MARCH 31, ANNUAL REPORT

(1)

MARCH 31, 2016

2016 ANNUAL REPORT

iShares Trust

쑺

iShares Russell Top 200 ETF | IWL | NYSE Arca

쑺

iShares Russell Top 200 Growth ETF | IWY | NYSE Arca

쑺

iShares Russell Top 200 Value ETF | IWX | NYSE Arca

쑺

iShares Russell 1000 ETF | IWB | NYSE Arca

쑺

iShares Russell 1000 Growth ETF | IWF | NYSE Arca

쑺

iShares Russell 1000 Value ETF | IWD | NYSE Arca

쑺

iShares Russell 2000 ETF | IWM | NYSE Arca

쑺

iShares Russell 2000 Growth ETF | IWO | NYSE Arca

(2)

(3)

Management’s Discussion of Fund Performance

iSHARES

®

_TRUST

U.S EQUITY MARKET OVERVIEW

The U.S. equity market declined fractionally for the 12 months ended March 31, 2016 (the “reporting period”). The Russell 3000® Index, a broad U.S. equity index, returned -0.34% for the reporting period.

The relatively flat U.S. equity market performance reflected an inconsistent and uncertain economic environment. Overall, the U.S. economy grew by 2.4% in 2015, matching its growth rate for 2014, but this moderate level of growth masked significant quarter-to-quarter volatility. After a weak first quarter, the economy rebounded sharply in the second quarter before gradually slowing over the final two quarters of the year. In the first quarter of 2016, modest consumer spending and weak global growth signaled that the economic slowdown had extended into the New Year. Employment growth was consistently robust during the reporting period, sending the unemployment rate down to an eight-year low. In contrast, industrial production contracted during the reporting period, while consumer spending remained muted despite a sharp decline in energy prices. In that environment, overall corporate earnings growth was relatively flat, reflecting intense competition for marginal demand.

Inflation generally remained modest, with the consumer price index rising by 1.0% for the reporting period. Falling commodities prices, including a decline of 26% in the price of oil, contributed to the subdued inflation rate.

Mixed economic data and a lack of inflationary pressure kept the U.S. Federal Reserve Bank (the “Fed”) in check for much of the reporting period. Despite initial indications that the Fed planned to raise its short-term interest rate target in mid-2015, the Fed held off until December, when it implemented its first interest rate increase since June 2006. The Fed’s rate hike increased the federal funds target rate from a range of 0%-0.25% to a range of 0.25%-0.50%, ending a seven-year period of near-zero interest rates.

Stocks generally followed the contours of the economy for the reporting period, as gains in the first half of the reporting period faded amid volatility in the second half of the reporting period. In the slow growth environment, investors generally bid up stocks with higher growth rates, contributing to the outperformance of growth-oriented stocks over value-oriented equities during the reporting period. A relatively small number of large companies led the broad market, which meant the largest U.S. stocks outperformed small and mid-sized equities.

The economic uncertainty in the second half of the reporting period led to periods of risk aversion and negative performance. Slowing growth in China sent the first shockwave through global markets in August 2015, followed by fear of defaults by commodity-related companies in early 2016. That led to broad-based risk aversion, which drove sector performance for the reporting period. Energy stocks were the worst performing sector, as a supply glut in oil and gas drove down energy prices. Similarly, commodity-related stocks in various sectors struggled due to weakness in commodities prices.

Overall, some of the most economically sensitive sectors — financials and materials — delivered disappointing results, while some of the least economically sensitive sectors — telecommunication services, utilities, and consumer staples — posted positive returns. The healthcare sector, which had been buoyed by a virtuous cycle of innovation, growth, and acquisition, declined as investors took profits when pharmaceuticals pricing came under scrutiny. However, investors’ appetite for faster growth helped the information technology sector as many companies in the sector continued to deliver robust earnings growth.

(6)

iSHARES

®

_{RUSSELL TOP 200 ETF}

Performance as of March 31, 2016

Average Annual Total Returns Cumulative Total Returns

NAV MARKET INDEX NAV MARKET INDEX

1 Year 2.40% 2.40% 2.55% 2.40% 2.40% 2.55%

5 Years 11.60% 11.59% 11.80% 73.13% 72.99% 74.65%

Since Inception 12.45% 12.45% 12.65% 114.98% 115.02% 117.47%

G R O W T H O F $ 1 0 , 0 0 0 I N V E S T M E N T ( S I N C E I N C E P T I O N A T N E T A S S E T V A L U E )

$21,498 $21,747

$8,000 $10,000 $12,000 $14,000 $16,000 $20,000 $22,000

$18,000 $24,000

Mar 16 Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15

Index Fund

The inception date of the Fund was 9/22/09. The first day of secondary market trading was 9/25/09.

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 24 for more information.

Shareholder Expenses

Actual Hypothetical 5% Return

Beginning Account Value (10/1/15)

Ending Account Value (3/31/16)

Expenses Paid During Perioda

Annualized Expense Ratio

$ 1,000.00 $ 1,084.10 $ 0.78 $ 1,000.00 $ 1,024.30 $ 0.76 0.15%

a_{Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied}

by the number of days in the period (183 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 24 for more information.

(7)

Management’s Discussion of Fund Performance

(Continued)

iSHARES

®

_{RUSSELL TOP 200 ETF}

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. For the 12-month reporting period ended March 31, 2016, the total return for the Fund was 2.40%, net of fees, while the total return for the Index was 2.55%.

As represented by the Index, large-capitalization U.S. stocks posted a modest positive return for the reporting period.

Six of the ten sectors in the Index delivered positive results for the reporting period. The information technology sector was the largest contributor to Index performance. Robust growth in smartphone usage, cloud computing, and online security helped fuel the positive returns in the information technology sector. Software and services companies led the sector’s advance, while technology hardware and equipment stocks fell for the reporting period.

The consumer discretionary sector posted a solid contribution to the Index’s return for the reporting period, even though retail sales remained sluggish despite strong job growth, low interest rates, and declining energy prices. Economic uncertainty drove up stock prices in the food, beverage, and tobacco industry as investors gravitated toward the industry’s relatively stable revenues. At the other end of the spectrum, the energy sector was the largest detractor from the Index’s return for the reporting period, as oil and gas prices declined by approximately 24% and 38%, respectively. Energy markets continued to struggle with slowing demand and oversupply, forcing U.S. energy companies to downsize through capital spending cuts and layoffs.

The financials and healthcare sectors also produced negative overall returns for the reporting period. Low net interest margins and heightened market volatility weighed on the financials sector, while the healthcare sector was beset by profit taking amid relatively high valuations.

ALLOCATION BY SECTOR As of 3/31/16

Sector

Percentage of Total Investments*

Information Technology 22.74%

Health Care 15.58

Financials 13.94

Consumer Discretionary 12.28

Consumer Staples 11.02

Industrials 9.76

Energy 7.19

Telecommunication Services 3.27

Materials 2.17

Utilities 2.05

TOTAL 100.00%

TEN LARGEST FUND HOLDINGS As of 3/31/16

Security

Apple Inc. 4.37%

Microsoft Corp. 3.11

Exxon Mobil Corp. 2.43

Johnson & Johnson 2.09

General Electric Co. 2.08

Berkshire Hathaway Inc. Class B 1.84

Facebook Inc. Class A 1.72

AT&T Inc. 1.66

Amazon.com Inc. 1.58

Wells Fargo & Co. 1.57

TOTAL 22.45%

(8)

iSHARES

®

_{RUSSELL TOP 200 GROWTH ETF}

1 Year 5.52% 5.56% 5.74% 5.52% 5.56% 5.74%

5 Years 13.19% 13.20% 13.44% 85.81% 85.88% 87.85%

Since Inception 14.21% 14.22% 14.46% 137.94% 138.02% 141.32%

$23,794 $24,132

$8,000 $10,000 $12,000 $14,000 $16,000 $20,000 $22,000

$18,000 $26,000 $24,000

Index Fund

$ 1,000.00 $ 1,093.80 $ 1.05 $ 1,000.00 $ 1,024.00 $ 1.01 0.20%

(9)

Management’s Discussion of Fund Performance

(Continued)

iSHARES

®

_{RUSSELL TOP 200 GROWTH ETF}

TheiShares 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. For the 12-month reporting period ended March 31, 2016, the total return for the Fund was 5.52%, net of fees, while the total return for the Index was 5.74%.

As represented by the Index, large-capitalization U.S. growth stocks posted a modest positive return for the reporting period, outperforming most other capitalization and style segments of the U.S. equity market.

Six of the ten sectors in the Index posted positive results for the reporting period. The information technology sector was the largest contributor to Index performance. Robust growth in smartphone usage, cloud computing, and online security helped fuel the positive returns in the information technology sector. Software and services companies led the sector’s advance.

The consumer discretionary sector posted a solid contribution to the Index’s return for the reporting period, even though retail sales remained sluggish despite strong job growth, low interest rates, and declining energy prices. Economic uncertainty drove up stock prices in the food, beverage, and tobacco industry, as investors gravitated toward the industry’s relatively stable revenues. At the other end of the spectrum, the healthcare sector was the largest detractor from the Index’s return for the reporting period, reflecting profit taking amid relatively high valuations. The biotechnology and pharmaceuticals industries were hardest hit as the high prices of prescription drugs made headlines, resulting in pricing pressure and political scrutiny for the industries.

The energy sector was another large detractor from the Index’s performance as oil and gas prices declined by approximately 24% and 38%, respectively. Similarly, declining commodity prices and weak economic growth weighed on the industrials and materials sectors.

Sector

Health Care 16.67

Industrials 8.94

Financials 3.06

Materials 2.89

Energy 0.37

Utilities 0.03

TOTAL 100.00%

Security

Apple Inc. 8.30%

Alphabet Inc. Class A 2.91

Alphabet Inc. Class C 2.90

Verizon Communications Inc. 2.71

Coca-Cola Co. (The) 2.41

Home Depot Inc. (The) 2.29

Walt Disney Co. (The) 2.23

TOTAL 33.36%

(10)

iSHARES

®

_{RUSSELL TOP 200 VALUE ETF}

1 Year (0.91)% (0.96)% (0.72)% (0.91)% (0.96)% (0.72)%

5 Years 9.87% 9.86% 10.12% 60.12% 60.00% 61.93%

Since Inception 10.56% 10.56% 10.80% 92.46% 92.45% 95.24%

$19,246 $19,524

$8,000 $10,000 $12,000 $14,000 $16,000 $20,000

$18,000 $22,000

Index Fund

$ 1,000.00 $ 1,073.10 $ 1.04 $ 1,000.00 $ 1,024.00 $ 1.01 0.20%

(11)

Management’s Discussion of Fund Performance

(Continued)

iSHARES

®

_{RUSSELL TOP 200 VALUE ETF}

TheiShares 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. For the 12-month reporting period ended March 31, 2016, the total return for the Fund was -0.91%, net of fees, while the total return for the Index was -0.72%.

As represented by the Index, large-capitalization U.S. value stocks posted a modestly negative return for the reporting period as larger-capitalization stocks outperformed the broader market, while value stocks lagged growth stocks.

Just three of the ten sectors in the Index declined for the reporting period, but they included two of the Index’s largest sectors. The energy sector detracted the most from the Index’s return for the reporting period as oil and gas prices declined by approximately 24% and 38%, respectively. Energy markets continued to struggle with slowing demand and oversupply, forcing U.S. energy companies to downsize through capital spending cuts and layoffs.

The financials sector, the largest sector weighting in the Index, was also a significant detractor from Index performance. Banks continued to struggle with low net interest margins, while heightened market volatility and declining assets weighed on the performance of diversified financial services stocks. The other declining sector was consumer discretionary, which fell as retail sales remained sluggish despite strong job growth, low interest rates, and declining energy prices.

On the positive side, the industrials sector was the largest contributor to the Index’s return for the reporting period, even as global demand for manufactured goods eased amid slowing global economic growth and a stronger U.S. dollar. The telecommunication services and utilities sectors, which tend to be more stable and less economically sensitive, were also strong contributors to the Index’s return. Both sectors attracted investors seeking relatively high dividend yields and stable revenues.

Sector

Financials 26.03%

Energy 14.75

Health Care 14.37

Information Technology 12.53

Industrials 10.67

Utilities 4.29

Materials 1.38

TOTAL 100.00%

Security

Exxon Mobil Corp. 5.14%

Procter & Gamble Co. (The) 3.28

JPMorgan Chase & Co. 3.23

AT&T Inc. 2.99

Pfizer Inc. 2.68

TOTAL 35.35%

(12)

iSHARES

®

_{RUSSELL 1000 ETF}

1 Year 0.41% 0.44% 0.50% 0.41% 0.44% 0.50%

5 Years 11.21% 11.21% 11.35% 70.13% 70.11% 71.18%

10 Years 6.95% 6.94% 7.06% 95.72% 95.62% 97.78%

G R O W T H O F $ 1 0 , 0 0 0 I N V E S T M E N T ( A T N E T A S S E T V A L U E )

$19,572 $19,778

$4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $20,000 $18,000 $22,000

Mar 16 Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15

Index Fund

$ 1,000.00 $ 1,077.00 $ 0.78 $ 1,000.00 $ 1,024.30 $ 0.76 0.15%

(13)

Management’s Discussion of Fund Performance

(Continued)

iSHARES

®

_{RUSSELL 1000 ETF}

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. For the 12-month reporting period ended March 31, 2016, the total return for the Fund was 0.41%, net of fees, while the total return for the Index was 0.50%. As represented by the Index, large- and mid-capitalization U.S. stocks posted a relatively flat return for the reporting period. Six of the ten sectors in the Index delivered positive results for the reporting period. The information technology sector, the largest sector weighting in the Index, contributed the most to Index performance. Robust growth in smartphone usage, cloud computing, and online security helped fuel the positive returns in the information technology sector.

Consumer-based stocks were also among the largest contributors to the Index’s return. In the consumer staples sector, economic uncertainty drove up stock prices in the food, beverage, and tobacco industry, as investors gravitated toward the industry’s relatively stable revenues. The consumer discretionary sector also posted a solid contribution to the Index’s return for the reporting period, even though retail sales remained sluggish despite strong job growth, low interest rates, and declining energy prices.

At the other end of the spectrum, the energy sector produced negative overall returns for the reporting period as oil and gas prices declined by approximately 24% and 38%, respectively. Energy markets continued to struggle with slowing demand and oversupply, forcing U.S. energy companies to downsize through capital spending cuts and layoffs.

The financials and healthcare sectors also produced negative overall returns for the reporting period. Low net interest margins and heightened market volatility weighed on the financials sector, while the healthcare sector was beset by profit taking amid relatively high valuations.

Sector

Financials 16.50

Health Care 13.66

Industrials 10.71

Energy 6.45

Utilities 3.43

Materials 3.19

TOTAL 100.00%

Security

Apple Inc. 3.09%

Exxon Mobil Corp. 1.72

AT&T Inc. 1.17

TOTAL 15.85%

(14)

iSHARES

®

_{RUSSELL 1000 GROWTH ETF}

1 Year 2.34% 2.36% 2.52% 2.34% 2.36% 2.52%

5 Years 12.17% 12.17% 12.38% 77.57% 77.56% 79.23%

10 Years 8.09% 8.09% 8.28% 117.76% 117.65% 121.63%

$21,776 $22,163

$4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $20,000 $18,000 $24,000 $22,000

Index Fund

$ 1,000.00 $ 1,080.20 $ 1.04 $ 1,000.00 $ 1,024.00 $ 1.01 0.20%

(15)

Management’s Discussion of Fund Performance

(Continued)

iSHARES

®

_{RUSSELL 1000 GROWTH ETF}

TheiShares 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. For the 12-month reporting period ended March 31, 2016, the total return for the Fund was 2.34%, net of fees, while the total return for the Index was 2.52%.

As represented by the Index, large- and mid-capitalization U.S. growth stocks posted a modest positive return for the reporting period. Within the Russell 1000®_{Index, growth stocks outperformed value stocks.}

Half of the sectors in the Index contributed to performance for the reporting period, led by the information technology sector. The gains in the information technology sector were driven in part by the outsized returns of several of the largest stocks in the sector. However, robust growth in smartphone usage, cloud computing, and online security also helped fuel the positive returns in the information technology sector.

Consumer-based stocks were also among the largest contributors to the Index’s return. Economic uncertainty drove up stock prices in the food, beverage, and tobacco industry, as investors gravitated toward the industry’s relatively stable revenues. The consumer discretionary sector also posted a solid contribution to the Index’s return, even though retail sales remained sluggish despite strong job growth, low interest rates, and declining energy prices.

At the other end of the spectrum, the healthcare sector was the largest detractor from the Index’s performance for the reporting period, reflecting profit taking amid relatively high valuations. The biotechnology and pharmaceuticals industries were hardest hit as the high prices of prescription drugs made headlines, resulting in pricing pressure and political scrutiny for the industries. The energy sector also produced negative returns for the reporting period as oil and gas prices declined by approximately 24% and 38%, respectively. Similarly, declining commodity prices and weak economic growth weighed on the industrials and materials sectors.

Sector

Health Care 15.51

Industrials 11.03

Financials 5.61

Materials 3.51

Energy 0.51

Utilities 0.05

TOTAL 100.00%

Security

Apple Inc. 5.97%

Alphabet Inc. Class A 2.09

Alphabet Inc. Class C 2.08

Verizon Communications Inc. 1.95

Coca-Cola Co. (The) 1.73

Home Depot Inc. (The) 1.65

Walt Disney Co. (The) 1.60

TOTAL 23.98%

(16)

iSHARES

®

_{RUSSELL 1000 VALUE ETF}

1 Year (1.66)% (1.65)% (1.54)% (1.66)% (1.65)% (1.54)%

5 Years 10.04% 10.03% 10.25% 61.31% 61.27% 62.86%

10 Years 5.56% 5.56% 5.72% 71.80% 71.81% 74.37%

$17,437 $17,180

$4,000 $6,000 $8,000 $10,000 $20,000

$12,000 $14,000 $16,000 $18,000

Index Fund

$ 1,000.00 $ 1,072.80 $ 1.04 $ 1,000.00 $ 1,024.00 $ 1.01 0.20%

(17)

Management’s Discussion of Fund Performance

(Continued)

iSHARES

®

_{RUSSELL 1000 VALUE ETF}

TheiShares 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. For the 12-month reporting period ended March 31, 2016, the total return for the Fund was -1.66%, net of fees, while the total return for the Index was -1.54%.

As represented by the Index, large- and mid- capitalization U.S. value stocks declined for the reporting period. Within the Russell 1000®_{Index, value stocks underperformed growth stocks.}

Half of the sectors in the Index detracted from performance for the reporting period. The energy sector was the largest detractor from the Index’s return as oil and gas prices declined by approximately 24% and 38%, respectively. Energy markets continued to face slowing demand and oversupply, forcing U.S. energy companies to downsize through capital spending cuts and layoffs. The financials sector was another significant detractor from the Index’s return for the reporting period. Banks continued to struggle with low net interest margins, while heightened market volatility and declining assets weighed on the performance of diversified financial services stocks. Another notable detractor was the consumer discretionary sector, which fell as retail sales remained sluggish despite strong job growth, low interest rates, and declining energy prices.

At the other end of the spectrum, the utilities sector, which tends to be less economically sensitive, was the largest contributor to the Index’s return for the reporting period. Investors were attracted to the relatively high dividend yields and stable revenues in the utilities sector. The industrials sector also produced positive overall returns for the reporting period, even as global demand for manufactured goods eased amid slowing global economic growth and a stronger U.S. dollar. The remaining contributors to Index performance included the information technology, telecommunication services, and consumer staples sectors.

Sector

Financials 28.14%

Energy 12.80

Health Care 11.68

Industrials 10.37

Utilities 7.05

Materials 2.85

TOTAL 100.00%

Security

Exxon Mobil Corp. 3.55%

Procter & Gamble Co. (The) 2.27

JPMorgan Chase & Co. 2.23

AT&T Inc. 2.06

Pfizer Inc. 1.85

TOTAL 24.39%

(18)

iSHARES

®

_{RUSSELL 2000 ETF}

1 Year (9.67)% (9.72)% (9.76)% (9.67)% (9.72)% (9.76)%

5 Years 7.25% 7.25% 7.20% 41.91% 41.91% 41.59%

10 Years 5.29% 5.28% 5.26% 67.41% 67.31% 66.93%

$16,741 $16,693

$4,000 $6,000 $8,000 $10,000 $20,000

$12,000 $14,000 $16,000 $18,000

Index Fund

$ 1,000.00 $ 1,021.00 $ 1.01 $ 1,000.00 $ 1,024.00 $ 1.01 0.20%

(19)

Management’s Discussion of Fund Performance

(Continued)

iSHARES

®

_{RUSSELL 2000 ETF}

TheiShares 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. For the 12-month reporting period ended March 31, 2016, the total return for the Fund was -9.67%, net of fees, while the total return for the Index was -9.76%.

As represented by the Index, small-capitalization U.S. stocks declined for the reporting period. Based on the Russell indexes, small-capitalization stocks underperformed both large- and mid-capitalization stocks for the reporting period.

Seven of the ten sectors in the Index declined for the reporting period. The healthcare sector had the most significant negative impact on Index performance, reflecting profit taking amid relatively high valuations. The biotechnology and pharmaceuticals industries were hardest hit as the high prices of prescription drugs made headlines, resulting in pricing pressure and political scrutiny for the industries.

The consumer discretionary and energy sectors were also meaningful detractors from Index performance. Retail sales remained sluggish despite strong job growth, low interest rates, and declining energy prices, putting downward pressure on the consumer discretionary sector. The energy sector continued to struggle with sharp declines in oil and gas prices as slowing demand and oversupply forced U.S. energy companies to downsize through capital spending cuts and layoffs.

Slowing global demand also weighed on the industrials and materials sectors. Aerospace and defense stocks were the biggest detractors in the industrials sector, while chemicals producers fell the most among materials stocks.

The three sectors in the Index with positive returns were utilities, telecommunication services, and consumer staples. The telecommunication services and utilities sectors, which tend to be less economically sensitive, offered relatively high dividend yields and steady revenues. In the consumer staples sector, economic uncertainty drove up stock prices in the food, beverage, and tobacco industry, as investors gravitated toward the industry’s relatively stable revenues.

Sector

Financials 26.05%

Health Care 13.80

Industrials 12.95

Utilities 4.26

Materials 3.87

Energy 2.61

TOTAL 100.00%

Security

STERIS PLC (United Kingdom) 0.37%

CubeSmart 0.36

West Pharmaceutical Services Inc. 0.31

TreeHouse Foods Inc. 0.30

Vail Resorts Inc. 0.30

Piedmont Natural Gas Co. Inc. 0.29

MarketAxess Holdings Inc. 0.28

Sovran Self Storage Inc. 0.28

Highwoods Properties Inc. 0.28

Casey’s General Stores Inc. 0.27

TOTAL 3.04%

(20)

iSHARES

®

_{RUSSELL 2000 GROWTH ETF}

1 Year (11.67)% (11.70)% (11.84)% (11.67)% (11.70)% (11.84)%

5 Years 7.84% 7.83% 7.70% 45.85% 45.79% 44.88%

10 Years 6.05% 6.06% 6.00% 80.00% 80.04% 79.13%

$17,913 $18,000

$4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $20,000 $18,000 $22,000

Index Fund

$ 1,000.00 $ 995.80 $ 1.25 $ 1,000.00 $ 1,023.80 $ 1.26 0.25%

(21)

Management’s Discussion of Fund Performance

(Continued)

iSHARES

®

_{RUSSELL 2000 GROWTH ETF}

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. For the 12-month reporting period ended March 31, 2016, the total return for the Fund was -11.67%, net of fees, while the total return for the Index was -11.84%.

As represented by the Index, small-capitalization U.S. growth stocks declined for the reporting period. Based on the Russell indexes, small-capitalization stocks underperformed both large- and mid-capitalization stocks for the reporting period. Within the Russell 2000®_{Index, growth stocks underperformed value stocks.}

Seven of the ten sectors in the Index declined for the reporting period. The healthcare sector had the most significant negative impact on Index performance, reflecting profit taking amid relatively high valuations. The biotechnology and pharmaceuticals industries were hardest hit as the high prices of prescription drugs made headlines, resulting in pricing pressure and political scrutiny for the industries. The healthcare sector accounted for approximately half of the Index’s negative return for the reporting period.

The consumer discretionary and information technology sectors were also meaningful detractors from Index performance. Retail sales remained sluggish despite strong job growth, low interest rates, and declining energy prices, putting downward pressure on the consumer discretionary sector. The decline in the information technology sector was driven in part by weaker demand for personal computers.

Slowing global demand also weighed on the energy and industrials sectors of the Index. The energy sector continued to struggle with sharp declines in oil and gas prices, while industrials stocks fell as slowing global economic growth and a stronger U.S. dollar reduced demand for manufactured goods.

The three sectors in the Index with positive returns were telecommunication services, financials, and utilities. The telecommunication services and utilities sectors, which tend to be less economically sensitive, benefited from their relatively high dividend yields and steady revenues. Banks and real estate investment trusts contributed to the financials sector’s positive overall return.

Sector

Health Care 23.79

Industrials 14.10

Financials 8.45

Materials 4.31

Energy 1.00

Utilities 0.11

TOTAL 100.00%

Security

STERIS PLC (United Kingdom) 0.76%

West Pharmaceutical Services Inc. 0.63

Vail Resorts Inc. 0.61

MarketAxess Holdings Inc. 0.58

CubeSmart 0.57

Casey’s General Stores Inc. 0.55

Tyler Technologies Inc. 0.54

Manhattan Associates Inc. 0.53

WellCare Health Plans Inc. 0.51

Sovran Self Storage Inc. 0.51

TOTAL 5.79%

(22)

iSHARES

®

_{RUSSELL 2000 VALUE ETF}

1 Year (7.76)% (7.81)% (7.72)% (7.76)% (7.81)% (7.72)%

5 Years 6.56% 6.55% 6.67% 37.37% 37.35% 38.07%

10 Years 4.32% 4.33% 4.42% 52.69% 52.73% 54.14%

$15,269 $15,414

$4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000

Index Fund

$ 1,000.00 $ 1,046.50 $ 1.28 $ 1,000.00 $ 1,023.80 $ 1.26 0.25%

(23)

Management’s Discussion of Fund Performance

(Continued)

iSHARES

®

_{RUSSELL 2000 VALUE ETF}

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. For the 12-month reporting period ended March 31, 2016, the total return for the Fund was -7.76%, net of fees, while the total return for the Index was -7.72%.

As represented by the Index, small-capitalization U.S. value stocks declined for the reporting period. Based on the Russell indexes, small-capitalization stocks underperformed both large- and mid-capitalization stocks for the reporting period. Within the Russell 2000®_{Index, value stocks outperformed growth stocks.}

Eight of the ten sectors in the Index declined for the reporting period. The energy sector detracted the most from Index performance as oil and gas prices declined by 24% and 38%, respectively. Energy markets continued to struggle with slowing demand and oversupply, forcing U.S. energy companies to downsize through capital spending cuts and layoffs.

The consumer discretionary and financials sectors were also meaningful detractors from Index performance. Retail sales remained sluggish despite strong job growth, low interest rates, and declining energy prices, putting downward pressure on the consumer discretionary sector. Meanwhile, real estate investment trusts and diversified financial services firms led the overall decline in the financials sector.

Slowing global demand weighed on both the industrials and materials sectors. Aerospace and defense stocks were the biggest detractors in the industrials sector, while chemicals producers fell the most among materials stocks.

The only two sectors in the Index with positive returns were utilities and consumer staples, both of which tend to be more stable and less economically sensitive. The utilities sector’s relatively high dividend yields and steady revenues were attractive to investors amid the uncertain economic outlook. In the consumer staples sector, economic uncertainty drove up stock prices in the food, beverage, and tobacco industry, as investors gravitated toward the industry’s relatively stable revenues.

Sector

Financials 43.02%

Industrials 11.83

Utilities 8.23

Health Care 4.18

Energy 4.13

Materials 3.45

TOTAL 100.00%

Security

TreeHouse Foods Inc. 0.59%

Piedmont Natural Gas Co. Inc. 0.56

Highwoods Properties Inc. 0.54

Post Holdings Inc. 0.51

First American Financial Corp. 0.50

Investors Bancorp. Inc. 0.46

EPR Properties 0.46

IDACORP Inc. 0.45

WGL Holdings Inc. 0.43

Gramercy Property Trust 0.42

TOTAL 4.92%

(24)

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.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 offer 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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 a 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 on October 1, 2015 and held through March 31, 2016, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a 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 corresponding to your Fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on each 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.

(25)

Schedule of Investments

iSHARES

®

_{RUSSELL TOP 200 ETF}

March 31, 2016

Security Shares Value

COMMON STOCKS — 99.87%

AEROSPACE & DEFENSE — 2.95%

Boeing Co. (The) 4,027 $ 511,187

General Dynamics Corp. 1,704 223,854

Honeywell International Inc. 4,837 541,986

Lockheed Martin Corp. 1,682 372,563

Northrop Grumman Corp. 1,132 224,023

Raytheon Co. 1,882 230,790

United Technologies Corp. 5,177 518,218 2,622,621 AIR FREIGHT & LOGISTICS — 0.82%

FedEx Corp. 1,660 270,115

United Parcel Service Inc. Class B 4,344 458,162 728,277 AIRLINES — 0.46%

American Airlines Group Inc. 3,881 159,160

Delta Air Lines Inc. 5,071 246,856

406,016 AUTO COMPONENTS — 0.18%

Johnson Controls Inc. 4,059 158,179

158,179 AUTOMOBILES — 0.87%

Ford Motor Co. 24,123 325,661

General Motors Co. 9,929 312,068

Tesla Motors Inc.a,b ₆₀₆ _139,241

776,970 BANKS — 5.92%

Bank of America Corp. 64,984 878,584

BB&T Corp. 4,799 159,663

Citigroup Inc. 18,774 783,815

JPMorgan Chase & Co. 22,963 1,359,869 PNC Financial Services Group

Inc. (The)c _3,204 _270,962

U.S. Bancorp. 10,377 421,202

Wells Fargo & Co. 28,828 1,394,122

5,268,217 BEVERAGES — 2.32%

Coca-Cola Co. (The) 24,264 1,125,607

PepsiCo Inc. 9,133 935,950

2,061,557 BIOTECHNOLOGY — 3.97%

AbbVie Inc. 10,242 585,023

Alexion Pharmaceuticals Inc.a _1,333 _185,580

Amgen Inc. 4,705 $ 705,421

Baxalta Inc. 3,375 136,350

Biogen Inc.a _1,381 _359,502

Celgene Corp.a 4,911 491,542

Gilead Sciences Inc. 8,453 776,493

Regeneron Pharmaceuticals Inc.a 487 175,534 Vertex Pharmaceuticals Inc.a _1,509 _119,950 3,535,395 CAPITAL MARKETS — 1.82%

Bank of New York Mellon Corp. (The) 6,949 255,932

BlackRock Inc.c 774 263,601

Charles Schwab Corp. (The) 7,068 198,045

Franklin Resources Inc. 2,426 94,735

Goldman Sachs Group Inc. (The) 2,673 419,608

Morgan Stanley 9,487 237,270

State Street Corp. 2,551 149,284

1,618,475 CHEMICALS — 2.15%

Air Products & Chemicals Inc. 1,327 191,154

Chemours Co. (The) 1,107 7,749

Dow Chemical Co. (The) 6,915 351,697

Ecolab Inc. 1,630 181,778

EI du Pont de Nemours & Co. 5,602 354,719 LyondellBasell Industries NV Class A 2,251 192,640

Monsanto Co. 2,732 239,706

PPG Industries Inc. 1,682 187,526

Praxair Inc. 1,778 203,492

1,910,461 COMMERCIAL SERVICES & SUPPLIES — 0.19%

Waste Management Inc. 2,835 167,265

167,265 COMMUNICATIONS EQUIPMENT — 1.01%

Cisco Systems Inc. 31,470 895,951

895,951 CONSUMER FINANCE — 0.75%

American Express Co. 5,072 311,421

Capital One Financial Corp. 3,210 222,485 Discover Financial Services 2,562 130,457 664,363 DIVERSIFIED FINANCIAL SERVICES — 2.05%

Berkshire Hathaway Inc. Class Ba _11,508 _1,632,755

CME Group Inc./IL 1,981 190,275

(26)

iSHARES

®

_{RUSSELL TOP 200 ETF}

March 31, 2016

DIVERSIFIED TELECOMMUNICATION SERVICES — 3.19%

AT&T Inc. 37,667 $ 1,475,416

Verizon Communications Inc. 25,237 1,364,817 2,840,233 ELECTRIC UTILITIES — 1.74%

American Electric Power Co. Inc. 3,021 200,595

Duke Energy Corp. 4,275 344,907

Exelon Corp. 5,716 204,976

NextEra Energy Inc. 2,748 325,198

PG&E Corp. 2,970 177,368

Southern Co. (The) 5,626 291,033

1,544,077 ELECTRICAL EQUIPMENT — 0.46%

Eaton Corp. PLC 2,893 180,986

Emerson Electric Co. 4,126 224,372

405,358 ELECTRONIC EQUIPMENT, INSTRUMENTS &

COMPONENTS — 0.16%

Corning Inc. 6,872 143,556

143,556 ENERGY EQUIPMENT & SERVICES — 1.00%

Baker Hughes Inc. 2,708 118,692

Halliburton Co. 5,256 187,744

Schlumberger Ltd. 7,857 579,454

885,890 FOOD & STAPLES RETAILING — 2.81%

Costco Wholesale Corp. 2,726 429,563

CVS Health Corp. 6,982 724,243

Kroger Co. (The) 6,041 231,068

Wal-Mart Stores Inc. 9,774 669,421

Walgreens Boots Alliance Inc. 5,319 448,073 2,502,368 FOOD PRODUCTS — 1.20%

Archer-Daniels-Midland Co. 3,848 139,721

General Mills Inc. 3,676 232,875

Kraft Heinz Co. (The) 3,671 288,394

Mondelez International Inc. Class A 10,078 404,329 1,065,319 HEALTH CARE EQUIPMENT & SUPPLIES — 1.80%

Abbott Laboratories 9,227 385,966

Baxter International Inc. 3,380 138,850

Becton Dickinson and Co. 1,293 196,303

Medtronic PLC 8,818 $ 661,350

Stryker Corp. 2,083 223,485

1,605,954 HEALTH CARE PROVIDERS & SERVICES — 2.74%

Aetna Inc. 2,156 242,227

Anthem Inc. 1,635 227,249

Cardinal Health Inc. 2,046 167,670

Cigna Corp. 1,590 218,212

Express Scripts Holding Co.a 3,914 268,853

HCA Holdings Inc.a _1,989 _155,241

Humana Inc. 929 169,960

McKesson Corp. 1,438 226,125

UnitedHealth Group Inc. 5,890 759,221

2,434,758 HOTELS, RESTAURANTS & LEISURE — 1.92%

Carnival Corp. 2,637 139,154

Las Vegas Sands Corp. 2,279 117,779

McDonald’s Corp. 5,462 686,464

Starbucks Corp. 9,285 554,315

Yum! Brands Inc. 2,524 206,589

1,704,301 HOUSEHOLD PRODUCTS — 2.34%

Colgate-Palmolive Co. 5,606 396,064

Kimberly-Clark Corp. 2,255 303,320

Procter & Gamble Co. (The) 16,787 1,381,738 2,081,122 INDUSTRIAL CONGLOMERATES — 3.21%

3M Co. 3,925 654,023

Danaher Corp. 3,694 350,413

General Electric Co. 58,194 1,849,987

2,854,423 INSURANCE — 2.17%

Aflac Inc. 2,683 169,405

Allstate Corp. (The) 2,383 160,543

American International Group Inc. 7,109 384,241

Chubb Ltd. 2,883 343,509

Marsh & McLennan Companies Inc. 3,319 201,762

MetLife Inc. 5,808 255,204

Prudential Financial Inc. 2,793 201,710 Travelers Companies Inc. (The) 1,822 212,646 1,929,020 INTERNET & CATALOG RETAIL — 2.34%

(27)

Schedule of Investments

(Continued)

iSHARES

®

_{RUSSELL TOP 200 ETF}

March 31, 2016

Netflix Inc.a,b _2,627 _$ _268,558

Priceline Group Inc. (The)a 320 412,467 2,081,422 INTERNET SOFTWARE & SERVICES — 5.21%

Alphabet Inc. Class Aa 1,783 1,360,251 Alphabet Inc. Class Ca _1,820 _1,355,809

eBay Inc.a 7,542 179,952

Facebook Inc. Class Aa _13,391 _1,527,913

Yahoo! Inc.a 5,800 213,498

4,637,423 IT SERVICES — 4.04%

Accenture PLC Class A 3,891 449,021

Automatic Data Processing Inc. 2,895 259,710 Cognizant Technology Solutions

Corp. Class Aa _3,764 _236,003

International Business Machines Corp. 5,619 850,998

MasterCard Inc. Class A 6,185 584,482

PayPal Holdings Inc.a 7,500 289,500

Visa Inc. Class A 12,112 926,326

3,596,040 LIFE SCIENCES TOOLS & SERVICES — 0.55%

Illumina Inc.a ₈₉₃ _144,764

Thermo Fisher Scientific Inc. 2,459 348,170 492,934 MACHINERY — 0.83%

Caterpillar Inc. 3,741 286,336

Cummins Inc. 1,054 115,877

Deere & Co. 1,951 150,208

Illinois Tool Works Inc. 1,851 189,616

742,037 MEDIA — 3.80%

CBS Corp. Class B NVS 2,838 156,345

Comcast Corp. Class A 15,495 946,434

DISH Network Corp. Class Aa _1,331 _61,572

Thomson Reuters Corp. 2,016 81,608

Time Warner Cable Inc. 1,746 357,266

Time Warner Inc. 5,112 370,876

Twenty-First Century Fox Inc. Class A 6,913 192,734 Twenty-First Century Fox Inc. Class B 3,026 85,333

Viacom Inc. Class A 62 2,809

Viacom Inc. Class B NVS 2,120 87,514

Walt Disney Co. (The) 10,499 1,042,656

3,385,147

METALS & MINING — 0.02%

Southern Copper Corp.b 699 $ 19,369

19,369 MULTI-UTILITIES — 0.31%

Dominion Resources Inc./VA 3,676 276,141 276,141 MULTILINE RETAIL — 0.34%

Target Corp. 3,711 305,341

305,341 OIL, GAS & CONSUMABLE FUELS — 6.18%

Anadarko Petroleum Corp. 3,164 147,347

Apache Corp. 2,354 114,899

Chevron Corp. 11,636 1,110,074

ConocoPhillips 7,651 308,106

Devon Energy Corp. 2,959 81,195

EOG Resources Inc. 3,409 247,425

Exxon Mobil Corp. 25,872 2,162,640

Kinder Morgan Inc./DE 11,088 198,032

Marathon Petroleum Corp. 3,365 125,111

Occidental Petroleum Corp. 4,744 324,632

Phillips 66 3,350 290,077

Spectra Energy Corp. 4,167 127,510

Valero Energy Corp. 2,966 190,239

Williams Companies Inc. (The) 4,580 73,601 5,500,888 PERSONAL PRODUCTS — 0.14%

Estee Lauder Companies Inc. (The)

Class A 1,304 122,980

122,980 PHARMACEUTICALS — 6.49%

Allergan PLCa _2,428 _650,777

Bristol-Myers Squibb Co. 10,315 658,922

Eli Lilly & Co. 6,061 436,452

Johnson & Johnson 17,159 1,856,604

Merck & Co. Inc. 17,482 924,973

Mylan NVa 2,606 120,788

Pfizer Inc. 38,102 1,129,343

5,777,859 REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.22%

American Tower Corp. 2,626 268,823

Equity Residential 2,229 167,242

Public Storage 893 246,316

Simon Property Group Inc. 1,930 400,842 1,083,223

(28)

iSHARES

®

_{RUSSELL TOP 200 ETF}

March 31, 2016

ROAD & RAIL — 0.84%

CSX Corp. 6,122 $ 157,641

Norfolk Southern Corp. 1,890 157,343

Union Pacific Corp. 5,423 431,400

746,384 SEMICONDUCTORS & SEMICONDUCTOR

EQUIPMENT — 2.50%

Broadcom Ltd. 2,341 361,684

Intel Corp. 29,354 949,602

Micron Technology Inc.a _6,613 _69,238

QUALCOMM Inc. 9,307 475,960

Texas Instruments Inc. 6,449 370,302

2,226,786 SOFTWARE — 4.70%

Adobe Systems Inc.a _3,098 _290,592

Microsoft Corp. 50,057 2,764,648

Oracle Corp. 19,605 802,041

salesforce.com inc.a 4,059 299,676

VMware Inc. Class Aa,b ₅₀₁ _26,207

4,183,164 SPECIALTY RETAIL — 2.08%

Home Depot Inc. (The) 8,038 1,072,510

Lowe’s Companies Inc. 5,889 446,092

TJX Companies Inc. (The) 4,210 329,854

1,848,456 TECHNOLOGY HARDWARE, STORAGE &

PERIPHERALS — 5.08%

Apple Inc. 35,648 3,885,275

EMC Corp./MA 12,007 319,987

Hewlett Packard Enterprise Co. 10,616 188,222

HP Inc. 10,663 131,368

4,524,852 TEXTILES, APPAREL & LUXURY GOODS — 0.73%

NIKE Inc. Class B 8,393 515,918

VF Corp. 2,100 135,996

651,914 TOBACCO — 2.20%

Altria Group Inc. 12,168 762,447

Philip Morris International Inc. 9,586 940,482

Reynolds American Inc. 5,125 257,839

1,960,768

WIRELESS TELECOMMUNICATION SERVICES — 0.07%

T-Mobile U.S. Inc.a 1,679 $ 64,306

64,306 TOTAL COMMON STOCKS

(Cost: $91,034,548) 88,860,590

SHORT-TERM INVESTMENTS — 0.59%

MONEY MARKET FUNDS — 0.59%

BlackRock Cash Funds: Institutional, SL Agency Shares

0.50%c,d,e 434,847 434,847

BlackRock Cash Funds: Prime, SL Agency Shares

0.51%c,d,e _22,088 _22,088

BlackRock Cash Funds: Treasury, SL Agency Shares

0.28%c,d 67,128 67,128

524,063 TOTAL SHORT-TERM INVESTMENTS

(Cost: $524,063) 524,063

TOTAL INVESTMENTS IN SECURITIES — 100.46%

(Cost: $91,558,611) 89,384,653

Other Assets, Less Liabilities — (0.46)% (405,654)

NET ASSETS — 100.00% $88,978,999

NVS — Non-Voting Shares

a_{Non-income earning security.}

b_{All or a portion of this security represents a security on loan. See Note 1.} c _{Affiliated issuer. See Note 2.}

d_{The rate quoted is the annualized seven-day yield of the fund at period end.} e_{All or a portion of this security represents an investment of securities lending}

collateral. See Note 1.

MARCH 31, ANNUAL REPORT

2016 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

Table of Contents

Management’s Discussion of Fund Performance

iSHARES

TRUST

U.S EQUITY MARKET OVERVIEW

iSHARES

RUSSELL TOP 200 ETF

Management’s Discussion of Fund Performance

iSHARES

RUSSELL TOP 200 ETF

iSHARES

RUSSELL TOP 200 GROWTH ETF

Management’s Discussion of Fund Performance

iSHARES

RUSSELL TOP 200 GROWTH ETF

iSHARES

RUSSELL TOP 200 VALUE ETF

Management’s Discussion of Fund Performance

iSHARES

RUSSELL TOP 200 VALUE ETF

iSHARES

RUSSELL 1000 ETF

Management’s Discussion of Fund Performance

iSHARES

RUSSELL 1000 ETF

iSHARES

RUSSELL 1000 GROWTH ETF

Management’s Discussion of Fund Performance

iSHARES

RUSSELL 1000 GROWTH ETF

iSHARES

RUSSELL 1000 VALUE ETF

Management’s Discussion of Fund Performance

iSHARES

RUSSELL 1000 VALUE ETF

iSHARES

RUSSELL 2000 ETF

Management’s Discussion of Fund Performance

iSHARES

RUSSELL 2000 ETF

iSHARES

RUSSELL 2000 GROWTH ETF

Management’s Discussion of Fund Performance

iSHARES

RUSSELL 2000 GROWTH ETF

iSHARES

RUSSELL 2000 VALUE ETF

Management’s Discussion of Fund Performance

iSHARES

RUSSELL 2000 VALUE ETF

Shareholder Expenses

Schedule of Investments

iSHARES

RUSSELL TOP 200 ETF

COMMON STOCKS — 99.87%

iSHARES

RUSSELL TOP 200 ETF

Schedule of Investments

iSHARES

RUSSELL TOP 200 ETF

iSHARES

RUSSELL TOP 200 ETF

SHORT-TERM INVESTMENTS — 0.59%

_TRUST

_{RUSSELL TOP 200 ETF}

_{RUSSELL TOP 200 ETF}

_{RUSSELL TOP 200 GROWTH ETF}

_{RUSSELL TOP 200 GROWTH ETF}

_{RUSSELL TOP 200 VALUE ETF}

_{RUSSELL TOP 200 VALUE ETF}

_{RUSSELL 1000 ETF}

_{RUSSELL 1000 ETF}

_{RUSSELL 1000 GROWTH ETF}

_{RUSSELL 1000 GROWTH ETF}

_{RUSSELL 1000 VALUE ETF}

_{RUSSELL 1000 VALUE ETF}

_{RUSSELL 2000 ETF}

_{RUSSELL 2000 ETF}

_{RUSSELL 2000 GROWTH ETF}

_{RUSSELL 2000 GROWTH ETF}

_{RUSSELL 2000 VALUE ETF}

_{RUSSELL 2000 VALUE ETF}

_{RUSSELL TOP 200 ETF}

_{RUSSELL TOP 200 ETF}

_{RUSSELL TOP 200 ETF}

_{RUSSELL TOP 200 ETF}