Resources Corp.		2,131,795		72,417,076
Northwest Natural Holding Co.		678,187		41,878,047
ONE Gas Inc.		1,169,867		97,824,279
RGC Resources Inc.		171,779		4,969,566
South Jersey Industries Inc.		2,076,669		51,916,725
Southwest Gas Holdings Inc.		1,216,445		84,615,914
Spire Inc.^(b)		1,113,750		82,952,100


			467,244,688

Health Care Equipment & Supplies — 4.6%
Accuray Inc.^(a)(b)		1,918,898		3,645,906
Alphatec Holdings Inc.^(a)(b)		852,706		2,941,836
AngioDynamics Inc.^(a)(b)		834,720		8,706,130
Antares Pharma Inc.^(a)(b)		3,611,037		8,522,047
Apyx Medical Corp.^(a)(b)		735,471		2,640,341
AtriCure Inc.^(a)(b)		851,718		28,609,208
Atrion Corp.		31,863		20,710,950
Avanos Medical Inc.^(a)(b)		1,060,228		28,551,940
Axogen Inc.^(a)(b)		765,613		7,962,375
Axonics Modulation Technologies Inc.^(a)(b)		416,226		10,576,303
BioLife Solutions Inc.^(a)(b)		176,270		1,674,565
BioSig Technologies Inc.^(a)(b)		346,114		1,450,218
Cardiovascular Systems Inc.^(a)(b)		769,987		27,111,242
Cerus Corp.^(a)(b)		3,519,345		16,364,954
Conformis Inc.^(a)(b)		1,410,947		888,897
CONMED Corp.^(b)		609,811		34,923,876
CryoLife Inc.^(a)(b)		821,564		13,900,863
CryoPort Inc.^(a)(b)		714,315		12,193,357
Cutera Inc.^(a)(b)		319,281		4,169,810
CytoSorbents Corp.^(a)(b)		710,013		5,488,400
ElectroCore Inc.^(a)(b)		259,797		246,807


SCHEDULES OF INVESTMENTS			33

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
GenMark Diagnostics Inc.^(a)(b)		1,243,338	$	5,122,553
Glaukos Corp.^(a)(b)		871,984		26,909,426
Globus Medical Inc., Class A^(a)(b)		1,704,051		72,473,289
Haemonetics Corp.^(a)(b)		1,129,975		112,613,308
Heska Corp.^(a)(b)		156,200		8,637,860
Inogen Inc.^(a)(b)		406,501		20,999,842
Integer Holdings Corp.^(a)(b)		728,514		45,794,390
IntriCon Corp.^(a)(b)		181,294		2,133,830
Invacare Corp.^(b)		786,453		5,843,346
iRadimed Corp.^(a)(b)		97,371		2,078,871
iRhythm Technologies Inc.^(a)(b)		593,405		48,273,497
Lantheus Holdings Inc.^(a)		867,140		11,064,706
LeMaitre Vascular Inc.^(b)		370,565		9,234,480
LivaNova PLC^(a)(b)		1,088,397		49,249,964
Meridian Bioscience Inc.^(a)		932,940		7,836,696
Merit Medical Systems Inc.^(a)(b)		1,198,810		37,462,812
Mesa Laboratories Inc.^(b)		89,615		20,261,055
Misonix Inc.^(a)(b)		187,888		1,769,905
Natus Medical Inc.^(a)		760,221		17,583,912
Neogen Corp.^(a)(b)		1,158,802		77,628,146
Neuronetics Inc.^(a)(b)		312,230		590,115
Nevro Corp.^(a)(b)		670,042		66,990,799
Novocure Ltd.^(a)(b)		1,943,065		130,845,997
NuVasive Inc.^(a)(b)		1,163,277		58,931,613
OraSure Technologies Inc.^(a)(b)		1,378,576		14,833,478
Orthofix Medical Inc.^(a)		405,580		11,360,296
OrthoPediatrics Corp.^(a)(b)		224,781		8,910,319
Pulse Biosciences Inc.^(a)(b)		257,697		1,845,110
Quidel Corp.^(a)(b)		800,536		78,300,426
Rockwell Medical Inc.^(a)(b)		1,438,853		2,949,649
RTI Surgical Holdings Inc.^(a)(b)		1,244,652		2,128,355
SeaSpine Holdings Corp.^(a)(b)		486,615		3,975,644
Senseonics Holdings Inc.^(a)(b)		2,858,529		1,810,878
Shockwave Medical Inc.^(a)(b)		573,139		19,016,752
SI-BONE Inc.^(a)(b)		417,490		4,989,005
Sientra Inc.^(a)(b)		861,326		1,714,039
Silk Road Medical Inc.^(a)(b)		359,988		11,332,422
Soliton Inc.^(a)(b)		132,858		1,076,150
STAAR Surgical Co.^(a)(b)		996,095		32,134,025
Surmodics Inc.^(a)(b)		295,725		9,853,557
Tactile Systems Technology Inc.^(a)(b)		408,926		16,422,468
Tandem Diabetes Care Inc.^(a)(b)		1,255,302		80,778,684
TransEnterix Inc.^(a)(b)		311,795		109,689
TransMedics Group Inc.^(a)(b)		319,701		3,861,988
Utah Medical Products Inc.		77,858		7,322,545
Vapotherm Inc.^(a)(b)		328,314		6,182,153
Varex Imaging Corp.^(a)(b)		842,985		19,144,189
ViewRay Inc.^(a)(b)		2,362,884		5,907,210
Wright Medical Group NV^(a)(b)		2,826,143		80,968,997
Zynex Inc.^(a)(b)		343,853		3,806,453


			1,512,344,918

Health Care Providers & Services — 2.5%
1Life Healthcare Inc.^(a)(b)		432,520		7,850,238
Addus HomeCare Corp.^(a)(b)		279,070		18,865,132
Amedisys Inc.^(a)(b)		701,761		128,801,214
American Renal Associates Holdings Inc.^(a)(b)		405,130		2,677,909
AMN Healthcare Services Inc.^(a)(b)		1,027,187		59,381,680
Apollo Medical Holdings Inc.^(a)(b)		138,638		1,791,203
Avalon GloboCare Corp.^(a)(b)		478,708		741,997
BioTelemetry Inc.^(a)(b)		741,407		28,551,584


Security	Shares		Value

Health Care Providers & Services (continued)
Brookdale Senior Living Inc.^(a)(b)		4,211,941	$	13,141,256
Catasys Inc.^(a)(b)		155,878		2,374,022
Community Health Systems Inc.^(a)(b)		1,998,107		6,673,677
CorVel Corp.^(a)		197,842		10,784,367
Cross Country Healthcare Inc.^(a)(b)		789,407		5,320,603
Ensign Group Inc. (The)		1,131,935		42,572,075
Enzo Biochem Inc.^(a)(b)		961,652		2,432,980
Exagen Inc.^(a)(b)		74,671		1,190,256
Genesis Healthcare Inc.^(a)(b)		1,800,092		1,516,758
Hanger Inc.^(a)(b)		824,765		12,849,839
HealthEquity Inc.^(a)(b)		1,551,210		78,475,714
Joint Corp. (The)^(a)(b)		288,521		3,130,453
LHC Group Inc.^(a)(b)		674,177		94,519,615
Magellan Health Inc.^(a)		492,478		23,693,117
National HealthCare Corp.		275,209		19,740,742
National Research Corp.		272,834		12,408,490
Option Care Health Inc.^(a)(b)		694,993		6,581,584
Owens & Minor Inc.^(b)		1,379,266		12,620,284
Patterson Companies Inc.		1,871,198		28,610,617
Pennant Group Inc. (The)^(a)(b)		564,887		7,998,800
PetIQ Inc.^(a)(b)		450,862		10,473,524
Progyny Inc.^(a)(b)		261,606		5,543,431
Providence Service Corp. (The)^(a)(b)		260,083		14,273,355
R1 RCM Inc.^(a)(b)		2,320,193		21,090,554
RadNet Inc.^(a)(b)		960,809		10,098,103
Select Medical Holdings Corp.^(a)(b)		2,465,964		36,989,460
Surgery Partners Inc.^(a)(b)		530,809		3,466,183
Tenet Healthcare Corp.^(a)(b)		2,302,447		33,155,237
Tivity Health Inc.^(a)(b)		1,080,887		6,798,779
Triple-S Management Corp., Class B^(a)		529,575		7,467,008
U.S. Physical Therapy Inc.^(b)		279,607		19,292,883


			803,944,723

Health Care Technology — 1.8%
Allscripts Healthcare Solutions Inc.^(a)(b)		3,611,374		25,424,073
Castlight Health Inc., Class B^(a)(b)		2,223,723		1,607,974
Computer Programs & Systems Inc.^(b)		280,493		6,240,969
Evolent Health Inc., Class A^(a)(b)		1,663,243		9,031,410
Health Catalyst Inc.^(a)(b)		425,253		11,120,366
HealthStream Inc.^(a)		582,315		13,946,444
HMS Holdings Corp.^(a)(b)		1,968,072		49,733,179
Inovalon Holdings Inc., Class A^(a)(b)		1,631,181		27,175,476
Inspire Medical Systems Inc.^(a)(b)		300,654		18,123,423
Livongo Health Inc.^(a)(b)		1,153,968		32,922,707
NextGen Healthcare Inc.^(a)(b)		1,223,630		12,774,697
Omnicell Inc.^(a)(b)		923,988		60,595,133
OptimizeRx Corp.^(a)(b)		317,796		2,879,232
Phreesia Inc.^(a)(b)		610,370		12,836,081
Schrodinger Inc.^(a)(b)		309,095		13,328,176
Simulations Plus Inc.^(b)		266,348		9,300,872
Tabula Rasa HealthCare Inc.^(a)(b)		438,926		22,951,441
Teladoc Health Inc.^(a)(b)		1,615,303		250,388,118
Vocera Communications Inc.^(a)(b)		698,028		14,826,115


			595,205,886

Hotels, Restaurants & Leisure — 1.9%
BBX Capital Corp.		1,383,991		3,197,019
Biglari Holdings Inc., Class B, NVS^(a)(b)		20,799		1,069,069
BJ’s Restaurants Inc.		438,433		6,089,834
Bloomin’ Brands Inc.		1,966,205		14,038,704
Bluegreen Vacations Corp.		170,467		985,299


34		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Boyd Gaming Corp.^(b)		1,804,329	$	26,018,424
Brinker International Inc.^(b)		845,930		10,159,619
Carrols Restaurant Group Inc.^(a)(b)		760,048		1,383,287
Century Casinos Inc.^(a)(b)		616,776		1,486,430
Cheesecake Factory Inc. (The)^(b)		930,320		15,889,866
Churchill Downs Inc.^(b)		787,310		81,053,565
Chuy’s Holdings Inc.^(a)(b)		383,207		3,858,895
Cracker Barrel Old Country Store Inc.		538,864		44,844,262
Dave & Buster’s Entertainment Inc.^(b)		699,038		9,143,417
Del Taco Restaurants Inc.^(a)(b)		644,874		2,211,918
Denny’s Corp.^(a)(b)		1,300,128		9,984,983
Dine Brands Global Inc.		363,634		10,429,023
Drive Shack Inc.^(a)(b)		1,284,462		1,952,382
El Pollo Loco Holdings Inc.^(a)(b)		436,492		3,688,357
Eldorado Resorts Inc.^(a)(b)		1,486,478		21,405,283
Everi Holdings Inc.^(a)(b)		1,785,850		5,893,305
Fiesta Restaurant Group Inc.^(a)(b)		522,551		2,105,881
Golden Entertainment Inc.^(a)		405,480		2,680,223
Inspired Entertainment Inc.^(a)(b)		195,316		660,168
J Alexander’s Holdings Inc.^(a)(b)		273,133		1,046,099
Jack in the Box Inc.		517,507		18,138,620
Kura Sushi USA Inc., Class A^(a)(b)		75,611		904,308
Lindblad Expeditions Holdings Inc.^(a)(b)		507,036		2,114,340
Marriott Vacations Worldwide Corp.		928,387		51,599,749
Monarch Casino & Resort Inc.^(a)(b)		261,257		7,333,484
Nathan’s Famous Inc.		67,024		4,088,464
Noodles & Co.^(a)(b)		630,738		2,970,776
Papa John’s International Inc.^(b)		495,080		26,422,420
Penn National Gaming Inc.^(a)(b)		2,455,385		31,060,620
PlayAGS Inc.^(a)(b)		587,636		1,557,235
Potbelly Corp.^(a)(b)		477,844		1,476,538
RCI Hospitality Holdings Inc.^(b)		203,105		2,024,957
Red Lion Hotels Corp.^(a)(b)		523,999		765,039
Red Robin Gourmet Burgers Inc.^(a)(b)		303,383		2,584,823
Red Rock Resorts Inc., Class A^(b)		1,580,210		13,510,796
Ruth’s Hospitality Group Inc.		616,531		4,118,427
Scientific Games Corp./DE, Class A^(a)(b)		1,251,655		12,141,054
SeaWorld Entertainment Inc.^(a)		1,067,491		11,763,751
Shake Shack Inc., Class A^(a)(b)		646,069		24,382,644
Target Hospitality Corp.^(a)(b)		729,406		1,451,518
Texas Roadhouse Inc.		1,480,963		61,163,772
Twin River Worldwide Holdings Inc.		389,011		5,061,033
Wingstop Inc.^(b)		657,879		52,432,956


			620,342,636

Household Durables — 1.5%
Bassett Furniture Industries Inc.		214,108		1,166,889
Beazer Homes USA Inc.^(a)(b)		673,081		4,334,642
Cavco Industries Inc.^(a)(b)		192,616		27,917,763
Century Communities Inc.^(a)(b)		639,696		9,281,989
Ethan Allen Interiors Inc.		537,065		5,488,804
Flexsteel Industries Inc.		156,711		1,717,553
GoPro Inc., Class A^(a)(b)		2,918,600		7,646,732
Green Brick Partners Inc.^(a)(b)		561,974		4,523,891
Hamilton Beach Brands Holding Co., Class A		146,719		1,395,298
Helen of Troy Ltd.^(a)(b)		562,705		81,046,401
Hooker Furniture Corp.		266,570		4,161,158
Installed Building Products Inc.^(a)(b)		504,030		20,095,676
iRobot Corp.^(a)(b)		621,845		25,433,460
KB Home		1,944,611		35,197,459
La-Z-Boy Inc.		1,001,808		20,587,154


Security	Shares		Value

Household Durables (continued)
Legacy Housing Corp.^(a)(b)		130,382	$	1,206,034
LGI Homes Inc.^(a)(b)		447,577		20,208,102
Lifetime Brands Inc.		249,551		1,409,963
Lovesac Co. (The)^(a)(b)		196,087		1,143,187
M/I Homes Inc.^(a)(b)		607,649		10,044,438
MDC Holdings Inc.		1,131,817		26,258,154
Meritage Homes Corp.^(a)(b)		807,192		29,470,580
Purple Innovation Inc.^(a)(b)		173,949		988,030
Skyline Champion Corp.^(a)		1,124,697		17,635,249
Sonos Inc.^(a)(b)		1,795,782		15,228,231
Taylor Morrison Home Corp.^(a)(b)		2,919,770		32,117,470
TopBuild Corp.^(a)(b)		750,028		53,732,006
TRI Pointe Group Inc.^(a)(b)		3,120,192		27,364,084
Tupperware Brands Corp.^(b)		1,139,231		1,845,554
Universal Electronics Inc.^(a)		302,125		11,592,536
ZAGG Inc.^(a)(b)		650,557		2,023,232


			502,261,719

Household Products — 0.3%
Central Garden & Pet Co.^(a)(b)		221,860		6,101,150
Central Garden & Pet Co., Class A, NVS^(a)(b)		906,151		23,170,281
Oil-Dri Corp. of America		113,948		3,810,421
WD-40 Co.		306,559		61,572,375


			94,654,227

Independent Power and Renewable Electricity Producers — 0.4%
Atlantic Power Corp.^(a)(b)		2,293,165		4,907,373
Clearway Energy Inc., Class A		786,013		13,495,843
Clearway Energy Inc., Class C		1,775,341		33,376,411
Ormat Technologies Inc.^(b)		890,175		60,229,240
Sunnova Energy International Inc.^(a)(b)		712,596		7,175,842
TerraForm Power Inc., Class A		1,776,371		28,013,371


			147,198,080

Industrial Conglomerates — 0.0%
Raven Industries Inc.		805,405		17,098,748


Insurance — 2.7%
Ambac Financial Group Inc.^(a)		1,023,603		12,631,261
American Equity Investment Life Holding Co.^(b)		1,918,655		36,070,714
AMERISAFE Inc.^(b)		411,984		26,560,608
Argo Group International Holdings Ltd.		732,016		27,128,513
Benefytt Technologies Inc.^(a)(b)		219,419		4,912,791
BRP Group Inc., Class A^(a)(b)		362,650		3,825,957
Citizens Inc./TX^(a)(b)		1,114,329		7,265,425
CNO Financial Group Inc.		3,322,568		41,166,618
Crawford & Co., Class A, NVS		365,330		2,630,376
Donegal Group Inc., Class A		236,963		3,601,838
eHealth Inc.^(a)(b)		510,814		71,932,827
Employers Holdings Inc.		656,286		26,586,146
Enstar Group Ltd.^(a)(b)		257,617		40,973,984
FBL Financial Group Inc., Class A		217,555		10,153,292
FedNat Holding Co.		270,588		3,106,350
Genworth Financial Inc., Class A^(a)		11,346,612		37,670,752
Global Indemnity Ltd.		186,920		4,766,460
Goosehead Insurance Inc., Class A^(a)(b)		255,158		11,387,702
Greenlight Capital Re Ltd., Class A^(a)(b)		658,653		3,918,985
Hallmark Financial Services Inc.^(a)(b)		287,018		1,159,553
HCI Group Inc.		135,321		5,446,670
Heritage Insurance Holdings Inc.^(b)		588,401		6,301,775
Horace Mann Educators Corp.		867,373		31,737,178
Independence Holding Co.^(b)		110,690		2,829,236


SCHEDULES OF INVESTMENTS			35

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Investors Title Co.		31,654	$	4,051,712
James River Group Holdings Ltd.		679,016		24,607,540
Kinsale Capital Group Inc.^(b)		458,028		47,877,667
MBIA Inc.^(a)		1,678,801		11,986,639
National General Holdings Corp.		1,515,970		25,089,303
National Western Life Group Inc., Class A		52,171		8,973,412
NI Holdings Inc.^(a)(b)		213,063		2,889,134
Palomar Holdings Inc.^(a)(b)		414,354		24,098,829
ProAssurance Corp.		1,123,999		28,099,975
ProSight Global Inc.^(a)(b)		205,073		1,999,462
Protective Insurance Corp., Class B, NVS		209,640		2,882,550
RLI Corp.		894,976		78,695,240
Safety Insurance Group Inc.		329,724		27,838,597
Selective Insurance Group Inc.^(b)		1,312,418		65,227,175
State Auto Financial Corp.^(b)		380,274		10,567,814
Stewart Information Services Corp.		506,679		13,513,129
Third Point Reinsurance Ltd.^(a)		1,659,833		12,299,363
Tiptree Inc.		560,603		2,926,348
Trupanion Inc.^(a)(b)		645,792		16,809,966
United Fire Group Inc.		477,394		15,567,818
United Insurance Holdings Corp.		447,683		4,136,591
Universal Insurance Holdings Inc.		652,160		11,686,707
Watford Holdings Ltd.^(a)(b)		399,531		5,853,129


			871,443,111

Interactive Media & Services — 0.3%
Cargurus Inc.^(a)(b)		1,680,534		31,829,314
Cars.com Inc.^(a)(b)		1,539,900		6,621,570
DHI Group Inc.^(a)(b)		1,129,844		2,440,463
Eventbrite Inc., Class A^(a)(b)		833,175		6,082,178
EverQuote Inc., Class A^(a)(b)		202,697		5,320,796
Liberty TripAdvisor Holdings Inc., Class A^(a)(b)		1,604,096		2,887,373
Meet Group Inc. (The)^(a)(b)		1,516,168		8,899,906
QuinStreet Inc.^(a)(b)		1,023,889		8,242,307
Travelzoo^(a)(b)		130,428		512,582
TrueCar Inc.^(a)(b)		2,381,905		5,764,210
Yelp Inc.^(a)(b)		1,529,113		27,569,907


			106,170,606

Internet & Direct Marketing Retail — 0.4%
1-800-Flowers.com Inc., Class A^(a)(b)		570,383		7,546,167
Duluth Holdings Inc., Class B^(a)(b)		237,271		951,457
Groupon Inc.^(a)(b)		10,087,918		9,888,177
Lands’ End Inc.^(a)(b)		250,007		1,335,037
Leaf Group Ltd.^(a)(b)		407,548		546,114
Liquidity Services Inc.^(a)		631,351		2,449,642
PetMed Express Inc.		439,204		12,640,291
Quotient Technology Inc.^(a)(b)		1,672,265		10,869,723
RealReal Inc. (The)^(a)(b)		1,162,726		8,150,709
Rubicon Project Inc. (The)^(a)(b)		1,098,853		6,098,634
Shutterstock Inc.^(b)		425,958		13,698,809
Stamps.com Inc.^(a)(b)		370,210		48,156,917
Stitch Fix Inc., Class A^(a)(b)		923,148		11,723,980
Waitr Holdings Inc.^(a)(b)		1,403,887		1,726,781


			135,782,438

IT Services — 2.3%
Brightcove Inc.^(a)(b)		891,375		6,212,884
Cardtronics PLC, Class A^(a)(b)		820,553		17,165,969
Cass Information Systems Inc.		313,435		11,020,375
Conduent Inc.^(a)(b)		3,864,399		9,467,778
CSG Systems International Inc.^(b)		737,384		30,859,520


Security	Shares		Value

IT Services (continued)
Endurance International Group Holdings Inc.^(a)(b)		1,581,386	$	3,052,075
EVERTEC Inc.		1,354,647		30,791,126
Evo Payments Inc., Class A^(a)(b)		895,693		13,704,103
Exela Technologies Inc.^(a)(b)		1,004,728		205,969
ExlService Holdings Inc.^(a)		751,484		39,099,713
GTT Communications Inc.^(a)(b)		734,854		5,842,089
Hackett Group Inc. (The)		553,976		7,046,575
I3 Verticals Inc., Class A^(a)(b)		324,329		6,191,441
Information Services Group Inc.^(a)(b)		773,345		1,987,497
International Money Express Inc.^(a)(b)		403,802		3,686,712
KBR Inc.^(b)		3,172,235		65,601,820
Limelight Networks Inc.^(a)(b)		2,596,273		14,798,756
LiveRamp Holdings Inc.^(a)(b)		1,502,571		49,464,637
ManTech International Corp./VA, Class A^(b)		599,122		43,538,196
MAXIMUS Inc.		1,425,201		82,946,698
NIC Inc.		1,473,608		33,892,984
Paysign Inc.^(a)(b)		706,633		3,646,226
Perficient Inc.^(a)(b)		715,373		19,379,455
Perspecta Inc.^(b)		3,135,201		57,186,066
PRGX Global Inc.^(a)(b)		437,394		1,224,703
Priority Technology Holdings Inc.^(a)(b)		144,661		280,642
Science Applications International Corp.		1,296,137		96,730,704
StarTek Inc.^(a)(b)		358,988		1,349,795
Sykes Enterprises Inc.^(a)(b)		854,783		23,181,715
TTEC Holdings Inc.		388,580		14,268,658
Tucows Inc., Class A^(a)(b)		211,016		10,183,632
Unisys Corp.^(a)(b)		1,074,852		13,274,422
Verra Mobility Corp.^(a)(b)		2,883,366		20,587,233
Virtusa Corp.^(a)(b)		641,802		18,227,177


			756,097,345

Leisure Products — 0.4%
Acushnet Holdings Corp.^(b)		793,433		20,407,097
American Outdoor Brands Corp.^(a)(b)		1,212,561		10,064,256
Callaway Golf Co.^(b)		2,109,394		21,558,007
Clarus Corp.^(b)		465,344		4,560,371
Escalade Inc.		249,011		1,481,615
Johnson Outdoors Inc., Class A		110,425		6,923,648
Malibu Boats Inc., Class A^(a)(b)		456,104		13,131,234
Marine Products Corp.		183,489		1,482,591
MasterCraft Boat Holdings Inc.^(a)(b)		402,137		2,935,600
Sturm Ruger & Co. Inc.		374,843		19,083,257
Vista Outdoor Inc.^(a)(b)		1,287,475		11,329,780
YETI Holdings Inc.^(a)(b)		1,257,086		24,538,319


			137,495,775

Life Sciences Tools & Services — 1.1%
Accelerate Diagnostics Inc.^(a)(b)		602,515		5,018,950
ChromaDex Corp.^(a)(b)		925,338		3,016,602
Codexis Inc.^(a)(b)		1,185,176		13,226,564
Fluidigm Corp.^(a)(b)		1,527,089		3,878,806
Luminex Corp.^(b)		937,652		25,813,560
Medpace Holdings Inc.^(a)(b)		618,769		45,405,269
NanoString Technologies Inc.^(a)(b)		758,916		18,251,930
NeoGenomics Inc.^(a)(b)		2,137,899		59,027,391
Pacific Biosciences of California Inc.^(a)(b)		3,226,269		9,872,383
Personalis Inc.^(a)(b)		420,791		3,395,783
Quanterix Corp.^(a)(b)		310,951		5,712,170
Repligen Corp.^(a)(b)		1,169,566		112,909,902
Syneos Health Inc.^(a)(b)		1,395,796		55,022,278


			360,551,588


36		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery — 3.5%
Alamo Group Inc.^(b)		218,843	$	19,428,881
Albany International Corp., Class A^(b)		683,193		32,335,525
Altra Industrial Motion Corp.		1,440,780		25,199,242
Astec Industries Inc.^(b)		503,670		17,613,340
Barnes Group Inc.		1,056,557		44,195,779
Blue Bird Corp.^(a)(b)		346,935		3,792,000
Briggs & Stratton Corp.		912,828		1,652,219
Chart Industries Inc.^(a)(b)		815,337		23,628,466
CIRCOR International Inc.^(a)(b)		441,460		5,134,180
Columbus McKinnon Corp./NY^(b)		515,443		12,886,075
Commercial Vehicle Group Inc.^(a)(b)		698,728		1,055,079
Douglas Dynamics Inc.		499,470		17,736,180
Eastern Co. (The)		113,628		2,215,746
Energy Recovery Inc.^(a)(b)		868,276		6,459,973
Enerpac Tool Group Corp.^(b)		1,232,614		20,399,762
EnPro Industries Inc.^(b)		461,034		18,247,726
ESCO Technologies Inc.^(b)		572,720		43,475,175
Evoqua Water Technologies Corp.^(a)(b)		1,692,080		18,968,217
Federal Signal Corp.		1,337,472		36,486,236
Franklin Electric Co. Inc.^(b)		1,036,116		48,832,147
Gencor Industries Inc.^(a)(b)		207,408		2,177,784
Gorman-Rupp Co. (The)^(b)		396,536		12,375,889
Graham Corp.		209,430		2,701,647
Greenbrier Companies Inc. (The)		729,012		12,932,673
Helios Technologies Inc.		656,593		24,898,007
Hillenbrand Inc.		1,631,953		31,186,622
Hurco Companies Inc.		136,902		3,983,848
Hyster-Yale Materials Handling Inc.		229,576		9,203,702
John Bean Technologies Corp.^(b)		699,251		51,933,372
Kadant Inc.^(b)		246,676		18,414,363
Kennametal Inc.		1,841,055		34,280,444
LB Foster Co., Class A^(a)(b)		225,106		2,782,310
Lindsay Corp.^(b)		241,997		22,162,085
Luxfer Holdings PLC		626,968		8,865,327
Lydall Inc.^(a)		381,187		2,462,468
Manitowoc Co. Inc. (The)^(a)(b)		783,269		6,657,786
Mayville Engineering Co. Inc.^(a)(b)		139,148		852,977
Meritor Inc.^(a)(b)		1,591,963		21,093,510
Miller Industries Inc./TN		250,015		7,070,424
Mueller Industries Inc.		1,242,098		29,735,826
Mueller Water Products Inc., Class A		3,507,377		28,094,090
Navistar International Corp.^(a)(b)		1,105,442		18,228,739
NN Inc.		937,724		1,622,262
Omega Flex Inc.		67,236		5,674,718
Park-Ohio Holdings Corp.		197,645		3,743,396
Proto Labs Inc.^(a)(b)		604,557		46,024,924
RBC Bearings Inc.^(a)(b)		543,745		61,328,999
REV Group Inc.		619,416		2,582,965
Rexnord Corp.		2,385,400		54,077,018
Spartan Motors Inc.^(b)		757,904		9,784,541
SPX Corp.^(a)(b)		975,062		31,826,024
SPX FLOW Inc.^(a)(b)		944,729		26,849,198
Standex International Corp.		275,632		13,511,481
Tennant Co.^(b)		403,311		23,371,872
Terex Corp.		1,412,925		20,289,603
Titan International Inc.^(b)		1,199,507		1,859,236
TriMas Corp.^(a)(b)		1,004,406		23,201,779
Twin Disc Inc.^(a)		230,673		1,610,098
Wabash National Corp.		1,181,403		8,529,730
Watts Water Technologies Inc., Class A		618,791		52,380,658


Security	Shares		Value

Machinery (continued)
Welbilt Inc.^(a)(b)		2,930,085	$	15,031,336


			1,155,135,679

Marine — 0.1%
Costamare Inc.		1,157,148		5,230,309
Eagle Bulk Shipping Inc.^(a)(b)		1,011,274		1,870,857
Genco Shipping & Trading Ltd.^(b)		335,131		2,151,541
Matson Inc.		947,524		29,013,185
Safe Bulkers Inc.^(a)(b)		1,135,665		1,351,441
Scorpio Bulkers Inc.		1,254,691		3,174,368


			42,791,701

Media — 0.7%
Boston Omaha Corp., Class A^(a)(b)		244,482		4,427,569
Cardlytics Inc.^(a)(b)		320,813		11,215,622
Central European Media Enterprises Ltd., Class A^(a)(b)		2,051,359		6,420,754
Clear Channel Outdoor Holdings Inc.^(a)(b)		1,037,091		663,738
comScore Inc.^(a)(b)		1,081,521		3,049,889
Cumulus Media Inc., Class A^(a)(b)		313,420		1,698,736
Daily Journal Corp.^(a)(b)		25,351		5,787,633
Emerald Holding Inc.		565,720		1,465,215
Entercom Communications Corp., Class A		2,736,129		4,678,781
Entravision Communications Corp., Class A		1,374,318		2,789,866
EW Scripps Co. (The), Class A, NVS^(b)		1,239,355		9,344,737
Fluent Inc.^(a)(b)		942,053		1,102,202
Gannett Co. Inc.		2,621,277		3,879,490
Gray Television Inc.^(a)(b)		2,054,403		22,064,288
Hemisphere Media Group Inc.^(a)(b)		384,244		3,281,444
Lee Enterprises Inc.^(a)(b)		1,182,725		1,162,619
Liberty Latin America Ltd., Class A^(a)(b)		1,045,929		11,003,173
Liberty Latin America Ltd., Class C, NVS^(a)(b)		2,538,013		26,040,013
Loral Space & Communications Inc.^(a)(b)		295,328		4,799,080
Marchex Inc., Class B^(a)(b)		765,975		1,110,664
MDC Partners Inc., Class A^(a)		1,270,366		1,842,031
Meredith Corp.		886,633		10,834,655
MSG Networks Inc., Class A^(a)(b)		962,939		9,821,978
National CineMedia Inc.		1,376,362		4,486,940
Saga Communications Inc., Class A		83,599		2,299,809
Scholastic Corp., NVS		667,170		17,006,163
TechTarget Inc.^(a)(b)		520,144		10,720,168
TEGNA Inc.^(b)		4,874,656		52,938,764
Tribune Publishing Co.		393,486		3,191,171
WideOpenWest Inc.^(a)(b)		544,363		2,591,168


			241,718,360

Metals & Mining — 1.0%
Allegheny Technologies Inc.^(a)(b)		2,804,015		23,834,128
Carpenter Technology Corp.		1,061,517		20,699,582
Century Aluminum Co.^(a)(b)		1,118,774		4,049,962
Cleveland-Cliffs Inc.^(b)		8,849,596		34,955,904
Coeur Mining Inc.^(a)(b)		5,335,988		17,128,521
Commercial Metals Co.		2,643,425		41,739,681
Compass Minerals International Inc.		763,181		29,359,573
Contura Energy Inc.^(a)(b)		431,955		1,015,094
Ferroglobe PLC^(a)(c)		1,289,900		13
Gold Resource Corp.^(b)		1,367,666		3,761,082
Haynes International Inc.		281,341		5,798,438
Hecla Mining Co.^(b)		11,620,617		21,149,523
Kaiser Aluminum Corp.		351,489		24,351,158
Materion Corp.^(b)		458,624		16,056,426
NovaGold Resources Inc.^(a)(b)		5,188,140		38,288,473


SCHEDULES OF INVESTMENTS			37

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining (continued)
Olympic Steel Inc.^(b)		208,983	$	2,162,974
Ramaco Resources Inc.^(a)(b)		211,665		505,879
Ryerson Holding Corp.^(a)(b)		386,209		2,054,632
Schnitzer Steel Industries Inc., Class A		579,002		7,550,186
SunCoke Energy Inc.		1,627,848		6,267,215
Synalloy Corp.^(a)		175,179		1,529,313
TimkenSteel Corp.^(a)(b)		916,262		2,959,526
Warrior Met Coal Inc.^(b)		1,099,928		11,681,235
Worthington Industries Inc.		860,948		22,599,885


			339,498,403

Mortgage Real Estate Investment — 0.7%
AG Mortgage Investment Trust Inc.		745,734		2,043,311
Anworth Mortgage Asset Corp.		2,224,107		2,513,241
Apollo Commercial Real Estate Finance Inc.		3,459,311		25,668,088
Ares Commercial Real Estate Corp.		698,068		4,879,495
Arlington Asset Investment Corp., Class A		797,081		1,745,607
ARMOUR Residential REIT Inc.		1,341,725		11,820,597
Blackstone Mortgage Trust Inc., Class A		2,871,988		53,476,417
Capstead Mortgage Corp.		2,140,906		8,991,805
Cherry Hill Mortgage Investment Corp.		358,537		2,222,929
Colony Credit Real Estate Inc.		1,846,266		7,274,288
Dynex Capital Inc.		498,963		5,209,174
Ellington Financial Inc.		893,240		5,100,400
Exantas Capital Corp.		673,648		1,859,268
Granite Point Mortgage Trust Inc.		1,223,318		6,202,222
Great Ajax Corp.		415,859		2,644,862
Invesco Mortgage Capital Inc.		3,705,468		12,635,646
KKR Real Estate Finance Trust Inc.		580,650		8,715,557
Ladder Capital Corp.		2,332,066		11,053,993
New York Mortgage Trust Inc.		8,479,877		13,143,809
Orchid Island Capital Inc.		1,412,936		4,168,161
PennyMac Mortgage Investment Trust^(d)		2,215,677		23,530,490
Ready Capital Corp.		787,553		5,686,133
Redwood Trust Inc.		2,507,308		12,686,979
TPG RE Finance Trust Inc.		1,118,083		6,138,276
Western Asset Mortgage Capital Corp.		1,157,517		2,650,714


			242,061,462

Multi-Utilities — 0.7%
Avista Corp.		1,491,894		63,390,576
Black Hills Corp.		1,367,731		87,575,816
NorthWestern Corp.		1,135,257		67,922,426
Unitil Corp.		329,973		17,264,188


			236,153,006

Multiline Retail — 0.1%
Big Lots Inc.^(b)		868,553		12,350,824
Dillard’s Inc., Class A^(b)		222,956		8,238,224
JC Penney Co. Inc.^(a)(b)		7,032,351		2,531,646


			23,120,694

Oil, Gas & Consumable Fuels — 1.3%
Abraxas Petroleum Corp.^(a)(b)		3,370,047		407,776
Altus Midstream Co., Class A^(a)(b)		1,112,896		834,672
Amplify Energy Corp.^(b)		13,947		7,893
Arch Coal Inc., Class A		336,426		9,722,711
Ardmore Shipping Corp.		754,702		3,962,186
Berry Corp.		1,398,850		3,371,229
Bonanza Creek Energy Inc.^(a)(b)		421,736		4,744,530
Brigham Minerals Inc., Class A		632,556		5,231,238
California Resources Corp.^(a)(b)		1,067,937		1,067,937
Callon Petroleum Co.^(a)(b)		8,678,975		4,755,210


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Chaparral Energy Inc., Class A^(a)(b)		686,289	$	322,556
Clean Energy Fuels Corp.^(a)(b)		3,110,570		5,536,815
CNX Resources Corp.^(a)(b)		4,177,197		22,222,688
Comstock Resources Inc.^(a)(b)		323,674		1,744,603
CONSOL Energy Inc.^(a)(b)		607,603		2,242,055
CVR Energy Inc.		671,522		11,100,259
Delek U.S. Holdings Inc.		1,657,362		26,120,025
Denbury Resources Inc.^(a)(b)		10,764,973		1,987,214
DHT Holdings Inc.		2,480,117		19,022,497
Diamond S Shipping Inc.^(a)		605,343		7,149,101
Dorian LPG Ltd.^(a)(b)		599,283		5,219,755
Earthstone Energy Inc., Class A^(a)(b)		420,548		740,164
Energy Fuels Inc./Canada^(a)(b)		2,212,287		2,610,499
Evolution Petroleum Corp.		607,352		1,585,189
Extraction Oil & Gas Inc.^(a)(b)		1,880,649		793,634
Falcon Minerals Corp.		852,342		1,832,535
GasLog Ltd.		904,144		3,273,001
Golar LNG Ltd.		2,128,313		16,771,106
Goodrich Petroleum Corp.^(a)(b)		183,681		782,481
Green Plains Inc.		765,545		3,712,893
Gulfport Energy Corp.^(a)(b)		3,712,958		1,651,152
Hallador Energy Co.		473,809		449,597
HighPoint Resources Corp.^(a)(b)		2,538,331		482,283
International Seaways Inc.^(b)		572,631		13,680,155
Laredo Petroleum Inc.^(a)(b)		4,166,257		1,582,344
Magnolia Oil & Gas Corp., Class A^(a)(b)		2,294,891		9,179,564
Matador Resources Co.^(a)(b)		2,504,226		6,210,481
Montage Resources Corp.^(a)(b)		472,534		1,063,202
NACCO Industries Inc., Class A		84,385		2,361,092
NextDecade Corp.^(a)(b)		252,377		474,469
Nordic American Tankers Ltd.		3,136,075		14,206,420
Northern Oil and Gas Inc.^(a)(b)		6,644,478		4,405,953
Oasis Petroleum Inc.^(a)(b)		7,201,894		2,520,663
Overseas Shipholding Group Inc., Class A^(a)(b)		1,481,681		3,363,416
Panhandle Oil and Gas Inc., Class A		329,980		1,217,626
Par Pacific Holdings Inc.^(a)(b)		804,393		5,711,190
PDC Energy Inc.^(a)(b)		2,224,733		13,815,592
Peabody Energy Corp.		1,428,897		4,143,801
Penn Virginia Corp.^(a)(b)		299,483		925,402
PetroCorp Inc. Escrow^(a)(c)		26,106		0	^(e)
PrimeEnergy Resources Corp.^(a)(b)		11,472		848,928
QEP Resources Inc.		5,391,486		1,803,452
Renewable Energy Group Inc.^(a)(b)		823,539		16,907,256
REX American Resources Corp.^(a)(b)		124,506		5,790,774
Ring Energy Inc.^(a)(b)		1,346,405		886,877
Rosehill Resources Inc.^(a)(b)		230,160		94,366
SandRidge Energy Inc.^(a)(b)		717,165		644,803
Scorpio Tankers Inc.^(b)		986,134		18,854,882
SFL Corp. Ltd.		1,811,024		17,150,397
SilverBow Resources Inc.^(a)(b)		153,169		378,327
SM Energy Co.		2,532,080		3,089,138
Southwestern Energy Co.^(a)(b)		12,132,671		20,504,214
Talos Energy Inc.^(a)(b)		446,149		2,565,357
Teekay Corp.^(a)(b)		1,586,230		5,012,487
Teekay Tankers Ltd., Class A^(a)		531,365		11,817,558
Tellurian Inc.^(a)(b)		2,136,018		1,930,747
Unit Corp.^(a)(b)		1,186,691		308,540
Uranium Energy Corp.^(a)(b)		4,007,686		2,244,304
W&T Offshore Inc.^(a)(b)		2,101,293		3,572,198
Whiting Petroleum Corp.^(a)(b)		2,081,716		1,395,582


38		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
World Fuel Services Corp.		1,446,146	$	36,413,956


			408,532,997

Paper & Forest Products — 0.4%
Boise Cascade Co.^(b)		866,759		20,611,529
Clearwater Paper Corp.^(a)(b)		355,419		7,751,688
Louisiana-Pacific Corp.		2,526,078		43,398,020
Neenah Inc.		379,499		16,367,792
PH Glatfelter Co.		988,546		12,080,032
Schweitzer-Mauduit International Inc.		691,373		19,233,997
Verso Corp., Class A^(a)(b)		795,718		8,975,699


			128,418,757

Personal Products — 0.3%
BellRing Brands Inc., Class A^(a)(b)		896,898		15,292,111
Edgewell Personal Care Co.^(a)(b)		1,211,822		29,180,674
elf Beauty Inc.^(a)(b)		606,237		5,965,372
Inter Parfums Inc.		395,137		18,314,600
Lifevantage Corp.^(a)(b)		308,609		3,178,673
Medifast Inc.		246,926		15,432,875
Nature’s Sunshine Products Inc.^(a)(b)		214,100		1,740,633
Revlon Inc., Class A^(a)(b)		172,635		1,886,900
USANA Health Sciences Inc.^(a)(b)		279,385		16,137,277
Youngevity International Inc.^(a)(b)		182,314		127,620


			107,256,735

Pharmaceuticals — 2.0%
AcelRx Pharmaceuticals Inc.^(a)(b)		1,730,773		2,042,312
Acer Therapeutics Inc.^(a)(b)		111,305		221,497
Aclaris Therapeutics Inc.^(a)(b)		747,517		777,418
Aerie Pharmaceuticals Inc.^(a)(b)		956,964		12,919,014
Akorn Inc.^(a)(b)		2,090,157		1,172,996
Amneal Pharmaceuticals Inc.^(a)(b)		2,645,875		9,207,645
Amphastar Pharmaceuticals Inc.^(a)(b)		817,037		12,124,829
ANI Pharmaceuticals Inc.^(a)(b)		209,161		8,521,219
Arvinas Holding Co. LLC^(a)(b)		475,369		19,157,371
Assertio Therapeutics Inc.^(a)(b)		1,469,020		954,863
Axsome Therapeutics Inc.^(a)(b)		605,224		35,605,328
Baudax Bio Inc.^(a)		165,531		410,517
BioDelivery Sciences International Inc.^(a)(b)		1,903,448		7,214,068
Cara Therapeutics Inc.^(a)(b)		908,031		11,995,090
cbdMD Inc.^(a)(b)		208,538		193,940
Cerecor Inc.^(a)(b)		473,833		1,175,106
Chiasma Inc.^(a)(b)		765,931		2,795,648
Collegium Pharmaceutical Inc.^(a)(b)		714,581		11,669,108
Corcept Therapeutics Inc.^(a)(b)		2,133,696		25,369,645
CorMedix Inc.^(a)(b)		582,940		2,092,755
Cymabay Therapeutics Inc.^(a)(b)		1,521,427		2,251,712
Eloxx Pharmaceuticals Inc.^(a)(b)		562,549		1,102,596
Endo International PLC^(a)(b)		5,020,121		18,574,448
Evofem Biosciences Inc.^(a)(b)		312,549		1,662,761
Evolus Inc.^(a)(b)		413,309		1,715,232
EyePoint Pharmaceuticals Inc.^(a)(b)		1,367,271		1,394,616
Fulcrum Therapeutics Inc.^(a)(b)		283,398		3,383,772
Innoviva Inc.^(a)(b)		1,424,786		16,755,483
Intersect ENT Inc.^(a)(b)		699,812		8,292,772
Intra-Cellular Therapies Inc.^(a)(b)		1,181,320		18,156,888
Kala Pharmaceuticals Inc.^(a)(b)		526,811		4,630,669
Kaleido Biosciences Inc.^(a)(b)		255,053		1,568,576
Lannett Co. Inc.^(a)		750,380		5,215,141
Liquidia Technologies Inc.^(a)(b)		296,457		1,396,312
Mallinckrodt PLC^(a)(b)		1,946,742		3,854,549


Security	Shares		Value

Pharmaceuticals (continued)
Marinus Pharmaceuticals Inc.^(a)(b)		1,842,349	$	3,739,968
Menlo Therapeutics Inc.^(a)(b)		1,052,711		2,821,265
MyoKardia Inc.^(a)(b)		995,831		46,684,557
NGM Biopharmaceuticals Inc.^(a)(b)		548,805		6,766,766
Ocular Therapeutix Inc.^(a)(b)		944,639		4,675,963
Odonate Therapeutics Inc.^(a)(b)		215,501		5,949,983
Omeros Corp.^(a)(b)		1,146,727		15,331,740
Optinose Inc.^(a)(b)		550,563		2,472,028
Osmotica Pharmaceuticals PLC^(a)		205,513		653,531
Pacira BioSciences Inc.^(a)(b)		918,519		30,797,942
Paratek Pharmaceuticals Inc.^(a)(b)		790,346		2,489,590
Phathom Pharmaceuticals Inc.^(a)(b)		242,628		6,264,655
Phibro Animal Health Corp., Class A^(b)		458,147		11,073,413
Prestige Consumer Healthcare Inc.^(a)(b)		1,128,747		41,402,440
Reata Pharmaceuticals Inc., Class A^(a)(b)		506,703		73,137,511
Recro Pharma Inc.^(a)(b)		450,974		3,684,458
resTORbio Inc.^(a)(b)		330,320		340,230
Revance Therapeutics Inc.^(a)(b)		1,156,955		17,122,934
Satsuma Pharmaceuticals Inc.^(a)(b)		99,349		2,137,990
SIGA Technologies Inc.^(a)(b)		1,216,864		5,816,610
Strongbridge Biopharma PLC^(a)(b)		799,539		1,511,129
Supernus Pharmaceuticals Inc.^(a)(b)		1,102,710		19,837,753
TherapeuticsMD Inc.^(a)(b)		4,949,450		5,246,417
Theravance Biopharma Inc.^(a)(b)		1,099,311		25,405,077
Tricida Inc.^(a)(b)		495,855		10,908,810
Verrica Pharmaceuticals Inc.^(a)(b)		284,752		3,112,339
WaVe Life Sciences Ltd.^(a)(b)		510,237		4,780,921
Xeris Pharmaceuticals Inc.^(a)(b)		589,088		1,148,722
Zogenix Inc.^(a)(b)		961,705		23,782,965
Zynerba Pharmaceuticals Inc.^(a)(b)		520,149		1,992,171


			636,665,774

Professional Services — 1.5%
Acacia Research Corp.^(a)(b)		777,464		1,725,970
ASGN Inc.^(a)(b)		1,145,532		40,460,190
Barrett Business Services Inc.		163,581		6,484,351
BG Staffing Inc.		219,415		1,641,224
CBIZ Inc.^(a)(b)		1,150,073		24,059,527
CRA International Inc.		170,750		5,704,758
Exponent Inc.^(b)		1,158,946		83,339,807
Forrester Research Inc.^(a)		246,708		7,211,275
Franklin Covey Co.^(a)(b)		220,287		3,423,260
FTI Consulting Inc.^(a)(b)		833,704		99,852,728
GP Strategies Corp.^(a)(b)		289,820		1,886,728
Heidrick & Struggles International Inc.		430,224		9,680,040
Huron Consulting Group Inc.^(a)(b)		498,944		22,632,100
ICF International Inc.^(b)		405,441		27,853,797
InnerWorkings Inc.^(a)(b)		946,016		1,106,839
Insperity Inc.		829,341		30,934,419
Kelly Services Inc., Class A, NVS		752,796		9,552,981
Kforce Inc.		452,656		11,574,414
Korn Ferry^(b)		1,237,923		30,106,287
Mistras Group Inc.^(a)(b)		415,141		1,768,501
Resources Connection Inc.		678,517		7,443,332
TriNet Group Inc.^(a)(b)		984,005		37,057,628
TrueBlue Inc.^(a)		863,510		11,018,388
Upwork Inc.^(a)(b)		1,281,491		8,265,617
Willdan Group Inc.^(a)(b)		234,058		5,001,819


			489,785,980


SCHEDULES OF INVESTMENTS			39

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate Management & Development — 0.6%
Altisource Portfolio Solutions SA^(a)(b)		129,554	$	993,679
American Realty Investors Inc.^(a)		43,756		404,306
Consolidated-Tomoka Land Co.^(b)		110,140		4,992,646
Cushman & Wakefield PLC^(a)(b)		2,517,280		29,552,867
eXp World Holdings Inc.^(a)(b)		461,780		3,906,659
Forestar Group Inc.^(a)(b)		365,832		3,786,361
FRP Holdings Inc.^(a)(b)		159,280		6,849,040
Griffin Industrial Realty Inc.		25,839		844,935
Kennedy-Wilson Holdings Inc.		2,750,751		36,915,079
Marcus & Millichap Inc.^(a)(b)		519,530		14,079,263
Maui Land & Pineapple Co. Inc.^(a)(b)		138,591		1,514,800
Newmark Group Inc., Class A		3,245,773		13,794,535
Rafael Holdings Inc., Class B^(a)(b)		232,842		2,982,706
RE/MAX Holdings Inc., Class A		406,581		8,912,256
Realogy Holdings Corp.		2,570,519		7,737,262
Redfin Corp.^(a)(b)		2,006,624		30,942,142
RMR Group Inc. (The), Class A		340,994		9,196,608
St. Joe Co. (The)^(a)(b)		744,256		12,488,616
Stratus Properties Inc.^(a)		129,289		2,287,122
Tejon Ranch Co.^(a)(b)		461,788		6,492,739
Transcontinental Realty Investors Inc.^(a)		22,940		470,499


			199,144,120

Road & Rail — 0.5%
ArcBest Corp.^(b)		568,506		9,960,225
Avis Budget Group Inc.^(a)		1,298,732		18,052,375
Covenant Transportation Group Inc., Class A^(a)(b)		295,226		2,559,609
Daseke Inc.^(a)(b)		1,010,140		1,414,196
Heartland Express Inc.^(b)		1,029,506		19,117,926
Hertz Global Holdings Inc.^(a)(b)		2,290,967		14,158,176
Marten Transport Ltd.^(b)		886,650		18,194,058
PAM Transportation Services Inc.^(a)(b)		45,202		1,389,962
Roadrunner Transportation Systems Inc.^(a)(b)		78,856		201,083
Saia Inc.^(a)(b)		581,365		42,753,582
U.S. Xpress Enterprises Inc., Class A^(a)(b)		503,021		1,680,090
Universal Logistics Holdings Inc.^(b)		191,628		2,510,327
Werner Enterprises Inc.^(b)		1,014,434		36,783,377
YRC Worldwide Inc.^(a)(b)		756,301		1,270,586


			170,045,572

Semiconductors & Semiconductor Equipment — 3.3%
Adesto Technologies Corp.^(a)(b)		622,528		6,966,088
Advanced Energy Industries Inc.^(a)(b)		853,337		41,378,311
Alpha & Omega Semiconductor Ltd.^(a)(b)		468,737		3,004,604
Ambarella Inc.^(a)(b)		723,877		35,151,467
Amkor Technology Inc.^(a)(b)		2,222,702		17,314,849
Axcelis Technologies Inc.^(a)(b)		731,301		13,390,121
AXT Inc.^(a)(b)		831,452		2,668,961
Brooks Automation Inc.^(b)		1,620,273		49,418,326
Cabot Microelectronics Corp.^(b)		649,916		74,181,412
CEVA Inc.^(a)(b)		486,081		12,117,999
Cirrus Logic Inc.^(a)		1,305,066		85,651,482
Cohu Inc.^(b)		909,882		11,264,339
Diodes Inc.^(a)(b)		925,165		37,594,080
DSP Group Inc.^(a)(b)		511,350		6,852,090
Enphase Energy Inc.^(a)(b)		2,058,409		66,466,027
FormFactor Inc.^(a)		1,688,339		33,918,731
GSI Technology Inc.^(a)(b)		337,384		2,348,193
Ichor Holdings Ltd.^(a)(b)		495,210		9,488,224
Impinj Inc.^(a)(b)		375,367		6,272,383
Inphi Corp.^(a)(b)		1,007,285		79,746,753


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Lattice Semiconductor Corp.^(a)(b)		2,827,887	$	50,392,946
MACOM Technology Solutions Holdings Inc.^(a)(b)		1,035,886		19,609,322
MaxLinear Inc.^(a)(b)		1,470,577		17,161,634
NeoPhotonics Corp.^(a)(b)		911,584		6,608,984
NVE Corp.		107,182		5,576,679
Onto Innovation Inc.^(a)(b)		1,074,498		31,880,356
PDF Solutions Inc.^(a)(b)		645,141		7,561,053
Photronics Inc.^(a)(b)		1,404,061		14,405,666
Power Integrations Inc.^(b)		635,178		56,105,273
Rambus Inc.^(a)(b)		2,472,816		27,448,258
Semtech Corp.^(a)(b)		1,478,486		55,443,225
Silicon Laboratories Inc.^(a)(b)		963,028		82,252,221
SiTime Corp.^(a)(b)		109,872		2,391,913
SMART Global Holdings Inc.^(a)(b)		301,033		7,315,102
SunPower Corp.^(a)(b)		1,662,325		8,427,988
Synaptics Inc.^(a)(b)		763,684		44,194,393
Ultra Clean Holdings Inc.^(a)(b)		879,874		12,142,261
Veeco Instruments Inc.^(a)(b)		1,094,934		10,478,518
Xperi Corp.		1,109,442		15,432,338


			1,070,022,570

Software — 5.1%
8x8 Inc.^(a)(b)		2,163,861		29,991,113
A10 Networks Inc.^(a)(b)		1,097,723		6,816,860
ACI Worldwide Inc.^(a)(b)		2,582,416		62,365,346
Agilysys Inc.^(a)(b)		462,376		7,721,679
Alarm.com Holdings Inc.^(a)(b)		822,443		32,001,257
Altair Engineering Inc., Class A^(a)(b)		900,720		23,869,080
American Software Inc./GA, Class A		664,577		9,443,639
Appfolio Inc., Class A^(a)(b)		351,607		39,010,797
Appian Corp.^(a)(b)		762,299		30,667,289
Avaya Holdings Corp.^(a)(b)		2,139,488		17,308,458
Benefitfocus Inc.^(a)(b)		671,002		5,978,628
Blackbaud Inc.^(b)		1,095,689		60,865,524
Blackline Inc.^(a)(b)		969,511		51,005,974
Bottomline Technologies DE Inc.^(a)(b)		970,821		35,580,590
Box Inc., Class A^(a)(b)		3,273,953		45,966,300
ChannelAdvisor Corp.^(a)(b)		609,556		4,425,377
Cloudera Inc.^(a)(b)		5,530,133		43,522,147
CommVault Systems Inc.^(a)(b)		935,491		37,868,676
Cornerstone OnDemand Inc.^(a)(b)		1,277,023		40,545,480
Digimarc Corp.^(a)(b)		265,556		3,465,506
Digital Turbine Inc.^(a)(b)		1,767,175		7,616,524
Domo Inc., Class B^(a)(b)		403,377		4,009,567
Ebix Inc.^(b)		528,107		8,016,664
eGain Corp.^(a)(b)		450,124		3,299,409
Envestnet Inc.^(a)(b)		1,081,899		58,184,528
Everbridge Inc.^(a)(b)		744,716		79,207,994
Five9 Inc.^(a)(b)		1,338,929		102,374,511
ForeScout Technologies Inc.^(a)(b)		966,485		30,531,261
GTY Technology Holdings Inc.^(a)(b)		884,876		3,999,640
Ideanomics Inc.^(a)(b)		2,044,790		2,740,019
Intelligent Systems Corp.^(a)(b)		150,493		5,115,257
j2 Global Inc.		1,045,270		78,238,459
LivePerson Inc.^(a)(b)		1,386,638		31,546,014
Majesco^(a)(b)		193,037		1,053,982
MicroStrategy Inc., Class A^(a)		182,377		21,538,724
Mitek Systems Inc.^(a)(b)		666,149		5,249,254
MobileIron Inc.^(a)(b)		2,192,320		8,330,816
Model N Inc.^(a)(b)		749,743		16,651,792
OneSpan Inc.^(a)		731,168		13,270,699


40		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Pareteum Corp.^(a)(b)		2,759,419	$	1,136,881
Phunware Inc.^(a)(b)		693,180		467,896
Ping Identity Holding Corp.^(a)(b)		310,619		6,218,592
Progress Software Corp.		1,003,439		32,110,048
PROS Holdings Inc.^(a)(b)		749,633		23,261,112
Q2 Holdings Inc.^(a)(b)		978,785		57,807,042
QAD Inc., Class A^(b)		256,122		10,226,951
Qualys Inc.^(a)(b)		751,114		65,339,407
Rapid7 Inc.^(a)(b)		1,104,758		47,869,164
Rimini Street Inc.^(a)(b)		435,783		1,782,352
Rosetta Stone Inc.^(a)(b)		457,553		6,414,893
SailPoint Technologies Holding Inc.^(a)(b)		1,916,053		29,162,327
SecureWorks Corp., Class A^(a)(b)		182,233		2,097,502
SharpSpring Inc.^(a)(b)		236,318		1,432,087
ShotSpotter Inc.^(a)(b)		188,045		5,167,477
Sprout Social Inc., Class A^(a)(b)		213,908		3,413,972
SPS Commerce Inc.^(a)		781,224		36,334,728
SVMK Inc.^(a)(b)		1,939,704		26,205,401
Synchronoss Technologies Inc.^(a)(b)		879,344		2,681,999
Telaria Inc.^(a)(b)		1,000,590		6,003,540
Telenav Inc.^(a)(b)		784,408		3,388,643
Tenable Holdings Inc.^(a)(b)		841,477		18,394,687
TiVo Corp.^(b)		2,809,135		19,888,676
Upland Software Inc.^(a)(b)		520,353		13,955,867
Varonis Systems Inc.^(a)(b)		673,085		42,855,322
Verint Systems Inc.^(a)(b)		1,481,964		63,724,452
VirnetX Holding Corp.^(a)(b)		1,407,893		7,701,175
Workiva Inc.^(a)(b)		822,091		26,578,202
Yext Inc.^(a)(b)		2,166,506		22,076,696
Zix Corp.^(a)(b)		1,188,096		5,120,694
Zuora Inc., Class A^(a)(b)		1,966,791		15,832,668


			1,674,045,287

Specialty Retail — 1.7%
Aaron’s Inc.^(b)		1,507,108		34,331,920
Abercrombie & Fitch Co., Class A		1,397,827		12,706,247
American Eagle Outfitters Inc.		3,524,508		28,019,839
America’s Car-Mart Inc./TX^(a)(b)		136,102		7,669,348
Asbury Automotive Group Inc.^(a)(b)		434,999		24,024,995
Ascena Retail Group Inc.^(a)(b)		186,854		259,727
At Home Group Inc.^(a)(b)		1,106,319		2,234,764
Barnes & Noble Education Inc.^(a)(b)		981,540		1,334,894
Bed Bath & Beyond Inc.		2,748,671		11,571,905
Boot Barn Holdings Inc.^(a)(b)		630,430		8,151,460
Buckle Inc. (The)		644,944		8,842,182
Caleres Inc.		879,717		4,574,528
Camping World Holdings Inc., Class A^(b)		727,365		4,138,707
Cato Corp. (The), Class A		501,716		5,353,310
Chico’s FAS Inc.		2,704,503		3,488,809
Children’s Place Inc. (The)		326,395		6,384,286
Citi Trends Inc.^(b)		252,904		2,250,846
Conn’s Inc.^(a)(b)		402,584		1,682,801
Container Store Group Inc. (The)^(a)(b)		331,169		781,559
Designer Brands Inc. , Class A		1,371,539		6,830,264
Express Inc.^(a)(b)		1,374,981		2,048,722
GameStop Corp., Class A^(b)		1,470,699		5,147,447
Genesco Inc.^(a)(b)		311,875		4,160,413
GNC Holdings Inc., Class A^(a)(b)		1,915,831		896,800
Group 1 Automotive Inc.^(b)		397,955		17,613,488
Guess? Inc.		1,026,189		6,947,300
Haverty Furniture Companies Inc.		395,104		4,697,787


Security	Shares		Value

Specialty Retail (continued)
Hibbett Sports Inc.^(a)(b)		391,810	$	4,284,442
Hudson Ltd., Class A^(a)(b)		901,955		4,527,814
J. Jill Inc.^(a)(b)		348,376		192,443
Lithia Motors Inc., Class A^(b)		502,706		41,116,324
Lumber Liquidators Holdings Inc.^(a)(b)		649,565		3,046,460
MarineMax Inc.^(a)(b)		470,520		4,902,818
Michaels Companies Inc. (The)^(a)(b)		1,873,316		3,034,772
Monro Inc.^(b)		731,886		32,063,926
Murphy USA Inc.^(a)(b)		650,184		54,849,522
National Vision Holdings Inc.^(a)(b)		1,756,274		34,106,841
Office Depot Inc.		12,252,881		20,094,725
Party City Holdco Inc.^(a)(b)		1,237,935		567,346
Rent-A-Center Inc./TX		1,110,672		15,704,902
RH^(a)(b)		378,205		37,998,256
RTW RetailWinds Inc.^(a)(b)		615,236		129,261
Sally Beauty Holdings Inc.^(a)(b)		2,620,258		21,171,685
Shoe Carnival Inc.^(b)		200,322		4,160,688
Signet Jewelers Ltd.		1,168,908		7,539,457
Sleep Number Corp.^(a)(b)		631,951		12,108,181
Sonic Automotive Inc., Class A^(b)		552,212		7,333,375
Sportsman’s Warehouse Holdings Inc.^(a)(b)		947,622		5,837,352
Tailored Brands Inc.^(b)		1,122,296		1,952,795
Tilly’s Inc., Class A		488,519		2,017,583
Winmark Corp.		54,872		6,991,790
Zumiez Inc.^(a)(b)		453,589		7,856,161


			549,733,267

Technology Hardware, Storage & Peripherals — 0.2%
3D Systems Corp.^(a)(b)		2,578,168		19,877,675
AstroNova Inc.^(b)		151,137		1,172,823
Avid Technology Inc.^(a)(b)		618,182		4,160,365
Diebold Nixdorf Inc.^(a)(b)		1,738,825		6,120,664
Immersion Corp.^(a)(b)		688,677		3,691,309
Stratasys Ltd.^(a)(b)		1,152,554		18,383,236


			53,406,072

Textiles, Apparel & Luxury Goods — 0.7%
Centric Brands Inc.^(a)(b)		364,543		408,288
Crocs Inc.^(a)		1,553,834		26,399,640
Culp Inc.		243,891		1,795,038
Deckers Outdoor Corp.^(a)(b)		629,313		84,327,942
Delta Apparel Inc.^(a)(b)		136,470		1,420,653
Fossil Group Inc.^(a)(b)		1,082,023		3,559,856
G-III Apparel Group Ltd.^(a)(b)		1,001,058		7,708,147
Kontoor Brands Inc.^(a)		989,991		18,978,127
Movado Group Inc.		353,216		4,175,013
Oxford Industries Inc.		370,534		13,435,563
Rocky Brands Inc.		161,360		3,122,316
Steven Madden Ltd.^(b)		1,882,508		43,730,661
Superior Group of Companies Inc.		235,138		1,989,267
Unifi Inc.^(a)		331,256		3,826,007
Vera Bradley Inc.^(a)(b)		480,958		1,981,547
Vince Holding Corp.^(a)(b)		68,129		264,340
Wolverine World Wide Inc.		1,784,233		27,120,341


			244,242,746

Thrifts & Mortgage Finance — 1.8%
Axos Financial Inc.^(a)(b)		1,295,232		23,482,556
Bridgewater Bancshares Inc.^(a)(b)		496,703		4,842,854
Capitol Federal Financial Inc.		2,960,538		34,371,846
Columbia Financial Inc.^(a)(b)		1,168,802		16,830,749
ESSA Bancorp. Inc.^(b)		220,800		3,013,920


SCHEDULES OF INVESTMENTS			41

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
Essent Group Ltd.		2,159,610	$	56,884,127
Federal Agricultural Mortgage Corp., Class C, NVS		204,882		11,397,586
First Defiance Financial Corp.		824,874		12,158,643
Flagstar Bancorp. Inc.^(b)		777,400		15,415,842
FS Bancorp. Inc.		89,128		3,208,608
Greene County Bancorp. Inc.		76,281		1,781,924
Hingham Institution for Savings		30,175		4,375,073
Home Bancorp. Inc.		177,849		4,343,073
HomeStreet Inc.		483,021		10,737,557
Kearny Financial Corp./MD		1,744,612		14,986,217
Luther Burbank Corp.		428,244		3,926,998
Merchants Bancorp./IN^(b)		190,293		2,888,648
Meridian Bancorp. Inc.^(b)		1,068,958		11,993,709
Meta Financial Group Inc.^(b)		759,322		16,492,474
MMA Capital Holdings Inc.^(a)(b)		106,688		2,638,394
Mr Cooper Group Inc.^(a)(b)		1,708,204		12,521,135
NMI Holdings Inc., Class A^(a)(b)		1,483,732		17,226,129
Northfield Bancorp. Inc.		978,554		10,950,019
Northwest Bancshares Inc.		2,301,609		26,629,616
OceanFirst Financial Corp.		1,221,676		19,436,865
Ocwen Financial Corp.^(a)(b)		2,975,009		1,487,505
OP Bancorp		306,953		2,289,869
PCSB Financial Corp.^(b)		342,435		4,790,666
PennyMac Financial Services Inc.^(d)		224,219		4,957,482
Pioneer Bancorp. Inc./NY^(a)(b)		247,682		2,570,939
Ponce de Leon Federal Bank^(a)(b)		186,224		1,912,521
Provident Bancorp Inc.^(a)(b)		182,509		1,573,228
Provident Financial Holdings Inc.		129,448		1,971,493
Provident Financial Services Inc.		1,359,826		17,487,362
Prudential Bancorp. Inc.		190,853		2,824,624
Radian Group Inc.^(b)		4,532,740		58,698,983
Riverview Bancorp. Inc.		462,582		2,317,536
Southern Missouri Bancorp. Inc.		176,917		4,293,776
Sterling Bancorp Inc./MI^(b)		374,910		1,612,113
Territorial Bancorp. Inc.		180,453		4,430,121
Timberland Bancorp. Inc./WA		163,906		2,997,841
TrustCo Bank Corp. NY		2,069,584		11,196,449
Velocity Financial Inc.^(a)(b)		164,042		1,235,236
Walker & Dunlop Inc.		620,852		25,001,710
Washington Federal Inc.		1,736,564		45,081,201
Waterstone Financial Inc.		541,271		7,870,080
Western New England Bancorp Inc.		556,962		3,765,063
WSFS Financial Corp.		1,137,784		28,353,577


			581,253,937

Tobacco — 0.2%
22nd Century Group Inc.^(a)(b)		2,680,285		2,010,214
Pyxus International Inc.^(a)(b)		178,937		556,494
Turning Point Brands Inc.^(b)		186,507		3,937,163
Universal Corp./VA		543,694		24,036,712
Vector Group Ltd.		2,477,516		23,338,200


			53,878,783

Trading Companies & Distributors — 1.2%
Applied Industrial Technologies Inc.		859,679		39,304,524
Beacon Roofing Supply Inc.^(a)(b)		1,216,673		20,123,771
BlueLinx Holdings Inc.^(a)(b)		203,128		1,005,484
BMC Stock Holdings Inc.^(a)		1,485,686		26,341,213
CAI International Inc.^(a)(b)		377,101		5,332,208
DXP Enterprises Inc./TX^(a)		360,544		4,420,269
EVI Industries Inc.^(a)(b)		100,461		1,585,275


Security	Shares		Value

Trading Companies & Distributors (continued)
Foundation Building Materials Inc.^(a)(b)		455,390	$	4,685,963
GATX Corp.^(b)		785,161		49,119,672
General Finance Corp.^(a)(b)		285,199		1,779,642
GMS Inc.^(a)		908,540		14,291,334
H&E Equipment Services Inc.		716,731		10,521,611
Herc Holdings Inc.^(a)(b)		546,323		11,177,769
Kaman Corp.^(b)		618,145		23,780,038
Lawson Products Inc./DE^(a)(b)		92,199		2,463,557
MRC Global Inc.^(a)(b)		1,792,279		7,635,109
NOW Inc.^(a)(b)		2,411,476		12,443,216
Rush Enterprises Inc., Class A^(b)		608,310		19,417,255
Rush Enterprises Inc., Class B^(b)		107,108		3,267,865
SiteOne Landscape Supply Inc.^(a)(b)		915,773		67,419,208
Systemax Inc.		278,803		4,943,177
Textainer Group Holdings Ltd.^(a)(b)		1,179,570		9,696,065
Titan Machinery Inc.^(a)(b)		413,569		3,593,915
Transcat Inc.^(a)(b)		150,471		3,987,482
Triton International Ltd.		1,206,973		31,224,392
Veritiv Corp.^(a)(b)		286,176		2,249,343
Willis Lease Finance Corp.^(a)(b)		64,508		1,715,913


			383,525,270

Water Utilities — 0.7%
American States Water Co.^(b)		822,076		67,196,492
Artesian Resources Corp., Class A, NVS		175,756		6,569,759
Cadiz Inc.^(a)(b)		282,916		3,301,630
California Water Service Group		1,078,263		54,258,194
Consolidated Water Co. Ltd.		332,582		5,454,345
Global Water Resources Inc.		260,589		2,655,402
Middlesex Water Co.^(b)		380,395		22,869,347
Pure Cycle Corp.^(a)(b)		370,745		4,133,807
SJW Group^(b)		590,049		34,087,131
York Water Co. (The)		291,099		12,651,163


			213,177,270

Wireless Telecommunication Services — 0.2%
Boingo Wireless Inc.^(a)(b)		987,478		10,477,142
Gogo Inc.^(a)(b)		1,226,425		2,600,021
Shenandoah Telecommunications Co.^(b)		1,075,484		52,967,587
Spok Holdings Inc.		407,147		4,352,401


			70,397,151


Total Common Stocks — 99.6% (Cost: $55,584,985,796)				32,485,891,139


Short-Term Investments

Money Market Funds — 14.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.32%^(d)(f)(g)		4,509,704,685		4,508,802,744
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.22%^(d)(f)		119,910,000		119,910,000


			4,628,712,744


Total Short-Term Investments — 14.2% (Cost: $4,629,031,082)				4,628,712,744


Total Investments in Securities — 113.8% (Cost: $60,214,016,878)				37,114,603,883

Other Assets, Less Liabilities — (13.8)%				(4,511,931,015	)


Net Assets — 100.0%			$	32,602,672,868


42		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 ETF

^(a)	Non-income producing security.

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

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

^(e)	Rounds to less than $1.

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

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


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares


SCHEDULES OF INVESTMENTS			43

Schedule of Investments

March 31, 2020

iShares^® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.9%
Aerojet Rocketdyne Holdings Inc.^(a)(b)		445,478	$	18,634,345
Aerovironment Inc.^(a)(b)		185,334		11,297,961
Astronics Corp.^(a)(b)		199,324		1,829,794
Axon Enterprise Inc.^(a)(b)		506,565		35,849,605
Cubic Corp.^(b)		42,388		1,751,048
Ducommun Inc.^(a)		15,985		397,227
Kratos Defense & Security Solutions Inc.^(a)(b)		784,435		10,856,580
Mercury Systems Inc.^(a)(b)		471,128		33,610,272
Moog Inc., Class A		234,448		11,846,658
National Presto Industries Inc.		3,933		278,496
Parsons Corp.^(a)(b)		167,277		5,346,173
Triumph Group Inc.^(b)		109,553		740,578


			132,438,737

Air Freight & Logistics — 0.3%
Air Transport Services Group Inc.^(a)(b)		508,971		9,303,990
Forward Air Corp.^(b)		245,444		12,431,738
Radiant Logistics Inc.^(a)(b)		338,425		1,309,705


			23,045,433

Airlines — 0.2%
Allegiant Travel Co.		113,171		9,257,388
Mesa Air Group Inc.^(a)(b)		111,332		366,282
Spirit Airlines Inc.^(a)(b)		468,770		6,042,445


			15,666,115

Auto Components — 0.7%
Dorman Products Inc.^(a)(b)		233,517		12,906,485
Fox Factory Holding Corp.^(a)(b)		326,195		13,700,190
Gentherm Inc.^(a)(b)		287,791		9,036,637
LCI Industries		211,389		14,127,127
Standard Motor Products Inc.		38,365		1,594,833
Stoneridge Inc.^(a)(b)		25,912		434,026


			51,799,298

Automobiles — 0.1%
Winnebago Industries Inc.		189,860		5,280,007


Banks — 1.3%
Ameris Bancorp		83,533		1,984,744
Atlantic Capital Bancshares Inc.^(a)(b)		12,246		145,360
Bank First Corp.^(b)		47,334		2,650,704
Bank of NT Butterfield & Son Ltd. (The)		150,792		2,567,988
Bank7 Corp.		3,717		29,513
Baycom Corp.^(a)(b)		30,811		371,273
Cambridge Bancorp		11,034		573,768
Central Pacific Financial Corp.		16,799		267,104
Century Bancorp. Inc./MA, Class A, NVS		3,794		236,139
City Holding Co.		13,298		884,716
CNB Financial Corp./PA		8,074		152,356
Coastal Financial Corp./WA^(a)(b)		40,924		430,111
CrossFirst Bankshares Inc.^(a)(b)		26,972		226,565
Eagle Bancorp. Inc.		16,476		497,740
Esquire Financial Holdings Inc.^(a)(b)		21,508		323,695
FB Financial Corp.^(b)		70,833		1,396,827
Fidelity D&D Bancorp. Inc.		9,626		491,119
First Capital Inc.^(b)		1,847		110,635
First Financial Bankshares Inc.^(b)		1,126,580		30,237,407
First Financial Corp./IN		10,033		338,313
First Foundation Inc.		109,241		1,116,443
Glacier Bancorp. Inc.		109,469		3,722,493
Hanmi Financial Corp.		31,702		343,967


Security	Shares		Value

Banks (continued)
Harborone Bancorp Inc.^(a)		109,755	$	826,455
HBT Financial Inc.		5,140		54,124
Heritage Commerce Corp.		50,578		387,933
HomeTrust Bancshares Inc.		40,377		642,802
Independent Bank Corp.		27,023		1,739,471
Independent Bank Corp./MI		52,003		669,279
Independent Bank Group Inc.		75,737		1,793,452
Investar Holding Corp.		25,619		327,155
Lakeland Financial Corp.		157,247		5,778,827
Malvern Bancorp. Inc.^(a)(b)		11,648		142,688
Metrocity Bankshares Inc.		9,010		105,777
Midland States Bancorp. Inc.		17,043		298,082
National Bank Holdings Corp., Class A		84,298		2,014,722
Northeast Bank^(a)(b)		7,230		84,302
Oak Valley Bancorp		3,361		52,902
People’s Utah Bancorp		9,635		186,630
Preferred Bank/Los Angeles CA		36,600		1,237,812
Professional Holding Corp., Class A^(a)(b)		4,024		64,183
Red River Bancshares Inc.^(b)		2,427		90,333
Reliant Bancorp Inc.^(b)		7,429		83,725
Richmond Mutual Bancorp. Inc.^(a)(b)		13,769		140,444
Seacoast Banking Corp. of Florida^(a)		76,170		1,394,673
ServisFirst Bancshares Inc.^(b)		337,916		9,907,697
Silvergate Capital Corp., Class A^(a)		1,806		17,229
Stock Yards Bancorp. Inc.		35,138		1,016,542
TriState Capital Holdings Inc.^(a)(b)		58,547		566,149
Triumph Bancorp. Inc.^(a)(b)		94,433		2,455,258
Union Bankshares Inc./Morrisville VT		7,779		175,028
United Community Banks Inc./GA		58,275		1,067,015
Unity Bancorp. Inc.^(b)		6,826		79,864
Veritex Holdings Inc.		124,777		1,743,135
West Bancorp. Inc.		30,485		498,430
Westamerica Bancorp		42,176		2,479,105


			87,220,203

Beverages — 0.6%
Boston Beer Co. Inc. (The), Class A, NVS^(a)(b)		72,541		26,663,170
Celsius Holdings Inc.^(a)(b)		266,771		1,123,106
Coca-Cola Consolidated Inc.^(b)		40,892		8,527,209
Craft Brew Alliance Inc.^(a)(b)		8,143		121,331
MGP Ingredients Inc.^(b)		113,815		3,060,485
National Beverage Corp.^(a)		102,795		4,384,207
New Age Beverages Corp.^(a)(b)		654,214		909,357


			44,788,865

Biotechnology — 15.0%
89bio Inc.^(a)		20,216		510,454
ACADIA Pharmaceuticals Inc.^(a)(b)		977,382		41,294,390
Acceleron Pharma Inc.^(a)(b)		323,320		29,056,768
ADMA Biologics Inc.^(a)(b)		551,870		1,589,386
Aduro Biotech Inc.^(a)		520,946		1,427,392
Adverum Biotechnologies Inc.^(a)(b)		549,523		5,368,840
Aeglea BioTherapeutics Inc.^(a)		31,252		145,634
Affimed NV^(a)(b)		532,145		840,789
Agenus Inc.^(a)(b)		943,408		2,311,350
AgeX Therapeutics Inc.^(a)(b)		184,138		171,248
Aimmune Therapeutics Inc.^(a)(b)		390,805		5,635,408
Akcea Therapeutics Inc.^(a)(b)		108,568		1,552,522
Akero Therapeutics Inc.^(a)(b)		57,244		1,213,573
Albireo Pharma Inc.^(a)(b)		110,889		1,815,253
Aldeyra Therapeutics Inc.^(a)(b)		139,612		344,842


44		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Alector Inc.^(a)(b)		300,237	$	7,244,719
Allakos Inc.^(a)(b)		169,485		7,540,388
Allogene Therapeutics Inc.^(a)(b)		337,605		6,563,041
Amicus Therapeutics Inc.^(a)(b)		2,220,158		20,514,260
AnaptysBio Inc.^(a)(b)		181,633		2,566,474
Anavex Life Sciences Corp.^(a)(b)		429,627		1,353,325
Apellis Pharmaceuticals Inc.^(a)(b)		498,047		13,342,679
Applied Therapeutics Inc.^(a)(b)		55,772		1,823,187
Aprea Therapeutics Inc.^(a)(b)		44,416		1,543,900
Arcutis Biotherapeutics Inc.^(a)(b)		70,715		2,107,307
Arena Pharmaceuticals Inc.^(a)(b)		350,156		14,706,552
Arrowhead Pharmaceuticals Inc.^(a)(b)		868,910		24,998,541
Assembly Biosciences Inc.^(a)		25,027		371,150
Atara Biotherapeutics Inc.^(a)(b)		445,334		3,789,792
Athenex Inc.^(a)(b)		590,052		4,567,002
Athersys Inc.^(a)(b)		1,150,500		3,451,500
Atreca Inc., Class A^(a)(b)		117,585		1,946,032
Avid Bioservices Inc.^(a)(b)		448,105		2,289,817
Avrobio Inc.^(a)(b)		203,767		3,170,615
Axcella Health Inc.^(a)(b)		64,596		220,918
Beam Therapeutics Inc.^(a)		83,484		1,502,712
Beyondspring Inc.^(a)(b)		106,691		1,366,712
BioCryst Pharmaceuticals Inc.^(a)(b)		1,135,420		2,270,840
Biohaven Pharmaceutical Holding Co. Ltd.^(a)(b)		372,028		12,660,113
BioSpecifics Technologies Corp.^(a)(b)		53,406		3,021,177
Bioxcel Therapeutics Inc.^(a)		60,696		1,356,556
Black Diamond Therapeutics Inc.^(a)(b)		82,030		2,046,649
Blueprint Medicines Corp.^(a)(b)		464,786		27,180,685
Bridgebio Pharma Inc.^(a)(b)		511,953		14,846,637
Cabaletta Bio Inc.^(a)(b)		44,840		327,332
Calithera Biosciences Inc.^(a)(b)		60,804		269,970
Calyxt Inc.^(a)(b)		80,746		268,884
CareDx Inc.^(a)(b)		337,061		7,358,042
CASI Pharmaceuticals Inc.^(a)(b)		394,670		805,127
Castle Biosciences Inc.^(a)(b)		64,672		1,927,872
Catalyst Pharmaceuticals Inc.^(a)(b)		837,710		3,225,184
Celcuity Inc.^(a)(b)		50,950		331,175
Cellular Biomedicine Group Inc.^(a)(b)		76,898		1,216,526
CEL-SCI Corp.^(a)(b)		255,654		2,950,247
Centogene NV^(a)		13,067		261,340
Checkpoint Therapeutics Inc.^(a)(b)		305,615		461,479
ChemoCentryx Inc.^(a)(b)		353,010		14,183,942
Clovis Oncology Inc.^(a)(b)		431,912		2,746,960
Coherus Biosciences Inc.^(a)(b)		223,416		3,623,808
Constellation Pharmaceuticals Inc.^(a)(b)		146,645		4,609,052
Corbus Pharmaceuticals Holdings Inc.^(a)(b)		572,506		2,999,931
Cortexyme Inc.^(a)(b)		94,095		4,291,673
Crinetics Pharmaceuticals Inc.^(a)(b)		95,613		1,405,511
Cue Biopharma Inc.^(a)(b)		172,633		2,449,662
Cyclerion Therapeutics Inc.^(a)(b)		194,227		514,702
Cytokinetics Inc.^(a)(b)		439,922		5,186,680
CytomX Therapeutics Inc.^(a)(b)		390,899		2,998,195
Deciphera Pharmaceuticals Inc.^(a)		182,414		7,509,984
Denali Therapeutics Inc.^(a)(b)		453,413		7,939,262
Dicerna Pharmaceuticals Inc.^(a)(b)		465,089		8,543,685
Dynavax Technologies Corp.^(a)(b)		642,029		2,266,362
Eagle Pharmaceuticals Inc./DE^(a)(b)		79,240		3,645,040
Editas Medicine Inc.^(a)(b)		450,217		8,927,803
Eidos Therapeutics Inc.^(a)(b)		97,717		4,787,156
Eiger BioPharmaceuticals Inc.^(a)(b)		199,206		1,354,601


Security	Shares		Value

Biotechnology (continued)
Emergent BioSolutions Inc.^(a)(b)		395,938	$	22,908,973
Enanta Pharmaceuticals Inc.^(a)(b)		165,457		8,509,454
Enochian Biosciences Inc.^(a)(b)		44,287		132,861
Epizyme Inc.^(a)(b)		494,063		7,662,917
Esperion Therapeutics Inc.^(a)(b)		220,320		6,946,690
Evelo Biosciences Inc.^(a)(b)		23,191		87,082
Fate Therapeutics Inc.^(a)(b)		528,002		11,726,924
FibroGen Inc.^(a)(b)		611,756		21,258,521
Flexion Therapeutics Inc.^(a)(b)		288,119		2,267,497
Forty Seven Inc.^(a)		219,686		20,962,438
Frequency Therapeutics Inc.^(a)(b)		39,571		704,760
G1 Therapeutics Inc.^(a)(b)		174,626		1,924,379
Galectin Therapeutics Inc.^(a)(b)		349,023		684,085
Galera Therapeutics Inc.^(a)		11,575		109,963
Global Blood Therapeutics Inc.^(a)(b)		502,871		25,691,679
GlycoMimetics Inc.^(a)(b)		292,798		667,579
Gossamer Bio Inc.^(a)(b)		201,896		2,049,244
Gritstone Oncology Inc.^(a)(b)		43,724		254,474
Halozyme Therapeutics Inc.^(a)(b)		1,167,667		21,006,329
Harpoon Therapeutics Inc.^(a)(b)		24,034		278,314
Heron Therapeutics Inc.^(a)(b)		731,587		8,588,831
Homology Medicines Inc.^(a)(b)		213,860		3,323,384
Hookipa Pharma Inc.^(a)(b)		82,569		681,194
IGM Biosciences Inc.^(a)(b)		34,071		1,913,087
ImmunoGen Inc.^(a)(b)		809,079		2,758,959
Immunomedics Inc.^(a)(b)		1,499,784		20,217,088
Inovio Pharmaceuticals Inc.^(a)(b)		820,394		6,103,731
Insmed Inc.^(a)(b)		775,016		12,423,507
Intellia Therapeutics Inc.^(a)(b)		241,313		2,951,258
Intercept Pharmaceuticals Inc.^(a)(b)		217,887		13,718,166
Invitae Corp.^(a)(b)		754,220		10,310,187
Iovance Biotherapeutics Inc.^(a)(b)		1,017,253		30,451,469
Ironwood Pharmaceuticals Inc.^(a)(b)		1,355,373		13,675,714
Kadmon Holdings Inc.^(a)(b)		1,385,764		5,806,351
KalVista Pharmaceuticals Inc.^(a)(b)		110,021		841,661
Karuna Therapeutics Inc.^(a)(b)		71,678		5,160,816
Karyopharm Therapeutics Inc.^(a)(b)		518,611		9,962,517
Kezar Life Sciences Inc.^(a)		9,116		39,746
Kindred Biosciences Inc.^(a)(b)		320,775		1,283,100
Kiniksa Pharmaceuticals Ltd., Class A^(a)(b)		113,554		1,757,816
Kodiak Sciences Inc.^(a)(b)		243,726		11,625,730
Krystal Biotech Inc.^(a)(b)		90,358		3,907,080
Kura Oncology Inc.^(a)(b)		295,874		2,943,946
La Jolla Pharmaceutical Co.^(a)(b)		183,236		769,591
Lexicon Pharmaceuticals Inc.^(a)(b)		364,272		710,330
Ligand Pharmaceuticals Inc.^(a)(b)		23,892		1,737,426
LogicBio Therapeutics Inc.^(a)(b)		72,367		357,493
MacroGenics Inc.^(a)(b)		193,127		1,123,999
Madrigal Pharmaceuticals Inc.^(a)(b)		78,431		5,236,054
Magenta Therapeutics Inc.^(a)(b)		168,598		1,058,795
MannKind Corp.^(a)(b)		1,623,443		1,672,146
Marker Therapeutics Inc.^(a)(b)		234,633		445,803
MediciNova Inc.^(a)(b)		369,151		1,373,242
MEI Pharma Inc.^(a)(b)		879,262		1,415,612
MeiraGTx Holdings PLC^(a)(b)		150,721		2,025,690
Millendo Therapeutics Inc.^(a)(b)		107,985		570,161
Minerva Neurosciences Inc.^(a)(b)		218,102		1,312,974
Mirati Therapeutics Inc.^(a)(b)		257,785		19,815,933
Mirum Pharmaceuticals Inc.^(a)		35,586		498,204
Molecular Templates Inc.^(a)(b)		112,396		1,493,743


SCHEDULES OF INVESTMENTS			45

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Momenta Pharmaceuticals Inc.^(a)(b)		985,028	$	26,792,762
Morphic Holding Inc.^(a)(b)		73,168		1,074,106
Mustang Bio Inc.^(a)(b)		241,011		645,909
Myriad Genetics Inc.^(a)(b)		75,134		1,075,168
Natera Inc.^(a)(b)		539,881		16,120,847
NextCure Inc.^(a)(b)		118,746		4,401,914
Novavax Inc.^(a)(b)		101,812		1,382,607
Oncocyte Corp.^(a)(b)		186,103		455,952
Oncternal Therapeutics Inc.^(b)(c)		6,020		12,341
Organogenesis Holdings Inc.^(a)(b)		111,400		359,822
Oyster Point Pharma Inc.^(a)(b)		38,719		1,355,165
Palatin Technologies Inc.^(a)(b)		1,990,646		843,238
Pfenex Inc.^(a)(b)		260,059		2,293,720
PhaseBio Pharmaceuticals Inc.^(a)		118,795		393,211
Pieris Pharmaceuticals Inc.^(a)(b)		409,509		933,681
Portola Pharmaceuticals Inc.^(a)(b)		659,752		4,704,032
PRECIGEN Inc.^(a)(b)		160,443		545,506
Precision BioSciences Inc.^(a)(b)		313,214		1,888,680
Prevail Therapeutics Inc.^(a)		95,888		1,168,875
Principia Biopharma Inc.^(a)(b)		149,888		8,900,349
Progenics Pharmaceuticals Inc.^(a)(b)		744,567		2,829,355
Protagonist Therapeutics Inc.^(a)(b)		95,409		673,588
PTC Therapeutics Inc.^(a)(b)		524,282		23,388,220
Puma Biotechnology Inc.^(a)(b)		268,754		2,268,284
Ra Pharmaceuticals Inc.^(a)(b)		301,576		14,478,664
Radius Health Inc.^(a)(b)		392,217		5,098,821
Rapt Therapeutics Inc.^(a)(b)		10,705		227,695
REGENXBIO Inc.^(a)(b)		290,567		9,408,559
Replimune Group Inc.^(a)(b)		113,160		1,128,205
Retrophin Inc.^(a)(b)		358,627		5,232,368
REVOLUTION Medicines Inc.^(a)		95,996		2,103,272
Rhythm Pharmaceuticals Inc.^(a)(b)		255,111		3,882,789
Rigel Pharmaceuticals Inc.^(a)(b)		1,328,042		2,071,746
Rocket Pharmaceuticals Inc.^(a)(b)		278,600		3,886,470
Rubius Therapeutics Inc.^(a)(b)		299,914		1,334,617
Sangamo Therapeutics Inc.^(a)(b)		701,626		4,469,358
Savara Inc.^(a)(b)		302,269		640,810
Scholar Rock Holding Corp.^(a)(b)		150,699		1,824,965
Seres Therapeutics Inc.^(a)(b)		318,250		1,136,153
Solid Biosciences Inc.^(a)(b)		29,111		69,575
Sorrento Therapeutics Inc.^(a)(b)		1,137,684		2,093,339
Spectrum Pharmaceuticals Inc.^(a)(b)		890,319		2,074,443
Spero Therapeutics Inc.^(a)(b)		2,543		20,547
SpringWorks Therapeutics Inc.^(a)(b)		71,827		1,939,329
Stemline Therapeutics Inc.^(a)(b)		392,535		1,899,869
Stoke Therapeutics Inc.^(a)(b)		116,258		2,662,308
Sutro Biopharma Inc.^(a)		17,814		181,703
Syndax Pharmaceuticals Inc.^(a)(b)		194,615		2,134,927
Syros Pharmaceuticals Inc.^(a)(b)		300,177		1,780,050
TCR2 Therapeutics Inc.^(a)(b)		11,568		89,536
TG Therapeutics Inc.^(a)(b)		671,200		6,604,608
Tocagen Inc.^(a)(b)		183,701		224,115
Translate Bio Inc.^(a)(b)		301,966		3,010,601
Turning Point Therapeutics Inc.^(a)(b)		228,984		10,226,425
Twist Bioscience Corp.^(a)(b)		227,232		6,948,755
Tyme Technologies Inc.^(a)(b)		511,039		562,143
Ultragenyx Pharmaceutical Inc.^(a)(b)		474,053		21,062,175
UNITY Biotechnology Inc.^(a)(b)		175,902		1,020,232
UroGen Pharma Ltd.^(a)(b)		161,410		2,879,554
Vanda Pharmaceuticals Inc.^(a)(b)		450,363		4,665,761


Security	Shares		Value

Biotechnology (continued)
VBI Vaccines Inc.^(a)		1,156,287	$	1,098,473
Veracyte Inc.^(a)		410,673		9,983,461
Vericel Corp.^(a)(b)		388,267		3,560,408
Viela Bio Inc.^(a)(b)		37,572		1,427,736
Viking Therapeutics Inc.^(a)(b)		55,599		260,203
Vir Biotechnology Inc.^(a)(b)		49,557		1,698,318
Voyager Therapeutics Inc.^(a)(b)		213,316		1,951,841
X4 Pharmaceuticals Inc.^(a)(b)		133,936		1,339,360
XBiotech Inc.^(a)(b)		114,730		1,218,433
Xencor Inc.^(a)(b)		411,799		12,304,554
Y-mAbs Therapeutics Inc.^(a)(b)		204,947		5,349,117
ZIOPHARM Oncology Inc.^(a)(b)		1,609,472		3,943,206


			1,038,641,942

Building Products — 2.3%
AAON Inc.^(b)		356,196		17,211,391
Advanced Drainage Systems Inc.^(b)		377,682		11,118,958
American Woodmark Corp.^(a)(b)		146,702		6,685,210
Apogee Enterprises Inc.		192,111		3,999,751
Builders FirstSource Inc.^(a)(b)		924,761		11,309,827
CSW Industrials Inc.		129,400		8,391,590
JELD-WEN Holding Inc.^(a)(b)		521,305		5,072,298
Masonite International Corp.^(a)		203,062		9,635,292
Patrick Industries Inc.		129,395		3,643,763
PGT Innovations Inc.^(a)(b)		236,688		1,985,812
Simpson Manufacturing Co. Inc.		388,716		24,092,618
Trex Co. Inc.^(a)(b)		510,316		40,896,724
Universal Forest Products Inc.		457,921		17,030,082


			161,073,316

Capital Markets — 1.7%
Ares Management Corp., Class A		619,698		19,167,259
Artisan Partners Asset Management Inc., Class A		233,498		5,017,872
Assetmark Financial Holdings Inc.^(a)(b)		56,673		1,155,562
Blucora Inc.^(a)		301,770		3,636,328
Cohen & Steers Inc.		198,282		9,011,917
Cowen Inc., Class A^(b)		116,012		1,120,676
Diamond Hill Investment Group Inc.		23,936		2,159,985
Federated Hermes Inc.		839,393		15,990,437
Focus Financial Partners Inc., Class A^(a)(b)		265,514		6,109,477
GAMCO Investors Inc., Class A		41,333		454,250
Greenhill & Co. Inc.^(b)		132,839		1,307,136
Hamilton Lane Inc., Class A^(b)		191,737		10,604,973
Houlihan Lokey Inc.^(b)		365,122		19,030,159
Moelis & Co., Class A		336,869		9,466,019
PJT Partners Inc., Class A^(b)		116,500		5,054,935
Pzena Investment Management Inc., Class A		152,904		681,952
Safeguard Scientifics Inc.^(b)		171,289		950,654
Sculptor Capital Management Inc.		76,589		1,037,015
Siebert Financial Corp.^(a)(b)		68,479		494,418
Silvercrest Asset Management Group Inc., Class A		75,637		715,526
Value Line Inc.		7,895		255,403
Virtus Investment Partners Inc.		6,479		493,117
WisdomTree Investments Inc.		430,375		1,002,774


			114,917,844

Chemicals — 1.9%
Advanced Emissions Solutions Inc.		132,436		870,104
Amyris Inc.^(a)(b)		67,087		171,743
Balchem Corp.		279,619		27,603,988
Chase Corp.		63,693		5,241,297
Ferro Corp.^(a)(b)		578,296		5,412,851


46		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
GCP Applied Technologies Inc.^(a)(b)		470,845	$	8,381,041
HB Fuller Co.		330,723		9,237,093
Ingevity Corp.^(a)		366,011		12,883,587
Innospec Inc.		182,602		12,689,013
Koppers Holdings Inc.^(a)		118,686		1,468,146
Kraton Corp.^(a)		76,689		621,181
LyondellBasell^(c)		260,507		112,799
Marrone Bio Innovations Inc.^(a)(b)		436,640		356,691
OMNOVA Solutions Inc.^(a)		385,485		3,908,818
Orion Engineered Carbons SA		348,178		2,597,408
PolyOne Corp.		757,859		14,376,585
Quaker Chemical Corp.^(b)		113,721		14,360,688
Sensient Technologies Corp.		194,725		8,472,485
Stepan Co.^(b)		19,422		1,718,070
Tronox Holdings PLC, Class A^(a)		365,172		1,818,557
Valhi Inc.		434		447


			132,302,592

Commercial Services & Supplies — 3.3%
Advanced Disposal Services Inc.^(a)(b)		593,289		19,459,879
Brady Corp., Class A, NVS		344,942		15,567,232
Brink’s Co. (The)^(b)		433,116		22,543,688
Casella Waste Systems Inc., Class A^(a)(b)		397,466		15,525,022
CECO Environmental Corp.^(a)		17,278		80,688
Cimpress PLC^(a)(b)		163,009		8,672,079
Covanta Holding Corp.		1,027,146		8,782,098
Deluxe Corp.		22,934		594,679
Harsco Corp.^(a)(b)		674,841		4,703,642
Healthcare Services Group Inc.		644,429		15,408,297
Heritage-Crystal Clean Inc.^(a)(b)		92,186		1,497,101
Herman Miller Inc.		512,926		11,386,957
HNI Corp.		293,529		7,393,996
Interface Inc.		449,064		3,394,924
Kimball International Inc., Class B, NVS		264,127		3,145,753
Knoll Inc.		400,113		4,129,166
McGrath RentCorp		143,519		7,517,525
Mobile Mini Inc.		125,539		3,292,888
MSA Safety Inc.^(b)		306,588		31,026,706
Pitney Bowes Inc.		747,137		1,524,159
Steelcase Inc., Class A		183,328		1,809,447
Tetra Tech Inc.		473,950		33,470,349
U.S. Ecology Inc.		209,690		6,374,576
Viad Corp.		173,690		3,687,439
VSE Corp.		5,767		94,521


			231,082,811

Communications Equipment — 1.0%
Acacia Communications Inc.^(a)(b)		329,149		22,112,230
Calix Inc.^(a)(b)		206,121		1,459,337
Cambium Networks Corp.^(a)(b)		24,858		139,205
Casa Systems Inc.^(a)(b)		248,053		868,186
Clearfield Inc.^(a)(b)		96,968		1,149,071
DASAN Zhone Solutions Inc.^(a)(b)		67,307		282,016
Extreme Networks Inc.^(a)(b)		1,015,693		3,138,491
InterDigital Inc.		271,526		12,118,205
KVH Industries Inc.^(a)(b)		8,235		77,656
Plantronics Inc.		296,438		2,982,166
Viavi Solutions Inc.^(a)(b)		1,995,117		22,365,262


			66,691,825

Construction & Engineering — 1.2%
Argan Inc.		108,860		3,763,290


Security	Shares		Value

Construction & Engineering (continued)
Comfort Systems USA Inc.		316,640	$	11,573,192
Construction Partners Inc., Class A^(a)(b)		63,029		1,064,560
Dycom Industries Inc.^(a)(b)		209,871		5,383,191
EMCOR Group Inc.		363,294		22,277,188
Granite Construction Inc.		60,521		918,709
Great Lakes Dredge & Dock Corp.^(a)(b)		467,360		3,879,088
IES Holdings Inc.^(a)(b)		33,299		587,727
MasTec Inc.^(a)(b)		520,160		17,024,837
MYR Group Inc.^(a)(b)		138,900		3,637,791
NV5 Global Inc.^(a)(b)		90,482		3,736,002
Primoris Services Corp.		260,655		4,144,414
Sterling Construction Co. Inc.^(a)(b)		50,814		482,733
WillScot Corp.^(a)(b)		299,468		3,033,611


			81,506,333

Construction Materials — 0.1%
Forterra Inc.^(a)(b)		160,880		962,062
Summit Materials Inc., Class A^(a)(b)		182,502		2,737,530
U.S. Concrete Inc.^(a)(b)		139,983		2,539,292
U.S. Lime & Minerals Inc.		1,019		75,253


			6,314,137

Consumer Finance — 0.6%
Curo Group Holdings Corp.		135,516		718,235
Elevate Credit Inc.^(a)(b)		132,733		138,042
Enova International Inc.^(a)		183,974		2,665,783
FirstCash Inc.		358,192		25,696,694
Green Dot Corp., Class A^(a)(b)		349,135		8,864,538
Oportun Financial Corp.^(a)(b)		28,392		299,536
Regional Management Corp.^(a)(b)		38,573		526,907
World Acceptance Corp.^(a)(b)		27,885		1,522,800


			40,432,535

Containers & Packaging — 0.1%
Myers Industries Inc.		305,486		3,283,975
UFP Technologies Inc.^(a)(b)		6,014		229,073


			3,513,048

Distributors — 0.2%
Core-Mark Holding Co. Inc.^(b)		394,328		11,265,951
Funko Inc., Class A^(a)(b)		190,885		761,631
Greenlane Holdings Inc., Class A^(a)(b)		81,553		140,271


			12,167,853

Diversified Consumer Services — 1.0%
Chegg Inc.^(a)(b)		1,028,269		36,791,465
Collectors Universe Inc.		73,006		1,144,004
K12 Inc.^(a)		26,376		497,451
Perdoceo Education Corp.^(a)(b)		600,156		6,475,683
Regis Corp.^(a)(b)		15,794		93,343
Select Interior Concepts Inc., Class A^(a)		53,734		111,229
Strategic Education Inc.^(b)		185,146		25,876,005


			70,989,180

Diversified Financial Services — 0.0%
Alerus Financial Corp.		11,750		194,110
GWG Holdings Inc.^(a)(b)		12,562		127,630
Marlin Business Services Corp.		23,921		267,198


			588,938

Diversified Telecommunication Services — 0.8%
Anterix Inc.^(a)(b)		93,538		4,271,881
Bandwidth Inc., Class A^(a)(b)		116,966		7,870,642
Cogent Communications Holdings Inc.		368,402		30,197,912
IDT Corp., Class B^(a)		106,703		578,330


SCHEDULES OF INVESTMENTS			47

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Telecommunication Services (continued)
Ooma Inc.^(a)(b)		175,019	$	2,087,977
ORBCOMM Inc.^(a)(b)		533,162		1,300,915
Vonage Holdings Corp.^(a)		1,334,404		9,647,741


			55,955,398

Electric Utilities — 0.3%
El Paso Electric Co.		59,720		4,058,571
Genie Energy Ltd., Class B		49,676		356,674
MGE Energy Inc.^(b)		109,969		7,199,670
Otter Tail Corp.		151,358		6,729,377
Spark Energy Inc., Class A		100,790		631,953


			18,976,245

Electrical Equipment — 1.5%
Allied Motion Technologies Inc.		61,185		1,450,084
American Superconductor Corp.^(a)(b)		49,285		270,082
Atkore International Group Inc.^(a)(b)		412,759		8,696,832
AZZ Inc.		68,898		1,937,412
Energous Corp.^(a)(b)		240,820		178,929
EnerSys^(b)		242,588		12,012,958
Generac Holdings Inc.^(a)(b)		531,242		49,495,817
Plug Power Inc.^(a)(b)		2,589,110		9,165,449
Sunrun Inc.^(a)(b)		983,630		9,934,663
Thermon Group Holdings Inc.^(a)(b)		78,079		1,176,651
TPI Composites Inc.^(a)(b)		247,999		3,665,425
Vicor Corp.^(a)(b)		154,918		6,900,048
Vivint Solar Inc.^(a)(b)		389,368		1,701,538


			106,585,888

Electronic Equipment, Instruments & Components — 2.1%
Airgain Inc.^(a)(b)		80,119		592,079
Akoustis Technologies Inc.^(a)(b)		262,971		1,412,154
Badger Meter Inc.		248,965		13,344,524
Coda Octopus Group Inc.^(a)(b)		52,223		292,971
ePlus Inc.^(a)(b)		102,025		6,388,805
Fabrinet^(a)		290,447		15,846,788
FARO Technologies Inc.^(a)		141,377		6,291,277
Fitbit Inc., Class A^(a)		422,383		2,813,071
II-VI Inc.^(a)(b)		504,272		14,371,752
Insight Enterprises Inc.^(a)(b)		111,646		4,703,646
Iteris Inc.^(a)(b)		350,285		1,120,912
Itron Inc.^(a)(b)		297,320		16,599,376
Kimball Electronics Inc.^(a)(b)		13,392		146,241
MTS Systems Corp.		57,625		1,296,563
Napco Security Technologies Inc.^(a)(b)		99,312		1,506,563
nLight Inc.^(a)(b)		287,468		3,015,539
Novanta Inc.^(a)(b)		292,342		23,352,279
OSI Systems Inc.^(a)(b)		146,933		10,126,622
PAR Technology Corp.^(a)(b)		100,766		1,295,851
Plexus Corp.^(a)(b)		33,133		1,807,736
Rogers Corp.^(a)(b)		160,297		15,135,243
Sanmina Corp.^(a)(b)		135,579		3,698,595
Vishay Precision Group Inc.^(a)(b)		67,315		1,351,685
Wrap Technologies Inc.^(a)(b)		65,880		280,649


			146,790,921

Energy Equipment & Services — 0.2%
Cactus Inc., Class A		409,875		4,754,550
DMC Global Inc.		121,994		2,807,082
FTS International Inc.^(a)(b)		135,763		30,275
Liberty Oilfield Services Inc., Class A		136,705		367,736
ProPetro Holding Corp.^(a)(b)		398,410		996,025
RigNet Inc.^(a)(b)		110,370		198,666


Security	Shares		Value

Energy Equipment & Services (continued)
Solaris Oilfield Infrastructure Inc., Class A		272,252	$	1,429,323
U.S. Well Services Inc.^(a)(b)		137,282		41,185


			10,624,842

Entertainment — 0.3%
Eros International PLC^(a)(b)		55,605		91,748
Glu Mobile Inc.^(a)(b)		1,008,160		6,341,326
IMAX Corp.^(a)(b)		452,749		4,097,379
Liberty Media Corp.-Liberty Braves, Class A^(a)(b)		86,116		1,679,262
Liberty Media Corp.-Liberty Braves, Class C, NVS^(a)		313,114		5,967,953
LiveXLive Media Inc.^(a)		301,684		476,661


			18,654,329

Equity Real Estate Investment Trusts (REITs) — 3.7%
Alexander’s Inc.		18,562		5,122,184
American Assets Trust Inc.		420,792		10,519,800
American Finance Trust Inc.		60,166		376,037
Armada Hoffler Properties Inc.		152,616		1,632,991
Bluerock Residential Growth REIT Inc.		201,914		1,124,661
CareTrust REIT Inc.		618,652		9,149,863
Clipper Realty Inc.		126,192		653,675
Community Healthcare Trust Inc.		100,196		3,835,503
Easterly Government Properties Inc.		147,268		3,628,684
EastGroup Properties Inc.		333,778		34,873,125
Essential Properties Realty Trust Inc.		87,807		1,146,759
First Industrial Realty Trust Inc.		225,055		7,478,578
Four Corners Property Trust Inc.		610,441		11,421,351
GEO Group Inc. (The)		1,036,131		12,599,353
Gladstone Commercial Corp.		80,205		1,151,744
Hannon Armstrong Sustainable Infrastructure Capital Inc.		37,704		769,539
Innovative Industrial Properties Inc.		141,322		10,730,579
iStar Inc.^(b)		364,326		3,865,499
LTC Properties Inc.		167,912		5,188,481
Monmouth Real Estate Investment Corp.		125,449		1,511,660
National Health Investors Inc.		160,936		7,969,551
National Storage Affiliates Trust		516,580		15,290,768
New Senior Investment Group Inc.		328,396		840,694
NexPoint Residential Trust Inc.		172,581		4,350,767
Pennsylvania REIT^(b)		297,777		271,454
PS Business Parks Inc.		173,734		23,544,432
QTS Realty Trust Inc., Class A^(b)		499,587		28,981,042
Ryman Hospitality Properties Inc.		426,117		15,276,294
Safehold Inc.^(b)		6,622		418,709
Saul Centers Inc.		94,404		3,090,787
Seritage Growth Properties, Class A		27,065		246,562
Tanger Factory Outlet Centers Inc.^(b)		785,341		3,926,705
Terreno Realty Corp.		57,217		2,960,980
UMH Properties Inc.		262,885		2,854,931
Uniti Group Inc.		1,611,013		9,714,408
Universal Health Realty Income Trust		101,136		10,195,520


			256,713,670

Food & Staples Retailing — 0.5%
BJ’s Wholesale Club Holdings Inc.^(a)(b)		334,084		8,509,120
Chefs’ Warehouse Inc. (The)^(a)(b)		215,462		2,169,702
HF Foods Group Inc.^(a)(b)		190,095		1,594,897
Performance Food Group Co.^(a)(b)		997,201		24,650,809
PriceSmart Inc.^(b)		16,331		858,194


			37,782,722

Food Products — 1.3%
B&G Foods Inc.^(b)		55,553		1,004,954


48		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Bridgford Foods Corp.^(a)(b)		14,994	$	345,912
Calavo Growers Inc.^(b)		141,080		8,138,905
Freshpet Inc.^(a)(b)		298,473		19,063,470
J&J Snack Foods Corp.^(b)		131,054		15,857,534
John B Sanfilippo & Son Inc.		75,098		6,713,761
Lancaster Colony Corp.^(b)		118,820		17,186,125
Limoneira Co.		40,987		536,930
Sanderson Farms Inc.^(b)		145,011		17,882,757
Tootsie Roll Industries Inc.		129,176		4,645,166


			91,375,514

Gas Utilities — 0.3%
Chesapeake Utilities Corp.		139,084		11,920,890
New Jersey Resources Corp.		55,514		1,885,810
Northwest Natural Holding Co.		39,067		2,412,387
South Jersey Industries Inc.		110,854		2,771,350
Southwest Gas Holdings Inc.		52,819		3,674,090


			22,664,527

Health Care Equipment & Supplies — 7.8%
Accuray Inc.^(a)(b)		786,162		1,493,708
Alphatec Holdings Inc.^(a)(b)		314,411		1,084,718
Antares Pharma Inc.^(a)(b)		1,404,865		3,315,481
Apyx Medical Corp.^(a)		37,175		133,458
AtriCure Inc.^(a)(b)		330,732		11,109,288
Atrion Corp.		12,460		8,099,000
Axogen Inc.^(a)(b)		291,874		3,035,490
Axonics Modulation Technologies Inc.^(a)(b)		161,349		4,099,878
BioLife Solutions Inc.^(a)(b)		63,487		603,127
BioSig Technologies Inc.^(a)(b)		135,654		568,390
Cardiovascular Systems Inc.^(a)(b)		300,562		10,582,788
Cerus Corp.^(a)(b)		1,206,742		5,611,350
Conformis Inc.^(a)(b)		589,407		371,326
CONMED Corp.^(b)		237,143		13,581,180
CryoLife Inc.^(a)(b)		317,323		5,369,105
CryoPort Inc.^(a)(b)		275,837		4,708,538
Cutera Inc.^(a)(b)		122,316		1,597,447
CytoSorbents Corp.^(a)(b)		265,094		2,049,177
GenMark Diagnostics Inc.^(a)(b)		474,123		1,953,387
Glaukos Corp.^(a)(b)		338,625		10,449,968
Globus Medical Inc., Class A^(a)(b)		660,182		28,077,540
Haemonetics Corp.^(a)(b)		438,576		43,708,484
Heska Corp.^(a)(b)		60,989		3,372,692
Inogen Inc.^(a)(b)		159,021		8,215,025
Integer Holdings Corp.^(a)(b)		207,088		13,017,552
IntriCon Corp.^(a)(b)		71,057		836,341
iRadimed Corp.^(a)(b)		38,167		814,865
iRhythm Technologies Inc.^(a)(b)		229,636		18,680,889
Lantheus Holdings Inc.^(a)		334,303		4,265,706
LeMaitre Vascular Inc.^(b)		122,536		3,053,597
LivaNova PLC^(a)(b)		333,481		15,090,015
Meridian Bioscience Inc.^(a)		30,624		257,242
Merit Medical Systems Inc.^(a)(b)		464,215		14,506,719
Mesa Laboratories Inc.^(b)		34,782		7,863,862
Misonix Inc.^(a)(b)		79,099		745,113
Natus Medical Inc.^(a)(b)		293,644		6,791,986
Neogen Corp.^(a)(b)		450,237		30,161,377
Neuronetics Inc.^(a)(b)		113,491		214,498
Nevro Corp.^(a)(b)		259,475		25,942,310
Novocure Ltd.^(a)(b)		754,321		50,795,976
NuVasive Inc.^(a)(b)		450,527		22,823,698


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Orthofix Medical Inc.^(a)		117,694	$	3,296,609
OrthoPediatrics Corp.^(a)(b)		87,158		3,454,943
Pulse Biosciences Inc.^(a)(b)		97,378		697,226
Quidel Corp.^(a)(b)		310,684		30,388,002
Rockwell Medical Inc.^(a)(b)		513,182		1,052,023
Senseonics Holdings Inc.^(a)(b)		1,051,735		666,274
Shockwave Medical Inc.^(a)(b)		221,801		7,359,357
SI-BONE Inc.^(a)		166,378		1,988,217
Sientra Inc.^(a)(b)		287,442		572,010
Silk Road Medical Inc.^(a)(b)		139,788		4,400,526
Soliton Inc.^(a)(b)		46,135		373,694
STAAR Surgical Co.^(a)(b)		386,808		12,478,426
Surmodics Inc.^(a)(b)		113,293		3,774,923
Tactile Systems Technology Inc.^(a)(b)		159,757		6,415,841
Tandem Diabetes Care Inc.^(a)(b)		486,747		31,322,169
TransEnterix Inc.^(a)(b)		84,886		29,863
TransMedics Group Inc.^(a)(b)		106,391		1,285,203
Utah Medical Products Inc.		25,489		2,397,240
Vapotherm Inc.^(a)(b)		129,095		2,430,859
Varex Imaging Corp.^(a)(b)		142,021		3,225,297
ViewRay Inc.^(a)(b)		914,186		2,285,465
Wright Medical Group NV^(a)(b)		1,095,710		31,392,091
Zynex Inc.^(a)		135,300		1,497,771


			541,836,320

Health Care Providers & Services — 3.7%
1Life Healthcare Inc.^(a)(b)		74,431		1,350,923
Addus HomeCare Corp.^(a)		108,399		7,327,773
Amedisys Inc.^(a)(b)		272,390		49,994,461
American Renal Associates Holdings Inc.^(a)(b)		66,708		440,940
AMN Healthcare Services Inc.^(a)(b)		399,846		23,115,097
Apollo Medical Holdings Inc.^(a)		73,410		948,457
Avalon GloboCare Corp.^(a)(b)		164,195		254,502
BioTelemetry Inc.^(a)(b)		288,855		11,123,806
Catasys Inc.^(a)(b)		61,140		931,162
CorVel Corp.^(a)		76,979		4,196,125
Cross Country Healthcare Inc.^(a)(b)		45,482		306,549
Ensign Group Inc. (The)		438,515		16,492,549
Exagen Inc.^(a)(b)		23,114		368,437
Genesis Healthcare Inc.^(a)(b)		705,628		594,562
Hanger Inc.^(a)(b)		50,195		782,038
HealthEquity Inc.^(a)(b)		601,321		30,420,829
Joint Corp. (The)^(a)(b)		113,072		1,226,831
LHC Group Inc.^(a)(b)		261,400		36,648,280
Magellan Health Inc.^(a)		106,348		5,116,402
National Research Corp.		104,701		4,761,802
Option Care Health Inc.^(a)		32,454		307,339
Pennant Group Inc. (The)^(a)(b)		219,427		3,107,086
PetIQ Inc.^(a)(b)		171,733		3,989,358
Progyny Inc.^(a)(b)		45,305		960,013
Providence Service Corp. (The)^(a)(b)		101,300		5,559,344
R1 RCM Inc.^(a)(b)		903,387		8,211,788
RadNet Inc.^(a)		363,326		3,818,556
Select Medical Holdings Corp.^(a)		957,582		14,363,730
Surgery Partners Inc.^(a)(b)		22,699		148,225
Tenet Healthcare Corp.^(a)(b)		837,175		12,055,320
U.S. Physical Therapy Inc.^(b)		109,157		7,531,833


			256,454,117

Health Care Technology — 3.0%
Castlight Health Inc., Class B^(a)(b)		871,615		630,265


SCHEDULES OF INVESTMENTS			49

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Technology (continued)
Evolent Health Inc., Class A^(a)(b)		144,815	$	786,346
Health Catalyst Inc.^(a)(b)		141,139		3,690,785
HealthStream Inc.^(a)		84,601		2,026,194
HMS Holdings Corp.^(a)		761,715		19,248,538
Inovalon Holdings Inc., Class A^(a)(b)		633,377		10,552,061
Inspire Medical Systems Inc.^(a)(b)		117,206		7,065,178
Livongo Health Inc.^(a)(b)		385,210		10,990,041
NextGen Healthcare Inc.^(a)		473,010		4,938,224
Omnicell Inc.^(a)(b)		359,618		23,583,748
OptimizeRx Corp.^(a)(b)		120,185		1,088,876
Phreesia Inc.^(a)(b)		202,466		4,257,860
Schrodinger Inc.^(a)(b)		98,985		4,268,233
Simulations Plus Inc.^(b)		103,679		3,620,471
Tabula Rasa HealthCare Inc.^(a)(b)		169,787		8,878,162
Teladoc Health Inc.^(a)(b)		627,075		97,202,896
Vocera Communications Inc.^(a)(b)		271,038		5,756,847


			208,584,725

Hotels, Restaurants & Leisure — 2.7%
Biglari Holdings Inc., Class B, NVS^(a)(b)		7,103		365,094
BJ’s Restaurants Inc.		162,908		2,262,792
Bloomin’ Brands Inc.		756,881		5,404,130
Boyd Gaming Corp.^(b)		637,383		9,191,063
Brinker International Inc.^(b)		243,204		2,920,880
Carrols Restaurant Group Inc.^(a)(b)		16,941		30,833
Cheesecake Factory Inc. (The)		362,091		6,184,514
Churchill Downs Inc.^(b)		305,132		31,413,339
Chuy’s Holdings Inc.^(a)(b)		35,810		360,607
Cracker Barrel Old Country Store Inc.		208,494		17,350,871
Dave & Buster’s Entertainment Inc.^(b)		265,322		3,470,412
Denny’s Corp.^(a)(b)		380,370		2,921,242
Dine Brands Global Inc.		83,697		2,400,430
Drive Shack Inc.^(a)(b)		480,463		730,304
Eldorado Resorts Inc.^(a)(b)		573,480		8,258,112
Everi Holdings Inc.^(a)(b)		698,084		2,303,677
Golden Entertainment Inc.^(a)		73,358		484,896
Inspired Entertainment Inc.^(a)(b)		68,937		233,007
Jack in the Box Inc.		30,987		1,086,094
Kura Sushi USA Inc., Class A^(a)(b)		16,118		192,771
Lindblad Expeditions Holdings Inc.^(a)(b)		203,811		849,892
Marriott Vacations Worldwide Corp.		64,483		3,583,965
Monarch Casino & Resort Inc.^(a)		76,832		2,156,674
Nathan’s Famous Inc.		9,990		609,390
Noodles & Co.^(a)(b)		247,207		1,164,345
Papa John’s International Inc.^(b)		171,720		9,164,696
Penn National Gaming Inc.^(a)		107,713		1,362,570
PlayAGS Inc.^(a)(b)		235,016		622,792
Red Rock Resorts Inc., Class A		606,014		5,181,420
Ruth’s Hospitality Group Inc.		245,484		1,639,833
Scientific Games Corp./DE, Class A^(a)(b)		481,593		4,671,452
SeaWorld Entertainment Inc.^(a)		409,569		4,513,450
Shake Shack Inc., Class A^(a)(b)		252,512		9,529,803
Target Hospitality Corp.^(a)(b)		285,929		568,999
Texas Roadhouse Inc.		573,359		23,679,727
Twin River Worldwide Holdings Inc.		152,093		1,978,730
Wingstop Inc.^(b)		235,081		18,735,956


			187,578,762

Household Durables — 1.7%
Casper Sleep Inc.^(a)(b)		21,086		90,459
Cavco Industries Inc.^(a)(b)		74,974		10,866,732


Security	Shares		Value

Household Durables (continued)
Century Communities Inc.^(a)(b)		107,104	$	1,554,079
GoPro Inc., Class A^(a)(b)		1,005,469		2,634,329
Green Brick Partners Inc.^(a)(b)		14,847		119,518
Hamilton Beach Brands Holding Co., Class A		57,844		550,096
Helen of Troy Ltd.^(a)(b)		218,047		31,405,309
Hooker Furniture Corp.		7,428		115,951
Installed Building Products Inc.^(a)		197,155		7,860,570
iRobot Corp.^(a)(b)		241,097		9,860,867
KB Home		151,677		2,745,354
La-Z-Boy Inc.		163,864		3,367,405
Legacy Housing Corp.^(a)(b)		13,908		128,649
LGI Homes Inc.^(a)(b)		174,338		7,871,361
Lovesac Co. (The)^(a)(b)		76,475		445,849
Purple Innovation Inc.^(a)		17,446		99,093
Skyline Champion Corp.^(a)		438,201		6,870,992
Sonos Inc.^(a)		696,429		5,905,718
Taylor Morrison Home Corp.^(a)(b)		126,087		1,386,957
TopBuild Corp.^(a)(b)		290,392		20,803,683
Universal Electronics Inc.^(a)(b)		105,688		4,055,249
ZAGG Inc.^(a)(b)		14,339		44,594


			118,782,814

Household Products — 0.3%
WD-40 Co.		119,304		23,962,208


Independent Power and Renewable Electricity Producers — 0.3%
Atlantic Power Corp.^(a)(b)		580,300		1,241,842
Ormat Technologies Inc.^(b)		122,970		8,320,150
Sunnova Energy International Inc.^(a)(b)		79,189		797,434
TerraForm Power Inc., Class A		491,056		7,743,953


			18,103,379

Industrial Conglomerates — 0.1%
Raven Industries Inc.		311,967		6,623,059


Insurance — 1.9%
Benefytt Technologies Inc.^(a)(b)		84,459		1,891,037
BRP Group Inc., Class A^(a)(b)		63,158		666,317
Crawford & Co., Class A, NVS		123,471		888,991
eHealth Inc.^(a)(b)		197,844		27,860,392
Enstar Group Ltd.^(a)		17,067		2,714,506
FedNat Holding Co.		51,669		593,160
Global Indemnity Ltd.		13,507		344,429
Goosehead Insurance Inc., Class A^(a)		99,187		4,426,716
Heritage Insurance Holdings Inc.^(b)		24,908		266,765
Investors Title Co.		2,184		279,552
James River Group Holdings Ltd.		124,452		4,510,140
Kinsale Capital Group Inc.^(b)		177,155		18,518,012
MBIA Inc.^(a)		63,619		454,240
National General Holdings Corp.		352,213		5,829,125
Palomar Holdings Inc.^(a)(b)		160,352		9,326,072
ProSight Global Inc.^(a)(b)		32,697		318,796
RLI Corp.^(b)		346,879		30,501,070
Selective Insurance Group Inc.		230,811		11,471,307
State Auto Financial Corp.^(b)		9,146		254,167
Trupanion Inc.^(a)(b)		250,623		6,523,717
United Fire Group Inc.		15,615		509,205
Universal Insurance Holdings Inc.		87,743		1,572,355


			129,720,071

Interactive Media & Services — 0.5%
Cargurus Inc.^(a)(b)		652,578		12,359,827
Cars.com Inc.^(a)(b)		78,399		337,116


50		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services (continued)
Eventbrite Inc., Class A^(a)(b)		312,952	$	2,284,550
EverQuote Inc., Class A^(a)(b)		75,237		1,974,971
Liberty TripAdvisor Holdings Inc., Class A^(a)(b)		636,709		1,146,076
Meet Group Inc. (The)^(a)(b)		388,284		2,279,227
QuinStreet Inc.^(a)		404,460		3,255,903
Travelzoo^(a)		46,019		180,855
TrueCar Inc.^(a)(b)		781,788		1,891,927
Yelp Inc.^(a)(b)		596,751		10,759,420


			36,469,872

Internet & Direct Marketing Retail — 0.3%
1-800-Flowers.com Inc., Class A^(a)(b)		214,048		2,831,855
Duluth Holdings Inc., Class B^(a)(b)		92,983		372,862
Groupon Inc.^(a)(b)		3,877,348		3,800,577
Leaf Group Ltd.^(a)(b)		113,026		151,455
PetMed Express Inc.		48,493		1,395,629
Quotient Technology Inc.^(a)		67,653		439,744
RealReal Inc. (The)^(a)(b)		117,460		823,395
Rubicon Project Inc. (The)^(a)(b)		288,855		1,603,145
Shutterstock Inc.		166,025		5,339,364
Stitch Fix Inc., Class A^(a)(b)		319,576		4,058,615
Waitr Holdings Inc.^(a)(b)		88,571		108,942


			20,925,583

IT Services — 2.8%
Brightcove Inc.^(a)		336,434		2,344,945
Cardtronics PLC, Class A^(a)(b)		257,665		5,390,352
Cass Information Systems Inc.		121,655		4,277,390
CSG Systems International Inc.^(b)		286,319		11,982,450
Endurance International Group Holdings Inc.^(a)(b)		643,878		1,242,685
EVERTEC Inc.		527,923		11,999,690
Evo Payments Inc., Class A^(a)(b)		347,415		5,315,449
Exela Technologies Inc.^(a)(b)		311,503		63,858
ExlService Holdings Inc.^(a)		290,423		15,110,709
GTT Communications Inc.^(a)(b)		295,790		2,351,531
Hackett Group Inc. (The)		191,520		2,436,134
I3 Verticals Inc., Class A^(a)(b)		126,546		2,415,763
International Money Express Inc.^(a)(b)		157,178		1,435,035
Limelight Networks Inc.^(a)(b)		398,321		2,270,430
MAXIMUS Inc.		552,407		32,150,087
NIC Inc.		572,336		13,163,728
Paysign Inc.^(a)(b)		266,695		1,376,146
Perficient Inc.^(a)(b)		278,089		7,533,431
Perspecta Inc.^(b)		87,249		1,591,422
PRGX Global Inc.^(a)(b)		182,236		510,261
Priority Technology Holdings Inc.^(a)(b)		56,745		110,085
Science Applications International Corp.		502,733		37,518,964
TTEC Holdings Inc.		150,627		5,531,023
Tucows Inc., Class A^(a)(b)		82,158		3,964,945
Unisys Corp.^(a)(b)		308,606		3,811,284
Verra Mobility Corp.^(a)(b)		1,110,564		7,929,427
Virtusa Corp.^(a)		249,628		7,089,435


			190,916,659

Leisure Products — 0.4%
Clarus Corp.		105,756		1,036,409
Johnson Outdoors Inc., Class A		28,981		1,817,109
Malibu Boats Inc., Class A^(a)(b)		177,609		5,113,363
Marine Products Corp.		67,596		546,175
MasterCraft Boat Holdings Inc.^(a)(b)		159,316		1,163,007
Sturm Ruger & Co. Inc.		132,903		6,766,092


Security	Shares		Value

Leisure Products (continued)
YETI Holdings Inc.^(a)(b)		484,999	$	9,467,180


			25,909,335

Life Sciences Tools & Services — 1.6%
Accelerate Diagnostics Inc.^(a)(b)		231,493		1,928,337
ChromaDex Corp.^(a)(b)		362,708		1,182,428
Codexis Inc.^(a)(b)		460,186		5,135,676
Fluidigm Corp.^(a)(b)		607,603		1,543,312
Medpace Holdings Inc.^(a)(b)		239,297		17,559,614
NanoString Technologies Inc.^(a)(b)		266,015		6,397,661
NeoGenomics Inc.^(a)(b)		827,351		22,843,161
Pacific Biosciences of California Inc.^(a)(b)		1,118,940		3,423,956
Personalis Inc.^(a)(b)		128,184		1,034,445
Quanterix Corp.^(a)		117,989		2,167,458
Repligen Corp.^(a)(b)		453,882		43,817,768
Syneos Health Inc.^(a)(b)		39,113		1,541,834


			108,575,650

Machinery — 3.8%
Alamo Group Inc.^(b)		73,396		6,516,097
Albany International Corp., Class A		266,604		12,618,367
Barnes Group Inc.		49,147		2,055,819
Blue Bird Corp.^(a)		66,059		722,025
Chart Industries Inc.^(a)(b)		313,536		9,086,273
Columbus McKinnon Corp./NY^(b)		122,784		3,069,600
Douglas Dynamics Inc.		194,841		6,918,804
Energy Recovery Inc.^(a)(b)		321,751		2,393,827
Enerpac Tool Group Corp.		243,563		4,030,968
EnPro Industries Inc.^(b)		16,168		639,929
ESCO Technologies Inc.		208,363		15,816,835
Evoqua Water Technologies Corp.^(a)		657,762		7,373,512
Federal Signal Corp.		489,966		13,366,272
Franklin Electric Co. Inc.		379,696		17,895,073
Gencor Industries Inc.^(a)		13,430		141,015
Gorman-Rupp Co. (The)		31,511		983,458
Graham Corp.^(b)		5,783		74,601
Helios Technologies Inc.		254,977		9,668,728
Hillenbrand Inc.		357,905		6,839,565
John Bean Technologies Corp.^(b)		270,538		20,092,857
Kadant Inc.		95,597		7,136,316
LB Foster Co., Class A^(a)		5,550		68,598
Lindsay Corp.^(b)		32,716		2,996,131
Luxfer Holdings PLC		220,419		3,116,725
Mayville Engineering Co. Inc.^(a)(b)		54,607		334,741
Meritor Inc.^(a)(b)		515,281		6,827,473
Miller Industries Inc./TN		5,965		168,690
Mueller Industries Inc.		265,079		6,345,991
Mueller Water Products Inc., Class A		813,990		6,520,060
Omega Flex Inc.		25,224		2,128,906
Proto Labs Inc.^(a)(b)		233,836		17,801,935
RBC Bearings Inc.^(a)(b)		210,386		23,729,437
REV Group Inc.		42,452		177,025
Rexnord Corp.^(b)		97,297		2,205,723
Spartan Motors Inc.^(b)		215,441		2,781,343
SPX Corp.^(a)		309,927		10,116,017
Tennant Co.		156,608		9,075,434
Terex Corp.		416,535		5,981,443
Watts Water Technologies Inc., Class A		135,998		11,512,231
Welbilt Inc.^(a)(b)		1,128,009		5,786,686


			265,114,530


SCHEDULES OF INVESTMENTS			51

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Marine — 0.0%
Scorpio Bulkers Inc.		86,278	$	218,283


Media — 0.4%
Boston Omaha Corp., Class A^(a)(b)		66,453		1,203,464
Cardlytics Inc.^(a)(b)		123,880		4,330,845
Central European Media Enterprises Ltd., Class A^(a)		761,980		2,384,997
Clear Channel Outdoor Holdings Inc.^(a)(b)		113,328		72,530
Entravision Communications Corp., Class A		102,978		209,045
Fluent Inc.^(a)(b)		341,164		399,162
Gray Television Inc.^(a)(b)		321,847		3,456,637
Hemisphere Media Group Inc.^(a)(b)		140,610		1,200,809
Loral Space & Communications Inc.^(a)		109,854		1,785,128
MDC Partners Inc., Class A^(a)		489,819		710,238
Meredith Corp.		346,518		4,234,450
National CineMedia Inc.		60,421		196,972
TechTarget Inc.^(a)		200,517		4,132,655


			24,316,932

Metals & Mining — 0.5%
Cleveland-Cliffs Inc.^(b)		823,885		3,254,346
Compass Minerals International Inc.		296,996		11,425,436
Kaiser Aluminum Corp.		70,886		4,910,982
Materion Corp.		71,227		2,493,657
NovaGold Resources Inc.^(a)(b)		1,410,211		10,407,357
Ryerson Holding Corp.^(a)(b)		131,654		700,399
Worthington Industries Inc.		75,190		1,973,738


			35,165,915

Oil, Gas & Consumable Fuels — 0.1%
Altus Midstream Co., Class A^(a)(b)		436,176		327,132
Ardmore Shipping Corp.		54,625		286,781
Brigham Minerals Inc., Class A		173,571		1,435,432
CVR Energy Inc.		107,996		1,785,174
Dorian LPG Ltd.^(a)(b)		48,603		423,332
Evolution Petroleum Corp.		206,856		539,894
Falcon Minerals Corp.		54,771		117,758
GasLog Ltd.		238,239		862,425
Golar LNG Ltd.		61,642		485,739
Goodrich Petroleum Corp.^(a)(b)		54,178		230,798
Matador Resources Co.^(a)(b)		105,539		261,737
NextDecade Corp.^(a)		119,243		224,177
PrimeEnergy Resources Corp.^(a)(b)		3,112		230,288
Ring Energy Inc.^(a)(b)		220,558		145,282
Rosehill Resources Inc.^(a)(b)		90,354		37,045
SilverBow Resources Inc.^(a)		63		156
Tellurian Inc.^(a)(b)		831,863		751,921
Uranium Energy Corp.^(a)(b)		1,543,252		864,221


			9,009,292

Paper & Forest Products — 0.1%
Boise Cascade Co.^(b)		79,632		1,893,649
Louisiana-Pacific Corp.		136,425		2,343,781
Neenah Inc.		120,614		5,202,082
Verso Corp., Class A^(a)(b)		17,899		201,901


			9,641,413

Personal Products — 0.4%
BellRing Brands Inc., Class A^(a)		204,968		3,494,705
elf Beauty Inc.^(a)		34,523		339,706
Inter Parfums Inc.		153,221		7,101,793
Lifevantage Corp.^(a)(b)		121,006		1,246,362
Medifast Inc.		96,348		6,021,750
Revlon Inc., Class A^(a)(b)		51,396		561,758


Security	Shares		Value

Personal Products (continued)
USANA Health Sciences Inc.^(a)(b)		109,135	$	6,303,638
Youngevity International Inc.^(a)(b)		71,457		50,020


			25,119,732

Pharmaceuticals — 2.8%
AcelRx Pharmaceuticals Inc.^(a)(b)		224,552		264,971
Acer Therapeutics Inc.^(a)(b)		43,444		86,454
Aerie Pharmaceuticals Inc.^(a)(b)		366,069		4,941,931
Akorn Inc.^(a)(b)		100,438		56,366
Amneal Pharmaceuticals Inc.^(a)(b)		1,027,400		3,575,352
Amphastar Pharmaceuticals Inc.^(a)(b)		311,561		4,623,565
ANI Pharmaceuticals Inc.^(a)(b)		78,574		3,201,105
Arvinas Holding Co. LLC^(a)(b)		184,642		7,441,073
Axsome Therapeutics Inc.^(a)(b)		234,852		13,816,343
Baudax Bio Inc.^(a)		69,773		173,037
BioDelivery Sciences International Inc.^(a)		733,367		2,779,461
Cara Therapeutics Inc.^(a)(b)		297,693		3,932,525
Cerecor Inc.^(a)(b)		186,460		462,421
Chiasma Inc.^(a)(b)		298,410		1,089,196
Collegium Pharmaceutical Inc.^(a)(b)		279,739		4,568,138
Corcept Therapeutics Inc.^(a)(b)		833,282		9,907,723
CorMedix Inc.^(a)(b)		221,428		794,927
Cymabay Therapeutics Inc.^(a)(b)		610,851		904,059
Eloxx Pharmaceuticals Inc.^(a)(b)		196,669		385,471
Endo International PLC^(a)(b)		116,447		430,854
Evofem Biosciences Inc.^(a)(b)		116,384		619,163
Evolus Inc.^(a)(b)		161,075		668,461
EyePoint Pharmaceuticals Inc.^(a)(b)		350,526		357,537
Fulcrum Therapeutics Inc.^(a)(b)		86,220		1,029,467
Innoviva Inc.^(a)(b)		556,036		6,538,983
Intersect ENT Inc.^(a)(b)		264,218		3,130,983
Intra-Cellular Therapies Inc.^(a)(b)		226,682		3,484,102
Kala Pharmaceuticals Inc.^(a)(b)		105,404		926,501
Kaleido Biosciences Inc.^(a)(b)		99,054		609,182
Liquidia Technologies Inc.^(a)(b)		116,211		547,354
Marinus Pharmaceuticals Inc.^(a)(b)		712,749		1,446,880
MyoKardia Inc.^(a)(b)		385,379		18,066,568
NGM Biopharmaceuticals Inc.^(a)		202,239		2,493,607
Ocular Therapeutix Inc.^(a)(b)		366,521		1,814,279
Odonate Therapeutics Inc.^(a)(b)		83,863		2,315,457
Omeros Corp.^(a)(b)		444,909		5,948,433
Optinose Inc.^(a)(b)		241,257		1,083,244
Pacira BioSciences Inc.^(a)(b)		356,699		11,960,117
Paratek Pharmaceuticals Inc.^(a)(b)		289,537		912,042
Phathom Pharmaceuticals Inc.^(a)(b)		74,015		1,911,067
Phibro Animal Health Corp., Class A^(b)		166,456		4,023,242
Reata Pharmaceuticals Inc., Class A^(a)(b)		82,829		11,955,538
Recro Pharma Inc.^(a)(b)		172,900		1,412,593
resTORbio Inc.^(a)		45		46
Revance Therapeutics Inc.^(a)(b)		374,216		5,538,397
Satsuma Pharmaceuticals Inc.^(a)(b)		30,423		654,703
SIGA Technologies Inc.^(a)(b)		476,945		2,279,797
Supernus Pharmaceuticals Inc.^(a)		429,244		7,722,100
TherapeuticsMD Inc.^(a)(b)		1,724,023		1,827,464
Theravance Biopharma Inc.^(a)(b)		426,470		9,855,722
Tricida Inc.^(a)(b)		189,067		4,159,474
Verrica Pharmaceuticals Inc.^(a)(b)		46,319		506,267
WaVe Life Sciences Ltd.^(a)(b)		153,702		1,440,188
Xeris Pharmaceuticals Inc.^(a)(b)		294,541		574,355
Zogenix Inc.^(a)(b)		371,252		9,181,062


52		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Zynerba Pharmaceuticals Inc.^(a)(b)		200,593	$	768,271


			191,197,618

Professional Services — 1.6%
ASGN Inc.^(a)(b)		387,834		13,698,297
Barrett Business Services Inc.		62,298		2,469,493
BG Staffing Inc.		36,875		275,825
CRA International Inc.		17,798		594,631
Exponent Inc.		449,326		32,311,033
Forrester Research Inc.^(a)		92,314		2,698,338
Franklin Covey Co.^(a)		83,332		1,294,979
FTI Consulting Inc.^(a)(b)		29,497		3,532,856
Heidrick & Struggles International Inc.		17,432		392,220
Huron Consulting Group Inc.^(a)		23,892		1,083,741
ICF International Inc.^(b)		98,076		6,737,821
Insperity Inc.		322,086		12,013,808
Kforce Inc.^(b)		176,357		4,509,448
Korn Ferry		480,824		11,693,640
Mistras Group Inc.^(a)(b)		22,136		94,299
Resources Connection Inc.		84,098		922,555
TriNet Group Inc.^(a)(b)		380,314		14,322,625
Upwork Inc.^(a)(b)		499,730		3,223,259
Willdan Group Inc.^(a)(b)		88,437		1,889,899


			113,758,767

Real Estate Management & Development — 0.6%
Cushman & Wakefield PLC^(a)(b)		922,925		10,835,140
eXp World Holdings Inc.^(a)(b)		179,840		1,521,446
Griffin Industrial Realty Inc.		426		13,930
Kennedy-Wilson Holdings Inc.		543,673		7,296,092
Marcus & Millichap Inc.^(a)(b)		174,739		4,735,427
Maui Land & Pineapple Co. Inc.^(a)(b)		33,508		366,242
Newmark Group Inc., Class A		1,111,496		4,723,858
Redfin Corp.^(a)(b)		779,202		12,015,295
RMR Group Inc. (The), Class A		131,169		3,537,628


			45,045,058

Road & Rail — 0.3%
Avis Budget Group Inc.^(a)(b)		499,292		6,940,159
Heartland Express Inc.^(b)		19,924		369,988
PAM Transportation Services Inc.^(a)(b)		11,945		367,309
Saia Inc.^(a)(b)		135,023		9,929,591
Universal Logistics Holdings Inc.^(b)		68,168		893,001


			18,500,048

Semiconductors & Semiconductor Equipment — 3.5%
Adesto Technologies Corp.^(a)(b)		201,293		2,252,469
Advanced Energy Industries Inc.^(a)		329,819		15,992,923
Ambarella Inc.^(a)(b)		113,553		5,514,134
Brooks Automation Inc.^(b)		543,519		16,577,329
Cabot Microelectronics Corp.^(b)		251,790		28,739,311
CEVA Inc.^(a)(b)		173,478		4,324,806
Diodes Inc.^(a)(b)		87,094		3,539,065
DSP Group Inc.^(a)		67,718		907,421
Enphase Energy Inc.^(a)(b)		797,215		25,742,072
FormFactor Inc.^(a)		47,323		950,719
Ichor Holdings Ltd.^(a)(b)		42,492		814,147
Impinj Inc.^(a)(b)		146,358		2,445,642
Inphi Corp.^(a)(b)		390,295		30,899,655
Lattice Semiconductor Corp.^(a)(b)		1,093,811		19,491,712
MaxLinear Inc.^(a)(b)		572,876		6,685,463
NVE Corp.		38,629		2,009,867
Onto Innovation Inc.^(a)		99,052		2,938,873


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
PDF Solutions Inc.^(a)(b)		20,294	$	237,846
Power Integrations Inc.^(b)		245,800		21,711,514
Semtech Corp.^(a)		524,939		19,685,212
Silicon Laboratories Inc.^(a)(b)		373,320		31,885,261
SiTime Corp.^(a)(b)		19,632		427,389
Xperi Corp.		88,011		1,224,233


			244,997,063

Software — 8.7%
8x8 Inc.^(a)(b)		841,810		11,667,487
A10 Networks Inc.^(a)(b)		428,818		2,662,960
ACI Worldwide Inc.^(a)(b)		999,704		24,142,852
Agilysys Inc.^(a)(b)		178,915		2,987,880
Alarm.com Holdings Inc.^(a)(b)		318,262		12,383,574
Altair Engineering Inc., Class A^(a)(b)		348,159		9,226,213
American Software Inc./GA, Class A		148,364		2,108,252
Appfolio Inc., Class A^(a)(b)		136,111		15,101,515
Appian Corp.^(a)(b)		296,438		11,925,701
Benefitfocus Inc.^(a)(b)		254,651		2,268,940
Blackbaud Inc.^(b)		424,105		23,559,033
Blackline Inc.^(a)(b)		375,112		19,734,642
Bottomline Technologies DE Inc.^(a)(b)		375,179		13,750,310
Box Inc., Class A^(a)(b)		1,268,955		17,816,128
ChannelAdvisor Corp.^(a)(b)		231,166		1,678,265
Cloudera Inc.^(a)(b)		139,066		1,094,449
CommVault Systems Inc.^(a)(b)		361,663		14,640,118
Cornerstone OnDemand Inc.^(a)(b)		493,593		15,671,578
Digimarc Corp.^(a)(b)		97,629		1,274,058
Digital Turbine Inc.^(a)(b)		687,096		2,961,384
Domo Inc., Class B^(a)(b)		152,007		1,510,950
Ebix Inc.^(b)		199,884		3,034,239
eGain Corp.^(a)(b)		176,441		1,293,313
Envestnet Inc.^(a)(b)		418,940		22,530,593
Everbridge Inc.^(a)(b)		288,696		30,705,707
Five9 Inc.^(a)(b)		519,447		39,716,918
ForeScout Technologies Inc.^(a)(b)		376,098		11,880,936
Ideanomics Inc.^(a)(b)		834,487		1,118,213
Intelligent Systems Corp.^(a)(b)		58,979		2,004,696
j2 Global Inc.		404,969		30,311,930
LivePerson Inc.^(a)		540,551		12,297,535
Majesco^(a)(b)		65,680		358,613
MicroStrategy Inc., Class A^(a)		70,833		8,365,377
Mitek Systems Inc.^(a)(b)		281,243		2,216,195
MobileIron Inc.^(a)(b)		861,450		3,273,510
Model N Inc.^(a)(b)		287,856		6,393,282
OneSpan Inc.^(a)		203,337		3,690,567
Pareteum Corp.^(a)(b)		484,296		199,530
Phunware Inc.^(a)(b)		279,590		188,723
Ping Identity Holding Corp.^(a)(b)		99,943		2,000,859
Progress Software Corp.		390,941		12,510,112
PROS Holdings Inc.^(a)(b)		289,767		8,991,470
Q2 Holdings Inc.^(a)(b)		378,902		22,377,952
QAD Inc., Class A^(b)		51,369		2,051,164
Qualys Inc.^(a)(b)		292,247		25,422,566
Rapid7 Inc.^(a)(b)		427,436		18,520,802
Rimini Street Inc.^(a)(b)		170,782		698,498
Rosetta Stone Inc.^(a)		28,384		397,944
SailPoint Technologies Holding Inc.^(a)(b)		746,362		11,359,630
SecureWorks Corp., Class A^(a)(b)		4,437		51,070
SharpSpring Inc.^(a)(b)		88,710		537,583
ShotSpotter Inc.^(a)(b)		70,815		1,945,996


SCHEDULES OF INVESTMENTS			53

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Sprout Social Inc., Class A^(a)		68,357	$	1,090,978
SPS Commerce Inc.^(a)		304,517		14,163,086
SVMK Inc.^(a)		755,701		10,209,520
Telaria Inc.^(a)(b)		390,992		2,345,952
Telenav Inc.^(a)(b)		145,583		628,919
Tenable Holdings Inc.^(a)(b)		327,983		7,169,708
Upland Software Inc.^(a)(b)		198,910		5,334,766
Varonis Systems Inc.^(a)(b)		260,839		16,607,619
Verint Systems Inc.^(a)(b)		545,404		23,452,372
VirnetX Holding Corp.^(a)(b)		538,310		2,944,556
Workiva Inc.^(a)		319,851		10,340,783
Yext Inc.^(a)(b)		838,192		8,541,176
Zix Corp.^(a)(b)		458,006		1,974,006
Zuora Inc., Class A^(a)(b)		769,793		6,196,834


			605,612,087

Specialty Retail — 1.4%
Aaron’s Inc.		521,147		11,871,729
American Eagle Outfitters Inc.		1,233,270		9,804,497
America’s Car-Mart Inc./TX^(a)(b)		53,518		3,015,739
Asbury Automotive Group Inc.^(a)		168,067		9,282,340
At Home Group Inc.^(a)(b)		27,631		55,815
Boot Barn Holdings Inc.^(a)(b)		246,066		3,181,633
Camping World Holdings Inc., Class A		287,079		1,633,480
Children’s Place Inc. (The)		127,698		2,497,773
Designer Brands Inc. , Class A		191,424		953,292
Hibbett Sports Inc.^(a)(b)		9,999		109,339
Hudson Ltd., Class A^(a)(b)		20,944		105,139
Lithia Motors Inc., Class A		119,875		9,804,576
Lumber Liquidators Holdings Inc.^(a)(b)		46,683		218,943
MarineMax Inc.^(a)		10,381		108,170
Monro Inc.^(b)		284,190		12,450,364
Murphy USA Inc.^(a)		43,979		3,710,068
National Vision Holdings Inc.^(a)(b)		681,995		13,244,343
OneWater Marine Inc., Class A^(a)(b)		11,758		89,949
Rent-A-Center Inc./TX		429,465		6,072,635
RH^(a)(b)		41,397		4,159,157
Sleep Number Corp.^(a)		223,406		4,280,459
Tailored Brands Inc.^(b)		383,052		666,510
Winmark Corp.		8,065		1,027,642


			98,343,592

Technology Hardware, Storage & Peripherals — 0.0%
AstroNova Inc.		59,184		459,268
Avid Technology Inc.^(a)(b)		243,704		1,640,128
Diebold Nixdorf Inc.^(a)		350,873		1,235,073
Sonim Technologies Inc.^(a)(b)		86,728		60,709


			3,395,178

Textiles, Apparel & Luxury Goods — 1.0%
Centric Brands Inc.^(a)		142,899		160,047
Crocs Inc.^(a)		600,671		10,205,400
Deckers Outdoor Corp.^(a)(b)		243,996		32,695,464
Kontoor Brands Inc.^(a)		91,647		1,756,873
Oxford Industries Inc.		54,999		1,994,264
Steven Madden Ltd.^(b)		728,365		16,919,919
Superior Group of Companies Inc.		21,754		184,039
Wolverine World Wide Inc.		336,169		5,109,769


			69,025,775

Thrifts & Mortgage Finance — 0.5%
Axos Financial Inc.^(a)(b)		317,441		5,755,205
Essent Group Ltd.		426,033		11,221,709


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
Federal Agricultural Mortgage Corp., Class C, NVS		24,120	$	1,341,796
First Defiance Financial Corp.		20,400		300,696
FS Bancorp. Inc.		4,249		152,964
Greene County Bancorp. Inc.		23,728		554,286
Hingham Institution for Savings		5,623		815,279
Kearny Financial Corp./MD		214,867		1,845,708
Meridian Bancorp. Inc.^(b)		57,415		644,196
Meta Financial Group Inc.^(b)		173,167		3,761,187
Mr Cooper Group Inc.^(a)(b)		314,443		2,304,867
NMI Holdings Inc., Class A^(a)		573,746		6,661,191
OceanFirst Financial Corp.		30,978		492,860
PCSB Financial Corp.^(b)		11,796		165,026
Pioneer Bancorp. Inc./NY^(a)(b)		7,668		79,594
Provident Bancorp Inc.^(a)(b)		7,191		61,986
Southern Missouri Bancorp. Inc.		3,419		82,979
Velocity Financial Inc.^(a)(b)		12,950		97,513
Walker & Dunlop Inc.		27,732		1,116,768
Waterstone Financial Inc.		13,327		193,775


			37,649,585

Tobacco — 0.2%
22nd Century Group Inc.^(a)(b)		1,001,855		751,391
Turning Point Brands Inc.^(b)		71,648		1,512,489
Vector Group Ltd.		909,861		8,570,891


			10,834,771

Trading Companies & Distributors — 0.8%
Applied Industrial Technologies Inc.		332,180		15,187,270
Beacon Roofing Supply Inc.^(a)(b)		89,061		1,473,069
EVI Industries Inc.^(a)(b)		39,341		620,801
Foundation Building Materials Inc.^(a)		51,805		533,073
General Finance Corp.^(a)(b)		49,775		310,596
GMS Inc.^(a)(b)		154,603		2,431,905
H&E Equipment Services Inc.		218,202		3,203,205
Herc Holdings Inc.^(a)(b)		13,604		278,338
Kaman Corp.^(b)		34,098		1,311,750
Lawson Products Inc./DE^(a)(b)		36,174		966,569
MRC Global Inc.^(a)(b)		64,363		274,186
SiteOne Landscape Supply Inc.^(a)(b)		354,685		26,111,910
Systemax Inc.		81,283		1,441,148
Transcat Inc.^(a)(b)		59,735		1,582,977
Willis Lease Finance Corp.^(a)		1,506		40,060


			55,766,857

Water Utilities — 1.0%
American States Water Co.^(b)		318,367		26,023,319
California Water Service Group		393,332		19,792,466
Global Water Resources Inc.^(b)		108,137		1,101,916
Middlesex Water Co.^(b)		126,969		7,633,376
Pure Cycle Corp.^(a)(b)		168,294		1,876,478
SJW Group		148,946		8,604,611
York Water Co. (The)		100,957		4,387,591


			69,419,757

Wireless Telecommunication Services — 0.4%
Boingo Wireless Inc.^(a)(b)		374,768		3,976,288
Gogo Inc.^(a)(b)		477,231		1,011,730
Shenandoah Telecommunications Co.^(b)		416,016		20,488,788


			25,476,806


Total Common Stocks — 99.7% (Cost: $9,283,113,709)				6,918,636,681


54		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 21.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(d)(e)(f)		1,497,695,716	$	1,497,396,176
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(d)(e)		11,650,000		11,650,000


			1,509,046,176


Total Short-Term Investments — 21.8% (Cost: $1,509,174,820)				1,509,046,176


Total Investments in Securities — 121.5% (Cost: $10,792,288,529)				8,427,682,857

Other Assets, Less Liabilities — (21.5)%				(1,490,787,451	)


Net Assets — 100.0%			$	6,936,895,406

^(a)	Non-income producing security.

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

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

^(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.

Portfolio Abbreviations - Equity

NVS	Non-Voting Shares


SCHEDULES OF INVESTMENTS			55

Schedule of Investments

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.8%
AAR Corp.		336,776	$	5,981,142
Aerojet Rocketdyne Holdings Inc.^(a)(b)		217,952		9,116,932
Cubic Corp.^(b)		264,746		10,936,657
Ducommun Inc.^(a)		88,868		2,208,370
Maxar Technologies Inc.^(a)(b)		602,042		6,429,809
Moog Inc., Class A		41,161		2,079,865
National Presto Industries Inc.		46,284		3,277,370
Park Aerospace Corp.		187,373		2,360,900
Triumph Group Inc.		356,828		2,412,157
Vectrus Inc.^(a)		113,431		4,697,178

				49,500,380

Air Freight & Logistics — 0.4%
Atlas Air Worldwide Holdings Inc.^(a)(b)		234,804		6,027,419
Echo Global Logistics Inc.^(a)		269,904		4,609,960
Hub Group Inc., Class A^(a)		324,058		14,734,917

				25,372,296

Airlines — 0.3%
Hawaiian Holdings Inc.		457,438		4,775,653
Mesa Air Group Inc.^(a)(b)		160,968		529,585
SkyWest Inc.		494,156		12,941,945
Spirit Airlines Inc.^(a)(b)		150,560		1,940,718

				20,187,901

Auto Components — 1.0%
Adient PLC^(a)		880,818		7,989,019
American Axle & Manufacturing Holdings Inc.^(a)		1,127,843		4,071,513
Cooper Tire & Rubber Co.		505,030		8,231,989
Cooper-Standard Holdings Inc.^(a)(b)		169,700		1,742,819
Dana Inc.		1,451,041		11,332,630
Modine Manufacturing Co.^(a)(b)		508,168		1,651,546
Motorcar Parts of America Inc.^(a)(b)		188,531		2,371,720
Standard Motor Products Inc.		167,090		6,945,932
Stoneridge Inc.^(a)(b)		237,084		3,971,157
Tenneco Inc., Class A		519,895		1,871,622
Visteon Corp.^(a)(b)		279,995		13,434,160

				63,614,107

Automobiles — 0.0%
Winnebago Industries Inc.		94,222		2,620,314


Banks — 18.3%
1st Constitution Bancorp		88,210		1,168,783
1st Source Corp.		143,003		4,637,587
ACNB Corp.		80,567		2,417,010
Allegiance Bancshares Inc.^(b)		186,914		4,506,497
Amalgamated Bank, Class A		141,835		1,534,655
Amerant Bancorp Inc.^(a)(b)		196,862		3,029,706
American National Bankshares Inc.		107,655		2,572,955
Ameris Bancorp		517,063		12,285,417
Ames National Corp.		90,987		1,860,684
Arrow Financial Corp.		128,046		3,568,642
Atlantic Capital Bancshares Inc.^(a)(b)		205,229		2,436,068
Atlantic Union Bankshares Corp.		803,542		17,597,570
Banc of California Inc.		455,115		3,640,920
BancFirst Corp.		187,057		6,242,092
Bancorp. Inc. (The)^(a)		513,434		3,116,544
BancorpSouth Bank		997,579		18,874,195
Bank First Corp.^(b)		3,777		211,512
Bank of Commerce Holdings		179,807		1,415,081
Bank of Marin Bancorp		134,104		4,023,120


Security	Shares		Value

Banks (continued)
Bank of NT Butterfield & Son Ltd. (The)		358,345	$	6,102,615
Bank of Princeton (The)^(b)		58,428		1,358,451
Bank7 Corp.		39,730		315,456
BankFinancial Corp.		144,822		1,275,882
Bankwell Financial Group Inc.		68,859		1,050,788
Banner Corp.		314,212		10,381,564
Bar Harbor Bankshares		153,909		2,659,548
Baycom Corp.^(a)		70,393		848,236
BCB Bancorp. Inc.		150,623		1,604,135
Berkshire Hills Bancorp. Inc.		454,713		6,757,035
Boston Private Financial Holdings Inc.		788,815		5,640,027
Bridge Bancorp. Inc.		166,023		3,513,047
Brookline Bancorp. Inc.		719,764		8,118,938
Bryn Mawr Bank Corp.		200,626		5,693,766
Business First Bancshares Inc.		126,642		1,709,667
Byline Bancorp Inc.^(b)		235,898		2,446,262
C&F Financial Corp.		33,963		1,355,124
Cadence Bancorp		1,185,562		7,765,431
Cambridge Bancorp		35,456		1,843,712
Camden National Corp.		152,128		4,784,426
Capital Bancorp Inc./MD^(a)(b)		83,656		1,047,373
Capital City Bank Group Inc.		135,432		2,724,892
Capstar Financial Holdings Inc.		149,116		1,474,757
Carolina Financial Corp.		234,784		6,073,862
Carter Bank & Trust		228,199		2,094,867
Cathay General Bancorp		771,381		17,703,194
CBTX Inc.		182,593		3,244,678
CenterState Bank Corp.		1,211,580		20,875,523
Central Pacific Financial Corp.		236,254		3,756,439
Central Valley Community Bancorp		110,615		1,442,420
Century Bancorp. Inc./MA, Class A, NVS		24,348		1,515,420
Chemung Financial Corp.		36,305		1,197,339
Citizens & Northern Corp.		121,414		2,428,280
City Holding Co.		137,778		9,166,370
Civista Bancshares Inc.		154,963		2,318,246
CNB Financial Corp./PA		138,120		2,606,324
Coastal Financial Corp./WA^(a)		34,356		361,082
Codorus Valley Bancorp. Inc.		96,018		1,545,890
Colony Bankcorp Inc.		78,129		976,613
Columbia Banking System Inc.		660,273		17,695,316
Community Bank System Inc.^(b)		477,940		28,102,872
Community Bankers Trust Corp.		225,269		1,092,555
Community Financial Corp. (The)		46,551		1,028,777
Community Trust Bancorp. Inc.		156,327		4,969,635
ConnectOne Bancorp. Inc.		342,268		4,600,082
CrossFirst Bankshares Inc.^(a)(b)		445,493		3,742,141
Customers Bancorp. Inc.^(a)		284,052		3,104,688
CVB Financial Corp.		1,337,666		26,820,203
Dime Community Bancshares Inc.		310,533		4,257,407
Eagle Bancorp. Inc.		292,957		8,850,231
Enterprise Bancorp. Inc./MA		91,496		2,469,477
Enterprise Financial Services Corp.^(b)		244,124		6,813,501
Equity Bancshares Inc., Class A^(a)(b)		149,458		2,578,151
Esquire Financial Holdings Inc.^(a)(b)		40,088		603,324
Evans Bancorp. Inc.		48,896		1,188,662
Farmers & Merchants Bancorp. Inc./Archbold OH		102,485		2,655,386
Farmers National Banc Corp.		257,247		2,991,783
FB Financial Corp.^(b)		91,952		1,813,293
Fidelity D&D Bancorp. Inc.^(b)		17,053		870,044
Financial Institutions Inc.		155,295		2,817,051


56		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
First Bancorp. Inc./ME		104,053	$	2,289,166
First Bancorp./Puerto Rico		2,029,325		10,796,009
First Bancorp./Southern Pines NC		294,328		6,793,090
First Bancshares Inc. (The)		169,030		3,223,402
First Bank/Hamilton NJ^(b)		172,613		1,197,934
First Busey Corp.		515,912		8,827,254
First Business Financial Services Inc.		83,418		1,292,979
First Capital Inc.		31,178		1,867,562
First Choice Bancorp		101,837		1,528,573
First Commonwealth Financial Corp.		898,622		8,213,405
First Community Bankshares Inc.		180,013		4,194,303
First Financial Bancorp		920,010		13,717,349
First Financial Corp./IN		119,963		4,045,152
First Financial Northwest Inc.		79,857		801,764
First Foundation Inc.^(b)		268,152		2,740,513
First Guaranty Bancshares Inc.		53,124		766,579
First Internet Bancorp		96,057		1,577,256
First Interstate BancSystem Inc., Class A		380,148		10,963,468
First Merchants Corp.		541,330		14,339,832
First Mid Bancshares Inc.		147,487		3,501,341
First Midwest Bancorp. Inc.		1,007,944		13,340,139
First Northwest Bancorp		88,027		956,853
First of Long Island Corp. (The)		231,280		4,012,708
Flushing Financial Corp.		274,468		3,666,892
FNCB Bancorp Inc.		177,550		1,226,871
Franklin Financial Network Inc.		132,965		2,711,156
Franklin Financial Services Corp.		41,958		1,151,747
Fulton Financial Corp.		1,613,190		18,535,553
FVCBankcorp Inc.^(a)(b)		125,080		1,666,066
German American Bancorp. Inc.		248,770		6,828,737
Glacier Bancorp. Inc.		744,059		25,301,726
Great Southern Bancorp. Inc.		112,299		4,536,880
Great Western Bancorp. Inc.		535,443		10,965,873
Guaranty Bancshares Inc./TX^(b)		84,116		1,946,444
Hancock Whitney Corp.		872,839		17,037,817
Hanmi Financial Corp.		255,179		2,768,692
Harborone Bancorp Inc.^(a)(b)		141,280		1,063,838
Hawthorn Bancshares Inc.		58,080		1,065,768
HBT Financial Inc.		84,697		891,859
Heartland Financial USA Inc.		349,235		10,546,897
Heritage Commerce Corp.		495,394		3,799,672
Heritage Financial Corp./WA		349,322		6,986,440
Hilltop Holdings Inc.		702,125		10,616,130
Home BancShares Inc./AR		1,560,040		18,704,880
HomeTrust Bancshares Inc.		112,969		1,798,466
Hope Bancorp Inc.		1,139,374		9,365,654
Horizon Bancorp Inc./IN		377,481		3,721,963
Howard Bancorp. Inc.^(a)(b)		132,710		1,441,231
IBERIABANK Corp.		524,690		18,972,790
Independent Bank Corp.		283,769		18,266,211
Independent Bank Corp./MI		163,571		2,105,159
Independent Bank Group Inc.		270,757		6,411,526
International Bancshares Corp.		557,808		14,993,879
Investar Holding Corp.		63,791		814,611
Investors Bancorp. Inc.		2,285,042		18,257,486
Lakeland Bancorp. Inc.		492,869		5,327,914
Lakeland Financial Corp.		66,143		2,430,755
LCNB Corp.		122,444		1,542,794
Level One Bancorp. Inc.		52,954		953,172
Live Oak Bancshares Inc.^(b)		262,572		3,274,273


Security	Shares		Value

Banks (continued)
Macatawa Bank Corp.		264,676	$	1,884,493
Mackinac Financial Corp.		96,561		1,009,062
MainStreet Bancshares Inc.^(a)(b)		74,185		1,243,341
Malvern Bancorp. Inc.^(a)(b)		65,810		806,173
Mercantile Bank Corp.		163,227		3,455,516
Metrocity Bankshares Inc.^(b)		153,392		1,800,822
Metropolitan Bank Holding Corp.^(a)		71,022		1,912,622
Mid Penn Bancorp. Inc.		70,838		1,434,470
Midland States Bancorp. Inc.		200,821		3,512,359
MidWestOne Financial Group Inc.		119,490		2,502,121
MutualFirst Financial Inc.^(b)		60,440		1,704,408
MVB Financial Corp.		97,747		1,246,274
National Bank Holdings Corp., Class A		191,139		4,568,222
National Bankshares Inc.		63,047		2,011,199
NBT Bancorp. Inc.		392,173		12,702,483
Nicolet Bankshares Inc.^(a)(b)		92,859		5,068,244
Northeast Bank^(a)(b)		65,263		760,967
Northrim Bancorp. Inc.		66,281		1,789,587
Norwood Financial Corp.		59,305		1,583,444
Oak Valley Bancorp		68,096		1,071,831
OFG Bancorp		482,402		5,393,254
Ohio Valley Banc Corp.		43,302		1,298,194
Old National Bancorp./IN		1,589,512		20,965,663
Old Second Bancorp. Inc.^(b)		292,405		2,020,519
Opus Bank		219,888		3,810,659
Origin Bancorp Inc.		193,963		3,927,751
Orrstown Financial Services Inc.		101,171		1,393,125
Pacific Mercantile Bancorp.^(a)(b)		204,159		961,589
Pacific Premier Bancorp. Inc.		551,490		10,390,072
Park National Corp.		133,289		10,348,558
Parke Bancorp. Inc.		101,771		1,372,891
PCB Bancorp		121,549		1,188,749
Peapack Gladstone Financial Corp.		187,802		3,371,046
Penns Woods Bancorp. Inc.		68,422		1,662,655
Peoples Bancorp. Inc./OH		182,641		4,045,498
Peoples Bancorp. of North Carolina Inc.		48,081		978,929
Peoples Financial Services Corp.		69,703		2,769,997
People’s Utah Bancorp		146,445		2,836,640
Preferred Bank/Los Angeles CA		97,519		3,298,093
Premier Financial Bancorp. Inc.		130,328		1,616,067
Professional Holding Corp., Class A^(a)		32,103		512,043
QCR Holdings Inc.		149,207		4,039,033
RBB Bancorp		164,275		2,253,853
Red River Bancshares Inc.^(b)		46,242		1,721,127
Reliant Bancorp Inc.		98,039		1,104,900
Renasant Corp.		558,686		12,201,702
Republic Bancorp. Inc./KY, Class A		97,378		3,216,395
Republic First Bancorp. Inc.^(a)(b)		453,759		993,732
Richmond Mutual Bancorp. Inc.^(a)(b)		117,257		1,196,021
S&T Bancorp. Inc.		379,952		10,380,289
Sandy Spring Bancorp. Inc.		347,303		7,862,940
SB One Bancorp		83,053		1,411,901
Seacoast Banking Corp. of Florida^(a)(b)		400,231		7,328,230
Select Bancorp. Inc.^(a)(b)		160,870		1,227,438
ServisFirst Bancshares Inc.		88,762		2,602,502
Shore Bancshares Inc.		124,048		1,345,921
Sierra Bancorp		143,705		2,526,334
Silvergate Capital Corp., Class A^(a)		29,779		284,092
Simmons First National Corp., Class A^(b)		955,033		17,572,607
SmartFinancial Inc.^(b)		127,459		1,938,651


SCHEDULES OF INVESTMENTS			57

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
South Plains Financial Inc.^(b)		104,884	$	1,624,653
South State Corp.		336,333		19,752,837
Southern First Bancshares Inc.^(a)(b)		72,098		2,045,420
Southern National Bancorp. of Virginia Inc.		199,742		1,965,461
Southside Bancshares Inc.		321,377		9,766,647
Spirit of Texas Bancshares Inc.^(a)		138,082		1,427,768
Stock Yards Bancorp. Inc.		164,206		4,750,480
Summit Financial Group Inc.		112,010		2,375,732
Tompkins Financial Corp.		144,436		10,370,505
TowneBank/Portsmouth VA		668,963		12,101,541
TriCo Bancshares^(b)		269,117		8,025,069
TriState Capital Holdings Inc.^(a)(b)		202,709		1,960,196
Triumph Bancorp. Inc.^(a)		119,072		3,095,872
Trustmark Corp.		644,988		15,028,220
UMB Financial Corp.^(b)		445,414		20,658,301
Union Bankshares Inc./Morrisville VT		30,188		679,230
United Bankshares Inc./WV		980,635		22,633,056
United Community Banks Inc./GA		654,904		11,991,292
United Security Bancshares/Fresno CA		141,722		907,021
Unity Bancorp. Inc.		75,878		887,773
Univest Financial Corp.		290,666		4,743,669
Valley National Bancorp		3,892,880		28,456,953
Veritex Holdings Inc.		349,841		4,887,279
Washington Trust Bancorp. Inc.		152,051		5,558,985
WesBanco Inc.		649,641		15,396,492
West Bancorp. Inc.		128,602		2,102,643
Westamerica Bancorp		201,483		11,843,171

				1,207,139,313

Beverages — 0.0%
Craft Brew Alliance Inc.^(a)(b)		110,755		1,650,250


Biotechnology — 2.3%
89bio Inc.^(a)		6,179		156,020
Abeona Therapeutics Inc.^(a)		549,253		1,153,431
Acceleron Pharma Inc.^(a)		78,252		7,032,507
Acorda Therapeutics Inc.^(a)(b)		444,687		414,715
Adamas Pharmaceuticals Inc.^(a)(b)		246,864		713,437
ADMA Biologics Inc.^(a)(b)		66,864		192,568
Aduro Biotech Inc.^(a)		65,587		179,708
Aeglea BioTherapeutics Inc.^(a)(b)		234,808		1,094,205
Affimed NV^(a)(b)		141,106		222,948
Akebia Therapeutics Inc.^(a)		1,186,416		8,993,033
Akero Therapeutics Inc.^(a)(b)		17,683		374,880
Aldeyra Therapeutics Inc.^(a)(b)		63,045		155,721
AMAG Pharmaceuticals Inc.^(a)(b)		338,436		2,091,535
AnaptysBio Inc.^(a)(b)		38,429		543,002
Anika Therapeutics Inc.^(a)(b)		135,843		3,927,221
Applied Therapeutics Inc.^(a)(b)		17,199		562,235
Aprea Therapeutics Inc.^(a)(b)		13,532		470,372
Arcus Biosciences Inc.^(a)		329,028		4,566,909
Arcutis Biotherapeutics Inc.^(a)(b)		22,075		657,835
Ardelyx Inc.^(a)(b)		627,825		3,569,185
Arena Pharmaceuticals Inc.^(a)(b)		101,810		4,276,020
Assembly Biosciences Inc.^(a)(b)		256,855		3,809,160
Atreca Inc., Class A^(a)(b)		36,568		605,200
Avid Bioservices Inc.^(a)(b)		40,149		205,161
Axcella Health Inc.^(a)(b)		22,750		77,805
Beam Therapeutics Inc.^(a)(b)		26,046		468,828
Beyondspring Inc.^(a)(b)		9,701		124,270
BioCryst Pharmaceuticals Inc.^(a)(b)		255,692		511,384


Security	Shares		Value

Biotechnology (continued)
Black Diamond Therapeutics Inc.^(a)(b)		25,594	$	638,570
Bridgebio Pharma Inc.^(a)(b)		158,923		4,608,767
Cabaletta Bio Inc.^(a)(b)		13,725		100,193
Calithera Biosciences Inc.^(a)(b)		484,576		2,151,517
CareDx Inc.^(a)(b)		24,639		537,869
CASI Pharmaceuticals Inc.^(a)(b)		58,346		119,026
Castle Biosciences Inc.^(a)(b)		20,128		600,016
Cellular Biomedicine Group Inc.^(a)(b)		34,824		550,916
CEL-SCI Corp.^(a)(b)		34,570		398,938
Centogene NV^(a)		3,705		74,100
Chimerix Inc.^(a)		515,692		742,597
Coherus Biosciences Inc.^(a)(b)		369,305		5,990,127
Concert Pharmaceuticals Inc.^(a)(b)		269,215		2,379,861
Constellation Pharmaceuticals Inc.^(a)(b)		20,408		641,423
Cortexyme Inc.^(a)(b)		5,698		259,886
Cyclerion Therapeutics Inc.^(a)(b)		11,557		30,626
Cytokinetics Inc.^(a)(b)		53,902		635,505
Dynavax Technologies Corp.^(a)(b)		98,253		346,833
Enochian Biosciences Inc.^(a)(b)		86,545		259,635
Epizyme Inc.^(a)(b)		211,116		3,274,409
Evelo Biosciences Inc.^(a)(b)		124,880		468,924
FibroGen Inc.^(a)(b)		80,207		2,787,193
Five Prime Therapeutics Inc.^(a)(b)		356,370		808,960
Frequency Therapeutics Inc.^(a)(b)		12,108		215,643
G1 Therapeutics Inc.^(a)(b)		139,877		1,541,445
Galera Therapeutics Inc.^(a)		6,842		64,999
Geron Corp.^(a)(b)		1,909,741		2,272,592
Gossamer Bio Inc.^(a)(b)		203,673		2,067,281
Gritstone Oncology Inc.^(a)(b)		192,515		1,120,437
Harpoon Therapeutics Inc.^(a)(b)		45,315		524,748
Hookipa Pharma Inc.^(a)		4,872		40,194
IGM Biosciences Inc.^(a)(b)		10,365		581,995
ImmunoGen Inc.^(a)(b)		762,786		2,601,100
Immunomedics Inc.^(a)(b)		179,895		2,424,985
Intellia Therapeutics Inc.^(a)(b)		111,202		1,360,000
Jounce Therapeutics Inc.^(a)(b)		171,595		815,076
Karuna Therapeutics Inc.^(a)(b)		22,271		1,603,512
Kezar Life Sciences Inc.^(a)		294,917		1,285,838
Kiniksa Pharmaceuticals Ltd., Class A^(a)(b)		8,194		126,843
Ligand Pharmaceuticals Inc.^(a)(b)		144,397		10,500,550
Lineage Cell Therapeutics Inc.^(a)(b)		1,140,533		944,475
MacroGenics Inc.^(a)(b)		256,238		1,491,305
Mersana Therapeutics Inc.^(a)(b)		368,400		2,147,772
Minerva Neurosciences Inc.^(a)(b)		51,397		309,410
Mirum Pharmaceuticals Inc.^(a)(b)		11,004		154,056
Molecular Templates Inc.^(a)(b)		74,107		984,882
Morphic Holding Inc.^(a)(b)		22,722		333,559
Myriad Genetics Inc.^(a)(b)		630,363		9,020,495
Neon Therapeutics Inc.^(a)(b)		167,495		442,187
NextCure Inc.^(a)(b)		7,035		260,787
Novavax Inc.^(a)(b)		205,382		2,789,088
OPKO Health Inc.^(a)(b)		3,894,694		5,218,890
Oyster Point Pharma Inc.^(a)(b)		11,790		412,650
PDL BioPharma Inc.^(a)(b)		1,148,195		3,237,910
PolarityTE Inc.^(a)		230,403		248,835
PRECIGEN Inc.^(a)(b)		543,957		1,849,454
Prevail Therapeutics Inc.^(a)		29,656		361,507
Principia Biopharma Inc.^(a)(b)		11,703		694,924
Protagonist Therapeutics Inc.^(a)(b)		72,763		513,707
Prothena Corp. PLC^(a)(b)		407,914		4,364,680


58		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Rapt Therapeutics Inc.^(a)(b)		4,237	$	90,121
REVOLUTION Medicines Inc.^(a)(b)		29,980		656,862
Rigel Pharmaceuticals Inc.^(a)(b)		177,550		276,978
Sangamo Therapeutics Inc.^(a)(b)		339,131		2,160,264
Solid Biosciences Inc.^(a)(b)		163,551		390,887
Spectrum Pharmaceuticals Inc.^(a)		96,289		224,353
Spero Therapeutics Inc.^(a)(b)		121,830		984,386
SpringWorks Therapeutics Inc.^(a)(b)		21,954		592,758
Stoke Therapeutics Inc.^(a)(b)		36,054		825,637
Sutro Biopharma Inc.^(a)(b)		92,906		947,641
Synlogic Inc.^(a)(b)		154,024		264,921
TCR2 Therapeutics Inc.^(a)(b)		106,601		825,092
TG Therapeutics Inc.^(a)(b)		90,745		892,931
Turning Point Therapeutics Inc.^(a)(b)		13,812		616,844
UNITY Biotechnology Inc.^(a)		91,586		531,199
VBI Vaccines Inc.^(a)(b)		206,458		196,135
Viela Bio Inc.^(a)(b)		11,463		435,594
Viking Therapeutics Inc.^(a)(b)		588,468		2,754,030
Vir Biotechnology Inc.^(a)(b)		15,101		517,511

				154,667,141

Building Products — 0.6%
Apogee Enterprises Inc.		39,952		831,801
Armstrong Flooring Inc.^(a)(b)		175,194		250,527
Builders FirstSource Inc.^(a)(b)		77,511		947,960
Caesarstone Ltd.		227,045		2,399,866
Cornerstone Building Brands Inc.^(a)(b)		465,318		2,121,850
Gibraltar Industries Inc.^(a)		323,766		13,896,037
Griffon Corp.		369,136		4,669,570
Insteel Industries Inc.^(b)		185,677		2,460,220
JELD-WEN Holding Inc.^(a)(b)		74,503		724,914
Masonite International Corp.^(a)(b)		13,121		622,591
Patrick Industries Inc.		77,399		2,179,556
PGT Innovations Inc.^(a)(b)		294,938		2,474,530
Quanex Building Products Corp.^(b)		334,170		3,368,434
Universal Forest Products Inc.		67,647		2,515,792

				39,463,648

Capital Markets — 1.3%
Artisan Partners Asset Management Inc., Class A		234,469		5,038,739
Assetmark Financial Holdings Inc.^(a)(b)		73,157		1,491,671
Associated Capital Group Inc., Class A		20,086		614,632
B. Riley Financial Inc.		208,767		3,845,488
Blucora Inc.^(a)		135,328		1,630,702
BrightSphere Investment Group PLC^(a)		665,576		4,253,031
Calamos Asset Management Inc.^(a)(c)		155,324		2
Cowen Inc., Class A^(b)		153,822		1,485,920
Diamond Hill Investment Group Inc.		3,938		355,365
Donnelley Financial Solutions Inc.^(a)(b)		317,599		1,673,747
GAIN Capital Holdings Inc.		198,557		1,107,948
GAMCO Investors Inc., Class A		4,694		51,587
INTL. FCStone Inc.^(a)		160,806		5,830,826
Moelis & Co., Class A		88,261		2,480,134
Oppenheimer Holdings Inc., Class A, NVS		96,093		1,898,798
Piper Sandler Cos		133,240		6,737,947
PJT Partners Inc., Class A^(b)		93,681		4,064,819
Sculptor Capital Management Inc.		83,876		1,135,681
Stifel Financial Corp.		667,386		27,549,694
Value Line Inc.		1,540		49,819
Virtus Investment Partners Inc.		56,920		4,332,181
Waddell & Reed Financial Inc., Class A		683,488		7,778,093


Security	Shares		Value

Capital Markets (continued)
Westwood Holdings Group Inc.		81,190	$	1,486,589
WisdomTree Investments Inc.		854,216		1,990,323

				86,883,736

Chemicals — 1.5%
Advanced Emissions Solutions Inc.		21,484		141,150
AdvanSix Inc.^(a)		280,887		2,679,662
American Vanguard Corp.		293,143		4,238,848
Amyris Inc.^(a)(b)		545,932		1,397,586
Ferro Corp.^(a)(b)		155,913		1,459,346
Flotek Industries Inc.^(a)(b)		587,412		522,797
FutureFuel Corp.		262,005		2,952,796
Hawkins Inc.		98,914		3,521,338
HB Fuller Co.		131,003		3,658,914
Innospec Inc.		33,490		2,327,220
Intrepid Potash Inc.^(a)(b)		974,797		779,838
Koppers Holdings Inc.^(a)		54,194		670,380
Kraton Corp.^(a)		224,879		1,821,520
Kronos Worldwide Inc.		233,985		1,974,833
Livent Corp.^(a)(b)		1,473,197		7,734,284
LSB Industries Inc.^(a)		233,758		490,892
Marrone Bio Innovations Inc.^(a)(b)		70,785		57,824
Minerals Technologies Inc.^(b)		345,924		12,543,204
Orion Engineered Carbons SA		197,273		1,471,657
PolyOne Corp.		51,420		975,437
PQ Group Holdings Inc.^(a)		384,123		4,186,941
Rayonier Advanced Materials Inc.		500,348		530,369
Sensient Technologies Corp.		200,853		8,739,114
Stepan Co.^(b)		182,802		16,170,665
Trecora Resources^(a)(b)		224,020		1,332,919
Tredegar Corp.		262,198		4,098,155
Trinseo SA		394,548		7,145,264
Tronox Holdings PLC, Class A^(a)		497,784		2,478,964
Valhi Inc.		298,929		307,897

				96,409,814

Commercial Services & Supplies — 1.7%
ABM Industries Inc.		667,558		16,261,713
ACCO Brands Corp.		975,413		4,925,836
Advanced Disposal Services Inc.^(a)(b)		43,116		1,414,205
Brady Corp., Class A, NVS		88,149		3,978,164
BrightView Holdings Inc.^(a)(b)		317,932		3,516,328
CECO Environmental Corp.^(a)(b)		295,430		1,379,658
Charah Solutions Inc.^(a)(b)		93,268		159,488
CompX International Inc.		17,850		271,320
Deluxe Corp.		398,427		10,331,212
Ennis Inc.		258,173		4,848,489
Heritage-Crystal Clean Inc.^(a)(b)		46,755		759,301
HNI Corp.		92,231		2,323,299
Interface Inc.		58,269		440,514
Kimball International Inc., Class B, NVS		48,376		576,158
Knoll Inc.		31,156		321,530
Matthews International Corp., Class A		305,783		7,396,891
McGrath RentCorp		78,346		4,103,763
Mobile Mini Inc.		295,945		7,762,637
NL Industries Inc.^(b)		90,356		269,261
PICO Holdings Inc.^(a)(b)		165,469		1,287,349
Pitney Bowes Inc.		856,606		1,747,476
Quad/Graphics Inc.		327,249		824,667
RR Donnelley & Sons Co.		721,286		691,353
SP Plus Corp.^(a)(b)		230,948		4,792,171


SCHEDULES OF INVESTMENTS			59

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
Steelcase Inc., Class A		674,715	$	6,659,437
Team Inc.^(a)(b)		305,546		1,986,049
UniFirst Corp./MA^(b)		152,112		22,982,602
VSE Corp.		82,571		1,353,339

				113,364,210

Communications Equipment — 1.7%
ADTRAN Inc.		484,719		3,722,642
Applied Optoelectronics Inc.^(a)(b)		195,258		1,482,008
CalAmp Corp.^(a)(b)		343,085		1,543,883
Calix Inc.^(a)(b)		230,446		1,631,558
Cambium Networks Corp.^(a)(b)		19,047		106,663
Casa Systems Inc.^(a)(b)		42,182		147,637
Comtech Telecommunications Corp.		240,680		3,198,637
DASAN Zhone Solutions Inc.^(a)(b)		3,728		15,620
Digi International Inc.^(a)		286,295		2,731,254
Harmonic Inc.^(a)(b)		897,816		5,171,420
Infinera Corp.^(a)(b)		1,793,015		9,502,979
Inseego Corp.^(a)(b)		456,339		2,842,992
KVH Industries Inc.^(a)(b)		159,778		1,506,707
Lumentum Holdings Inc.^(a)(b)		750,037		55,277,727
NETGEAR Inc.^(a)		300,461		6,862,529
NetScout Systems Inc.^(a)(b)		713,138		16,879,976
Ribbon Communications Inc.^(a)		596,753		1,808,162
TESSCO Technologies Inc.		70,439		344,447

				114,776,841

Construction & Engineering — 0.9%
Aegion Corp.^(a)		308,416		5,529,899
Ameresco Inc., Class A^(a)(b)		227,676		3,877,322
Arcosa Inc.^(b)		489,482		19,452,015
Argan Inc.		21,948		758,742
Concrete Pumping Holdings Inc.^(a)(b)		266,530		762,276
Construction Partners Inc., Class A^(a)(b)		117,375		1,982,464
Dycom Industries Inc.^(a)(b)		63,868		1,638,214
EMCOR Group Inc.^(b)		140,465		8,613,314
Granite Construction Inc.		402,109		6,104,015
Great Lakes Dredge & Dock Corp.^(a)		71,963		597,293
IES Holdings Inc.^(a)		46,778		825,632
Northwest Pipe Co.^(a)(b)		96,834		2,154,556
Primoris Services Corp.		144,735		2,301,286
Sterling Construction Co. Inc.^(a)(b)		206,041		1,957,390
Tutor Perini Corp.^(a)		405,515		2,725,061
WillScot Corp.^(a)(b)		171,925		1,741,600

				61,021,079

Construction Materials — 0.2%
Summit Materials Inc., Class A^(a)(b)		932,003		13,980,045
U.S. Lime & Minerals Inc.		18,763		1,385,648

				15,365,693

Consumer Finance — 0.6%
Elevate Credit Inc.^(a)		66,007		68,647
Encore Capital Group Inc.^(a)(b)		310,650		7,262,997
Enova International Inc.^(a)		115,006		1,666,437
EZCORP Inc., Class A, NVS^(a)(b)		512,687		2,137,905
Green Dot Corp., Class A^(a)(b)		82,057		2,083,427
LendingClub Corp.^(a)(b)		674,193		5,292,415
Medallion Financial Corp.^(a)(b)		216,975		403,574
Nelnet Inc., Class A^(b)		179,788		8,164,173
Oportun Financial Corp.^(a)(b)		39,808		419,974
PRA Group Inc.^(a)(b)		451,511		12,515,885
Regional Management Corp.^(a)(b)		42,620		582,189


Security	Shares		Value

Consumer Finance (continued)
World Acceptance Corp.^(a)(b)		22,734	$	1,241,504

				41,839,127

Containers & Packaging — 0.2%
Greif Inc., Class A, NVS		259,828		8,078,053
Greif Inc., Class B		61,254		2,453,835
UFP Technologies Inc.^(a)(b)		61,623		2,347,220

				12,879,108

Distributors — 0.0%
Greenlane Holdings Inc., Class A^(a)(b)		36,457		62,706
Weyco Group Inc.		63,538		1,281,562

				1,344,268

Diversified Consumer Services — 0.8%
Adtalem Global Education Inc.^(a)		529,568		14,187,127
American Public Education Inc.^(a)(b)		153,914		3,683,162
Carriage Services Inc.		164,806		2,661,617
Collectors Universe Inc.		8,471		132,740
Houghton Mifflin Harcourt Co.^(a)(b)		1,057,670		1,988,420
K12 Inc.^(a)		363,386		6,853,460
Laureate Education Inc., Class A^(a)(b)		1,131,235		11,889,280
OneSpaWorld Holdings Ltd.		458,077		1,859,793
Regis Corp.^(a)(b)		224,568		1,327,197
Select Interior Concepts Inc., Class A^(a)(b)		149,121		308,680
WW International Inc.^(a)(b)		470,117		7,949,678

				52,841,154

Diversified Financial Services — 0.7%
Alerus Financial Corp.		16,323		269,656
Banco Latinoamericano de Comercio Exterior SA, Class E		312,377		3,220,607
Cannae Holdings Inc.^(a)(b)		742,137		24,854,168
FGL Holdings		1,462,116		14,328,737
GWG Holdings Inc.^(a)(b)		13,877		140,990
Marlin Business Services Corp.		59,536		665,017
On Deck Capital Inc.^(a)(b)		581,086		894,873

				44,374,048

Diversified Telecommunication Services — 0.7%
ATN International Inc.		111,684		6,556,968
Bandwidth Inc., Class A^(a)(b)		26,498		1,783,050
Cincinnati Bell Inc.^(a)		459,825		6,731,838
Consolidated Communications Holdings Inc.		718,075		3,267,241
Frontier Communications Corp.^(a)(b)		1,024,681		389,379
IDT Corp., Class B^(a)		42,428		229,960
Intelsat SA^(a)(b)		705,013		1,078,670
Iridium Communications Inc.^(a)		994,968		22,217,635
ORBCOMM Inc.^(a)(b)		141,648		345,621
Vonage Holdings Corp.^(a)(b)		737,173		5,329,761

				47,930,123

Electric Utilities — 2.3%
ALLETE Inc.		520,457		31,581,331
El Paso Electric Co.		338,925		23,033,343
Genie Energy Ltd., Class B		84,873		609,388
MGE Energy Inc.		223,402		14,626,129
Otter Tail Corp.		221,604		9,852,514
PNM Resources Inc.		798,180		30,330,840
Portland General Electric Co.		900,243		43,157,649

				153,191,194

Electrical Equipment — 0.5%
American Superconductor Corp.^(a)(b)		163,786		897,547
AZZ Inc.		181,217		5,095,822


60		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electrical Equipment (continued)
Bloom Energy Corp., Class A^(a)(b)		560,091	$	2,929,276
Encore Wire Corp.		204,507		8,587,249
EnerSys		149,107		7,383,779
Powell Industries Inc.		90,413		2,320,902
Preformed Line Products Co.		30,726		1,531,076
Thermon Group Holdings Inc.^(a)(b)		237,158		3,573,971

				32,319,622

Electronic Equipment, Instruments & Components — 3.8%
Anixter International Inc.^(a)(b)		306,076		26,894,898
Arlo Technologies Inc.^(a)		754,636		1,833,765
Bel Fuse Inc., Class B, NVS		102,233		995,749
Belden Inc.^(b)		391,273		14,117,130
Benchmark Electronics Inc.		371,982		7,435,920
CTS Corp.		326,412		8,124,395
Daktronics Inc.		372,331		1,835,592
ePlus Inc.^(a)		16,657		1,043,061
Fabrinet^(a)(b)		30,547		1,666,644
FARO Technologies Inc.^(a)		10,219		454,746
Fitbit Inc., Class A^(a)(b)		1,833,628		12,211,963
II-VI Inc.^(a)(b)		323,686		9,225,051
Insight Enterprises Inc.^(a)(b)		221,966		9,351,428
KEMET Corp.		570,875		13,792,340
Kimball Electronics Inc.^(a)(b)		231,414		2,527,041
Knowles Corp.^(a)(b)		816,667		10,927,004
Methode Electronics Inc.		367,059		9,701,369
MTS Systems Corp.		129,157		2,906,033
PC Connection Inc.^(b)		113,037		4,658,255
Plexus Corp.^(a)		251,103		13,700,180
Sanmina Corp.^(a)		531,422		14,497,192
ScanSource Inc.^(a)		256,103		5,478,043
Tech Data Corp.^(a)		356,039		46,587,703
TTM Technologies Inc.^(a)(b)		994,857		10,286,821
Vishay Intertechnology Inc.		1,333,581		19,216,902
Vishay Precision Group Inc.^(a)(b)		28,799		578,284

				250,047,509

Energy Equipment & Services — 0.9%
Archrock Inc.		1,303,998		4,903,033
Covia Holdings Corp.^(a)(b)		408,253		233,276
Diamond Offshore Drilling Inc.^(a)(b)		652,223		1,193,568
Dril-Quip Inc.^(a)		363,248		11,079,064
Era Group Inc.^(a)(b)		200,307		1,067,636
Exterran Corp.^(a)		298,985		1,435,128
Forum Energy Technologies Inc.^(a)(b)		870,074		154,264
Frank’s International NV^(a)(b)		1,071,970		2,776,402
FTS International Inc.^(a)(b)		172,126		38,384
Geospace Technologies Corp.^(a)(b)		136,312		872,397
Helix Energy Solutions Group Inc.^(a)		1,437,969		2,358,269
Independence Contract Drilling Inc.^(a)(b)		23,536		32,950
KLX Energy Services Holdings Inc.^(a)(b)		223,145		156,202
Liberty Oilfield Services Inc., Class A		381,763		1,026,942
Mammoth Energy Services Inc.^(b)		127,502		95,474
Matrix Service Co.^(a)(b)		270,883		2,565,262
Nabors Industries Ltd.		3,544,015		1,382,520
National Energy Services Reunited Corp.^(a)(b)		248,615		1,262,964
Natural Gas Services Group Inc.^(a)(b)		131,614		586,998
NCS Multistage Holdings Inc.^(a)(b)		131,030		83,859
Newpark Resources Inc.^(a)		893,296		801,287
NexTier Oilfield Solutions Inc.^(a)(b)		1,605,740		1,878,716
Nine Energy Service Inc.^(a)(b)		155,975		126,075


Security	Shares		Value

Energy Equipment & Services (continued)
Noble Corp. PLC^(a)(b)		2,505,522	$	651,436
Oceaneering International Inc.^(a)(b)		1,005,055		2,954,862
Oil States International Inc.^(a)(b)		600,896		1,219,819
Pacific Drilling SA^(a)		293,046		126,010
ProPetro Holding Corp.^(a)(b)		354,232		885,580
RigNet Inc.^(a)(b)		15,649		28,168
RPC Inc.		589,956		1,215,309
SEACOR Holdings Inc.^(a)(b)		174,731		4,710,748
SEACOR Marine Holdings Inc.^(a)(b)		197,329		864,301
Seadrill Ltd.^(a)(b)		617,631		265,581
Select Energy Services Inc., Class A^(a)(b)		591,283		1,909,844
Smart Sand Inc.^(a)(b)		247,409		257,305
TETRA Technologies Inc.^(a)		1,241,211		397,188
Tidewater Inc.^(a)(b)		397,915		2,817,238
U.S. Silica Holdings Inc.^(b)		737,695		1,327,851
U.S. Well Services Inc.^(a)(b)		41,388		12,416

				55,754,326

Entertainment — 0.1%
AMC Entertainment Holdings Inc., Class A^(b)		515,363		1,628,547
Eros International PLC^(a)(b)		664,421		1,096,295
Gaia Inc.^(a)(b)		111,930		993,938
Marcus Corp. (The)		225,917		2,783,297
Reading International Inc., Class A, NVS^(a)(b)		166,629		648,187

				7,150,264

Equity Real Estate Investment Trusts (REITs) — 10.9%
Acadia Realty Trust		858,196		10,633,048
Agree Realty Corp.		416,460		25,778,874
Alexander & Baldwin Inc.		690,167		7,743,674
American Finance Trust Inc.		1,004,182		6,276,137
Armada Hoffler Properties Inc.		389,018		4,162,493
Ashford Hospitality Trust Inc.		920,290		680,278
Braemar Hotels & Resorts Inc.		304,985		518,474
BRT Apartments Corp.		100,764		1,032,831
CareTrust REIT Inc.		246,134		3,640,322
CatchMark Timber Trust Inc., Class A		497,826		3,594,304
CBL & Associates Properties Inc.^(b)		1,766,627		353,502
Cedar Realty Trust Inc.		875,933		817,333
Chatham Lodging Trust		461,768		2,742,902
CIM Commercial Trust Corp.		119,277		1,322,782
City Office REIT Inc.		539,068		3,897,462
Community Healthcare Trust Inc.		78,799		3,016,426
CoreCivic Inc.		1,195,339		13,351,937
CorEnergy Infrastructure Trust Inc.		130,996		2,407,706
CorePoint Lodging Inc.		405,029		1,587,714
DiamondRock Hospitality Co.		2,018,804		10,255,524
Diversified Healthcare Trust		2,378,132		8,632,619
Easterly Government Properties Inc.		576,865		14,213,954
Essential Properties Realty Trust Inc.		818,080		10,684,125
Farmland Partners Inc.		284,416		1,726,405
First Industrial Realty Trust Inc.		1,006,478		33,445,264
Franklin Street Properties Corp.^(b)		1,042,770		5,975,072
Front Yard Residential Corp.		499,992		5,974,904
Getty Realty Corp.		336,007		7,976,806
Gladstone Commercial Corp.		229,770		3,299,497
Gladstone Land Corp.^(b)		188,422		2,232,801
Global Medical REIT Inc.		387,894		3,925,487
Global Net Lease Inc.		903,527		12,080,156
Hannon Armstrong Sustainable Infrastructure Capital Inc.		590,274		12,047,492


SCHEDULES OF INVESTMENTS			61

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Healthcare Realty Trust Inc.		1,327,857	$	37,087,046
Hersha Hospitality Trust		343,303		1,229,025
Independence Realty Trust Inc.		916,330		8,191,990
Industrial Logistics Properties Trust		649,706		11,395,843
Investors Real Estate Trust		117,145		6,442,975
iStar Inc.^(b)		176,653		1,874,288
Jernigan Capital Inc.		223,303		2,447,401
Kite Realty Group Trust		833,459		7,892,857
Lexington Realty Trust		2,429,061		24,120,576
LTC Properties Inc.		201,734		6,233,581
Mack-Cali Realty Corp.		868,682		13,230,027
Monmouth Real Estate Investment Corp.		809,020		9,748,691
National Health Investors Inc.		242,208		11,994,140
New Senior Investment Group Inc.		468,560		1,199,514
Office Properties Income Trust		478,208		13,031,168
One Liberty Properties Inc.		158,734		2,211,165
Pebblebrook Hotel Trust		1,304,156		14,202,259
Pennsylvania REIT^(b)		374,583		341,470
Physicians Realty Trust		1,895,470		26,422,852
Piedmont Office Realty Trust Inc., Class A^(b)		1,258,414		22,223,591
PotlatchDeltic Corp.^(b)		664,848		20,869,579
Preferred Apartment Communities Inc., Class A		463,840		3,330,371
Retail Opportunity Investments Corp.		1,147,855		9,515,718
Retail Value Inc.		151,106		1,851,048
Rexford Industrial Realty Inc.		1,139,056		46,712,687
RLJ Lodging Trust		1,695,549		13,089,638
RPT Realty		789,833		4,762,693
Sabra Health Care REIT Inc.		2,026,592		22,130,385
Safehold Inc.^(b)		120,340		7,609,098
Saul Centers Inc.		11,297		369,864
Seritage Growth Properties, Class A^(b)		309,110		2,815,992
STAG Industrial Inc.		1,502,526		33,836,886
Summit Hotel Properties Inc.		1,042,719		4,400,274
Sunstone Hotel Investors Inc.		2,256,453		19,653,706
Terreno Realty Corp.		596,239		30,855,368
UMH Properties Inc.		58,326		633,420
Universal Health Realty Income Trust		12,663		1,276,557
Urban Edge Properties		1,156,300		10,187,003
Urstadt Biddle Properties Inc., Class A		298,871		4,214,081
Washington Prime Group Inc.^(b)		1,911,204		1,538,710
Washington REIT		827,197		19,745,192
Whitestone REIT		387,855		2,404,701
Xenia Hotels & Resorts Inc.		1,136,801		11,709,050

				721,060,785

Food & Staples Retailing — 1.0%
Andersons Inc. (The)		316,208		5,928,900
BJ’s Wholesale Club Holdings Inc.^(a)(b)		735,858		18,742,303
Ingles Markets Inc., Class A		142,277		5,144,736
Natural Grocers by Vitamin Cottage Inc.^(b)		97,699		831,419
PriceSmart Inc.^(b)		206,680		10,861,034
Rite Aid Corp.^(a)(b)		554,932		8,323,980
SpartanNash Co.		363,142		5,200,194
United Natural Foods Inc.^(a)(b)		536,118		4,921,563
Village Super Market Inc., Class A		85,297		2,096,600
Weis Markets Inc.		95,956		3,997,527

				66,048,256

Food Products — 1.7%
Alico Inc.		52,359		1,625,223
B&G Foods Inc.^(b)		574,443		10,391,674


Security	Shares		Value

Food Products (continued)
Cal-Maine Foods Inc.		316,034	$	13,899,175
Darling Ingredients Inc.^(a)		1,648,742		31,606,384
Farmer Bros. Co.^(a)(b)		111,044		772,866
Fresh Del Monte Produce Inc.^(b)		308,185		8,508,988
Hostess Brands Inc.^(a)(b)		1,199,336		12,784,922
Lancaster Colony Corp.^(b)		52,291		7,563,370
Landec Corp.^(a)(b)		265,174		2,304,362
Limoneira Co.		111,967		1,466,768
Sanderson Farms Inc.^(b)		31,966		3,942,047
Seneca Foods Corp., Class A^(a)		65,623		2,610,483
Simply Good Foods Co. (The)^(a)(b)		827,627		15,940,096
Tootsie Roll Industries Inc.^(b)		19,750		710,197

				114,126,555

Gas Utilities — 2.8%
New Jersey Resources Corp.		891,003		30,267,372
Northwest Natural Holding Co.		258,667		15,972,687
ONE Gas Inc.		523,876		43,806,511
RGC Resources Inc.		77,548		2,243,464
South Jersey Industries Inc.		801,648		20,041,200
Southwest Gas Holdings Inc.		484,108		33,674,552
Spire Inc.		498,498		37,128,131

				183,133,917

Health Care Equipment & Supplies — 0.8%
Alphatec Holdings Inc.^(a)(b)		42,434		146,397
AngioDynamics Inc.^(a)(b)		370,266		3,861,874
Apyx Medical Corp.^(a)(b)		298,113		1,070,226
Avanos Medical Inc.^(a)(b)		474,833		12,787,253
Cerus Corp.^(a)(b)		194,844		906,024
ElectroCore Inc.^(a)(b)		127,338		120,971
Integer Holdings Corp.^(a)(b)		88,152		5,541,235
Invacare Corp.		340,774		2,531,951
LeMaitre Vascular Inc.^(b)		25,603		638,027
LivaNova PLC^(a)(b)		103,718		4,693,239
Meridian Bioscience Inc.^(a)		387,072		3,251,405
OraSure Technologies Inc.^(a)(b)		617,796		6,647,485
Orthofix Medical Inc.^(a)		46,107		1,291,457
Rockwell Medical Inc.^(a)(b)		68,895		141,235
RTI Surgical Holdings Inc.^(a)(b)		599,078		1,024,423
SeaSpine Holdings Corp.^(a)(b)		218,233		1,782,964
Sientra Inc.^(a)(b)		60,808		121,008
TransEnterix Inc.^(a)(b)		215,585		75,843
TransMedics Group Inc.^(a)(b)		20,299		245,212
Utah Medical Products Inc.		5,698		535,897
Varex Imaging Corp.^(a)		216,099		4,907,608

				52,321,734

Health Care Providers & Services — 1.0%
1Life Healthcare Inc.^(a)(b)		107,067		1,943,266
American Renal Associates Holdings Inc.^(a)(b)		112,456		743,334
Avalon GloboCare Corp.^(a)(b)		41,675		64,596
Brookdale Senior Living Inc.^(a)		1,860,696		5,805,372
Community Health Systems Inc.^(a)		868,418		2,900,516
Cross Country Healthcare Inc.^(a)(b)		310,187		2,090,660
Enzo Biochem Inc.^(a)(b)		460,308		1,164,579
Exagen Inc.^(a)(b)		6,583		104,933
Hanger Inc.^(a)		308,205		4,801,834
Magellan Health Inc.^(a)(b)		97,264		4,679,371
National HealthCare Corp.		122,858		8,812,604
Option Care Health Inc.^(a)		275,132		2,605,500
Owens & Minor Inc.		619,323		5,666,806


62		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Patterson Companies Inc.		838,089	$	12,814,381
Progyny Inc.^(a)(b)		67,129		1,422,464
Surgery Partners Inc.^(a)(b)		221,310		1,445,154
Tenet Healthcare Corp.^(a)(b)		70,235		1,011,384
Tivity Health Inc.^(a)(b)		476,560		2,997,562
Triple-S Management Corp., Class B^(a)		233,439		3,291,490

				64,365,806

Health Care Technology — 0.4%
Allscripts Healthcare Solutions Inc.^(a)(b)		1,625,161		11,441,133
Computer Programs & Systems Inc.		129,039		2,871,118
Evolent Health Inc., Class A^(a)		588,498		3,195,544
Health Catalyst Inc.^(a)(b)		26,716		698,623
HealthStream Inc.^(a)(b)		165,094		3,954,001
Livongo Health Inc.^(a)(b)		72,426		2,066,314
Phreesia Inc.^(a)(b)		38,327		806,017
Schrodinger Inc.^(a)(b)		23,304		1,004,869

				26,037,619

Hotels, Restaurants & Leisure — 0.9%
BBX Capital Corp.		639,159		1,476,457
Biglari Holdings Inc., Class B, NVS^(a)(b)		1,697		87,226
Bluegreen Vacations Corp.		80,670		466,273
Boyd Gaming Corp.		74,948		1,080,750
Brinker International Inc.^(b)		91,873		1,103,395
Carrols Restaurant Group Inc.^(a)(b)		340,459		619,635
Century Casinos Inc.^(a)(b)		280,639		676,340
Chuy’s Holdings Inc.^(a)(b)		128,907		1,298,094
Del Taco Restaurants Inc.^(a)(b)		292,529		1,003,374
Denny’s Corp.^(a)(b)		148,052		1,137,039
Dine Brands Global Inc.		65,960		1,891,733
Drive Shack Inc.^(a)(b)		68,158		103,600
El Pollo Loco Holdings Inc.^(a)(b)		201,957		1,706,537
Fiesta Restaurant Group Inc.^(a)(b)		238,880		962,686
Golden Entertainment Inc.^(a)		91,159		602,561
Inspired Entertainment Inc.^(a)(b)		11,355		38,380
J Alexander’s Holdings Inc.^(a)		136,623		523,266
Jack in the Box Inc.		196,394		6,883,610
Kura Sushi USA Inc., Class A^(a)(b)		15,191		181,684
Marriott Vacations Worldwide Corp.		341,291		18,968,954
Monarch Casino & Resort Inc.^(a)(b)		23,034		646,564
Nathan’s Famous Inc.		18,605		1,134,905
Papa John’s International Inc.^(b)		24,003		1,281,040
Penn National Gaming Inc.^(a)(b)		978,010		12,371,827
Potbelly Corp.^(a)(b)		206,924		639,395
RCI Hospitality Holdings Inc.^(b)		86,398		861,388
Red Lion Hotels Corp.^(a)(b)		261,529		381,832
Red Robin Gourmet Burgers Inc.^(a)(b)		131,904		1,123,822
Wingstop Inc.^(b)		23,105		1,841,469

				61,093,836

Household Durables — 1.3%
Bassett Furniture Industries Inc.		97,487		531,304
Beazer Homes USA Inc.^(a)		295,022		1,899,942
Casper Sleep Inc.^(a)(b)		43,715		187,537
Century Communities Inc.^(a)(b)		164,728		2,390,203
Ethan Allen Interiors Inc.		235,260		2,404,357
Flexsteel Industries Inc.		78,568		861,105
GoPro Inc., Class A^(a)(b)		120,369		315,367
Green Brick Partners Inc.^(a)		234,661		1,889,021
Hooker Furniture Corp.		107,532		1,678,575
KB Home		695,351		12,585,853


Security	Shares		Value

Household Durables (continued)
La-Z-Boy Inc.		261,510	$	5,374,031
Legacy Housing Corp.^(a)(b)		39,549		365,828
Lifetime Brands Inc.		128,993		728,811
M/I Homes Inc.^(a)		273,690		4,524,096
MDC Holdings Inc.		506,500		11,750,800
Meritage Homes Corp.^(a)		363,087		13,256,306
Purple Innovation Inc.^(a)		68,672		390,057
Taylor Morrison Home Corp.^(a)		1,166,838		12,835,218
TRI Pointe Group Inc.^(a)(b)		1,390,194		12,192,001
Tupperware Brands Corp.^(b)		488,220		790,917
Universal Electronics Inc.^(a)		12,554		481,697
ZAGG Inc.^(a)(b)		282,357		878,130

				88,311,156

Household Products — 0.2%
Central Garden & Pet Co.^(a)		99,525		2,736,937
Central Garden & Pet Co., Class A, NVS^(a)(b)		406,156		10,385,409
Oil-Dri Corp. of America		53,900		1,802,416
				14,924,762

Independent Power and Renewable Electricity Producers — 0.7%
Atlantic Power Corp.^(a)(b)		421,215		901,400
Clearway Energy Inc., Class A		350,129		6,011,715
Clearway Energy Inc., Class C		793,823		14,923,873
Ormat Technologies Inc.^(b)		257,061		17,392,747
Sunnova Energy International Inc.^(a)(b)		227,554		2,291,469
TerraForm Power Inc., Class A		230,378		3,633,061

				45,154,265

Insurance — 3.6%
Ambac Financial Group Inc.^(a)		456,619		5,634,679
American Equity Investment Life Holding Co.^(b)		848,785		15,957,158
AMERISAFE Inc.^(b)		181,250		11,685,188
Argo Group International Holdings Ltd.		327,506		12,137,372
BRP Group Inc., Class A^(a)(b)		104,432		1,101,758
Citizens Inc./TX^(a)(b)		500,785		3,265,118
CNO Financial Group Inc.		1,489,866		18,459,440
Crawford & Co., Class A, NVS		22,403		161,302
Donegal Group Inc., Class A		103,071		1,566,679
Employers Holdings Inc.		286,985		11,625,762
Enstar Group Ltd.^(a)(b)		95,446		15,180,686
FBL Financial Group Inc., Class A		98,399		4,592,281
FedNat Holding Co.		58,825		675,311
Genworth Financial Inc., Class A^(a)		5,087,927		16,891,918
Global Indemnity Ltd.		68,419		1,744,685
Greenlight Capital Re Ltd., Class A^(a)(b)		296,179		1,762,265
Hallmark Financial Services Inc.^(a)(b)		130,226		526,113
HCI Group Inc.		62,885		2,531,121
Heritage Insurance Holdings Inc.^(b)		239,761		2,567,840
Horace Mann Educators Corp.		379,370		13,881,148
Independence Holding Co.		50,479		1,290,243
Investors Title Co.		11,687		1,495,936
James River Group Holdings Ltd.		154,554		5,601,037
MBIA Inc.^(a)		690,701		4,931,605
National General Holdings Corp.		274,875		4,549,181
National Western Life Group Inc., Class A		22,814		3,924,008
NI Holdings Inc.^(a)(b)		98,649		1,337,680
ProAssurance Corp.		486,216		12,155,400
ProSight Global Inc.^(a)(b)		53,634		522,932
Protective Insurance Corp., Class B, NVS		92,157		1,267,159
Safety Insurance Group Inc.		147,932		12,489,899
Selective Insurance Group Inc.		320,899		15,948,680


SCHEDULES OF INVESTMENTS			63

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
State Auto Financial Corp.		162,467	$	4,514,958
Stewart Information Services Corp.		215,194		5,739,224
Third Point Reinsurance Ltd.^(a)		744,776		5,518,790
Tiptree Inc.		256,986		1,341,467
United Fire Group Inc.		193,607		6,313,524
United Insurance Holdings Corp.		210,152		1,941,805
Universal Insurance Holdings Inc.		197,239		3,534,523
Watford Holdings Ltd.^(a)(b)		179,257		2,626,115

				238,991,990

Interactive Media & Services — 0.1%
Cars.com Inc.^(a)(b)		582,930		2,506,599
DHI Group Inc.^(a)(b)		501,985		1,084,288
Meet Group Inc. (The)^(a)(b)		252,819		1,484,047
TrueCar Inc.^(a)(b)		170,030		411,473

				5,486,407

Internet & Direct Marketing Retail — 0.6%
Lands’ End Inc.^(a)(b)		110,970		592,580
Leaf Group Ltd.^(a)(b)		43,643		58,482
Liquidity Services Inc.^(a)(b)		266,794		1,035,161
PetMed Express Inc.		140,291		4,037,575
Quotient Technology Inc.^(a)(b)		679,872		4,419,168
RealReal Inc. (The)^(a)(b)		384,816		2,697,560
Rubicon Project Inc. (The)^(a)(b)		164,631		913,702
Stamps.com Inc.^(a)(b)		165,981		21,590,808
Stitch Fix Inc., Class A^(a)(b)		46,137		585,940
Waitr Holdings Inc.^(a)(b)		467,192		574,646

				36,505,622

IT Services — 1.8%
Cardtronics PLC, Class A^(a)(b)		73,846		1,544,858
Conduent Inc.^(a)		1,744,428		4,273,849
Exela Technologies Inc.^(a)(b)		113,754		23,320
Hackett Group Inc. (The)		24,016		305,484
Information Services Group Inc.^(a)(b)		363,406		933,953
KBR Inc.^(b)		1,421,926		29,405,430
Limelight Networks Inc.^(a)(b)		703,655		4,010,833
LiveRamp Holdings Inc.^(a)(b)		673,456		22,170,171
ManTech International Corp./VA, Class A		269,198		19,562,619
Perspecta Inc.^(b)		1,305,487		23,812,083
StarTek Inc.^(a)		172,430		648,337
Sykes Enterprises Inc.^(a)(b)		384,129		10,417,578
Unisys Corp.^(a)(b)		147,255		1,818,599

				118,927,114

Leisure Products — 0.5%
Acushnet Holdings Corp.^(b)		353,408		9,089,654
American Outdoor Brands Corp.^(a)(b)		548,270		4,550,641
Callaway Golf Co.^(b)		939,164		9,598,256
Clarus Corp.		78,865		772,877
Escalade Inc.		105,008		624,798
Johnson Outdoors Inc., Class A		20,322		1,274,189
Sturm Ruger & Co. Inc.		14,961		761,665
Vista Outdoor Inc.^(a)		582,418		5,125,278

				31,797,358

Life Sciences Tools & Services — 0.6%
Luminex Corp.^(b)		421,824		11,612,815
NanoString Technologies Inc.^(a)(b)		32,532		782,395
Pacific Biosciences of California Inc.^(a)(b)		126,981		388,562
Personalis Inc.^(a)(b)		39,662		320,072


Security	Shares		Value

Life Sciences Tools & Services (continued)
Syneos Health Inc.^(a)(b)		579,801	$	22,855,755

				35,959,599

Machinery — 3.2%
Alamo Group Inc.		13,779		1,223,300
Altra Industrial Motion Corp.		645,589		11,291,352
Astec Industries Inc.^(b)		224,837		7,862,550
Barnes Group Inc.		415,646		17,386,472
Blue Bird Corp.^(a)		78,431		857,251
Briggs & Stratton Corp.		418,788		758,006
CIRCOR International Inc.^(a)		197,143		2,292,773
Columbus McKinnon Corp./NY^(b)		90,905		2,272,625
Commercial Vehicle Group Inc.^(a)(b)		312,111		471,288
Eastern Co. (The)		56,566		1,103,037
Enerpac Tool Group Corp.		284,210		4,703,675
EnPro Industries Inc.^(b)		188,889		7,476,227
ESCO Technologies Inc.		15,131		1,148,594
Federal Signal Corp.		34,857		950,899
Franklin Electric Co. Inc.		24,610		1,159,869
Gencor Industries Inc.^(a)(b)		82,555		866,828
Gorman-Rupp Co. (The)^(b)		140,896		4,397,364
Graham Corp.		93,836		1,210,484
Greenbrier Companies Inc. (The)		323,291		5,735,182
Hillenbrand Inc.		322,027		6,153,936
Hurco Companies Inc.		65,272		1,899,415
Hyster-Yale Materials Handling Inc.		102,643		4,114,958
Kennametal Inc.		823,058		15,325,340
LB Foster Co., Class A^(a)		97,353		1,203,283
Lindsay Corp.		71,016		6,503,645
Luxfer Holdings PLC		21,919		309,935
Lydall Inc.^(a)(b)		171,114		1,105,396
Manitowoc Co. Inc. (The)^(a)(b)		356,754		3,032,409
Meritor Inc.^(a)(b)		119,238		1,579,904
Miller Industries Inc./TN		105,720		2,989,762
Mueller Industries Inc.		252,568		6,046,478
Mueller Water Products Inc., Class A		640,249		5,128,394
Navistar International Corp.^(a)(b)		498,028		8,212,482
NN Inc.		423,383		732,453
Park-Ohio Holdings Corp.		86,984		1,647,477
REV Group Inc.		230,064		959,367
Rexnord Corp.^(b)		957,055		21,696,437
Spartan Motors Inc.^(b)		89,914		1,160,790
SPX Corp.^(a)		81,905		2,673,379
SPX FLOW Inc.^(a)(b)		420,631		11,954,333
Standex International Corp.		124,211		6,088,823
Terex Corp.		159,608		2,291,971
Titan International Inc.		520,186		806,288
TriMas Corp.^(a)(b)		450,340		10,402,854
Twin Disc Inc.^(a)		109,404		763,640
Wabash National Corp.		529,942		3,826,181
Watts Water Technologies Inc., Class A		120,334		10,186,273

				211,963,379

Marine — 0.3%
Costamare Inc.		515,228		2,328,831
Eagle Bulk Shipping Inc.^(a)(b)		456,748		844,984
Genco Shipping & Trading Ltd.^(b)		158,963		1,020,542
Matson Inc.		426,329		13,054,194
Safe Bulkers Inc.^(a)(b)		557,553		663,488
Scorpio Bulkers Inc.		442,721		1,120,084

				19,032,123


64		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media — 1.2%
Boston Omaha Corp., Class A^(a)(b)		32,819	$	594,352
Clear Channel Outdoor Holdings Inc.^(a)(b)		386,519		247,372
comScore Inc.^(a)(b)		501,715		1,414,836
Cumulus Media Inc., Class A^(a)		146,456		793,791
Daily Journal Corp.^(a)(b)		11,482		2,621,341
Emerald Holding Inc.		252,508		653,996
Entercom Communications Corp., Class A		1,209,960		2,069,032
Entravision Communications Corp., Class A		491,413		997,568
EW Scripps Co. (The), Class A, NVS^(b)		551,173		4,155,844
Fluent Inc.^(a)(b)		31,827		37,238
Gannett Co. Inc.		1,186,102		1,755,431
Gray Television Inc.^(a)(b)		544,652		5,849,562
Hemisphere Media Group Inc.^(a)		13,826		118,074
Lee Enterprises Inc.^(a)(b)		583,531		573,611
Liberty Latin America Ltd., Class A^(a)(b)		465,303		4,894,988
Liberty Latin America Ltd., Class C, NVS^(a)(b)		1,141,945		11,716,356
Marchex Inc., Class B^(a)(b)		368,043		533,662
MSG Networks Inc., Class A^(a)(b)		433,948		4,426,270
National CineMedia Inc.		558,908		1,822,040
Saga Communications Inc., Class A		39,490		1,086,370
Scholastic Corp., NVS		296,469		7,556,995
TEGNA Inc.^(b)		2,183,118		23,708,661
Tribune Publishing Co.		179,888		1,458,892
WideOpenWest Inc.^(a)(b)		256,417		1,220,545

				80,306,827

Metals & Mining — 1.7%
Allegheny Technologies Inc.^(a)(b)		1,263,444		10,739,274
Carpenter Technology Corp.		473,134		9,226,113
Century Aluminum Co.^(a)(b)		507,594		1,837,490
Cleveland-Cliffs Inc.^(b)		3,009,594		11,887,896
Coeur Mining Inc.^(a)(b)		2,393,947		7,684,570
Commercial Metals Co.		1,186,384		18,733,003
Contura Energy Inc.^(a)(b)		179,350		421,473
Ferroglobe PLC^(a)(c)		532,035		5
Gold Resource Corp.^(b)		615,854		1,693,599
Haynes International Inc.		124,783		2,571,778
Hecla Mining Co.^(b)		5,201,567		9,466,852
Kaiser Aluminum Corp.		76,708		5,314,330
Materion Corp.		121,835		4,265,443
NovaGold Resources Inc.^(a)(b)		698,187		5,152,620
Olympic Steel Inc.^(b)		96,419		997,937
Ramaco Resources Inc.^(a)		80,298		191,912
Ryerson Holding Corp.^(a)(b)		12,214		64,979
Schnitzer Steel Industries Inc., Class A		260,591		3,398,107
SunCoke Energy Inc.		712,533		2,743,252
Synalloy Corp.^(a)		88,300		770,859
TimkenSteel Corp.^(a)(b)		411,225		1,328,257
Warrior Met Coal Inc.^(b)		484,310		5,143,372
Worthington Industries Inc.		302,709		7,946,111

				111,579,232

Mortgage Real Estate Investment — 1.6%
AG Mortgage Investment Trust Inc.		333,254		913,116
Anworth Mortgage Asset Corp.		990,585		1,119,361
Apollo Commercial Real Estate Finance Inc.		1,548,736		11,491,621
Ares Commercial Real Estate Corp.		313,894		2,194,119
Arlington Asset Investment Corp., Class A		360,114		788,650
ARMOUR Residential REIT Inc.		595,210		5,243,800
Blackstone Mortgage Trust Inc., Class A		1,288,460		23,991,125
Capstead Mortgage Corp.		941,801		3,955,564


Security	Shares		Value

Mortgage Real Estate Investment (continued)
Cherry Hill Mortgage Investment Corp.		156,631	$	971,112
Colony Credit Real Estate Inc.		815,206		3,211,912
Dynex Capital Inc.		228,367		2,384,152
Ellington Financial Inc.		400,666		2,287,803
Exantas Capital Corp.		307,839		849,636
Granite Point Mortgage Trust Inc.		549,781		2,787,390
Great Ajax Corp.		178,535		1,135,483
Invesco Mortgage Capital Inc.		1,664,201		5,674,925
KKR Real Estate Finance Trust Inc.		256,831		3,855,033
Ladder Capital Corp.		1,039,380		4,926,661
New York Mortgage Trust Inc.		3,803,551		5,895,504
Orchid Island Capital Inc.		647,713		1,910,753
PennyMac Mortgage Investment Trust^(d)		991,636		10,531,174
Ready Capital Corp.		367,388		2,652,541
Redwood Trust Inc.		1,129,063		5,713,059
TPG RE Finance Trust Inc.		504,297		2,768,591
Western Asset Mortgage Capital Corp.		526,648		1,206,024

				108,459,109

Multi-Utilities — 1.6%
Avista Corp.		668,629		28,410,046
Black Hills Corp.		612,316		39,206,593
NorthWestern Corp.		508,561		30,427,205
Unitil Corp.		146,769		7,678,954

				105,722,798

Multiline Retail — 0.2%
Big Lots Inc.		393,037		5,588,986
Dillard’s Inc., Class A^(b)		98,994		3,657,829
JC Penney Co. Inc.^(a)(b)		3,208,595		1,155,094

				10,401,909

Oil, Gas & Consumable Fuels — 2.6%
Abraxas Petroleum Corp.^(a)(b)		1,571,973		190,209
Amplify Energy Corp.		127,867		72,360
Arch Coal Inc., Class A		151,436		4,376,500
Ardmore Shipping Corp.		278,120		1,460,130
Berry Corp.		628,521		1,514,736
Bonanza Creek Energy Inc.^(a)(b)		189,740		2,134,575
Brigham Minerals Inc., Class A		82,258		680,274
California Resources Corp.^(a)(b)		483,227		483,227
Callon Petroleum Co.^(a)		3,847,909		2,108,269
Chaparral Energy Inc., Class A^(a)		304,904		143,305
Clean Energy Fuels Corp.^(a)(b)		1,371,644		2,441,526
CNX Resources Corp.^(a)(b)		1,871,507		9,956,417
Comstock Resources Inc.^(a)(b)		164,120		884,607
CONSOL Energy Inc.^(a)(b)		272,176		1,004,329
CVR Energy Inc.		175,195		2,895,973
Delek U.S. Holdings Inc.		743,277		11,714,046
Denbury Resources Inc.^(a)(b)		4,865,485		898,169
DHT Holdings Inc.		1,112,430		8,532,338
Diamond S Shipping Inc.^(a)		271,534		3,206,817
Dorian LPG Ltd.^(a)(b)		217,506		1,894,477
Earthstone Energy Inc., Class A^(a)(b)		207,769		365,673
Energy Fuels Inc./Canada^(a)(b)		975,521		1,151,115
Evolution Petroleum Corp.		36,320		94,795
Extraction Oil & Gas Inc.^(a)(b)		838,552		353,869
Falcon Minerals Corp.		331,502		712,729
GasLog Ltd.		141,500		512,230
Golar LNG Ltd.^(b)		875,588		6,899,633
Goodrich Petroleum Corp.^(a)(b)		34,738		147,984
Green Plains Inc.		348,485		1,690,152


SCHEDULES OF INVESTMENTS			65

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Gulfport Energy Corp.^(a)(b)		1,598,092	$	710,671
Hallador Energy Co.		202,444		192,099
HighPoint Resources Corp.^(a)(b)		1,162,529		220,881
International Seaways Inc.^(b)		254,582		6,081,964
Laredo Petroleum Inc.^(a)(b)		1,803,011		684,784
Magnolia Oil & Gas Corp., Class A^(a)(b)		1,016,455		4,065,820
Matador Resources Co.^(a)(b)		1,002,769		2,486,867
Montage Resources Corp.^(a)(b)		223,776		503,496
NACCO Industries Inc., Class A		38,832		1,086,519
Nordic American Tankers Ltd.		1,407,128		6,374,290
Northern Oil and Gas Inc.^(a)(b)		2,986,969		1,980,659
Oasis Petroleum Inc.^(a)(b)		3,205,002		1,121,751
Overseas Shipholding Group Inc., Class A^(a)(b)		646,913		1,468,492
Panhandle Oil and Gas Inc., Class A		152,229		561,725
Par Pacific Holdings Inc.^(a)(b)		362,402		2,573,054
PDC Energy Inc.^(a)		1,006,406		6,249,781
Peabody Energy Corp.		648,014		1,879,241
Penn Virginia Corp.^(a)(b)		137,096		423,627
PetroCorp Inc. Escrow^(a)(c)		19,086		0	^(e)
PrimeEnergy Resources Corp.^(a)(b)		1,559		115,366
QEP Resources Inc.		2,397,243		801,878
Renewable Energy Group Inc.^(a)(b)		370,479		7,605,934
REX American Resources Corp.^(a)(b)		56,581		2,631,582
Ring Energy Inc.^(a)(b)		340,989		224,609
SandRidge Energy Inc.^(a)(b)		355,650		319,765
Scorpio Tankers Inc.		443,997		8,489,223
SFL Corp. Ltd.		818,842		7,754,434
SilverBow Resources Inc.^(a)(b)		65,651		162,158
SM Energy Co.		1,122,016		1,368,860
Southwestern Energy Co.^(a)(b)		5,459,658		9,226,822
Talos Energy Inc.^(a)(b)		201,990		1,161,442
Teekay Corp.^(a)		692,320		2,187,731
Teekay Tankers Ltd., Class A^(a)		239,116		5,317,940
Unit Corp.^(a)(b)		521,417		135,568
W&T Offshore Inc.^(a)(b)		947,338		1,610,475
Whiting Petroleum Corp.^(a)(b)		917,810		615,300
World Fuel Services Corp.		646,615		16,281,766

				173,197,038

Paper & Forest Products — 0.7%
Boise Cascade Co.		298,904		7,107,937
Clearwater Paper Corp.^(a)(b)		161,593		3,524,343
Louisiana-Pacific Corp.		975,669		16,761,993
Neenah Inc.		30,199		1,302,483
PH Glatfelter Co.		439,094		5,365,729
Schweitzer-Mauduit International Inc.		310,853		8,647,931
Verso Corp., Class A^(a)(b)		331,443		3,738,677

				46,449,093

Personal Products — 0.3%
BellRing Brands Inc., Class A^(a)(b)		165,650		2,824,332
Edgewell Personal Care Co.^(a)		542,044		13,052,420
elf Beauty Inc.^(a)(b)		224,518		2,209,257
Nature’s Sunshine Products Inc.^(a)		94,205		765,887
Revlon Inc., Class A^(a)(b)		12,639		138,144

				18,990,040

Pharmaceuticals — 1.0%
AcelRx Pharmaceuticals Inc.^(a)(b)		565,610		667,420
Aclaris Therapeutics Inc.^(a)(b)		302,371		314,466
Akorn Inc.^(a)(b)		832,384		467,134
Assertio Therapeutics Inc.^(a)		687,227		446,698


Security	Shares		Value

Pharmaceuticals (continued)
Cara Therapeutics Inc.^(a)(b)		56,019	$	740,011
cbdMD Inc.^(a)		318,042		295,779
Eloxx Pharmaceuticals Inc.^(a)(b)		26,022		51,003
Endo International PLC^(a)(b)		2,129,186		7,877,988
Evofem Biosciences Inc.^(a)(b)		17,175		91,371
EyePoint Pharmaceuticals Inc.^(a)(b)		211,577		215,808
Fulcrum Therapeutics Inc.^(a)(b)		26,824		320,279
Intra-Cellular Therapies Inc.^(a)(b)		267,602		4,113,043
Kala Pharmaceuticals Inc.^(a)(b)		122,866		1,079,992
Lannett Co. Inc.^(a)		331,076		2,300,978
Mallinckrodt PLC^(a)(b)		857,966		1,698,773
Menlo Therapeutics Inc.^(a)(b)		467,034		1,251,651
NGM Biopharmaceuticals Inc.^(a)		12,185		150,241
Osmotica Pharmaceuticals PLC^(a)(b)		95,770		304,549
Phathom Pharmaceuticals Inc.^(a)(b)		22,599		583,506
Phibro Animal Health Corp., Class A		12,330		298,016
Prestige Consumer Healthcare Inc.^(a)(b)		507,120		18,601,162
Reata Pharmaceuticals Inc., Class A^(a)(b)		131,632		18,999,763
resTORbio Inc.^(a)(b)		195,842		201,717
Revance Therapeutics Inc.^(a)(b)		85,818		1,270,106
Satsuma Pharmaceuticals Inc.^(a)(b)		9,307		200,287
Strongbridge Biopharma PLC^(a)(b)		386,350		730,201
TherapeuticsMD Inc.^(a)(b)		251,717		266,820
Verrica Pharmaceuticals Inc.^(a)(b)		79,597		869,995
WaVe Life Sciences Ltd.^(a)(b)		53,553		501,792
Xeris Pharmaceuticals Inc.^(a)(b)		47,573		92,767

				65,003,316

Professional Services — 1.3%
Acacia Research Corp.^(a)(b)		356,709		791,894
ASGN Inc.^(a)(b)		64,220		2,268,251
BG Staffing Inc.		56,382		421,737
CBIZ Inc.^(a)(b)		515,311		10,780,306
CRA International Inc.		56,491		1,887,364
FTI Consulting Inc.^(a)(b)		339,400		40,649,938
GP Strategies Corp.^(a)(b)		132,259		861,006
Heidrick & Struggles International Inc.		169,887		3,822,458
Huron Consulting Group Inc.^(a)		197,514		8,959,235
ICF International Inc.		69,380		4,766,406
InnerWorkings Inc.^(a)(b)		454,417		531,668
Kelly Services Inc., Class A, NVS		332,699		4,221,950
Mistras Group Inc.^(a)(b)		158,854		676,718
Resources Connection Inc.		216,461		2,374,577
TrueBlue Inc.^(a)(b)		389,508		4,970,122

				87,983,630

Real Estate Management & Development — 0.6%
Altisource Portfolio Solutions SA^(a)(b)		54,604		418,813
American Realty Investors Inc.^(a)		27,552		254,580
Consolidated-Tomoka Land Co.^(b)		49,044		2,223,165
Cushman & Wakefield PLC^(a)(b)		66,472		780,381
Forestar Group Inc.^(a)(b)		166,903		1,727,446
FRP Holdings Inc.^(a)(b)		69,534		2,989,962
Griffin Industrial Realty Inc.		9,614		314,378
Kennedy-Wilson Holdings Inc.		606,154		8,134,587
Marcus & Millichap Inc.^(a)		30,169		817,580
Maui Land & Pineapple Co. Inc.^(a)(b)		28,336		309,712
Newmark Group Inc., Class A		157,467		669,235
Rafael Holdings Inc., Class B^(a)(b)		109,477		1,402,400
RE/MAX Holdings Inc., Class A		181,106		3,969,843
Realogy Holdings Corp.		1,155,081		3,476,794


66		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate Management & Development (continued)
St. Joe Co. (The)^(a)(b)		337,151	$	5,657,394
Stratus Properties Inc.^(a)		60,983		1,078,789
Tejon Ranch Co.^(a)(b)		209,926		2,951,560
Transcontinental Realty Investors Inc.^(a)		10,355		212,381

				37,389,000

Road & Rail — 0.8%
ArcBest Corp.		256,517		4,494,178
Covenant Transportation Group Inc., Class A^(a)(b)		130,994		1,135,718
Daseke Inc.^(a)(b)		465,610		651,854
Heartland Express Inc.^(b)		438,250		8,138,303
Hertz Global Holdings Inc.^(a)(b)		1,021,063		6,310,169
Marten Transport Ltd.		394,510		8,095,345
PAM Transportation Services Inc.^(a)(b)		5,456		167,772
Roadrunner Transportation Systems Inc.^(a)(b)		35,045		89,365
Saia Inc.^(a)(b)		104,921		7,715,890
U.S. Xpress Enterprises Inc., Class A^(a)(b)		233,326		779,309
Werner Enterprises Inc.^(b)		455,365		16,511,535
YRC Worldwide Inc.^(a)(b)		357,811		601,122

				54,690,560

Semiconductors & Semiconductor Equipment — 3.0%
Adesto Technologies Corp.^(a)(b)		42,378		474,210
Alpha & Omega Semiconductor Ltd.^(a)(b)		205,180		1,315,204
Ambarella Inc.^(a)(b)		194,888		9,463,761
Amkor Technology Inc.^(a)(b)		987,966		7,696,255
Axcelis Technologies Inc.^(a)		325,802		5,965,435
AXT Inc.^(a)(b)		401,050		1,287,371
Brooks Automation Inc.^(b)		97,860		2,984,730
CEVA Inc.^(a)		18,247		454,898
Cirrus Logic Inc.^(a)		584,140		38,337,108
Cohu Inc.^(b)		406,305		5,030,056
Diodes Inc.^(a)(b)		316,732		12,870,405
DSP Group Inc.^(a)		146,299		1,960,407
FormFactor Inc.^(a)(b)		702,176		14,106,716
GSI Technology Inc.^(a)(b)		160,755		1,118,855
Ichor Holdings Ltd.^(a)		174,283		3,339,262
MACOM Technology Solutions Holdings Inc.^(a)(b)		462,031		8,746,247
NeoPhotonics Corp.^(a)(b)		399,513		2,896,469
NVE Corp.		3,676		191,262
Onto Innovation Inc.^(a)(b)		370,606		10,995,880
PDF Solutions Inc.^(a)(b)		261,516		3,064,968
Photronics Inc.^(a)		622,017		6,381,894
Rambus Inc.^(a)		1,107,781		12,296,369
Semtech Corp.^(a)		55,227		2,071,012
SiTime Corp.^(a)(b)		26,350		573,640
SMART Global Holdings Inc.^(a)(b)		138,081		3,355,368
SunPower Corp.^(a)(b)		745,660		3,780,496
Synaptics Inc.^(a)(b)		344,054		19,910,405
Ultra Clean Holdings Inc.^(a)		398,423		5,498,237
Veeco Instruments Inc.^(a)		486,707		4,657,786
Xperi Corp.		394,784		5,491,445

				196,316,151

Software — 0.8%
American Software Inc./GA, Class A		128,005		1,818,951
Avaya Holdings Corp.^(a)(b)		959,832		7,765,041
Cloudera Inc.^(a)(b)		2,326,373		18,308,556
Digimarc Corp.^(a)(b)		6,968		90,932
GTY Technology Holdings Inc.^(a)(b)		408,068		1,844,467
Ideanomics Inc.^(a)(b)		122,289		163,867
OneSpan Inc.^(a)(b)		93,183		1,691,272


Security	Shares		Value

Software (continued)
Pareteum Corp.^(a)(b)		753,296	$	310,358
Ping Identity Holding Corp.^(a)(b)		23,022		460,900
QAD Inc., Class A		56,619		2,260,797
Rosetta Stone Inc.^(a)(b)		179,516		2,516,814
SecureWorks Corp., Class A^(a)(b)		74,392		856,252
Sprout Social Inc., Class A^(a)		16,106		257,052
Synchronoss Technologies Inc.^(a)(b)		400,194		1,220,592
Telenav Inc.^(a)(b)		175,338		757,460
TiVo Corp.		1,250,151		8,851,069
Verint Systems Inc.^(a)(b)		37,031		1,592,333

				50,766,713

Specialty Retail — 2.0%
Aaron’s Inc.^(b)		78,021		1,777,318
Abercrombie & Fitch Co., Class A		630,590		5,732,063
American Eagle Outfitters Inc.		156,881		1,247,204
Ascena Retail Group Inc.^(a)(b)		76,867		106,845
At Home Group Inc.^(a)(b)		447,407		903,762
Barnes & Noble Education Inc.^(a)(b)		414,462		563,668
Bed Bath & Beyond Inc.		1,228,635		5,172,553
Buckle Inc. (The)		291,989		4,003,169
Caleres Inc.		396,838		2,063,558
Cato Corp. (The), Class A		226,615		2,417,982
Chico’s FAS Inc.		1,182,332		1,525,208
Citi Trends Inc.		108,639		966,887
Conn’s Inc.^(a)(b)		179,749		751,351
Container Store Group Inc. (The)^(a)(b)		175,752		414,775
Designer Brands Inc. , Class A		407,336		2,028,533
Express Inc.^(a)(b)		655,773		977,102
GameStop Corp., Class A^(b)		659,830		2,309,405
Genesco Inc.^(a)(b)		146,627		1,956,004
GNC Holdings Inc., Class A^(a)(b)		837,481		392,025
Group 1 Automotive Inc.^(b)		177,322		7,848,272
Guess? Inc.		462,751		3,132,824
Haverty Furniture Companies Inc.		181,322		2,155,919
Hibbett Sports Inc.^(a)(b)		166,491		1,820,579
Hudson Ltd., Class A^(a)(b)		373,412		1,874,528
J. Jill Inc.^(a)(b)		182,464		100,793
Lithia Motors Inc., Class A		87,126		7,126,036
Lumber Liquidators Holdings Inc.^(a)(b)		237,923		1,115,859
MarineMax Inc.^(a)(b)		206,070		2,147,249
Michaels Companies Inc. (The)^(a)(b)		797,266		1,291,571
Murphy USA Inc.^(a)(b)		242,305		20,440,850
Office Depot Inc.		5,465,529		8,963,468
OneWater Marine Inc., Class A^(a)(b)		33,998		260,085
Party City Holdco Inc.^(a)(b)		545,077		249,809
RH^(a)(b)		121,412		12,198,264
RTW RetailWinds Inc.^(a)(b)		297,822		62,572
Sally Beauty Holdings Inc.^(a)(b)		1,172,904		9,477,064
Shoe Carnival Inc.^(b)		91,209		1,894,411
Signet Jewelers Ltd.		525,954		3,392,403
Sleep Number Corp.^(a)(b)		23,633		452,808
Sonic Automotive Inc., Class A^(b)		246,034		3,267,332
Sportsman’s Warehouse Holdings Inc.^(a)		430,635		2,652,712
Tailored Brands Inc.^(b)		56,400		98,136
Tilly’s Inc., Class A		223,251		922,027
Winmark Corp.		15,263		1,944,811
Zumiez Inc.^(a)		202,448		3,506,399

				133,706,193


SCHEDULES OF INVESTMENTS			67

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 0.3%
3D Systems Corp.^(a)(b)		1,157,057	$	8,920,909
Diebold Nixdorf Inc.^(a)		377,803		1,329,867
Immersion Corp.^(a)(b)		319,564		1,712,863
Stratasys Ltd.^(a)(b)		517,217		8,249,611

				20,213,250

Textiles, Apparel & Luxury Goods — 0.5%
Culp Inc.		115,567		850,573
Delta Apparel Inc.^(a)(b)		64,075		667,021
Fossil Group Inc.^(a)(b)		467,278		1,537,345
G-III Apparel Group Ltd.^(a)(b)		447,602		3,446,535
Kontoor Brands Inc.^(a)		338,558		6,490,157
Movado Group Inc.		162,201		1,917,216
Oxford Industries Inc.		103,747		3,761,866
Rocky Brands Inc.		71,669		1,386,795
Superior Group of Companies Inc.		86,934		735,462
Unifi Inc.^(a)		145,849		1,684,556
Vera Bradley Inc.^(a)(b)		209,746		864,153
Vince Holding Corp.^(a)		30,287		117,514
Wolverine World Wide Inc.		413,930		6,291,736

				29,750,929

Thrifts & Mortgage Finance — 3.3%
Axos Financial Inc.^(a)		214,541		3,889,628
Bridgewater Bancshares Inc.^(a)		228,972		2,232,477
Capitol Federal Financial Inc.		1,324,069		15,372,441
Columbia Financial Inc.^(a)(b)		524,172		7,548,077
ESSA Bancorp. Inc.		94,097		1,284,424
Essent Group Ltd.		475,634		12,528,200
Federal Agricultural Mortgage Corp., Class C, NVS		64,190		3,570,890
First Defiance Financial Corp.		348,279		5,133,632
Flagstar Bancorp. Inc.^(b)		348,321		6,907,205
FS Bancorp. Inc.		36,020		1,296,720
Greene County Bancorp. Inc.		5,515		128,830
Hingham Institution for Savings		7,648		1,108,884
Home Bancorp. Inc.		76,415		1,866,054
HomeStreet Inc.		210,836		4,686,884
Kearny Financial Corp./MD		534,515		4,591,484
Luther Burbank Corp.		204,829		1,878,282
Merchants Bancorp./IN		89,874		1,364,287
Meridian Bancorp. Inc.^(b)		416,554		4,673,736
Meta Financial Group Inc.^(b)		140,577		3,053,332
MMA Capital Holdings Inc.^(a)(b)		48,448		1,198,119
Mr Cooper Group Inc.^(a)(b)		403,482		2,957,523
Northfield Bancorp. Inc.		438,497		4,906,781
Northwest Bancshares Inc.		1,003,597		11,611,617
OceanFirst Financial Corp.		513,379		8,167,860
Ocwen Financial Corp.^(a)		1,338,142		669,071
OP Bancorp		133,515		996,022
PCSB Financial Corp.^(b)		139,533		1,952,067
PennyMac Financial Services Inc.^(d)		93,191		2,060,453
Pioneer Bancorp. Inc./NY^(a)(b)		102,839		1,067,469
Ponce de Leon Federal Bank^(a)(b)		86,085		884,093
Provident Bancorp Inc.^(a)		85,546		737,407
Provident Financial Holdings Inc.		61,382		934,848
Provident Financial Services Inc.		611,850		7,868,391
Prudential Bancorp. Inc.		89,725		1,327,930
Radian Group Inc.		2,032,002		26,314,426
Riverview Bancorp. Inc.		221,416		1,109,294
Southern Missouri Bancorp. Inc.		75,414		1,830,298
Sterling Bancorp Inc./MI^(b)		166,602		716,389


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
Territorial Bancorp. Inc.		79,878	$	1,961,005
Timberland Bancorp. Inc./WA		76,295		1,395,436
TrustCo Bank Corp. NY		903,800		4,889,558
Velocity Financial Inc.^(a)(b)		58,780		442,613
Walker & Dunlop Inc.		245,106		9,870,419
Washington Federal Inc.		778,691		20,214,818
Waterstone Financial Inc.		220,578		3,207,204
Western New England Bancorp Inc.		237,952		1,608,556
WSFS Financial Corp.		509,351		12,693,027

				216,708,161

Tobacco — 0.2%
Pyxus International Inc.^(a)(b)		105,628		328,503
Universal Corp./VA		243,622		10,770,529
Vector Group Ltd.		69,234		652,184

				11,751,216

Trading Companies & Distributors — 1.6%
Beacon Roofing Supply Inc.^(a)(b)		443,220		7,330,859
BlueLinx Holdings Inc.^(a)(b)		98,115		485,669
BMC Stock Holdings Inc.^(a)		668,282		11,848,640
CAI International Inc.^(a)(b)		166,440		2,353,462
DXP Enterprises Inc./TX^(a)		167,500		2,053,550
Foundation Building Materials Inc.^(a)(b)		144,075		1,482,532
GATX Corp.^(b)		351,984		22,020,119
General Finance Corp.^(a)(b)		66,985		417,986
GMS Inc.^(a)		228,221		3,589,916
H&E Equipment Services Inc.		70,985		1,042,060
Herc Holdings Inc.^(a)(b)		225,585		4,615,469
Kaman Corp.		238,762		9,185,174
MRC Global Inc.^(a)(b)		718,406		3,060,410
NOW Inc.^(a)(b)		1,091,995		5,634,694
Rush Enterprises Inc., Class A^(b)		273,252		8,722,204
Rush Enterprises Inc., Class B^(b)		45,263		1,380,974
Systemax Inc.		33,256		589,629
Textainer Group Holdings Ltd.^(a)(b)		523,924		4,306,655
Titan Machinery Inc.^(a)(b)		193,497		1,681,489
Triton International Ltd.		542,306		14,029,456
Veritiv Corp.^(a)(b)		133,608		1,050,159
Willis Lease Finance Corp.^(a)(b)		28,669		762,595

				107,643,701

Water Utilities — 0.2%
Artesian Resources Corp., Class A, NVS		81,361		3,041,274
Cadiz Inc.^(a)(b)		134,477		1,569,347
California Water Service Group		27,540		1,385,813
Consolidated Water Co. Ltd.		147,568		2,420,115
Middlesex Water Co.^(b)		24,308		1,461,397
SJW Group		93,139		5,380,640
York Water Co. (The)^(b)		12,999		564,936

				15,823,522

Wireless Telecommunication Services — 0.0%
Spok Holdings Inc.		181,139		1,936,376


Total Common Stocks — 99.5% (Cost: $9,981,145,955)				6,571,738,513


Short-Term Investments

Money Market Funds — 7.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(d)(f)(g)		490,205,031		490,106,990


68		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2000 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(d)(f)		26,790,000	$	26,790,000

				516,896,990


Total Short-Term Investments — 7.8% (Cost: $516,935,225)				516,896,990


Total Investments in Securities — 107.3% (Cost: $10,498,081,180)				7,088,635,503

Other Assets, Less Liabilities — (7.3)%				(481,102,904	)


Net Assets — 100.0%			$	6,607,532,599

^(a)	Non-income producing security.

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

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

^(e)	Rounds to less than $1.

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

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

Portfolio Abbreviations - Equity

NVS	Non-Voting Shares


SCHEDULES OF INVESTMENTS			69

Schedule of Investments

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.8%
Air Industries Group^(a)(b)		54,658	$	57,937
CPI Aerostructures Inc.^(a)		23,937		53,858
Ducommun Inc.^(a)		23,809		591,654
Innovative Solutions & Support Inc.^(a)(b)		27,050		86,290
Maxar Technologies Inc.^(a)(b)		133,219		1,422,779
National Presto Industries Inc.		11,117		787,195
Park Aerospace Corp.		41,560		523,656
Vectrus Inc.^(a)		25,476		1,054,961

				4,578,330

Air Freight & Logistics — 0.2%
Echo Global Logistics Inc.^(a)		59,756		1,020,633
Radiant Logistics Inc.^(a)(b)		90,206		349,097

				1,369,730

Airlines — 0.0%
Mesa Air Group Inc.^(a)		63,554		209,093


Auto Components — 0.4%
Horizon Global Corp.^(a)(b)		45,882		85,799
Modine Manufacturing Co.^(a)		110,135		357,939
Motorcar Parts of America Inc.^(a)(b)		41,857		526,561
Shiloh Industries Inc.^(a)		35,937		44,921
Stoneridge Inc.^(a)		59,548		997,429
Strattec Security Corp.		8,557		123,820
Superior Industries International Inc.		56,028		67,234
Unique Fabricating Inc.		14,947		34,976
Workhorse Group Inc.^(a)(b)		149,851		271,230

				2,509,909

Automobiles — 0.0%
Arcimoto Inc.^(a)(b)		28,722		33,030


Banks — 14.8%
1st Constitution Bancorp.		22,243		294,720
ACNB Corp.		18,609		558,270
Allegiance Bancshares Inc.		42,416		1,022,650
Amalgamated Bank, Class A		32,083		347,138
Amerant Bancorp Inc.^(a)(b)		43,864		675,067
American National Bankshares Inc.		24,972		596,831
AmeriServ Financial Inc.		49,956		130,885
Ames National Corp.		21,152		432,558
Arrow Financial Corp.		30,241		842,817
Atlantic Capital Bancshares Inc.^(a)		51,102		606,581
Bancorp. Inc. (The)^(a)		112,542		683,130
Bank First Corp.^(b)		13,196		738,976
Bank of Commerce Holdings		38,447		302,578
Bank of Marin Bancorp.		29,536		886,080
Bank of Princeton (The)		13,754		319,780
Bank7 Corp.^(b)		8,690		68,999
BankFinancial Corp.		35,674		314,288
Bankwell Financial Group Inc.		16,001		244,175
Bar Harbor Bankshares		35,414		611,954
Baycom Corp.^(a)(b)		24,251		292,225
BCB Bancorp. Inc.		35,795		381,217
Bridge Bancorp. Inc.		36,444		771,155
Bryn Mawr Bank Corp.		44,344		1,258,483
Business First Bancshares Inc.		28,389		383,251
Byline Bancorp Inc.		53,952		559,482
C&F Financial Corp.		7,388		294,781
Cambridge Bancorp.		11,368		591,136


Security	Shares		Value

Banks (continued)
Camden National Corp.		33,496	$	1,053,449
Capital Bancorp Inc./MD^(a)(b)		18,930		237,004
Capital City Bank Group Inc.		29,802		599,616
Capstar Financial Holdings Inc.		34,519		341,393
Carolina Financial Corp.^(b)		52,895		1,368,394
Carter Bank & Trust		53,912		494,912
CB Financial Services Inc.		12,378		239,019
CBTX Inc.		41,583		738,930
Central Valley Community Bancorp.		24,701		322,101
Century Bancorp. Inc./MA, Class A, NVS		6,689		416,323
Chemung Financial Corp.		8,581		283,001
Citizens & Northern Corp.		28,194		563,880
Citizens Community Bancorp. Inc./WI		9,882		63,739
Citizens Holding Co.		3,758		75,611
Civista Bancshares Inc.		37,218		556,781
CNB Financial Corp./PA		33,023		623,144
Coastal Financial Corp./WA^(a)(b)		18,433		193,731
Codorus Valley Bancorp. Inc.		21,920		352,912
Colony Bankcorp Inc.		19,115		238,937
Community Bankers Trust Corp.		54,512		264,383
Community Trust Bancorp. Inc.		34,495		1,096,596
ConnectOne Bancorp. Inc.		76,450		1,027,488
County Bancorp. Inc.^(b)		12,680		234,580
CrossFirst Bankshares Inc.^(a)(b)		105,945		889,938
Customers Bancorp. Inc.^(a)		64,730		707,499
Dime Community Bancshares Inc.		71,268		977,084
Eagle Bancorp. Montana Inc.		14,552		235,888
Enterprise Bancorp. Inc./MA		20,191		544,955
Equity Bancshares Inc., Class A^(a)(b)		34,087		588,001
Esquire Financial Holdings Inc.^(a)(b)		16,028		241,221
Evans Bancorp. Inc.		11,571		281,291
Farmers & Merchants Bancorp. Inc./Archbold OH		22,764		589,815
Farmers National Banc Corp.		57,290		666,283
Financial Institutions Inc.		36,344		659,280
First Bancorp. Inc./ME		24,477		538,494
First Bancshares Inc. (The)		38,044		725,499
First Bank/Hamilton NJ^(b)		41,461		287,739
First Business Financial Services Inc.		20,285		314,417
First Choice Bancorp.		24,353		365,539
First Community Bankshares Inc.		41,578		968,767
First Community Corp./SC^(b)		18,658		293,304
First Financial Corp./IN		30,304		1,021,851
First Financial Northwest Inc.		21,513		215,991
First Foundation Inc.		87,258		891,777
First Internet Bancorp.		22,468		368,925
First Mid Bancshares Inc.		32,528		772,215
First Northwest Bancorp.		22,305		242,455
First of Long Island Corp. (The)		51,420		892,137
First U.S. Bancshares Inc.		14,749		90,559
First United Corp.		16,690		238,500
Flushing Financial Corp.		63,401		847,037
FNCB Bancorp Inc.		39,343		271,860
Franklin Financial Network Inc.		29,681		605,196
Franklin Financial Services Corp.		9,794		268,845
FVCBankcorp Inc.^(a)		29,877		397,962
German American Bancorp. Inc.		56,117		1,540,412
Great Southern Bancorp. Inc.		24,717		998,567
Guaranty Bancshares Inc./TX^(b)		20,132		465,854
Hanmi Financial Corp.		68,817		746,664
Harborone Bancorp Inc.^(a)		74,373		560,029

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Hawthorn Bancshares Inc.		13,500	$	247,725
HBT Financial Inc.		21,805		229,607
Heritage Commerce Corp.		122,110		936,584
HomeTrust Bancshares Inc.		35,920		571,846
Horizon Bancorp Inc./IN		87,300		860,778
Howard Bancorp. Inc.^(a)(b)		31,294		339,853
Independent Bank Corp./MI		49,021		630,900
Investar Holding Corp.		22,580		288,347
Lakeland Bancorp. Inc.		108,638		1,174,377
LCNB Corp.		29,220		368,172
Level One Bancorp. Inc.		11,676		210,168
Limestone Bancorp. Inc.^(a)(b)		10,501		116,981
Macatawa Bank Corp.		57,699		410,817
Mackinac Financial Corp.		23,381		244,331
MainStreet Bancshares Inc.^(a)(b)		18,232		305,568
Mercantile Bank Corp.		37,665		797,368
Meridian Corp.^(a)		14,452		197,703
Metrocity Bankshares Inc.		36,104		423,861
Metropolitan Bank Holding Corp.^(a)		15,957		429,722
Mid Penn Bancorp. Inc.		15,889		321,752
Midland States Bancorp. Inc.		50,006		874,605
MidWestOne Financial Group Inc.		27,664		579,284
MutualFirst Financial Inc.		13,813		389,527
MVB Financial Corp.		23,376		298,044
National Bankshares Inc.		14,393		459,137
Nicolet Bankshares Inc.^(a)(b)		21,099		1,151,583
Northeast Bank^(a)		19,357		225,703
Northrim Bancorp. Inc.		15,147		408,969
Norwood Financial Corp.		13,843		369,608
Ohio Valley Banc Corp.		9,572		286,969
Old Second Bancorp. Inc.		64,343		444,610
Origin Bancorp Inc.^(b)		44,655		904,264
Orrstown Financial Services Inc.		25,134		346,095
Pacific Mercantile Bancorp.^(a)		48,860		230,131
Parke Bancorp. Inc.		23,473		316,651
PCB Bancorp.		29,903		292,451
Peapack Gladstone Financial Corp.		41,748		749,377
Penns Woods Bancorp. Inc.		17,255		419,296
Peoples Bancorp. Inc./OH		40,180		889,987
Peoples Bancorp. of North Carolina Inc.		11,105		226,098
Peoples Financial Services Corp.		15,697		623,799
People’s Utah Bancorp.		36,668		710,259
Preferred Bank/Los Angeles CA		31,649		1,070,369
Premier Financial Bancorp. Inc.		29,895		370,698
Professional Holding Corp., Class A^(a)(b)		7,634		121,762
QCR Holdings Inc.		34,531		934,754
RBB Bancorp.		38,329		525,874
Red River Bancshares Inc.		11,165		415,561
Reliant Bancorp Inc.		23,286		262,433
Republic Bancorp. Inc./KY, Class A		21,901		723,390
Republic First Bancorp. Inc.^(a)(b)		104,970		229,884
Richmond Mutual Bancorp. Inc.^(a)		29,658		302,512
Riverview Financial Corp.		6,667		43,135
SB One Bancorp.		18,863		320,671
Select Bancorp. Inc.^(a)		42,106		321,269
Shore Bancshares Inc.		31,406		340,755
Sierra Bancorp.		33,153		582,830
Silvergate Capital Corp., Class A^(a)		8,788		83,838
SmartFinancial Inc.		31,911		485,366
South Plains Financial Inc.^(b)		24,250		375,632


Security	Shares		Value

Banks (continued)
Southern First Bancshares Inc.^(a)		16,952	$	480,928
Southern National Bancorp. of Virginia Inc.		46,965		462,136
Spirit of Texas Bancshares Inc.^(a)		31,416		324,841
Stock Yards Bancorp. Inc.		45,176		1,306,942
Summit Financial Group Inc.		26,793		568,280
TriState Capital Holdings Inc.^(a)		60,643		586,418
Triumph Bancorp. Inc.^(a)(b)		50,903		1,323,478
United Security Bancshares/Fresno CA		32,752		209,613
Unity Bancorp. Inc.		19,374		226,676
Univest Financial Corp.		65,929		1,075,961
Washington Trust Bancorp. Inc.		35,123		1,284,097
West Bancorp. Inc.		35,482		580,131

				83,150,122

Beverages — 0.2%
Alkaline Water Co. Inc. (The)^(a)(b)		88,159		52,895
Celsius Holdings Inc.^(a)(b)		69,065		290,764
Craft Brew Alliance Inc.^(a)(b)		26,633		396,832
Eastside Distilling Inc.^(a)(b)		18,404		21,349
New Age Beverages Corp.^(a)(b)		171,483		238,361
Reed’s Inc.^(a)(b)		71,360		33,889

				1,034,090

Biotechnology — 19.5%
89bio Inc.^(a)		6,561		165,665
Abeona Therapeutics Inc.^(a)		121,060		254,226
Achillion Pharmaceuticals Inc.^(a)(b)		0		—
Acorda Therapeutics Inc.^(a)(b)		103,367		96,400
Adamas Pharmaceuticals Inc.^(a)(b)		52,048		150,419
ADMA Biologics Inc.^(a)		156,806		451,601
Aduro Biotech Inc.^(a)		146,507		401,429
Adverum Biotechnologies Inc.^(a)(b)		141,369		1,381,175
Aeglea BioTherapeutics Inc.^(a)		57,976		270,168
Aeterna Zentaris Inc.^(a)(b)		47,248		24,078
Affimed NV^(a)(b)		166,423		262,948
Agenus Inc.^(a)(b)		239,109		585,817
AgeX Therapeutics Inc.^(a)(b)		49,360		45,905
Aileron Therapeutics Inc.^(a)(b)		42,588		14,139
Akebia Therapeutics Inc.^(a)(b)		262,937		1,993,062
Akero Therapeutics Inc.^(a)(b)		18,567		393,620
Albireo Pharma Inc.^(a)		28,553		467,413
Aldeyra Therapeutics Inc.^(a)(b)		51,987		128,408
Allena Pharmaceuticals Inc.^(a)(b)		29,487		28,381
Alpine Immune Sciences Inc.^(a)(b)		10,017		28,849
Altimmune Inc.^(a)(b)		32,497		104,315
AMAG Pharmaceuticals Inc.^(a)(b)		74,846		462,548
Anavex Life Sciences Corp.^(a)(b)		109,904		346,198
Anika Therapeutics Inc.^(a)(b)		29,933		865,363
Anixa Biosciences Inc.^(a)(b)		41,333		65,719
Applied Genetic Technologies Corp./DE^(a)(b)		46,207		151,559
Applied Therapeutics Inc.^(a)(b)		18,119		592,310
Aprea Therapeutics Inc.^(a)(b)		14,400		500,544
Aptinyx Inc.^(a)(b)		44,238		95,554
AquaBounty Technologies Inc.^(a)		39,965		65,143
Aravive Inc.^(a)(b)		22,170		127,699
Arbutus Biopharma Corp.^(a)(b)		92,881		93,810
Arcturus Therapeutics Ltd.^(a)(b)		22,595		307,066
Arcus Biosciences Inc.^(a)		72,414		1,005,106
Ardelyx Inc.^(a)(b)		139,611		793,689
Armata Pharmaceuticals Inc.^(a)		9,243		28,653
Assembly Biosciences Inc.^(a)(b)		63,532		942,180

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Athersys Inc.^(a)(b)		300,167	$	900,501
Atreca Inc., Class A^(a)(b)		38,528		637,638
Avid Bioservices Inc.^(a)(b)		125,387		640,728
Avrobio Inc.^(a)(b)		52,190		812,076
Axcella Health Inc.^(a)(b)		17,588		60,151
AzurRx BioPharma Inc.^(a)(b)		41,834		24,264
Bellicum Pharmaceuticals Inc.^(a)(b)		10,837		50,284
Beyondspring Inc.^(a)(b)		28,670		367,263
BioCryst Pharmaceuticals Inc.^(a)(b)		342,788		685,576
Bio-Path Holdings Inc.^(a)(b)		8,711		39,200
BioSpecifics Technologies Corp.^(a)(b)		13,674		773,538
Bioxcel Therapeutics Inc.^(a)		15,507		346,581
BrainStorm Cell Therapeutics Inc.^(a)(b)		43,335		201,074
Cabaletta Bio Inc.^(a)(b)		14,911		108,850
Calithera Biosciences Inc.^(a)(b)		124,042		550,747
Calyxt Inc.^(a)(b)		21,031		70,033
CASI Pharmaceuticals Inc.^(a)(b)		111,306		227,064
Castle Biosciences Inc.^(a)(b)		21,188		631,614
Catabasis Pharmaceutical Inc.^(a)(b)		38,973		161,738
Catalyst Biosciences Inc.^(a)(b)		36,764		160,659
Catalyst Pharmaceuticals Inc.^(a)(b)		214,458		825,663
Celcuity Inc.^(a)(b)		13,710		89,115
Celldex Therapeutics Inc.^(a)(b)		33,351		55,363
Cellular Biomedicine Group Inc.^(a)(b)		27,875		440,983
CEL-SCI Corp.^(a)(b)		73,508		848,282
Celsion Corp.^(a)(b)		43,712		39,520
Centogene NV^(a)		4,189		83,780
Checkpoint Therapeutics Inc.^(a)		78,043		117,845
ChemoCentryx Inc.^(a)(b)		90,814		3,648,907
Chimerix Inc.^(a)		110,432		159,022
Cidara Therapeutics Inc.^(a)(b)		61,259		151,922
Cohbar Inc.^(a)(b)		55,736		63,539
Concert Pharmaceuticals Inc.^(a)(b)		59,699		527,739
Constellation Pharmaceuticals Inc.^(a)(b)		42,264		1,328,358
Corbus Pharmaceuticals Holdings Inc.^(a)(b)		146,686		768,635
Cortexyme Inc.^(a)(b)		25,342		1,155,849
Corvus Pharmaceuticals Inc.^(a)(b)		35,153		74,173
Crinetics Pharmaceuticals Inc.^(a)(b)		24,622		361,943
Cue Biopharma Inc.^(a)(b)		44,499		631,441
Curis Inc.^(a)(b)		65,769		46,295
Cyclerion Therapeutics Inc.^(a)(b)		52,633		139,477
Cytokinetics Inc.^(a)(b)		124,298		1,465,473
CytomX Therapeutics Inc.^(a)		100,256		768,964
Deciphera Pharmaceuticals Inc.^(a)		46,733		1,923,998
DiaMedica Therapeutics Inc.^(a)		28,364		79,419
Dicerna Pharmaceuticals Inc.^(a)		119,154		2,188,859
Dyadic International Inc.^(a)(b)		44,005		228,826
Dynavax Technologies Corp.^(a)(b)		185,171		653,654
Eidos Therapeutics Inc.^(a)		25,134		1,231,315
Eiger BioPharmaceuticals Inc.^(a)		52,599		357,673
Enochian Biosciences Inc.^(a)(b)		31,168		93,504
Entasis Therapeutics Holdings Inc.^(a)		13,628		34,751
Equillium Inc.^(a)(b)		13,721		37,184
Evelo Biosciences Inc.^(a)(b)		31,812		119,454
Fennec Pharmaceuticals Inc.^(a)(b)		30,311		180,047
Five Prime Therapeutics Inc.^(a)		78,756		178,776
Flexion Therapeutics Inc.^(a)(b)		74,973		590,038
Fortress Biotech Inc.^(a)(b)		106,403		201,102
Forty Seven Inc.^(a)(b)		56,354		5,377,299
Frequency Therapeutics Inc.^(a)		13,322		237,265


Security	Shares		Value

Biotechnology (continued)
Galectin Therapeutics Inc.^(a)(b)		90,288	$	176,964
Galera Therapeutics Inc.^(a)		3,618		34,371
Geron Corp.^(a)(b)		414,672		493,460
GlycoMimetics Inc.^(a)(b)		78,651		179,324
Gritstone Oncology Inc.^(a)(b)		55,496		322,987
Harpoon Therapeutics Inc.^(a)		16,556		191,718
Homology Medicines Inc.^(a)(b)		55,141		856,891
Hookipa Pharma Inc.^(a)		22,796		188,067
Ideaya Biosciences Inc.^(a)(b)		30,113		124,066
Idera Pharmaceuticals Inc.^(a)(b)		53,020		69,986
IGM Biosciences Inc.^(a)(b)		11,033		619,503
Immucell Corp.^(a)		11,001		41,694
Immunic Inc.^(a)(b)		2,542		15,176
ImmunoGen Inc.^(a)(b)		376,703		1,284,557
Infinity Pharmaceuticals Inc.^(a)		92,769		77,713
Inmune Bio Inc.^(a)(b)		11,799		38,819
Inovio Pharmaceuticals Inc.^(a)(b)		211,817		1,575,919
Intellia Therapeutics Inc.^(a)(b)		86,249		1,054,825
IVERIC bio Inc.^(a)(b)		111,036		381,964
Jounce Therapeutics Inc.^(a)(b)		36,455		173,161
Kadmon Holdings Inc.^(a)(b)		357,862		1,499,442
KalVista Pharmaceuticals Inc.^(a)		28,500		218,025
Karuna Therapeutics Inc.^(a)(b)		23,472		1,689,984
Karyopharm Therapeutics Inc.^(a)(b)		132,856		2,552,164
Kezar Life Sciences Inc.^(a)		69,462		302,854
Kindred Biosciences Inc.^(a)(b)		82,246		328,984
Kiniksa Pharmaceuticals Ltd., Class A^(a)(b)		31,072		480,995
Kodiak Sciences Inc.^(a)(b)		62,493		2,980,916
Krystal Biotech Inc.^(a)		23,402		1,011,903
Kura Oncology Inc.^(a)(b)		76,287		759,056
La Jolla Pharmaceutical Co.^(a)		47,541		199,672
Leap Therapeutics Inc.^(a)(b)		35,458		56,024
Lineage Cell Therapeutics Inc.^(a)(b)		247,746		205,158
LogicBio Therapeutics Inc.^(a)		18,571		91,741
Lumos Pharma Inc.^(a)(b)		8,033		68,276
MacroGenics Inc.^(a)		105,798		615,744
Magenta Therapeutics Inc.^(a)(b)		42,673		267,986
MannKind Corp.^(a)(b)		418,909		431,476
Marker Therapeutics Inc.^(a)(b)		61,038		115,972
MediciNova Inc.^(a)(b)		92,866		345,462
MEI Pharma Inc.^(a)		224,059		360,735
MeiraGTx Holdings PLC^(a)(b)		38,021		511,002
Merrimack Pharmaceuticals Inc.		24,825		53,374
Mersana Therapeutics Inc.^(a)(b)		80,052		466,703
Millendo Therapeutics Inc.^(a)(b)		27,723		146,377
Minerva Neurosciences Inc.^(a)(b)		68,123		410,100
Miragen Therapeutics Inc.^(a)		90,234		40,253
Mirum Pharmaceuticals Inc.^(a)		11,446		160,244
Molecular Templates Inc.^(a)		45,436		603,844
Moleculin Biotech Inc.^(a)		92,014		56,092
Monopar Therapeutics Inc.^(a)		2,525		18,660
Morphic Holding Inc.^(a)		23,957		351,689
Mustang Bio Inc.^(a)		63,349		169,775
NantKwest Inc.^(a)(b)		64,427		185,550
Neon Therapeutics Inc.^(a)(b)		32,604		86,075
Neurotrope Inc.^(a)(b)		29,878		24,500
NextCure Inc.^(a)(b)		32,264		1,196,027
Novavax Inc.^(a)(b)		71,794		974,963
Nymox Pharmaceutical Corp.^(a)(b)		96,828		226,578
Oncocyte Corp.^(a)(b)		52,925		129,666

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Oncternal Therapeutics Inc.^(b)(c)		1,634	$	3,350
Organogenesis Holdings Inc.^(a)		26,630		86,015
Organovo Holdings Inc.^(a)(b)		296,550		121,586
Orgenesis Inc.^(a)(b)		27,249		103,546
Ovid therapeutics Inc.^(a)(b)		65,299		194,591
Oyster Point Pharma Inc.^(a)(b)		12,551		439,285
Palatin Technologies Inc.^(a)(b)		508,966		215,598
PDL BioPharma Inc.^(a)		252,721		712,673
Pfenex Inc.^(a)(b)		66,723		588,497
PhaseBio Pharmaceuticals Inc.^(a)(b)		31,695		104,910
Pieris Pharmaceuticals Inc.^(a)(b)		106,674		243,217
PolarityTE Inc.^(a)(b)		46,138		49,829
Precision BioSciences Inc.^(a)(b)		79,709		480,645
Prevail Therapeutics Inc.^(a)		31,374		382,449
Principia Biopharma Inc.^(a)		40,996		2,434,343
Progenics Pharmaceuticals Inc.^(a)(b)		193,871		736,710
Protagonist Therapeutics Inc.^(a)(b)		40,039		282,675
Proteostasis Therapeutics Inc.^(a)(b)		97,932		111,642
Prothena Corp. PLC^(a)(b)		89,758		960,411
Ra Pharmaceuticals Inc.^(a)		77,570		3,724,136
Rapt Therapeutics Inc.^(a)(b)		3,974		84,527
Replimune Group Inc.^(a)		29,777		296,877
Rhythm Pharmaceuticals Inc.^(a)(b)		65,313		994,064
Rigel Pharmaceuticals Inc.^(a)(b)		375,391		585,610
Rocket Pharmaceuticals Inc.^(a)(b)		71,276		994,300
Savara Inc.^(a)		80,854		171,410
Scholar Rock Holding Corp.^(a)(b)		39,158		474,203
Selecta Biosciences Inc.^(a)(b)		75,114		181,025
Seres Therapeutics Inc.^(a)(b)		82,528		294,625
Sesen Bio Inc.^(a)(b)		221,604		124,231
Soleno Therapeutics Inc.^(a)		63,147		150,290
Solid Biosciences Inc.^(a)		44,508		106,374
Sorrento Therapeutics Inc.^(a)(b)		290,498		534,516
Spero Therapeutics Inc.^(a)(b)		28,864		233,221
Spring Bank Pharmaceuticals Inc.^(a)(b)		28,945		26,919
SpringWorks Therapeutics Inc.^(a)(b)		23,246		627,642
Stemline Therapeutics Inc.^(a)(b)		101,843		492,920
Sunesis Pharmaceuticals Inc.^(a)(b)		226,942		94,158
Surface Oncology Inc.^(a)(b)		27,136		50,744
Sutro Biopharma Inc.^(a)		25,044		255,449
Syndax Pharmaceuticals Inc.^(a)(b)		50,170		550,365
Synlogic Inc.^(a)(b)		36,292		62,422
Syros Pharmaceuticals Inc.^(a)(b)		77,395		458,952
T2 Biosystems Inc.^(a)(b)		73,857		47,970
TCR2 Therapeutics Inc.^(a)(b)		26,889		208,121
TG Therapeutics Inc.^(a)(b)		192,073		1,889,998
Tocagen Inc.^(a)(b)		45,262		55,220
Translate Bio Inc.^(a)(b)		77,356		771,239
Trevena Inc.^(a)(b)		211,399		119,842
Twist Bioscience Corp.^(a)(b)		58,464		1,787,829
Tyme Technologies Inc.^(a)(b)		137,464		151,210
UNITY Biotechnology Inc.^(a)		64,999		376,994
Unum Therapeutics Inc.^(a)(b)		28,444		11,756
Vaccinex Inc.^(a)(b)		5,691		22,764
Vanda Pharmaceuticals Inc.^(a)		116,072		1,202,506
VBI Vaccines Inc.^(a)		338,421		321,500
Verastem Inc.^(a)		158,753		419,108
Vericel Corp.^(a)(b)		99,459		912,039
Viking Therapeutics Inc.^(a)(b)		144,305		675,347
Voyager Therapeutics Inc.^(a)(b)		54,052		494,576


Security	Shares		Value

Biotechnology (continued)
vTv Therapeutics Inc., Class A^(a)(b)		23,669	$	45,208
X4 Pharmaceuticals Inc.^(a)(b)		34,145		341,450
XBiotech Inc.^(a)(b)		29,142		309,488
XOMA Corp.^(a)(b)		12,560		255,596
Y-mAbs Therapeutics Inc.^(a)		52,613		1,373,199
Zafgen Inc.^(a)(b)		76,296		58,748
ZIOPHARM Oncology Inc.^(a)(b)		412,876		1,011,546

				109,625,602

Building Products — 1.0%
Alpha Pro Tech Ltd.^(a)(b)		22,447		271,160
Armstrong Flooring Inc.^(a)		38,993		55,760
Caesarstone Ltd.		50,698		535,878
Continental Materials Corp.^(a)		1,239		11,151
CSW Industrials Inc.^(b)		33,145		2,149,453
Insteel Industries Inc.		41,313		547,397
PGT Innovations Inc.^(a)		126,235		1,059,112
Quanex Building Products Corp.		73,600		741,888
Tecogen Inc.^(a)(b)		43,159		40,138

				5,411,937

Capital Markets — 1.1%
Ashford Inc.^(a)(b)		2,940		16,905
B. Riley Financial Inc.		45,859		844,723
Cowen Inc., Class A^(b)		62,907		607,682
Diamond Hill Investment Group Inc.		7,072		638,177
Donnelley Financial Solutions Inc.^(a)		70,770		372,958
GAIN Capital Holdings Inc.		43,730		244,013
Great Elm Capital Group Inc.^(a)(b)		41,081		76,411
Greenhill & Co. Inc.		33,855		333,133
Hennessy Advisors Inc.		11,465		83,924
INTL. FCStone Inc.^(a)(b)		35,620		1,291,581
Manning & Napier Inc.		33,029		41,286
Medley Management Inc., Class A		12,791		8,693
National Holdings Corp.^(a)		11,437		17,842
Oppenheimer Holdings Inc., Class A, NVS		21,192		418,754
Pzena Investment Management Inc., Class A		39,429		175,853
Safeguard Scientifics Inc.^(b)		43,659		242,307
Siebert Financial Corp.^(a)(b)		19,113		137,996
Silvercrest Asset Management Group Inc., Class A		20,843		197,175
Westwood Holdings Group Inc.		18,052		330,532

				6,079,945

Chemicals — 1.2%
Advanced Emissions Solutions Inc.		37,650		247,360
AgroFresh Solutions Inc.^(a)(b)		69,359		113,749
American Vanguard Corp.^(b)		65,453		946,450
Amyris Inc.^(a)(b)		135,979		348,106
Core Molding Technologies Inc.^(a)		17,625		27,143
Flexible Solutions International Inc.		17,474		20,445
Flotek Industries Inc.^(a)(b)		123,497		109,912
FutureFuel Corp.		57,896		652,488
Hawkins Inc.		21,697		772,413
Intrepid Potash Inc.^(a)		212,992		170,394
Koppers Holdings Inc.^(a)		41,960		519,045
LSB Industries Inc.^(a)		51,520		108,192
Marrone Bio Innovations Inc.^(a)(b)		120,879		98,746
Northern Technologies International Corp.		17,822		131,883
OMNOVA Solutions Inc.^(a)		98,429		998,070
Rayonier Advanced Materials Inc.		108,786		115,313
Trecora Resources^(a)		48,229		286,963

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Tredegar Corp.		58,262	$	910,635

				6,577,307

Commercial Services & Supplies — 1.1%
Acme United Corp.		4,886		99,039
AMREP Corp.^(a)		4,400		21,120
Aqua Metals Inc.^(a)(b)		126,708		57,044
ARC Document Solutions Inc.		85,973		69,638
BioHiTech Global Inc.^(a)(b)		16,724		20,236
CECO Environmental Corp.^(a)		68,547		320,115
Charah Solutions Inc.^(a)(b)		22,245		38,039
Ennis Inc.		57,278		1,075,681
Fuel Tech Inc.^(a)		37,861		15,163
Heritage-Crystal Clean Inc.^(a)(b)		33,589		545,485
Hudson Technologies Inc.^(a)(b)		83,684		57,717
Kimball International Inc., Class B, NVS		81,255		967,747
NL Industries Inc.^(b)		20,291		60,467
Odyssey Marine Exploration Inc.^(a)(b)		19,956		66,853
Performant Financial Corp.^(a)		85,712		77,141
Perma-Fix Environmental Services^(a)(b)		27,528		143,421
PICO Holdings Inc.^(a)(b)		42,130		327,771
Quest Resource Holding Corp.^(a)(b)		12,011		14,053
RR Donnelley & Sons Co.		160,543		153,881
SP Plus Corp.^(a)		50,815		1,054,411
Team Inc.^(a)(b)		66,012		429,078
VSE Corp.		19,788		324,325

				5,938,425

Communications Equipment — 1.2%
Applied Optoelectronics Inc.^(a)(b)		42,628		323,547
Aviat Networks Inc.^(a)		10,321		87,728
BK Technologies Corp.^(a)(b)		18,032		29,933
CalAmp Corp.^(a)(b)		73,651		331,429
Calix Inc.^(a)		104,755		741,665
Cambium Networks Corp.^(a)(b)		12,287		68,807
Clearfield Inc.^(a)(b)		25,641		303,846
ClearOne Inc.^(a)		17,925		30,114
Comtech Telecommunications Corp.		52,719		700,636
DASAN Zhone Solutions Inc.^(a)		17,038		71,389
Digi International Inc.^(a)		63,542		606,191
EMCORE Corp.^(a)(b)		67,265		150,674
Genasys Inc.^(a)		76,360		249,697
Harmonic Inc.^(a)(b)		199,051		1,146,534
Inseego Corp.^(a)(b)		102,622		639,335
KVH Industries Inc.^(a)		37,475		353,389
Lantronix Inc.^(a)(b)		31,294		61,180
Network-1 Technologies Inc.		35,813		78,072
Optical Cable Corp.^(a)		7,264		17,434
PC-Tel Inc.		41,647		276,953
Resonant Inc.^(a)		89,633		132,657
Ribbon Communications Inc.^(a)(b)		132,240		400,687
TESSCO Technologies Inc.		14,507		70,939
Westell Technologies Inc., Class A^(a)		30,395		23,708

				6,896,544

Construction & Engineering — 1.6%
Aegion Corp.^(a)(b)		67,983		1,218,935
Ameresco Inc., Class A^(a)(b)		50,200		854,906
Argan Inc.		32,788		1,133,481
Concrete Pumping Holdings Inc.^(a)(b)		58,213		166,489
Construction Partners Inc., Class A^(a)(b)		41,568		702,084
Goldfield Corp. (The)^(a)(b)		51,293		145,672


Security	Shares		Value

Construction & Engineering (continued)
Great Lakes Dredge & Dock Corp.^(a)(b)		136,043	$	1,129,157
HC2 Holdings Inc.^(a)(b)		98,763		153,083
IES Holdings Inc.^(a)		18,873		333,108
Infrastructure and Energy Alternatives Inc.^(a)(b)		21,950		44,119
Limbach Holdings Inc.^(a)(b)		9,722		27,708
MYR Group Inc.^(a)		35,846		938,807
Northwest Pipe Co.^(a)		21,195		471,589
NV5 Global Inc.^(a)(b)		23,120		954,625
Orion Group Holdings Inc.^(a)(b)		66,233		172,206
Sterling Construction Co. Inc.^(a)		59,205		562,447

				9,008,416

Construction Materials — 0.1%
Forterra Inc.^(a)(b)		42,576		254,604
U.S. Lime & Minerals Inc.		4,509		332,990

				587,594

Consumer Finance — 0.5%
Atlanticus Holdings Corp.^(a)(b)		14,469		143,533
Consumer Portfolio Services Inc.^(a)(b)		38,240		52,006
Curo Group Holdings Corp.		35,494		188,118
Elevate Credit Inc.^(a)		51,686		53,753
Enova International Inc.^(a)		72,746		1,054,090
EZCORP Inc., Class A, NVS^(a)(b)		113,543		473,474
Medallion Financial Corp.^(a)		48,333		89,899
Nicholas Financial Inc.^(a)(b)		15,568		90,917
Oportun Financial Corp.^(a)(b)		16,790		177,135
Regional Management Corp.^(a)(b)		18,985		259,335

				2,582,260

Containers & Packaging — 0.3%
Myers Industries Inc.		78,905		848,229
UFP Technologies Inc.^(a)(b)		15,324		583,691

				1,431,920

Distributors — 0.1%
Educational Development Corp.		14,739		68,536
Weyco Group Inc.		13,535		273,001

				341,537

Diversified Consumer Services — 0.5%
American Public Education Inc.^(a)		34,066		815,199
Aspen Group Inc./CO^(a)(b)		40,738		325,497
Carriage Services Inc.		36,912		596,129
Collectors Universe Inc.		20,271		317,647
HyreCar Inc.^(a)(b)		28,306		38,496
Lincoln Educational Services Corp.^(a)(b)		56,507		124,315
Regis Corp.^(a)(b)		52,263		308,874
Select Interior Concepts Inc., Class A^(a)		45,489		94,162
Universal Technical Institute Inc.^(a)		48,626		289,325
Zovio Inc.^(a)(b)		67,241		110,948

				3,020,592

Diversified Financial Services — 0.1%
Alerus Financial Corp.		8,847		146,152
A-Mark Precious Metals Inc.^(a)(b)		10,173		124,924
GWG Holdings Inc.^(a)(b)		5,268		53,523
Marlin Business Services Corp.		19,507		217,893
On Deck Capital Inc.^(a)		130,549		201,046

				743,538

Diversified Telecommunication Services — 0.9%
Alaska Communications Systems Group Inc.^(a)		112,807		196,284
Anterix Inc.^(a)		24,122		1,101,652
Cincinnati Bell Inc.^(a)		111,992		1,639,563

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Telecommunication Services (continued)
Consolidated Communications Holdings Inc.		156,718	$	713,067
Frontier Communications Corp.^(a)(b)		233,337		88,668
IDT Corp., Class B^(a)		38,208		207,087
Ooma Inc.^(a)		46,571		555,592
ORBCOMM Inc.^(a)		162,968		397,642
Otelco Inc., Class A^(a)		6,905		32,523

				4,932,078

Electric Utilities — 0.1%
Genie Energy Ltd., Class B		31,606		226,931
Spark Energy Inc., Class A		26,209		164,330

				391,261

Electrical Equipment — 1.0%
Allied Motion Technologies Inc.		15,735		372,920
American Superconductor Corp.^(a)(b)		49,315		270,246
Energous Corp.^(a)(b)		65,790		48,882
LSI Industries Inc.		59,184		223,716
Orion Energy Systems Inc.^(a)(b)		59,870		221,519
Plug Power Inc.^(a)(b)		666,299		2,358,698
Polar Power Inc.^(a)(b)		9,053		10,864
Powell Industries Inc.		19,878		510,268
Preformed Line Products Co.		6,881		342,880
Sunworks Inc.^(a)(b)		14,692		5,524
TPI Composites Inc.^(a)(b)		64,459		952,704
Ultralife Corp.^(a)(b)		23,363		121,488
Vivint Solar Inc.^(a)(b)		98,850		431,974

				5,871,683

Electronic Equipment, Instruments & Components — 1.8%
Airgain Inc.^(a)(b)		21,156		156,343
Akoustis Technologies Inc.^(a)(b)		67,563		362,813
Arlo Technologies Inc.^(a)(b)		171,308		416,278
Bel Fuse Inc., Class B, NVS		21,732		211,670
Coda Octopus Group Inc.^(a)(b)		12,812		71,875
CTS Corp.		72,443		1,803,106
CUI Global Inc.^(a)(b)		59,441		52,968
Daktronics Inc.		81,393		401,268
Data I/O Corp.^(a)(b)		19,046		53,519
Digital Ally Inc.^(a)(b)		24,134		20,514
FARO Technologies Inc.^(a)(b)		38,569		1,716,321
Frequency Electronics Inc.^(a)		12,524		114,469
Identiv Inc.^(a)(b)		39,011		131,857
IEC Electronics Corp.^(a)(b)		20,727		123,118
Intellicheck Inc.^(a)(b)		36,025		122,125
Iteris Inc.^(a)		92,168		294,938
Key Tronic Corp.^(a)		22,575		65,693
Kimball Electronics Inc.^(a)(b)		54,435		594,430
LGL Group Inc. (The)^(a)(b)		7,454		66,564
Luna Innovations Inc.^(a)(b)		55,909		343,840
MicroVision Inc.^(a)(b)		263,776		45,501
Napco Security Technologies Inc.^(a)(b)		25,815		391,614
PAR Technology Corp.^(a)(b)		25,918		333,306
PC Connection Inc.^(b)		25,112		1,034,866
Perceptron Inc.^(a)		17,979		51,780
Powerfleet Inc.^(a)		45,685		158,070
Research Frontiers Inc.^(a)(b)		59,321		138,811
RF Industries Ltd.		23,081		91,632
Richardson Electronics Ltd.		26,470		101,380
SMTC Corp.^(a)(b)		38,143		88,873
Taitron Components Inc., Class A		6,385		14,175
Vishay Precision Group Inc.^(a)(b)		23,205		465,956


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Wayside Technology Group Inc.		8,687	$	111,107
Wireless Telecom Group Inc.^(a)		42,515		40,389
Wrap Technologies Inc.^(a)(b)		18,571		79,112

				10,270,281

Energy Equipment & Services — 1.0%
Aspen Aerogels Inc.^(a)(b)		44,741		274,710
Covia Holdings Corp.^(a)(b)		95,469		54,551
Dawson Geophysical Co.^(a)(b)		51,159		49,767
DMC Global Inc.		31,564		726,288
Era Group Inc.^(a)(b)		44,775		238,651
Exterran Corp.^(a)		65,321		313,541
Geospace Technologies Corp.^(a)(b)		30,855		197,472
Gulf Island Fabrication Inc.^(a)		28,697		86,091
Hermitage Offshore Services Ltd.^(a)(b)		11,982		7,668
Independence Contract Drilling Inc.^(a)		5,589		7,825
ION Geophysical Corp.^(a)(b)		25,611		32,526
Matrix Service Co.^(a)		58,944		558,200
Mitcham Industries Inc.^(a)		31,698		39,622
Natural Gas Services Group Inc.^(a)(b)		29,152		130,018
NCS Multistage Holdings Inc.^(a)(b)		26,971		17,261
Newpark Resources Inc.^(a)		199,831		179,248
Nine Energy Service Inc.^(a)(b)		35,428		28,636
Nuverra Environmental Solutions Inc.^(a)(b)		4,454		6,236
Profire Energy Inc.^(a)(b)		71,496		56,310
Quintana Energy Services Inc.^(a)(b)		19,423		16,898
Ranger Energy Services Inc.^(a)(b)		10,503		42,642
RigNet Inc.^(a)(b)		33,030		59,454
SEACOR Holdings Inc.^(a)		38,778		1,045,455
SEACOR Marine Holdings Inc.^(a)(b)		45,710		200,210
Seadrill Ltd.^(a)(b)		126,478		54,386
Smart Sand Inc.^(a)(b)		46,228		48,077
Solaris Oilfield Infrastructure Inc., Class A		69,320		363,930
TETRA Technologies Inc.^(a)		275,339		88,108
Tidewater Inc.^(a)(b)		88,051		623,401
U.S. Well Services Inc.^(a)(b)		31,269		9,381

				5,556,563

Entertainment — 0.1%
Ballantyne Strong Inc.^(a)(b)		23,497		40,180
Cinedigm Corp., Class A^(a)(b)		31,672		11,557
Gaia Inc.^(a)(b)		24,281		215,615
LiveXLive Media Inc.^(a)		75,944		119,992
Reading International Inc., Class A, NVS^(a)(b)		38,989		151,667

				539,011

Equity Real Estate Investment Trusts (REITs) — 3.9%
Alpine Income Property Trust Inc.^(b)		16,913		208,199
Ashford Hospitality Trust Inc.		198,134		146,461
Bluerock Residential Growth REIT Inc.		52,453		292,163
Braemar Hotels & Resorts Inc.		65,499		111,348
BRT Apartments Corp.		23,485		240,721
CatchMark Timber Trust Inc., Class A		110,978		801,261
CBL & Associates Properties Inc.^(b)		367,108		73,458
Cedar Realty Trust Inc.		198,605		185,318
City Office REIT Inc.		119,438		863,537
Clipper Realty Inc.		32,773		169,764
Community Healthcare Trust Inc.		42,840		1,639,915
CorEnergy Infrastructure Trust Inc.		28,686		527,249
Farmland Partners Inc.		62,708		380,638
Front Yard Residential Corp.		111,090		1,327,526
Gladstone Commercial Corp.		72,293		1,038,127

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Gladstone Land Corp.		41,576	$	492,676
Global Medical REIT Inc.^(b)		85,835		868,650
Independence Realty Trust Inc.		204,832		1,831,198
Innovative Industrial Properties Inc.		36,418		2,765,219
Jernigan Capital Inc.		50,389		552,263
New Senior Investment Group Inc.		191,315		489,766
NexPoint Residential Trust Inc.^(b)		44,308		1,117,005
One Liberty Properties Inc.		35,061		488,400
Plymouth Industrial REIT Inc.		28,874		322,234
Postal Realty Trust Inc., Class A^(b)		10,323		163,310
Preferred Apartment Communities Inc., Class A		101,826		731,111
Safehold Inc.		28,436		1,798,008
Sotherly Hotels Inc.		27,923		44,677
UMH Properties Inc.		81,552		885,655
Urstadt Biddle Properties Inc., Class A		68,732		969,121
Whitestone REIT		88,447		548,371

				22,073,349

Food & Staples Retailing — 1.0%
Chefs’ Warehouse Inc. (The)^(a)		54,456		548,372
HF Foods Group Inc.^(a)(b)		49,165		412,494
Ingles Markets Inc., Class A		31,572		1,141,644
Natural Grocers by Vitamin Cottage Inc.^(b)		20,647		175,706
Rite Aid Corp.^(a)(b)		122,918		1,843,770
SpartanNash Co.		80,164		1,147,949
Village Super Market Inc., Class A		18,306		449,961

				5,719,896

Food Products — 0.7%
Alico Inc.		11,703		363,261
Farmer Bros. Co.^(a)		24,425		169,998
John B Sanfilippo & Son Inc.		19,231		1,719,251
Landec Corp.^(a)(b)		57,743		501,787
Lifeway Foods Inc.^(a)(b)		10,294		19,764
Limoneira Co.		34,979		458,225
RiceBran Technologies^(a)(b)		66,031		66,031
Rocky Mountain Chocolate Factory Inc.		12,955		62,184
S&W Seed Co.^(a)		31,647		63,927
Seneca Foods Corp., Class A^(a)		14,668		583,493

				4,007,921

Gas Utilities — 0.1%
RGC Resources Inc.		17,119		495,253


Health Care Equipment & Supplies — 4.5%
Accuray Inc.^(a)(b)		199,805		379,629
Alphatec Holdings Inc.^(a)(b)		89,262		307,954
AngioDynamics Inc.^(a)		81,988		855,135
Antares Pharma Inc.^(a)(b)		360,356		850,440
Apollo Endosurgery Inc.^(a)(b)		28,786		55,269
Apyx Medical Corp.^(a)(b)		76,702		275,360
Axonics Modulation Technologies Inc.^(a)(b)		41,371		1,051,237
Beyond Air Inc.^(a)(b)		26,280		210,240
Biolase Inc.^(a)		35,124		13,172
BioLife Solutions Inc.^(a)(b)		16,270		154,565
BioSig Technologies Inc.^(a)(b)		36,191		151,640
Cerus Corp.^(a)(b)		349,901		1,627,040
Chembio Diagnostics Inc.^(a)(b)		38,198		195,574
Conformis Inc.^(a)(b)		143,625		90,484
Corindus Vascular Robotics Inc.^(a)(b)		0		—
CryoPort Inc.^(a)(b)		71,168		1,214,838
Cutera Inc.^(a)(b)		31,089		406,022


Security	Shares		Value

Health Care Equipment & Supplies (continued)
CytoSorbents Corp.^(a)(b)		70,095	$	541,834
Ekso Bionics Holdings Inc.^(a)(b)		10,266		29,054
ElectroCore Inc.^(a)(b)		28,710		27,274
Electromed Inc.^(a)(b)		15,624		175,614
Endologix Inc.^(a)(b)		45,102		31,161
FONAR Corp.^(a)		14,103		206,186
GenMark Diagnostics Inc.^(a)(b)		123,572		509,117
Helius Medical Technologies Inc.^(a)		55,784		18,409
Heska Corp.^(a)		15,569		860,966
IntriCon Corp.^(a)(b)		18,621		219,169
Invacare Corp.		74,612		554,367
iRadimed Corp.^(a)(b)		10,205		217,877
IRIDEX Corp.^(a)		30,810		49,604
Kewaunee Scientific Corp.		5,283		40,362
Lantheus Holdings Inc.^(a)		86,157		1,099,363
LeMaitre Vascular Inc.^(b)		36,681		914,091
Meridian Bioscience Inc.^(a)		93,723		787,273
Mesa Laboratories Inc.		8,909		2,014,236
Microbot Medical Inc.^(a)		14,000		77,700
Misonix Inc.^(a)		20,326		191,471
Motus GI Holdings Inc.^(a)(b)		33,238		22,396
Neuronetics Inc.^(a)(b)		30,383		57,424
OraSure Technologies Inc.^(a)(b)		137,118		1,475,390
OrthoPediatrics Corp.^(a)(b)		22,349		885,914
PAVmed Inc.^(a)(b)		44,990		89,080
Pro-Dex Inc.^(a)(b)		5,762		93,229
Pulse Biosciences Inc.^(a)(b)		26,010		186,232
RA Medical Systems Inc.^(a)(b)		18,314		19,962
Rockwell Medical Inc.^(a)(b)		145,719		298,724
RTI Surgical Holdings Inc.^(a)(b)		125,904		215,296
SeaSpine Holdings Corp.^(a)		48,282		394,464
Senseonics Holdings Inc.^(a)(b)		269,558		170,765
Sensus Healthcare Inc.^(a)(b)		26,713		66,782
SI-BONE Inc.^(a)		42,715		510,444
Sientra Inc.^(a)		85,228		169,604
Soliton Inc.^(a)(b)		12,744		103,226
Strata Skin Sciences Inc.^(a)(b)		43,204		38,935
Surmodics Inc.^(a)		29,239		974,243
Tela Bio Inc.^(a)(b)		9,187		71,842
TransEnterix Inc.^(a)(b)		52,888		18,606
TransMedics Group Inc.^(a)		31,682		382,719
Utah Medical Products Inc.		7,764		730,204
Vapotherm Inc.^(a)		34,183		643,666
Vermillion Inc.^(a)(b)		101,231		84,265
ViewRay Inc.^(a)(b)		235,665		589,162
Xtant Medical Holdings Inc.^(a)(b)		9,013		6,039
Zosano Pharma Corp.^(a)(b)		57,184		32,137
Zynex Inc.^(a)(b)		35,266		390,395

				25,124,872

Health Care Providers & Services — 2.4%
Addus HomeCare Corp.^(a)(b)		27,741		1,875,292
American Renal Associates Holdings Inc.^(a)(b)		41,706		275,677
Apollo Medical Holdings Inc.^(a)		18,897		244,149
Avalon GloboCare Corp.^(a)(b)		54,643		84,697
Capital Senior Living Corp.^(a)		59,641		34,592
Catasys Inc.^(a)(b)		16,477		250,945
Community Health Systems Inc.^(a)(b)		191,432		639,383
Cross Country Healthcare Inc.^(a)		80,711		543,992
CynergisTek Inc./DE^(a)(b)		22,667		31,960
Enzo Biochem Inc.^(a)(b)		98,522		249,261

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Exagen Inc.^(a)(b)		7,666	$	122,196
Fulgent Genetics Inc.^(a)(b)		14,737		158,570
Genesis Healthcare Inc.^(a)(b)		188,859		159,132
Hanger Inc.^(a)		80,754		1,258,147
InfuSystem Holdings Inc.^(a)(b)		32,451		275,509
Joint Corp. (The)^(a)		29,229		317,135
Option Care Health Inc.^(a)(b)		68,397		647,719
Owens & Minor Inc.		137,126		1,254,703
PetIQ Inc.^(a)(b)		44,081		1,024,002
Precipio Inc.^(a)(b)		18,748		13,122
Providence Service Corp. (The)^(a)		26,044		1,429,295
Psychemedics Corp.		11,598		70,168
Quorum Health Corp.^(a)(b)		71,788		32,419
RadNet Inc.^(a)(b)		93,853		986,395
Sharps Compliance Corp.^(a)(b)		31,252		248,141
Surgery Partners Inc.^(a)(b)		54,875		358,334
Triple-S Management Corp., Class B^(a)		50,865		717,196

				13,302,131

Health Care Technology — 0.7%
Castlight Health Inc., Class B^(a)		231,444		167,357
Computer Programs & Systems Inc.		28,313		629,964
HealthStream Inc.^(a)		58,452		1,399,925
HTG Molecular Diagnostics Inc.^(a)(b)		123,770		40,225
Icad Inc.^(a)(b)		38,462		282,311
MTBC Inc.^(a)(b)		15,519		85,355
OptimizeRx Corp.^(a)(b)		30,618		277,399
SCWorx Corp.^(a)(b)		13,511		30,400
Simulations Plus Inc.^(b)		26,693		932,120

				3,845,056

Hotels, Restaurants & Leisure — 1.1%
Ark Restaurants Corp.		4,602		48,643
BBQ Holdings Inc.^(a)(b)		9,432		18,109
BBX Capital Corp.		148,829		343,795
Biglari Holdings Inc., Class B, NVS^(a)(b)		2,113		108,608
Carrols Restaurant Group Inc.^(a)(b)		77,685		141,387
Century Casinos Inc.^(a)		62,444		150,490
Chuy’s Holdings Inc.^(a)(b)		36,815		370,727
Del Taco Restaurants Inc.^(a)		65,766		225,577
Dover Motorsports Inc.		51,407		64,259
Drive Shack Inc.^(a)(b)		138,795		210,968
El Pollo Loco Holdings Inc.^(a)(b)		45,061		380,766
Everi Holdings Inc.^(a)		178,245		588,209
FAT Brands Inc.^(a)		4,138		9,311
Fiesta Restaurant Group Inc.^(a)(b)		53,932		217,346
Full House Resorts Inc.^(a)		55,000		68,750
Golden Entertainment Inc.^(a)		38,381		253,698
Inspired Entertainment Inc.^(a)(b)		20,977		70,902
J Alexander’s Holdings Inc.^(a)		29,392		112,571
Kura Sushi USA Inc., Class A^(a)(b)		7,650		91,494
Lindblad Expeditions Holdings Inc.^(a)(b)		51,993		216,811
Luby’s Inc.^(a)(b)		46,658		31,261
Monarch Casino & Resort Inc.^(a)(b)		26,160		734,311
Nathan’s Famous Inc.		6,542		399,062
Noodles & Co.^(a)(b)		65,750		309,683
ONE Group Hospitality Inc. (The)^(a)(b)		32,020		41,306
PlayAGS Inc.^(a)(b)		59,200		156,880
Potbelly Corp.^(a)(b)		48,403		149,565
RCI Hospitality Holdings Inc.^(b)		20,125		200,646
Red Lion Hotels Corp.^(a)		56,032		81,807


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Red Robin Gourmet Burgers Inc.^(a)(b)		28,788	$	245,274
Ruth’s Hospitality Group Inc.		61,209		408,876
Town Sports International Holdings Inc.^(a)(b)		35,301		17,654

				6,468,746

Household Durables — 1.1%
Bassett Furniture Industries Inc.		21,856		119,115
Beazer Homes USA Inc.^(a)		65,025		418,761
Casper Sleep Inc.^(a)(b)		15,118		64,856
Century Communities Inc.^(a)(b)		63,761		925,172
Flexsteel Industries Inc.		16,906		185,290
Green Brick Partners Inc.^(a)(b)		55,185		444,239
Hamilton Beach Brands Holding Co., Class A		15,655		148,879
Hooker Furniture Corp.		25,836		403,300
Hovnanian Enterprises Inc., Class A^(a)(b)		10,808		89,058
Legacy Housing Corp.^(a)(b)		12,669		117,188
Libbey Inc.^(a)(b)		53,430		27,249
Lifetime Brands Inc.		26,770		151,251
Lovesac Co. (The)^(a)(b)		19,577		114,134
M/I Homes Inc.^(a)(b)		60,521		1,000,412
Mohawk Group Holdings Inc.^(a)(b)		8,265		13,472
New Home Co. Inc. (The)^(a)(b)		26,636		36,491
Purple Innovation Inc.^(a)		18,891		107,301
Turtle Beach Corp.^(a)(b)		30,049		187,506
Universal Electronics Inc.^(a)		30,144		1,156,625
VOXX International Corp.^(a)(b)		44,642		127,230
Vuzix Corp.^(a)(b)		65,465		80,522
ZAGG Inc.^(a)(b)		63,050		196,086

				6,114,137

Household Products — 0.1%
Oil-Dri Corp. of America		11,778		393,856


Independent Power and Renewable Electricity Producers — 0.2%
Atlantic Power Corp.^(a)(b)		242,070		518,030
Sunnova Energy International Inc.^(a)(b)		71,062		715,594

				1,233,624

Insurance — 1.7%
Benefytt Technologies Inc.^(a)		22,959		514,052
Citizens Inc./TX^(a)(b)		111,230		725,219
Conifer Holdings Inc.^(a)		13,093		39,279
Crawford & Co., Class A, NVS		36,600		263,520
Donegal Group Inc., Class A		23,873		362,870
FedNat Holding Co.		25,735		295,438
Global Indemnity Ltd.		18,532		472,566
Greenlight Capital Re Ltd., Class A^(a)(b)		67,049		398,941
Hallmark Financial Services Inc.^(a)		29,592		119,552
HCI Group Inc.		13,620		548,205
Heritage Insurance Holdings Inc.		58,504		626,578
Independence Holding Co.		11,282		288,368
Investors Title Co.		3,119		399,232
Kingstone Companies Inc.		20,338		103,927
Kingsway Financial Services Inc.^(a)		18,120		35,878
NI Holdings Inc.^(a)		21,943		297,547
Palomar Holdings Inc.^(a)(b)		41,324		2,403,404
ProSight Global Inc.^(a)		20,322		198,139
Protective Insurance Corp., Class B, NVS		20,385		280,294
Tiptree Inc.		55,038		287,298
United Insurance Holdings Corp.		45,990		424,948
Watford Holdings Ltd.^(a)		39,777		582,733

				9,667,988

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services — 0.5%
AutoWeb Inc.^(a)(b)		21,554	$	21,985
DHI Group Inc.^(a)		115,012		248,426
EverQuote Inc., Class A^(a)(b)		19,863		521,404
Meet Group Inc. (The)^(a)		157,253		923,075
QuinStreet Inc.^(a)(b)		103,554		833,609
Super League Gaming Inc.^(a)(b)		18,689		41,116
Travelzoo^(a)		11,969		47,038

				2,636,653

Internet & Direct Marketing Retail — 0.5%
Duluth Holdings Inc., Class B^(a)(b)		24,373		97,736
Lands’ End Inc.^(a)(b)		24,159		129,009
Leaf Group Ltd.^(a)		40,960		54,886
Liquidity Services Inc.^(a)(b)		61,440		238,387
Monaker Group Inc.^(a)(b)		7,812		6,480
PetMed Express Inc.		43,690		1,257,398
Remark Holdings Inc.^(a)(b)		74,909		29,424
Rubicon Project Inc. (The)^(a)(b)		110,608		613,875
RumbleON Inc., Class B^(a)(b)		20,893		4,369
U.S. Auto Parts Network Inc.^(a)(b)		57,646		100,881
Waitr Holdings Inc.^(a)(b)		131,774		162,082

				2,694,527

IT Services — 1.9%
ALJ Regional Holdings Inc.^(a)		50,528		30,317
Brightcove Inc.^(a)		92,562		645,157
Cass Information Systems Inc.		31,596		1,110,915
Computer Task Group Inc.^(a)		31,435		120,396
CSP Inc.		8,617		60,233
Exela Technologies Inc.^(a)(b)		104,125		21,346
Hackett Group Inc. (The)		55,300		703,416
I3 Verticals Inc., Class A^(a)(b)		32,665		623,575
Information Services Group Inc.^(a)(b)		84,660		217,576
International Money Express Inc.^(a)(b)		40,409		368,934
Limelight Networks Inc.^(a)(b)		258,859		1,475,496
MoneyGram International Inc.^(a)(b)		77,286		101,245
Paysign Inc.^(a)(b)		67,191		346,706
Perficient Inc.^(a)(b)		71,250		1,930,162
PFSweb Inc.^(a)(b)		34,319		102,957
PRGX Global Inc.^(a)(b)		45,646		127,809
Priority Technology Holdings Inc.^(a)(b)		13,620		26,423
ServiceSource International Inc.^(a)(b)		196,432		172,251
StarTek Inc.^(a)		36,477		137,154
Steel Connect Inc.^(a)		72,788		54,591
Tucows Inc., Class A^(a)(b)		21,155		1,020,940
Unisys Corp.^(a)(b)		115,008		1,420,349
Usio Inc.^(a)(b)		17,170		19,402

				10,837,350

Leisure Products — 0.8%
American Outdoor Brands Corp.^(a)		121,231		1,006,217
Clarus Corp.^(b)		53,463		523,937
Escalade Inc.		23,409		139,284
Johnson Outdoors Inc., Class A		11,940		748,638
Malibu Boats Inc., Class A^(a)		45,491		1,309,686
Marine Products Corp.		17,869		144,381
MasterCraft Boat Holdings Inc.^(a)(b)		41,852		305,520
Nautilus Inc.^(a)		65,352		170,569

				4,348,232

Life Sciences Tools & Services — 0.7%
BioNano Genomics Inc.^(a)(b)		24,623		11,203
Champions Oncology Inc.^(a)(b)		13,953		103,252


Security	Shares		Value

Life Sciences Tools & Services (continued)
ChromaDex Corp.^(a)(b)		91,709	$	298,971
Fluidigm Corp.^(a)(b)		154,111		391,442
Harvard Bioscience Inc.^(a)(b)		84,495		186,734
NanoString Technologies Inc.^(a)(b)		75,932		1,826,165
Personalis Inc.^(a)(b)		42,150		340,151
Quanterix Corp.^(a)		29,895		549,171

				3,707,089

Machinery — 2.2%
Blue Bird Corp.^(a)(b)		34,659		378,823
Briggs & Stratton Corp.		92,767		167,908
Columbus McKinnon Corp./NY^(b)		51,369		1,284,225
Commercial Vehicle Group Inc.^(a)		70,305		106,161
Douglas Dynamics Inc.		50,689		1,799,966
Eastern Co. (The)		12,165		237,217
Energy Recovery Inc.^(a)(b)		84,523		628,851
ExOne Co. (The)^(a)(b)		25,527		163,118
FreightCar America Inc.^(a)		27,192		25,289
Gencor Industries Inc.^(a)		20,247		212,593
Graham Corp.		22,390		288,831
Hurco Companies Inc.		14,354		417,701
Kadant Inc.		24,528		1,831,015
LB Foster Co., Class A^(a)		22,548		278,693
LS Starrett Co. (The), Class A^(a)		13,778		44,641
Luxfer Holdings PLC		60,978		862,229
Lydall Inc.^(a)		38,851		250,977
Manitex International Inc.^(a)(b)		31,770		131,210
Mayville Engineering Co. Inc.^(a)(b)		14,279		87,530
Miller Industries Inc./TN		24,702		698,573
NN Inc.		93,759		162,203
Omega Flex Inc.		6,451		544,464
Park-Ohio Holdings Corp.		19,408		367,588
Perma-Pipe International Holdings Inc.^(a)(b)		18,225		113,360
Spartan Motors Inc.^(b)		75,324		972,433
Titan International Inc.^(b)		115,305		178,723
Twin Disc Inc.^(a)		23,520		164,170

				12,398,492

Marine — 0.2%
Eagle Bulk Shipping Inc.^(a)(b)		99,139		183,407
Genco Shipping & Trading Ltd.		35,624		228,706
Navios Maritime Holdings Inc.^(a)(b)		22,765		52,587
Pangaea Logistics Solutions Ltd.		22,321		44,642
Safe Bulkers Inc.^(a)		117,917		140,321
Scorpio Bulkers Inc.		120,437		304,706

				954,369

Media — 1.3%
AH Belo Corp., Class A		44,660		76,815
Beasley Broadcast Group Inc., Class A		16,625		30,756
Boston Omaha Corp., Class A^(a)(b)		24,120		436,813
Cardlytics Inc.^(a)		31,976		1,117,881
Central European Media Enterprises Ltd., Class A^(a)		199,648		624,898
comScore Inc.^(a)(b)		111,729		315,076
Cumulus Media Inc., Class A^(a)		32,387		175,538
Daily Journal Corp.^(a)(b)		1,392		317,794
Emmis Communications Corp., Class A^(a)(b)		25,503		51,006
Entercom Communications Corp., Class A		264,169		451,729
Entravision Communications Corp., Class A		133,731		271,474
Fluent Inc.^(a)(b)		97,719		114,331
Gannett Co. Inc.		262,321		388,235
Hemisphere Media Group Inc.^(a)		43,391		370,559

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Media (continued)
Lee Enterprises Inc.^(a)(b)		128,453	$	126,269
Marchex Inc., Class B^(a)(b)		83,754		121,443
MDC Partners Inc., Class A^(a)		129,599		187,919
Mediaco Holding Inc., Class A^(a)		3,229		12,787
National CineMedia Inc.		139,137		453,587
Saga Communications Inc., Class A		8,429		231,882
Salem Media Group Inc.		27,309		23,868
Social Reality Inc., Class A^(a)(b)(c)		23,207		0	^(d)
SRAX Inc.^(a)(b)		29,228		58,748
TechTarget Inc.^(a)		51,521		1,061,848
Townsquare Media Inc., Class A		19,284		88,899
Tribune Publishing Co.		41,040		332,835
Urban One Inc., NVS^(a)		51,377		48,808

				7,491,798

Metals & Mining — 0.7%
Ampco-Pittsburgh Corp.^(a)(b)		21,109		52,773
Caledonia Mining Corp. PLC^(a)(b)		23,176		215,073
Friedman Industries Inc.^(b)		17,040		75,147
Gold Resource Corp.^(b)		135,919		373,777
Haynes International Inc.		27,838		573,741
Olympic Steel Inc.		21,253		219,969
Ramaco Resources Inc.^(a)		19,300		46,127
Ryerson Holding Corp.^(a)(b)		36,004		191,541
Schnitzer Steel Industries Inc., Class A		57,932		755,433
SunCoke Energy Inc.		158,492		610,194
Synalloy Corp.^(a)		19,203		167,642
TimkenSteel Corp.^(a)		91,309		294,928
Universal Stainless & Alloy Products Inc.^(a)(b)		19,111		147,346

				3,723,691

Mortgage Real Estate Investment — 0.8%
AG Mortgage Investment Trust Inc.		72,278		198,042
Anworth Mortgage Asset Corp.		221,477		250,269
Ares Commercial Real Estate Corp.		69,298		484,393
Arlington Asset Investment Corp., Class A		79,557		174,230
Cherry Hill Mortgage Investment Corp.		34,902		216,392
Dynex Capital Inc.		51,375		536,355
Ellington Financial Inc.		89,164		509,127
Ellington Residential Mortgage REIT		21,420		113,526
Exantas Capital Corp.		67,378		185,963
Great Ajax Corp.		41,309		262,725
Hunt Companies Finance Trust Inc.		50,277		93,013
Manhattan Bridge Capital Inc.		15,388		62,937
Nexpoint Real Estate Finance Inc.^(b)		11,194		108,022
Orchid Island Capital Inc.		143,972		424,717
Ready Capital Corp.		79,537		574,257
Western Asset Mortgage Capital Corp.		115,751		265,070

				4,459,038

Multi-Utilities — 0.3%
Unitil Corp.		32,560		1,703,539


Multiline Retail — 0.1%
JC Penney Co. Inc.^(a)(b)		714,332		257,160
Tuesday Morning Corp.^(a)(b)		103,741		59,734

				316,894

Oil, Gas & Consumable Fuels — 2.7%
Abraxas Petroleum Corp.^(a)(b)		356,371		43,121
Adams Resources & Energy Inc.^(b)		4,810		113,035
American Resources Corp.^(a)(b)		20,117		20,922
Amplify Energy Corp.		30,807		17,434


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Ardmore Shipping Corp.		74,955	$	393,514
Bonanza Creek Energy Inc.^(a)(b)		42,766		481,117
Centrus Energy Corp., Class A^(a)(b)		13,819		70,062
Chaparral Energy Inc., Class A^(a)		75,596		35,530
Clean Energy Fuels Corp.^(a)		300,324		534,577
Comstock Resources Inc.^(a)(b)		35,497		191,329
Contango Oil & Gas Co.^(a)(b)		122,464		183,696
DHT Holdings Inc.		247,371		1,897,335
Diamond S Shipping Inc.^(a)		60,041		709,084
Dorian LPG Ltd.^(a)(b)		60,848		529,986
Earthstone Energy Inc., Class A^(a)		46,374		81,618
Energy Fuels Inc./Canada^(a)(b)		217,777		256,977
Epsilon Energy Ltd.^(a)		10,215		27,274
Evolution Petroleum Corp.		60,831		158,769
Falcon Minerals Corp.		85,747		184,356
Goodrich Petroleum Corp.^(a)(b)		21,503		91,603
Hallador Energy Co.		49,351		46,829
HighPoint Resources Corp.^(a)		249,977		47,496
International Seaways Inc.		56,513		1,350,095
Lilis Energy Inc.^(a)(b)		226,304		39,196
Lonestar Resources U.S. Inc., Class A^(a)		53,087		21,978
Montage Resources Corp.^(a)(b)		48,329		108,740
NACCO Industries Inc., Class A		8,277		231,590
Navios Maritime Acquisition Corp.		21,967		105,881
NextDecade Corp.^(a)		26,826		50,433
Nordic American Tankers Ltd.		310,766		1,407,770
Northern Oil and Gas Inc.^(a)		664,852		440,863
Overseas Shipholding Group Inc., Class A^(a)(b)		145,311		329,856
Pacific Ethanol Inc.^(a)		111,162		28,902
Panhandle Oil and Gas Inc., Class A		34,643		127,833
PEDEVCO Corp.^(a)(b)		16,455		14,403
Penn Virginia Corp.^(a)		30,703		94,872
Renewable Energy Group Inc.^(a)(b)		82,185		1,687,258
REX American Resources Corp.^(a)(b)		12,521		582,352
Ring Energy Inc.^(a)(b)		134,235		88,421
Rosehill Resources Inc.^(a)(b)		24,256		9,945
SandRidge Energy Inc.^(a)		68,704		61,772
SilverBow Resources Inc.^(a)		16,352		40,389
Teekay Corp.^(a)		154,837		489,285
Teekay Tankers Ltd., Class A^(a)		53,449		1,188,706
Torchlight Energy Resources Inc.^(a)(b)		117,503		46,179
Uranium Energy Corp.^(a)(b)		420,400		235,424
VAALCO Energy Inc.^(a)		127,189		114,724
Vertex Energy Inc.^(a)(b)		71,816		43,090
W&T Offshore Inc.^(a)(b)		209,167		355,584

				15,411,205

Paper & Forest Products — 0.3%
Clearwater Paper Corp.^(a)		35,680		778,181
Verso Corp., Class A^(a)(b)		77,604		875,373

				1,653,554

Personal Products — 0.2%
Guardion Health Sciences Inc.^(a)(b)		155,339		70,679
Lifevantage Corp.^(a)(b)		31,429		323,719
Mannatech Inc.		3,634		39,066
Natural Alternatives International Inc.^(a)(b)		11,715		73,804
Natural Health Trends Corp.		16,965		55,815
Nature’s Sunshine Products Inc.^(a)		19,696		160,128
United-Guardian Inc.		8,182		118,230
Veru Inc.^(a)(b)		111,466		364,494

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Personal Products (continued)
Youngevity International Inc.^(a)(b)		19,357	$	13,550

				1,219,485

Pharmaceuticals — 4.2%
AcelRx Pharmaceuticals Inc.^(a)(b)		179,442		211,742
Acer Therapeutics Inc.^(a)(b)		14,332		28,521
Aclaris Therapeutics Inc.^(a)		70,825		73,658
Adamis Pharmaceuticals Corp.^(a)(b)		133,832		47,818
Adolor Corp. Escrow^(a)(c)		77,501		1
Aerpio Pharmaceuticals Inc.^(a)(b)		52,127		28,659
Agile Therapeutics Inc.^(a)		82,599		153,634
ANI Pharmaceuticals Inc.^(a)(b)		20,310		827,429
Aquestive Therapeutics Inc.^(a)(b)		34,319		75,159
Arvinas Holding Co. LLC^(a)(b)		47,299		1,906,150
Assertio Therapeutics Inc.^(a)		139,889		90,928
Avenue Therapeutics Inc.^(a)(b)		14,530		129,898
Axsome Therapeutics Inc.^(a)(b)		60,157		3,539,036
Aytu BioScience Inc.^(a)(b)		28,894		43,341
Baudax Bio Inc.^(a)		17,884		44,352
BioDelivery Sciences International Inc.^(a)		186,766		707,843
Cara Therapeutics Inc.^(a)(b)		88,619		1,170,657
cbdMD Inc.^(a)		73,674		68,517
Cerecor Inc.^(a)(b)		51,838		128,558
Chiasma Inc.^(a)(b)		78,504		286,540
Clearside Biomedical Inc.^(a)(b)		86,625		147,263
CNS Pharmaceuticals Inc.^(a)(b)		4,820		10,122
Cocrystal Pharma Inc.^(a)(b)		32,554		23,113
Collegium Pharmaceutical Inc.^(a)(b)		71,578		1,168,869
CorMedix Inc.^(a)(b)		57,047		204,799
Cumberland Pharmaceuticals Inc.^(a)(b)		20,670		75,032
Cymabay Therapeutics Inc.^(a)(b)		156,048		230,951
Eloxx Pharmaceuticals Inc.^(a)(b)		57,226		112,163
Eton Pharmaceuticals Inc.^(a)(b)		27,611		113,205
Evofem Biosciences Inc.^(a)(b)		31,679		168,532
Evolus Inc.^(a)(b)		41,794		173,445
Eyenovia Inc.^(a)(b)		23,595		54,269
EyePoint Pharmaceuticals Inc.^(a)(b)		142,862		145,719
Fulcrum Therapeutics Inc.^(a)(b)		28,258		337,401
Harrow Health Inc.^(a)		50,075		191,286
Innovate Biopharmaceuticals Inc.^(a)		75,685		38,085
Kala Pharmaceuticals Inc.^(a)(b)		52,875		464,771
Kaleido Biosciences Inc.^(a)(b)		26,041		160,152
KemPharm Inc.^(a)		55,819		12,559
Lannett Co. Inc.^(a)		72,126		501,276
Lipocine Inc.^(a)(b)		72,453		34,777
Liquidia Technologies Inc.^(a)(b)		30,330		142,854
Marinus Pharmaceuticals Inc.^(a)(b)		182,603		370,684
Menlo Therapeutics Inc.^(a)(b)		103,064		276,212
Neos Therapeutics Inc.^(a)(b)		112,427		84,320
Novan Inc.^(a)(b)		41,369		19,650
Novus Therapeutics Inc.^(a)(b)		22,143		8,636
Ocular Therapeutix Inc.^(a)(b)		94,734		468,933
Odonate Therapeutics Inc.^(a)		21,437		591,876
Omeros Corp.^(a)(b)		113,853		1,522,215
Omthera Pharmaceuticals Inc., NVS^(c)		60,904		16,444
OncoMed Pharmaceuticals Inc., NVS^(c)		60,904		609
Opiant Pharmaceuticals Inc.^(a)(b)		8,695		83,298
Optinose Inc.^(a)(b)		61,183		274,712
Oramed Pharmaceuticals Inc.^(a)(b)		33,461		101,721
Osmotica Pharmaceuticals PLC^(a)(b)		20,122		63,988
Otonomy Inc.^(a)		62,440		123,007


Security	Shares		Value

Pharmaceuticals (continued)
Paratek Pharmaceuticals Inc.^(a)(b)		73,010	$	229,981
Phathom Pharmaceuticals Inc.^(a)(b)		23,957		618,570
PLx Pharma Inc.^(a)		5,586		12,569
ProPhase Labs Inc.		19,393		36,653
Provention Bio Inc.^(a)(b)		70,974		652,961
Recro Pharma Inc.^(a)		43,635		356,498
resTORbio Inc.^(a)(b)		34,260		35,288
Revance Therapeutics Inc.^(a)(b)		115,404		1,707,979
Satsuma Pharmaceuticals Inc.^(a)(b)		10,117		217,718
scPharmaceuticals Inc.^(a)		15,964		118,134
SCYNEXIS Inc.^(a)(b)		211,671		165,315
Seelos Therapeutics Inc.^(a)		60,186		29,521
Senestech Inc.^(a)(b)		2,633		5,450
SIGA Technologies Inc.^(a)(b)		123,257		589,168
Strongbridge Biopharma PLC^(a)		79,309		149,894
Tetraphase Pharmaceuticals Inc.^(a)		12,976		16,609
TFF Pharmaceuticals Inc.^(a)(b)		11,071		42,513
Verrica Pharmaceuticals Inc.^(a)(b)		29,394		321,276
VIVUS Inc.^(a)(b)		23,357		84,085
Xeris Pharmaceuticals Inc.^(a)(b)		79,602		155,224
Zynerba Pharmaceuticals Inc.^(a)(b)		51,055		195,541

				23,820,336

Professional Services — 1.4%
Acacia Research Corp.^(a)		105,366		233,913
Barrett Business Services Inc.		16,105		638,402
BG Staffing Inc.		22,129		165,525
CRA International Inc.		16,784		560,753
DLH Holdings Corp.^(a)		13,761		57,934
Forrester Research Inc.^(a)		24,228		708,184
Franklin Covey Co.^(a)		21,722		337,560
GP Strategies Corp.^(a)(b)		28,658		186,564
Heidrick & Struggles International Inc.		42,183		949,117
Hill International Inc.^(a)(b)		100,629		145,912
Hudson Global Inc.^(a)(b)		7,705		65,878
InnerWorkings Inc.^(a)(b)		100,950		118,111
Kelly Services Inc., Class A, NVS		73,701		935,266
Kforce Inc.		45,152		1,154,537
Mastech Digital Inc.^(a)		8,812		113,146
Mistras Group Inc.^(a)		39,447		168,044
RCM Technologies Inc.^(a)		22,522		28,153
Red Violet Inc.^(a)(b)		14,225		256,050
Resources Connection Inc.		68,439		750,776
Volt Information Sciences Inc.^(a)(b)		33,303		26,975
Willdan Group Inc.^(a)(b)		22,326		477,107

				8,077,907

Real Estate Management & Development — 0.6%
Altisource Asset Management Corp.^(a)		1,040		14,352
Altisource Portfolio Solutions SA^(a)		12,231		93,812
American Realty Investors Inc.^(a)		5,730		52,945
Consolidated-Tomoka Land Co.		11,504		521,476
eXp World Holdings Inc.^(a)(b)		47,191		399,236
Forestar Group Inc.^(a)(b)		37,815		391,385
FRP Holdings Inc.^(a)		15,922		684,646
Griffin Industrial Realty Inc.		2,909		95,124
Maui Land & Pineapple Co. Inc.^(a)(b)		15,509		169,514
Rafael Holdings Inc., Class B^(a)(b)		24,658		315,869
Tejon Ranch Co.^(a)(b)		48,062		675,752
Trinity Place Holdings Inc.^(a)(b)		41,201		74,986

				3,489,097

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Road & Rail — 0.2%
Covenant Transportation Group Inc., Class A^(a)		28,647	$	248,369
Daseke Inc.^(a)(b)		103,317		144,644
PAM Transportation Services Inc.^(a)(b)		4,338		133,394
Roadrunner Transportation Systems Inc.^(a)(b)		8,160		20,808
U.S. Xpress Enterprises Inc., Class A^(a)(b)		48,673		162,568
Universal Logistics Holdings Inc.		17,765		232,721
USA Truck Inc.^(a)(b)		18,425		58,407
YRC Worldwide Inc.^(a)(b)		73,944		124,226

				1,125,137

Semiconductors & Semiconductor Equipment — 3.1%
Adesto Technologies Corp.^(a)		60,405		675,932
Aehr Test Systems^(a)		45,793		76,474
Alpha & Omega Semiconductor Ltd.^(a)(b)		45,679		292,802
Amtech Systems Inc.^(a)(b)		28,945		125,911
Atomera Inc.^(a)(b)		33,136		115,976
Axcelis Technologies Inc.^(a)(b)		71,770		1,314,109
AXT Inc.^(a)(b)		87,953		282,329
CEVA Inc.^(a)		48,431		1,207,385
Cohu Inc.		89,581		1,109,013
CyberOptics Corp.^(a)		15,866		271,467
DSP Group Inc.^(a)		50,518		676,941
Everspin Technologies Inc.^(a)(b)		28,281		74,096
GSI Technology Inc.^(a)		37,933		264,014
Ichor Holdings Ltd.^(a)(b)		49,492		948,267
Impinj Inc.^(a)(b)		37,315		623,534
inTEST Corp.^(a)(b)		22,837		60,746
Kopin Corp.^(a)(b)		162,924		56,893
NeoPhotonics Corp.^(a)		87,577		634,933
NVE Corp.		10,617		552,402
Onto Innovation Inc.^(a)		116,748		3,463,913
PDF Solutions Inc.^(a)(b)		62,965		737,950
Photronics Inc.^(a)		143,245		1,469,694
Pixelworks Inc.^(a)(b)		85,288		243,071
SiTime Corp.^(a)		10,957		238,534
SMART Global Holdings Inc.^(a)		30,306		736,436
Ultra Clean Holdings Inc.^(a)(b)		88,487		1,221,121

				17,473,943

Software — 3.1%
A10 Networks Inc.^(a)		112,422		698,141
Agilysys Inc.^(a)		46,294		773,110
American Software Inc./GA, Class A		66,259		941,540
Asure Software Inc.^(a)(b)		27,761		165,456
AudioEye Inc.^(a)(b)		19,917		84,846
Aware Inc./MA^(a)(b)		34,693		98,875
ChannelAdvisor Corp.^(a)(b)		59,758		433,843
CYREN Ltd.^(a)		15,940		12,593
Digimarc Corp.^(a)(b)		26,329		343,593
Digital Turbine Inc.^(a)(b)		175,277		755,444
Domo Inc., Class B^(a)(b)		39,996		397,560
eGain Corp.^(a)(b)		46,270		339,159
Finjan Holdings Inc.^(a)(b)		45,652		45,652
GlobalSCAPE Inc.		27,203		193,685
GSE Systems Inc.^(a)(b)		42,746		39,848
GTY Technology Holdings Inc.^(a)(b)		89,830		406,032
Ideanomics Inc.^(a)(b)		226,316		303,263
Intelligent Systems Corp.^(a)(b)		15,396		523,310
Inuvo Inc.^(a)		92,654		21,903
Issuer Direct Corp.^(a)		5,062		45,052
Majesco^(a)(b)		17,518		95,648


Security	Shares		Value

Software (continued)
Mind CTI Ltd.		45,433	$	79,053
Mitek Systems Inc.^(a)(b)		78,542		618,911
MobileIron Inc.^(a)(b)		220,879		839,340
Model N Inc.^(a)		74,482		1,654,245
NetSol Technologies Inc.^(a)		23,613		59,033
OneSpan Inc.^(a)		73,117		1,327,074
Pareteum Corp.^(a)(b)		299,057		123,211
Park City Group Inc.^(a)(b)		28,562		108,536
Phunware Inc.^(a)(b)		72,648		49,037
QAD Inc., Class A		25,635		1,023,606
Qumu Corp.^(a)(b)		25,242		41,902
RealNetworks Inc.^(a)		55,959		40,850
Rimini Street Inc.^(a)(b)		47,709		195,130
Riot Blockchain Inc.^(a)(b)		53,109		44,240
Rosetta Stone Inc.^(a)		46,429		650,935
Seachange International Inc.^(a)(b)		70,330		261,628
SharpSpring Inc.^(a)(b)		24,475		148,318
ShotSpotter Inc.^(a)(b)		18,110		497,663
Smith Micro Software Inc.^(a)(b)		55,764		234,766
Support.com Inc.		46,676		50,877
Synacor Inc.^(a)(b)		63,274		64,539
Synchronoss Technologies Inc.^(a)(b)		87,980		268,339
Telaria Inc.^(a)(b)		101,194		607,164
Telenav Inc.^(a)(b)		75,245		325,058
Veritone Inc.^(a)(b)		37,057		86,343
VirnetX Holding Corp.^(a)(b)		137,819		753,870
Zix Corp.^(a)		118,722		511,692

				17,383,913

Specialty Retail — 1.5%
America’s Car-Mart Inc./TX^(a)(b)		13,834		779,546
Ascena Retail Group Inc.^(a)(b)		17,568		24,420
Barnes & Noble Education Inc.^(a)(b)		94,059		127,920
Big 5 Sporting Goods Corp.		45,737		48,939
Blink Charging Co.^(a)(b)		41,932		72,542
Boot Barn Holdings Inc.^(a)(b)		63,170		816,788
Build-A-Bear Workshop Inc.^(a)(b)		33,254		47,553
Cato Corp. (The), Class A		49,433		527,450
Chico’s FAS Inc.		258,554		333,535
Citi Trends Inc.		24,838		221,058
Conn’s Inc.^(a)		40,919		171,041
Container Store Group Inc. (The)^(a)(b)		35,758		84,389
Destination XL Group Inc.^(a)(b)		85,188		29,833
Express Inc.^(a)(b)		138,263		206,012
GNC Holdings Inc., Class A^(a)(b)		187,555		87,795
Haverty Furniture Companies Inc.		39,829		473,567
Hibbett Sports Inc.^(a)(b)		38,228		418,023
J. Jill Inc.^(a)		41,087		22,696
Kirkland’s Inc.^(a)(b)		29,226		22,636
Lazydays Holdings Inc.^(a)(b)		13,673		28,166
LMP Automotive Holdings Inc.^(a)(b)		6,945		38,545
Lumber Liquidators Holdings Inc.^(a)(b)		63,466		297,656
MarineMax Inc.^(a)(b)		47,130		491,095
OneWater Marine Inc., Class A^(a)(b)		10,402		79,575
RTW RetailWinds Inc.^(a)		71,086		14,935
Shoe Carnival Inc.		20,284		421,299
Sportsman’s Warehouse Holdings Inc.^(a)		95,239		586,672
Stage Stores Inc.^(a)(b)		59,074		21,479
Tailored Brands Inc.^(b)		109,912		191,247
Tandy Leather Factory Inc.^(a)(b)		11,712		42,163
Tilly’s Inc., Class A		49,510		204,476

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Winmark Corp.		5,479	$	698,134
Zumiez Inc.^(a)		44,499		770,723

				8,401,908

Technology Hardware, Storage & Peripherals — 0.2%
AstroNova Inc.		15,668		121,584
Avid Technology Inc.^(a)(b)		64,236		432,308
Boxlight Corp., Class A^(a)(b)		15,598		8,891
Eastman Kodak Co.^(a)		34,319		59,372
Immersion Corp.^(a)(b)		69,452		372,263
Intevac Inc.^(a)		54,791		224,095
One Stop Systems Inc.^(a)(b)		20,810		29,966
Sonim Technologies Inc.^(a)(b)		21,152		14,806
TransAct Technologies Inc.		16,871		52,469

				1,315,754

Textiles, Apparel & Luxury Goods — 0.4%
Centric Brands Inc.^(a)(b)		32,120		35,974
Charles & Colvard Ltd.^(a)(b)		58,619		39,656
Crown Crafts Inc.		19,717		94,247
Culp Inc.		24,758		182,219
Delta Apparel Inc.^(a)(b)		14,396		149,862
Jerash Holdings U.S. Inc.		2,927		13,084
Lakeland Industries Inc.^(a)(b)		16,831		260,881
Movado Group Inc.		35,291		417,140
Rocky Brands Inc.		15,575		301,376
Sequential Brands Group Inc.^(a)(b)		97,178		19,922
Superior Group of Companies Inc.		24,030		203,294
Unifi Inc.^(a)		32,185		371,737
Vera Bradley Inc.^(a)		44,154		181,914
Vince Holding Corp.^(a)		7,396		28,696

				2,300,002

Thrifts & Mortgage Finance — 2.7%
Bridgewater Bancshares Inc.^(a)		49,594		483,541
Central Federal Corp.^(a)		9,880		103,938
ESSA Bancorp. Inc.		21,915		299,140
Federal Agricultural Mortgage Corp., Class C, NVS		20,124		1,119,498
First Defiance Financial Corp.		82,593		1,217,421
First Seacoast Bancorp.^(a)(b)		5,489		33,154
FS Bancorp. Inc.		9,387		337,932
Hingham Institution for Savings		3,206		464,838
Home Bancorp. Inc.		18,748		457,826
HomeStreet Inc.		50,376		1,119,858
Impac Mortgage Holdings Inc.^(a)		24,299		59,047
Luther Burbank Corp.		48,851		447,964
Merchants Bancorp./IN		20,012		303,782
Meridian Bancorp. Inc.		110,401		1,238,699
MMA Capital Holdings Inc.^(a)(b)		11,084		274,107
Mr Cooper Group Inc.^(a)(b)		169,623		1,243,337
Ocwen Financial Corp.^(a)(b)		308,304		154,152
OP Bancorp.		33,591		250,589
PB Bancorp Inc.		14,827		220,922
PCSB Financial Corp.^(b)		34,396		481,200
Pioneer Bancorp. Inc./NY^(a)(b)		25,682		266,579
Ponce de Leon Federal Bank^(a)(b)		18,512		190,118
Provident Bancorp Inc.^(a)		23,138		199,450
Provident Financial Holdings Inc.		15,633		238,091
Prudential Bancorp. Inc.		22,134		327,583
Randolph Bancorp Inc.^(a)(b)		12,210		117,094
Rhinebeck Bancorp Inc.^(a)		12,568		80,058
Riverview Bancorp. Inc.		53,148		266,271


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
Sachem Capital Corp.		42,786	$	74,448
Security National Financial Corp., Class A^(a)(b)		23,193		99,034
Severn Bancorp. Inc.^(b)		24,286		155,916
Southern Missouri Bancorp. Inc.		19,053		462,416
Sterling Bancorp Inc./MI^(b)		38,731		166,543
Territorial Bancorp. Inc.		17,278		424,175
Timberland Bancorp. Inc./WA		18,342		335,475
Velocity Financial Inc.^(a)(b)		16,006		120,525
Waterstone Financial Inc.		56,118		815,956
Western New England Bancorp Inc.		55,260		373,558

				15,024,235

Tobacco — 0.1%
22nd Century Group Inc.^(a)(b)		268,992		201,744
Pyxus International Inc.^(a)(b)		18,972		59,003
Turning Point Brands Inc.^(b)		18,422		388,888

				649,635

Trading Companies & Distributors — 0.6%
BlueLinx Holdings Inc.^(a)(b)		20,361		100,787
CAI International Inc.^(a)		36,762		519,815
DXP Enterprises Inc./TX^(a)		36,251		444,437
EVI Industries Inc.^(a)(b)		10,400		164,112
Foundation Building Materials Inc.^(a)		45,753		470,798
General Finance Corp.^(a)		26,524		165,510
Houston Wire & Cable Co.^(a)		35,226		77,145
Huttig Building Products Inc.^(a)(b)		55,698		38,989
India Globalization Capital Inc.^(a)		58,010		28,425
Lawson Products Inc./DE^(a)		9,733		260,066
Titan Machinery Inc.^(a)		42,486		369,203
Transcat Inc.^(a)(b)		15,895		421,217
Veritiv Corp.^(a)		29,037		228,231
Willis Lease Finance Corp.^(a)		6,373		169,522

				3,458,257

Water Utilities — 1.0%
Artesian Resources Corp., Class A, NVS		18,394		687,568
Cadiz Inc.^(a)		29,685		346,424
Consolidated Water Co. Ltd.		33,133		543,381
Global Water Resources Inc.		28,982		295,326
Middlesex Water Co.^(b)		37,888		2,277,826
Pure Cycle Corp.^(a)(b)		43,504		485,070
York Water Co. (The)		29,110		1,265,121

				5,900,716

Wireless Telecommunication Services — 0.3%
Boingo Wireless Inc.^(a)(b)		96,815		1,027,207
Gogo Inc.^(a)(b)		121,453		257,481
Spok Holdings Inc.		39,728		424,692

				1,709,380


Total Common Stocks — 99.7% (Cost: $838,835,545)				560,823,763


Short-Term Investments

Money Market Funds — 21.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(e)(f)(g)		119,533,914		119,510,007

Schedule of Investments (continued)

March 31, 2020

iShares^® Micro-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(e)(f)		1,160,000	$	1,160,000

				120,670,007


Total Short-Term Investments — 21.5% (Cost: $120,678,843)				120,670,007


Total Investments in Securities — 121.2% (Cost: $959,514,388)				681,493,770

Other Assets, Less Liabilities — (21.2)%				(119,287,505	)


Net Assets — 100.0%			$	562,206,265

^(a)	Non-income producing security.

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

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Rounds to less than $1.

^(e)	Affiliate of the Fund.

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

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


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

Schedule of Investments

March 31, 2020

iShares^® Russell 1000 Pure U.S. Revenue ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.1%
Huntington Ingalls Industries Inc.		24	$	4,373
L3Harris Technologies Inc.		131		23,596
TransDigm Group Inc.		31		9,926

				37,895

Air Freight & Logistics — 0.2%
CH Robinson Worldwide Inc.		80		5,296


Airlines — 0.4%
Alaska Air Group Inc.		71		2,021
Southwest Airlines Co.		275		9,793

				11,814

Automobiles — 0.0%
Thor Industries Inc.		32		1,350


Banks — 9.0%
Associated Banc-Corp.		88		1,126
Bank of America Corp.		4,333		91,990
Bank of Hawaii Corp.		23		1,271
Bank OZK		66		1,102
BankUnited Inc.		53		991
BOK Financial Corp.		18		766
CIT Group Inc.		51		880
Citizens Financial Group Inc.		242		4,552
Comerica Inc.		80		2,347
Commerce Bancshares Inc.		55		2,769
Cullen/Frost Bankers Inc.		30		1,674
East West Bancorp. Inc.		78		2,008
Fifth Third Bancorp.		384		5,702
First Citizens BancShares Inc./NC, Class A		4		1,331
First Hawaiian Inc.		72		1,190
First Horizon National Corp.		155		1,249
First Republic Bank/CA		93		7,652
FNB Corp.		185		1,363
Huntington Bancshares Inc./OH		564		4,630
KeyCorp		543		5,631
M&T Bank Corp.		72		7,447
PacWest Bancorp.		59		1,057
People’s United Financial Inc.		239		2,641
Pinnacle Financial Partners Inc.		38		1,427
PNC Financial Services Group Inc. (The)		235		22,494
Prosperity Bancshares Inc.		50		2,413
Regions Financial Corp.		522		4,682
Signature Bank/New York NY		30		2,412
Sterling Bancorp./DE		101		1,055
SVB Financial Group^(a)		28		4,230
Synovus Financial Corp.		80		1,405
TCF Financial Corp.		83		1,881
Texas Capital Bancshares Inc.^(a)		27		599
Truist Financial Corp.		727		22,421
U.S. Bancorp.		755		26,010
Umpqua Holdings Corp.		120		1,308
Webster Financial Corp.		49		1,122
Wells Fargo & Co.		2,019		57,945
Western Alliance Bancorp.		54		1,653
Wintrust Financial Corp.		32		1,052
Zions Bancorp. N.A.		88		2,355

				307,833


Security	Shares		Value

Beverages — 0.4%
Constellation Brands Inc., Class A		94	$	13,476


Biotechnology — 2.2%
Agios Pharmaceuticals Inc.^(a)		36		1,277
Alnylam Pharmaceuticals Inc.^(a)		63		6,857
Bluebird Bio Inc.^(a)		31		1,425
Exact Sciences Corp.^(a)		83		4,814
Incyte Corp.^(a)		105		7,689
Ionis Pharmaceuticals Inc.^(a)		74		3,499
Moderna Inc.^(a)		132		3,953
Neurocrine Biosciences Inc.^(a)		54		4,674
Regeneron Pharmaceuticals Inc.^(a)		49		23,926
Sage Therapeutics Inc.^(a)		30		862
Sarepta Therapeutics Inc.^(a)		41		4,011
Seattle Genetics Inc.^(a)		70		8,077
United Therapeutics Corp.^(a)		26		2,465

				73,529

Building Products — 0.1%
Armstrong World Industries Inc.		29		2,303


Capital Markets — 2.8%
Ameriprise Financial Inc.		69		7,071
Cboe Global Markets Inc.		60		5,355
Charles Schwab Corp. (The)		623		20,945
CME Group Inc.		192		33,199
E*TRADE Financial Corp.		125		4,290
Eaton Vance Corp., NVS		62		1,999
LPL Financial Holdings Inc.		44		2,395
Raymond James Financial Inc.		68		4,298
T Rowe Price Group Inc.		125		12,206
TD Ameritrade Holding Corp.		148		5,130

				96,888

Chemicals — 0.1%
Scotts Miracle-Gro Co. (The)		24		2,458


Commercial Services & Supplies — 1.4%
ADT Inc.		81		350
Cintas Corp.		50		8,661
IAA Inc.^(a)		78		2,337
KAR Auction Services Inc.		72		864
Republic Services Inc.		126		9,457
Rollins Inc.		84		3,036
Waste Management Inc.		252		23,325

				48,030

Communications Equipment — 0.0%
EchoStar Corp., Class A^(a)		26		831


Construction Materials — 0.5%
Eagle Materials Inc.		24		1,402
Martin Marietta Materials Inc.		37		7,002
Vulcan Materials Co.		78		8,429

				16,833

Consumer Finance — 1.0%
Ally Financial Inc.		212		3,059
Capital One Financial Corp.		246		12,403
Credit Acceptance Corp.^(a)		6		1,534
Discover Financial Services		172		6,135
LendingTree Inc.^(a)		4		734
Navient Corp.		101		766
OneMain Holdings Inc.		33		631

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Pure U.S. Revenue ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Consumer Finance (continued)
Santander Consumer USA Holdings Inc.		52	$	723
SLM Corp.		229		1,647
Synchrony Financial		332		5,342

				32,974

Containers & Packaging — 0.3%
Packaging Corp. of America		56		4,863
Westrock Co.		151		4,267

				9,130

Distributors — 0.1%
Pool Corp.		23		4,526


Diversified Consumer Services — 0.4%
frontdoor Inc.^(a)		50		1,739
Grand Canyon Education Inc.^(a)		28		2,136
H&R Block Inc.		112		1,577
Service Corp. International		107		4,185
ServiceMaster Global Holdings Inc.^(a)		78		2,106

				11,743

Diversified Financial Services — 4.1%
Berkshire Hathaway Inc., Class B^(a)		722		132,003
Equitable Holdings Inc.		225		3,251
Jefferies Financial Group Inc.		144		1,969
Voya Financial Inc.		73		2,960

				140,183

Diversified Telecommunication Services — 7.8%
AT&T Inc.		4,347		126,715
CenturyLink Inc.		645		6,102
Verizon Communications Inc.		2,462		132,283

				265,100

Electric Utilities — 8.5%
Alliant Energy Corp.		141		6,809
American Electric Power Co. Inc.		294		23,514
Avangrid Inc.		33		1,445
Duke Energy Corp.		432		34,940
Edison International		207		11,342
Entergy Corp.		118		11,089
Evergy Inc.		135		7,432
Eversource Energy		192		15,016
Exelon Corp.		577		21,239
FirstEnergy Corp.		321		12,863
Hawaiian Electric Industries Inc.		64		2,755
IDACORP Inc.		30		2,634
NextEra Energy Inc.		291		70,020
NRG Energy Inc.		150		4,089
OGE Energy Corp.		119		3,657
PG&E Corp.^(a)		314		2,823
Pinnacle West Capital Corp.		66		5,002
Southern Co. (The)		617		33,404
Xcel Energy Inc.		311		18,753

				288,826

Electrical Equipment — 0.2%
Acuity Brands Inc.		23		1,970
Hubbell Inc.		32		3,672

				5,642

Electronic Equipment, Instruments & Components — 0.2%
CDW Corp./DE		84		7,835


Energy Equipment & Services — 0.0%
Helmerich & Payne Inc.		59		923


Security	Shares		Value

Energy Equipment & Services (continued)
Patterson-UTI Energy Inc.		108	$	254

				1,177

Entertainment — 0.2%
Liberty Media Corp.-Liberty Formula One, Class A^(a)		14		361
Madison Square Garden Co. (The), Class A^(a)		11		2,326
Roku Inc.^(a)		51		4,461

				7,148

Equity Real Estate Investment Trusts (REITs) — 7.9%
Alexandria Real Estate Equities Inc.		66		9,046
American Campus Communities Inc.		76		2,109
American Homes 4 Rent, Class A		142		3,294
Apartment Investment & Management Co., Class A		81		2,847
Apple Hospitality REIT Inc.		116		1,064
AvalonBay Communities Inc.		75		11,038
Boston Properties Inc.		84		7,747
Brandywine Realty Trust		102		1,073
Brixmor Property Group Inc.		160		1,520
Brookfield Property REIT Inc., Class A		40		340
Camden Property Trust		51		4,041
Colony Capital Inc.		237		415
Columbia Property Trust Inc.		64		800
CoreSite Realty Corp.		21		2,434
Corporate Office Properties Trust		55		1,217
Cousins Properties Inc.		78		2,283
Crown Castle International Corp.		225		32,490
CubeSmart		106		2,840
CyrusOne Inc.		62		3,828
Douglas Emmett Inc.		91		2,776
Duke Realty Corp.		201		6,508
Empire State Realty Trust Inc., Class A		84		753
EPR Properties		42		1,017
Equity Commonwealth		69		2,188
Equity LifeStyle Properties Inc.		94		5,403
Equity Residential		198		12,219
Essex Property Trust Inc.		36		7,929
Extra Space Storage Inc.		68		6,512
Federal Realty Investment Trust		40		2,984
Gaming and Leisure Properties Inc.		109		3,020
Healthcare Trust of America Inc., Class A		117		2,841
Healthpeak Properties Inc.		276		6,583
Highwoods Properties Inc.		56		1,983
Host Hotels & Resorts Inc.		396		4,372
Hudson Pacific Properties Inc.		82		2,079
Invitation Homes Inc.		289		6,176
JBG SMITH Properties		66		2,101
Kilroy Realty Corp.		56		3,567
Kimco Realty Corp.		225		2,176
Lamar Advertising Co., Class A		47		2,410
Life Storage Inc.		25		2,364
Macerich Co. (The)		79		445
Mid-America Apartment Communities Inc.		62		6,388
National Retail Properties Inc.		92		2,961
Omega Healthcare Investors Inc.		123		3,264
Outfront Media Inc.		79		1,065
Paramount Group Inc.		109		959
Park Hotels & Resorts Inc.		131		1,036
Public Storage		80		15,889
Realty Income Corp.		177		8,825
Regency Centers Corp.		90		3,459

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Pure U.S. Revenue ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Retail Properties of America Inc., Class A		115	$	595
Service Properties Trust		87		470
Simon Property Group Inc.		167		9,162
SITE Centers Corp.		69		359
SL Green Realty Corp.		45		1,939
Spirit Realty Capital Inc.		54		1,412
STORE Capital Corp.		114		2,066
Sun Communities Inc.		49		6,118
Taubman Centers Inc.		32		1,340
UDR Inc.		157		5,737
Ventas Inc.		202		5,414
VEREIT Inc.		571		2,792
VICI Properties Inc.		250		4,160
Vornado Realty Trust		95		3,440
Weingarten Realty Investors		60		866

				268,548

Food & Staples Retailing — 0.6%
Casey’s General Stores Inc.		22		2,915
Kroger Co. (The)		471		14,186
Sprouts Farmers Market Inc.^(a)		64		1,190
U.S. Foods Holding Corp.^(a)		128		2,267

				20,558

Food Products — 1.2%
Beyond Meat Inc.^(a)		28		1,865
Conagra Brands Inc.		286		8,391
Flowers Foods Inc.		115		2,360
Hormel Foods Corp.		165		7,695
JM Smucker Co. (The)		65		7,215
Post Holdings Inc.^(a)		40		3,319
Tyson Foods Inc., Class A		169		9,780

				40,625

Gas Utilities — 0.3%
Atmos Energy Corp.		72		7,144
National Fuel Gas Co.		51		1,902

				9,046

Health Care Equipment & Supplies — 0.1%
ABIOMED Inc.^(a)		26		3,774


Health Care Providers & Services — 10.2%
AmerisourceBergen Corp.		88		7,788
Anthem Inc.		151		34,283
Cardinal Health Inc.		173		8,294
Centene Corp.^(a)		344		20,437
Chemed Corp.		9		3,899
Cigna Corp.^(a)		217		38,448
CVS Health Corp.		770		45,684
DaVita Inc.^(a)		52		3,955
Encompass Health Corp.		59		3,778
Humana Inc.		79		24,808
MEDNAX Inc.^(a)		45		524
Molina Healthcare Inc.^(a)		36		5,029
Premier Inc., Class A^(a)		36		1,178
Quest Diagnostics Inc.		80		6,424
UnitedHealth Group Inc.		562		140,151
Universal Health Services Inc., Class B		47		4,657

				349,337

Health Care Technology — 0.3%
Cerner Corp.		185		11,653


Security	Shares		Value

Hotels, Restaurants & Leisure — 0.9%
Caesars Entertainment Corp.^(a)		339	$	2,292
Chipotle Mexican Grill Inc.^(a)		15		9,816
Choice Hotels International Inc.		21		1,286
Darden Restaurants Inc.		73		3,976
Domino’s Pizza Inc.		24		7,778
Extended Stay America Inc.		110		804
Hilton Grand Vacations Inc.^(a)		47		741
Planet Fitness Inc., Class A^(a)		50		2,435
Six Flags Entertainment Corp.		43		539
Wendy’s Co. (The)		112		1,666

				31,333

Household Durables — 0.7%
DR Horton Inc.		201		6,834
Lennar Corp., Class A		167		6,380
Lennar Corp., Class B		9		260
NVR Inc.^(a)		2		5,138
PulteGroup Inc.		147		3,281
Toll Brothers Inc.		72		1,386

				23,279

Independent Power and Renewable Electricity Producers — 0.1%
Vistra Energy Corp.		251		4,006


Insurance — 3.4%
Allstate Corp. (The)		172		15,778
American Financial Group Inc./OH		40		2,803
American National Insurance Co.		5		412
Athene Holding Ltd., Class A^(a)		75		1,862
Brighthouse Financial Inc.^(a)		60		1,450
Brown & Brown Inc.		127		4,600
Cincinnati Financial Corp.		83		6,262
CNA Financial Corp.		18		559
Erie Indemnity Co., Class A, NVS		14		2,075
Fidelity National Financial Inc.		143		3,558
First American Financial Corp.		59		2,502
Globe Life Inc.		59		4,246
Hanover Insurance Group Inc. (The)		21		1,902
Hartford Financial Services Group Inc. (The)		195		6,872
Kemper Corp.		34		2,529
Lincoln National Corp.		108		2,843
Loews Corp.		134		4,667
Mercury General Corp.		15		611
Old Republic International Corp.		151		2,303
Principal Financial Group Inc.		150		4,701
Progressive Corp. (The)		317		23,407
Travelers Companies Inc. (The)		138		13,710
Unum Group		103		1,546
White Mountains Insurance Group Ltd.		1		910
WR Berkley Corp.		78		4,069

				116,177

Interactive Media & Services — 0.1%
Zillow Group Inc., Class A^(a)		31		1,053
Zillow Group Inc., Class C, NVS^(a)		67		2,413

				3,466

Internet & Direct Marketing Retail — 0.1%
Grubhub Inc.^(a)		54		2,200
Wayfair Inc., Class A^(a)		37		1,977

				4,177

IT Services — 2.6%
Black Knight Inc.^(a)		85		4,935

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Pure U.S. Revenue ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Booz Allen Hamilton Holding Corp.		82	$	5,628
Broadridge Financial Solutions Inc.		68		6,448
CACI International Inc., Class A^(a)		15		3,167
Fiserv Inc.^(a)		334		31,727
Jack Henry & Associates Inc.		45		6,986
Leidos Holdings Inc.		79		7,240
Paychex Inc.		190		11,955
Square Inc., Class A^(a)		204		10,686
Switch Inc., Class A		32		462

				89,234

Machinery — 0.0%
Trinity Industries Inc.		57		916


Marine — 0.0%
Kirby Corp.^(a)		33		1,434


Media — 4.8%
Altice USA Inc., Class A^(a)		179		3,990
Cable One Inc.		3		4,932
Charter Communications Inc., Class A^(a)		89		38,832
Comcast Corp., Class A		2,676		92,001
DISH Network Corp., Class A^(a)		154		3,078
Fox Corp., Class A, NVS		208		4,915
Fox Corp., Class B^(a)		96		2,196
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		50		1,585
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		92		2,909
New York Times Co. (The), Class A		86		2,641
Nexstar Media Group Inc., Class A		26		1,501
Sinclair Broadcast Group Inc., Class A		33		531
Sirius XM Holdings Inc.		813		4,016

				163,127

Metals & Mining — 0.4%
Nucor Corp.		180		6,484
Reliance Steel & Aluminum Co.		39		3,416
Steel Dynamics Inc.		126		2,840

				12,740

Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		297		3,142
Annaly Capital Management Inc.		787		3,990
Chimera Investment Corp.		101		919
MFA Financial Inc.		241		374
New Residential Investment Corp.		228		1,142
Starwood Property Trust Inc.		149		1,527
Two Harbors Investment Corp.		135		515

				11,609

Multi-Utilities — 3.6%
Ameren Corp.		145		10,560
CenterPoint Energy Inc.		297		4,589
CMS Energy Corp.		168		9,870
Consolidated Edison Inc.		198		15,444
Dominion Energy Inc.		489		35,301
DTE Energy Co.		110		10,447
MDU Resources Group Inc.		117		2,516
NiSource Inc.		219		5,468
Public Service Enterprise Group Inc.		299		13,428
WEC Energy Group Inc.		187		16,480

				124,103

Multiline Retail — 1.9%
Dollar General Corp.		151		22,802


Security	Shares		Value

Multiline Retail (continued)
Dollar Tree Inc.^(a)		140	$	10,286
Kohl’s Corp.		98		1,430
Macy’s Inc.		168		825
Nordstrom Inc.		59		905
Ollie’s Bargain Outlet Holdings Inc.^(a)		29		1,344
Target Corp.		290		26,961

				64,553

Oil, Gas & Consumable Fuels — 2.4%
Antero Midstream Corp.		123		258
Antero Resources Corp.^(a)		83		59
Cabot Oil & Gas Corp.		245		4,212
Centennial Resource Development Inc./DE, Class A^(a)		139		37
Chesapeake Energy Corp.^(a)		747		129
Cimarex Energy Co.		54		909
Concho Resources Inc.		118		5,056
Continental Resources Inc./OK		45		344
Devon Energy Corp.		239		1,651
Diamondback Energy Inc.		98		2,568
EOG Resources Inc.		347		12,464
EQT Corp.		160		1,131
Equitrans Midstream Corp.		124		624
HollyFrontier Corp.		92		2,255
Kinder Morgan Inc./DE		1,160		16,147
Marathon Petroleum Corp.		386		9,117
ONEOK Inc.		243		5,300
Parsley Energy Inc., Class A		176		1,008
PBF Energy Inc., Class A		72		510
Pioneer Natural Resources Co.		99		6,945
Range Resources Corp.		77		176
Targa Resources Corp.		134		926
Williams Companies Inc. (The)		719		10,174
WPX Energy Inc.^(a)		226		689

				82,689

Pharmaceuticals — 0.2%
Horizon Therapeutics PLC^(a)		108		3,199
Jazz Pharmaceuticals PLC^(a)		33		3,291
Nektar Therapeutics^(a)		100		1,785

				8,275

Professional Services — 0.4%
CoreLogic Inc.		45		1,374
CoStar Group Inc.^(a)		22		12,919

				14,293

Real Estate Management & Development — 0.0%
Howard Hughes Corp. (The)^(a)		22		1,111


Road & Rail — 3.7%
AMERCO		5		1,453
CSX Corp.		437		25,040
JB Hunt Transport Services Inc.		52		4,796
Knight-Swift Transportation Holdings Inc.		75		2,460
Landstar System Inc.		24		2,301
Lyft Inc., Class A^(a)		112		3,007
Norfolk Southern Corp.		153		22,338
Old Dominion Freight Line Inc.		57		7,482
Schneider National Inc., Class B		37		716
Union Pacific Corp.		412		58,108

				127,701

Software — 2.0%
2U Inc.^(a)		36		764

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 1000 Pure U.S. Revenue ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Avalara Inc.^(a)		27	$	2,014
Intuit Inc.		148		34,040
Paycom Software Inc.^(a)		29		5,858
Paylocity Holding Corp.^(a)		20		1,766
RealPage Inc.^(a)		47		2,488
RingCentral Inc., Class A^(a)		44		9,324
Trade Desk Inc. (The), Class A^(a)		23		4,439
Tyler Technologies Inc.^(a)		23		6,821

				67,514

Specialty Retail — 7.3%
Advance Auto Parts Inc.		39		3,640
AutoNation Inc.^(a)		30		842
AutoZone Inc.^(a)		14		11,844
Best Buy Co. Inc.		131		7,467
Burlington Stores Inc.^(a)		39		6,180
CarMax Inc.^(a)		99		5,329
Carvana Co.^(a)		27		1,487
Dick’s Sporting Goods Inc.		36		765
Five Below Inc.^(a)		33		2,323
Floor & Decor Holdings Inc., Class A^(a)		41		1,316
Home Depot Inc. (The)		648		120,988
L Brands Inc.		138		1,595
Lowe’s Companies Inc.		458		39,411
O’Reilly Automotive Inc.^(a)		44		13,246
Ross Stores Inc.		210		18,264
Tractor Supply Co.		71		6,003
Ulta Beauty Inc.^(a)		33		5,798
Urban Outfitters Inc.^(a)		34		484
Williams-Sonoma Inc.		48		2,041

				249,023

Textiles, Apparel & Luxury Goods — 0.1%
Carter’s Inc.		27		1,775


Thrifts & Mortgage Finance — 0.1%
MGIC Investment Corp.		176		1,118
New York Community Bancorp. Inc.		243		2,282
TFS Financial Corp.		27		412

				3,812

Tobacco — 1.3%
Altria Group Inc.		1,109		42,885


Trading Companies & Distributors — 0.7%
Fastenal Co.		339		10,594
HD Supply Holdings Inc.^(a)		96		2,729
MSC Industrial Direct Co. Inc., Class A		27		1,484
United Rentals Inc.^(a)		44		4,528
Watsco Inc.		19		3,002

				22,337

Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		40		1,010


Water Utilities — 0.5%
American Water Works Co. Inc.		107		12,793
Essential Utilities Inc.		128		5,209

				18,002

Wireless Telecommunication Services — 0.6%
Sprint Corp.^(a)		336		2,896
Telephone & Data Systems Inc.		59		989
T-Mobile U.S. Inc.^(a)		186		15,567


Security	Shares		Value

Wireless Telecommunication Services (continued)
U.S. Cellular Corp.^(a)		12	$	351

				19,803


Total Common Stocks — 99.8% (Cost: $4,372,337)				3,406,745


Total Investments in Securities — 99.8% (Cost: $4,372,337)				3,406,745

Other Assets, Less Liabilities — 0.2%				5,283


Net Assets — 100.0%			$	3,412,028

^(a)	Non-income producing security.


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

Schedule of Investments

March 31, 2020

iShares^® Russell 2500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
BWX Technologies Inc.		1,131	$	55,091
Curtiss-Wright Corp.		506		46,760
Hexcel Corp.		998		37,116
Huntington Ingalls Industries Inc		477		86,914
Spirit AeroSystems Holdings Inc., Class A		1,227		29,362
Teledyne Technologies Inc.^(a)		427		126,934

				382,177

Air Freight & Logistics — 0.1%
XPO Logistics Inc.^(a)		1,094		53,332


Airlines — 0.2%
Alaska Air Group Inc.		1,447		41,196
Copa Holdings SA, Class A, NVS		378		17,120
JetBlue Airways Corp.^(a)(b)		3,456		30,931

				89,247

Auto Components — 0.3%
BorgWarner Inc.		2,472		60,243
Gentex Corp.		3,022		66,967
Goodyear Tire & Rubber Co. (The)		2,784		16,203

				143,413

Automobiles — 0.1%
Harley-Davidson Inc.		1,834		34,718
Thor Industries Inc.		634		26,742

				61,460

Banks — 2.2%
Associated Banc-Corp.		1,851		23,674
Bank of Hawaii Corp.		473		26,129
Bank OZK		1,454		24,282
BankUnited Inc.		1,125		21,037
BOK Financial Corp.		382		16,258
CIT Group Inc.		1,133		19,556
Commerce Bancshares Inc.		1,207		60,772
Cullen/Frost Bankers Inc.		676		37,714
East West Bancorp. Inc.		1,734		44,633
First Citizens BancShares Inc./NC, Class A		82		27,295
First Hawaiian Inc.		1,574		26,018
First Horizon National Corp.		3,672		29,596
FNB Corp.		3,875		28,559
PacWest BanCorp.		1,406		25,196
People’s United Financial Inc.		5,256		58,079
Pinnacle Financial Partners Inc.^(b)		898		33,711
Popular Inc.		1,128		39,480
Prosperity Bancshares Inc.		1,090		52,592
Signature Bank/New York NY		630		50,646
Sterling Bancorp./DE		2,346		24,516
Synovus Financial Corp.		1,679		29,483
TCF Financial Corp.		1,816		41,151
Texas Capital Bancshares Inc.^(a)		603		13,369
Umpqua Holdings Corp.		2,625		28,612
Webster Financial Corp.		1,092		25,007
Western Alliance BanCorp.		1,142		34,957
Wintrust Financial Corp.		676		22,213
Zions Bancorp. N.A		1,950		52,182

				916,717

Biotechnology — 2.2%
Agios Pharmaceuticals Inc.^(a)		723		25,652
Alkermes PLC^(a)		1,879		27,095


Security	Shares		Value

Biotechnology (continued)
Alnylam Pharmaceuticals Inc.^(a)		1,281	$	139,437
Bluebird Bio Inc.^(a)		665		30,563
Exact Sciences Corp.^(a)		1,669		96,802
Exelixis Inc.^(a)		3,559		61,286
Ionis Pharmaceuticals Inc.^(a)		1,527		72,197
Moderna Inc.^(a)(b)		2,673		80,056
Neurocrine Biosciences Inc.^(a)		1,095		94,772
Sage Therapeutics Inc.^(a)		617		17,720
Sarepta Therapeutics Inc.^(a)		846		82,756
Seattle Genetics Inc.^(a)		1,392		160,609
United Therapeutics Corp.^(a)		517		49,025

				937,970

Building Products — 1.0%
Allegion PLC		1,109		102,050
AO Smith Corp.		1,619		61,214
Armstrong World Industries Inc.		590		46,858
Fortune Brands Home & Security Inc.^(b)		1,666		72,055
Lennox International Inc.		421		76,534
Owens Corning		1,278		49,599
Resideo Technologies Inc.^(a)(b)		1,475		7,139

				415,449

Capital Markets — 1.5%
Affiliated Managers Group Inc.		591		34,952
BGC Partners Inc., Class A		3,526		8,885
Eaton Vance Corp., NVS		1,275		41,119
Evercore Inc., Class A		467		21,510
FactSet Research Systems Inc.		447		116,524
Janus Henderson Group PLC		1,884		28,863
Lazard Ltd., Class A		1,223		28,814
Legg Mason Inc.		1,027		50,169
LPL Financial Holdings Inc.		958		52,144
MarketAxess Holdings Inc.		442		146,996
Morningstar Inc.		234		27,202
SEI Investments Co.		1,524		70,622
Virtu Financial Inc., Class A		615		12,804

				640,604

Chemicals — 1.4%
Albemarle Corp.		1,254		70,688
Ashland Global Holdings Inc.		659		32,996
Axalta Coating Systems Ltd.^(a)		2,479		42,812
Cabot Corp.		680		17,762
CF Industries Holdings Inc.		2,609		70,965
Chemours Co. (The)		1,957		17,359
Element Solutions Inc.^(a)(b)		2,644		22,104
Huntsman Corp.		2,591		37,388
NewMarket Corp.		80		30,630
Olin Corp.		1,884		21,986
RPM International Inc.		1,523		90,618
Scotts Miracle-Gro Co. (The)		474		48,538
Valvoline Inc.		2,273		29,753
Westlake Chemical Corp.^(b)		425		16,222
WR Grace & Co.		692		24,635

				574,456

Commercial Services & Supplies — 0.5%
ADT Inc.^(b)		1,326		5,728
Clean Harbors Inc.^(a)		620		31,831
IAA Inc.^(a)(b)		1,593		47,726
KAR Auction Services Inc.		1,541		18,492
Rollins Inc.		1,697		61,330

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
Stericycle Inc.^(a)		1,070	$	51,981

				217,088

Communications Equipment — 0.4%
Ciena Corp.^(a)		1,824		72,613
CommScope Holding Co. Inc.^(a)		2,291		20,871
EchoStar Corp., Class A^(a)		592		18,926
Ubiquiti Inc.		102		14,441
ViaSat Inc.^(a)(b)		692		24,857

				151,708

Construction & Engineering — 0.6%
AECOM^(a)(b)		1,799		53,700
Jacobs Engineering Group Inc.^(b)		1,530		121,283
Quanta Services Inc.^(b)		1,697		53,846
Valmont Industries Inc.		252		26,707

				255,536

Construction Materials — 0.1%
Eagle Materials Inc.		501		29,268


Consumer Finance — 0.3%
Credit Acceptance Corp.^(a)(b)		122		31,194
LendingTree Inc.^(a)(b)		94		17,239
Navient Corp.		2,331		17,669
OneMain Holdings Inc.		778		14,875
Santander Consumer USA Holdings Inc.		1,250		17,387
SLM Corp.		5,029		36,159

				134,523

Containers & Packaging — 1.4%
AptarGroup Inc.		768		76,447
Ardagh Group SA		224		2,657
Avery Dennison Corp.		995		101,361
Berry Global Group Inc.^(a)		1,579		53,228
Crown Holdings Inc.^(a)		1,552		90,078
Graphic Packaging Holding Co.		3,470		42,334
O-I Glass Inc.		1,857		13,203
Packaging Corp. of America		1,118		97,076
Sealed Air Corp.		1,853		45,787
Silgan Holdings Inc.		930		26,988
Sonoco Products Co.		1,182		54,786

				603,945

Distributors — 0.2%
Pool Corp.		458		90,121


Diversified Consumer Services — 0.8%
Bright Horizons Family Solutions Inc.^(a)		684		69,768
frontdoor Inc.^(a)		1,009		35,093
Graham Holdings Co., Class B		50		17,058
Grand Canyon Education Inc.^(a)(b)		568		43,330
H&R Block Inc.^(b)		2,344		33,004
Service Corp. International		2,117		82,796
ServiceMaster Global Holdings Inc.^(a)		1,626		43,902

				324,951

Diversified Financial Services — 0.3%
Jefferies Financial Group Inc.		3,016		41,229
Voya Financial Inc.^(b)		1,615		65,488

				106,717

Diversified Telecommunication Services — 0.2%
GCI Liberty Inc., Class A^(a)		1,172		66,769


Security	Shares		Value

Electric Utilities — 1.2%
Alliant Energy Corp.		2,869	$	138,544
Hawaiian Electric Industries Inc.		1,297		55,836
IDACORP Inc.		602		52,849
NRG Energy Inc.		3,023		82,407
OGE Energy Corp.		2,394		73,568
Pinnacle West Capital Corp.		1,344		101,862

				505,066

Electrical Equipment — 0.6%
Acuity Brands Inc.		474		40,603
GrafTech International Ltd.		683		5,546
Hubbell Inc.		650		74,581
nVent Electric PLC		1,818		30,670
Regal Beloit Corp.		491		30,908
Sensata Technologies Holding PLC^(a)(b)		1,866		53,983

				236,291

Electronic Equipment, Instruments & Components — 1.6%
Arrow Electronics Inc.^(a)		970		50,314
Avnet Inc.		1,179		29,593
Cognex Corp.		1,965		82,962
Coherent Inc.^(a)		290		30,859
Dolby Laboratories Inc., Class A		749		40,603
FLIR Systems Inc.^(b)		1,606		51,215
Jabil Inc.		1,793		44,072
Littelfuse Inc.		282		37,625
National Instruments Corp.		1,551		51,307
SYNNEX Corp.		496		36,258
Trimble Inc.^(a)		3,000		95,490
Zebra Technologies Corp., Class A^(a)		640		117,504

				667,802

Energy Equipment & Services — 0.1%
Apergy Corp.^(a)		965		5,549
Helmerich & Payne Inc.		1,277		19,985
Patterson-UTI Energy Inc.		2,266		5,325
Transocean Ltd.^(a)(b)		6,856		7,953

				38,812

Entertainment — 0.8%
Cinemark Holdings Inc.		1,275		12,992
Liberty Media Corp.-Liberty Formula One, Class A^(a)(b)		300		7,746
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		2,355		64,127
Lions Gate Entertainment Corp., Class A^(a)		609		3,703
Lions Gate Entertainment Corp., Class B, NVS^(a)		1,367		7,628
Madison Square Garden Co. (The), Class A^(a)		224		47,356
Roku Inc.^(a)(b)		1,019		89,142
World Wrestling Entertainment Inc., Class A		509		17,270
Zynga Inc., Class A^(a)		10,228		70,062

				320,026

Equity Real Estate Investment Trusts (REITs) — 6.3%
American Campus Communities Inc.		1,627		45,149
American Homes 4 Rent, Class A		3,079		71,433
Americold Realty Trust		2,295		78,122
Apartment Investment & Management Co., Class A		1,770		62,216
Apple Hospitality REIT Inc.		2,547		23,356
Brandywine Realty Trust		2,071		21,787
Brixmor Property Group Inc.		3,542		33,649
Camden Property Trust		1,119		88,670
Colony Capital Inc.		5,776		10,108
Columbia Property Trust Inc.		1,394		17,425
CoreSite Realty Corp.		449		52,039
Corporate Office Properties Trust		1,348		29,831

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Cousins Properties Inc.		1,747	$	51,135
CubeSmart		2,304		61,724
CyrusOne Inc.		1,333		82,313
Douglas Emmett Inc.		1,991		60,745
Duke Realty Corp.		4,384		141,954
Empire State Realty Trust Inc., Class A		1,796		16,092
EPR Properties		932		22,573
Equity Commonwealth		1,443		45,758
Equity LifeStyle Properties Inc.		2,069		118,926
Gaming and Leisure Properties Inc.		2,416		66,947
Healthcare Trust of America Inc., Class A		2,575		62,521
Highwoods Properties Inc.		1,219		43,177
Hudson Pacific Properties Inc.		1,806		45,800
Iron Mountain Inc.		3,415		81,277
JBG SMITH Properties		1,468		46,726
Kilroy Realty Corp.		1,245		79,307
Kimco Realty Corp.		4,948		47,847
Lamar Advertising Co., Class A		1,023		52,459
Life Storage Inc.		553		52,286
Macerich Co. (The)		1,700		9,571
Medical Properties Trust Inc.		6,121		105,832
National Retail Properties Inc.		2,040		65,668
Omega Healthcare Investors Inc.		2,704		71,764
Outfront Media Inc.		1,721		23,199
Paramount Group Inc.		2,344		20,627
Park Hotels & Resorts Inc.		2,841		22,472
Rayonier Inc.		1,545		36,385
Regency Centers Corp.		1,982		76,168
Retail Properties of America Inc., Class A		2,549		13,178
Service Properties Trust		1,950		10,530
SITE Centers Corp.		1,799		9,373
SL Green Realty Corp.		946		40,773
Spirit Realty Capital Inc.		1,191		31,145
STORE Capital Corp.		2,554		46,278
Sun Communities Inc.		1,079		134,713
Taubman Centers Inc.		702		29,400
VEREIT Inc.		12,748		62,338
VICI Properties Inc.		5,507		91,637
Weingarten Realty Investors		1,456		21,010

				2,635,413

Food & Staples Retailing — 0.4%
Casey’s General Stores Inc.		440		58,296
Grocery Outlet Holding Corp.^(a)(b)		633		21,737
Sprouts Farmers Market Inc.^(a)		1,398		25,989
U.S. Foods Holding Corp.^(a)		2,599		46,028

				152,050

Food Products — 1.1%
Beyond Meat Inc.^(a)(b)		570		37,962
Bunge Ltd.		1,644		67,453
Flowers Foods Inc.		2,323		47,668
Hain Celestial Group Inc. (The)^(a)		997		25,892
Ingredion Inc.		800		60,400
Lamb Weston Holdings Inc.		1,745		99,639
Pilgrim’s Pride Corp.^(a)		632		11,452
Post Holdings Inc.^(a)(b)		781		64,800
Seaboard Corp.		2		5,626
TreeHouse Foods Inc.^(a)		665		29,360

				450,252


Security	Shares		Value

Gas Utilities — 0.6%
Atmos Energy Corp.		1,444	$	143,288
National Fuel Gas Co.		981		36,582
UGI Corp.		2,497		66,595

				246,465

Health Care Equipment & Supplies — 2.5%
Cantel Medical Corp.		456		16,370
DexCom Inc.^(a)		1,080		290,812
Envista Holdings Corp.^(a)		1,698		25,368
Hill-Rom Holdings Inc.		798		80,279
ICU Medical Inc.^(a)		228		46,004
Insulet Corp.^(a)(b)		706		116,970
Integra LifeSciences Holdings Corp.^(a)		848		37,880
Masimo Corp.^(a)		565		100,073
Penumbra Inc.^(a)		376		60,660
Steris PLC		1,000		139,970
West Pharmaceutical Services Inc.		873		132,914

				1,047,300

Health Care Providers & Services — 0.8%
Acadia Healthcare Co. Inc.^(a)(b)		1,046		19,194
Chemed Corp.		183		79,276
Covetrus Inc.^(a)(b)		1,168		9,507
Encompass Health Corp.		1,173		75,107
Guardant Health Inc.^(a)		445		30,972
MEDNAX Inc.^(a)		979		11,396
Molina Healthcare Inc.^(a)		723		101,010
Premier Inc., Class A^(a)		740		24,213

				350,675

Health Care Technology — 0.1%
Change Healthcare Inc.^(a)(b)		2,672		26,693


Hotels, Restaurants & Leisure — 1.5%
Aramark		3,002		59,950
Caesars Entertainment Corp.^(a)		6,871		46,448
Choice Hotels International Inc.		401		24,561
Domino’s Pizza Inc.		491		159,118
Dunkin’ Brands Group Inc.		982		52,144
Extended Stay America Inc.		2,193		16,031
Hilton Grand Vacations Inc.^(a)		1,023		16,133
Hyatt Hotels Corp., Class A^(b)		432		20,693
International Game Technology PLC		1,169		6,956
Planet Fitness Inc., Class A^(a)(b)		983		47,872
Six Flags Entertainment Corp.		952		11,938
Vail Resorts Inc.		478		70,605
Wendy’s Co. (The)		2,228		33,153
Wyndham Destinations Inc.		1,074		23,306
Wyndham Hotels & Resorts Inc.		1,104		34,787

				623,695

Household Durables — 0.8%
Leggett & Platt Inc.		1,572		41,941
Newell Brands Inc.		4,548		60,397
NVR Inc.^(a)		41		105,334
PulteGroup Inc.		3,020		67,406
Tempur Sealy International Inc.^(a)		549		23,997
Toll Brothers Inc.		1,450		27,913

				326,988

Household Products — 0.1%
Energizer Holdings Inc.		752		22,748
Spectrum Brands Holdings Inc.		542		19,712

				42,460

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Independent Power and Renewable Electricity Producers — 0.2%
Vistra Energy Corp.		5,077	$	81,029


Industrial Conglomerates — 0.2%
Carlisle Companies Inc.		655		82,058


Insurance — 2.9%
Alleghany Corp.		169		93,347
American Financial Group Inc./OH		878		61,530
American National Insurance Co.		90		7,414
Assurant Inc.		725		75,465
Assured Guaranty Ltd.		1,119		28,859
Axis Capital Holdings Ltd.		982		37,954
Brighthouse Financial Inc.^(a)		1,272		30,744
Brown & Brown Inc.		2,809		101,742
Erie Indemnity Co., Class A, NVS		295		43,731
Everest Re Group Ltd.		479		92,169
First American Financial Corp.		1,197		50,765
Globe Life Inc.		1,273		91,618
Hanover Insurance Group Inc. (The)		459		41,576
Kemper Corp.		754		56,075
Mercury General Corp.		331		13,479
Old Republic International Corp.		3,365		51,316
Primerica Inc.		495		43,798
Reinsurance Group of America Inc.		747		62,853
RenaissanceRe Holdings Ltd.		521		77,796
Unum Group		2,430		36,474
White Mountains Insurance Group Ltd.^(b)		34		30,940
WR Berkley Corp.		1,716		89,524

				1,219,169

Interactive Media & Services — 0.2%
TripAdvisor Inc.		1,243		21,616
Zillow Group Inc., Class A^(a)		671		22,794
Zillow Group Inc., Class C, NVS^(a)(b)		1,503		54,138

				98,548

Internet & Direct Marketing Retail — 0.3%
Etsy Inc.^(a)		1,409		54,162
Grubhub Inc.^(a)(b)		1,084		44,151
Qurate Retail Inc., Series A^(a)		4,591		28,028

				126,341

IT Services — 2.9%
Alliance Data Systems Corp.		481		16,186
Amdocs Ltd.		1,595		87,677
Black Knight Inc.^(a)(b)		1,716		99,631
Booz Allen Hamilton Holding Corp.		1,626		111,609
CACI International Inc., Class A^(a)(b)		294		62,078
EPAM Systems Inc.^(a)		621		115,295
Euronet Worldwide Inc.^(a)		597		51,175
Genpact Ltd.		2,229		65,087
Jack Henry & Associates Inc.		918		142,510
Leidos Holdings Inc.		1,596		146,273
MongoDB Inc.^(a)		504		68,816
Okta Inc.^(a)(b)		1,250		152,825
Sabre Corp.		3,302		19,581
Switch Inc., Class A		701		10,115
WEX Inc.^(a)		515		53,843

				1,202,701

Leisure Products — 0.2%
Brunswick Corp./DE		969		34,274
Mattel Inc.^(a)		4,119		36,288


Security	Shares		Value

Leisure Products (continued)
Polaris Inc.		690	$	33,223

				103,785

Life Sciences Tools & Services — 1.5%
Adaptive Biotechnologies Corp.^(a)		799		22,196
Avantor Inc.^(a)		3,778		47,187
Bio-Rad Laboratories Inc., Class A^(a)		253		88,692
Bio-Techne Corp.		452		85,708
Bruker Corp.		1,225		43,928
Charles River Laboratories International Inc.^(a)		575		72,571
PerkinElmer Inc.^(b)		1,317		99,144
PRA Health Sciences Inc.^(a)		749		62,197
QIAGEN NV^(a)		2,642		109,907

				631,530

Machinery — 2.9%
AGCO Corp.		747		35,296
Allison Transmission Holdings Inc.		1,315		42,882
Colfax Corp.^(a)		1,118		22,136
Crane Co.		603		29,655
Donaldson Co. Inc.		1,516		58,563
Flowserve Corp.		1,566		37,412
Gates Industrial Corp. PLC^(a)(b)		567		4,184
Graco Inc.		1,968		95,901
IDEX Corp.		901		124,437
Ingersoll Rand Inc.^(a)(b)		4,105		101,804
ITT Inc.		1,052		47,719
Lincoln Electric Holdings Inc.		703		48,507
Middleby Corp. (The)^(a)		668		37,996
Nordson Corp.		682		92,118
Oshkosh Corp.		817		52,558
Pentair PLC		2,004		59,639
Snap-on Inc.		651		70,842
Timken Co. (The)		803		25,969
Toro Co. (The)		1,277		83,120
Trinity Industries Inc.		1,205		19,364
WABCO Holdings Inc.^(a)		607		81,975
Woodward Inc.		654		38,874

				1,210,951

Marine — 0.1%
Kirby Corp.^(a)		706		30,690


Media — 0.8%
AMC Networks Inc., Class A^(a)		506		12,301
Cable One Inc.		58		95,353
Interpublic Group of Companies Inc. (The)		4,620		74,798
John Wiley & Sons Inc., Class A		523		19,607
New York Times Co. (The), Class A		1,748		53,681
News Corp., Class A, NVS		4,584		41,141
News Corp., Class B		1,456		13,089
Nexstar Media Group Inc., Class A		542		31,290
Sinclair Broadcast Group Inc., Class A		741		11,915

				353,175

Metals & Mining — 0.5%
Alcoa Corp.^(a)		2,234		13,762
Reliance Steel & Aluminum Co.		776		67,970
Royal Gold Inc.		778		68,238
Steel Dynamics Inc.		2,472		55,719
U.S. Steel Corp.^(b)		2,030		12,809

				218,498

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment — 0.4%
AGNC Investment Corp.		6,448	$	68,220
Chimera Investment Corp.		2,230		20,293
MFA Financial Inc.		5,378		8,336
New Residential Investment Corp.		4,998		25,040
Starwood Property Trust Inc.		3,279		33,610
Two Harbors Investment Corp.		3,283		12,508

				168,007

Multi-Utilities — 0.1%
MDU Resources Group Inc.		2,390		51,385


Multiline Retail — 0.2%
Kohl’s Corp.		1,872		27,313
Macy’s Inc.		3,702		18,177
Nordstrom Inc.		1,301		19,957
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		630		29,194

				94,641

Oil, Gas & Consumable Fuels — 0.4%
Centennial Resource Development Inc./DE, Class A^(a)		2,334		614
Chesapeake Energy Corp.^(a)(b)		16,267		2,809
Cimarex Energy Co.		1,198		20,162
EQT Corp.		3,046		21,535
HollyFrontier Corp.		1,790		43,873
Kosmos Energy Ltd.		4,341		3,888
Murphy Oil Corp.		1,724		10,568
Parsley Energy Inc., Class A		3,577		20,496
PBF Energy Inc., Class A		1,454		10,294
Range Resources Corp.^(b)		2,484		5,664
Targa Resources Corp.		2,765		19,106
WPX Energy Inc.^(a)		4,967		15,150

				174,159

Paper & Forest Products — 0.0%
Domtar Corp.		682		14,758


Personal Products — 0.1%
Herbalife Nutrition Ltd.^(a)(b)		1,192		34,759


Pharmaceuticals — 0.8%
Catalent Inc.^(a)		1,828		94,964
Horizon Therapeutics PLC^(a)		2,218		65,697
Jazz Pharmaceuticals PLC^(a)		659		65,729
Nektar Therapeutics^(a)(b)		2,015		35,968
Perrigo Co. PLC		1,503		72,279

				334,637

Professional Services — 0.3%
CoreLogic Inc.		951		29,044
ManpowerGroup Inc.		704		37,305
Robert Half International Inc.		1,351		51,000

				117,349

Real Estate Management & Development — 0.2%
Howard Hughes Corp. (The)^(a)(b)		477		24,098
Jones Lang LaSalle Inc.		622		62,810

				86,908

Road & Rail — 0.4%
AMERCO		104		30,217
Knight-Swift Transportation Holdings Inc.^(b)		1,476		48,413
Landstar System Inc.		472		45,246
Ryder System Inc.		623		16,472
Schneider National Inc., Class B		656		12,687

				153,035


Security	Shares		Value

Semiconductors & Semiconductor Equipment — 1.5%
Cree Inc.^(a)(b)		1,293	$	45,850
Cypress Semiconductor Corp.		4,398		102,561
Entegris Inc.^(b)		1,604		71,811
First Solar Inc.^(a)		991		35,735
MKS Instruments Inc.		645		52,535
Monolithic Power Systems Inc.		504		84,400
ON Semiconductor Corp.^(a)		4,867		60,546
Teradyne Inc.		1,994		108,015
Universal Display Corp.		507		66,813

				628,266

Software — 5.2%
2U Inc.^(a)		668		14,175
Alteryx Inc., Class A^(a)(b)		545		51,868
Anaplan Inc.^(a)		1,040		31,470
Aspen Technology Inc.^(a)		818		77,767
Avalara Inc.^(a)		565		42,149
CDK Global Inc.		1,451		47,665
CERENCE Inc.^(a)(b)		440		6,776
Ceridian HCM Holding Inc.^(a)		1,108		55,478
Coupa Software Inc.^(a)		757		105,776
DocuSign Inc.^(a)		1,890		174,636
Dynatrace Inc.^(a)		1,555		37,071
Elastic NV^(a)(b)		648		36,165
Fair Isaac Corp.^(a)		340		104,615
FireEye Inc.^(a)(b)		2,391		25,297
Guidewire Software Inc.^(a)(b)		992		78,676
HubSpot Inc.^(a)		492		65,529
LogMeIn Inc.		576		47,969
Manhattan Associates Inc.^(a)		766		38,162
Medallia Inc.^(a)		809		16,212
New Relic Inc.^(a)(b)		603		27,883
Nuance Communications Inc.^(a)		3,405		57,136
Nutanix Inc., Class A^(a)		2,081		32,880
Pagerduty Inc.^(a)(b)		515		8,899
Paycom Software Inc.^(a)		591		119,388
Paylocity Holding Corp.^(a)		416		36,741
Pegasystems Inc.		455		32,410
Pluralsight Inc., Class A^(a)		744		8,169
Proofpoint Inc.^(a)(b)		668		68,530
PTC Inc.^(a)		1,242		76,023
RealPage Inc.^(a)(b)		951		50,336
RingCentral Inc., Class A^(a)		890		188,600
Smartsheet Inc., Class A^(a)		1,046		43,419
SolarWinds Corp.^(a)		548		8,587
Teradata Corp.^(a)		1,348		27,621
Trade Desk Inc. (The), Class A^(a)		470		90,710
Tyler Technologies Inc.^(a)		456		135,231
Zendesk Inc.^(a)		1,333		85,325
Zscaler Inc.^(a)(b)		830		50,514

				2,205,858

Specialty Retail — 0.9%
AutoNation Inc.^(a)(b)		646		18,127
Burlington Stores Inc.^(a)		779		123,440
Carvana Co.^(a)(b)		543		29,914
Dick’s Sporting Goods Inc.		741		15,754
Five Below Inc.^(a)		655		46,099
Floor & Decor Holdings Inc., Class A^(a)(b)		822		26,378
Foot Locker Inc.		1,245		27,452
L Brands Inc.		2,730		31,559

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 2500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Penske Automotive Group Inc.		409	$	11,452
Urban Outfitters Inc.^(a)		823		11,720
Williams-Sonoma Inc.		924		39,288

				381,183

Technology Hardware, Storage & Peripherals — 0.2%
NCR Corp.^(a)		1,528		27,045
Pure Storage Inc., Class A^(a)		2,779		34,182
Xerox Holdings Corp.^(a)		2,115		40,058

				101,285

Textiles, Apparel & Luxury Goods — 0.4%
Capri Holdings Ltd.^(a)		1,699		18,332
Carter’s Inc.		522		34,311
Columbia Sportswear Co.		354		24,699
Hanesbrands Inc.		4,306		33,888
Ralph Lauren Corp.		578		38,628
Skechers U.S.A. Inc., Class A^(a)		1,567		37,200

				187,058

Thrifts & Mortgage Finance — 0.2%
MGIC Investment Corp.		4,166		26,454
New York Community Bancorp. Inc.		5,429		50,979
TFS Financial Corp.		575		8,780

				86,213

Trading Companies & Distributors — 0.5%
Air Lease Corp.		1,268		28,074
HD Supply Holdings Inc.^(a)		1,942		55,211
MSC Industrial Direct Co. Inc., Class A		525		28,859
Univar Solutions Inc.^(a)(b)		2,032		21,783
Watsco Inc.		391		61,790
WESCO International Inc.^(a)		499		11,402

				207,119

Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		879		22,195


Water Utilities — 0.2%
Essential Utilities Inc.		2,575		104,802


Wireless Telecommunication Services — 0.1%
Telephone & Data Systems Inc.		1,206		20,212
U.S. Cellular Corp.^(a)		193		5,653

				25,865


Total Common Stocks — 58.1% (Cost: $30,482,707)				24,403,396


Investment Companies

Exchange Traded Funds — 41.6%
iShares Russell 2000 ETF^(c)		152,905		17,501,506


Total Investment Companies — 41.6% (Cost: $22,432,186)				17,501,506


Short-Term Investments

Money Market Funds — 4.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		1,878,575		1,878,199


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		34,000	$	34,000

				1,912,199


Total Short-Term Investments — 4.6% (Cost: $1,913,010)				1,912,199


Total Investments in Securities — 104.3% (Cost: $54,827,903)				43,817,101

Other Assets, Less Liabilities — (4.3)%				(1,796,343	)


Net Assets — 100.0%			$	42,020,758

^(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.


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

Schedule of Investments

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.9%
AAR Corp.		11,282	$	200,368
Aerojet Rocketdyne Holdings Inc.^(a)(b)		24,067		1,006,723
Aerovironment Inc.^(a)		7,004		426,964
Astronics Corp.^(a)		8,508		78,104
Axon Enterprise Inc.^(a)		18,620		1,317,737
Boeing Co. (The)		174,450		26,017,473
BWX Technologies Inc.^(b)		30,616		1,491,305
Cubic Corp.^(b)		10,129		418,429
Curtiss-Wright Corp.		14,164		1,308,895
Ducommun Inc.^(a)		3,182		79,073
General Dynamics Corp.		83,982		11,111,659
HEICO Corp.^(b)		14,363		1,071,624
HEICO Corp., Class A		24,879		1,589,768
Hexcel Corp.		28,143		1,046,638
Howmet Aerospace Inc.		126,201		2,026,788
Huntington Ingalls Industries Inc.		13,211		2,407,176
Kratos Defense & Security Solutions Inc.^(a)(b)		30,688		424,722
L3Harris Technologies Inc.		72,734		13,100,848
Lockheed Martin Corp.		81,493		27,622,052
Maxar Technologies Inc.^(a)		18,550		198,114
Mercury Systems Inc.^(a)		18,359		1,309,731
Moog Inc., Class A		11,063		559,013
National Presto Industries Inc.		1,359		96,231
Northrop Grumman Corp.^(b)		51,482		15,575,879
Park Aerospace Corp.		6,302		79,405
Parsons Corp.^(a)(b)		6,030		192,719
Raytheon Co.		92,421		12,121,014
Raytheon Technologies Corp., NVS		267,313		25,215,635
Spirit AeroSystems Holdings Inc., Class A		34,099		815,989
Teledyne Technologies Inc.^(a)		11,711		3,481,329
Textron Inc.^(b)		75,713		2,019,266
TransDigm Group Inc.		16,990		5,440,028
Triumph Group Inc.		17,300		116,948
Vectrus Inc.^(a)		3,112		128,868

				160,096,515

Air Freight & Logistics — 0.5%
Air Transport Services Group Inc.^(a)(b)		19,076		348,709
Atlas Air Worldwide Holdings Inc.^(a)(b)		7,867		201,946
CH Robinson Worldwide Inc.		44,874		2,970,659
Echo Global Logistics Inc.^(a)		7,939		135,598
Expeditors International of Washington Inc.		56,381		3,761,740
FedEx Corp.		79,242		9,608,885
Forward Air Corp.		8,853		448,405
Hub Group Inc., Class A^(a)		11,083		503,944
Radiant Logistics Inc.^(a)		10,147		39,269
United Parcel Service Inc., Class B		230,136		21,499,305
XPO Logistics Inc.^(a)(b)		29,777		1,451,629

				40,970,089

Airlines — 0.2%
Alaska Air Group Inc.		39,379		1,121,120
Allegiant Travel Co.		4,431		362,456
American Airlines Group Inc.		129,621		1,580,080
Copa Holdings SA, Class A, NVS		9,873		447,148
Delta Air Lines Inc.		188,989		5,391,856
Hawaiian Holdings Inc.		17,099		178,514
JetBlue Airways Corp.^(a)		96,795		866,315
Mesa Air Group Inc.^(a)		6,466		21,273
SkyWest Inc.		16,877		442,009


Security	Shares		Value

Airlines (continued)
Southwest Airlines Co.		153,076	$	5,451,036
Spirit Airlines Inc.^(a)		21,691		279,597
United Airlines Holdings Inc.^(a)		77,101		2,432,537

				18,573,941

Auto Components — 0.2%
Adient PLC^(a)		29,988		271,991
American Axle & Manufacturing Holdings Inc.^(a)(b)		36,420		131,476
Aptiv PLC		84,665		4,168,905
BorgWarner Inc.		68,675		1,673,610
Cooper Tire & Rubber Co.		16,146		263,180
Cooper-Standard Holdings Inc.^(a)		5,718		58,724
Dana Inc.		49,487		386,493
Dorman Products Inc.^(a)		8,935		493,837
Fox Factory Holding Corp.^(a)(b)		12,279		515,718
Gentex Corp.		84,152		1,864,808
Gentherm Inc.^(a)		10,175		319,495
Goodyear Tire & Rubber Co. (The)		76,302		444,078
LCI Industries		8,477		566,518
Lear Corp.		20,160		1,638,000
Modine Manufacturing Co.^(a)		14,215		46,199
Motorcar Parts of America Inc.^(a)(b)		6,511		81,908
Standard Motor Products Inc.		6,229		258,940
Stoneridge Inc.^(a)(b)		8,158		136,646
Tenneco Inc., Class A		16,641		59,908
Visteon Corp.^(a)		9,207		441,752

				13,822,186

Automobiles — 0.5%
Ford Motor Co.		1,290,513		6,233,178
General Motors Co.		409,611		8,511,716
Harley-Davidson Inc.		50,795		961,549
Tesla Inc.^(a)(b)		47,542		24,912,008
Thor Industries Inc.		17,570		741,103
Winnebago Industries Inc.		9,536		265,196

				41,624,750

Banks — 4.3%
1st Constitution Bancorp.		4,242		56,207
1st Source Corp.		4,803		155,761
ACNB Corp.		1,889		56,670
Allegiance Bancshares Inc.^(b)		6,981		168,312
Amalgamated Bank, Class A		4,588		49,642
Amerant Bancorp Inc.^(a)(b)		6,257		96,295
American National Bankshares Inc.		2,309		55,185
Ameris Bancorp.		18,824		447,258
Ames National Corp.		2,370		48,467
Arrow Financial Corp.		3,641		101,475
Associated Banc-Corp.		53,891		689,266
Atlantic Capital Bancshares Inc.^(a)		10,153		120,516
Atlantic Union Bankshares Corp.		26,795		586,811
Banc of California Inc.^(b)		14,882		119,056
BancFirst Corp.		5,689		189,842
Bancorp. Inc. (The)^(a)		19,878		120,659
BancorpSouth Bank		33,697		637,547
Bank First Corp.^(b)		1,872		104,832
Bank of America Corp.		2,634,832		55,937,483
Bank of Commerce Holdings		7,253		57,081
Bank of Hawaii Corp.		13,472		744,193
Bank of Marin Bancorp.		5,453		163,590
Bank of NT Butterfield & Son Ltd. (The)		16,899		287,790
Bank of Princeton (The)		2,732		63,519

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Bank OZK		38,876	$	649,229
BankFinancial Corp.		6,269		55,230
BankUnited Inc.		31,006		579,812
Bankwell Financial Group Inc.		1,824		27,834
Banner Corp.		9,732		321,545
Bar Harbor Bankshares		5,177		89,459
Baycom Corp.^(a)		3,848		46,368
BCB Bancorp. Inc.		5,174		55,103
Berkshire Hills Bancorp. Inc.		14,243		211,651
BOK Financial Corp.		10,870		462,627
Boston Private Financial Holdings Inc.		26,569		189,968
Bridge Bancorp. Inc.		5,316		112,487
Brookline Bancorp. Inc.		25,049		282,553
Bryn Mawr Bank Corp.		5,843		165,824
Business First Bancshares Inc.		3,497		47,210
Byline Bancorp Inc.		8,878		92,065
C&F Financial Corp.		1,010		40,299
Cadence Bancorp.		38,534		252,398
Cambridge Bancorp.		1,178		61,256
Camden National Corp.		4,482		140,959
Capital City Bank Group Inc.		3,330		67,000
Capstar Financial Holdings Inc.		7,083		70,051
Carolina Financial Corp.		8,355		216,144
Carter Bank & Trust		7,324		67,234
Cathay General Bancorp.		25,045		574,783
CBTX Inc.		5,943		105,607
CenterState Bank Corp.		37,659		648,865
Central Pacific Financial Corp.		8,258		131,302
Central Valley Community Bancorp.		2,649		34,543
Century Bancorp. Inc./MA, Class A, NVS		1,030		64,107
Chemung Financial Corp.		988		32,584
CIT Group Inc.		30,193		521,131
Citigroup Inc.		696,487		29,336,032
Citizens & Northern Corp.		3,498		69,960
Citizens Financial Group Inc.		142,507		2,680,557
City Holding Co.		4,222		280,890
Civista Bancshares Inc.		4,142		61,964
CNB Financial Corp./PA		3,712		70,045
Coastal Financial Corp./WA^(a)		5,463		57,416
Codorus Valley Bancorp. Inc.		2,849		45,869
Columbia Banking System Inc.		22,585		605,278
Comerica Inc.		45,841		1,344,975
Commerce Bancshares Inc.^(b)		33,775		1,700,571
Community Bank System Inc.^(b)		15,918		935,978
Community Bankers Trust Corp.		9,763		47,351
Community Financial Corp. (The)		1,994		44,067
Community Trust Bancorp. Inc.		4,608		146,488
ConnectOne Bancorp. Inc.		12,527		168,363
CrossFirst Bankshares Inc.^(a)(b)		15,518		130,351
Cullen/Frost Bankers Inc.		18,160		1,013,146
Customers Bancorp. Inc.^(a)		8,520		93,124
CVB Financial Corp.		42,999		862,130
Dime Community Bancshares Inc.		9,229		126,530
Eagle Bancorp. Inc.		9,973		301,284
East West Bancorp. Inc.		47,565		1,224,323
Enterprise Bancorp. Inc./MA		2,879		77,704
Enterprise Financial Services Corp.		7,274		203,017
Equity Bancshares Inc., Class A^(a)		4,492		77,487
Esquire Financial Holdings Inc.^(a)		3,433		51,667
Evans Bancorp. Inc.		1,993		48,450


Security	Shares		Value

Banks (continued)
Farmers & Merchants Bancorp. Inc./Archbold OH		3,206	$	83,067
Farmers National Banc Corp.		7,699		89,539
FB Financial Corp.		5,341		105,325
Fidelity D&D Bancorp. Inc.^(b)		1,565		79,846
Fifth Third Bancorp.		232,572		3,453,694
Financial Institutions Inc.		4,131		74,936
First Bancorp. Inc./ME		2,476		54,472
First Bancorp./Puerto Rico		66,573		354,168
First Bancorp./Southern Pines NC		9,946		229,554
First Bancshares Inc. (The)		6,071		115,774
First Bank/Hamilton NJ^(b)		6,872		47,692
First Busey Corp.		16,838		288,098
First Business Financial Services Inc.		2,334		36,177
First Capital Inc.		1,782		106,742
First Choice Bancorp.		3,187		47,837
First Citizens BancShares Inc./NC, Class A		2,350		782,245
First Commonwealth Financial Corp.		30,811		281,613
First Community Bankshares Inc.		5,359		124,865
First Financial Bancorp.		31,262		466,116
First Financial Bankshares Inc.		41,568		1,115,685
First Financial Corp./IN		3,368		113,569
First Financial Northwest Inc.		2,874		28,855
First Foundation Inc.		14,080		143,898
First Guaranty Bancshares Inc.		3,640		52,525
First Hawaiian Inc.		42,699		705,814
First Horizon National Corp.		103,720		835,983
First Internet Bancorp.		1,546		25,385
First Interstate BancSystem Inc., Class A		11,355		327,478
First Merchants Corp.		17,365		459,999
First Mid Bancshares Inc.		4,116		97,714
First Midwest Bancorp. Inc.		32,840		434,637
First Northwest Bancorp.		3,419		37,165
First of Long Island Corp. (The)		7,939		137,742
First Republic Bank/CA		56,265		4,629,484
Flushing Financial Corp.		9,091		121,456
FNB Corp.		103,978		766,318
Franklin Financial Network Inc.		4,041		82,396
Franklin Financial Services Corp.		2,882		79,111
Fulton Financial Corp.		55,116		633,283
FVCBankcorp Inc.^(a)(b)		5,030		67,000
German American Bancorp. Inc.		7,826		214,824
Glacier Bancorp. Inc.		26,834		912,490
Great Southern Bancorp. Inc.		3,152		127,341
Great Western Bancorp. Inc.		17,170		351,642
Guaranty Bancshares Inc./TX		2,824		65,347
Hancock Whitney Corp.		28,564		557,569
Hanmi Financial Corp.		8,508		92,312
Harborone Bancorp Inc.^(a)		8,111		61,076
HBT Financial Inc.		5,639		59,379
Heartland Financial USA Inc.		11,712		353,702
Heritage Commerce Corp.		19,952		153,032
Heritage Financial Corp./WA		11,256		225,120
Hilltop Holdings Inc.		24,455		369,760
Home BancShares Inc./AR		49,870		597,941
HomeTrust Bancshares Inc.		6,576		104,690
Hope Bancorp Inc.		39,885		327,855
Horizon Bancorp Inc./IN		12,815		126,356
Howard Bancorp. Inc.^(a)		4,272		46,394
Huntington Bancshares Inc./OH		330,636		2,714,522
IBERIABANK Corp.		16,611		600,654

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Independent Bank Corp.		10,744	$	691,591
Independent Bank Corp./MI		6,700		86,229
Independent Bank Group Inc.		10,833		256,525
International Bancshares Corp.		17,698		475,722
Investar Holding Corp.		3,525		45,014
Investors Bancorp. Inc.		74,045		591,620
JPMorgan Chase & Co.		1,027,902		92,542,017
KeyCorp		326,498		3,385,784
Lakeland Bancorp. Inc.		13,751		148,648
Lakeland Financial Corp.		7,296		268,128
LCNB Corp.		2,663		33,554
Level One Bancorp. Inc.		3,361		60,498
Live Oak Bancshares Inc.^(b)		7,046		87,864
M&T Bank Corp.		42,875		4,434,561
Macatawa Bank Corp.		8,132		57,900
Mackinac Financial Corp.		6,481		67,726
MainStreet Bancshares Inc.^(a)(b)		4,320		72,403
Malvern Bancorp. Inc.^(a)(b)		3,364		41,209
Mercantile Bank Corp.		5,715		120,987
Metrocity Bankshares Inc.		6,078		71,356
Metropolitan Bank Holding Corp.^(a)		1,896		51,059
Mid Penn Bancorp. Inc.		2,695		54,574
Midland States Bancorp. Inc.		7,575		132,487
MidWestOne Financial Group Inc.		4,400		92,136
MutualFirst Financial Inc.		1,749		49,322
MVB Financial Corp.		4,947		63,074
National Bank Holdings Corp., Class A		8,668		207,165
National Bankshares Inc.		2,070		66,033
NBT Bancorp. Inc.		12,320		399,045
Nicolet Bankshares Inc.^(a)		3,513		191,740
Northeast Bank^(a)		2,225		25,944
Northrim Bancorp. Inc.		2,099		56,673
Norwood Financial Corp.		2,890		77,163
Oak Valley Bancorp.		4,118		64,817
OFG Bancorp.		17,849		199,552
Ohio Valley Banc Corp.		2,319		69,524
Old National Bancorp./IN		55,607		733,456
Old Second Bancorp. Inc.		9,217		63,689
Opus Bank		5,847		101,329
Origin Bancorp Inc.		5,184		104,976
Orrstown Financial Services Inc.		2,280		31,396
Pacific Mercantile Bancorp.^(a)		4,702		22,146
Pacific Premier Bancorp. Inc.		19,737		371,845
PacWest Bancorp.		38,957		698,109
Park National Corp.		4,324		335,715
Parke Bancorp. Inc.		4,529		61,096
PCB Bancorp.		4,710		46,064
Peapack Gladstone Financial Corp.		5,803		104,164
Penns Woods Bancorp. Inc.		1,639		39,828
Peoples Bancorp. Inc./OH		6,610		146,412
Peoples Bancorp. of North Carolina Inc.		2,937		59,797
Peoples Financial Services Corp.		2,244		89,177
People’s United Financial Inc.		143,978		1,590,957
People’s Utah Bancorp.		5,419		104,966
Pinnacle Financial Partners Inc.		24,455		918,041
PNC Financial Services Group Inc. (The)		142,502		13,640,291
Popular Inc.		31,514		1,102,990
Preferred Bank/Los Angeles CA		4,238		143,329
Premier Financial Bancorp. Inc.		3,630		45,012
Prosperity Bancshares Inc.		29,641		1,430,178


Security	Shares		Value

Banks (continued)
QCR Holdings Inc.		6,032	$	163,286
RBB Bancorp.		3,267		44,823
Red River Bancshares Inc.^(b)		1,953		72,691
Regions Financial Corp.		316,450		2,838,557
Reliant Bancorp Inc.		3,439		38,758
Renasant Corp.		18,427		402,446
Republic Bancorp. Inc./KY, Class A		3,008		99,354
Republic First Bancorp. Inc.^(a)		19,190		42,026
Richmond Mutual Bancorp. Inc.^(a)		7,017		71,573
S&T Bancorp. Inc.		13,432		366,962
Sandy Spring Bancorp. Inc.		12,086		273,627
SB One Bancorp.		3,049		51,833
Seacoast Banking Corp. of Florida^(a)(b)		14,859		272,068
Select Bancorp. Inc.^(a)(b)		7,129		54,394
ServisFirst Bancshares Inc.		16,291		477,652
Shore Bancshares Inc.		3,812		41,360
Sierra Bancorp.		3,434		60,370
Signature Bank/New York NY		17,680		1,421,295
Simmons First National Corp., Class A		31,117		572,553
SmartFinancial Inc.		3,336		50,741
South Plains Financial Inc.		4,956		76,768
South State Corp.		11,337		665,822
Southern First Bancshares Inc.^(a)		1,827		51,832
Southern National Bancorp. of Virginia Inc.		8,216		80,845
Southside Bancshares Inc.		10,656		323,836
Spirit of Texas Bancshares Inc.^(a)		3,834		39,644
Sterling Bancorp./DE		66,329		693,138
Stock Yards Bancorp. Inc.		7,374		213,330
Summit Financial Group Inc.		2,533		53,725
SVB Financial Group^(a)(b)		17,232		2,603,411
Synovus Financial Corp.		45,890		805,828
TCF Financial Corp.		50,858		1,152,442
Texas Capital Bancshares Inc.^(a)		15,707		348,224
Tompkins Financial Corp.		4,318		310,032
TowneBank/Portsmouth VA		20,497		370,791
TriCo Bancshares		8,807		262,625
TriState Capital Holdings Inc.^(a)		6,714		64,924
Triumph Bancorp. Inc.^(a)		8,821		229,346
Truist Financial Corp.		440,989		13,600,101
Trustmark Corp.		19,950		464,835
U.S. Bancorp.		459,004		15,812,688
UMB Financial Corp.		14,882		690,227
Umpqua Holdings Corp.		71,344		777,650
Union Bankshares Inc./Morrisville VT		1,191		26,798
United Bankshares Inc./WV		31,673		731,013
United Community Banks Inc./GA		25,079		459,197
United Security Bancshares/Fresno CA		8,231		52,678
Unity Bancorp. Inc.		4,806		56,230
Univest Financial Corp.		8,713		142,196
Valley National Bancorp.		124,279		908,480
Veritex Holdings Inc.		17,841		249,239
Washington Trust Bancorp. Inc.		4,352		159,109
Webster Financial Corp.		30,499		698,427
Wells Fargo & Co.		1,227,903		35,240,816
WesBanco Inc.		20,362		482,579
West Bancorp. Inc.		4,513		73,788
Westamerica Bancorp.		7,808		458,954
Western Alliance Bancorp.		31,977		978,816
Wintrust Financial Corp.		19,119		628,250

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Zions Bancorp. N.A.		53,373	$	1,428,261

				352,266,836

Beverages — 1.6%
Boston Beer Co. Inc. (The), Class A, NVS^(a)(b)		2,749		1,010,422
Brown-Forman Corp., Class A^(b)		14,423		741,054
Brown-Forman Corp., Class B, NVS		57,270		3,179,058
Celsius Holdings Inc.^(a)		17,562		73,936
Coca-Cola Co. (The)		1,263,538		55,911,556
Coca-Cola Consolidated Inc.		1,639		341,781
Constellation Brands Inc., Class A		51,986		7,452,713
Craft Brew Alliance Inc.^(a)(b)		3,106		46,279
Keurig Dr Pepper Inc.		78,306		1,900,487
MGP Ingredients Inc.^(b)		4,631		124,528
Molson Coors Beverage Co., Class B		56,426		2,201,178
Monster Beverage Corp.^(a)		125,713		7,072,613
National Beverage Corp.^(a)		4,124		175,889
New Age Beverages Corp.^(a)(b)		23,374		32,490
PepsiCo Inc.		461,684		55,448,248

				135,712,232

Biotechnology — 3.0%
AbbVie Inc.		487,400		37,135,006
Abeona Therapeutics Inc.^(a)		7,648		16,061
ACADIA Pharmaceuticals Inc.^(a)		36,693		1,550,279
Acceleron Pharma Inc.^(a)		15,127		1,359,464
Acorda Therapeutics Inc.^(a)(b)		13,447		12,541
Adamas Pharmaceuticals Inc.^(a)(b)		6,739		19,476
ADMA Biologics Inc.^(a)		18,356		52,865
Aduro Biotech Inc.^(a)		23,180		63,513
Adverum Biotechnologies Inc.^(a)(b)		17,317		169,187
Aeglea BioTherapeutics Inc.^(a)		8,494		39,582
Affimed NV^(a)		33,168		52,405
Agenus Inc.^(a)		26,917		65,947
AgeX Therapeutics Inc.^(a)(b)		2,319		2,157
Agios Pharmaceuticals Inc.^(a)(b)		19,686		698,459
Aimmune Therapeutics Inc.^(a)(b)		13,807		199,097
Akcea Therapeutics Inc.^(a)(b)		4,719		67,482
Akebia Therapeutics Inc.^(a)		42,692		323,605
Albireo Pharma Inc.^(a)(b)		2,879		47,129
Aldeyra Therapeutics Inc.^(a)		11,857		29,287
Alector Inc.^(a)(b)		12,883		310,867
Alexion Pharmaceuticals Inc.^(a)		70,346		6,316,367
Alkermes PLC^(a)		51,255		739,097
Allakos Inc.^(a)(b)		6,027		268,141
Allogene Therapeutics Inc.^(a)(b)		12,529		243,564
Alnylam Pharmaceuticals Inc.^(a)		35,283		3,840,555
AMAG Pharmaceuticals Inc.^(a)(b)		10,668		65,928
Amgen Inc.		194,359		39,402,400
Amicus Therapeutics Inc.^(a)(b)		85,052		785,880
AnaptysBio Inc.^(a)		8,786		124,146
Anavex Life Sciences Corp.^(a)		23,272		73,307
Anika Therapeutics Inc.^(a)		4,887		141,283
Apellis Pharmaceuticals Inc.^(a)(b)		18,289		489,962
Applied Therapeutics Inc.^(a)(b)		2,191		71,624
Aprea Therapeutics Inc.^(a)(b)		3,168		110,120
Arcus Biosciences Inc.^(a)		13,021		180,731
Arcutis Biotherapeutics Inc.^(a)		3,946		117,591
Ardelyx Inc.^(a)		21,434		121,852
Arena Pharmaceuticals Inc.^(a)(b)		16,802		705,684
Arrowhead Pharmaceuticals Inc.^(a)		33,577		966,010


Security	Shares		Value

Biotechnology (continued)
Assembly Biosciences Inc.^(a)		7,342	$	108,882
Atara Biotherapeutics Inc.^(a)(b)		19,342		164,600
Athenex Inc.^(a)(b)		19,141		148,151
Athersys Inc.^(a)(b)		23,525		70,575
Atreca Inc., Class A^(a)(b)		3,963		65,588
Avid Bioservices Inc.^(a)(b)		13,752		70,273
Avrobio Inc.^(a)		6,663		103,676
Beam Therapeutics Inc.^(a)		4,960		89,280
Beyondspring Inc.^(a)		4,381		56,121
BioCryst Pharmaceuticals Inc.^(a)(b)		38,417		76,834
Biogen Inc.^(a)		57,218		18,102,631
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		15,270		519,638
BioMarin Pharmaceutical Inc.^(a)		59,275		5,008,738
BioSpecifics Technologies Corp.^(a)(b)		2,361		133,562
Bioxcel Therapeutics Inc.^(a)(b)		3,051		68,190
Black Diamond Therapeutics Inc.^(a)		4,147		103,468
Bluebird Bio Inc.^(a)(b)		17,895		822,454
Blueprint Medicines Corp.^(a)(b)		17,497		1,023,225
Bridgebio Pharma Inc.^(a)(b)		24,566		712,414
Calithera Biosciences Inc.^(a)(b)		9,647		42,833
Calyxt Inc.^(a)		3,118		10,383
CareDx Inc.^(a)(b)		13,289		290,099
CASI Pharmaceuticals Inc.^(a)(b)		16,036		32,713
Castle Biosciences Inc.^(a)		3,248		96,823
Catalyst Pharmaceuticals Inc.^(a)(b)		29,532		113,698
Celcuity Inc.^(a)		4,436		28,834
Cellular Biomedicine Group Inc.^(a)(b)		5,078		80,334
CEL-SCI Corp.^(a)(b)		12,686		146,396
ChemoCentryx Inc.^(a)		13,237		531,863
Chimerix Inc.^(a)		13,731		19,773
Clovis Oncology Inc.^(a)(b)		16,914		107,573
Coherus Biosciences Inc.^(a)(b)		20,000		324,400
Concert Pharmaceuticals Inc.^(a)(b)		4,730		41,813
Constellation Pharmaceuticals Inc.^(a)		4,649		146,118
Corbus Pharmaceuticals Holdings Inc.^(a)(b)		13,950		73,098
Cortexyme Inc.^(a)(b)		3,685		168,073
Crinetics Pharmaceuticals Inc.^(a)(b)		3,053		44,879
Cue Biopharma Inc.^(a)		5,315		75,420
Cyclerion Therapeutics Inc.^(a)(b)		4,878		12,927
Cytokinetics Inc.^(a)(b)		21,176		249,665
CytomX Therapeutics Inc.^(a)		12,282		94,203
Deciphera Pharmaceuticals Inc.^(a)(b)		6,921		284,938
Denali Therapeutics Inc.^(a)(b)		19,187		335,964
Dicerna Pharmaceuticals Inc.^(a)		15,547		285,598
Dynavax Technologies Corp.^(a)(b)		20,075		70,865
Eagle Pharmaceuticals Inc./DE^(a)(b)		3,924		180,504
Editas Medicine Inc.^(a)(b)		15,727		311,866
Eidos Therapeutics Inc.^(a)(b)		2,911		142,610
Eiger BioPharmaceuticals Inc.^(a)		8,884		60,411
Emergent BioSolutions Inc.^(a)		15,508		897,293
Enanta Pharmaceuticals Inc.^(a)		5,784		297,471
Epizyme Inc.^(a)(b)		25,411		394,125
Esperion Therapeutics Inc.^(a)		7,395		233,164
Evelo Biosciences Inc.^(a)(b)		6,779		25,455
Exact Sciences Corp.^(a)		45,544		2,641,552
Exelixis Inc.^(a)		100,215		1,725,702
Fate Therapeutics Inc.^(a)(b)		19,141		425,122
FibroGen Inc.^(a)(b)		24,513		851,827
Five Prime Therapeutics Inc.^(a)(b)		8,871		20,137
Flexion Therapeutics Inc.^(a)(b)		9,109		71,688

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Forty Seven Inc.^(a)(b)		8,305	$	792,463
G1 Therapeutics Inc.^(a)(b)		10,935		120,504
Galectin Therapeutics Inc.^(a)(b)		25,198		49,388
Geron Corp.^(a)(b)		59,332		70,605
Gilead Sciences Inc.		420,379		31,427,534
Global Blood Therapeutics Inc.^(a)(b)		19,488		995,642
GlycoMimetics Inc.^(a)		10,696		24,387
Gossamer Bio Inc.^(a)		13,975		141,846
Gritstone Oncology Inc.^(a)(b)		9,479		55,168
Halozyme Therapeutics Inc.^(a)(b)		46,260		832,217
Heron Therapeutics Inc.^(a)(b)		27,395		321,617
Homology Medicines Inc.^(a)(b)		9,686		150,520
IGM Biosciences Inc.^(a)(b)		1,616		90,738
ImmunoGen Inc.^(a)(b)		40,795		139,111
Immunomedics Inc.^(a)(b)		59,913		807,627
Incyte Corp.^(a)		59,464		4,354,549
Inovio Pharmaceuticals Inc.^(a)(b)		31,831		236,823
Insmed Inc.^(a)		29,013		465,078
Intellia Therapeutics Inc.^(a)(b)		10,507		128,501
Intercept Pharmaceuticals Inc.^(a)(b)		8,169		514,320
Invitae Corp.^(a)(b)		28,947		395,705
Ionis Pharmaceuticals Inc.^(a)(b)		42,216		1,995,972
Iovance Biotherapeutics Inc.^(a)		38,149		1,141,990
Ironwood Pharmaceuticals Inc.^(a)		48,727		491,655
Jounce Therapeutics Inc.^(a)(b)		5,728		27,208
Kadmon Holdings Inc.^(a)		56,667		237,435
KalVista Pharmaceuticals Inc.^(a)		4,578		35,022
Karuna Therapeutics Inc.^(a)(b)		3,442		247,824
Karyopharm Therapeutics Inc.^(a)(b)		18,076		347,240
Kezar Life Sciences Inc.^(a)		6,665		29,059
Kindred Biosciences Inc.^(a)(b)		10,183		40,732
Kiniksa Pharmaceuticals Ltd., Class A^(a)(b)		3,476		53,808
Kodiak Sciences Inc.^(a)		8,684		414,227
Krystal Biotech Inc.^(a)(b)		2,838		122,715
Kura Oncology Inc.^(a)(b)		12,961		128,962
La Jolla Pharmaceutical Co.^(a)(b)		6,165		25,893
Lexicon Pharmaceuticals Inc.^(a)(b)		11,268		21,973
Ligand Pharmaceuticals Inc.^(a)(b)		5,652		411,013
Lineage Cell Therapeutics Inc.^(a)(b)		36,366		30,115
MacroGenics Inc.^(a)(b)		14,575		84,827
Madrigal Pharmaceuticals Inc.^(a)(b)		3,298		220,174
Magenta Therapeutics Inc.^(a)(b)		5,286		33,196
MannKind Corp.^(a)(b)		47,719		49,151
Marker Therapeutics Inc.^(a)(b)		13,065		24,824
MediciNova Inc.^(a)		9,149		34,034
MEI Pharma Inc.^(a)(b)		45,728		73,622
MeiraGTx Holdings PLC^(a)(b)		5,247		70,520
Mersana Therapeutics Inc.^(a)(b)		19,015		110,857
Minerva Neurosciences Inc.^(a)(b)		14,906		89,734
Mirati Therapeutics Inc.^(a)(b)		10,215		785,227
Moderna Inc.^(a)		73,447		2,199,738
Molecular Templates Inc.^(a)(b)		9,462		125,750
Momenta Pharmaceuticals Inc.^(a)		37,297		1,014,478
Morphic Holding Inc.^(a)		6,064		89,020
Mustang Bio Inc.^(a)		13,354		35,789
Myriad Genetics Inc.^(a)		21,943		314,004
Natera Inc.^(a)(b)		21,084		629,568
Neon Therapeutics Inc.^(a)(b)		11,025		29,106
Neurocrine Biosciences Inc.^(a)(b)		30,459		2,636,226
NextCure Inc.^(a)(b)		4,569		169,373


Security	Shares		Value

Biotechnology (continued)
Novavax Inc.^(a)(b)		12,551	$	170,443
Oncternal Therapeutics Inc.^(b)(c)		684		1,402
OPKO Health Inc.^(a)(b)		147,450		197,583
Palatin Technologies Inc.^(a)(b)		99,672		42,221
PDL BioPharma Inc.^(a)(b)		26,561		74,902
Pfenex Inc.^(a)		10,496		92,575
Pieris Pharmaceuticals Inc.^(a)(b)		17,624		40,183
PolarityTE Inc.^(a)		2,829		3,055
Portola Pharmaceuticals Inc.^(a)(b)		24,348		173,601
PRECIGEN Inc.^(a)(b)		25,187		85,636
Precision BioSciences Inc.^(a)(b)		11,683		70,448
Prevail Therapeutics Inc.^(a)		7,003		85,367
Principia Biopharma Inc.^(a)		5,975		354,796
Progenics Pharmaceuticals Inc.^(a)(b)		24,777		94,153
Protagonist Therapeutics Inc.^(a)		8,768		61,902
Prothena Corp. PLC^(a)		12,067		129,117
PTC Therapeutics Inc.^(a)		19,296		860,795
Puma Biotechnology Inc.^(a)(b)		9,282		78,340
Ra Pharmaceuticals Inc.^(a)		12,271		589,131
Radius Health Inc.^(a)(b)		15,912		206,856
Regeneron Pharmaceuticals Inc.^(a)		26,925		13,147,208
REGENXBIO Inc.^(a)		11,174		361,814
Replimune Group Inc.^(a)		5,144		51,286
Retrophin Inc.^(a)(b)		14,781		215,655
REVOLUTION Medicines Inc.^(a)		4,623		101,290
Rhythm Pharmaceuticals Inc.^(a)(b)		10,724		163,219
Rigel Pharmaceuticals Inc.^(a)(b)		53,029		82,725
Rocket Pharmaceuticals Inc.^(a)(b)		11,435		159,518
Rubius Therapeutics Inc.^(a)(b)		11,043		49,141
Sage Therapeutics Inc.^(a)(b)		16,394		470,836
Sangamo Therapeutics Inc.^(a)(b)		40,773		259,724
Sarepta Therapeutics Inc.^(a)(b)		22,939		2,243,893
Savara Inc.^(a)(b)		7,971		16,899
Scholar Rock Holding Corp.^(a)(b)		5,759		69,741
Seattle Genetics Inc.^(a)(b)		38,563		4,449,399
Seres Therapeutics Inc.^(a)(b)		5,332		19,035
Solid Biosciences Inc.^(a)(b)		3,435		8,210
Sorrento Therapeutics Inc.^(a)(b)		47,148		86,752
Spectrum Pharmaceuticals Inc.^(a)		31,548		73,507
SpringWorks Therapeutics Inc.^(a)		3,389		91,503
Stemline Therapeutics Inc.^(a)(b)		15,024		72,716
Stoke Therapeutics Inc.^(a)		4,034		92,379
Syndax Pharmaceuticals Inc.^(a)(b)		9,594		105,246
Synlogic Inc.^(a)(b)		9,190		15,807
Syros Pharmaceuticals Inc.^(a)(b)		14,506		86,021
TCR2 Therapeutics Inc.^(a)(b)		5,727		44,327
TG Therapeutics Inc.^(a)(b)		29,916		294,373
Tocagen Inc.^(a)(b)		5,395		6,582
Translate Bio Inc.^(a)(b)		9,263		92,352
Turning Point Therapeutics Inc.^(a)(b)		8,999		401,895
Twist Bioscience Corp.^(a)(b)		6,868		210,023
Tyme Technologies Inc.^(a)(b)		32,807		36,088
Ultragenyx Pharmaceutical Inc.^(a)(b)		18,789		834,795
United Therapeutics Corp.^(a)		14,391		1,364,627
UNITY Biotechnology Inc.^(a)		7,839		45,466
UroGen Pharma Ltd.^(a)		6,047		107,878
Vanda Pharmaceuticals Inc.^(a)		17,959		186,055
VBI Vaccines Inc.^(a)		83,251		79,088
Veracyte Inc.^(a)(b)		15,060		366,109
Vericel Corp.^(a)(b)		16,394		150,333

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Biotechnology (continued)
Vertex Pharmaceuticals Inc.^(a)		85,510	$	20,347,105
Viela Bio Inc.^(a)(b)		2,885		109,630
Viking Therapeutics Inc.^(a)(b)		24,547		114,880
Vir Biotechnology Inc.^(a)(b)		2,353		80,637
Voyager Therapeutics Inc.^(a)(b)		7,105		65,011
X4 Pharmaceuticals Inc.^(a)(b)		898		8,980
XBiotech Inc.^(a)		6,176		65,589
Xencor Inc.^(a)		14,727		440,043
Y-mAbs Therapeutics Inc.^(a)		8,676		226,444
ZIOPHARM Oncology Inc.^(a)		54,484		133,486

				244,869,391

Building Products — 0.4%
AAON Inc.		12,826		619,752
Advanced Drainage Systems Inc.		15,174		446,723
Allegion PLC		30,215		2,780,384
American Woodmark Corp.^(a)		5,716		260,478
AO Smith Corp.		44,491		1,682,205
Apogee Enterprises Inc.		8,573		178,490
Armstrong Flooring Inc.^(a)		5,837		8,347
Armstrong World Industries Inc.		15,896		1,262,460
Builders FirstSource Inc.^(a)(b)		39,105		478,254
Caesarstone Ltd.		7,422		78,451
Cornerstone Building Brands Inc.^(a)		13,745		62,677
CSW Industrials Inc.^(b)		4,458		289,101
Fortune Brands Home & Security Inc.		46,619		2,016,272
Gibraltar Industries Inc.^(a)		9,848		422,676
Griffon Corp.		13,745		173,874
Insteel Industries Inc.^(b)		5,236		69,377
JELD-WEN Holding Inc.^(a)		21,291		207,162
Johnson Controls International PLC		251,746		6,787,072
Lennox International Inc.		11,407		2,073,679
Masco Corp.		91,639		3,167,960
Masonite International Corp.^(a)(b)		8,678		411,771
Owens Corning		35,138		1,363,706
Patrick Industries Inc.		7,038		198,190
PGT Innovations Inc.^(a)		17,878		149,996
Quanex Building Products Corp.		10,963		110,507
Resideo Technologies Inc.^(a)		39,983		193,518
Simpson Manufacturing Co. Inc.		15,238		944,451
Trane Technologies PLC		77,994		6,441,525
Trex Co. Inc.^(a)(b)		19,652		1,574,911
Universal Forest Products Inc.		19,757		734,763

				35,188,732

Capital Markets — 2.5%
Affiliated Managers Group Inc.		15,941		942,751
Ameriprise Financial Inc.		41,463		4,249,128
Ares Management Corp., Class A		23,817		736,660
Artisan Partners Asset Management Inc., Class A		15,128		325,101
Assetmark Financial Holdings Inc.^(a)		4,489		91,531
Associated Capital Group Inc., Class A		779		23,837
B. Riley Financial Inc.		5,113		94,181
Bank of New York Mellon Corp. (The)		262,923		8,855,247
BGC Partners Inc., Class A		101,337		255,369
BlackRock Inc.^(d)		39,050		17,180,829
Blucora Inc.^(a)		15,814		190,559
BrightSphere Investment Group PLC^(a)		23,839		152,331
Calamos Asset Management Inc.^(a)(c)		4,985		0	^(e)
Cboe Global Markets Inc.		36,572		3,264,051
Charles Schwab Corp. (The)		377,633		12,696,021


Security	Shares		Value


Capital Markets (continued)
CME Group Inc.^(b)		116,664	$	20,172,372
Cohen & Steers Inc.		7,425		337,466
Cowen Inc., Class A^(b)		7,500		72,450
Diamond Hill Investment Group Inc.		876		79,050
Donnelley Financial Solutions Inc.^(a)		12,167		64,120
E*TRADE Financial Corp.		74,181		2,545,892
Eaton Vance Corp., NVS		33,969		1,095,500
Evercore Inc., Class A		12,802		589,660
FactSet Research Systems Inc.		12,202		3,180,817
Federated Hermes Inc.		32,318		615,658
Focus Financial Partners Inc., Class A^(a)		8,525		196,160
Franklin Resources Inc.		91,502		1,527,168
GAIN Capital Holdings Inc.		11,970		66,793
GAMCO Investors Inc., Class A		3,834		42,136
Goldman Sachs Group Inc. (The)		104,981		16,229,013
Greenhill & Co. Inc.		5,404		53,175
Hamilton Lane Inc., Class A^(b)		7,037		389,217
Houlihan Lokey Inc.^(b)		13,439		700,441
Interactive Brokers Group Inc., Class A^(b)		23,741		1,024,899
Intercontinental Exchange Inc.		180,986		14,614,620
INTL. FCStone Inc.^(a)(b)		4,236		153,597
Invesco Ltd.		130,567		1,185,548
Janus Henderson Group PLC		53,768		823,726
Lazard Ltd., Class A		34,781		819,440
Legg Mason Inc.		29,019		1,417,578
LPL Financial Holdings Inc.		26,307		1,431,890
MarketAxess Holdings Inc.^(b)		12,088		4,020,106
Moelis & Co., Class A		14,167		398,093
Moody’s Corp.		53,576		11,331,324
Morgan Stanley		383,479		13,038,286
Morningstar Inc.		6,383		742,024
MSCI Inc.		27,241		7,871,559
Nasdaq Inc.		37,837		3,592,623
Northern Trust Corp.		63,457		4,788,465
Oppenheimer Holdings Inc., Class A, NVS		3,085		60,960
Piper Sandler Cos		4,487		226,908
PJT Partners Inc., Class A		7,661		332,411
Pzena Investment Management Inc., Class A		3,347		14,928
Raymond James Financial Inc.		41,016		2,592,211
S&P Global Inc.		81,054		19,862,283
Safeguard Scientifics Inc.		6,002		33,311
Sculptor Capital Management Inc.		5,445		73,725
SEI Investments Co.		42,871		1,986,642
Siebert Financial Corp.^(a)		2,518		18,180
Silvercrest Asset Management Group Inc., Class A		2,181		20,632
State Street Corp.		117,450		6,256,562
Stifel Financial Corp.		21,849		901,927
T Rowe Price Group Inc.		76,221		7,442,981
TD Ameritrade Holding Corp.		88,352		3,062,280
Value Line Inc.		318		10,287
Virtu Financial Inc., Class A		18,677		388,855
Virtus Investment Partners Inc.		2,143		163,104
Waddell & Reed Financial Inc., Class A		25,201		286,787
Westwood Holdings Group Inc.		2,041		37,371
WisdomTree Investments Inc.		48,482		112,963

				208,153,770

Chemicals — 1.7%
Advanced Emissions Solutions Inc.		8,085		53,118
AdvanSix Inc.^(a)		9,587		91,460
Air Products & Chemicals Inc.		72,491		14,469,929

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Albemarle Corp.^(b)		34,709	$	1,956,546
American Vanguard Corp.		8,154		117,907
Amyris Inc.^(a)(b)		16,349		41,853
Ashland Global Holdings Inc.		18,024		902,462
Axalta Coating Systems Ltd.^(a)		67,305		1,162,357
Balchem Corp.		10,805		1,066,670
Cabot Corp.		18,924		494,295
Celanese Corp.		39,543		2,902,061
CF Industries Holdings Inc.		71,778		1,952,362
Chase Corp.		2,802		230,577
Chemours Co. (The)		54,690		485,100
Corteva Inc.^(a)		246,959		5,803,537
Dow Inc.^(a)		246,008		7,193,274
DuPont de Nemours Inc.		243,423		8,300,724
Eastman Chemical Co.		44,435		2,069,782
Ecolab Inc.		82,995		12,933,111
Element Solutions Inc.^(a)		71,129		594,638
Ferro Corp.^(a)		26,869		251,494
Flotek Industries Inc.^(a)(b)		16,631		14,802
FMC Corp.		43,108		3,521,493
FutureFuel Corp.		10,885		122,674
GCP Applied Technologies Inc.^(a)		17,015		302,867
Hawkins Inc.		2,622		93,343
HB Fuller Co.		16,379		457,465
Huntsman Corp.		70,459		1,016,723
Ingevity Corp.^(a)		13,451		473,475
Innospec Inc.		7,844		545,080
International Flavors & Fragrances Inc.		35,501		3,623,942
Intrepid Potash Inc.^(a)(b)		37,904		30,323
Koppers Holdings Inc.^(a)		6,346		78,500
Kraton Corp.^(a)		9,723		78,756
Kronos Worldwide Inc.		5,930		50,049
Linde PLC^(b)		177,009		30,622,557
Livent Corp.^(a)		47,615		249,979
LSB Industries Inc.^(a)(b)		5,594		11,747
LyondellBasell^(c)		8,345		3,613
LyondellBasell Industries NV, Class A		87,243		4,329,870
Minerals Technologies Inc.		11,806		428,086
Mosaic Co. (The)^(b)		113,844		1,231,792
NewMarket Corp.		2,226		852,269
Olin Corp.		51,734		603,736
OMNOVA Solutions Inc.^(a)		13,592		137,823
Orion Engineered Carbons SA		19,246		143,575
PolyOne Corp.		29,441		558,496
PPG Industries Inc.		77,592		6,486,691
PQ Group Holdings Inc.^(a)		14,512		158,181
Quaker Chemical Corp.		4,310		544,267
Rayonier Advanced Materials Inc.		17,073		18,097
RPM International Inc.		42,125		2,506,438
Scotts Miracle-Gro Co. (The)^(b)		13,012		1,332,429
Sensient Technologies Corp.		13,723		597,088
Sherwin-Williams Co. (The)		27,315		12,551,789
Stepan Co.		6,488		573,928
Trecora Resources^(a)		5,857		34,849
Tredegar Corp.		7,034		109,941
Trinseo SA		13,985		253,268
Tronox Holdings PLC, Class A^(a)		34,272		170,675
Valhi Inc.		5,712		5,883
Valvoline Inc.		60,812		796,029
Westlake Chemical Corp.^(b)		11,753		448,612


Security	Shares		Value

Chemicals (continued)
WR Grace & Co.		18,573	$	661,199

				139,905,656

Commercial Services & Supplies — 0.6%
ABM Industries Inc.		21,152		515,263
ACCO Brands Corp.		33,518		169,266
ADT Inc.^(b)		33,782		145,938
Advanced Disposal Services Inc.^(a)(b)		22,884		750,595
Brady Corp., Class A, NVS		15,389		694,506
BrightView Holdings Inc.^(a)(b)		7,931		87,717
Brink’s Co. (The)		16,032		834,466
Casella Waste Systems Inc., Class A^(a)(b)		15,971		623,827
CECO Environmental Corp.^(a)		7,848		36,650
Charah Solutions Inc.^(a)(b)		2,544		4,350
Cimpress PLC^(a)(b)		5,506		292,919
Cintas Corp.		28,044		4,857,782
Clean Harbors Inc.^(a)		16,344		839,101
CompX International Inc.		433		6,582
Copart Inc.^(a)(b)		65,839		4,511,288
Covanta Holding Corp.		35,943		307,313
Deluxe Corp.		13,178		341,706
Ennis Inc.		7,846		147,348
Harsco Corp.^(a)		27,598		192,358
Healthcare Services Group Inc.		24,419		583,858
Heritage-Crystal Clean Inc.^(a)		6,380		103,611
Herman Miller Inc.		19,678		436,852
HNI Corp.		14,158		356,640
IAA Inc.^(a)		43,691		1,308,982
Interface Inc.		17,477		132,126
KAR Auction Services Inc.		43,691		524,292
Kimball International Inc., Class B, NVS		9,786		116,551
Knoll Inc.		17,969		185,440
Matthews International Corp., Class A		9,634		233,046
McGrath RentCorp.		7,484		392,012
Mobile Mini Inc.		13,789		361,686
MSA Safety Inc.		11,609		1,174,831
NL Industries Inc.		2,010		5,990
PICO Holdings Inc.^(a)(b)		6,531		50,811
Pitney Bowes Inc.		56,361		114,976
Quad/Graphics Inc.		10,471		26,387
Republic Services Inc.		70,441		5,287,301
Rollins Inc.		46,825		1,692,256
RR Donnelley & Sons Co.		2,735		2,622
SP Plus Corp.^(a)		7,275		150,956
Steelcase Inc., Class A		30,406		300,107
Stericycle Inc.^(a)(b)		28,999		1,408,771
Team Inc.^(a)(b)		8,172		53,118
Tetra Tech Inc.		18,453		1,303,151
U.S. Ecology Inc.		7,943		241,467
UniFirst Corp./MA^(b)		5,136		775,998
Viad Corp.		6,077		129,015
VSE Corp.		2,364		38,746
Waste Management Inc.		139,957		12,954,420

				45,804,994

Communications Equipment — 1.0%
Acacia Communications Inc.^(a)		12,112		813,684
ADTRAN Inc.		17,003		130,583
Applied Optoelectronics Inc.^(a)(b)		6,281		47,673
Arista Networks Inc.^(a)(b)		19,708		3,991,855
CalAmp Corp.^(a)		10,109		45,490

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment (continued)
Calix Inc.^(a)		11,905	$	84,287
Casa Systems Inc.^(a)(b)		8,944		31,304
Ciena Corp.^(a)(b)		50,331		2,003,677
Cisco Systems Inc.		1,412,119		55,510,398
Clearfield Inc.^(a)(b)		3,387		40,136
CommScope Holding Co. Inc.^(a)(b)		60,428		550,499
Comtech Telecommunications Corp.		9,123		121,245
DASAN Zhone Solutions Inc.^(a)(b)		2,022		8,472
Digi International Inc.^(a)		7,784		74,259
EchoStar Corp., Class A^(a)		17,178		549,181
Extreme Networks Inc.^(a)		34,153		105,533
F5 Networks Inc.^(a)(b)		20,004		2,133,027
Harmonic Inc.^(a)		30,153		173,681
Infinera Corp.^(a)(b)		65,012		344,564
Inseego Corp.^(a)(b)		19,058		118,731
InterDigital Inc.		10,800		482,004
Juniper Networks Inc.		110,733		2,119,430
KVH Industries Inc.^(a)		4,362		41,134
Lumentum Holdings Inc.^(a)(b)		24,471		1,803,513
Motorola Solutions Inc.		56,681		7,534,038
NETGEAR Inc.^(a)		10,507		239,980
NetScout Systems Inc.^(a)		24,101		570,471
Plantronics Inc.		11,072		111,384
Ribbon Communications Inc.^(a)		16,377		49,622
Ubiquiti Inc.		2,829		400,530
ViaSat Inc.^(a)(b)		18,776		674,434
Viavi Solutions Inc.^(a)(b)		77,204		865,457

				81,770,276

Construction & Engineering — 0.1%
AECOM^(a)		50,629		1,511,276
Aegion Corp.^(a)(b)		11,840		212,291
Ameresco Inc., Class A^(a)(b)		5,897		100,426
Arcosa Inc.		15,461		614,420
Argan Inc.		4,605		159,195
Comfort Systems USA Inc.		12,739		465,610
Construction Partners Inc., Class A^(a)(b)		6,389		107,910
Dycom Industries Inc.^(a)		9,984		256,090
EMCOR Group Inc.		18,052		1,106,949
Fluor Corp.		45,366		313,479
Granite Construction Inc.		16,233		246,417
Great Lakes Dredge & Dock Corp.^(a)		17,764		147,441
IES Holdings Inc.^(a)		2,398		42,325
Jacobs Engineering Group Inc.		42,510		3,369,768
MasTec Inc.^(a)(b)		19,889		650,967
MYR Group Inc.^(a)		4,338		113,612
Northwest Pipe Co.^(a)		3,122		69,464
NV5 Global Inc.^(a)(b)		3,292		135,927
Primoris Services Corp.		13,788		219,229
Quanta Services Inc.		47,038		1,492,516
Sterling Construction Co. Inc.^(a)		8,117		77,111
Tutor Perini Corp.^(a)		11,804		79,323
Valmont Industries Inc.		7,124		755,001
WillScot Corp.^(a)(b)		16,966		171,866

				12,418,613

Construction Materials — 0.1%
Eagle Materials Inc.		13,670		798,601
Forterra Inc.^(a)(b)		5,802		34,696
Martin Marietta Materials Inc.		20,692		3,915,547
Summit Materials Inc., Class A^(a)(b)		38,588		578,820


Security	Shares		Value

Construction Materials (continued)
U.S. Concrete Inc.^(a)		5,157	$	93,548
U.S. Lime & Minerals Inc.		387		28,580
Vulcan Materials Co.		43,129		4,660,951

				10,110,743

Consumer Finance — 0.5%
Ally Financial Inc.		124,779		1,800,561
American Express Co.		218,152		18,675,993
Capital One Financial Corp.		150,590		7,592,748
Credit Acceptance Corp.^(a)(b)		3,343		854,772
Curo Group Holdings Corp.		4,178		22,143
Discover Financial Services		102,708		3,663,594
Elevate Credit Inc.^(a)		9,661		10,048
Encore Capital Group Inc.^(a)(b)		10,519		245,934
Enova International Inc.^(a)		12,150		176,054
EZCORP Inc., Class A, NVS^(a)		14,302		59,639
FirstCash Inc.		13,468		966,194
Green Dot Corp., Class A^(a)(b)		15,426		391,666
LendingClub Corp.^(a)(b)		20,070		157,550
LendingTree Inc.^(a)(b)		2,505		459,392
Navient Corp.		68,379		518,313
Nelnet Inc., Class A		5,368		243,761
OneMain Holdings Inc.		21,065		402,763
Oportun Financial Corp.^(a)(b)		4,508		47,559
PRA Group Inc.^(a)		14,743		408,676
Regional Management Corp.^(a)(b)		3,296		45,023
Santander Consumer USA Holdings Inc.		33,292		463,092
SLM Corp.		141,247		1,015,566
Synchrony Financial		202,993		3,266,157
World Acceptance Corp.^(a)(b)		2,287		124,893

				41,612,091

Containers & Packaging — 0.4%
AptarGroup Inc.		21,473		2,137,422
Ardagh Group SA		5,849		69,369
Avery Dennison Corp.		27,361		2,787,265
Ball Corp.		105,734		6,836,760
Berry Global Group Inc.^(a)(b)		42,458		1,431,259
Crown Holdings Inc.^(a)(b)		42,952		2,492,934
Graphic Packaging Holding Co.		95,023		1,159,281
Greif Inc., Class A, NVS		7,654		237,963
Greif Inc., Class B		1,825		73,110
International Paper Co.		129,176		4,021,249
Myers Industries Inc.		11,803		126,882
O-I Glass Inc.		52,601		373,993
Packaging Corp. of America		30,861		2,679,661
Sealed Air Corp.		51,487		1,272,244
Silgan Holdings Inc.		26,614		772,338
Sonoco Products Co.		33,611		1,557,870
UFP Technologies Inc.^(a)(b)		2,011		76,599
Westrock Co.		84,499		2,387,942

				30,494,141

Distributors — 0.1%
Core-Mark Holding Co. Inc.		13,701		391,437
Funko Inc., Class A^(a)		7,742		30,891
Genuine Parts Co.		46,439		3,126,738
LKQ Corp.^(a)		101,842		2,088,779
Pool Corp.		12,586		2,476,547
Weyco Group Inc.		1,992		40,179

				8,154,571

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Consumer Services — 0.2%
Adtalem Global Education Inc.^(a)		18,752	$	502,366
American Public Education Inc.^(a)		5,463		130,730
Bright Horizons Family Solutions Inc.^(a)		18,995		1,937,490
Carriage Services Inc.		4,670		75,421
Chegg Inc.^(a)		37,760		1,351,053
Collectors Universe Inc.		4,238		66,409
frontdoor Inc.^(a)		27,595		959,754
Graham Holdings Co., Class B		1,408		480,367
Grand Canyon Education Inc.^(a)		15,445		1,178,222
H&R Block Inc.^(b)		65,296		919,368
Houghton Mifflin Harcourt Co.^(a)		32,532		61,160
K12 Inc.^(a)(b)		13,443		253,535
Laureate Education Inc., Class A^(a)		38,480		404,425
OneSpaWorld Holdings Ltd.		14,672		59,568
Perdoceo Education Corp.^(a)		24,371		262,963
Regis Corp.^(a)(b)		9,317		55,063
Select Interior Concepts Inc., Class A^(a)		8,942		18,510
Service Corp. International		58,022		2,269,240
ServiceMaster Global Holdings Inc.^(a)		43,803		1,182,681
Strategic Education Inc.		7,081		989,641
WW International Inc.^(a)(b)		14,138		239,074

				13,397,040

Diversified Financial Services — 1.5%
Banco Latinoamericano de Comercio Exterior SA, Class E		8,474		87,367
Berkshire Hathaway Inc., Class B^(a)		644,780		117,885,127
Cannae Holdings Inc.^(a)(b)		23,397		783,566
Equitable Holdings Inc.		135,576		1,959,073
FGL Holdings		45,090		441,882
Jefferies Financial Group Inc.		82,672		1,130,126
Marlin Business Services Corp.		2,446		27,322
On Deck Capital Inc.^(a)		18,502		28,493
Voya Financial Inc.		44,100		1,788,255

				124,131,211

Diversified Telecommunication Services — 1.9%
Anterix Inc.^(a)(b)		3,682		168,157
AT&T Inc.		2,406,421		70,147,172
ATN International Inc.		3,640		213,704
Bandwidth Inc., Class A^(a)(b)		5,199		349,841
CenturyLink Inc.		361,351		3,418,380
Cincinnati Bell Inc.^(a)		14,012		205,136
Cogent Communications Holdings Inc.		14,027		1,149,793
Consolidated Communications Holdings Inc.		19,482		88,643
Frontier Communications Corp.^(a)(b)		47,613		18,093
GCI Liberty Inc., Class A^(a)		32,412		1,846,512
IDT Corp., Class B^(a)		9,869		53,490
Intelsat SA^(a)(b)		23,605		36,116
Iridium Communications Inc.^(a)(b)		32,058		715,855
Ooma Inc.^(a)		9,706		115,793
ORBCOMM Inc.^(a)		23,050		56,242
Verizon Communications Inc.		1,364,136		73,295,027
Vonage Holdings Corp.^(a)		76,145		550,528

				152,428,482

Electric Utilities — 2.1%
ALLETE Inc.		16,963		1,029,315
Alliant Energy Corp.		79,875		3,857,164
American Electric Power Co. Inc.		162,755		13,017,145
Avangrid Inc.		17,947		785,720
Duke Energy Corp.		240,024		19,413,141


Security	Shares		Value

Electric Utilities (continued)
Edison International		114,776	$	6,288,577
El Paso Electric Co.		13,467		915,217
Entergy Corp.		65,152		6,122,333
Evergy Inc.		74,388		4,095,059
Eversource Energy		107,251		8,388,101
Exelon Corp.		319,509		11,761,126
FirstEnergy Corp.		177,108		7,096,718
Hawaiian Electric Industries Inc.		35,317		1,520,397
IDACORP Inc.		16,780		1,473,116
MGE Energy Inc.		11,404		746,620
NextEra Energy Inc.		160,936		38,724,420
NRG Energy Inc.		82,669		2,253,557
OGE Energy Corp.		66,747		2,051,135
Otter Tail Corp.		12,680		563,753
PG&E Corp.^(a)(b)		172,308		1,549,049
Pinnacle West Capital Corp.		37,381		2,833,106
PNM Resources Inc.		26,467		1,005,746
Portland General Electric Co.		30,262		1,450,760
PPL Corp.		254,640		6,284,515
Southern Co. (The)		342,847		18,561,737
Spark Energy Inc., Class A		1,838		11,524
Xcel Energy Inc.		173,452		10,459,156

				172,258,207

Electrical Equipment — 0.5%
Acuity Brands Inc.		12,668		1,085,141
Allied Motion Technologies Inc.		1,905		45,149
American Superconductor Corp.^(a)		11,180		61,266
AMETEK Inc.		75,478		5,435,926
Atkore International Group Inc.^(a)		14,390		303,197
AZZ Inc.		8,068		226,872
Bloom Energy Corp., Class A^(a)(b)		17,811		93,152
Eaton Corp. PLC		136,567		10,609,890
Emerson Electric Co.		202,415		9,645,075
Encore Wire Corp.		6,235		261,808
Energous Corp.^(a)(b)		4,568		3,394
EnerSys^(b)		13,974		691,992
Generac Holdings Inc.^(a)(b)		20,304		1,891,724
GrafTech International Ltd.		19,634		159,428
Hubbell Inc.		17,691		2,029,865
nVent Electric PLC		48,650		820,725
Plug Power Inc.^(a)(b)		86,637		306,695
Powell Industries Inc.		2,567		65,895
Preformed Line Products Co.		807		40,213
Regal Beloit Corp.		13,133		826,722
Rockwell Automation Inc.		38,215		5,767,026
Sensata Technologies Holding PLC^(a)(b)		51,314		1,484,514
Sunrun Inc.^(a)		36,287		366,499
Thermon Group Holdings Inc.^(a)		10,660		160,646
TPI Composites Inc.^(a)(b)		9,327		137,853
Vicor Corp.^(a)(b)		5,673		252,675
Vivint Solar Inc.^(a)		18,522		80,941

				42,854,283

Electronic Equipment, Instruments & Components — 0.7%
Akoustis Technologies Inc.^(a)(b)		13,445		72,200
Amphenol Corp., Class A		95,882		6,987,880
Anixter International Inc.^(a)(b)		9,576		841,443
Arlo Technologies Inc.^(a)		26,258		63,807
Arrow Electronics Inc.^(a)		26,527		1,375,955
Avnet Inc.		33,438		839,294

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Badger Meter Inc.		10,156	$	544,362
Bel Fuse Inc., Class B, NVS		3,283		31,976
Belden Inc.		12,968		467,885
Benchmark Electronics Inc.		12,934		258,551
CDW Corp./DE		47,322		4,413,723
Cognex Corp.		54,577		2,304,241
Coherent Inc.^(a)		7,749		824,571
Corning Inc.		247,877		5,091,394
CTS Corp.		10,001		248,925
Daktronics Inc.		10,851		53,495
Dolby Laboratories Inc., Class A		20,986		1,137,651
ePlus Inc.^(a)		4,566		285,923
Fabrinet^(a)		11,349		619,201
FARO Technologies Inc.^(a)(b)		5,161		229,665
Fitbit Inc., Class A^(a)(b)		79,077		526,653
FLIR Systems Inc.		44,905		1,432,020
II-VI Inc.^(a)(b)		28,415		809,828
Insight Enterprises Inc.^(a)(b)		12,347		520,179
IPG Photonics Corp.^(a)(b)		11,966		1,319,610
Iteris Inc.^(a)		13,267		42,454
Itron Inc.^(a)		11,240		627,529
Jabil Inc.		48,842		1,200,536
KEMET Corp.		19,237		464,766
Keysight Technologies Inc.^(a)		62,185		5,203,641
Kimball Electronics Inc.^(a)(b)		7,373		80,513
Knowles Corp.^(a)		25,032		334,928
Littelfuse Inc.		7,628		1,017,728
Methode Electronics Inc.		11,202		296,069
MTS Systems Corp.		6,442		144,945
Napco Security Technologies Inc.^(a)		4,577		69,433
National Instruments Corp.		42,252		1,397,696
nLight Inc.^(a)(b)		13,193		138,395
Novanta Inc.^(a)(b)		10,876		868,775
OSI Systems Inc.^(a)		5,816		400,839
PAR Technology Corp.^(a)(b)		3,731		47,981
PC Connection Inc.^(b)		2,849		117,407
Plexus Corp.^(a)(b)		8,988		490,385
Rogers Corp.^(a)(b)		5,948		561,610
Sanmina Corp.^(a)		21,842		595,850
ScanSource Inc.^(a)		8,095		173,152
SYNNEX Corp.		13,235		967,479
Tech Data Corp.^(a)		11,526		1,508,177
Trimble Inc.^(a)		82,430		2,623,747
TTM Technologies Inc.^(a)(b)		29,067		300,553
Vishay Intertechnology Inc.^(b)		45,751		659,272
Vishay Precision Group Inc.^(a)(b)		3,524		70,762
Zebra Technologies Corp., Class A^(a)(b)		17,559		3,223,832

				54,928,886

Energy Equipment & Services — 0.2%
Apergy Corp.^(a)		24,827		142,755
Archrock Inc.		42,398		159,416
Baker Hughes Co.		213,345		2,240,123
Cactus Inc., Class A		15,220		176,552
Covia Holdings Corp.^(a)(b)		10,365		5,923
Diamond Offshore Drilling Inc.^(a)(b)		21,671		39,658
DMC Global Inc.		4,349		100,071
Dril-Quip Inc.^(a)		12,048		367,464
Era Group Inc.^(a)		6,369		33,947
Exterran Corp.^(a)(b)		10,278		49,334
Forum Energy Technologies Inc.^(a)(b)		27,810		4,931


Security	Shares		Value

Energy Equipment & Services (continued)
Frank’s International NV^(a)(b)		36,961	$	95,729
FTS International Inc.^(a)		7,257		1,618
Geospace Technologies Corp.^(a)		6,696		42,854
Halliburton Co.		288,489		1,976,150
Helix Energy Solutions Group Inc.^(a)(b)		43,180		70,815
Helmerich & Payne Inc.		35,217		551,146
Independence Contract Drilling Inc.^(a)		686		960
KLX Energy Services Holdings Inc.^(a)		6,334		4,434
Liberty Oilfield Services Inc., Class A		14,221		38,254
Mammoth Energy Services Inc.^(b)		2,562		1,918
Matrix Service Co.^(a)		7,670		72,635
Nabors Industries Ltd.		116,096		45,289
National Energy Services Reunited Corp.^(a)(b)		11,084		56,307
National Oilwell Varco Inc.^(b)		127,908		1,257,336
Natural Gas Services Group Inc.^(a)(b)		3,503		15,623
NCS Multistage Holdings Inc.^(a)(b)		3,617		2,315
Newpark Resources Inc.^(a)		26,743		23,988
NexTier Oilfield Solutions Inc.^(a)		49,243		57,614
Nine Energy Service Inc.^(a)(b)		3,531		2,854
Noble Corp. PLC^(a)(b)		10,289		2,675
Oceaneering International Inc.^(a)(b)		29,926		87,982
Oil States International Inc.^(a)		18,992		38,554
Pacific Drilling SA^(a)		9,650		4,150
Patterson-UTI Energy Inc.		61,808		145,249
ProPetro Holding Corp.^(a)		24,223		60,558
RigNet Inc.^(a)(b)		3,591		6,464
RPC Inc.		18,129		37,346
Schlumberger Ltd.		458,600		6,186,514
SEACOR Holdings Inc.^(a)		6,660		179,554
SEACOR Marine Holdings Inc.^(a)(b)		4,568		20,008
Seadrill Ltd.^(a)(b)		23,973		10,308
Select Energy Services Inc., Class A^(a)(b)		18,745		60,546
Smart Sand Inc.^(a)(b)		5,499		5,719
Solaris Oilfield Infrastructure Inc., Class A		10,617		55,739
TETRA Technologies Inc.^(a)		35,468		11,350
Tidewater Inc.^(a)(b)		10,604		75,076
Transocean Ltd.^(a)(b)		188,044		218,131
U.S. Silica Holdings Inc.		25,756		46,361

				14,890,297

Entertainment — 1.9%
Activision Blizzard Inc.		249,595		14,845,911
AMC Entertainment Holdings Inc., Class A^(b)		16,777		53,015
Cinemark Holdings Inc.		35,369		360,410
Electronic Arts Inc.^(a)		93,739		9,389,836
Eros International PLC^(a)(b)		36,529		60,273
Gaia Inc.^(a)(b)		4,201		37,305
Glu Mobile Inc.^(a)(b)		32,952		207,268
IMAX Corp.^(a)		17,925		162,221
Liberty Media Corp.-Liberty Braves, Class A^(a)		3,167		61,757
Liberty Media Corp.-Liberty Braves, Class C, NVS^(a)		10,371		197,671
Liberty Media Corp.-Liberty Formula One, Class A^(a)(b)		7,788		201,086
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		65,559		1,785,172
Lions Gate Entertainment Corp., Class A^(a)		17,112		104,041
Lions Gate Entertainment Corp., Class B, NVS^(a)		32,678		182,343
Live Nation Entertainment Inc.^(a)		41,940		1,906,592
LiveXLive Media Inc.^(a)(b)		8,781		13,874
Madison Square Garden Co. (The), Class A^(a)		6,386		1,350,064
Marcus Corp. (The)		8,535		105,151
Netflix Inc.^(a)(b)		138,823		52,128,036

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Entertainment (continued)
Reading International Inc., Class A, NVS^(a)(b)		5,150	$	20,034
Roku Inc.^(a)(b)		27,970		2,446,816
Spotify Technology SA^(a)(b)		43,018		5,224,106
Take-Two Interactive Software Inc.^(a)		37,249		4,418,104
Walt Disney Co. (The)^(b)		575,456		55,589,050
World Wrestling Entertainment Inc., Class A^(b)		14,079		477,700
Zynga Inc., Class A^(a)(b)		287,652		1,970,416

				153,298,252

Equity Real Estate Investment Trusts (REITs) — 3.7%
Acadia Realty Trust		28,655		355,035
Agree Realty Corp.		13,926		862,019
Alexander & Baldwin Inc.		24,104		270,447
Alexander’s Inc.		746		205,859
Alexandria Real Estate Equities Inc.		40,126		5,499,670
American Assets Trust Inc.		15,049		376,225
American Campus Communities Inc.		44,929		1,246,780
American Finance Trust Inc.		34,550		215,938
American Homes 4 Rent, Class A		86,225		2,000,420
American Tower Corp.		144,752		31,519,748
Americold Realty Trust^(b)		62,229		2,118,275
Apartment Investment & Management Co., Class A		48,808		1,715,601
Apple Hospitality REIT Inc.		66,019		605,394
Armada Hoffler Properties Inc.		18,031		192,932
Ashford Hospitality Trust Inc.		22,254		16,450
AvalonBay Communities Inc.		46,001		6,769,967
Bluerock Residential Growth REIT Inc.		5,913		32,935
Boston Properties Inc.		50,801		4,685,376
Braemar Hotels & Resorts Inc.		9,549		16,233
Brandywine Realty Trust		59,820		629,306
Brixmor Property Group Inc.		96,818		919,771
Brookfield Property REIT Inc., Class A		24,160		205,118
BRT Apartments Corp.		6,595		67,599
Camden Property Trust		30,330		2,403,349
CareTrust REIT Inc.		30,861		456,434
CatchMark Timber Trust Inc., Class A		20,509		148,075
CBL & Associates Properties Inc.^(b)		3,426		686
Cedar Realty Trust Inc.		26,736		24,947
Chatham Lodging Trust		15,566		92,462
City Office REIT Inc.		15,647		113,128
Clipper Realty Inc.		8,040		41,647
Colony Capital Inc.		156,706		274,236
Columbia Property Trust Inc.		38,861		485,763
Community Healthcare Trust Inc.		6,986		267,424
CoreCivic Inc.		36,872		411,860
CorEnergy Infrastructure Trust Inc.		4,664		85,724
CorePoint Lodging Inc.		13,913		54,539
CoreSite Realty Corp.		12,704		1,472,394
Corporate Office Properties Trust		36,119		799,313
Cousins Properties Inc.		48,038		1,406,072
Crown Castle International Corp.		136,610		19,726,484
CubeSmart		62,509		1,674,616
CyrusOne Inc.^(b)		36,362		2,245,354
DiamondRock Hospitality Co.		65,286		331,653
Digital Realty Trust Inc.		85,751		11,911,671
Diversified Healthcare Trust		77,375		280,871
Douglas Emmett Inc.		54,332		1,657,669
Duke Realty Corp.		121,518		3,934,753
Easterly Government Properties Inc.		24,496		603,581
EastGroup Properties Inc.		12,316		1,286,776
Empire State Realty Trust Inc., Class A		46,725		418,656


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
EPR Properties		25,001	$	605,524
Equinix Inc.		28,003		17,489,834
Equity Commonwealth		38,872		1,232,631
Equity LifeStyle Properties Inc.		56,693		3,258,714
Equity Residential		119,961		7,402,793
Essential Properties Realty Trust Inc.		28,085		366,790
Essex Property Trust Inc.		21,596		4,756,303
Extra Space Storage Inc.^(b)		41,392		3,963,698
Farmland Partners Inc.^(b)		10,364		62,909
Federal Realty Investment Trust		24,606		1,835,854
First Industrial Realty Trust Inc.		41,502		1,379,111
Four Corners Property Trust Inc.		21,417		400,712
Franklin Street Properties Corp.		33,933		194,436
Front Yard Residential Corp.		16,786		200,593
Gaming and Leisure Properties Inc.		67,313		1,865,243
GEO Group Inc. (The)		38,561		468,902
Getty Realty Corp.		10,662		253,116
Gladstone Commercial Corp.		11,883		170,640
Gladstone Land Corp.^(b)		7,251		85,924
Global Medical REIT Inc.		14,121		142,905
Global Net Lease Inc.		30,692		410,352
Hannon Armstrong Sustainable Infrastructure Capital Inc.		20,714		422,773
Healthcare Realty Trust Inc.		44,202		1,234,562
Healthcare Trust of America Inc., Class A		71,570		1,737,720
Healthpeak Properties Inc.		167,485		3,994,517
Hersha Hospitality Trust		11,537		41,302
Highwoods Properties Inc.		32,782		1,161,138
Host Hotels & Resorts Inc.		236,158		2,607,184
Hudson Pacific Properties Inc.		49,458		1,254,255
Independence Realty Trust Inc.		29,967		267,905
Industrial Logistics Properties Trust		19,861		348,362
Innovative Industrial Properties Inc.		5,352		406,377
Investors Real Estate Trust		3,648		200,640
Invitation Homes Inc.		175,273		3,745,584
Iron Mountain Inc.		93,744		2,231,107
iStar Inc.		19,233		204,062
JBG SMITH Properties		39,855		1,268,585
Jernigan Capital Inc.		7,428		81,411
Kilroy Realty Corp.		34,065		2,169,941
Kimco Realty Corp.		132,753		1,283,722
Kite Realty Group Trust		24,813		234,979
Lamar Advertising Co., Class A		28,084		1,440,148
Lexington Realty Trust		78,229		776,814
Life Storage Inc.		15,087		1,426,476
LTC Properties Inc.		11,965		369,719
Macerich Co. (The)		45,421		255,720
Mack-Cali Realty Corp.		29,142		443,833
Medical Properties Trust Inc.		168,240		2,908,870
Mid-America Apartment Communities Inc.		37,033		3,815,510
Monmouth Real Estate Investment Corp.		33,209		400,168
National Health Investors Inc.		13,687		677,780
National Retail Properties Inc.		56,019		1,803,252
National Storage Affiliates Trust		18,865		558,404
New Senior Investment Group Inc.		26,295		67,315
NexPoint Residential Trust Inc.		7,538		190,033
Office Properties Income Trust		15,388		419,323
Omega Healthcare Investors Inc.		73,809		1,958,891
One Liberty Properties Inc.		3,565		49,660
Outfront Media Inc.		47,244		636,849

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Paramount Group Inc.		68,881	$	606,153
Park Hotels & Resorts Inc.		79,724		630,617
Pebblebrook Hotel Trust^(b)		41,599		453,013
Pennsylvania REIT^(b)		21,060		19,198
Physicians Realty Trust		60,546		844,011
Piedmont Office Realty Trust Inc., Class A		40,991		723,901
PotlatchDeltic Corp.		21,081		661,733
Preferred Apartment Communities Inc., Class A		11,873		85,248
Prologis Inc.		241,363		19,398,344
PS Business Parks Inc.		6,399		867,193
Public Storage^(b)		48,883		9,708,653
QTS Realty Trust Inc., Class A^(b)		19,648		1,139,781
Rayonier Inc.		43,103		1,015,076
Realty Income Corp.		107,064		5,338,211
Regency Centers Corp.		54,007		2,075,489
Retail Opportunity Investments Corp.		35,136		291,277
Retail Properties of America Inc., Class A		67,438		348,654
Retail Value Inc.		5,154		63,137
Rexford Industrial Realty Inc.		37,912		1,554,771
RLJ Lodging Trust		55,476		428,275
RPT Realty		22,444		135,337
Ryman Hospitality Properties Inc.		14,465		518,570
Sabra Health Care REIT Inc.		64,794		707,551
Safehold Inc.		4,265		269,676
Saul Centers Inc.		3,934		128,799
SBA Communications Corp.		36,891		9,959,463
Seritage Growth Properties, Class A		10,292		93,760
Service Properties Trust		51,877		280,136
Simon Property Group Inc.		101,655		5,576,793
SITE Centers Corp.		47,955		249,846
SL Green Realty Corp.		26,336		1,135,082
Spirit Realty Capital Inc.		32,478		849,300
STAG Industrial Inc.		49,227		1,108,592
STORE Capital Corp.		69,960		1,267,675
Summit Hotel Properties Inc.		35,434		149,532
Sun Communities Inc.		29,719		3,710,417
Sunstone Hotel Investors Inc.		75,602		658,493
Tanger Factory Outlet Centers Inc.^(b)		28,277		141,385
Taubman Centers Inc.		18,686		782,570
Terreno Realty Corp.		22,396		1,158,993
UDR Inc.		95,088		3,474,516
UMH Properties Inc.		11,806		128,213
Uniti Group Inc.		62,454		376,598
Universal Health Realty Income Trust		4,005		403,744
Urban Edge Properties		36,522		321,759
Urstadt Biddle Properties Inc., Class A		11,164		157,412
Ventas Inc.		122,105		3,272,414
VEREIT Inc.		356,308		1,742,346
VICI Properties Inc.		151,313		2,517,848
Vornado Realty Trust		57,139		2,069,003
Washington Prime Group Inc.^(b)		54,828		44,142
Washington REIT		28,729		685,761
Weingarten Realty Investors		39,039		563,333
Welltower Inc.		134,762		6,169,404
Weyerhaeuser Co.		246,292		4,174,649
Whitestone REIT		11,125		68,975
WP Carey Inc.		56,521		3,282,740
Xenia Hotels & Resorts Inc.		37,222		383,387

				307,750,059


Security	Shares		Value

Food & Staples Retailing — 1.5%
Andersons Inc. (The)		11,926	$	223,613
BJ’s Wholesale Club Holdings Inc.^(a)		36,638		933,170
Casey’s General Stores Inc.		12,080		1,600,479
Chefs’ Warehouse Inc. (The)^(a)(b)		9,106		91,697
Costco Wholesale Corp.		144,819		41,292,242
Grocery Outlet Holding Corp.^(a)(b)		18,032		619,219
Ingles Markets Inc., Class A		5,182		187,381
Kroger Co. (The)		262,643		7,910,807
Natural Grocers by Vitamin Cottage Inc.^(b)		2,222		18,909
Performance Food Group Co.^(a)		37,368		923,737
PriceSmart Inc.^(b)		7,147		375,575
Rite Aid Corp.^(a)(b)		17,758		266,370
SpartanNash Co.		10,915		156,303
Sprouts Farmers Market Inc.^(a)		37,158		690,767
Sysco Corp.		155,377		7,089,853
U.S. Foods Holding Corp.^(a)		70,426		1,247,244
United Natural Foods Inc.^(a)		16,195		148,670
Village Super Market Inc., Class A		1,480		36,378
Walgreens Boots Alliance Inc.		247,822		11,337,857
Walmart Inc.		458,022		52,040,460
Weis Markets Inc.		3,314		138,061

				127,328,792

Food Products — 1.2%
Alico Inc.		1,060		32,902
Archer-Daniels-Midland Co.		183,368		6,450,886
B&G Foods Inc.		20,358		368,276
Beyond Meat Inc.^(a)(b)		15,508		1,032,833
Bunge Ltd.		44,426		1,822,799
Calavo Growers Inc.		5,066		292,258
Cal-Maine Foods Inc.		10,079		443,274
Campbell Soup Co.		54,425		2,512,258
Conagra Brands Inc.		158,913		4,662,507
Darling Ingredients Inc.^(a)		54,401		1,042,867
Farmer Bros. Co.^(a)(b)		2,031		14,136
Flowers Foods Inc.		63,294		1,298,793
Fresh Del Monte Produce Inc.		10,860		299,845
Freshpet Inc.^(a)(b)		11,990		765,801
General Mills Inc.		198,977		10,500,016
Hain Celestial Group Inc. (The)^(a)(b)		28,279		734,406
Hershey Co. (The)		47,673		6,316,673
Hormel Foods Corp.		92,336		4,306,551
Hostess Brands Inc.^(a)		38,940		415,100
Ingredion Inc.		21,600		1,630,800
J&J Snack Foods Corp.		4,947		598,587
JM Smucker Co. (The)		35,839		3,978,129
John B Sanfilippo & Son Inc.		2,354		210,448
Kellogg Co.		81,487		4,888,405
Kraft Heinz Co. (The)^(b)		206,581		5,110,814
Lamb Weston Holdings Inc.		48,555		2,772,491
Lancaster Colony Corp.		6,182		894,164
Landec Corp.^(a)(b)		7,712		67,017
Limoneira Co.		5,709		74,788
McCormick & Co. Inc./MD, NVS		40,130		5,666,757
Mondelez International Inc., Class A		468,395		23,457,222
Pilgrim’s Pride Corp.^(a)		18,014		326,414
Post Holdings Inc.^(a)		21,855		1,813,309
Sanderson Farms Inc.^(b)		6,353		783,452
Seaboard Corp.		75		210,960
Seneca Foods Corp., Class A^(a)		2,579		102,593
Simply Good Foods Co. (The)^(a)		27,322		526,222

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Tootsie Roll Industries Inc.		4,602	$	165,472
TreeHouse Foods Inc.^(a)		18,969		837,481
Tyson Foods Inc., Class A		94,759		5,483,703

				102,911,409

Gas Utilities — 0.2%
Atmos Energy Corp.		40,003		3,969,498
Chesapeake Utilities Corp.		5,485		470,119
National Fuel Gas Co.		27,065		1,009,254
New Jersey Resources Corp.		31,917		1,084,221
Northwest Natural Holding Co.		10,420		643,435
ONE Gas Inc.		17,491		1,462,597
RGC Resources Inc.		3,013		87,166
South Jersey Industries Inc.		30,910		772,750
Southwest Gas Holdings Inc.		18,231		1,268,148
Spire Inc.		16,378		1,219,833
UGI Corp.		68,022		1,814,147

				13,801,168

Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		567,590		44,788,527
ABIOMED Inc.^(a)(b)		14,393		2,089,288
Accuray Inc.^(a)(b)		21,265		40,403
Align Technology Inc.^(a)		25,907		4,506,523
Alphatec Holdings Inc.^(a)(b)		17,652		60,899
AngioDynamics Inc.^(a)		12,316		128,456
Antares Pharma Inc.^(a)		45,213		106,703
Apyx Medical Corp.^(a)		16,454		59,070
AtriCure Inc.^(a)		11,911		400,090
Atrion Corp.		524		340,600
Avanos Medical Inc.^(a)		14,546		391,724
Axogen Inc.^(a)		10,019		104,198
Axonics Modulation Technologies Inc.^(a)(b)		4,969		126,262
Baxter International Inc.		158,912		12,902,065
Becton Dickinson and Co.		88,223		20,270,999
Boston Scientific Corp.^(a)		457,487		14,927,801
Cantel Medical Corp.^(b)		12,021		431,554
Cardiovascular Systems Inc.^(a)		12,058		424,562
Cerus Corp.^(a)(b)		46,842		217,815
Conformis Inc.^(a)(b)		24,339		15,334
CONMED Corp.		8,497		486,623
Cooper Companies Inc. (The)		15,977		4,404,380
CryoLife Inc.^(a)		12,800		216,576
CryoPort Inc.^(a)(b)		8,284		141,408
Cutera Inc.^(a)		4,892		63,889
CytoSorbents Corp.^(a)(b)		9,036		69,848
Danaher Corp.		203,063		28,105,950
Dentsply Sirona Inc.		72,561		2,817,544
DexCom Inc.^(a)(b)		29,874		8,044,172
Edwards Lifesciences Corp.^(a)(b)		68,371		12,896,138
ElectroCore Inc.^(a)		6,669		6,336
Envista Holdings Corp.^(a)(b)		47,091		703,540
GenMark Diagnostics Inc.^(a)(b)		14,023		57,775
Glaukos Corp.^(a)(b)		13,003		401,273
Globus Medical Inc., Class A^(a)		24,115		1,025,611
Haemonetics Corp.^(a)		16,556		1,649,971
Heska Corp.^(a)		2,285		126,360
Hill-Rom Holdings Inc.		22,187		2,232,012
Hologic Inc.^(a)		85,086		2,986,519
ICU Medical Inc.^(a)		6,250		1,261,062
IDEXX Laboratories Inc.^(a)		28,137		6,815,907


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Inogen Inc.^(a)(b)		5,625	$	290,587
Insulet Corp.^(a)(b)		19,399		3,214,026
Integer Holdings Corp.^(a)		11,004		691,711
Integra LifeSciences Holdings Corp.^(a)		23,307		1,041,124
IntriCon Corp.^(a)(b)		2,215		26,071
Intuitive Surgical Inc.^(a)		37,747		18,692,692
Invacare Corp.		9,599		71,321
iRhythm Technologies Inc.^(a)(b)		9,199		748,339
Lantheus Holdings Inc.^(a)		14,273		182,123
LeMaitre Vascular Inc.^(b)		5,720		142,542
LivaNova PLC^(a)		16,221		734,000
Masimo Corp.^(a)		15,425		2,732,076
Medtronic PLC		442,330		39,889,319
Meridian Bioscience Inc.^(a)		12,203		102,505
Merit Medical Systems Inc.^(a)		17,036		532,375
Mesa Laboratories Inc.		1,266		286,230
Misonix Inc.^(a)(b)		4,135		38,952
Natus Medical Inc.^(a)		10,709		247,699
Neogen Corp.^(a)(b)		17,046		1,141,912
Neuronetics Inc.^(a)(b)		2,863		5,411
Nevro Corp.^(a)		10,154		1,015,197
Novocure Ltd.^(a)		28,618		1,927,136
NuVasive Inc.^(a)		17,420		882,497
OraSure Technologies Inc.^(a)		19,751		212,521
Orthofix Medical Inc.^(a)		5,566		155,904
OrthoPediatrics Corp.^(a)(b)		3,433		136,084
Penumbra Inc.^(a)(b)		10,323		1,665,410
Pulse Biosciences Inc.^(a)(b)		2,883		20,642
Quidel Corp.^(a)(b)		11,857		1,159,733
ResMed Inc.		46,890		6,906,428
Rockwell Medical Inc.^(a)(b)		16,305		33,425
RTI Surgical Holdings Inc.^(a)(b)		17,016		29,097
SeaSpine Holdings Corp.^(a)		6,982		57,043
Senseonics Holdings Inc.^(a)(b)		21,178		13,416
Shockwave Medical Inc.^(a)(b)		8,270		274,399
SI-BONE Inc.^(a)		3,859		46,115
Sientra Inc.^(a)(b)		12,511		24,897
Silk Road Medical Inc.^(a)(b)		5,022		158,093
STAAR Surgical Co.^(a)(b)		13,758		443,833
Steris PLC		27,892		3,904,043
Stryker Corp.		113,026		18,817,699
Surmodics Inc.^(a)		4,607		153,505
Tactile Systems Technology Inc.^(a)(b)		5,675		227,908
Tandem Diabetes Care Inc.^(a)(b)		18,019		1,159,523
Teleflex Inc.		15,287		4,476,951
TransEnterix Inc.^(a)		3,811		1,341
TransMedics Group Inc.^(a)(b)		3,389		40,939
Utah Medical Products Inc.		1,015		95,461
Varex Imaging Corp.^(a)		11,910		270,476
Varian Medical Systems Inc.^(a)(b)		30,367		3,117,476
ViewRay Inc.^(a)(b)		25,201		63,002
West Pharmaceutical Services Inc.		23,844		3,630,249
Wright Medical Group NV^(a)(b)		42,768		1,225,303
Zimmer Biomet Holdings Inc.		67,681		6,841,195

				306,843,723

Health Care Providers & Services — 2.8%
1Life Healthcare Inc.^(a)		6,320		114,708
Acadia Healthcare Co. Inc.^(a)		27,718		508,625
Addus HomeCare Corp.^(a)		4,244		286,894
Amedisys Inc.^(a)		10,135		1,860,178

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
American Renal Associates Holdings Inc.^(a)		2,642	$	17,464
AmerisourceBergen Corp.		48,930		4,330,305
AMN Healthcare Services Inc.^(a)(b)		14,683		848,824
Anthem Inc.		83,594		18,979,182
BioTelemetry Inc.^(a)		10,950		421,684
Brookdale Senior Living Inc.^(a)		59,761		186,454
Cardinal Health Inc.		97,079		4,653,967
Centene Corp.^(a)		191,110		11,353,845
Chemed Corp.		5,126		2,220,583
Cigna Corp.^(a)		120,749		21,394,308
Community Health Systems Inc.^(a)(b)		35,931		120,010
CorVel Corp.^(a)		2,469		134,585
Covetrus Inc.^(a)(b)		31,482		256,263
Cross Country Healthcare Inc.^(a)		14,481		97,602
CVS Health Corp.		427,803		25,381,552
DaVita Inc.^(a)		28,836		2,193,266
Encompass Health Corp.		32,779		2,098,839
Ensign Group Inc. (The)		16,564		622,972
Enzo Biochem Inc.^(a)(b)		12,269		31,041
Genesis Healthcare Inc.^(a)(b)		16,984		14,311
Guardant Health Inc.^(a)(b)		12,461		867,286
Hanger Inc.^(a)		11,713		182,489
HCA Healthcare Inc.		89,176		8,012,464
HealthEquity Inc.^(a)		22,035		1,114,751
Henry Schein Inc.^(a)(b)		48,932		2,472,045
Humana Inc.		43,499		13,659,556
Joint Corp. (The)^(a)		5,399		58,579
Laboratory Corp. of America Holdings^(a)		31,914		4,033,610
LHC Group Inc.^(a)		9,896		1,387,419
Magellan Health Inc.^(a)		7,612		366,213
McKesson Corp.		53,479		7,233,570
MEDNAX Inc.^(a)		25,076		291,885
Molina Healthcare Inc.^(a)		19,842		2,772,126
National HealthCare Corp.		4,267		306,072
National Research Corp.		4,527		205,888
Option Care Health Inc.^(a)(b)		13,210		125,099
Owens & Minor Inc.		18,953		173,420
Patterson Companies Inc.		25,975		397,158
Pennant Group Inc. (The)^(a)		8,281		117,259
PetIQ Inc.^(a)		6,340		147,278
Premier Inc., Class A^(a)(b)		20,150		659,308
Progyny Inc.^(a)(b)		4,045		85,714
Providence Service Corp. (The)^(a)		3,671		201,464
Quest Diagnostics Inc.		43,333		3,479,640
R1 RCM Inc.^(a)(b)		31,537		286,671
RadNet Inc.^(a)		11,628		122,210
Select Medical Holdings Corp.^(a)		36,746		551,190
Surgery Partners Inc.^(a)(b)		10,672		69,688
Tenet Healthcare Corp.^(a)		33,242		478,685
Tivity Health Inc.^(a)(b)		14,186		89,230
Triple-S Management Corp., Class B^(a)		7,725		108,922
U.S. Physical Therapy Inc.		4,294		296,286
UnitedHealth Group Inc.		311,529		77,689,102
Universal Health Services Inc., Class B^(b)		25,972		2,573,306

				228,743,045

Health Care Technology — 0.3%
Allscripts Healthcare Solutions Inc.^(a)		56,981		401,146
Castlight Health Inc., Class B^(a)		37,788		27,324
Cerner Corp.		103,428		6,514,930
Change Healthcare Inc.^(a)		74,232		741,578


Security	Shares		Value

Health Care Technology (continued)
Computer Programs & Systems Inc.		3,305	$	73,536
Evolent Health Inc., Class A^(a)		20,842		113,172
Health Catalyst Inc.^(a)		6,437		168,327
HealthStream Inc.^(a)		8,396		201,084
HMS Holdings Corp.^(a)		28,668		724,440
Inovalon Holdings Inc., Class A^(a)(b)		25,179		419,482
Inspire Medical Systems Inc.^(a)		4,433		267,221
Livongo Health Inc.^(a)(b)		16,871		481,330
NextGen Healthcare Inc.^(a)		15,968		166,706
Omnicell Inc.^(a)		14,058		921,924
OptimizeRx Corp.^(a)(b)		6,297		57,051
Phreesia Inc.^(a)		8,930		187,798
Schrodinger Inc.^(a)(b)		4,513		194,601
Simulations Plus Inc.		3,463		120,928
Tabula Rasa HealthCare Inc.^(a)(b)		5,713		298,733
Teladoc Health Inc.^(a)(b)		23,781		3,686,293
Veeva Systems Inc., Class A^(a)		43,197		6,754,715
Vocera Communications Inc.^(a)(b)		9,509		201,971

				22,724,290

Hotels, Restaurants & Leisure — 1.7%
Aramark		81,289		1,623,341
BBX Capital Corp.		22,106		51,065
Biglari Holdings Inc., Class B, NVS^(a)(b)		280		14,392
BJ’s Restaurants Inc.		7,351		102,105
Bloomin’ Brands Inc.		27,902		199,220
Bluegreen Vacations Corp.		4,738		27,386
Boyd Gaming Corp.		25,532		368,171
Brinker International Inc.		11,348		136,289
Caesars Entertainment Corp.^(a)		189,667		1,282,149
Carnival Corp.		130,058		1,712,864
Carrols Restaurant Group Inc.^(a)(b)		13,397		24,382
Century Casinos Inc.^(a)(b)		6,605		15,918
Cheesecake Factory Inc. (The)^(b)		14,103		240,879
Chipotle Mexican Grill Inc.^(a)		8,459		5,535,570
Choice Hotels International Inc.		11,473		702,721
Churchill Downs Inc.		11,240		1,157,158
Chuy’s Holdings Inc.^(a)(b)		4,742		47,752
Cracker Barrel Old Country Store Inc.		7,830		651,613
Darden Restaurants Inc.		40,157		2,186,950
Dave & Buster’s Entertainment Inc.		12,048		157,588
Del Taco Restaurants Inc.^(a)		12,969		44,484
Denny’s Corp.^(a)(b)		21,148		162,417
Dine Brands Global Inc.		5,504		157,855
Domino’s Pizza Inc.		13,513		4,379,158
Drive Shack Inc.^(a)		18,650		28,348
Dunkin’ Brands Group Inc.		26,527		1,408,584
El Pollo Loco Holdings Inc.^(a)		8,895		75,163
Eldorado Resorts Inc.^(a)		20,965		301,896
Everi Holdings Inc.^(a)		20,035		66,115
Extended Stay America Inc.		60,785		444,338
Fiesta Restaurant Group Inc.^(a)		8,716		35,125
Golden Entertainment Inc.^(a)		6,371		42,112
Hilton Grand Vacations Inc.^(a)(b)		28,088		442,948
Hilton Worldwide Holdings Inc.		90,156		6,152,245
Hyatt Hotels Corp., Class A		12,216		585,146
International Game Technology PLC		30,303		180,303
J Alexander’s Holdings Inc.^(a)		4,602		17,626
Jack in the Box Inc.		7,948		278,577
Las Vegas Sands Corp.^(b)		110,685		4,700,792
Lindblad Expeditions Holdings Inc.^(a)(b)		9,849		41,070

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Marriott International Inc./MD, Class A		90,207	$	6,748,386
Marriott Vacations Worldwide Corp.		14,273		793,293
McDonald’s Corp.		248,376		41,068,972
MGM Resorts International		157,707		1,860,943
Monarch Casino & Resort Inc.^(a)		4,401		123,536
Nathan’s Famous Inc.		961		58,621
Noodles & Co.^(a)		3,716		17,502
Norwegian Cruise Line Holdings Ltd.^(a)		70,710		774,982
Papa John’s International Inc.		6,788		362,276
Penn National Gaming Inc.^(a)		34,423		435,451
Planet Fitness Inc., Class A^(a)		27,064		1,318,017
PlayAGS Inc.^(a)		7,314		19,382
Potbelly Corp.^(a)(b)		8,679		26,818
RCI Hospitality Holdings Inc.^(b)		3,513		35,025
Red Lion Hotels Corp.^(a)(b)		4,396		6,418
Red Robin Gourmet Burgers Inc.^(a)		4,389		37,394
Red Rock Resorts Inc., Class A		21,373		182,739
Royal Caribbean Cruises Ltd.		56,622		1,821,530
Ruth’s Hospitality Group Inc.		10,194		68,096
Scientific Games Corp./DE, Class A^(a)(b)		19,833		192,380
SeaWorld Entertainment Inc.^(a)		16,931		186,580
Shake Shack Inc., Class A^(a)(b)		9,531		359,700
Six Flags Entertainment Corp.		25,831		323,921
Starbucks Corp.		389,151		25,582,787
Target Hospitality Corp.^(a)(b)		10,677		21,247
Texas Roadhouse Inc.		22,406		925,368
Twin River Worldwide Holdings Inc.		6,765		88,013
Vail Resorts Inc.		13,362		1,973,701
Wendy’s Co. (The)		63,072		938,511
Wingstop Inc.		9,133		727,900
Wyndham Destinations Inc.		29,166		632,902
Wyndham Hotels & Resorts Inc.		31,856		1,003,783
Wynn Resorts Ltd.		31,803		1,914,223
Yum China Holdings Inc.^(b)		119,118		5,078,000
Yum! Brands Inc.		99,310		6,805,714

				138,295,926

Household Durables — 0.4%
Bassett Furniture Industries Inc.		2,993		16,312
Beazer Homes USA Inc.^(a)		11,932		76,842
Cavco Industries Inc.^(a)		2,952		427,863
Century Communities Inc.^(a)(b)		8,286		120,230
DR Horton Inc.		110,639		3,761,726
Ethan Allen Interiors Inc.		7,362		75,240
Flexsteel Industries Inc.		2,575		28,222
Garmin Ltd.		48,244		3,616,370
GoPro Inc., Class A^(a)(b)		38,268		100,262
Green Brick Partners Inc.^(a)(b)		4,321		34,784
Hamilton Beach Brands Holding Co., Class A		3,038		28,891
Helen of Troy Ltd.^(a)		8,264		1,190,264
Hooker Furniture Corp.		3,061		47,782
Installed Building Products Inc.^(a)		7,353		293,164
iRobot Corp.^(a)(b)		8,792		359,593
KB Home		28,056		507,814
La-Z-Boy Inc.		15,442		317,333
Leggett & Platt Inc.		43,759		1,167,490
Lennar Corp., Class A		90,358		3,451,676
Lennar Corp., Class B		4,463		129,070
LGI Homes Inc.^(a)(b)		6,057		273,473
Lifetime Brands Inc.		2,551		14,413
Lovesac Co. (The)^(a)(b)		3,346		19,507


Security	Shares		Value

Household Durables (continued)
M/I Homes Inc.^(a)		8,815	$	145,712
MDC Holdings Inc.		16,641		386,071
Meritage Homes Corp.^(a)		12,417		453,345
Mohawk Industries Inc.^(a)		19,353		1,475,473
Newell Brands Inc.		123,351		1,638,101
NVR Inc.^(a)		1,076		2,764,362
PulteGroup Inc.		83,779		1,869,947
Skyline Champion Corp.^(a)		16,273		255,161
Sonos Inc.^(a)		22,534		191,088
Taylor Morrison Home Corp.^(a)(b)		43,548		479,028
Tempur Sealy International Inc.^(a)		14,667		641,095
Toll Brothers Inc.		38,130		734,002
TopBuild Corp.^(a)		10,623		761,032
TRI Pointe Group Inc.^(a)		48,394		424,415
Tupperware Brands Corp.^(b)		16,282		26,377
Universal Electronics Inc.^(a)		4,394		168,598
Whirlpool Corp.		20,322		1,743,628
ZAGG Inc.^(a)(b)		8,860		27,555

				30,243,311

Household Products — 1.7%
Central Garden & Pet Co.^(a)		3,156		86,790
Central Garden & Pet Co., Class A, NVS^(a)		14,070		359,770
Church & Dwight Co. Inc.^(b)		80,646		5,175,860
Clorox Co. (The)		41,598		7,206,854
Colgate-Palmolive Co.		276,995		18,381,388
Energizer Holdings Inc.		20,509		620,397
Kimberly-Clark Corp.		112,470		14,381,539
Oil-Dri Corp. of America		1,370		45,813
Procter & Gamble Co. (The)		802,119		88,233,090
Reynolds Consumer Products Inc.		15,583		454,556
Spectrum Brands Holdings Inc.		13,659		496,778
WD-40 Co.		4,347		873,095

				136,315,930

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp./VA		217,428		2,957,021
Atlantic Power Corp.^(a)(b)		34,085		72,942
Clearway Energy Inc., Class A		10,025		172,129
Clearway Energy Inc., Class C		27,891		524,351
Ormat Technologies Inc.		13,319		901,164
Sunnova Energy International Inc.^(a)(b)		8,925		89,875
TerraForm Power Inc., Class A		25,789		406,692
Vistra Energy Corp.		138,868		2,216,333

				7,340,507

Industrial Conglomerates — 1.1%
3M Co.		184,385		25,170,396
Carlisle Companies Inc.		17,999		2,254,915
General Electric Co.		2,851,813		22,643,395
Honeywell International Inc.		237,006		31,709,033
Raven Industries Inc.		10,879		230,961
Roper Technologies Inc.		33,613		10,480,870

				92,489,570

Insurance — 2.3%
Aflac Inc.		238,676		8,172,266
Alleghany Corp.		4,538		2,506,564
Allstate Corp. (The)		104,809		9,614,130
Ambac Financial Group Inc.^(a)		15,686		193,565
American Equity Investment Life Holding Co.		27,480		516,624
American Financial Group Inc./OH		24,347		1,706,238
American International Group Inc.		286,608		6,950,244

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
American National Insurance Co.		2,160	$	177,941
AMERISAFE Inc.		5,221		336,598
Aon PLC		75,667		12,488,082
Arch Capital Group Ltd.^(a)		126,912		3,611,916
Argo Group International Holdings Ltd.		9,974		369,636
Arthur J Gallagher & Co.^(b)		61,919		5,047,018
Assurant Inc.		20,285		2,111,466
Assured Guaranty Ltd.		31,592		814,758
Athene Holding Ltd., Class A^(a)		43,598		1,082,102
Axis Capital Holdings Ltd.		26,816		1,036,438
Benefytt Technologies Inc.^(a)		3,515		78,701
Brighthouse Financial Inc.^(a)		36,537		883,099
Brown & Brown Inc.		77,591		2,810,346
BRP Group Inc., Class A^(a)(b)		6,607		69,704
Chubb Ltd.		148,491		16,584,960
Cincinnati Financial Corp.		49,772		3,755,297
Citizens Inc./TX^(a)(b)		11,424		74,484
CNA Financial Corp.		9,765		303,106
CNO Financial Group Inc.		45,332		561,663
Crawford & Co., Class A, NVS		9,830		70,776
Donegal Group Inc., Class A		2,247		34,154
eHealth Inc.^(a)(b)		7,567		1,065,585
Employers Holdings Inc.		10,234		414,579
Enstar Group Ltd.^(a)(b)		3,939		626,498
Erie Indemnity Co., Class A, NVS		7,914		1,173,171
Everest Re Group Ltd.		13,227		2,545,139
FBL Financial Group Inc., Class A		2,967		138,470
FedNat Holding Co.		3,364		38,619
Fidelity National Financial Inc.		85,925		2,137,814
First American Financial Corp.		36,597		1,552,079
Genworth Financial Inc., Class A^(a)		163,527		542,910
Global Indemnity Ltd.		3,104		79,152
Globe Life Inc.		35,214		2,534,352
Goosehead Insurance Inc., Class A^(a)		3,453		154,107
Greenlight Capital Re Ltd., Class A^(a)		8,472		50,408
Hallmark Financial Services Inc.^(a)		4,312		17,420
Hanover Insurance Group Inc. (The)		12,342		1,117,938
Hartford Financial Services Group Inc. (The)		117,134		4,127,802
HCI Group Inc.		2,399		96,560
Heritage Insurance Holdings Inc.		7,022		75,206
Horace Mann Educators Corp.		11,325		414,382
Independence Holding Co.		2,322		59,350
Investors Title Co.		389		49,792
James River Group Holdings Ltd.		8,648		313,404
Kemper Corp.		21,309		1,584,750
Kinsale Capital Group Inc.		6,379		666,797
Lincoln National Corp.		65,566		1,725,697
Loews Corp.^(b)		82,016		2,856,617
Markel Corp.^(a)		4,487		4,163,442
Marsh & McLennan Companies Inc.		166,641		14,407,781
MBIA Inc.^(a)(b)		28,251		201,712
Mercury General Corp.		8,557		348,441
MetLife Inc.		255,042		7,796,634
National General Holdings Corp.		23,904		395,611
National Western Life Group Inc., Class A		754		129,688
NI Holdings Inc.^(a)(b)		4,454		60,396
Old Republic International Corp.		90,732		1,383,663
Palomar Holdings Inc.^(a)(b)		6,460		375,714
Primerica Inc.		13,849		1,225,360
Principal Financial Group Inc.		90,700		2,842,538


Security	Shares		Value

Insurance (continued)
ProAssurance Corp.		17,330	$	433,250
Progressive Corp. (The)		192,022		14,178,905
ProSight Global Inc.^(a)(b)		5,518		53,801
Protective Insurance Corp., Class B, NVS		2,597		35,709
Prudential Financial Inc.		131,420		6,852,239
Reinsurance Group of America Inc.		20,374		1,714,268
RenaissanceRe Holdings Ltd.		14,599		2,179,923
RLI Corp.		12,880		1,132,538
Safety Insurance Group Inc.		4,541		383,397
Selective Insurance Group Inc.		18,689		928,843
State Auto Financial Corp.^(b)		4,518		125,555
Stewart Information Services Corp.		7,103		189,437
Third Point Reinsurance Ltd.^(a)		23,570		174,654
Tiptree Inc.		13,332		69,593
Travelers Companies Inc. (The)		83,858		8,331,292
Trupanion Inc.^(a)(b)		10,161		264,491
United Fire Group Inc.		7,115		232,020
United Insurance Holdings Corp.		4,553		42,070
Universal Insurance Holdings Inc.		10,418		186,691
Unum Group		66,828		1,003,088
Watford Holdings Ltd.^(a)		6,542		95,840
White Mountains Insurance Group Ltd.^(b)		978		889,980
Willis Towers Watson PLC		42,635		7,241,555
WR Berkley Corp.		47,648		2,485,796

				190,676,389

Interactive Media & Services — 4.6%
Alphabet Inc., Class A^(a)(b)		98,692		114,675,169
Alphabet Inc., Class C, NVS^(a)		98,828		114,918,187
Cargurus Inc.^(a)		23,993		454,427
Cars.com Inc.^(a)		22,600		97,180
DHI Group Inc.^(a)(b)		24,401		52,706
Eventbrite Inc., Class A^(a)(b)		11,812		86,228
EverQuote Inc., Class A^(a)		4,257		111,746
Facebook Inc., Class A^(a)		787,728		131,393,030
IAC/InterActiveCorp.^(a)		24,592		4,407,624
Liberty TripAdvisor Holdings Inc., Class A^(a)(b)		21,810		39,258
Match Group Inc.^(a)(b)		17,956		1,185,814
Meet Group Inc. (The)^(a)		17,634		103,512
QuinStreet Inc.^(a)		14,931		120,195
Travelzoo^(a)		417		1,639
TripAdvisor Inc.		33,366		580,235
TrueCar Inc.^(a)		29,138		70,514
Twitter Inc.^(a)		250,424		6,150,413
Yelp Inc.^(a)(b)		22,600		407,478
Zillow Group Inc., Class A^(a)(b)		17,823		605,447
Zillow Group Inc., Class C, NVS^(a)(b)		41,077		1,479,594

				376,940,396

Internet & Direct Marketing Retail — 3.7%
1-800-Flowers.com Inc., Class A^(a)(b)		7,624		100,866
Amazon.com Inc.^(a)		137,841		268,751,354
Booking Holdings Inc.^(a)		13,761		18,512,948
Duluth Holdings Inc., Class B^(a)(b)		2,306		9,247
eBay Inc.^(b)		249,680		7,505,381
Etsy Inc.^(a)		38,976		1,498,237
Expedia Group Inc.		43,703		2,459,168
Groupon Inc.^(a)(b)		140,452		137,671
Grubhub Inc.^(a)(b)		30,280		1,233,304
Lands’ End Inc.^(a)(b)		4,458		23,806
Leaf Group Ltd.^(a)		10,121		13,562

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Internet & Direct Marketing Retail (continued)
Liquidity Services Inc.^(a)		6,920	$	26,850
PetMed Express Inc.		5,840		168,075
Quotient Technology Inc.^(a)		24,525		159,412
Qurate Retail Inc., Series A^(a)		128,168		782,466
RealReal Inc. (The)^(a)(b)		17,003		119,191
Rubicon Project Inc. (The)^(a)(b)		15,486		85,948
Shutterstock Inc.		5,749		184,888
Stamps.com Inc.^(a)		5,527		718,952
Stitch Fix Inc., Class A^(a)(b)		13,548		172,060
Waitr Holdings Inc.^(a)(b)		16,946		20,844
Wayfair Inc., Class A^(a)(b)		20,729		1,107,758

				303,791,988

IT Services — 5.3%
Accenture PLC, Class A		210,071		34,296,191
Akamai Technologies Inc.^(a)		52,329		4,787,580
Alliance Data Systems Corp.		13,204		444,315
Amdocs Ltd.		44,445		2,443,142
Automatic Data Processing Inc.^(b)		143,384		19,597,725
Black Knight Inc.^(a)		46,797		2,717,034
Booz Allen Hamilton Holding Corp.		45,466		3,120,786
Brightcove Inc.^(a)(b)		8,448		58,883
Broadridge Financial Solutions Inc.		37,873		3,591,497
CACI International Inc., Class A^(a)		8,243		1,740,509
Cardtronics PLC, Class A^(a)(b)		13,484		282,085
Cass Information Systems Inc.		4,167		146,512
Cognizant Technology Solutions Corp., Class A		182,194		8,466,555
Conduent Inc.^(a)		62,571		153,299
CSG Systems International Inc.		10,065		421,220
DXC Technology Co.		83,922		1,095,182
Endurance International Group Holdings Inc.^(a)		30,195		58,276
EPAM Systems Inc.^(a)(b)		17,002		3,156,591
Euronet Worldwide Inc.^(a)		16,198		1,388,493
EVERTEC Inc.		19,498		443,190
Evo Payments Inc., Class A^(a)(b)		11,952		182,866
Exela Technologies Inc.^(a)(b)		18,154		3,722
ExlService Holdings Inc.^(a)		11,259		585,806
Fidelity National Information Services Inc.		200,981		24,447,329
Fiserv Inc.^(a)(b)		185,820		17,651,042
FleetCor Technologies Inc.^(a)		28,100		5,241,774
Gartner Inc.^(a)(b)		28,470		2,834,758
Genpact Ltd.		61,267		1,788,996
Global Payments Inc.		98,128		14,153,001
GoDaddy Inc., Class A^(a)(b)		57,191		3,266,178
GTT Communications Inc.^(a)(b)		13,577		107,937
Hackett Group Inc. (The)		7,457		94,853
I3 Verticals Inc., Class A^(a)		4,386		83,729
Information Services Group Inc.^(a)(b)		9,658		24,821
International Business Machines Corp.		292,333		32,428,500
International Money Express Inc.^(a)(b)		6,678		60,970
Jack Henry & Associates Inc.^(b)		25,294		3,926,641
KBR Inc.		47,665		985,712
Leidos Holdings Inc.^(b)		44,252		4,055,696
Limelight Networks Inc.^(a)		35,616		203,011
LiveRamp Holdings Inc.^(a)		21,898		720,882
ManTech International Corp./VA, Class A		8,610		625,689
Mastercard Inc., Class A		292,228		70,590,596
MAXIMUS Inc.		21,421		1,246,702
MongoDB Inc.^(a)(b)		13,699		1,870,461
NIC Inc.^(b)		20,070		461,610
Okta Inc.^(a)(b)		34,353		4,199,998


Security	Shares		Value

IT Services (continued)
Paychex Inc.		106,036	$	6,671,785
PayPal Holdings Inc.^(a)		387,239		37,074,262
Paysign Inc.^(a)(b)		9,627		49,675
Perficient Inc.^(a)(b)		9,631		260,904
Perspecta Inc.		45,736		834,225
PRGX Global Inc.^(a)(b)		10,247		28,692
Sabre Corp.		88,751		526,293
Science Applications International Corp.		19,180		1,431,403
Square Inc., Class A^(a)		112,967		5,917,211
Switch Inc., Class A		19,056		274,978
Sykes Enterprises Inc.^(a)		11,240		304,829
TTEC Holdings Inc.		5,616		206,220
Tucows Inc., Class A^(a)		2,849		137,493
Twilio Inc., Class A^(a)(b)		40,249		3,601,883
Unisys Corp.^(a)(b)		15,689		193,759
VeriSign Inc.^(a)		34,181		6,155,656
Verra Mobility Corp.^(a)(b)		44,982		321,171
Virtusa Corp.^(a)(b)		9,331		265,000
Visa Inc., Class A		564,747		90,992,037
Western Union Co. (The)		138,848		2,517,314
WEX Inc.^(a)		13,987		1,462,341

				439,479,476

Leisure Products — 0.1%
Acushnet Holdings Corp.^(b)		11,350		291,922
American Outdoor Brands Corp.^(a)		18,090		150,147
Brunswick Corp./DE		25,599		905,437
Callaway Golf Co.		28,542		291,699
Clarus Corp.		53		519
Escalade Inc.		2,992		17,802
Hasbro Inc.		41,741		2,986,569
Johnson Outdoors Inc., Class A		1,828		114,616
Malibu Boats Inc., Class A^(a)(b)		7,772		223,756
Marine Products Corp.		1,471		11,886
MasterCraft Boat Holdings Inc.^(a)(b)		6,378		46,559
Mattel Inc.^(a)		109,774		967,109
Polaris Inc.		18,776		904,064
Sturm Ruger & Co. Inc.		5,079		258,572
Vista Outdoor Inc.^(a)		19,077		167,878
YETI Holdings Inc.^(a)(b)		18,221		355,674

				7,694,209

Life Sciences Tools & Services — 1.2%
Accelerate Diagnostics Inc.^(a)(b)		6,659		55,469
Adaptive Biotechnologies Corp.^(a)		21,998		611,104
Agilent Technologies Inc.		101,672		7,281,749
Avantor Inc.^(a)		103,140		1,288,219
Bio-Rad Laboratories Inc., Class A^(a)		7,027		2,463,385
Bio-Techne Corp.		12,353		2,342,376
Bruker Corp.^(b)		33,977		1,218,415
Charles River Laboratories International Inc.^(a)		16,069		2,028,069
ChromaDex Corp.^(a)(b)		22,577		73,601
Codexis Inc.^(a)(b)		16,196		180,747
Fluidigm Corp.^(a)(b)		22,339		56,741
Illumina Inc.^(a)(b)		48,241		13,175,582
IQVIA Holdings Inc.^(a)		57,949		6,250,379
Luminex Corp.		15,390		423,687
Medpace Holdings Inc.^(a)		8,919		654,476
Mettler-Toledo International Inc.^(a)		7,874		5,437,076
NanoString Technologies Inc.^(a)(b)		9,718		233,718
NeoGenomics Inc.^(a)(b)		31,066		857,732

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Pacific Biosciences of California Inc.^(a)(b)		41,394	$	126,666
PerkinElmer Inc.^(b)		36,736		2,765,486
PPD Inc.^(a)		22,396		398,873
PRA Health Sciences Inc.^(a)		20,311		1,686,625
QIAGEN NV^(a)(b)		73,652		3,063,923
Quanterix Corp.^(a)(b)		3,080		56,580
Repligen Corp.^(a)		16,859		1,627,568
Syneos Health Inc.^(a)		19,741		778,190
Thermo Fisher Scientific Inc.		131,409		37,267,592
Waters Corp.^(a)(b)		20,957		3,815,222

				96,219,250

Machinery — 1.7%
AGCO Corp.		20,764		981,099
Alamo Group Inc.		2,964		263,144
Albany International Corp., Class A^(b)		9,691		458,675
Allison Transmission Holdings Inc.		36,864		1,202,135
Altra Industrial Motion Corp.		21,822		381,667
Astec Industries Inc.		7,310		255,631
Barnes Group Inc.		14,931		624,564
Blue Bird Corp.^(a)(b)		5,342		58,388
Briggs & Stratton Corp.^(b)		14,443		26,142
Caterpillar Inc.		176,633		20,496,493
Chart Industries Inc.^(a)		11,727		339,848
CIRCOR International Inc.^(a)		5,324		61,918
Colfax Corp.^(a)(b)		31,498		623,660
Columbus McKinnon Corp./NY		7,946		198,650
Commercial Vehicle Group Inc.^(a)(b)		10,323		15,588
Crane Co.		16,848		828,585
Cummins Inc.		48,308		6,537,039
Deere & Co.		93,194		12,875,683
Donaldson Co. Inc.		41,893		1,618,327
Douglas Dynamics Inc.		6,612		234,792
Dover Corp.		47,658		4,000,413
Eastern Co. (The)		2,732		53,274
Energy Recovery Inc.^(a)(b)		10,707		79,660
Enerpac Tool Group Corp.		19,090		315,940
EnPro Industries Inc.		6,281		248,602
ESCO Technologies Inc.^(b)		7,954		603,788
Evoqua Water Technologies Corp.^(a)		24,093		270,083
Federal Signal Corp.		20,835		568,379
Flowserve Corp.		42,963		1,026,386
Fortive Corp.		97,263		5,367,945
Franklin Electric Co. Inc.		15,842		746,633
Gates Industrial Corp. PLC^(a)(b)		14,270		105,313
Gencor Industries Inc.^(a)		2,376		24,948
Gorman-Rupp Co. (The)		5,698		177,835
Graco Inc.		55,261		2,692,869
Graham Corp.		3,128		40,351
Greenbrier Companies Inc. (The)		10,084		178,890
Helios Technologies Inc.		9,856		373,740
Hillenbrand Inc.		24,682		471,673
Hurco Companies Inc.		1,961		57,065
Hyster-Yale Materials Handling Inc.		3,037		121,753
IDEX Corp.		24,847		3,431,619
Illinois Tool Works Inc.		105,467		14,988,970
Ingersoll Rand Inc.^(a)		113,450		2,813,560
ITT Inc.		28,138		1,276,340
John Bean Technologies Corp.		10,338		767,803
Kadant Inc.		3,399		253,735
Kennametal Inc.		26,716		497,452


Security	Shares		Value

Machinery (continued)
LB Foster Co., Class A^(a)		4,250	$	52,530
Lincoln Electric Holdings Inc.		19,053		1,314,657
Lindsay Corp.^(b)		3,675		336,556
Luxfer Holdings PLC		8,792		124,319
Lydall Inc.^(a)		5,142		33,217
Manitowoc Co. Inc. (The)^(a)		11,126		94,571
Meritor Inc.^(a)		25,309		335,344
Middleby Corp. (The)^(a)		18,190		1,034,647
Miller Industries Inc./TN		3,230		91,344
Mueller Industries Inc.		18,694		447,534
Mueller Water Products Inc., Class A		55,039		440,862
Navistar International Corp.^(a)		16,585		273,487
NN Inc.		17,285		29,903
Nordson Corp.^(b)		18,688		2,524,188
Omega Flex Inc.		877		74,019
Oshkosh Corp.		22,716		1,461,320
PACCAR Inc.		111,404		6,810,127
Parker-Hannifin Corp.		42,037		5,453,460
Park-Ohio Holdings Corp.		2,540		48,108
Pentair PLC		55,615		1,655,102
Proto Labs Inc.^(a)(b)		8,654		658,829
RBC Bearings Inc.^(a)		8,099		913,486
REV Group Inc.		11,296		47,104
Rexnord Corp.		36,132		819,112
Snap-on Inc.		18,164		1,976,606
Spartan Motors Inc.^(b)		10,252		132,353
SPX Corp.^(a)		14,753		481,538
SPX FLOW Inc.^(a)(b)		14,018		398,392
Standex International Corp.		3,670		179,903
Stanley Black & Decker Inc.		50,057		5,005,700
Tennant Co.		5,576		323,129
Terex Corp.		21,767		312,574
Timken Co. (The)		21,784		704,495
Titan International Inc.		13,789		21,373
Toro Co. (The)		35,239		2,293,707
TriMas Corp.^(a)(b)		16,236		375,052
Trinity Industries Inc.		34,588		555,829
Twin Disc Inc.^(a)		2,680		18,706
Wabash National Corp.		20,286		146,465
WABCO Holdings Inc.^(a)		17,108		2,310,435
Watts Water Technologies Inc., Class A		9,580		810,947
Welbilt Inc.^(a)		45,061		231,163
Westinghouse Air Brake Technologies Corp.		58,617		2,821,236
Woodward Inc.		17,658		1,049,592
Xylem Inc./NY		59,358		3,865,987

				138,726,055

Marine — 0.0%
Costamare Inc.		21,813		98,595
Eagle Bulk Shipping Inc.^(a)(b)		18,277		33,812
Genco Shipping & Trading Ltd.		4,750		30,495
Kirby Corp.^(a)(b)		18,893		821,279
Matson Inc.		14,481		443,408
Safe Bulkers Inc.^(a)(b)		29,214		34,765
Scorpio Bulkers Inc.		21,553		54,529

				1,516,883

Media — 1.4%
Altice USA Inc., Class A^(a)		99,200		2,211,168
AMC Networks Inc., Class A^(a)		13,966		339,513
Boston Omaha Corp., Class A^(a)(b)		4,255		77,058

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
Cable One Inc.		1,450	$	2,383,814
Cardlytics Inc.^(a)		5,456		190,742
Central European Media Enterprises Ltd., Class A^(a)(b)		22,616		70,788
Charter Communications Inc., Class A^(a)(b)		49,438		21,570,294
Clear Channel Outdoor Holdings Inc.^(a)(b)		12,259		7,846
Comcast Corp., Class A		1,484,520		51,037,798
comScore Inc.^(a)		16,950		47,799
Cumulus Media Inc., Class A^(a)		5,501		29,815
Daily Journal Corp.^(a)		220		50,226
Discovery Inc., Class A^(a)(b)		50,048		972,933
Discovery Inc., Class C, NVS^(a)(b)		110,716		1,941,959
DISH Network Corp., Class A^(a)(b)		85,201		1,703,168
Emerald Holding Inc.		11,298		29,262
Entercom Communications Corp., Class A		40,036		68,462
Entravision Communications Corp., Class A		24,292		49,313
EW Scripps Co. (The), Class A, NVS		16,545		124,749
Fluent Inc.^(a)		4,665		5,458
Fox Corp., Class A, NVS^(b)		112,358		2,655,020
Fox Corp., Class B^(a)		52,132		1,192,780
Gannett Co. Inc.		37,099		54,906
Gray Television Inc.^(a)(b)		31,957		343,218
Hemisphere Media Group Inc.^(a)(b)		8,899		75,997
Interpublic Group of Companies Inc. (The)		126,012		2,040,134
John Wiley & Sons Inc., Class A		14,816		555,452
Liberty Broadband Corp., Class A^(a)		8,466		905,862
Liberty Broadband Corp., Class C, NVS^(a)(b)		34,992		3,874,314
Liberty Latin America Ltd., Class A^(a)		13,913		146,365
Liberty Latin America Ltd., Class C, NVS^(a)(b)		36,263		372,058
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		28,388		899,616
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		50,679		1,602,470
Loral Space & Communications Inc.^(a)		3,760		61,100
MDC Partners Inc., Class A^(a)		14,306		20,744
Meredith Corp.		13,310		162,648
MSG Networks Inc., Class A^(a)(b)		11,720		119,544
National CineMedia Inc.		21,360		69,634
New York Times Co. (The), Class A		52,612		1,615,714
News Corp., Class A, NVS^(b)		130,216		1,168,689
News Corp., Class B		37,983		341,467
Nexstar Media Group Inc., Class A		14,815		855,270
Omnicom Group Inc.		70,568		3,874,183
Saga Communications Inc., Class A		1,352		37,193
Scholastic Corp., NVS		8,461		215,671
Sinclair Broadcast Group Inc., Class A		21,209		341,041
Sirius XM Holdings Inc.^(b)		445,288		2,199,723
TechTarget Inc.^(a)		9,075		187,036
TEGNA Inc.		73,631		799,633
Tribune Publishing Co.		6,563		53,226
ViacomCBS Inc., Class A		1,806		32,201
ViacomCBS Inc., Class B, NVS		177,114		2,481,367
WideOpenWest Inc.^(a)(b)		6,686		31,825

				112,298,266

Metals & Mining — 0.4%
Alcoa Corp.^(a)(b)		60,349		371,750
Allegheny Technologies Inc.^(a)		39,695		337,408
Carpenter Technology Corp.		16,231		316,505
Century Aluminum Co.^(a)(b)		15,451		55,933
Cleveland-Cliffs Inc.^(b)		125,028		493,861
Coeur Mining Inc.^(a)(b)		73,497		235,925
Commercial Metals Co.		38,343		605,436
Compass Minerals International Inc.		10,908		419,631


Security	Shares		Value


Metals & Mining (continued)
Contura Energy Inc.^(a)(b)		6,157	$	14,469
Ferroglobe PLC^(a)(c)		15,827		0	^(e)
Freeport-McMoRan Inc.		482,108		3,254,229
Gold Resource Corp.^(b)		15,479		42,567
Haynes International Inc.		3,555		73,269
Hecla Mining Co.		155,062		282,213
Kaiser Aluminum Corp.		5,300		367,184
Materion Corp.		5,957		208,555
Newmont Corp.		269,061		12,183,082
NovaGold Resources Inc.^(a)(b)		74,788		551,935
Nucor Corp.		99,618		3,588,240
Olympic Steel Inc.		2,559		26,486
Ramaco Resources Inc.^(a)		1,908		4,560
Reliance Steel & Aluminum Co.		21,682		1,899,126
Royal Gold Inc.		21,619		1,896,202
Ryerson Holding Corp.^(a)		3,276		17,428
Schnitzer Steel Industries Inc., Class A		7,575		98,778
Southern Copper Corp.		26,163		736,750
Steel Dynamics Inc.		67,761		1,527,333
SunCoke Energy Inc.		31,837		122,572
Synalloy Corp.^(a)		4,425		38,630
TimkenSteel Corp.^(a)(b)		12,142		39,219
U.S. Steel Corp.^(b)		59,995		378,568
Warrior Met Coal Inc.		17,121		181,825
Worthington Industries Inc.		13,584		356,580

				30,726,249

Mortgage Real Estate Investment — 0.1%
AG Mortgage Investment Trust Inc.		13,660		37,428
AGNC Investment Corp.		180,636		1,911,129
Annaly Capital Management Inc.		477,404		2,420,438
Anworth Mortgage Asset Corp.		23,903		27,010
Apollo Commercial Real Estate Finance Inc.		49,714		368,878
Ares Commercial Real Estate Corp.		8,863		61,952
Arlington Asset Investment Corp., Class A		6,220		13,622
ARMOUR Residential REIT Inc.^(b)		18,047		158,994
Blackstone Mortgage Trust Inc., Class A		40,795		759,603
Capstead Mortgage Corp.		28,086		117,961
Cherry Hill Mortgage Investment Corp.		4,320		26,784
Chimera Investment Corp.		60,973		554,854
Colony Credit Real Estate Inc.		28,420		111,975
Dynex Capital Inc.		5,474		57,149
Ellington Financial Inc.		8,719		49,785
Exantas Capital Corp.		9,235		25,489
Granite Point Mortgage Trust Inc.		19,603		99,387
Great Ajax Corp.		7,564		48,107
Invesco Mortgage Capital Inc.		53,709		183,148
KKR Real Estate Finance Trust Inc.		7,955		119,405
Ladder Capital Corp.		33,795		160,188
MFA Financial Inc.		143,021		221,683
New Residential Investment Corp.		136,301		682,868
New York Mortgage Trust Inc.		144,071		223,310
Orchid Island Capital Inc.		21,909		64,632
PennyMac Mortgage Investment Trust^(d)		29,235		310,476
Ready Capital Corp.		11,585		83,644
Redwood Trust Inc.		37,775		191,141
Starwood Property Trust Inc.		90,699		929,665
TPG RE Finance Trust Inc.		17,955		98,573
Two Harbors Investment Corp.		88,162		335,897

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment (continued)
Western Asset Mortgage Capital Corp.		13,501	$	30,917

				10,486,092

Multi-Utilities — 1.0%
Ameren Corp.		81,042		5,902,289
Avista Corp.		21,586		917,189
Black Hills Corp.		19,519		1,249,802
CenterPoint Energy Inc.		164,993		2,549,142
CMS Energy Corp.		93,740		5,507,225
Consolidated Edison Inc.		109,113		8,510,814
Dominion Energy Inc.		270,859		19,553,311
DTE Energy Co.		60,853		5,779,209
MDU Resources Group Inc.		67,185		1,444,477
NiSource Inc.		124,376		3,105,669
NorthWestern Corp.		16,635		995,272
Public Service Enterprise Group Inc.		166,014		7,455,689
Sempra Energy		93,271		10,538,690
Unitil Corp.		4,185		218,959
WEC Energy Group Inc.		104,197		9,182,882

				82,910,619

Multiline Retail — 0.4%
Big Lots Inc.		13,030		185,287
Dillard’s Inc., Class A^(b)		4,102		151,569
Dollar General Corp.		83,900		12,669,739
Dollar Tree Inc.^(a)		77,566		5,698,774
JC Penney Co. Inc.^(a)(b)		101,230		36,443
Kohl’s Corp.		52,821		770,658
Macy’s Inc.		99,251		487,322
Nordstrom Inc.^(b)		35,144		539,109
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		17,094		792,136
Target Corp.		161,426		15,007,775

				36,338,812

Oil, Gas & Consumable Fuels — 2.3%
Abraxas Petroleum Corp.^(a)		51,204		6,196
Altus Midstream Co., Class A^(a)		25,320		18,990
Amplify Energy Corp.		5,798		3,281
Antero Midstream Corp.		88,686		186,241
Antero Resources Corp.^(a)(b)		85,539		60,981
Apache Corp.		124,665		521,100
Arch Coal Inc., Class A		5,889		170,192
Ardmore Shipping Corp.		16,714		87,748
Berry Corp.		17,975		43,320
Bonanza Creek Energy Inc.^(a)(b)		6,570		73,912
Brigham Minerals Inc., Class A		5,204		43,037
Cabot Oil & Gas Corp.		133,261		2,290,757
California Resources Corp.^(a)(b)		14,688		14,688
Callon Petroleum Co.^(a)(b)		125,124		68,555
Centennial Resource Development Inc./DE, Class A^(a)(b)		58,627		15,419
Cheniere Energy Inc.^(a)		75,749		2,537,591
Chesapeake Energy Corp.^(a)(b)		423,549		73,147
Chevron Corp.		628,373		45,531,908
Cimarex Energy Co.		33,657		566,447
Clean Energy Fuels Corp.^(a)		52,491		93,434
CNX Resources Corp.^(a)		66,911		355,966
Concho Resources Inc.		65,942		2,825,615
ConocoPhillips		357,846		11,021,657
CONSOL Energy Inc.^(a)(b)		9,184		33,889
Continental Resources Inc./OK^(b)		28,412		217,068
CVR Energy Inc.		9,567		158,142


Security	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Delek U.S. Holdings Inc.		23,561	$	371,321
Denbury Resources Inc.^(a)(b)		179,894		33,208
Devon Energy Corp.		125,619		868,027
DHT Holdings Inc.		32,645		250,387
Diamond S Shipping Inc.^(a)		8,095		95,602
Diamondback Energy Inc.		53,426		1,399,761
Dorian LPG Ltd.^(a)		8,362		72,833
Earthstone Energy Inc., Class A^(a)(b)		8,121		14,293
Energy Fuels Inc./Canada^(a)(b)		32,384		38,213
EOG Resources Inc.		191,529		6,879,722
EQT Corp.		84,972		600,752
Equitrans Midstream Corp.		67,938		341,728
Evolution Petroleum Corp.		4,591		11,982
Extraction Oil & Gas Inc.^(a)(b)		38,067		16,064
Exxon Mobil Corp.		1,395,301		52,979,579
Falcon Minerals Corp.		12,464		26,798
GasLog Ltd.		12,906		46,720
Golar LNG Ltd.		30,020		236,558
Goodrich Petroleum Corp.^(a)(b)		6,880		29,309
Green Plains Inc.		11,323		54,917
Gulfport Energy Corp.^(a)		58,930		26,206
Hallador Energy Co.		11,416		10,833
Hess Corp.		88,847		2,958,605
HighPoint Resources Corp.^(a)(b)		38,705		7,354
HollyFrontier Corp.		49,918		1,223,490
International Seaways Inc.		9,243		220,815
Kinder Morgan Inc./DE		644,209		8,967,389
Kosmos Energy Ltd.		117,559		105,286
Laredo Petroleum Inc.^(a)(b)		3,133		1,190
Magnolia Oil & Gas Corp., Class A^(a)(b)		32,650		130,600
Marathon Oil Corp.		261,299		859,674
Marathon Petroleum Corp.		211,269		4,990,174
Matador Resources Co.^(a)(b)		33,893		84,055
Montage Resources Corp.^(a)(b)		2,703		6,082
Murphy Oil Corp.		49,464		303,214
NACCO Industries Inc., Class A		1,452		40,627
Noble Energy Inc.		155,087		936,725
Nordic American Tankers Ltd.		45,481		206,029
Northern Oil and Gas Inc.^(a)		112,346		74,497
Oasis Petroleum Inc.^(a)(b)		103,203		36,121
Occidental Petroleum Corp.^(b)		294,062		3,405,238
ONEOK Inc.		135,652		2,958,570
Overseas Shipholding Group Inc., Class A^(a)(b)		9,865		22,394
Panhandle Oil and Gas Inc., Class A		4,184		15,439
Par Pacific Holdings Inc.^(a)		13,611		96,638
Parsley Energy Inc., Class A		94,465		541,284
PBF Energy Inc., Class A		37,934		268,573
PDC Energy Inc.^(a)		33,188		206,097
Peabody Energy Corp.		25,735		74,631
Penn Virginia Corp.^(a)(b)		4,488		13,868
PetroCorp Inc. Escrow^(a)(c)		1,248		0	^(e)
Phillips 66		146,174		7,842,235
Pioneer Natural Resources Co.		54,046		3,791,327
QEP Resources Inc.		78,358		26,211
Range Resources Corp.^(b)		68,310		155,747
Renewable Energy Group Inc.^(a)		12,221		250,897
REX American Resources Corp.^(a)		1,920		89,299
Ring Energy Inc.^(a)(b)		15,365		10,121
Rosehill Resources Inc.^(a)(b)		9,324		3,823
SandRidge Energy Inc.^(a)(b)		10,991		9,882

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Scorpio Tankers Inc.^(b)		13,150	$	251,428
SFL Corp. Ltd.		26,541		251,343
SilverBow Resources Inc.^(a)		3,057		7,551
SM Energy Co.		35,952		43,861
Southwestern Energy Co.^(a)		191,242		323,199
Talos Energy Inc.^(a)		6,157		35,403
Targa Resources Corp.		75,912		524,552
Teekay Corp.^(a)		24,006		75,859
Teekay Tankers Ltd., Class A^(a)		7,196		160,039
Tellurian Inc.^(a)(b)		29,130		26,331
Unit Corp.^(a)(b)		6,927		1,801
Uranium Energy Corp.^(a)(b)		58,401		32,705
Valero Energy Corp.		134,581		6,104,594
W&T Offshore Inc.^(a)		29,571		50,271
Whiting Petroleum Corp.^(a)(b)		7,824		5,245
Williams Companies Inc. (The)		399,016		5,646,076
World Fuel Services Corp.		21,399		538,827
WPX Energy Inc.^(a)(b)		137,333		418,866

				186,856,246

Paper & Forest Products — 0.0%
Boise Cascade Co.		11,572		275,182
Clearwater Paper Corp.^(a)(b)		5,473		119,366
Domtar Corp.		19,624		424,663
Louisiana-Pacific Corp.		35,067		602,451
Neenah Inc.		5,578		240,579
PH Glatfelter Co.		12,577		153,691
Schweitzer-Mauduit International Inc.		9,174		255,221
Verso Corp., Class A^(a)		10,948		123,494

				2,194,647

Personal Products — 0.2%
BellRing Brands Inc., Class A^(a)		12,930		220,457
Coty Inc., Class A		93,821		484,116
Edgewell Personal Care Co.^(a)		18,204		438,352
elf Beauty Inc.^(a)(b)		6,519		64,147
Estee Lauder Companies Inc. (The), Class A^(b)		72,083		11,485,705
Herbalife Nutrition Ltd.^(a)(b)		32,458		946,475
Inter Parfums Inc.		6,079		281,762
Lifevantage Corp.^(a)		7,906		81,432
Medifast Inc.		3,780		236,250
Nature’s Sunshine Products Inc.^(a)		3,471		28,219
Nu Skin Enterprises Inc., Class A		17,605		384,669
Revlon Inc., Class A^(a)(b)		3,416		37,337
USANA Health Sciences Inc.^(a)(b)		4,380		252,989

				14,941,910

Pharmaceuticals — 4.6%
AcelRx Pharmaceuticals Inc.^(a)(b)		37,757		44,553
Aclaris Therapeutics Inc.^(a)(b)		7,413		7,710
Aerie Pharmaceuticals Inc.^(a)(b)		14,568		196,668
Akorn Inc.^(a)(b)		28,700		16,106
Allergan PLC		108,069		19,139,020
Amneal Pharmaceuticals Inc.^(a)		27,675		96,309
Amphastar Pharmaceuticals Inc.^(a)(b)		12,554		186,301
ANI Pharmaceuticals Inc.^(a)		3,270		133,220
Arvinas Holding Co. LLC^(a)(b)		7,523		303,177
Assertio Therapeutics Inc.^(a)		17,480		11,362
Axsome Therapeutics Inc.^(a)(b)		8,590		505,350
Baudax Bio Inc.^(a)(b)		1,754		4,350
BioDelivery Sciences International Inc.^(a)		26,356		99,889
Bristol-Myers Squibb Co.		770,716		42,959,710


Security	Shares		Value

Pharmaceuticals (continued)
Cara Therapeutics Inc.^(a)(b)		11,086	$	146,446
Catalent Inc.^(a)		50,374		2,616,929
Chiasma Inc.^(a)(b)		12,439		45,402
Collegium Pharmaceutical Inc.^(a)(b)		11,346		185,280
Corcept Therapeutics Inc.^(a)(b)		33,940		403,547
CorMedix Inc.^(a)(b)		12,263		44,024
Cymabay Therapeutics Inc.^(a)		18,771		27,781
Elanco Animal Health Inc.^(a)(b)		130,258		2,916,477
Eli Lilly & Co.		280,346		38,889,597
Eloxx Pharmaceuticals Inc.^(a)(b)		6,855		13,436
Endo International PLC^(a)		73,379		271,502
Evolus Inc.^(a)(b)		2,654		11,014
Fulcrum Therapeutics Inc.^(a)(b)		7,168		85,586
Horizon Therapeutics PLC^(a)		61,660		1,826,369
Innoviva Inc.^(a)		23,181		272,609
Intersect ENT Inc.^(a)		9,610		113,879
Intra-Cellular Therapies Inc.^(a)		14,942		229,659
Jazz Pharmaceuticals PLC^(a)		17,989		1,794,223
Johnson & Johnson		875,610		114,818,739
Kala Pharmaceuticals Inc.^(a)(b)		3,140		27,601
Lannett Co. Inc.^(a)(b)		7,618		52,945
Liquidia Technologies Inc.^(a)(b)		4,885		23,008
Mallinckrodt PLC^(a)(b)		38,543		76,315
Marinus Pharmaceuticals Inc.^(a)(b)		13,337		27,074
Menlo Therapeutics Inc.^(a)(b)		2,911		7,802
Merck & Co. Inc.		839,561		64,595,823
Mylan NV^(a)		168,310		2,509,502
MyoKardia Inc.^(a)(b)		14,357		673,056
Nektar Therapeutics^(a)(b)		54,533		973,414
NGM Biopharmaceuticals Inc.^(a)		7,925		97,715
Ocular Therapeutix Inc.^(a)(b)		18,488		91,516
Odonate Therapeutics Inc.^(a)		3,601		99,424
Omeros Corp.^(a)(b)		16,499		220,592
Optinose Inc.^(a)(b)		5,109		22,939
Pacira BioSciences Inc.^(a)		12,514		419,594
Paratek Pharmaceuticals Inc.^(a)(b)		8,258		26,013
Perrigo Co. PLC		41,104		1,976,691
Pfizer Inc.		1,833,778		59,854,514
Phibro Animal Health Corp., Class A^(b)		6,310		152,513
Prestige Consumer Healthcare Inc.^(a)(b)		16,494		605,000
Reata Pharmaceuticals Inc., Class A^(a)(b)		7,566		1,092,076
Recro Pharma Inc.^(a)		4,333		35,401
Revance Therapeutics Inc.^(a)(b)		16,348		241,950
SIGA Technologies Inc.^(a)(b)		16,555		79,133
Supernus Pharmaceuticals Inc.^(a)(b)		15,776		283,810
TherapeuticsMD Inc.^(a)(b)		64,061		67,905
Theravance Biopharma Inc.^(a)(b)		16,489		381,061
Tricida Inc.^(a)(b)		7,426		163,372
Verrica Pharmaceuticals Inc.^(a)(b)		5,823		63,645
WaVe Life Sciences Ltd.^(a)(b)		6,807		63,782
Xeris Pharmaceuticals Inc.^(a)(b)		12,284		23,954
Zoetis Inc.		157,789		18,570,187
Zogenix Inc.^(a)		13,165		325,570
Zynerba Pharmaceuticals Inc.^(a)(b)		7,570		28,993

				382,370,114

Professional Services — 0.5%
Acacia Research Corp.^(a)		13,218		29,344
ASGN Inc.^(a)		16,019		565,791
Barrett Business Services Inc.		2,123		84,156
BG Staffing Inc.		4,456		33,331

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
CBIZ Inc.^(a)(b)		16,427	$	343,653
CoreLogic Inc.		26,737		816,548
CoStar Group Inc.^(a)		11,906		6,991,322
CRA International Inc.		3,203		107,012
Equifax Inc.		39,905		4,766,652
Exponent Inc.		17,469		1,256,196
Forrester Research Inc.^(a)		4,395		128,466
Franklin Covey Co.^(a)		4,047		62,890
FTI Consulting Inc.^(a)(b)		12,374		1,482,034
GP Strategies Corp.^(a)(b)		3,238		21,079
Heidrick & Struggles International Inc.		5,410		121,725
Huron Consulting Group Inc.^(a)		6,930		314,345
ICF International Inc.		5,810		399,147
IHS Markit Ltd.		128,242		7,694,520
InnerWorkings Inc.^(a)(b)		13,186		15,428
Insperity Inc.		12,739		475,165
Kelly Services Inc., Class A, NVS		12,184		154,615
Kforce Inc.		6,016		153,829
Korn Ferry		19,192		466,749
ManpowerGroup Inc.		19,983		1,058,899
Mistras Group Inc.^(a)		4,599		19,592
Nielsen Holdings PLC		115,936		1,453,838
Resources Connection Inc.		7,828		85,873
Robert Half International Inc.		37,280		1,407,320
TransUnion		61,980		4,101,836
TriNet Group Inc.^(a)(b)		14,064		529,650
TrueBlue Inc.^(a)		12,088		154,243
Upwork Inc.^(a)		17,746		114,462
Verisk Analytics Inc.		52,808		7,360,379
Willdan Group Inc.^(a)(b)		2,737		58,490

				42,828,579

Real Estate Management & Development — 0.1%
Altisource Portfolio Solutions SA^(a)(b)		4,355		33,403
CBRE Group Inc., Class A^(a)		110,651		4,172,649
Consolidated-Tomoka Land Co.		1,195		54,169
Cushman & Wakefield PLC^(a)(b)		38,371		450,476
eXp World Holdings Inc.^(a)		9,409		79,600
Forestar Group Inc.^(a)(b)		5,154		53,344
FRP Holdings Inc.^(a)		1,914		82,302
Griffin Industrial Realty Inc.		193		6,311
Howard Hughes Corp. (The)^(a)(b)		13,201		666,915
Jones Lang LaSalle Inc.		16,662		1,682,529
Kennedy-Wilson Holdings Inc.		38,252		513,342
Marcus & Millichap Inc.^(a)(b)		6,741		182,681
Maui Land & Pineapple Co. Inc.^(a)(b)		3,997		43,687
Newmark Group Inc., Class A		43,998		186,991
Rafael Holdings Inc., Class B^(a)(b)		3,549		45,463
RE/MAX Holdings Inc., Class A		5,381		117,952
Realogy Holdings Corp.		38,024		114,452
Redfin Corp.^(a)(b)		28,013		431,960
RMR Group Inc. (The), Class A		4,901		132,180
St. Joe Co. (The)^(a)(b)		10,132		170,015
Stratus Properties Inc.^(a)		1,961		34,690
Tejon Ranch Co.^(a)		9,743		136,987

				9,392,098

Road & Rail — 1.0%
AMERCO		2,884		837,946
ArcBest Corp.		7,504		131,470
Avis Budget Group Inc.^(a)(b)		19,114		265,685


Security	Shares		Value

Road & Rail (continued)
Covenant Transportation Group Inc., Class A^(a)		3,241	$	28,100
CSX Corp.		242,983		13,922,926
Daseke Inc.^(a)(b)		7,781		10,893
Heartland Express Inc.		14,379		267,018
Hertz Global Holdings Inc.^(a)(b)		32,880		203,198
JB Hunt Transport Services Inc.^(b)		28,087		2,590,464
Kansas City Southern^(b)		31,741		4,036,820
Knight-Swift Transportation Holdings Inc.^(b)		39,996		1,311,869
Landstar System Inc.^(b)		13,050		1,250,973
Lyft Inc., Class A^(a)(b)		63,747		1,711,607
Marten Transport Ltd.		11,301		231,897
Norfolk Southern Corp.		84,853		12,388,538
Old Dominion Freight Line Inc.^(b)		32,357		4,247,180
Ryder System Inc.		17,760		469,574
Saia Inc.^(a)		8,613		633,400
Schneider National Inc., Class B		17,850		345,219
U.S. Xpress Enterprises Inc., Class A^(a)		6,727		22,468
Uber Technologies Inc.^(a)(b)		313,114		8,742,143
Union Pacific Corp.		228,876		32,280,671
Universal Logistics Holdings Inc.^(b)		1,481		19,401
Werner Enterprises Inc.		15,954		578,492
YRC Worldwide Inc.^(a)(b)		8,528		14,327

				86,542,279

Semiconductors & Semiconductor Equipment — 4.2%
Adesto Technologies Corp.^(a)(b)		10,130		113,355
Advanced Energy Industries Inc.^(a)		12,988		629,788
Advanced Micro Devices Inc.^(a)		339,663		15,447,873
Alpha & Omega Semiconductor Ltd.^(a)		5,238		33,576
Ambarella Inc.^(a)		10,417		505,850
Amkor Technology Inc.^(a)		35,108		273,491
Analog Devices Inc.		121,040		10,851,236
Applied Materials Inc.^(b)		303,830		13,921,491
Axcelis Technologies Inc.^(a)		12,739		233,251
AXT Inc.^(a)		12,123		38,915
Broadcom Inc.		127,308		30,184,727
Brooks Automation Inc.		23,035		702,567
Cabot Microelectronics Corp.		9,729		1,110,468
CEVA Inc.^(a)		6,803		169,599
Cirrus Logic Inc.^(a)		18,569		1,218,683
Cohu Inc.		13,382		165,669
Cree Inc.^(a)(b)		34,640		1,228,334
Cypress Semiconductor Corp.		122,620		2,859,498
Diodes Inc.^(a)		13,277		539,511
DSP Group Inc.^(a)		7,034		94,256
Enphase Energy Inc.^(a)(b)		30,357		980,228
Entegris Inc.		43,919		1,966,254
First Solar Inc.^(a)(b)		27,445		989,667
FormFactor Inc.^(a)		24,597		494,154
Ichor Holdings Ltd.^(a)		8,845		169,470
Impinj Inc.^(a)		5,664		94,645
Inphi Corp.^(a)(b)		15,217		1,204,730
Intel Corp.		1,410,860		76,355,743
KLA Corp.		51,650		7,424,171
Lam Research Corp.		47,671		11,441,040
Lattice Semiconductor Corp.^(a)		41,738		743,771
MACOM Technology Solutions Holdings Inc.^(a)(b)		13,217		250,198
Marvell Technology Group Ltd.		217,594		4,924,152
Maxim Integrated Products Inc.		88,319		4,293,187
MaxLinear Inc.^(a)(b)		22,579		263,497
Microchip Technology Inc.		77,010		5,221,278

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Micron Technology Inc.^(a)		364,420	$	15,327,505
MKS Instruments Inc.		17,509		1,426,108
Monolithic Power Systems Inc.		13,828		2,315,637
NeoPhotonics Corp.^(a)		8,167		59,211
NVE Corp.		1,327		69,044
NVIDIA Corp.		192,308		50,692,389
ON Semiconductor Corp.^(a)		134,060		1,667,706
Onto Innovation Inc.^(a)(b)		14,734		437,158
PDF Solutions Inc.^(a)		7,500		87,900
Photronics Inc.^(a)(b)		17,685		181,448
Power Integrations Inc.^(b)		9,473		836,750
Qorvo Inc.^(a)		38,356		3,092,644
QUALCOMM Inc.		376,436		25,465,895
Rambus Inc.^(a)		32,960		365,856
Semtech Corp.^(a)		21,760		816,000
Silicon Laboratories Inc.^(a)		13,698		1,169,946
Skyworks Solutions Inc.		55,642		4,973,282
SMART Global Holdings Inc.^(a)(b)		3,033		73,702
SunPower Corp.^(a)(b)		23,839		120,864
Synaptics Inc.^(a)(b)		11,738		679,278
Teradyne Inc.		55,519		3,007,464
Texas Instruments Inc.		309,005		30,878,870
Ultra Clean Holdings Inc.^(a)		11,009		151,924
Universal Display Corp.		14,278		1,881,555
Veeco Instruments Inc.^(a)		13,520		129,386
Xilinx Inc.^(b)		82,491		6,429,349
Xperi Corp.		15,461		215,062

				349,690,256

Software — 8.7%
2U Inc.^(a)		17,374		368,676
8x8 Inc.^(a)(b)		29,158		404,130
A10 Networks Inc.^(a)		17,964		111,556
ACI Worldwide Inc.^(a)		38,263		924,051
Adobe Inc.^(a)(b)		158,586		50,468,409
Agilysys Inc.^(a)		7,839		130,911
Alarm.com Holdings Inc.^(a)(b)		11,878		462,173
Altair Engineering Inc., Class A^(a)(b)		12,455		330,058
Alteryx Inc., Class A^(a)(b)		14,764		1,405,090
American Software Inc./GA, Class A		6,994		99,385
Anaplan Inc.^(a)(b)		28,598		865,375
ANSYS Inc.^(a)		27,598		6,415,707
Appfolio Inc., Class A^(a)(b)		4,855		538,662
Appian Corp.^(a)(b)		12,083		486,099
Aspen Technology Inc.^(a)(b)		22,310		2,121,012
Atlassian Corp. PLC, Class A^(a)		39,651		5,442,496
Autodesk Inc.^(a)		72,751		11,356,431
Avalara Inc.^(a)		15,126		1,128,400
Avaya Holdings Corp.^(a)(b)		33,346		269,769
Benefitfocus Inc.^(a)(b)		9,749		86,864
Bill.Com Holdings Inc.^(a)(b)		3,238		110,740
Blackbaud Inc.		15,512		861,692
Blackline Inc.^(a)(b)		14,638		770,105
Bottomline Technologies DE Inc.^(a)		13,441		492,613
Box Inc., Class A^(a)(b)		46,312		650,220
Cadence Design Systems Inc.^(a)(b)		91,301		6,029,518
CDK Global Inc.		40,601		1,333,743
CERENCE Inc.^(a)		12,024		185,170
Ceridian HCM Holding Inc.^(a)		31,356		1,569,995
ChannelAdvisor Corp.^(a)		5,994		43,516
Citrix Systems Inc.^(b)		38,612		5,465,529


Security	Shares		Value

Software (continued)
Cloudera Inc.^(a)(b)		82,215	$	647,032
CommVault Systems Inc.^(a)		13,235		535,753
Cornerstone OnDemand Inc.^(a)		19,493		618,903
Coupa Software Inc.^(a)(b)		21,158		2,956,407
Digimarc Corp.^(a)		3,150		41,108
Digital Turbine Inc.^(a)		25,010		107,793
DocuSign Inc.^(a)		52,328		4,835,107
Domo Inc., Class B^(a)(b)		5,425		53,925
Dropbox Inc., Class A^(a)		68,749		1,244,357
Dynatrace Inc.^(a)		42,882		1,022,307
Ebix Inc.^(b)		8,182		124,203
eGain Corp.^(a)(b)		7,121		52,197
Elastic NV^(a)(b)		17,869		997,269
Envestnet Inc.^(a)		16,374		880,594
Everbridge Inc.^(a)		10,814		1,150,177
Fair Isaac Corp.^(a)		9,370		2,883,055
FireEye Inc.^(a)		65,945		697,698
Five9 Inc.^(a)		20,075		1,534,934
ForeScout Technologies Inc.^(a)		13,120		414,461
Fortinet Inc.^(a)		46,969		4,751,854
GTY Technology Holdings Inc.^(a)(b)		12,889		58,258
Guidewire Software Inc.^(a)		27,585		2,187,766
HubSpot Inc.^(a)(b)		13,498		1,797,799
Intelligent Systems Corp.^(a)(b)		2,206		74,982
Intuit Inc.		82,018		18,864,140
j2 Global Inc.		14,813		1,108,753
LivePerson Inc.^(a)		19,958		454,045
LogMeIn Inc.		15,628		1,301,500
Majesco^(a)		2,203		12,028
Manhattan Associates Inc.^(a)		20,859		1,039,195
Medallia Inc.^(a)(b)		22,278		446,451
Microsoft Corp.		2,493,125		393,190,744
MicroStrategy Inc., Class A^(a)		2,982		352,174
Mitek Systems Inc.^(a)		8,505		67,019
MobileIron Inc.^(a)		30,906		117,443
Model N Inc.^(a)		11,717		260,235
New Relic Inc.^(a)		16,620		768,509
NortonLifeLock Inc.		185,032		3,461,949
Nuance Communications Inc.^(a)		96,199		1,614,219
Nutanix Inc., Class A^(a)(b)		55,383		875,051
OneSpan Inc.^(a)		8,526		154,747
Oracle Corp.		661,387		31,964,834
Pagerduty Inc.^(a)(b)		13,734		237,324
Palo Alto Networks Inc.^(a)(b)		31,189		5,113,748
Pareteum Corp.^(a)		46,577		19,190
Paycom Software Inc.^(a)(b)		16,122		3,256,805
Paylocity Holding Corp.^(a)(b)		11,382		1,005,258
Pegasystems Inc.^(b)		12,345		879,334
Ping Identity Holding Corp.^(a)(b)		4,562		91,331
Pluralsight Inc., Class A^(a)		20,882		229,284
Progress Software Corp.		14,215		454,880
Proofpoint Inc.^(a)		18,678		1,916,176
PROS Holdings Inc.^(a)		11,185		347,071
PTC Inc.^(a)		33,777		2,067,490
Q2 Holdings Inc.^(a)(b)		14,569		860,445
QAD Inc., Class A		4,192		167,387
Qualys Inc.^(a)(b)		10,722		932,707
Rapid7 Inc.^(a)(b)		15,545		673,565
RealPage Inc.^(a)		25,791		1,365,118
RingCentral Inc., Class A^(a)(b)		24,486		5,188,828

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Rosetta Stone Inc.^(a)(b)		5,920	$	82,998
SailPoint Technologies Holding Inc.^(a)		27,710		421,746
salesforce.com Inc.^(a)(b)		276,750		39,846,465
SecureWorks Corp., Class A^(a)		1,918		22,076
ServiceNow Inc.^(a)		61,376		17,589,134
ShotSpotter Inc.^(a)		2,307		63,396
Smartsheet Inc., Class A^(a)		28,115		1,167,054
SolarWinds Corp.^(a)		13,295		208,333
Splunk Inc.^(a)(b)		51,576		6,510,438
Sprout Social Inc., Class A^(a)		5,688		90,780
SPS Commerce Inc.^(a)		11,032		513,098
SS&C Technologies Holdings Inc.		73,719		3,230,367
SVMK Inc.^(a)		27,107		366,216
Synchronoss Technologies Inc.^(a)(b)		12,692		38,711
Synopsys Inc.^(a)		48,957		6,305,172
Telaria Inc.^(a)		13,973		83,838
Telenav Inc.^(a)(b)		12,616		54,501
Tenable Holdings Inc.^(a)		13,183		288,180
Teradata Corp.^(a)		38,119		781,058
TiVo Corp.		35,444		250,944
Trade Desk Inc. (The), Class A^(a)(b)		12,739		2,458,627
Tyler Technologies Inc.^(a)(b)		12,524		3,714,117
Upland Software Inc.^(a)(b)		7,269		194,955
Varonis Systems Inc.^(a)(b)		10,254		652,872
Verint Systems Inc.^(a)		21,235		913,105
VirnetX Holding Corp.^(a)(b)		27,810		152,121
VMware Inc., Class A^(a)(b)		25,265		3,059,591
Workday Inc., Class A^(a)		54,787		7,134,363
Workiva Inc.^(a)		11,323		366,073
Yext Inc.^(a)		30,854		314,402
Zendesk Inc.^(a)(b)		36,696		2,348,911
Zix Corp.^(a)(b)		17,979		77,489
Zscaler Inc.^(a)(b)		22,907		1,394,120
Zuora Inc., Class A^(a)(b)		27,547		221,753

				712,372,015

Specialty Retail — 2.1%
Aaron’s Inc.		22,432		511,001
Abercrombie & Fitch Co., Class A		21,728		197,508
Advance Auto Parts Inc.		22,304		2,081,409
American Eagle Outfitters Inc.		54,403		432,504
America’s Car-Mart Inc./TX^(a)(b)		2,336		131,634
Asbury Automotive Group Inc.^(a)		6,386		352,699
Ascena Retail Group Inc.^(a)(b)		2,594		3,606
At Home Group Inc.^(a)(b)		14,624		29,540
AutoNation Inc.^(a)		18,394		516,136
AutoZone Inc.^(a)		7,779		6,581,034
Barnes & Noble Education Inc.^(a)(b)		15,613		21,234
Bed Bath & Beyond Inc.^(b)		37,848		159,340
Best Buy Co. Inc.		72,541		4,134,837
Boot Barn Holdings Inc.^(a)		10,212		132,041
Buckle Inc. (The)		8,131		111,476
Burlington Stores Inc.^(a)		21,721		3,441,910
Caleres Inc.		12,970		67,444
Camping World Holdings Inc., Class A		9,579		54,504
CarMax Inc.^(a)		53,983		2,905,905
Carvana Co.^(a)(b)		14,624		805,636
Cato Corp. (The), Class A		8,114		86,576
Chico’s FAS Inc.		38,756		49,995
Children’s Place Inc. (The)		5,400		105,624
Citi Trends Inc.		4,384		39,018


Security	Shares		Value

Specialty Retail (continued)
Conn’s Inc.^(a)		7,296	$	30,497
Container Store Group Inc. (The)^(a)(b)		4,298		10,143
Designer Brands Inc. , Class A		21,383		106,487
Dick’s Sporting Goods Inc.		21,946		466,572
Express Inc.^(a)(b)		25,206		37,557
Five Below Inc.^(a)		17,673		1,243,826
Floor & Decor Holdings Inc., Class A^(a)(b)		21,671		695,422
Foot Locker Inc.		34,912		769,810
GameStop Corp., Class A^(b)		28,512		99,792
Gap Inc. (The)		70,062		493,236
Genesco Inc.^(a)		6,176		82,388
GNC Holdings Inc., Class A^(a)(b)		22,520		10,542
Group 1 Automotive Inc.		6,232		275,828
Guess? Inc.		17,637		119,402
Haverty Furniture Companies Inc.		5,532		65,775
Hibbett Sports Inc.^(a)(b)		7,823		85,544
Home Depot Inc. (The)		359,362		67,096,479
Hudson Ltd., Class A^(a)(b)		12,663		63,568
J. Jill Inc.^(a)		6,529		3,607
L Brands Inc.		73,728		852,296
Lithia Motors Inc., Class A		7,588		620,623
Lowe’s Companies Inc.		254,584		21,906,953
Lumber Liquidators Holdings Inc.^(a)(b)		8,085		37,919
MarineMax Inc.^(a)		8,873		92,457
Michaels Companies Inc. (The)^(a)(b)		28,765		46,599
Monro Inc.^(b)		10,132		443,883
Murphy USA Inc.^(a)		9,741		821,751
National Vision Holdings Inc.^(a)(b)		25,023		485,947
Office Depot Inc.		167,394		274,526
O’Reilly Automotive Inc.^(a)(b)		24,435		7,356,157
Party City Holdco Inc.^(a)(b)		19,677		9,018
Penske Automotive Group Inc.		10,765		301,420
Rent-A-Center Inc./TX		16,945		239,602
RH^(a)		5,392		541,734
Ross Stores Inc.		117,208		10,193,580
RTW RetailWinds Inc.^(a)		4,418		928
Sally Beauty Holdings Inc.^(a)(b)		40,295		325,584
Shoe Carnival Inc.		4,302		89,353
Signet Jewelers Ltd.		15,538		100,220
Sleep Number Corp.^(a)(b)		8,470		162,285
Sonic Automotive Inc., Class A		8,797		116,824
Sportsman’s Warehouse Holdings Inc.^(a)(b)		8,835		54,424
Tailored Brands Inc.^(b)		15,167		26,391
Tiffany & Co.		39,731		5,145,164
Tilly’s Inc., Class A		10,072		41,597
TJX Companies Inc. (The)		400,087		19,128,159
Tractor Supply Co.^(b)		39,180		3,312,669
Ulta Beauty Inc.^(a)(b)		18,058		3,172,791
Urban Outfitters Inc.^(a)(b)		22,791		324,544
Williams-Sonoma Inc.		26,321		1,119,169
Winmark Corp.		767		97,731
Zumiez Inc.^(a)(b)		6,548		113,411

				172,264,795

Technology Hardware, Storage & Peripherals — 4.5%
3D Systems Corp.^(a)(b)		42,006		323,866
Apple Inc.		1,358,823		345,535,101
AstroNova Inc.		4,185		32,476
Avid Technology Inc.^(a)(b)		9,136		61,485
Dell Technologies Inc., Class C^(a)		49,895		1,973,347
Diebold Nixdorf Inc.^(a)		24,498		86,233

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Hewlett Packard Enterprise Co.		428,898	$	4,164,599
HP Inc.		478,782		8,311,655
Immersion Corp.^(a)		8,177		43,829
NCR Corp.^(a)		40,557		717,859
NetApp Inc.		75,642		3,153,515
Pure Storage Inc., Class A^(a)		74,279		913,632
Stratasys Ltd.^(a)(b)		18,053		287,945
Western Digital Corp.		97,764		4,068,938
Xerox Holdings Corp.^(a)		56,118		1,062,875

				370,737,355

Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings Ltd.^(a)		45,454		490,449
Carter’s Inc.		14,717		967,348
Columbia Sportswear Co.		9,853		687,444
Crocs Inc.^(a)(b)		21,395		363,501
Culp Inc.		2,520		18,547
Deckers Outdoor Corp.^(a)		9,306		1,247,004
Delta Apparel Inc.^(a)		3,770		39,246
Fossil Group Inc.^(a)		12,967		42,661
G-III Apparel Group Ltd.^(a)(b)		13,532		104,196
Hanesbrands Inc.		114,995		905,011
Kontoor Brands Inc.^(a)		14,959		286,764
Lululemon Athletica Inc.^(a)		38,852		7,364,397
Movado Group Inc.		5,305		62,705
NIKE Inc., Class B		385,377		31,886,093
Oxford Industries Inc.		5,551		201,279
PVH Corp.		24,575		925,003
Ralph Lauren Corp.		16,128		1,077,834
Rocky Brands Inc.		3,125		60,469
Skechers U.S.A. Inc., Class A^(a)		42,236		1,002,683
Steven Madden Ltd.^(b)		26,760		621,635
Superior Group of Companies Inc.		2,228		18,849
Tapestry Inc.		92,169		1,193,589
Under Armour Inc., Class A^(a)(b)		60,738		559,397
Under Armour Inc., Class C, NVS^(a)(b)		61,817		498,245
Unifi Inc.^(a)		4,153		47,967
Vera Bradley Inc.^(a)		5,811		23,941
VF Corp.		100,969		5,460,404
Wolverine World Wide Inc.		27,352		415,750

				56,572,411

Thrifts & Mortgage Finance — 0.1%
Axos Financial Inc.^(a)		17,796		322,641
Bridgewater Bancshares Inc.^(a)		7,055		68,786
Capitol Federal Financial Inc.		45,559		528,940
Columbia Financial Inc.^(a)		15,825		227,880
ESSA Bancorp. Inc.		2,489		33,975
Essent Group Ltd.		30,569		805,187
Federal Agricultural Mortgage Corp., Class C, NVS		3,094		172,119
First Defiance Financial Corp.		10,350		152,559
Flagstar Bancorp. Inc.		11,776		233,518
FS Bancorp. Inc.		1,554		55,944
Greene County Bancorp. Inc.		956		22,332
Hingham Institution for Savings		358		51,906
Home Bancorp. Inc.		1,833		44,762
HomeStreet Inc.		6,916		153,743
Kearny Financial Corp./MD		29,698		255,106
Luther Burbank Corp.		7,177		65,813
Merchants Bancorp./IN		4,229		64,196
Meridian Bancorp. Inc.		15,876		178,129


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
Meta Financial Group Inc.		10,420	$	226,322
MGIC Investment Corp.		119,423		758,336
MMA Capital Holdings Inc.^(a)		3,080		76,168
Mr Cooper Group Inc.^(a)(b)		23,574		172,797
New York Community Bancorp. Inc.		150,963		1,417,543
NMI Holdings Inc., Class A^(a)		20,467		237,622
Northfield Bancorp. Inc.		16,724		187,142
Northwest Bancshares Inc.		33,149		383,534
OceanFirst Financial Corp.		18,221		289,896
Ocwen Financial Corp.^(a)		30,811		15,405
OP Bancorp		7,252		54,100
PCSB Financial Corp.		5,689		79,589
PennyMac Financial Services Inc.^(d)		3,152		69,691
Ponce de Leon Federal Bank^(a)		5,754		59,094
Provident Bancorp Inc.^(a)		2,696		23,240
Provident Financial Services Inc.		20,228		260,132
Prudential Bancorp. Inc.		4,532		67,074
Radian Group Inc.		66,376		859,569
Riverview Bancorp. Inc.		11,880		59,519
Southern Missouri Bancorp. Inc.		1,858		45,094
Sterling Bancorp Inc./MI		6,559		28,204
Territorial Bancorp. Inc.		3,282		80,573
TFS Financial Corp.		18,438		281,548
Timberland Bancorp. Inc./WA		3,462		63,320
TrustCo Bank Corp. NY		26,441		143,046
Walker & Dunlop Inc.		9,581		385,827
Washington Federal Inc.		24,597		638,538
Waterstone Financial Inc.		9,989		145,240
Western New England Bancorp Inc.		12,671		85,656
WSFS Financial Corp.		18,103		451,127

				11,082,482

Tobacco — 0.8%
22nd Century Group Inc.^(a)(b)		42,876		32,157
Altria Group Inc.		616,639		23,845,430
Philip Morris International Inc.		512,254		37,374,052
Pyxus International Inc.^(a)(b)		3,790		11,787
Turning Point Brands Inc.		1,889		39,877
Universal Corp./VA		7,987		353,105
Vector Group Ltd.		39,443		371,553

				62,027,961

Trading Companies & Distributors — 0.3%
Air Lease Corp.		34,278		758,915
Applied Industrial Technologies Inc.		11,965		547,040
Beacon Roofing Supply Inc.^(a)(b)		21,048		348,134
BlueLinx Holdings Inc.^(a)(b)		2,812		13,919
BMC Stock Holdings Inc.^(a)(b)		20,619		365,575
CAI International Inc.^(a)(b)		5,183		73,288
DXP Enterprises Inc./TX^(a)		6,558		80,401
EVI Industries Inc.^(a)(b)		2,133		33,659
Fastenal Co.		187,329		5,854,031
Foundation Building Materials Inc.^(a)		4,055		41,726
GATX Corp.		10,933		683,969
General Finance Corp.^(a)(b)		777		4,848
GMS Inc.^(a)		13,451		211,584
H&E Equipment Services Inc.		9,857		144,701
HD Supply Holdings Inc.^(a)		52,182		1,483,534
Herc Holdings Inc.^(a)(b)		7,651		156,539
Kaman Corp.		9,379		360,810
Lawson Products Inc./DE^(a)		1,782		47,615

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Trading Companies & Distributors (continued)
MRC Global Inc.^(a)(b)		28,124	$	119,808
MSC Industrial Direct Co. Inc., Class A		14,846		816,085
NOW Inc.^(a)		33,387		172,277
Rush Enterprises Inc., Class A		9,921		316,678
Rush Enterprises Inc., Class B		2,060		62,851
SiteOne Landscape Supply Inc.^(a)(b)		13,911		1,024,128
Systemax Inc.		3,452		61,204
Textainer Group Holdings Ltd.^(a)(b)		19,267		158,375
Titan Machinery Inc.^(a)		5,158		44,823
Triton International Ltd.		16,902		437,255
United Rentals Inc.^(a)(b)		24,138		2,483,800
Univar Solutions Inc.^(a)		55,563		595,635
Veritiv Corp.^(a)		4,281		33,649
Watsco Inc.		10,811		1,708,462
WESCO International Inc.^(a)		13,136		300,158
Willis Lease Finance Corp.^(a)		1,294		34,420
WW Grainger Inc.		14,124		3,509,814

				23,089,710

Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		23,090		583,022


Water Utilities — 0.2%
American States Water Co.		12,298		1,005,238
American Water Works Co. Inc.		59,793		7,148,851
Artesian Resources Corp., Class A, NVS		2,300		85,974
Cadiz Inc.^(a)(b)		6,577		76,754
California Water Service Group		16,152		812,769
Consolidated Water Co. Ltd.		5,989		98,220
Essential Utilities Inc.		70,896		2,885,467
Global Water Resources Inc.		2,506		25,536
Middlesex Water Co.		5,997		360,540
Pure Cycle Corp.^(a)		9,159		102,123
SJW Group		9,198		531,368
York Water Co. (The)^(b)		4,059		176,404

				13,309,244

Wireless Telecommunication Services — 0.1%
Boingo Wireless Inc.^(a)(b)		13,462		142,832
Gogo Inc.^(a)(b)		16,503		34,987
Shenandoah Telecommunications Co.		16,157		795,732
Spok Holdings Inc.		6,057		64,749
Sprint Corp.^(a)(b)		184,147		1,587,347
Telephone & Data Systems Inc.		33,303		558,158
T-Mobile U.S. Inc.^(a)(b)		103,040		8,645,046
U.S. Cellular Corp.^(a)		4,160		121,847

				11,950,698


Total Common Stocks — 99.6% (Cost: $7,846,606,455)				8,201,134,421


Short-Term Investments

Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(d)(f)(g)		314,537,210		314,474,303


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(d)(f)		18,515,000	$	18,515,000

				332,989,303


Total Short-Term Investments — 4.1% (Cost: $332,970,243)				332,989,303


Total Investments in Securities — 103.7% (Cost: $8,179,576,698)				8,534,123,724

Other Assets, Less Liabilities — (3.7)%				(303,135,477	)


Net Assets — 100.0%			$	8,230,988,247

^(a)	Non-income producing security.

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

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

^(e)	Rounds to less than $1.

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

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


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

Schedule of Investments

March 31, 2020

iShares^® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.9%
BWX Technologies Inc.		255,191	$	12,430,354
Curtiss-Wright Corp.		114,065		10,540,747
HEICO Corp.^(a)		117,955		8,800,623
HEICO Corp., Class A		208,826		13,343,981
Hexcel Corp.		223,529		8,313,044
Howmet Aerospace Inc.		1,038,753		16,682,373
Huntington Ingalls Industries Inc.		107,999		19,678,498
L3Harris Technologies Inc.		597,828		107,680,779
Spirit AeroSystems Holdings Inc., Class A		281,385		6,733,543
Teledyne Technologies Inc.^(b)		96,353		28,642,856
Textron Inc.^(a)		621,587		16,577,725
TransDigm Group Inc.		138,492		44,343,753

				293,768,276

Air Freight & Logistics — 0.4%
CH Robinson Worldwide Inc.		366,375		24,254,025
Expeditors International of Washington Inc.		464,910		31,018,795
XPO Logistics Inc.^(a)(b)		250,348		12,204,465

				67,477,285

Airlines — 0.3%
Alaska Air Group Inc.		329,641		9,384,879
American Airlines Group Inc.^(a)		1,060,104		12,922,668
Copa Holdings SA, Class A, NVS		86,084		3,898,744
JetBlue Airways Corp.^(a)(b)		777,651		6,959,976
United Airlines Holdings Inc.^(a)(b)		630,581		19,894,831

				53,061,098

Auto Components — 0.5%
Aptiv PLC		694,202		34,182,507
BorgWarner Inc.		562,642		13,711,586
Gentex Corp.		685,834		15,198,081
Goodyear Tire & Rubber Co. (The)		622,532		3,623,136
Lear Corp.		166,621		13,537,956

				80,253,266

Automobiles — 0.1%
Harley-Davidson Inc.		412,454		7,807,754
Thor Industries Inc.		146,367		6,173,760

				13,981,514

Banks — 2.8%
Associated Banc-Corp.		408,839		5,229,051
Bank of Hawaii Corp.		108,218		5,977,962
Bank OZK		325,433		5,434,731
BankUnited Inc.		261,339		4,887,039
BOK Financial Corp.		85,400		3,634,624
CIT Group Inc.		257,724		4,448,316
Citizens Financial Group Inc.		1,167,944		21,969,027
Comerica Inc.		377,826		11,085,415
Commerce Bancshares Inc.^(a)		273,760		13,783,816
Cullen/Frost Bankers Inc.		151,322		8,442,254
East West Bancorp. Inc.		388,059		9,988,639
Fifth Third Bancorp		1,925,949		28,600,343
First Citizens BancShares Inc./NC, Class A		18,698		6,224,003
First Hawaiian Inc.		357,264		5,905,574
First Horizon National Corp.		835,544		6,734,485
First Republic Bank/CA^(a)		458,361		37,713,943
FNB Corp.		861,567		6,349,749
Huntington Bancshares Inc./OH		2,755,840		22,625,446
KeyCorp		2,639,024		27,366,679
M&T Bank Corp.		350,945		36,298,241


Security	Shares		Value

Banks (continued)
PacWest Bancorp.		315,481	$	5,653,420
People’s United Financial Inc.		1,182,797		13,069,907
Pinnacle Financial Partners Inc.		200,846		7,539,759
Popular Inc.		255,143		8,930,005
Prosperity Bancshares Inc.		245,658		11,852,999
Regions Financial Corp.		2,598,005		23,304,105
Signature Bank/New York NY		144,614		11,625,519
Sterling Bancorp./DE		534,211		5,582,505
SVB Financial Group^(a)(b)		139,798		21,120,682
Synovus Financial Corp.		377,823		6,634,572
TCF Financial Corp.		410,975		9,312,694
Texas Capital Bancshares Inc.^(b)		134,226		2,975,790
Umpqua Holdings Corp.		589,973		6,430,706
Webster Financial Corp.		244,890		5,607,981
Western Alliance Bancorp.		259,209		7,934,387
Wintrust Financial Corp.		159,740		5,249,056
Zions Bancorp. N.A.		441,969		11,827,090

				437,350,514

Beverages — 0.3%
Brown-Forman Corp., Class A		121,795		6,257,827
Brown-Forman Corp., Class B, NVS^(a)		467,019		25,924,225
Molson Coors Beverage Co., Class B		467,120		18,222,351

				50,404,403

Biotechnology — 1.8%
Agios Pharmaceuticals Inc.^(a)(b)		162,054		5,749,676
Alkermes PLC^(b)		417,573		6,021,403
Alnylam Pharmaceuticals Inc.^(a)(b)		289,258		31,485,733
BioMarin Pharmaceutical Inc.^(a)(b)		484,788		40,964,586
Bluebird Bio Inc.^(b)		147,451		6,776,848
Exact Sciences Corp.^(a)(b)		375,889		21,801,562
Exelixis Inc.^(b)		801,868		13,808,167
Incyte Corp.^(b)		483,933		35,438,414
Ionis Pharmaceuticals Inc.^(b)		343,107		16,222,099
Moderna Inc.^(a)(b)		605,582		18,137,181
Neurocrine Biosciences Inc.^(b)		246,200		21,308,610
Sage Therapeutics Inc.^(a)(b)		141,209		4,055,522
Sarepta Therapeutics Inc.^(a)(b)		191,510		18,733,508
Seattle Genetics Inc.^(a)(b)		313,882		36,215,705
United Therapeutics Corp.^(b)		115,725		10,973,623

				287,692,637

Building Products — 1.1%
Allegion PLC^(a)		250,156		23,019,355
AO Smith Corp.		364,206		13,770,629
Armstrong World Industries Inc.^(a)		131,092		10,411,327
Fortune Brands Home & Security Inc.		379,658		16,420,208
Lennox International Inc.		95,117		17,291,319
Masco Corp.		751,369		25,974,826
Owens Corning		293,639		11,396,130
Resideo Technologies Inc.^(a)(b)		329,384		1,594,219
Trane Technologies PLC^(a)		643,383		53,137,002

				173,015,015

Capital Markets — 3.3%
Affiliated Managers Group Inc.		131,189		7,758,518
Ameriprise Financial Inc.		341,244		34,970,685
BGC Partners Inc., Class A		769,200		1,938,384
Cboe Global Markets Inc.		300,578		26,826,587
E*TRADE Financial Corp.		600,885		20,622,373
Eaton Vance Corp., NVS		288,608		9,307,608
Evercore Inc., Class A		105,536		4,860,988

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
FactSet Research Systems Inc.^(a)		101,083	$	26,350,317
Franklin Resources Inc.		756,287		12,622,430
Interactive Brokers Group Inc., Class A^(a)		203,361		8,779,094
Invesco Ltd.		1,028,824		9,341,722
Janus Henderson Group PLC		425,024		6,511,368
Lazard Ltd., Class A		275,479		6,490,285
Legg Mason Inc.^(a)		233,982		11,430,021
LPL Financial Holdings Inc.		217,246		11,824,700
MarketAxess Holdings Inc.		99,930		33,233,720
Morningstar Inc.		52,651		6,120,679
MSCI Inc.^(a)		221,925		64,127,448
Nasdaq Inc.^(a)		308,272		29,270,426
Northern Trust Corp.		519,727		39,218,599
Raymond James Financial Inc.		334,651		21,149,943
SEI Investments Co.		345,821		16,025,345
State Street Corp.		962,664		51,281,111
T Rowe Price Group Inc.		621,108		60,651,196
Virtu Financial Inc., Class A		141,501		2,946,051

				523,659,598

Chemicals — 1.8%
Albemarle Corp.		283,816		15,998,708
Ashland Global Holdings Inc.^(a)		150,307		7,525,871
Axalta Coating Systems Ltd.^(b)		566,045		9,775,597
Cabot Corp.		154,451		4,034,260
Celanese Corp.		321,146		23,568,905
CF Industries Holdings Inc.		588,638		16,010,954
Chemours Co. (The)		437,626		3,881,743
Corteva Inc.^(a)(b).		2,024,607		47,578,264
Eastman Chemical Co.		369,144		17,194,727
Element Solutions Inc.^(a)(b)		605,220		5,059,639
FMC Corp.		349,191		28,525,413
Huntsman Corp.		580,560		8,377,481
International Flavors & Fragrances Inc.		288,972		29,498,262
Mosaic Co. (The)^(a)		942,791		10,200,999
NewMarket Corp.		18,504		7,084,626
Olin Corp.		414,586		4,838,219
RPM International Inc.		345,651		20,566,234
Scotts Miracle-Gro Co. (The)		105,953		10,849,587
Valvoline Inc.		504,706		6,606,602
Westlake Chemical Corp.^(a)		94,580		3,610,119
WR Grace & Co.		153,082		5,449,719

				286,235,929

Commercial Services & Supplies — 1.1%
ADT Inc.^(a)		311,922		1,347,503
Cintas Corp.^(a)		228,544		39,588,391
Clean Harbors Inc.^(b)		138,020		7,085,947
Copart Inc.^(a)(b)		542,279		37,156,957
IAA Inc.^(a)(b)		354,251		10,613,360
KAR Auction Services Inc.		355,706		4,268,472
Republic Services Inc.		574,879		43,150,418
Rollins Inc.^(a)		378,635		13,683,869
Stericycle Inc.^(b)		238,435		11,583,172

				168,478,089

Communications Equipment — 1.0%
Arista Networks Inc.^(a)(b)		159,928		32,393,416
Ciena Corp.^(b)		415,556		16,543,284
CommScope Holding Co. Inc.^(a)(b)		511,359		4,658,481
EchoStar Corp., Class A^(a)(b)		136,500		4,363,905
F5 Networks Inc.^(b)		164,328		17,522,295


Security	Shares		Value

Communications Equipment (continued)
Juniper Networks Inc.		896,524	$	17,159,469
Motorola Solutions Inc.		461,893		61,394,818
Ubiquiti Inc.		23,124		3,273,896
ViaSat Inc.^(a)(b)		154,162		5,537,499

				162,847,063

Construction & Engineering — 0.4%
AECOM^(b)		407,714		12,170,263
Fluor Corp.		374,279		2,586,268
Jacobs Engineering Group Inc.^(a)		348,845		27,652,943
Quanta Services Inc.		378,227		12,001,143
Valmont Industries Inc.		57,469		6,090,564

				60,501,181

Construction Materials — 0.5%
Eagle Materials Inc.^(a)		112,520		6,573,418
Martin Marietta Materials Inc.^(a)		169,046		31,988,575
Vulcan Materials Co.^(a)		354,412		38,301,305

				76,863,298

Consumer Finance — 0.6%
Ally Financial Inc.		1,005,284		14,506,248
Credit Acceptance Corp.^(a)(b)		27,375		6,999,514
Discover Financial Services		838,702		29,916,500
LendingTree Inc.^(a)(b)		21,021		3,855,041
Navient Corp.		524,530		3,975,937
OneMain Holdings Inc.		174,607		3,338,486
Santander Consumer USA Holdings Inc.		284,143		3,952,429
SLM Corp.^(a)		1,156,800		8,317,392
Synchrony Financial		1,663,351		26,763,318

				101,624,865

Containers & Packaging — 1.6%
AptarGroup Inc.		172,779		17,198,422
Ardagh Group SA		53,766		637,665
Avery Dennison Corp.		224,297		22,849,135
Ball Corp.		871,149		56,328,494
Berry Global Group Inc.^(b)		353,704		11,923,362
Crown Holdings Inc.^(a)(b)		353,851		20,537,512
Graphic Packaging Holding Co.		787,783		9,610,953
International Paper Co.		1,059,585		32,984,881
O-I Glass Inc.		414,678		2,948,361
Packaging Corp. of America		251,333		21,823,244
Sealed Air Corp.		416,270		10,286,032
Silgan Holdings Inc.		207,135		6,011,058
Sonoco Products Co.		266,310		12,343,468
Westrock Co.		692,821		19,579,121

				245,061,708

Distributors — 0.4%
Genuine Parts Co.		380,626		25,627,549
LKQ Corp.^(a)(b)		834,116		17,107,719
Pool Corp.^(a)		103,524		20,370,417

				63,105,685

Diversified Consumer Services — 0.5%
Bright Horizons Family Solutions Inc.^(a)(b)		154,756		15,785,112
frontdoor Inc.^(b)		227,290		7,905,146
Graham Holdings Co., Class B		11,388		3,885,244
Grand Canyon Education Inc.^(a)(b)		126,990		9,687,432
H&R Block Inc.^(a)		526,404		7,411,768
Service Corp. International^(a)		476,913		18,652,068
ServiceMaster Global Holdings Inc.^(a)(b)		365,190		9,860,130

				73,186,900

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Financial Services — 0.3%
Equitable Holdings Inc.		1,117,345	$	16,145,635
Jefferies Financial Group Inc.		682,615		9,331,347
Voya Financial Inc.^(a)		362,926		14,716,650

				40,193,632

Diversified Telecommunication Services — 0.3%
CenturyLink Inc.		2,958,054		27,983,191
GCI Liberty Inc., Class A^(a)(b)		262,612		14,961,005

				42,944,196

Electric Utilities — 3.4%
Alliant Energy Corp.		652,394		31,504,106
Avangrid Inc.		150,070		6,570,065
Edison International		944,789		51,764,989
Entergy Corp.		536,300		50,396,111
Evergy Inc.		613,990		33,800,149
Eversource Energy		877,941		68,663,766
FirstEnergy Corp.		1,457,384		58,397,377
Hawaiian Electric Industries Inc.		295,416		12,717,659
IDACORP Inc.		135,268		11,875,178
NRG Energy Inc.		680,953		18,562,779
OGE Energy Corp.		543,537		16,702,892
PG&E Corp.^(a)(b)		1,443,338		12,975,609
Pinnacle West Capital Corp.		305,181		23,129,668
PPL Corp.		2,075,672		51,227,585
Xcel Energy Inc.		1,420,315		85,644,994

				533,932,927

Electrical Equipment — 0.9%
Acuity Brands Inc.^(a)		107,120		9,175,899
AMETEK Inc.^(a)		613,131		44,157,695
GrafTech International Ltd.		169,930		1,379,832
Hubbell Inc.		146,343		16,791,396
nVent Electric PLC		417,630		7,045,418
Regal Beloit Corp.		109,214		6,875,021
Rockwell Automation Inc.		310,509		46,858,913
Sensata Technologies Holding PLC^(a)(b)		426,485		12,338,211

				144,622,385

Electronic Equipment, Instruments & Components — 2.2%
Amphenol Corp., Class A		786,857		57,346,138
Arrow Electronics Inc.^(b)		221,449		11,486,560
Avnet Inc.		261,533		6,564,478
CDW Corp./DE^(a)		384,517		35,863,901
Cognex Corp.^(a)		440,197		18,585,117
Coherent Inc.^(a)(b)		64,344		6,846,845
Corning Inc.		2,042,280		41,948,431
Dolby Laboratories Inc., Class A		168,187		9,117,417
FLIR Systems Inc.		360,684		11,502,213
IPG Photonics Corp.^(a)(b)		95,013		10,478,034
Jabil Inc.^(a)		398,997		9,807,346
Keysight Technologies Inc.^(a)(b)		505,910		42,334,549
Littelfuse Inc.		64,156		8,559,694
National Instruments Corp.		348,400		11,525,072
SYNNEX Corp.		110,079		8,046,775
Trimble Inc.^(a)(b)		683,092		21,742,818
Zebra Technologies Corp., Class A^(a)(b)		145,003		26,622,551

				338,377,939

Energy Equipment & Services — 0.3%
Apergy Corp.^(b)		216,040		1,242,230
Baker Hughes Co.		1,747,871		18,352,646
Halliburton Co.		2,371,444		16,244,391
Helmerich & Payne Inc.		285,554		4,468,920


Security	Shares		Value

Energy Equipment & Services (continued)
National Oilwell Varco Inc.^(a)		1,052,969	$	10,350,685
Patterson-UTI Energy Inc.		506,048		1,189,213
Transocean Ltd.^(a)(b)		1,550,364		1,798,422

				53,646,507

Entertainment — 1.1%
Cinemark Holdings Inc.		286,178		2,916,154
Liberty Media Corp.-Liberty Formula One, Class A^(a)(b)		71,797		1,853,799
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(b)		538,812		14,671,851
Lions Gate Entertainment Corp., Class A^(b)		136,938		832,583
Lions Gate Entertainment Corp., Class B, NVS^(b)		328,102		1,830,809
Live Nation Entertainment Inc.^(a)(b)		351,304		15,970,280
Madison Square Garden Co. (The), Class A^(b)		51,206		10,825,460
Roku Inc.^(a)(b)		230,412		20,156,442
Spotify Technology SA^(a)(b)		350,682		42,586,822
Take-Two Interactive Software Inc.^(b)		304,708		36,141,416
World Wrestling Entertainment Inc., Class A^(a)		116,542		3,954,270
Zynga Inc., Class A^(a)(b)		2,296,804		15,733,107

				167,472,993

Equity Real Estate Investment Trusts (REITs) — 8.9%
Alexandria Real Estate Equities Inc.		327,093		44,831,367
American Campus Communities Inc.		372,900		10,347,975
American Homes 4 Rent, Class A^(a)		691,765		16,048,948
Americold Realty Trust^(a)		514,959		17,529,204
Apartment Investment & Management Co., Class A		402,128		14,134,799
Apple Hospitality REIT Inc.		562,326		5,156,529
AvalonBay Communities Inc.		375,650		55,284,410
Boston Properties Inc.		416,891		38,449,857
Brandywine Realty Trust		485,371		5,106,103
Brixmor Property Group Inc.		816,233		7,754,213
Brookfield Property REIT Inc., Class A^(a)		175,713		1,491,803
Camden Property Trust		250,490		19,848,828
Colony Capital Inc.		1,268,996		2,220,743
Columbia Property Trust Inc.		308,499		3,856,238
CoreSite Realty Corp.		101,462		11,759,446
Corporate Office Properties Trust		301,501		6,672,217
Cousins Properties Inc.		389,167		11,390,918
CubeSmart		518,206		13,882,739
CyrusOne Inc.		301,444		18,614,167
Digital Realty Trust Inc.		706,539		98,145,332
Douglas Emmett Inc.		447,366		13,649,137
Duke Realty Corp.		994,304		32,195,564
Empire State Realty Trust Inc., Class A		404,265		3,622,214
EPR Properties		213,697		5,175,741
Equity Commonwealth		326,501		10,353,347
Equity LifeStyle Properties Inc.		471,220		27,085,726
Equity Residential		986,920		60,902,833
Essex Property Trust Inc.		177,179		39,021,903
Extra Space Storage Inc.		339,801		32,539,344
Federal Realty Investment Trust		203,271		15,166,049
Gaming and Leisure Properties Inc.		551,784		15,289,935
Healthcare Trust of America Inc., Class A		583,807		14,174,834
Healthpeak Properties Inc.		1,374,244		32,775,719
Highwoods Properties Inc.		273,166		9,675,540
Host Hotels & Resorts Inc.		1,919,276		21,188,807
Hudson Pacific Properties Inc.		406,804		10,316,549
Invitation Homes Inc.		1,437,940		30,728,778
Iron Mountain Inc.		764,921		18,205,120

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
JBG SMITH Properties		330,346	$	10,514,913
Kilroy Realty Corp.		280,380		17,860,206
Kimco Realty Corp.		1,102,187		10,658,148
Lamar Advertising Co., Class A		232,651		11,930,343
Life Storage Inc.		123,882		11,713,043
Macerich Co. (The)		385,983		2,173,084
Medical Properties Trust Inc.		1,385,095		23,948,293
Mid-America Apartment Communities Inc.		308,391		31,773,525
National Retail Properties Inc.		461,396		14,852,337
Omega Healthcare Investors Inc.		612,968		16,268,171
Outfront Media Inc.		384,111		5,177,816
Paramount Group Inc.		539,291		4,745,761
Park Hotels & Resorts Inc.		642,418		5,081,526
Rayonier Inc.		346,912		8,169,778
Realty Income Corp.		879,499		43,851,820
Regency Centers Corp.^(a)		452,272		17,380,813
Retail Properties of America Inc., Class A		569,176		2,942,640
SBA Communications Corp.^(a)		303,737		81,999,878
Service Properties Trust		436,115		2,355,021
SITE Centers Corp.		405,646		2,113,416
SL Green Realty Corp.		215,453		9,286,024
Spirit Realty Capital Inc.		267,519		6,995,622
STORE Capital Corp.		580,153		10,512,372
Sun Communities Inc.		244,023		30,466,272
Taubman Centers Inc.		154,888		6,486,709
UDR Inc.		782,295		28,585,059
Ventas Inc.		1,011,235		27,101,098
VEREIT Inc.		2,883,868		14,102,115
VICI Properties Inc.		1,246,116		20,735,370
Vornado Realty Trust		469,330		16,994,439
Weingarten Realty Investors		331,404		4,782,160
Welltower Inc.		1,108,042		50,726,163
Weyerhaeuser Co.		2,007,246		34,022,820
WP Carey Inc.		460,373		26,738,464

				1,407,638,195

Food & Staples Retailing — 0.6%
Casey’s General Stores Inc.^(a)		98,558		13,057,950
Grocery Outlet Holding Corp.^(a)(b)		143,633		4,932,357
Kroger Co. (The)		2,144,182		64,582,762
Sprouts Farmers Market Inc.^(a)(b)		314,744		5,851,091
U.S. Foods Holding Corp.^(a)(b)		595,348		10,543,613

				98,967,773

Food Products — 3.0%
Archer-Daniels-Midland Co.		1,502,787		52,868,047
Beyond Meat Inc.^(a)(b)		127,947		8,521,270
Bunge Ltd.		369,261		15,150,779
Campbell Soup Co.		450,903		20,813,682
Conagra Brands Inc.		1,309,230		38,412,808
Flowers Foods Inc.		520,384		10,678,280
Hain Celestial Group Inc. (The)^(a)(b)		224,207		5,822,656
Hershey Co. (The)		389,604		51,622,530
Hormel Foods Corp.		748,122		34,892,410
Ingredion Inc.		179,774		13,572,937
JM Smucker Co. (The)		298,205		33,100,755
Kellogg Co.		664,128		39,841,039
Lamb Weston Holdings Inc.		397,033		22,670,584
McCormick & Co. Inc./MD, NVS		332,606		46,967,293
Pilgrim’s Pride Corp.^(b)		136,421		2,471,949
Post Holdings Inc.^(a)(b)		177,997		14,768,411


Security	Shares		Value

Food Products (continued)
Seaboard Corp.		723	$	2,033,654
TreeHouse Foods Inc.^(b)		151,543		6,690,623
Tyson Foods Inc., Class A		776,327		44,926,044

				465,825,751

Gas Utilities — 0.4%
Atmos Energy Corp.		328,380		32,585,147
National Fuel Gas Co.		219,067		8,169,009
UGI Corp.		561,601		14,977,899

				55,732,055

Health Care Equipment & Supplies — 3.8%
ABIOMED Inc.^(a)(b)		120,211		17,449,829
Align Technology Inc.^(a)(b)		210,328		36,586,556
Cantel Medical Corp.		101,978		3,661,010
Cooper Companies Inc. (The)		131,269		36,186,925
Dentsply Sirona Inc.^(a)		604,613		23,477,123
DexCom Inc.^(a)(b)		244,220		65,761,119
Envista Holdings Corp.^(a)(b)		388,188		5,799,529
Hill-Rom Holdings Inc.		180,177		18,125,806
Hologic Inc.^(b)		711,204		24,963,260
ICU Medical Inc.^(a)(b)		51,974		10,486,794
IDEXX Laboratories Inc.^(a)(b)		229,198		55,520,923
Insulet Corp.^(a)(b)		159,558		26,435,569
Integra LifeSciences Holdings Corp.^(a)(b)		189,774		8,477,205
Masimo Corp.^(b)		126,971		22,489,104
Penumbra Inc.^(a)(b)		85,154		13,737,895
ResMed Inc.		382,966		56,407,062
Steris PLC^(a)		227,380		31,826,379
Teleflex Inc.^(a)		124,966		36,597,543
Varian Medical Systems Inc.^(b)		244,942		25,145,746
West Pharmaceutical Services Inc.		197,845		30,121,901
Zimmer Biomet Holdings Inc.		556,281		56,228,883

				605,486,161

Health Care Providers & Services — 2.7%
Acadia Healthcare Co. Inc.^(a)(b)		240,498		4,413,138
AmerisourceBergen Corp.^(a)		400,411		35,436,374
Cardinal Health Inc.		792,141		37,975,240
Centene Corp.^(b)		1,565,913		93,030,891
Chemed Corp.		41,884		18,144,149
Covetrus Inc.^(a)(b)		259,700		2,113,958
DaVita Inc.^(a)(b)		236,555		17,992,373
Encompass Health Corp.		263,015		16,840,850
Guardant Health Inc.^(a)(b)		98,761		6,873,766
Henry Schein Inc.^(a)(b)		395,099		19,960,401
Laboratory Corp. of America Holdings^(b)		260,974		32,984,504
McKesson Corp.		435,748		58,939,275
MEDNAX Inc.^(a)(b)		224,973		2,618,686
Molina Healthcare Inc.^(a)(b)		164,352		22,961,618
Premier Inc., Class A^(a)(b)		166,028		5,432,436
Quest Diagnostics Inc.		360,201		28,924,140
Universal Health Services Inc., Class B		210,251		20,831,669

				425,473,468

Health Care Technology — 0.7%
Cerner Corp.		843,036		53,102,838
Change Healthcare Inc.^(a)(b)		611,092		6,104,809
Veeva Systems Inc., Class A^(a)(b)		353,435		55,266,631

				114,474,278

Hotels, Restaurants & Leisure — 2.2%
Aramark^(a)		671,890		13,417,643
Caesars Entertainment Corp.^(a)(b)		1,557,324		10,527,510

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Chipotle Mexican Grill Inc.^(b)		68,978	$	45,139,203
Choice Hotels International Inc.		89,691		5,493,574
Darden Restaurants Inc.		327,089		17,813,267
Domino’s Pizza Inc.		110,423		35,784,782
Dunkin’ Brands Group Inc.		226,158		12,008,990
Extended Stay America Inc.		502,797		3,675,446
Hilton Grand Vacations Inc.^(b)		230,268		3,631,326
Hilton Worldwide Holdings Inc.		738,975		50,427,654
Hyatt Hotels Corp., Class A		96,143		4,605,250
International Game Technology PLC		273,118		1,625,052
MGM Resorts International		1,321,906		15,598,491
Norwegian Cruise Line Holdings Ltd.^(b)		576,066		6,313,683
Planet Fitness Inc., Class A^(a)(b)		220,993		10,762,359
Royal Caribbean Cruises Ltd.		467,230		15,030,789
Six Flags Entertainment Corp.		212,912		2,669,916
Vail Resorts Inc.		109,589		16,187,391
Wendy’s Co. (The)		495,557		7,373,888
Wyndham Destinations Inc.		239,064		5,187,689
Wyndham Hotels & Resorts Inc.		246,060		7,753,351
Wynn Resorts Ltd.		265,251		15,965,458
Yum China Holdings Inc.		976,782		41,640,217

				348,632,929

Household Durables — 1.2%
DR Horton Inc.		905,006		30,770,204
Garmin Ltd.		393,630		29,506,505
Leggett & Platt Inc.		359,172		9,582,709
Lennar Corp., Class A		741,339		28,319,150
Lennar Corp., Class B		46,118		1,333,732
Mohawk Industries Inc.^(a)(b)		159,618		12,169,276
Newell Brands Inc.		1,037,120		13,772,954
NVR Inc.^(b)		8,726		22,418,054
PulteGroup Inc.^(a)		679,536		15,167,243
Tempur Sealy International Inc.^(b)		122,838		5,369,249
Toll Brothers Inc.		328,670		6,326,897
Whirlpool Corp.		169,057		14,505,091

				189,241,064

Household Products — 0.7%
Church & Dwight Co. Inc.^(a)		667,467		42,838,032
Clorox Co. (The)		339,714		58,855,451
Energizer Holdings Inc.^(a)		168,233		5,089,048
Reynolds Consumer Products Inc.		128,627		3,752,050
Spectrum Brands Holdings Inc.		123,879		4,505,479

				115,040,060

Independent Power and Renewable Electricity Producers — 0.3%
AES Corp./VA		1,802,988		24,520,637
Vistra Energy Corp.		1,143,629		18,252,319

				42,772,956

Industrial Conglomerates — 0.1%
Carlisle Companies Inc.		149,501		18,729,485


Insurance — 3.8%
Alleghany Corp.		37,514		20,720,858
American Financial Group Inc./OH		198,248		13,893,220
American National Insurance Co.		19,003		1,565,467
Arch Capital Group Ltd.^(b)		1,037,464		29,526,225
Arthur J Gallagher & Co.		503,717		41,057,973
Assurant Inc.		164,511		17,123,950
Assured Guaranty Ltd.		251,464		6,485,257
Athene Holding Ltd., Class A^(a)(b)		368,797		9,153,542


Security	Shares		Value

Insurance (continued)
Axis Capital Holdings Ltd.		220,896	$	8,537,630
Brighthouse Financial Inc.^(b)		290,097		7,011,644
Brown & Brown Inc.		637,949		23,106,513
Cincinnati Financial Corp.		410,504		30,972,527
CNA Financial Corp.		78,434		2,434,591
Erie Indemnity Co., Class A, NVS		65,875		9,765,310
Everest Re Group Ltd.		109,487		21,067,489
Fidelity National Financial Inc.		717,005		17,839,084
First American Financial Corp.		290,623		12,325,321
Globe Life Inc.		286,539		20,622,212
Hanover Insurance Group Inc. (The)^(a)		104,004		9,420,682
Hartford Financial Services Group Inc. (The)		972,770		34,280,415
Kemper Corp.^(a)		170,523		12,681,796
Lincoln National Corp.		538,707		14,178,768
Loews Corp.^(a)		673,403		23,454,627
Markel Corp.^(b)		36,714		34,066,553
Mercury General Corp.		71,961		2,930,252
Old Republic International Corp.		752,671		11,478,233
Primerica Inc.		110,921		9,814,290
Principal Financial Group Inc.		736,803		23,091,406
Reinsurance Group of America Inc.		170,325		14,331,146
RenaissanceRe Holdings Ltd.		116,917		17,458,046
Unum Group		556,583		8,354,311
White Mountains Insurance Group Ltd.^(a)		8,231		7,490,210
Willis Towers Watson PLC		348,005		59,108,649
WR Berkley Corp.		391,546		20,426,955

				595,775,152

Interactive Media & Services — 0.8%
IAC/InterActiveCorp.^(b)		201,102		36,043,511
Match Group Inc.^(a)(b)		146,824		9,696,257
TripAdvisor Inc.		282,466		4,912,084
Twitter Inc.^(b)		2,052,253		50,403,333
Zillow Group Inc., Class A^(b)		155,643		5,287,193
Zillow Group Inc., Class C, NVS^(a)(b)		337,843		12,169,105

				118,511,483

Internet & Direct Marketing Retail — 0.4%
Etsy Inc.^(a)(b)		319,836		12,294,496
Expedia Group Inc.		364,258		20,496,798
Grubhub Inc.^(a)(b)		244,148		9,944,148
Qurate Retail Inc., Series A^(a)(b)		1,019,373		6,223,272
Wayfair Inc., Class A^(a)(b)		172,949		9,242,394

				58,201,108

IT Services — 5.8%
Akamai Technologies Inc.^(a)(b)		429,415		39,287,178
Alliance Data Systems Corp.		108,747		3,659,337
Amdocs Ltd.		361,528		19,873,194
Black Knight Inc.^(b)		386,688		22,451,105
Booz Allen Hamilton Holding Corp.^(a)		366,418		25,150,932
Broadridge Financial Solutions Inc.^(a)		307,828		29,191,329
CACI International Inc., Class A^(a)(b)		65,941		13,923,442
DXC Technology Co.		690,730		9,014,027
EPAM Systems Inc.^(a)(b)		141,090		26,194,769
Euronet Worldwide Inc.^(a)(b)		136,512		11,701,809
Fiserv Inc.^(a)(b)		1,526,425		144,995,111
FleetCor Technologies Inc.^(b)		229,997		42,903,640
Gartner Inc.^(b)		236,438		23,542,132
Genpact Ltd.^(a)		503,777		14,710,288
Global Payments Inc.		806,832		116,369,379
GoDaddy Inc., Class A^(a)(b)		470,258		26,856,434

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Jack Henry & Associates Inc.		207,106	$	32,151,135
Leidos Holdings Inc.		361,379		33,120,385
MongoDB Inc.^(a)(b)		115,683		15,795,357
Okta Inc.^(a)(b)		283,387		34,646,895
Paychex Inc.		870,843		54,793,442
Sabre Corp.		756,435		4,485,660
Square Inc., Class A^(a)(b)		927,311		48,572,550
Switch Inc., Class A^(a)		157,262		2,269,291
Twilio Inc., Class A^(a)(b)		330,657		29,590,495
VeriSign Inc.^(b)		279,271		50,293,914
Western Union Co. (The)		1,129,857		20,484,307
WEX Inc.^(b)		117,323		12,266,120

				908,293,657

Leisure Products — 0.3%
Brunswick Corp./DE		218,505		7,728,522
Hasbro Inc.		340,608		24,370,502
Mattel Inc.^(b)		919,620		8,101,852
Polaris Inc.		153,991		7,414,667

				47,615,543

Life Sciences Tools & Services — 2.1%
Adaptive Biotechnologies Corp.^(a)(b)		181,312		5,036,847
Agilent Technologies Inc.		836,695		59,924,096
Avantor Inc.^(b)		849,685		10,612,566
Bio-Rad Laboratories Inc., Class A^(b)		57,237		20,065,003
Bio-Techne Corp.^(a)		102,506		19,437,188
Bruker Corp.^(a)		275,893		9,893,523
Charles River Laboratories International Inc.^(b)		130,076		16,416,892
IQVIA Holdings Inc.^(b)		476,613		51,407,478
Mettler-Toledo International Inc.^(b)		63,980		44,178,830
PerkinElmer Inc.^(a)		296,372		22,310,884
PPD Inc.^(b)		184,889		3,292,873
PRA Health Sciences Inc.^(b)		171,264		14,221,762
QIAGEN NV^(a)(b)		597,550		24,858,080
Waters Corp.^(a)(b)		172,778		31,454,235

				333,110,257

Machinery — 3.8%
AGCO Corp.^(a)		170,188		8,041,383
Allison Transmission Holdings Inc.^(a)		298,100		9,721,041
Colfax Corp.^(a)(b)		254,626		5,041,595
Crane Co.		134,154		6,597,694
Cummins Inc.		395,914		53,575,082
Donaldson Co. Inc.^(a)		342,317		13,223,706
Dover Corp.^(a)		392,351		32,933,943
Flowserve Corp.		360,348		8,608,714
Fortive Corp.		796,304		43,948,018
Gates Industrial Corp. PLC^(a)(b)		130,910		966,116
Graco Inc.		443,963		21,634,317
IDEX Corp.^(a)		205,108		28,327,466
Ingersoll Rand Inc.^(a)(b)		928,365		23,023,452
ITT Inc.		234,302		10,627,939
Lincoln Electric Holdings Inc.		157,679		10,879,851
Middleby Corp. (The)^(a)(b)		152,160		8,654,861
Nordson Corp.		155,673		21,026,752
Oshkosh Corp.		186,115		11,972,778
PACCAR Inc.		915,193		55,945,748
Parker-Hannifin Corp.		344,906		44,744,655
Pentair PLC		456,057		13,572,256
Snap-on Inc.		147,166		16,014,604
Stanley Black & Decker Inc.		408,711		40,871,100


Security	Shares		Value

Machinery (continued)
Timken Co. (The)		179,894	$	5,817,772
Toro Co. (The)		288,818		18,799,164
Trinity Industries Inc.		266,187		4,277,625
WABCO Holdings Inc.^(b)		137,891		18,622,179
Westinghouse Air Brake Technologies Corp.		483,257		23,259,159
Woodward Inc.^(a)		150,903		8,969,674
Xylem Inc./NY^(a)		484,769		31,573,005

				601,271,649

Marine — 0.0%
Kirby Corp.^(a)(b)		159,050		6,913,904


Media — 1.9%
Altice USA Inc., Class A^(b)		814,640		18,158,326
AMC Networks Inc., Class A^(a)(b)		115,659		2,811,670
Cable One Inc.^(a)		11,822		19,435,486
Discovery Inc., Class A^(a)(b)		417,789		8,121,818
Discovery Inc., Class C, NVS^(a)(b)		911,325		15,984,640
DISH Network Corp., Class A^(a)(b)		701,439		14,021,766
Fox Corp., Class A, NVS^(a)		927,726		21,922,165
Fox Corp., Class B^(b)		436,809		9,994,190
Interpublic Group of Companies Inc. (The)		1,052,204		17,035,183
John Wiley & Sons Inc., Class A		122,349		4,586,864
Liberty Broadband Corp., Class A^(b)		65,785		7,038,995
Liberty Broadband Corp., Class C, NVS^(a)(b)		286,323		31,701,683
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)(b)		232,463		7,366,752
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(b)		417,647		13,205,998
New York Times Co. (The), Class A^(a)		434,484		13,343,004
News Corp., Class A, NVS^(a)		1,026,320		9,211,222
News Corp., Class B^(a)		320,241		2,878,967
Nexstar Media Group Inc., Class A		121,311		7,003,284
Omnicom Group Inc.		581,589		31,929,236
Sinclair Broadcast Group Inc., Class A		170,065		2,734,645
Sirius XM Holdings Inc.^(a)		3,694,053		18,248,622
ViacomCBS Inc., Class A		37,646		671,228
ViacomCBS Inc., Class B, NVS		1,468,315		20,571,093

				297,976,837

Metals & Mining — 1.3%
Alcoa Corp.^(a)(b)		497,603		3,065,234
Freeport-McMoRan Inc.		3,920,209		26,461,411
Newmont Corp.		2,213,273		100,217,001
Nucor Corp.		824,516		29,699,066
Reliance Steel & Aluminum Co.		174,396		15,275,346
Royal Gold Inc.		175,268		15,372,756
Steel Dynamics Inc.		555,675		12,524,915
U.S. Steel Corp.^(a)		460,248		2,904,165

				205,519,894

Mortgage Real Estate Investment — 0.4%
AGNC Investment Corp.		1,451,818		15,360,234
Annaly Capital Management Inc.		3,846,570		19,502,110
Chimera Investment Corp.		495,921		4,512,881
MFA Financial Inc.		1,241,254		1,923,944
New Residential Investment Corp.		1,136,802		5,695,378
Starwood Property Trust Inc.		746,293		7,649,503
Two Harbors Investment Corp.		726,938		2,769,634

				57,413,684

Multi-Utilities — 3.1%
Ameren Corp.^(a)		660,756		48,122,859
CenterPoint Energy Inc.		1,360,999		21,027,435

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Multi-Utilities (continued)
CMS Energy Corp.		766,869	$	45,053,554
Consolidated Edison Inc.		902,089		70,362,942
DTE Energy Co.		499,953		47,480,536
MDU Resources Group Inc.		541,071		11,633,027
NiSource Inc.		1,002,380		25,029,429
Public Service Enterprise Group Inc.		1,362,092		61,171,552
Sempra Energy^(a)		763,953		86,319,049
WEC Energy Group Inc.		854,778		75,331,585

				491,531,968

Multiline Retail — 1.1%
Dollar General Corp.		689,896		104,181,195
Dollar Tree Inc.^(b)		636,033		46,729,345
Kohl’s Corp.		427,882		6,242,798
Macy’s Inc.		827,642		4,063,722
Nordstrom Inc.^(a)		289,767		4,445,026
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		140,859		6,527,406

				172,189,492

Oil, Gas & Consumable Fuels — 1.7%
Antero Midstream Corp.		683,394		1,435,127
Antero Resources Corp.^(a)(b)		743,190		529,820
Apache Corp.		1,026,355		4,290,164
Cabot Oil & Gas Corp.		1,084,535		18,643,157
Centennial Resource Development Inc./DE, Class A^(a)(b)		508,332		133,691
Cheniere Energy Inc.^(b)		620,574		20,789,229
Chesapeake Energy Corp.^(a)(b)		3,491,623		603,003
Cimarex Energy Co.		267,990		4,510,272
Concho Resources Inc.		539,394		23,113,033
Continental Resources Inc./OK^(a)		232,770		1,778,363
Devon Energy Corp.		1,034,098		7,145,617
Diamondback Energy Inc.		432,342		11,327,361
EQT Corp.^(a)		680,939		4,814,239
Equitrans Midstream Corp.		546,063		2,746,697
Hess Corp.^(a)		727,084		24,211,897
HollyFrontier Corp.		402,580		9,867,236
Kosmos Energy Ltd.		969,143		867,965
Marathon Oil Corp.		2,165,700		7,125,153
Murphy Oil Corp.		399,119		2,446,600
Noble Energy Inc.		1,292,685		7,807,817
ONEOK Inc.		1,114,505		24,307,354
Parsley Energy Inc., Class A		804,280		4,608,524
PBF Energy Inc., Class A		319,538		2,262,329
Pioneer Natural Resources Co.		443,667		31,123,240
Range Resources Corp.^(a)		594,903		1,356,379
Targa Resources Corp.		624,654		4,316,359
Williams Companies Inc. (The)		3,287,787		46,522,186
WPX Energy Inc.^(b)		1,133,666		3,457,681

				272,140,493

Paper & Forest Products — 0.0%
Domtar Corp.		153,589		3,323,666


Personal Products — 0.1%
Coty Inc., Class A		773,284		3,990,146
Herbalife Nutrition Ltd.^(a)(b)		274,082		7,992,231
Nu Skin Enterprises Inc., Class A		146,965		3,211,185

				15,193,562

Pharmaceuticals — 0.8%
Catalent Inc.^(b)		416,393		21,631,616
Elanco Animal Health Inc.^(a)(b)		1,072,769		24,019,298


Security	Shares		Value

Pharmaceuticals (continued)
Horizon Therapeutics PLC^(b)		503,770	$	14,921,667
Jazz Pharmaceuticals PLC^(b)		149,147		14,875,922
Mylan NV^(b)		1,385,375		20,655,941
Nektar Therapeutics^(a)(b)		457,015		8,157,718
Perrigo Co. PLC		339,089		16,306,790

				120,568,952

Professional Services — 1.9%
CoreLogic Inc.		214,744		6,558,282
CoStar Group Inc.^(b)		97,058		56,993,428
Equifax Inc.^(a)		324,562		38,768,931
IHS Markit Ltd.		1,051,100		63,066,000
ManpowerGroup Inc.		159,599		8,457,151
Nielsen Holdings PLC^(a)		951,339		11,929,791
Robert Half International Inc.		310,631		11,726,320
TransUnion		507,138		33,562,393
Verisk Analytics Inc.		430,602		60,017,307

				291,079,603

Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A^(a)(b)		907,320		34,215,037
Howard Hughes Corp. (The)^(a)(b)		109,386		5,526,181
Jones Lang LaSalle Inc.^(a)		140,081		14,145,379

				53,886,597

Road & Rail — 0.9%
AMERCO		23,977		6,966,517
JB Hunt Transport Services Inc.^(a)		228,960		21,116,981
Kansas City Southern^(a)		260,226		33,095,543
Knight-Swift Transportation Holdings Inc.^(a)		335,139		10,992,559
Landstar System Inc.^(a)		106,924		10,249,735
Lyft Inc., Class A^(a)(b)		530,975		14,256,679
Old Dominion Freight Line Inc.^(a)		263,279		34,558,001
Ryder System Inc.		137,538		3,636,505
Schneider National Inc., Class B^(a)		154,401		2,986,115

				137,858,635

Semiconductors & Semiconductor Equipment — 4.2%
Advanced Micro Devices Inc.^(b)		2,790,750		126,923,310
Cree Inc.^(a)(b)		290,905		10,315,491
Cypress Semiconductor Corp.		993,723		23,173,620
Entegris Inc.^(a)		362,138		16,212,918
First Solar Inc.^(a)(b)		220,557		7,953,285
KLA Corp.		423,319		60,847,873
Lam Research Corp.		390,902		93,816,480
Marvell Technology Group Ltd.		1,789,546		40,497,426
Maxim Integrated Products Inc.		728,696		35,421,913
Microchip Technology Inc.^(a)		634,004		42,985,471
MKS Instruments Inc.		144,997		11,810,006
Monolithic Power Systems Inc.		114,575		19,186,730
ON Semiconductor Corp.^(a)(b)		1,111,554		13,827,732
Qorvo Inc.^(b)		312,857		25,225,660
Skyworks Solutions Inc.^(a)		458,894		41,015,946
Teradyne Inc.		450,849		24,422,490
Universal Display Corp.		116,310		15,327,332
Xilinx Inc.		672,216		52,392,515

				661,356,198

Software — 6.0%
2U Inc.^(a)(b)		154,972		3,288,506
Alteryx Inc., Class A^(a)(b)		123,053		11,710,954
Anaplan Inc.^(a)(b)		235,458		7,124,959
ANSYS Inc.^(b)		225,480		52,417,336
Aspen Technology Inc.^(a)(b)		184,616		17,551,443

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Atlassian Corp. PLC, Class A^(a)(b)		323,106	$	44,349,530
Avalara Inc.^(a)(b)		125,198		9,339,771
Bill.Com Holdings Inc.^(a)(b)		26,713		913,585
Cadence Design Systems Inc.^(a)(b)		750,399		49,556,350
CDK Global Inc.		325,283		10,685,546
CERENCE Inc.^(a)(b)		97,164		1,496,326
Ceridian HCM Holding Inc.^(a)(b)		252,369		12,636,116
Citrix Systems Inc.		314,534		44,522,288
Coupa Software Inc.^(a)(b)		172,984		24,171,054
DocuSign Inc.^(b)		426,424		39,401,578
Dropbox Inc., Class A^(a)(b)		566,832		10,259,659
Dynatrace Inc.^(b)		352,618		8,406,413
Elastic NV^(a)(b)		146,848		8,195,587
Fair Isaac Corp.^(b)		77,052		23,708,130
FireEye Inc.^(a)(b)		550,889		5,828,406
Fortinet Inc.^(b)		385,609		39,012,062
Guidewire Software Inc.^(a)(b)		222,544		17,649,965
HubSpot Inc.^(a)(b)		109,749		14,617,469
LogMeIn Inc.		131,759		10,972,889
Manhattan Associates Inc.^(b)		172,506		8,594,249
Medallia Inc.^(a)(b)		183,652		3,680,386
New Relic Inc.^(a)(b)		133,816		6,187,652
NortonLifeLock Inc.^(a)		1,528,700		28,601,977
Nuance Communications Inc.^(a)(b)		777,748		13,050,611
Nutanix Inc., Class A^(a)(b)		461,560		7,292,648
Pagerduty Inc.^(a)(b)		113,433		1,960,122
Palo Alto Networks Inc.^(a)(b)		255,676		41,920,637
Paycom Software Inc.^(a)(b)		133,634		26,995,404
Paylocity Holding Corp.^(a)(b)		93,062		8,219,236
Pegasystems Inc.^(a)		104,664		7,455,217
Pluralsight Inc., Class A^(a)(b)		167,350		1,837,503
Proofpoint Inc.^(a)(b)		150,993		15,490,372
PTC Inc.^(a)(b)		278,541		17,049,495
RealPage Inc.^(a)(b)		212,594		11,252,600
RingCentral Inc., Class A^(a)(b)		200,711		42,532,668
Smartsheet Inc., Class A^(b)		238,099		9,883,489
SolarWinds Corp.^(a)(b)		114,847		1,799,652
Splunk Inc.^(a)(b)		420,364		53,062,548
SS&C Technologies Holdings Inc.^(a)		600,598		26,318,204
Synopsys Inc.^(b)		402,038		51,778,474
Teradata Corp.^(a)(b)		296,514		6,075,572
Trade Desk Inc. (The), Class A^(a)(b)		105,838		20,426,734
Tyler Technologies Inc.^(b)		104,100		30,871,896
Zendesk Inc.^(a)(b)		300,712		19,248,575
Zscaler Inc.^(a)(b)		188,123		11,449,166

				940,851,009

Specialty Retail — 2.4%
Advance Auto Parts Inc.		178,926		16,697,374
AutoNation Inc.^(a)(b)		144,224		4,046,925
AutoZone Inc.^(b)		64,020		54,160,920
Best Buy Co. Inc.		596,026		33,973,482
Burlington Stores Inc.^(b)		175,788		27,855,366
CarMax Inc.^(a)(b)		442,385		23,813,585
Carvana Co.^(a)(b)		120,519		6,639,392
Dick’s Sporting Goods Inc.		171,827		3,653,042
Five Below Inc.^(a)(b)		145,860		10,265,627
Floor & Decor Holdings Inc., Class A^(a)(b)		187,385		6,013,185
Foot Locker Inc.		287,106		6,330,687
Gap Inc. (The)		581,031		4,090,458
L Brands Inc.		610,630		7,058,883


Security	Shares		Value

Specialty Retail (continued)
O’Reilly Automotive Inc.^(b)		201,092	$	60,538,747
Penske Automotive Group Inc.		93,391		2,614,948
Tiffany & Co.^(a)		325,642		42,170,639
Tractor Supply Co.^(a)		321,372		27,172,003
Ulta Beauty Inc.^(a)(b)		149,055		26,188,963
Urban Outfitters Inc.^(a)(b)		185,239		2,637,803
Williams-Sonoma Inc.		209,519		8,908,748

				374,830,777

Technology Hardware, Storage & Peripherals — 0.7%
Hewlett Packard Enterprise Co.		3,526,932		34,246,510
NCR Corp.^(a)(b)		343,763		6,084,605
NetApp Inc.		621,025		25,890,532
Pure Storage Inc., Class A^(a)(b)		637,463		7,840,795
Western Digital Corp.		802,427		33,397,012
Xerox Holdings Corp.^(b)		483,619		9,159,744

				116,619,198

Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.^(a)(b)		381,246		4,113,644
Carter’s Inc.		119,100		7,828,443
Columbia Sportswear Co.^(a)		80,107		5,589,065
Hanesbrands Inc.		963,027		7,579,023
Lululemon Athletica Inc.^(a)(b)		318,397		60,352,151
PVH Corp.^(a)		192,903		7,260,869
Ralph Lauren Corp.		128,514		8,588,591
Skechers U.S.A. Inc., Class A^(b)		352,045		8,357,548
Tapestry Inc.		746,028		9,661,063
Under Armour Inc., Class A^(a)(b)		502,138		4,624,691
Under Armour Inc., Class C, NVS^(a)(b)		518,871		4,182,100

				128,137,188

Thrifts & Mortgage Finance — 0.1%
MGIC Investment Corp.		948,803		6,024,899
New York Community Bancorp. Inc.		1,212,271		11,383,225
TFS Financial Corp.		126,579		1,932,861

				19,340,985

Trading Companies & Distributors — 0.9%
Air Lease Corp.		288,287		6,382,674
Fastenal Co.		1,542,438		48,201,188
HD Supply Holdings Inc.^(b)		434,061		12,340,354
MSC Industrial Direct Co. Inc., Class A		116,919		6,427,037
United Rentals Inc.^(a)(b)		202,405		20,827,475
Univar Solutions Inc.^(a)(b)		457,154		4,900,691
Watsco Inc.		88,346		13,961,318
WESCO International Inc.^(b)		111,150		2,539,778
WW Grainger Inc.		116,562		28,965,657

				144,546,172

Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		196,582		4,963,696


Water Utilities — 0.5%
American Water Works Co. Inc.^(a)		487,272		58,258,240
Essential Utilities Inc.		580,538		23,627,897

				81,886,137

Wireless Telecommunication Services — 0.1%
Sprint Corp.^(a)(b)		1,520,934		13,110,451
Telephone & Data Systems Inc.		265,479		4,449,428

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Wireless Telecommunication Services (continued)
U.S. Cellular Corp.^(a)(b)		38,484	$	1,127,196

				18,687,075


Total Common Stocks — 99.7% (Cost: $16,015,762,223)				15,707,367,649


Short-Term Investments

Money Market Funds — 8.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		1,228,741,230		1,228,495,482
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		44,545,000		44,545,000

				1,273,040,482


Total Short-Term Investments — 8.1% (Cost: $1,273,153,792)				1,273,040,482


Total Investments in Securities — 107.8% (Cost: $17,288,916,015)				16,980,408,131

Other Assets, Less Liabilities — (7.8)%				(1,226,817,250	)


Net Assets — 100.0%			$	15,753,590,881

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

^(b)	Non-income producing security.

^(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.


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

Schedule of Investments

March 31, 2020

iShares^® Russell Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.2%
BWX Technologies Inc.		260,752	$	12,701,230
HEICO Corp.^(a)		159,993		11,937,078
HEICO Corp., Class A^(a)		284,500		18,179,550
Hexcel Corp.		286,265		10,646,195
Huntington Ingalls Industries Inc.		116,759		21,274,658
L3Harris Technologies Inc.^(a)		408,561		73,590,007
Spirit AeroSystems Holdings Inc., Class A		342,253		8,190,114
TransDigm Group Inc.		153,190		49,049,906

				205,568,738

Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		377,652		25,000,562
Expeditors International of Washington Inc.		447,570		29,861,871
XPO Logistics Inc.^(a)(b)		196,447		9,576,791

				64,439,224

Airlines — 0.2%
Alaska Air Group Inc.		204,066		5,809,759
American Airlines Group Inc.^(a)		146,151		1,781,580
JetBlue Airways Corp.^(a)(b)		95,886		858,180
United Airlines Holdings Inc.^(b)		187,214		5,906,602

				14,356,121

Auto Components — 0.0%
Aptiv PLC		62,617		3,083,261


Banks — 0.3%
CIT Group Inc.		28,631		494,171
Comerica Inc.		32,048		940,288
First Republic Bank/CA^(a)		113,446		9,334,337
Prosperity Bancshares Inc.		36,970		1,783,802
Signature Bank/New York NY		95,851		7,705,462
SVB Financial Group^(a)(b)		13,945		2,106,811
Synovus Financial Corp.		40,935		718,819
Western Alliance Bancorp.		37,185		1,138,233

				24,221,923

Beverages — 0.4%
Brown-Forman Corp., Class A^(a)		154,783		7,952,750
Brown-Forman Corp., Class B, NVS^(a)		592,019		32,862,975

				40,815,725

Biotechnology — 3.6%
Agios Pharmaceuticals Inc.^(a)(b)		24,941		884,907
Alnylam Pharmaceuticals Inc.^(a)(b)		329,967		35,916,908
BioMarin Pharmaceutical Inc.^(a)(b)		657,530		55,561,285
Exact Sciences Corp.^(a)(b)		515,500		29,899,000
Exelixis Inc.^(b)		453,505		7,809,356
Incyte Corp.^(b)		659,859		48,321,474
Ionis Pharmaceuticals Inc.^(b)		468,720		22,161,082
Moderna Inc.^(a)(b)		740,876		22,189,236
Neurocrine Biosciences Inc.^(a)(b)		336,774		29,147,790
Sage Therapeutics Inc.^(a)(b)		189,451		5,441,033
Sarepta Therapeutics Inc.^(a)(b)		259,926		25,425,961
Seattle Genetics Inc.^(a)(b)		427,925		49,373,986

				332,132,018

Building Products — 1.5%
Allegion PLC^(a)		256,850		23,635,337
AO Smith Corp.		82,407		3,115,809
Armstrong World Industries Inc.^(a)		179,770		14,277,333
Fortune Brands Home & Security Inc.		165,504		7,158,048
Lennox International Inc.		117,559		21,371,051


Security	Shares		Value

Building Products (continued)
Trane Technologies PLC		826,297	$	68,243,869

				137,801,447

Capital Markets — 2.8%
Ameriprise Financial Inc.		64,187		6,577,884
Cboe Global Markets Inc.		101,333		9,043,970
E*TRADE Financial Corp.		152,820		5,244,782
Evercore Inc., Class A		49,641		2,286,464
FactSet Research Systems Inc.^(a)		137,430		35,825,252
Interactive Brokers Group Inc., Class A^(a)		75,698		3,267,883
Lazard Ltd., Class A		138,964		3,273,992
LPL Financial Holdings Inc.^(a)		295,547		16,086,623
MarketAxess Holdings Inc.^(a)		135,567		45,085,517
Morningstar Inc.		72,658		8,446,493
MSCI Inc.^(a)		302,476		87,403,465
Raymond James Financial Inc.		106,424		6,725,997
SEI Investments Co.^(a)		222,336		10,303,050
T Rowe Price Group Inc.		244,587		23,883,921
Virtu Financial Inc., Class A		76,549		1,593,750

				265,049,043

Chemicals — 0.5%
Axalta Coating Systems Ltd.^(b)		238,248		4,114,543
CF Industries Holdings Inc.		79,325		2,157,640
Element Solutions Inc.^(a)(b)		313,912		2,624,304
NewMarket Corp.		23,341		8,936,569
RPM International Inc.		78,200		4,652,900
Scotts Miracle-Gro Co. (The)		145,487		14,897,869
WR Grace & Co.		210,152		7,481,411

				44,865,236

Commercial Services & Supplies — 1.6%
Cintas Corp.^(a)		311,435		53,946,771
Copart Inc.^(b)		738,128		50,576,531
IAA Inc.^(a)(b)		444,745		13,324,560
KAR Auction Services Inc.		429,394		5,152,728
Republic Services Inc.		49,508		3,716,070
Rollins Inc.^(a)		520,724		18,818,965

				145,535,625

Communications Equipment — 1.4%
Arista Networks Inc.^(a)(b)		218,476		44,252,314
F5 Networks Inc.^(a)(b)		207,114		22,084,566
Motorola Solutions Inc.		465,088		61,819,497
Ubiquiti Inc.		31,396		4,445,045

				132,601,422

Construction & Engineering — 0.0%
Quanta Services Inc.		117,513		3,728,688


Construction Materials — 0.7%
Eagle Materials Inc.		126,906		7,413,849
Martin Marietta Materials Inc.^(a)		70,528		13,346,013
Vulcan Materials Co.		444,047		47,988,159

				68,748,021

Consumer Finance — 0.4%
Credit Acceptance Corp.^(a)(b)		32,898		8,411,690
Discover Financial Services		400,727		14,293,932
LendingTree Inc.^(a)(b)		28,497		5,226,065
Synchrony Financial		612,755		9,859,228

				37,790,915

Containers & Packaging — 1.5%
AptarGroup Inc.		93,769		9,333,766

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Containers & Packaging (continued)
Avery Dennison Corp.^(a)		286,510	$	29,186,774
Ball Corp.		1,187,159		76,761,701
Berry Global Group Inc.^(a)(b)		183,313		6,179,481
Crown Holdings Inc.^(a)(b)		276,004		16,019,272
Sealed Air Corp.		41,153		1,016,891

				138,497,885

Distributors — 0.3%
LKQ Corp.^(a)(b)		161,229		3,306,807
Pool Corp.		141,168		27,777,627

				31,084,434

Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions Inc.^(a)(b)		211,845		21,608,190
Grand Canyon Education Inc.^(a)(b)		16,008		1,221,170
H&R Block Inc.^(a)		112,325		1,581,536
Service Corp. International		236,420		9,246,386
ServiceMaster Global Holdings Inc.^(a)(b)		78,145		2,109,915

				35,767,197

Diversified Financial Services — 0.0%
Voya Financial Inc.^(a)		36,181		1,467,140


Electrical Equipment — 1.4%
Acuity Brands Inc.		37,907		3,247,113
AMETEK Inc.		665,670		47,941,553
Hubbell Inc.		110,159		12,639,644
Rockwell Automation Inc.		424,058		63,994,593
Sensata Technologies Holding PLC^(a)(b)		241,573		6,988,707

				134,811,610

Electronic Equipment, Instruments & Components — 3.0%
Amphenol Corp., Class A^(a)		1,072,668		78,176,044
CDW Corp./DE^(a)		525,183		48,983,818
Cognex Corp.^(a)		604,705		25,530,645
Corning Inc.		880,170		18,078,692
Dolby Laboratories Inc., Class A		30,297		1,642,400
FLIR Systems Inc.^(a)		41,113		1,311,094
IPG Photonics Corp.^(a)(b)		9,138		1,007,739
Jabil Inc.		116,147		2,854,893
Keysight Technologies Inc.^(a)(b)		689,178		57,670,415
National Instruments Corp.		25,944		858,228
Trimble Inc.^(a)(b)		155,499		4,949,533
Zebra Technologies Corp., Class A^(a)(b)		196,948		36,159,653

				277,223,154
Entertainment — 1.5%
Live Nation Entertainment Inc.^(b)		475,527		21,617,457
Madison Square Garden Co. (The), Class A^(a)(b)		6,190		1,308,628
Roku Inc.^(a)(b)		313,858		27,456,298
Spotify Technology SA^(b)		477,909		58,037,269
Take-Two Interactive Software Inc.^(b)		190,843		22,635,888
World Wrestling Entertainment Inc., Class A		155,835		5,287,482
Zynga Inc., Class A^(a)(b)		676,316		4,632,765

				140,975,787

Equity Real Estate Investment Trusts (REITs) — 2.8%
American Homes 4 Rent, Class A^(a)		409,251		9,494,623
Americold Realty Trust		701,170		23,867,827
Brookfield Property REIT Inc., Class A		240,948		2,045,648
Colony Capital Inc.		100,946		176,655
CoreSite Realty Corp.		107,648		12,476,403
Equity LifeStyle Properties Inc.		636,611		36,592,400
Extra Space Storage Inc.		373,681		35,783,693
Iron Mountain Inc.		115,796		2,755,945


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Lamar Advertising Co., Class A		314,027	$	16,103,305
Outfront Media Inc.		79,325		1,069,301
SBA Communications Corp.		412,622		111,395,561
Sun Communities Inc.		79,776		9,960,034
UDR Inc.		58,274		2,129,332

				263,850,727

Food & Staples Retailing — 0.1%
Casey’s General Stores Inc.^(a)		34,437		4,562,558
Grocery Outlet Holding Corp.^(a)(b)		32,854		1,128,206
Sprouts Farmers Market Inc.^(a)(b)		201,220		3,740,680

				9,431,444

Food Products — 1.7%
Campbell Soup Co.		350,157		16,163,247
Hershey Co. (The)		464,312		61,521,340
Kellogg Co.		347,261		20,832,187
Lamb Weston Holdings Inc.		140,375		8,015,413
McCormick & Co. Inc./MD, NVS		292,488		41,302,231
Pilgrim’s Pride Corp.^(b)		68,358		1,238,647
Post Holdings Inc.^(b)		107,803		8,944,415
TreeHouse Foods Inc.^(a)(b)		34,023		1,502,115

				159,519,595

Health Care Equipment & Supplies — 6.2%
ABIOMED Inc.^(a)(b)		163,269		23,700,128
Align Technology Inc.^(a)(b)		287,190		49,956,700
Cantel Medical Corp.^(a)		79,501		2,854,086
Cooper Companies Inc. (The)^(a)		24,078		6,637,582
DexCom Inc.^(a)(b)		332,805		89,614,402
Envista Holdings Corp.^(a)(b)		341,407		5,100,621
Hill-Rom Holdings Inc.		127,489		12,825,393
Hologic Inc.^(b)		775,655		27,225,491
ICU Medical Inc.^(a)(b)		21,261		4,289,832
IDEXX Laboratories Inc.^(b)		312,173		75,620,788
Insulet Corp.^(a)(b)		218,010		36,119,897
Masimo Corp.^(a)(b)		172,855		30,616,078
Penumbra Inc.^(a)(b)		115,477		18,629,904
ResMed Inc.^(a)		521,979		76,882,287
Steris PLC^(a)		17,638		2,468,791
Teleflex Inc.^(a)		169,764		49,717,085
Varian Medical Systems Inc.^(a)(b)		334,999		34,390,997
West Pharmaceutical Services Inc.		203,185		30,934,916

				577,584,978

Health Care Providers & Services — 2.6%
AmerisourceBergen Corp.		546,100		48,329,850
Centene Corp.^(b)		1,821,544		108,217,929
Chemed Corp.^(a)		57,081		24,727,489
Encompass Health Corp.		183,264		11,734,394
Guardant Health Inc.^(a)(b)		134,608		9,368,717
Henry Schein Inc.^(a)(b)		68,524		3,461,833
Laboratory Corp. of America Holdings^(b)		21,373		2,701,333
McKesson Corp.		65,538		8,864,670
Molina Healthcare Inc.^(a)(b)		173,538		24,244,994

				241,651,209

Health Care Technology — 1.6%
Cerner Corp.		1,148,692		72,356,109
Change Healthcare Inc.^(a)(b)		427,353		4,269,256
Veeva Systems Inc., Class A^(a)(b)		481,734		75,328,746

				151,954,111

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure — 3.6%
Chipotle Mexican Grill Inc.^(a)(b)		94,081	$	61,566,606
Choice Hotels International Inc.		52,652		3,224,935
Darden Restaurants Inc.		448,470		24,423,676
Domino’s Pizza Inc.		150,544		48,786,794
Dunkin’ Brands Group Inc.		281,583		14,952,057
Hilton Grand Vacations Inc.^(b)		45,370		715,485
Hilton Worldwide Holdings Inc.		1,007,712		68,766,267
MGM Resorts International		151,552		1,788,314
Norwegian Cruise Line Holdings Ltd.^(a)(b)		158,154		1,733,368
Planet Fitness Inc., Class A^(b)		301,108		14,663,960
Six Flags Entertainment Corp.		26,820		336,323
Vail Resorts Inc.^(a)		132,375		19,553,111
Wendy’s Co. (The)		684,504		10,185,420
Wyndham Hotels & Resorts Inc.^(a)		103,146		3,250,130
Wynn Resorts Ltd.		298,519		17,967,859
Yum China Holdings Inc.		1,076,424		45,887,955

				337,802,260

Household Durables — 0.6%
Lennar Corp., Class A		416,176		15,897,923
Lennar Corp., Class B		23,512		679,967
NVR Inc.^(b)		11,867		30,487,628
Tempur Sealy International Inc.^(b)		166,484		7,277,016

				54,342,534

Household Products — 1.3%
Church & Dwight Co. Inc.^(a)		903,998		58,018,592
Clorox Co. (The)		377,621		65,422,838
Reynolds Consumer Products Inc.		70,782		2,064,711

				125,506,141

Industrial Conglomerates — 0.2%
Carlisle Companies Inc.^(a)		175,688		22,010,193


Insurance — 0.8%
Alleghany Corp.		5,267		2,909,227
Arch Capital Group Ltd.^(b)		194,632		5,539,227
Arthur J Gallagher & Co.^(a)		146,217		11,918,148
Athene Holding Ltd., Class A^(a)(b)		200,091		4,966,259
Axis Capital Holdings Ltd.		29,626		1,145,045
Brown & Brown Inc.^(a)		49,193		1,781,770
Erie Indemnity Co., Class A, NVS		60,044		8,900,922
Everest Re Group Ltd.		45,204		8,698,154
Kemper Corp.^(a)		44,075		3,277,858
Markel Corp.^(a)(b)		4,084		3,789,503
Primerica Inc.^(a)		108,334		9,585,392
RenaissanceRe Holdings Ltd.^(a)		61,500		9,183,180

				71,694,685

Interactive Media & Services — 1.3%
IAC/InterActiveCorp.^(b)		159,147		28,523,917
Match Group Inc.^(a)(b)		197,770		13,060,731
TripAdvisor Inc.		340,353		5,918,738
Twitter Inc.^(a)(b)		2,796,014		68,670,104

				116,173,490

Internet & Direct Marketing Retail — 0.7%
Etsy Inc.^(a)(b)		431,816		16,599,007
Expedia Group Inc.		429,103		24,145,626
Grubhub Inc.^(a)(b)		336,837		13,719,371
Wayfair Inc., Class A^(a)(b)		231,783		12,386,483

				66,850,487

IT Services — 11.4%
Akamai Technologies Inc.^(a)(b)		532,176		48,688,782


Security	Shares		Value

IT Services (continued)
Alliance Data Systems Corp.		15,598	$	524,873
Black Knight Inc.^(b)		529,663		30,752,234
Booz Allen Hamilton Holding Corp.		502,377		34,483,157
Broadridge Financial Solutions Inc.		417,774		39,617,509
EPAM Systems Inc.^(a)(b)		190,996		35,460,317
Euronet Worldwide Inc.^(b)		184,389		15,805,825
Fiserv Inc.^(a)(b)		2,077,334		197,325,957
FleetCor Technologies Inc.^(a)(b)		313,234		58,430,670
Gartner Inc.^(a)(b)		321,397		32,001,499
Genpact Ltd.^(a)		688,168		20,094,506
Global Payments Inc.		1,097,484		158,290,117
GoDaddy Inc., Class A^(a)(b)		638,030		36,437,893
Jack Henry & Associates Inc.		249,984		38,807,516
MongoDB Inc.^(a)(b)		155,371		21,214,356
Okta Inc.^(a)(b)		385,340		47,111,668
Paychex Inc.		1,180,587		74,282,534
Sabre Corp.		174,527		1,034,945
Square Inc., Class A^(a)(b)		1,265,578		66,290,976
Switch Inc., Class A^(a)		212,774		3,070,329
Twilio Inc., Class A^(a)(b)		450,617		40,325,715
VeriSign Inc.^(a)(b)		261,772		47,142,520
Western Union Co. (The)		334,605		6,066,389
WEX Inc.^(b)		158,509		16,572,116

				1,069,832,403

Leisure Products — 0.5%
Hasbro Inc.		462,651		33,102,679
Mattel Inc.^(b)		873,457		7,695,156
Polaris Inc.		189,542		9,126,448

				49,924,283

Life Sciences Tools & Services — 2.6%
Adaptive Biotechnologies Corp.^(a)(b)		174,201		4,839,304
Agilent Technologies Inc.		110,705		7,928,692
Avantor Inc.^(a)(b)		821,431		10,259,673
Bio-Techne Corp.^(a)		139,926		26,532,768
Bruker Corp.^(a)		374,927		13,444,882
Charles River Laboratories International Inc.^(b)		176,513		22,277,706
IQVIA Holdings Inc.^(b)		276,818		29,857,589
Mettler-Toledo International Inc.^(b)		87,198		60,211,091
PerkinElmer Inc.^(a)		88,293		6,646,697
PPD Inc.^(b)		147,249		2,622,505
PRA Health Sciences Inc.^(a)(b)		230,692		19,156,664
Waters Corp.^(a)(b)		234,681		42,723,676

				246,501,247

Machinery — 3.1%
Allison Transmission Holdings Inc.		400,995		13,076,447
Donaldson Co. Inc.^(a)		463,373		17,900,099
Dover Corp.		232,313		19,500,353
Flowserve Corp.		102,725		2,454,100
Fortive Corp.^(a)		242,943		13,408,024
Graco Inc.		604,895		29,476,533
IDEX Corp.		138,443		19,120,363
Ingersoll Rand Inc.^(a)(b)		734,210		18,208,408
Lincoln Electric Holdings Inc.		202,801		13,993,269
Middleby Corp. (The)^(a)(b)		204,606		11,637,989
Nordson Corp.^(a)		192,359		25,981,930
Toro Co. (The)		394,821		25,698,899
WABCO Holdings Inc.^(b)		157,304		21,243,905
Westinghouse Air Brake Technologies Corp.		184,283		8,869,541
Woodward Inc.^(a)		165,444		9,833,992

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Xylem Inc./NY^(a)		659,116	$	42,928,225

				293,332,077

Media — 1.5%
Altice USA Inc., Class A^(b)		1,108,874		24,716,801
AMC Networks Inc., Class A^(b)		157,367		3,825,592
Cable One Inc.		16,020		26,337,040
Fox Corp., Class A, NVS^(a)		123,536		2,919,156
Fox Corp., Class B^(b)		57,372		1,312,671
Interpublic Group of Companies Inc. (The)		130,103		2,106,368
New York Times Co. (The), Class A		110,436		3,391,490
Nexstar Media Group Inc., Class A		127,687		7,371,370
Omnicom Group Inc.		421,781		23,155,777
Sinclair Broadcast Group Inc., Class A		213,603		3,434,736
Sirius XM Holdings Inc.^(a)		5,026,344		24,830,139
ViacomCBS Inc., Class A		23,397		417,169
ViacomCBS Inc., Class B, NVS		1,096,852		15,366,897

				139,185,206

Metals & Mining — 0.1%
Royal Gold Inc.		76,879		6,743,057


Multiline Retail — 2.0%
Dollar General Corp.		881,756		133,153,973
Dollar Tree Inc.^(a)(b)		470,631		34,577,260
Nordstrom Inc.		399,262		6,124,679
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		193,536		8,968,458

				182,824,370

Oil, Gas & Consumable Fuels — 0.7%
Cabot Oil & Gas Corp.		925,148		15,903,294
Cheniere Energy Inc.^(a)(b)		485,775		16,273,463
Diamondback Energy Inc.		122,353		3,205,649
Equitrans Midstream Corp.		75,423		379,378
ONEOK Inc.		484,103		10,558,286
Parsley Energy Inc., Class A		632,505		3,624,254
Pioneer Natural Resources Co.		257,070		18,033,460

				67,977,784

Personal Products — 0.0%
Herbalife Nutrition Ltd.^(a)(b)		56,000		1,632,960


Pharmaceuticals — 0.2%
Horizon Therapeutics PLC^(a)(b)		76,570		2,268,003
Jazz Pharmaceuticals PLC^(a)(b)		180,473		18,000,377
Nektar Therapeutics^(a)(b)		93,150		1,662,728

				21,931,108

Professional Services — 3.5%
CoreLogic Inc.		16,334		498,840
CoStar Group Inc.^(b)		132,286		77,679,662
Equifax Inc.^(a)		374,935		44,785,986
IHS Markit Ltd.		900,300		54,018,000
Nielsen Holdings PLC^(a)		161,240		2,021,950
Robert Half International Inc.		416,819		15,734,917
TransUnion		688,302		45,551,826
Verisk Analytics Inc.^(a)		587,062		81,824,702

				322,115,883

Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A^(b)		451,500		17,026,065
Howard Hughes Corp. (The)^(a)(b)		45,370		2,292,092
Jones Lang LaSalle Inc.^(a)		20,817		2,102,101

				21,420,258


Security	Shares		Value

Road & Rail — 0.5%
JB Hunt Transport Services Inc.^(a)		95,722	$	8,828,440
Landstar System Inc.^(a)		130,936		12,551,525
Lyft Inc., Class A^(a)(b)		75,591		2,029,618
Old Dominion Freight Line Inc.^(a)		151,227		19,849,991

				43,259,574

Semiconductors & Semiconductor Equipment — 6.2%
Advanced Micro Devices Inc.^(a)(b)		3,797,078		172,691,108
Cree Inc.^(a)(b)		28,994		1,028,127
Entegris Inc.^(a)		494,708		22,148,077
KLA Corp.		577,335		82,986,133
Lam Research Corp.^(a)		466,573		111,977,520
Maxim Integrated Products Inc.		372,076		18,086,614
Microchip Technology Inc.^(a)		242,366		16,432,415
Monolithic Power Systems Inc.		156,060		26,133,808
Skyworks Solutions Inc.		31,293		2,796,968
Teradyne Inc.^(a)		613,239		33,219,157
Universal Display Corp.^(a)		157,305		20,729,653
Xilinx Inc.		916,729		71,449,858

				579,679,438

Software — 12.7%
2U Inc.^(a)(b)		74,620		1,583,436
Alteryx Inc., Class A^(a)(b)		166,516		15,847,328
Anaplan Inc.^(a)(b)		319,950		9,681,687
ANSYS Inc.^(a)(b)		307,311		71,440,588
Aspen Technology Inc.^(a)(b)		250,484		23,813,514
Atlassian Corp. PLC, Class A^(a)(b)		440,433		60,453,834
Avalara Inc.^(a)(b)		172,189		12,845,299
Bill.Com Holdings Inc.^(a)(b)		28,942		989,816
Cadence Design Systems Inc.^(b)		1,021,989		67,492,154
CDK Global Inc.		445,705		14,641,409
Ceridian HCM Holding Inc.^(a)(b)		277,227		13,880,756
Citrix Systems Inc.^(a)		381,412		53,988,869
Coupa Software Inc.^(a)(b)		234,517		32,769,060
DocuSign Inc.^(a)(b)		581,046		53,688,650
Dropbox Inc., Class A^(b)		776,395		14,052,750
Dynatrace Inc.^(a)(b)		389,987		9,297,290
Elastic NV^(a)(b)		199,167		11,115,510
Fair Isaac Corp.^(b)		104,465		32,142,836
FireEye Inc.^(a)(b)		737,978		7,807,807
Fortinet Inc.^(a)(b)		527,240		53,340,871
Guidewire Software Inc.^(a)(b)		304,141		24,121,423
HubSpot Inc.^(a)(b)		150,090		19,990,487
Manhattan Associates Inc.^(a)(b)		233,672		11,641,539
Medallia Inc.^(a)(b)		202,795		4,064,012
New Relic Inc.^(a)(b)		186,801		8,637,678
Nutanix Inc., Class A^(a)(b)		640,306		10,116,835
Pagerduty Inc.^(a)(b)		154,643		2,672,231
Palo Alto Networks Inc.^(a)(b)		348,155		57,083,494
Paycom Software Inc.^(a)(b)		181,198		36,603,808
Paylocity Holding Corp.^(a)(b)		126,619		11,182,990
Pegasystems Inc.		141,189		10,056,892
Pluralsight Inc., Class A^(a)(b)		225,825		2,479,559
Proofpoint Inc.^(a)(b)		204,712		21,001,404
PTC Inc.^(a)(b)		383,638		23,482,482
RealPage Inc.^(a)(b)		291,572		15,432,906
RingCentral Inc., Class A^(a)(b)		273,735		58,007,184
Smartsheet Inc., Class A^(a)(b)		320,697		13,312,132
SolarWinds Corp.^(a)(b)		46,734		732,322
Splunk Inc.^(a)(b)		573,205		72,355,667

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
SS&C Technologies Holdings Inc.^(a)		737,458	$	32,315,410
Synopsys Inc.^(a)(b)		547,561		70,520,381
Teradata Corp.^(b)		408,287		8,365,801
Trade Desk Inc. (The), Class A^(a)(b)		143,901		27,772,893
Tyler Technologies Inc.^(b)		141,013		41,818,815
Zendesk Inc.^(a)(b)		411,919		26,366,935
Zscaler Inc.^(a)(b)		255,212		15,532,202

				1,186,540,946

Specialty Retail — 3.6%
Advance Auto Parts Inc.		58,171		5,428,518
AutoZone Inc.^(b)		87,238		73,803,348
Best Buy Co. Inc.		166,640		9,498,480
Burlington Stores Inc.^(a)(b)		240,329		38,082,533
CarMax Inc.^(a)(b)		284,557		15,317,703
Carvana Co.^(a)(b)		166,446		9,169,510
Five Below Inc.^(a)(b)		202,312		14,238,719
Floor & Decor Holdings Inc., Class A^(a)(b)		251,868		8,082,444
L Brands Inc.		129,810		1,500,604
O’Reilly Automotive Inc.^(a)(b)		274,144		82,531,051
Tractor Supply Co.		438,169		37,047,189
Ulta Beauty Inc.^(a)(b)		202,390		35,559,923
Williams-Sonoma Inc.		52,183		2,218,821

				332,478,843

Technology Hardware, Storage & Peripherals — 0.6%
NCR Corp.^(a)(b)		467,796		8,279,989
NetApp Inc.		842,578		35,127,077
Pure Storage Inc., Class A^(a)(b)		861,786		10,599,968

				54,007,034

Textiles, Apparel & Luxury Goods — 1.2%
Capri Holdings Ltd.^(a)(b)		220,326		2,377,318
Carter’s Inc.		72,162		4,743,208
Columbia Sportswear Co.^(a)		70,837		4,942,297
Hanesbrands Inc.		1,024,762		8,064,877
Lululemon Athletica Inc.^(a)(b)		433,845		82,235,320
Skechers U.S.A. Inc., Class A^(b)		178,030		4,226,432
Under Armour Inc., Class A^(a)(b)		456,600		4,205,286
Under Armour Inc., Class C, NVS^(b)		473,428		3,815,830

				114,610,568

Trading Companies & Distributors — 1.3%
Air Lease Corp.^(a)		27,969		619,234
Fastenal Co.		1,906,415		59,575,469
United Rentals Inc.^(a)(b)		194,196		19,982,768
WW Grainger Inc.		158,717		39,441,174

				119,618,645


Total Common Stocks — 99.8% (Cost: $9,124,352,014)			9,332,552,152


Short-Term Investments

Money Market Funds — 11.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		1,081,537,201		1,081,320,894


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		15,629,000	$	15,629,000

				1,096,949,894


Total Short-Term Investments — 11.7% (Cost: $1,097,108,425)			1,096,949,894


Total Investments in Securities — 111.5% (Cost: $10,221,460,439)				10,429,502,046

Other Assets, Less Liabilities — (11.5)%			(1,075,858,497)

Net Assets — 100.0%			$	9,353,643,549

^(a)	All or a portion of this security is on loan. (b) Non-income producing security.

^(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.


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

Schedule of Investments

March 31, 2020

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.6%
BWX Technologies Inc.^(a)		60,449	$	2,944,471
Curtiss-Wright Corp.		105,487		9,748,054
Hexcel Corp.		15,054		559,858
Howmet Aerospace Inc.		956,200		15,356,572
Huntington Ingalls Industries Inc.		20,217		3,683,740
L3Harris Technologies Inc.^(a)		274,120		49,374,494
Spirit AeroSystems Holdings Inc., Class A		25,555		611,531
Teledyne Technologies Inc.^(a)(b)		88,998		26,456,436
Textron Inc.		572,676		15,273,269
TransDigm Group Inc.		24,234		7,759,484

				131,767,909

Air Freight & Logistics — 0.2%
CH Robinson Worldwide Inc.		79,480		5,261,576
Expeditors International of Washington Inc.		122,610		8,180,539
XPO Logistics Inc.^(a)(b)		95,268		4,644,315

				18,086,430

Airlines — 0.5%
Alaska Air Group Inc.		165,697		4,717,394
American Airlines Group Inc.^(a)		875,952		10,677,855
Copa Holdings SA, Class A, NVS		77,719		3,519,893
JetBlue Airways Corp.^(a)(b)		655,260		5,864,577
United Airlines Holdings Inc.^(a)(b)		448,893		14,162,574

				38,942,293

Auto Components — 0.9%
Aptiv PLC		597,492		29,420,506
BorgWarner Inc.^(a)		517,152		12,602,994
Gentex Corp.		628,565		13,929,000
Goodyear Tire & Rubber Co. (The)		576,947		3,357,832
Lear Corp.		151,656		12,322,050

				71,632,382

Automobiles — 0.2%
Harley-Davidson Inc.		385,053		7,289,053
Thor Industries Inc.		130,466		5,503,056

				12,792,109

Banks — 4.7%
Associated Banc-Corp.		391,602		5,008,589
Bank of Hawaii Corp.		100,357		5,543,721
Bank OZK		299,763		5,006,042
BankUnited Inc.		233,678		4,369,779
BOK Financial Corp.		80,192		3,412,971
CIT Group Inc.		219,923		3,795,871
Citizens Financial Group Inc.		1,080,644		20,326,914
Comerica Inc.		328,077		9,625,779
Commerce Bancshares Inc.^(a)		254,445		12,811,306
Cullen/Frost Bankers Inc.		140,113		7,816,904
East West Bancorp. Inc.		360,262		9,273,144
Fifth Third Bancorp.		1,763,180		26,183,223
First Citizens BancShares Inc./NC, Class A		17,444		5,806,584
First Hawaiian Inc.		327,044		5,406,037
First Horizon National Corp.		774,241		6,240,382
First Republic Bank/CA^(a)		346,243		28,488,874
FNB Corp.		803,889		5,924,662
Huntington Bancshares Inc./OH		2,523,094		20,714,602
KeyCorp.		2,438,327		25,285,451
M&T Bank Corp.		325,549		33,671,533
PacWest Bancorp.		292,399		5,239,790
People’s United Financial Inc.		1,095,553		12,105,861


Security	Shares		Value

Banks (continued)
Pinnacle Financial Partners Inc.		185,731	$	6,972,342
Popular Inc.		234,900		8,221,500
Prosperity Bancshares Inc.		201,751		9,734,486
Regions Financial Corp.		2,399,405		21,522,663
Signature Bank/New York NY		66,089		5,312,895
Sterling Bancorp./DE		483,907		5,056,828
SVB Financial Group^(a)(b)		119,619		18,072,038
Synovus Financial Corp.		322,890		5,669,948
TCF Financial Corp.		379,136		8,591,222
Texas Capital Bancshares Inc.^(b)		124,565		2,761,606
Umpqua Holdings Corp.		546,754		5,959,619
Webster Financial Corp.		224,664		5,144,806
Western Alliance Bancorp.		211,805		6,483,351
Wintrust Financial Corp.		140,795		4,626,524
Zions Bancorp. N.A.		403,520		10,798,195

				386,986,042

Beverages — 0.2%
Brown-Forman Corp., Class A^(a)		8,253		424,039
Brown-Forman Corp., Class B, NVS^(a)		28,176		1,564,050
Molson Coors Beverage Co., Class B		432,238		16,861,604

				18,849,693

Biotechnology — 0.5%
Agios Pharmaceuticals Inc.^(a)(b)		133,699		4,743,641
Alkermes PLC^(a)(b)		387,012		5,580,713
Alnylam Pharmaceuticals Inc.^(a)(b)		44,532		4,847,308
Bluebird Bio Inc.^(a)(b)		136,745		6,284,800
Exelixis Inc.^(b)		438,583		7,552,399
Moderna Inc.^(b)		54,866		1,643,237
United Therapeutics Corp.^(b)		107,784		10,220,618

				40,872,716

Building Products — 0.8%
Allegion PLC^(a)		56,310		5,181,646
AO Smith Corp.		282,165		10,668,659
Fortune Brands Home & Security Inc.		237,149		10,256,694
Lennox International Inc.		7,928		1,441,231
Masco Corp.		688,418		23,798,610
Owens Corning		265,797		10,315,582
Resideo Technologies Inc.^(b)		305,250		1,477,410
Trane Technologies PLC		35,302		2,915,592

				66,055,424

Capital Markets — 3.7%
Affiliated Managers Group Inc.^(a)		122,592		7,250,091
Ameriprise Financial Inc.		271,436		27,816,761
BGC Partners Inc., Class A		750,156		1,890,393
Cboe Global Markets Inc.		207,022		18,476,714
E*TRADE Financial Corp.		452,225		15,520,362
Eaton Vance Corp., NVS		266,930		8,608,493
Evercore Inc., Class A		62,146		2,862,445
Franklin Resources Inc.		690,973		11,532,339
Interactive Brokers Group Inc., Class A^(a)		134,888		5,823,115
Invesco Ltd.		946,216		8,591,641
Janus Henderson Group PLC		397,960		6,096,747
Lazard Ltd., Class A		160,276		3,776,103
Legg Mason Inc.		215,292		10,517,014
Nasdaq Inc.^(a)		285,017		27,062,364
Northern Trust Corp.		481,771		36,354,440
Raymond James Financial Inc.		237,112		14,985,478
SEI Investments Co.		168,104		7,789,939
State Street Corp.		890,888		47,457,604

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
T Rowe Price Group Inc.		409,476	$	39,985,331
Virtu Financial Inc., Class A		71,991		1,498,853

				303,896,227

Chemicals — 2.9%
Albemarle Corp.^(a)		261,529		14,742,390
Ashland Global Holdings Inc.^(a)		139,229		6,971,196
Axalta Coating Systems Ltd.^(b)		352,751		6,092,010
Cabot Corp.		143,038		3,736,153
Celanese Corp.		296,489		21,759,328
CF Industries Holdings Inc.		488,552		13,288,614
Chemours Co. (The)		405,483		3,596,634
Corteva Inc.^(a)(b)		1,873,693		44,031,786
Eastman Chemical Co.		339,950		15,834,871
Element Solutions Inc.^(b)		346,017		2,892,702
FMC Corp.		321,652		26,275,752
Huntsman Corp.		534,278		7,709,632
International Flavors & Fragrances Inc.^(a)		265,525		27,104,792
Mosaic Co. (The)^(a)		858,254		9,286,308
NewMarket Corp.		1,335		511,131
Olin Corp.		394,752		4,606,756
RPM International Inc.		266,516		15,857,702
Valvoline Inc.		475,359		6,222,449
Westlake Chemical Corp.		87,602		3,343,768

				233,863,974

Commercial Services & Supplies — 0.7%
ADT Inc.^(a)		293,101		1,266,196
Clean Harbors Inc.^(b)		128,904		6,617,931
IAA Inc.^(b)		30,145		903,144
KAR Auction Services Inc.		24,556		294,672
Republic Services Inc.		498,391		37,409,229
Stericycle Inc.^(a)(b)		221,875		10,778,688

				57,269,860

Communications Equipment — 0.7%
Ciena Corp.^(a)(b)		380,414		15,144,281
CommScope Holding Co. Inc.^(a)(b)		473,889		4,317,129
EchoStar Corp., Class A^(a)(b)		123,302		3,941,965
F5 Networks Inc.^(b)		10,937		1,166,212
Juniper Networks Inc.		825,785		15,805,525
Motorola Solutions Inc.		111,141		14,772,862
ViaSat Inc.^(a)(b)		140,941		5,062,601

				60,210,575

Construction & Engineering — 0.7%
AECOM^(b)		371,880		11,100,618
Fluor Corp.		347,009		2,397,832
Jacobs Engineering Group Inc.^(a)		319,404		25,319,155
Quanta Services Inc.		271,035		8,599,941
Valmont Industries Inc.		53,250		5,643,435

				53,060,981

Construction Materials — 0.3%
Eagle Materials Inc.		16,926		988,817
Martin Marietta Materials Inc.		108,237		20,481,687
Vulcan Materials Co.^(a)		26,384		2,851,319

				24,321,823

Consumer Finance — 0.8%
Ally Financial Inc.		931,082		13,435,513
Credit Acceptance Corp.^(a)(b)		2,878		735,876
Discover Financial Services		499,765		17,826,618
Navient Corp.		484,601		3,673,276


Security	Shares		Value

Consumer Finance (continued)
OneMain Holdings Inc.		161,759	$	3,092,832
Santander Consumer USA Holdings Inc.		253,584		3,527,353
SLM Corp.^(a)		1,049,977		7,549,335
Synchrony Financial		1,111,702		17,887,285

				67,728,088

Containers & Packaging — 1.6%
AptarGroup Inc.		95,836		9,539,515
Ardagh Group SA^(a)		51,063		605,607
Avery Dennison Corp.^(a)		13,551		1,380,440
Berry Global Group Inc.^(a)(b)		201,845		6,804,195
Crown Holdings Inc.^(a)(b)		136,688		7,933,372
Graphic Packaging Holding Co.^(a)		718,597		8,766,883
International Paper Co.		977,067		30,416,096
O-I Glass Inc.		384,520		2,733,937
Packaging Corp. of America		232,700		20,205,341
Sealed Air Corp.		358,122		8,849,195
Silgan Holdings Inc.		192,896		5,597,842
Sonoco Products Co.		246,640		11,431,764
Westrock Co.		637,434		18,013,885

				132,278,072

Distributors — 0.5%
Genuine Parts Co.		349,715		23,546,311
LKQ Corp.^(b)		654,393		13,421,600

				36,967,911

Diversified Consumer Services — 0.5%
frontdoor Inc.^(a)(b)		210,733		7,329,294
Graham Holdings Co., Class B		10,407		3,550,556
Grand Canyon Education Inc.^(a)(b)		107,008		8,163,105
H&R Block Inc.^(a)		417,130		5,873,190
Service Corp. International		282,077		11,032,032
ServiceMaster Global Holdings Inc.^(a)(b)		285,384		7,705,368

				43,653,545

Diversified Financial Services — 0.4%
Equitable Holdings Inc.		1,036,204		14,973,148
Jefferies Financial Group Inc.		632,414		8,645,099
Voya Financial Inc.		311,222		12,620,052

				36,238,299

Diversified Telecommunication Services — 0.5%
CenturyLink Inc.		2,708,832		25,625,551
GCI Liberty Inc., Class A^(a)(b)		243,813		13,890,026

				39,515,577

Electric Utilities — 6.0%
Alliant Energy Corp.		597,673		28,861,629
Avangrid Inc.		138,648		6,070,009
Edison International		874,121		47,893,090
Entergy Corp.		496,295		46,636,841
Evergy Inc.		566,157		31,166,943
Eversource Energy		808,208		63,209,948
FirstEnergy Corp.		1,348,319		54,027,142
Hawaiian Electric Industries Inc.		270,846		11,659,920
IDACORP Inc.		124,970		10,971,116
NRG Energy Inc.		627,375		17,102,243
OGE Energy Corp.		500,394		15,377,108
PG&E Corp.^(a)(b)		1,318,188		11,850,510
Pinnacle West Capital Corp.		278,840		21,133,284
PPL Corp.		1,921,121		47,413,266
Xcel Energy Inc.		1,307,642		78,850,813

				492,223,862

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electrical Equipment — 0.5%
Acuity Brands Inc.		72,798	$	6,235,877
AMETEK Inc.		115,784		8,338,764
GrafTech International Ltd.^(a)		152,012		1,234,337
Hubbell Inc.		61,071		7,007,287
nVent Electric PLC		377,366		6,366,164
Regal Beloit Corp.		101,586		6,394,839
Sensata Technologies Holding PLC^(a)(b)		228,356		6,606,339

				42,183,607

Electronic Equipment, Instruments & Components — 1.5%
Arrow Electronics Inc.^(b)		201,459		10,449,678
Avnet Inc.		249,834		6,270,834
Coherent Inc.^(a)(b)		59,532		6,334,800
Corning Inc.		1,288,105		26,457,677
Dolby Laboratories Inc., Class A^(a)		135,337		7,336,619
FLIR Systems Inc.^(a)		306,660		9,779,388
IPG Photonics Corp.^(a)(b)		82,300		9,076,044
Jabil Inc.		289,092		7,105,881
Littelfuse Inc.		58,593		7,817,478
National Instruments Corp.		305,109		10,093,006
SYNNEX Corp.		102,383		7,484,197
Trimble Inc.^(a)(b)		517,645		16,476,640

				124,682,242

Energy Equipment & Services — 0.6%
Apergy Corp.^(b)		191,711		1,102,338
Baker Hughes Co.		1,618,051		16,989,536
Halliburton Co.		2,163,391		14,819,228
Helmerich & Payne Inc.		270,053		4,226,330
National Oilwell Varco Inc.^(a)		967,442		9,509,955
Patterson-UTI Energy Inc.		488,095		1,147,023
Transocean Ltd.^(a)(b)		1,436,549		1,666,397

				49,460,807

Entertainment — 0.7%
Cinemark Holdings Inc.		265,328		2,703,692
Liberty Media Corp.-Liberty Formula One, Class A^(a)(b)		61,669		1,592,294
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(b)		490,993		13,369,739
Lions Gate Entertainment Corp., Class A^(b)		130,437		793,057
Lions Gate Entertainment Corp., Class B, NVS^(b)		282,615		1,576,992
Madison Square Garden Co. (The), Class A^(b)		42,770		9,042,006
Take-Two Interactive Software Inc.^(b)		149,794		17,767,066
Zynga Inc., Class A^(a)(b)		1,661,896		11,383,988

				58,228,834

Equity Real Estate Investment Trusts (REITs) — 13.6%
Alexandria Real Estate Equities Inc.		302,802		41,502,042
American Campus Communities Inc.		343,180		9,523,245
American Homes 4 Rent, Class A		366,493		8,502,638
Apartment Investment & Management Co., Class A		367,005		12,900,226
Apple Hospitality REIT Inc.		521,197		4,779,376
AvalonBay Communities Inc.		347,493		51,140,545
Boston Properties Inc.		386,337		35,631,862
Brandywine Realty Trust		432,432		4,549,185
Brixmor Property Group Inc.		745,604		7,083,238
Camden Property Trust		231,501		18,344,139
Colony Capital Inc.		1,120,747		1,961,307
Columbia Property Trust Inc.		288,891		3,611,138
CoreSite Realty Corp.		20,664		2,394,958
Corporate Office Properties Trust		277,734		6,146,253
Cousins Properties Inc.		361,240		10,573,495
CubeSmart		479,691		12,850,922


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
CyrusOne Inc.		277,838	$	17,156,496
Digital Realty Trust Inc.		650,697		90,388,320
Douglas Emmett Inc.		412,174		12,575,429
Duke Realty Corp.^(a)		913,945		29,593,539
Empire State Realty Trust Inc., Class A^(a)		380,624		3,410,391
EPR Properties		195,161		4,726,799
Equity Commonwealth		300,810		9,538,685
Equity Residential		912,975		56,339,687
Essex Property Trust Inc.		162,774		35,849,346
Extra Space Storage Inc.^(a)		58,799		5,630,592
Federal Realty Investment Trust		186,741		13,932,746
Gaming and Leisure Properties Inc.		505,962		14,020,207
Healthcare Trust of America Inc., Class A		533,452		12,952,215
Healthpeak Properties Inc.		1,258,743		30,021,021
Highwoods Properties Inc.		253,203		8,968,450
Host Hotels & Resorts Inc.		1,767,865		19,517,230
Hudson Pacific Properties Inc.^(a)		382,327		9,695,813
Invitation Homes Inc.^(a)		1,329,227		28,405,581
Iron Mountain Inc.		628,611		14,960,942
JBG SMITH Properties		305,152		9,712,988
Kilroy Realty Corp.		258,300		16,453,710
Kimco Realty Corp.		1,023,078		9,893,164
Life Storage Inc.		115,913		10,959,574
Macerich Co. (The)		350,595		1,973,850
Medical Properties Trust Inc.^(a)		1,275,901		22,060,328
Mid-America Apartment Communities Inc.		282,371		29,092,684
National Retail Properties Inc.		426,316		13,723,112
Omega Healthcare Investors Inc.		560,872		14,885,543
Outfront Media Inc.		305,881		4,123,276
Paramount Group Inc.		478,721		4,212,745
Park Hotels & Resorts Inc.		603,135		4,770,798
Rayonier Inc.^(a)		321,787		7,578,084
Realty Income Corp.		813,898		40,580,954
Regency Centers Corp.^(a)		416,307		15,998,678
Retail Properties of America Inc., Class A		528,675		2,733,250
Service Properties Trust		404,103		2,182,156
SITE Centers Corp.		373,771		1,947,347
SL Green Realty Corp.		198,345		8,548,670
Spirit Realty Capital Inc.		247,159		6,463,208
STORE Capital Corp.		531,879		9,637,647
Sun Communities Inc.		171,024		21,352,346
Taubman Centers Inc.		145,165		6,079,510
UDR Inc.		683,153		24,962,411
Ventas Inc.		926,353		24,826,260
VEREIT Inc.		2,656,414		12,989,864
VICI Properties Inc.		1,147,236		19,090,007
Vornado Realty Trust		432,799		15,671,652
Weingarten Realty Investors		300,215		4,332,102
Welltower Inc.		1,025,156		46,931,642
Weyerhaeuser Co.		1,861,779		31,557,154
WP Carey Inc.		424,954		24,681,328

				1,119,184,100

Food & Staples Retailing — 1.0%
Casey’s General Stores Inc.^(a)		68,452		9,069,206
Grocery Outlet Holding Corp.^(a)(b)		111,996		3,845,943
Kroger Co. (The)		1,982,856		59,723,623
Sprouts Farmers Market Inc.^(a)(b)		154,004		2,862,934
U.S. Foods Holding Corp.^(b)		546,861		9,684,908

				85,186,614

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products — 3.9%
Archer-Daniels-Midland Co.		1,390,592	$	48,921,027
Beyond Meat Inc.^(a)(b)		118,155		7,869,123
Bunge Ltd.		342,245		14,042,312
Campbell Soup Co.		179,150		8,269,564
Conagra Brands Inc.		1,199,832		35,203,071
Flowers Foods Inc.		490,097		10,056,790
Hain Celestial Group Inc. (The)^(a)(b)		207,151		5,379,711
Hershey Co. (The)		45,591		6,040,808
Hormel Foods Corp.		691,089		32,232,391
Ingredion Inc.		166,005		12,533,378
JM Smucker Co. (The)		273,154		30,320,094
Kellogg Co.		377,874		22,668,661
Lamb Weston Holdings Inc.		269,332		15,378,857
McCormick & Co. Inc./MD, NVS		107,733		15,212,977
Pilgrim’s Pride Corp.^(b)		85,312		1,545,853
Post Holdings Inc.^(b)		88,803		7,367,985
Seaboard Corp.		625		1,758,000
TreeHouse Foods Inc.^(a)(b)		114,520		5,056,058
Tyson Foods Inc., Class A		718,439		41,576,065

				321,432,725

Gas Utilities — 0.6%
Atmos Energy Corp.^(a)		300,647		29,833,202
National Fuel Gas Co.		202,998		7,569,795
UGI Corp.		522,469		13,934,248

				51,337,245
Health Care Equipment & Supplies — 2.0%
Health Care Equipment & Supplies — 2.0%
Cantel Medical Corp.^(a)		39,746		1,426,882
Cooper Companies Inc. (The)		104,593		28,833,152
Dentsply Sirona Inc.		554,582		21,534,419
Envista Holdings Corp.^(b)		126,974		1,896,992
Hill-Rom Holdings Inc.^(a)		79,832		8,031,099
Hologic Inc.^(b)		129,711		4,552,856
ICU Medical Inc.^(b)		33,114		6,681,412
Integra LifeSciences Holdings Corp.^(b)		176,122		7,867,370
Steris PLC^(a)		196,355		27,483,809
West Pharmaceutical Services Inc.		44,675		6,801,769
Zimmer Biomet Holdings Inc.		512,004		51,753,364

				166,863,124

Health Care Providers & Services — 2.8%
Acadia Healthcare Co. Inc.^(a)(b)		215,577		3,955,838
Cardinal Health Inc.		727,647		34,883,397
Centene Corp.^(a)(b)		208,120		12,364,409
Covetrus Inc.^(a)(b)		240,545		1,958,036
DaVita Inc.^(a)(b)		216,576		16,472,770
Encompass Health Corp.		121,234		7,762,613
Henry Schein Inc.^(a)(b)		317,705		16,050,457
Laboratory Corp. of America Holdings^(a)(b)		226,191		28,588,280
McKesson Corp.		358,923		48,547,925
MEDNAX Inc.^(a)(b)		207,734		2,418,024
Molina Healthcare Inc.^(a)(b)		33,001		4,610,570
Premier Inc., Class A^(a)(b)		153,376		5,018,463
Quest Diagnostics Inc.		330,437		26,534,091
Universal Health Services Inc., Class B		194,634		19,284,337

				228,449,210

Health Care Technology — 0.0%
Change Healthcare Inc.^(a)(b)		289,648		2,893,584


Hotels, Restaurants & Leisure — 1.1%
Aramark		621,516		12,411,674


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Caesars Entertainment Corp.^(a)(b)		1,430,551	$	9,670,525
Choice Hotels International Inc.		47,117		2,885,916
Dunkin’ Brands Group Inc.		14,514		770,693
Extended Stay America Inc.^(a)		449,831		3,288,265
Hilton Grand Vacations Inc.^(b)		184,171		2,904,377
Hyatt Hotels Corp., Class A^(a)		90,092		4,315,407
International Game Technology PLC		243,579		1,449,295
MGM Resorts International		1,107,026		13,062,907
Norwegian Cruise Line Holdings Ltd.^(a)(b)		425,843		4,667,239
Royal Caribbean Cruises Ltd.		426,379		13,716,612
Six Flags Entertainment Corp.		179,021		2,244,923
Vail Resorts Inc.		10,967		1,619,936
Wyndham Destinations Inc.^(a)		223,216		4,843,787
Wyndham Hotels & Resorts Inc.		160,570		5,059,561
Wynn Resorts Ltd.		41,732		2,511,849
Yum China Holdings Inc.^(a)		175,131		7,465,835

				92,888,801

Household Durables — 1.7%
DR Horton Inc.		835,219		28,397,446
Garmin Ltd.		360,791		27,044,894
Leggett & Platt Inc.		329,482		8,790,580
Lennar Corp., Class A		402,230		15,365,186
Lennar Corp., Class B		21,134		611,195
Mohawk Industries Inc.^(a)(b)		147,696		11,260,343
Newell Brands Inc.		942,097		12,511,048
PulteGroup Inc.		625,326		13,957,276
Toll Brothers Inc.		304,409		5,859,873
Whirlpool Corp.		155,058		13,303,977

				137,101,818

Household Products — 0.3%
Clorox Co. (The)		57,844		10,021,473
Energizer Holdings Inc.		158,028		4,780,347
Reynolds Consumer Products Inc.		69,754		2,034,724
Spectrum Brands Holdings Inc.		113,453		4,126,286

				20,962,830

Independent Power and Renewable Electricity Producers — 0.5%
AES Corp./VA		1,649,921		22,438,925
Vistra Energy Corp.		1,053,555		16,814,738

				39,253,663

Industrial Conglomerates — 0.0%
Carlisle Companies Inc.^(a)		18,643		2,335,595


Insurance — 6.1%
Alleghany Corp.		31,154		17,207,912
American Financial Group Inc./OH		184,646		12,939,992
American National Insurance Co.		18,950		1,561,101
Arch Capital Group Ltd.^(b)		823,446		23,435,273
Arthur J Gallagher & Co.^(a)		366,156		29,845,376
Assurant Inc.^(a)		150,497		15,665,233
Assured Guaranty Ltd.		232,365		5,992,693
Athene Holding Ltd., Class A^(b)		206,831		5,133,545
Axis Capital Holdings Ltd.		185,861		7,183,528
Brighthouse Financial Inc.^(a)(b)		267,596		6,467,795
Brown & Brown Inc.^(a)		551,973		19,992,462
Cincinnati Financial Corp.		378,537		28,560,617
CNA Financial Corp.		69,896		2,169,572
Erie Indemnity Co., Class A, NVS		20,583		3,051,224
Everest Re Group Ltd.		69,542		13,381,272
Fidelity National Financial Inc.		656,571		16,335,486

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
First American Financial Corp.		269,962	$	11,449,088
Globe Life Inc.		265,324		19,095,368
Hanover Insurance Group Inc. (The)		96,347		8,727,111
Hartford Financial Services Group Inc. (The)		896,162		31,580,749
Kemper Corp.^(a)		127,618		9,490,951
Lincoln National Corp.		499,363		13,143,234
Loews Corp.		616,159		21,460,818
Markel Corp.^(a)(b)		30,918		28,688,503
Mercury General Corp.		69,060		2,812,123
Old Republic International Corp.		699,522		10,667,711
Primerica Inc.		29,014		2,567,159
Principal Financial Group Inc.		677,560		21,234,730
Reinsurance Group of America Inc.		156,475		13,165,807
RenaissanceRe Holdings Ltd.		67,191		10,032,960
Unum Group		505,321		7,584,868
White Mountains Insurance Group Ltd.^(a)		7,736		7,039,760
Willis Towers Watson PLC		321,847		54,665,713
WR Berkley Corp.		357,531		18,652,392

				500,982,126

Interactive Media & Services — 0.4%
IAC/InterActiveCorp.^(a)(b)		77,431		13,877,958
TripAdvisor Inc.		25,640		445,880
Zillow Group Inc., Class A^(a)(b)		139,948		4,754,033
Zillow Group Inc., Class C, NVS^(a)(b)		312,446		11,254,305

				30,332,176

Internet & Direct Marketing Retail — 0.1%
Expedia Group Inc.		45,090		2,537,214
Qurate Retail Inc., Series A^(a)(b)		954,296		5,825,977

				8,363,191

IT Services — 1.4%
Akamai Technologies Inc.^(b)		34,270		3,135,362
Alliance Data Systems Corp.		89,676		3,017,597
Amdocs Ltd.		330,917		18,190,508
CACI International Inc., Class A^(b)		61,452		12,975,590
DXC Technology Co.		643,539		8,398,184
Jack Henry & Associates Inc.^(a)		22,876		3,551,270
Leidos Holdings Inc.^(a)		332,308		30,456,028
Sabre Corp.		574,030		3,403,998
VeriSign Inc.^(b)		80,323		14,465,369
Western Union Co. (The)		813,692		14,752,236

				112,346,142

Leisure Products — 0.1%
Brunswick Corp./DE		201,890		7,140,849
Mattel Inc.^(b)		265,112		2,335,637
Polaris Inc.		14,874		716,183

				10,192,669

Life Sciences Tools & Services — 1.7%
Adaptive Biotechnologies Corp.^(a)(b)		48,250		1,340,385
Agilent Technologies Inc.		699,767		50,117,313
Avantor Inc.^(a)(b)		227,650		2,843,348
Bio-Rad Laboratories Inc., Class A^(b)		52,794		18,507,465
IQVIA Holdings Inc.^(b)		251,815		27,160,766
PerkinElmer Inc.^(a)		213,904		16,102,693
PPD Inc.^(b)		69,493		1,237,670
QIAGEN NV^(b)		550,096		22,883,994

				140,193,634

Machinery — 4.3%
AGCO Corp.		154,391		7,294,975


Security	Shares		Value

Machinery (continued)
Colfax Corp.^(b)		230,253	$	4,559,009
Crane Co.		125,371		6,165,746
Cummins Inc.		366,334		49,572,317
Dover Corp.		202,540		17,001,208
Flowserve Corp.		260,037		6,212,284
Fortive Corp.		570,186		31,468,565
Gates Industrial Corp. PLC^(a)(b)		125,011		922,581
IDEX Corp.		93,976		12,979,025
Ingersoll Rand Inc.^(b)		361,278		8,959,694
ITT Inc.		217,479		9,864,847
Lincoln Electric Holdings Inc.		8,476		584,844
Nordson Corp.^(a)		13,311		1,797,917
Oshkosh Corp.^(a)		168,929		10,867,203
PACCAR Inc.		846,611		51,753,330
Parker-Hannifin Corp.		319,676		41,471,568
Pentair PLC		415,976		12,379,446
Snap-on Inc.		136,146		14,815,408
Stanley Black & Decker Inc.		378,479		37,847,900
Timken Co. (The)		166,590		5,387,521
Trinity Industries Inc.		250,821		4,030,693
WABCO Holdings Inc.^(b)		21,082		2,847,124
Westinghouse Air Brake Technologies Corp.^(a)		324,160		15,601,821
Woodward Inc.^(a)		24,776		1,472,685

				355,857,711

Marine — 0.1%
Kirby Corp.^(a)(b)		146,965		6,388,569


Media — 2.2%
Discovery Inc., Class A^(a)(b)		387,804		7,538,910
Discovery Inc., Class C, NVS^(b)		839,404		14,723,146
DISH Network Corp., Class A^(a)(b)		646,113		12,915,799
Fox Corp., Class A, NVS^(a)		766,868		18,121,091
Fox Corp., Class B^(a)(b)		358,716		8,207,422
Interpublic Group of Companies Inc. (The)		867,260		14,040,939
John Wiley & Sons Inc., Class A		109,665		4,111,341
Liberty Broadband Corp., Class A^(b)		61,700		6,601,900
Liberty Broadband Corp., Class C, NVS^(b)		262,346		29,046,949
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)(b)		208,804		6,616,999
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(b)		386,330		12,215,755
New York Times Co. (The), Class A		328,650		10,092,842
News Corp., Class A, NVS^(a)		955,189		8,572,821
News Corp., Class B		300,968		2,705,702
Nexstar Media Group Inc., Class A		25,835		1,491,455
Omnicom Group Inc.		250,927		13,775,892
Sinclair Broadcast Group Inc., Class A		9,167		147,405
ViacomCBS Inc., Class A		16,678		297,369
ViacomCBS Inc., Class B, NVS		610,545		8,553,735

				179,777,472

Metals & Mining — 2.3%
Alcoa Corp.^(b)		461,171		2,840,813
Freeport-McMoRan Inc.		3,604,090		24,327,608
Newmont Corp.^(a)		2,038,944		92,323,384
Nucor Corp.		758,158		27,308,851
Reliance Steel & Aluminum Co.		161,678		14,161,376
Royal Gold Inc.		110,389		9,682,219
Steel Dynamics Inc.		513,435		11,572,825
U.S. Steel Corp.^(a)		426,596		2,691,821

				184,908,897

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment — 0.7%
AGNC Investment Corp.		1,344,869	$	14,228,714
Annaly Capital Management Inc.		3,554,231		18,019,951
Chimera Investment Corp.		457,415		4,162,476
MFA Financial Inc.		1,113,792		1,726,378
New Residential Investment Corp.		1,048,809		5,254,533
Starwood Property Trust Inc.		685,708		7,028,507
Two Harbors Investment Corp.		689,100		2,625,471

				53,046,030

Multi-Utilities — 5.5%
Ameren Corp.^(a)		611,621		44,544,357
CenterPoint Energy Inc.		1,249,282		19,301,407
CMS Energy Corp.		706,857		41,527,849
Consolidated Edison Inc.		830,371		64,768,938
DTE Energy Co.		462,715		43,944,044
MDU Resources Group Inc.		495,955		10,663,032
NiSource Inc.		927,140		23,150,686
Public Service Enterprise Group Inc.		1,259,873		56,580,896
Sempra Energy^(a)		703,548		79,493,889
WEC Energy Group Inc.		786,942		69,353,198

				453,328,296

Multiline Retail — 0.4%
Dollar General Corp.		37,698		5,692,775
Dollar Tree Inc.^(a)(b)		268,618		19,735,365
Kohl’s Corp.		391,936		5,718,346
Macy’s Inc.		782,086		3,840,042

				34,986,528

Oil, Gas & Consumable Fuels — 2.5%
Antero Midstream Corp.		574,096		1,205,602
Antero Resources Corp.^(a)(b)		655,306		467,168
Apache Corp.		943,173		3,942,463
Cabot Oil & Gas Corp.		370,172		6,363,257
Centennial Resource Development Inc./DE, Class A^(a)(b)		509,359		133,961
Cheniere Energy Inc.^(b)		245,746		8,232,491
Chesapeake Energy Corp.^(a)(b)		3,235,585		558,785
Cimarex Energy Co.		253,675		4,269,350
Concho Resources Inc.		494,636		21,195,152
Continental Resources Inc./OK^(a)		217,564		1,662,189
Devon Energy Corp.		966,160		6,676,166
Diamondback Energy Inc.		319,323		8,366,263
EQT Corp.		631,200		4,462,584
Equitrans Midstream Corp.		454,455		2,285,909
Hess Corp.		668,436		22,258,919
HollyFrontier Corp.		370,411		9,078,774
Kosmos Energy Ltd.		898,086		804,326
Marathon Oil Corp.		1,981,997		6,520,770
Murphy Oil Corp.		372,496		2,283,400
Noble Energy Inc.		1,186,434		7,166,061
ONEOK Inc.		696,751		15,196,139
Parsley Energy Inc., Class A		314,268		1,800,756
PBF Energy Inc., Class A		296,106		2,096,430
Pioneer Natural Resources Co.		235,200		16,499,280
Range Resources Corp.^(a)		514,876		1,173,917
Targa Resources Corp.		573,826		3,965,138
Williams Companies Inc. (The)		3,031,512		42,895,895
WPX Energy Inc.^(a)(b)		1,040,923		3,174,815

				204,735,960

Paper & Forest Products — 0.0%
Domtar Corp.		141,893		3,070,565


Security	Shares		Value

Personal Products — 0.2%
Coty Inc., Class A		716,613	$	3,697,723
Herbalife Nutrition Ltd.^(a)(b)		210,306		6,132,523
Nu Skin Enterprises Inc., Class A		136,206		2,976,101

				12,806,347

Pharmaceuticals — 1.2%
Catalent Inc.^(b)		381,388		19,813,106
Elanco Animal Health Inc.^(a)(b)		985,854		22,073,271
Horizon Therapeutics PLC^(b)		409,064		12,116,476
Jazz Pharmaceuticals PLC^(b)		15,903		1,586,165
Mylan NV^(a)(b)		1,279,410		19,076,003
Nektar Therapeutics^(a)(b)		355,148		6,339,392
Perrigo Co. PLC		313,654		15,083,621

				96,088,034

Professional Services — 0.6%
CoreLogic Inc.		184,653		5,639,303
Equifax Inc.^(a)		45,746		5,464,360
IHS Markit Ltd.		359,610		21,576,600
ManpowerGroup Inc.		145,286		7,698,705
Nielsen Holdings PLC^(a)		772,834		9,691,338

				50,070,306

Real Estate Management & Development — 0.4%
CBRE Group Inc., Class A^(a)(b)		525,264		19,807,705
Howard Hughes Corp. (The)^(a)(b)		68,694		3,470,421
Jones Lang LaSalle Inc.^(a)		112,896		11,400,238

				34,678,364

Road & Rail — 1.2%
AMERCO		22,228		6,458,345
JB Hunt Transport Services Inc.^(a)		147,789		13,630,579
Kansas City Southern^(a)		238,409		30,320,857
Knight-Swift Transportation Holdings Inc.		305,745		10,028,436
Landstar System Inc.^(a)		10,092		967,419
Lyft Inc., Class A^(a)(b)		431,403		11,583,171
Old Dominion Freight Line Inc.^(a)		140,102		18,389,723
Ryder System Inc.		128,989		3,410,469
Schneider National Inc., Class B		137,506		2,659,366

				97,448,365

Semiconductors & Semiconductor Equipment — 2.7%
Cree Inc.^(a)(b)		247,975		8,793,193
Cypress Semiconductor Corp.^(a)		916,321		21,368,606
First Solar Inc.^(a)(b)		205,603		7,414,044
Lam Research Corp.		43,826		10,518,240
Marvell Technology Group Ltd.		1,657,501		37,509,248
Maxim Integrated Products Inc.		416,535		20,247,766
Microchip Technology Inc.^(a)		420,335		28,498,713
MKS Instruments Inc.^(a)		134,198		10,930,427
ON Semiconductor Corp.^(a)(b)		1,020,449		12,694,386
Qorvo Inc.^(b)		288,501		23,261,836
Skyworks Solutions Inc.		403,847		36,095,845

				217,332,304

Software — 0.8%
2U Inc.^(a)(b)		87,299		1,852,485
Bill.Com Holdings Inc.^(a)(b)		5,530		189,126
CERENCE Inc.^(a)(b)		88,382		1,361,083
Ceridian HCM Holding Inc.^(a)(b)		43,347		2,170,384
Citrix Systems Inc.		32,289		4,570,508
Dynatrace Inc.^(a)(b)		59,801		1,425,656
LogMeIn Inc.		119,929		9,987,687
Medallia Inc.^(a)(b)		30,990		621,039

Schedule of Investments (continued)

March 31, 2020

iShares^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
NortonLifeLock Inc.		1,399,004	$	26,175,365
Nuance Communications Inc.^(a)(b)		710,618		11,924,170
SolarWinds Corp.^(a)(b)		79,448		1,244,950
SS&C Technologies Holdings Inc.		52,823		2,314,704

				63,837,157

Specialty Retail — 1.5%
Advance Auto Parts Inc.		125,402		11,702,515
AutoNation Inc.^(a)(b)		133,555		3,747,553
Best Buy Co. Inc.		437,571		24,941,547
CarMax Inc.^(b)		215,302		11,589,707
Dick’s Sporting Goods Inc.		157,138		3,340,754
Foot Locker Inc.		258,564		5,701,336
Gap Inc. (The)		538,289		3,789,554
L Brands Inc.		483,507		5,589,341
Penske Automotive Group Inc.		86,687		2,427,236
Tiffany & Co.		301,509		39,045,415
Urban Outfitters Inc.^(a)(b)		171,161		2,437,333
Williams-Sonoma Inc.		156,940		6,673,089

				120,985,380

Technology Hardware, Storage & Peripherals — 0.9%
Hewlett Packard Enterprise Co.		3,252,225		31,579,105
Western Digital Corp.		740,221		30,807,998
Xerox Holdings Corp.^(b)		442,958		8,389,624

				70,776,727

Textiles, Apparel & Luxury Goods — 0.5%
Capri Holdings Ltd.^(a)(b)		206,765		2,230,994
Carter’s Inc.		58,976		3,876,493
Columbia Sportswear Co.^(a)		26,461		1,846,184
Hanesbrands Inc.		199,893		1,573,158
PVH Corp.		180,671		6,800,456
Ralph Lauren Corp.		120,504		8,053,282
Skechers U.S.A. Inc., Class A^(b)		208,146		4,941,386
Tapestry Inc.		685,491		8,877,109
Under Armour Inc., Class A^(a)(b)		159,375		1,467,844
Under Armour Inc., Class C, NVS^(a)(b)		164,422		1,325,241

				40,992,147

Thrifts & Mortgage Finance — 0.2%
MGIC Investment Corp.		878,066		5,575,719
New York Community Bancorp. Inc.		1,132,890		10,637,837
TFS Financial Corp.		120,703		1,843,135

				18,056,691

Trading Companies & Distributors — 0.6%
Air Lease Corp.^(a)		244,857		5,421,134
Fastenal Co.		137,313		4,291,031
HD Supply Holdings Inc.^(a)(b)		401,752		11,421,809
MSC Industrial Direct Co. Inc., Class A		109,433		6,015,532
United Rentals Inc.^(a)(b)		54,115		5,568,434
Univar Solutions Inc.^(a)(b)		422,350		4,527,592
Watsco Inc.		80,648		12,744,803
WESCO International Inc.^(b)		105,368		2,407,659

				52,397,994

Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		182,133		4,598,858


Water Utilities — 0.9%
American Water Works Co. Inc.		450,768		53,893,822
Essential Utilities Inc.		536,686		21,843,120

				75,736,942


Security	Shares		Value

Wireless Telecommunication Services — 0.2%
Sprint Corp.^(a)(b)		1,408,318	$	12,139,701
Telephone & Data Systems Inc.		248,591		4,166,385
U.S. Cellular Corp.^(b)		36,068		1,056,432

				17,362,518


Total Common Stocks — 99.5% (Cost: $10,515,338,024)			8,161,336,691


Short-Term Investments

Money Market Funds — 5.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.32%^(c)(d)(e)		449,518,254		449,428,351
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.22%^(c)(d)		14,530,000		14,530,000

				463,958,351


Total Short-Term Investments — 5.7% (Cost: $464,003,702)			463,958,351


Total Investments in Securities — 105.2% (Cost: $10,979,341,726)				8,625,295,042

Other Assets, Less Liabilities — (5.2)%				(423,350,123	)

Net Assets — 100.0%			$	8,201,944,919

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

^(b)	Non-income producing security.

^(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.


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

LOGO

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF,

iShares Core S&P Total U.S. Stock Market ETF, iShares Core S&P U.S. Growth ETF,

iShares Core S&P U.S. Value ETF, iShares Micro-Cap ETF, iShares Russell 1000 ETF,

iShares Russell 1000 Growth ETF, iShares Russell 1000 Pure U.S. Revenue ETF,

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

iShares Russell 2000 Value ETF, iShares Russell 2500 ETF, iShares Russell 3000 ETF,

iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap Value ETF,

iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF, iShares S&P Mid-Cap 400 Growth ETF,

iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Growth ETF and

iShares S&P Small-Cap 600 Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary schedules of investments, of iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF, iShares Core S&P Total U.S. Stock Market ETF, iShares Core S&P U.S. Growth ETF, iShares Core S&P U.S. Value ETF, iShares Micro-Cap ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Pure U.S. Revenue ETF, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF, iShares Russell 2000 Value ETF, iShares Russell 2500 ETF, iShares Russell 3000 ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap Value ETF, iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF, iShares S&P Mid-Cap 400 Growth ETF, iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Growth ETF and iShares S&P Small-Cap 600 Value ETF (twenty four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of March 31, 2020 (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, 2020, 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, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

LOGO

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, 2020 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 26, 2020

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a) (4) Not applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust


By: /s/ Armando Senra
Armando Senra, President (Principal Executive Officer)

Date:		June 04, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By: /s/ Armando Senra
Armando Senra, President (Principal Executive Officer)

Date:		June 04, 2020



By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)



Date:		June 04, 2020