iShares Russell Small/Mid-Cap Index Fund - (IWM) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^thFloor, 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: April 30, 2020

Date of reporting period: October 31, 2019

Item 1.     Reports to Stockholders.

Copies of the semi-annual reports transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 are attached.

OCTOBER 31, 2019

2019 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Dow Jones U.S. ETF  |  IYY  |  NYSE Arca

· iShares Transportation Average ETF  |  IYT  |  Cboe BZX

· iShares U.S. Energy ETF  |  IYE  |  NYSE Arca

· iShares U.S. Healthcare ETF  |  IYH  |  NYSE Arca

· iShares U.S. Technology ETF  |  IYW  |  NYSE Arca

· iShares U.S. Utilities ETF  |  IDU  |  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.

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
Fund Summary		3
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
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
Board Review and Approval of Investment Advisory Contract		57
Supplemental Information		63
General Information		64
Glossary of Terms Used in this Report		65

Fund Summary  as of October 31, 2019  iShares^® Dow Jones U.S. ETF

Investment Objective

TheiShares Dow Jones U.S. ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Dow Jones U.S. 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.55	%		13.70	%		10.22	%		13.44	%		13.70	%		62.68	%		252.89	%
Fund Market		3.61			13.71			10.23			13.45			13.71			62.78			253.22
Index		3.64			13.88			10.41			13.65			13.88			64.11			259.57

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 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,035.50	$	1.02		$	1,000.00	$	1,024.10	$	1.02		0.20	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	22.1	%
Health Care	13.6
Financials	13.4
Consumer Discretionary	10.1
Communication Services	9.9
Industrials	9.7
Consumer Staples	6.8
Real Estate	4.1
Energy	4.0
Utilities	3.5
Materials	2.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	3.8	%
Apple Inc.	3.7
Amazon. com Inc.	2.6
Facebook Inc., Class A.	1.6
Berkshire Hathaway Inc., Class B	1.5
JPMorgan Chase & Co.	1.4
Alphabet Inc., Class C	1.3
Alphabet Inc., Class A	1.3
Johnson & Johnson.	1.2
Procter & Gamble Co. (The).	1.1

FUND SUMMARY 3

Fund Summary  as of October 31, 2019 iShares^® Transportation Average ETF

Investment Objective

TheiShares Transportation Average ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the transportation sector, as represented by the Dow Jones Transportation Average 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.58	)%		4.36	%		4.96	%		12.58	%		4.36	%		27.41	%		227.04	%
Fund Market		(2.56	)		4.40			4.96			12.58			4.40			27.41			227.14
Index		(2.33	)		4.78			5.23			12.97			4.78			29.02			238.67

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 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	974.20	$	2.13		$	1,000.00	$	1,023.00	$	2.19		0.43	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Road & Rail	50.3	%
Air Freight & Logistics	22.5
Airlines	20.4
Marine	6.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Norfolk Southern Corp.	10.4	%
Union Pacific Corp.	9.5
FedEx Corp.	8.7
Kansas City Southern	7.9
JB Hunt Transport Services Inc.	6.7
Landstar System Inc.	6.3
United Airlines Holdings Inc.	4.7
United Parcel Service Inc., Class B	4.7
Kirby Corp.	4.6
CH Robinson Worldwide Inc.	4.6

4 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019  iShares^® U.S. Energy ETF

Investment Objective

TheiShares U.S. Energy ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the energy sector, as represented by the Dow Jones U.S. Oil & Gas 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(12.33	)%		(13.67	)%		(6.48	)%		1.68	%		(13.67	)%		(28.46	)%		18.17	%
Fund Market		(12.25	)		(13.62	)		(6.47	)		1.69			(13.62	)		(28.43	)		18.28
Index		(12.16	)		(13.34	)		(6.12	)		2.09			(13.34	)		(27.08	)		23.00

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 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	876.70	$	2.03		$	1,000.00	$	1,023.00	$	2.19		0.43	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Oil, Gas & Consumable Fuels	89.9	%
Energy Equipment & Services	9.0
Other (each representing less than 1%)	1.1

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Exxon Mobil Corp.	24.5	%
Chevron Corp.	18.9
ConocoPhillips	5.2
Phillips 66	4.5
Schlumberger Ltd.	3.9
Marathon Petroleum Corp.	3.6
EOG Resources Inc.	3.4
Valero Energy Corp.	3.4
Kinder Morgan Inc./DE	3.3
Occidental Petroleum Corp.	3.1

FUND SUMMARY 5

Fund Summary  as of October 31, 2019 iShares^® U.S. Healthcare ETF

Investment Objective

TheiShares U.S. Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the healthcare sector, as represented by the Dow Jones U.S. Health Care 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		6.05	%		7.45	%		8.56	%		14.91	%		7.45	%		50.76	%		301.57	%
Fund Market		6.10			7.49			8.57			14.93			7.49			50.87			302.09
Index		6.25			7.78			8.99			15.38			7.78			53.78			318.29

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 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,060.50	$	2.23		$	1,000.00	$	1,023.00	$	2.19		0.43	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Pharmaceuticals	29.9	%
Health Care Equipment & Supplies	26.1
Biotechnology	18.3
Health Care Providers & Services	18.2
Life Sciences Tools & Services	7.4
Health Care Technology	0.1

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Johnson & Johnson	9.1	%
UnitedHealth Group Inc.	6.3
Merck & Co. Inc.	5.8
Pfizer Inc.	5.6
Abbott Laboratories	3.9
Medtronic PLC	3.8
Amgen Inc.	3.3
Thermo Fisher Scientific Inc.	3.2
AbbVie Inc.	3.1
Eli Lilly & Co.	2.5

6 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019 iShares^® U.S. Technology ETF

Investment Objective

TheiShares U.S. Technology ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the technology sector, as represented by the Dow Jones U.S. Technology Capped (TR) 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.72	%		20.41	%		17.04	%		16.27	%		20.41	%		119.58	%		351.43	%
Fund Market		4.77			20.45			17.05			16.28			20.45			119.70			352.07
Index(a)		4.97			20.81			17.56			16.70			20.81			124.52			368.55
Dow Jones U.S. Technology Total Return Index		4.92			20.75			17.55			16.70			20.75			124.40			368.31
Dow Jones U.S. Technology Capped (TR) IndexTM(b)		4.90			N/A			N/A			N/A			N/A			N/A			N/A

^(a) Index performance through June 23, 2019 reflects the performance of the Dow Jones U.S. Technology Total Return Index. Index performance beginning on June 24, 2019 reflects the performance of the Dow Jones U.S. Technology Capped (TR) Index^TM, which, effective as of June 24, 2019, replaced Dow Jones U.S. Technology Total Return Index as the underlying index of the fund.

^(b) The inception date of the Dow Jones U.S. Technology Capped (TR) Index^TM was April 15, 2019.

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 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending  Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,047.20	$	2.21		$	1,000.00	$	1,023.00	$	2.19		0.43	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Software	32.9	%
Semiconductors & Semiconductor Equipment	18.7
Technology Hardware, Storage & Peripherals	18.6
Interactive Media & Services	17.5
IT Services	5.1
Communications Equipment	4.8
Other (each representing less than 1%)	2.4

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	17.3	%
Apple Inc.	16.7
Alphabet Inc., Class C	6.0
Alphabet Inc., Class A	6.0
Facebook Inc., Class A	4.5
Intel Corp.	4.2
Cisco Systems Inc.	3.4
salesforce. com Inc.	2.3
Adobe Inc.	2.3
NVIDIA Corp.	2.0

FUND SUMMARY 7

Fund Summary  as of October 31, 2019 iShares^® U.S. Utilities ETF

Investment Objective

TheiShares U.S. Utilities ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the utilities sector, as represented by the Dow Jones U.S. Utilities 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		10.14	%		22.32	%		10.62	%		12.66	%		22.32	%		65.64	%		229.42	%
Fund Market		10.17			22.30			10.62			12.67			22.30			65.65			229.55
Index		10.39			22.89			11.11			13.17			22.89			69.33			244.71

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 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,101.40	$	2.27		$	1,000.00	$	1,023.00	$	2.19		0.43	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Electric Utilities	57.6	%
Multi-Utilities	30.8
Gas Utilities	4.9
Independent Power and Renewable Electricity Producers	3.4
Water Utilities	3.3

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
NextEra Energy Inc.	11.8	%
Duke Energy Corp.	7.0
Dominion Energy Inc.	6.9
Southern Co. (The)	6.7
American Electric Power Co. Inc.	4.7
Exelon Corp.	4.5
Sempra Energy	4.0
Xcel Energy Inc.	3.4
Public Service Enterprise Group Inc.	3.3
Consolidated Edison Inc.	3.1

8 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

About Fund Performance

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 recentmonth-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. 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 feewaivers, 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.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 9

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.5%
Arconic Inc.		16,349	$	449,107
Axon Enterprise Inc.(a)		2,415		123,479
Boeing Co. (The)		22,505		7,649,675
BWX Technologies Inc.		3,985		231,529
Curtiss-Wright Corp.		1,772		239,663
General Dynamics Corp.		9,880		1,746,784
HEICO Corp.		1,671		206,101
HEICO Corp., Class A		2,979		283,809
Hexcel Corp.		3,612		269,527
Huntington Ingalls Industries Inc.		1,734		391,294
L3Harris Technologies Inc.		9,382		1,935,600
Lockheed Martin Corp.		10,476		3,946,100
Mercury Systems Inc.(a)		2,341		172,438
Moog Inc., Class A		1,338		112,004
Northrop Grumman Corp.		6,643		2,341,525
Raytheon Co.		11,756		2,494,741
Spirit AeroSystems Holdings Inc., Class A		4,393		359,435
Teledyne Technologies Inc.(a)		1,547		509,891
Textron Inc.		9,627		443,708
TransDigm Group Inc.		2,095		1,102,557
United Technologies Corp.		34,172		4,906,416
				29,915,383
Air Freight & Logistics — 0.5%
CH Robinson Worldwide Inc.		5,665		428,501
Expeditors International of Washington Inc.		7,274		530,565
FedEx Corp.		10,116		1,544,308
United Parcel Service Inc., Class B		29,452		3,391,987
XPO Logistics Inc.(a)		3,862		295,057
				6,190,418
Airlines — 0.4%
Alaska Air Group Inc.		5,284		366,868
Allegiant Travel Co.		539		90,191
American Airlines Group Inc.		16,620		499,597
Delta Air Lines Inc.		24,423		1,345,219
JetBlue Airways Corp.(a)		12,656		244,261
Southwest Airlines Co.		20,417		1,146,006
Spirit Airlines Inc.(a)		2,869		107,760
United Airlines Holdings Inc.(a)		9,247		839,997
				4,639,899
Auto Components — 0.2%
Adient PLC		3,540		75,012
Aptiv PLC		10,813		968,304
Autoliv Inc.		3,313		257,884
BorgWarner Inc.		8,647		360,407
Dana Inc.		6,107		99,117
Gentex Corp.		10,775		302,239
Goodyear Tire & Rubber Co. (The)		9,902		157,145
Lear Corp.		2,344		276,053
Veoneer Inc.(a)(b)		3,932		62,597
				2,558,758
Automobiles — 0.5%
Ford Motor Co.		164,678		1,414,584
General Motors Co.		53,039		1,970,929
Harley-Davidson Inc.		6,727		261,748
Tesla Inc.(a)(b)		5,973		1,881,017
Thor Industries Inc.		2,427		153,532
				5,681,810

Security	Shares		Value
Banks — 5.5%
Associated Banc-Corp.		6,968	$	140,126
BancorpSouth Bank		3,925		120,380
Bank of America Corp.		352,683		11,028,397
Bank of Hawaii Corp.		1,741		152,007
Bank OZK		5,253		147,399
BankUnited Inc.		4,105		140,802
BB&T Corp.		32,308		1,713,939
BOK Financial Corp.		1,322		101,992
Cathay General Bancorp.		3,092		109,982
CIT Group Inc.		4,142		177,650
Citigroup Inc.		95,104		6,834,173
Citizens Financial Group Inc.		18,870		663,469
Comerica Inc.		6,291		411,557
Commerce Bancshares Inc.		4,225		271,921
Cullen/Frost Bankers Inc.		2,406		216,733
East West Bancorp. Inc.		6,119		262,628
Fifth Third Bancorp.		30,926		899,328
First Citizens BancShares Inc./NC, Class A		360		177,091
First Financial Bankshares Inc.		5,854		194,821
First Hawaiian Inc.		5,625		153,731
First Horizon National Corp.		13,353		213,247
First Republic Bank/CA.		7,100		755,156
FNB Corp.		13,813		166,585
Fulton Financial Corp.		7,205		122,917
Glacier Bancorp. Inc.		3,695		156,372
Hancock Whitney Corp.		3,900		152,100
Home BancShares Inc./AR		6,487		119,880
Huntington Bancshares Inc./OH		44,107		623,232
IBERIABANK Corp.		2,189		160,651
International Bancshares Corp.		2,434		99,697
Investors Bancorp. Inc.		9,595		115,620
JPMorgan Chase & Co.		134,611		16,815,606
KeyCorp.		42,386		761,676
M&T Bank Corp.		5,642		883,142
PacWest Bancorp.		5,071		187,576
People’s United Financial Inc.		18,670		301,894
Pinnacle Financial Partners Inc.		3,032		178,342
PNC Financial Services Group Inc. (The)		18,708		2,744,464
Popular Inc.		4,145		225,737
Prosperity Bancshares Inc.		3,992		275,528
Regions Financial Corp.		41,911		674,767
Signature Bank/New York NY.		2,269		268,468
Sterling Bancorp./DE.		8,601		169,010
SunTrust Banks Inc.		18,675		1,276,250
SVB Financial Group(a)		2,191		485,263
Synovus Financial Corp.		6,607		223,779
TCF Financial Corp.		6,434		254,722
Texas Capital Bancshares Inc.(a)		2,110		114,067
Trustmark Corp.		2,597		89,129
U.S. Bancorp.		60,475		3,448,285
UMB Financial Corp.		1,807		117,925
Umpqua Holdings Corp.		9,291		146,984
United Bankshares Inc./WV		4,282		169,310
Valley National Bancorp.		13,729		158,982
Webster Financial Corp.		3,875		170,888
Wells Fargo & Co.		168,798		8,715,041
Western Alliance Bancorp.		4,067		200,625
Wintrust Financial Corp.		2,426		154,827
Zions Bancorp. N.A.		7,469		362,022
				66,177,892

10 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Beverages — 1.7%
Boston Beer Co. Inc. (The), Class A, NVS(a)		388	$	145,291
Brown-Forman Corp., Class B, NVS		7,682		503,325
Coca-Cola Co. (The)		162,015		8,818,477
Constellation Brands Inc., Class A		7,025		1,337,068
Keurig Dr Pepper Inc.		11,280		317,645
Molson Coors Brewing Co., Class B		7,902		416,593
Monster Beverage Corp.(a)		16,226		910,765
National Beverage Corp.(b)		503		22,112
PepsiCo Inc.		58,861		8,073,963
				20,545,239
Biotechnology — 2.4%
AbbVie Inc.		62,286		4,954,851
ACADIA Pharmaceuticals Inc.(a)		4,451		188,767
Agios Pharmaceuticals Inc.(a)(b)		2,083		62,657
Alexion Pharmaceuticals Inc.(a)		9,497		1,000,984
Alkermes PLC(a)		6,436		125,695
Allogene Therapeutics Inc.(a)(b)		2,159		62,179
Alnylam Pharmaceuticals Inc.(a)		4,694		407,158
Amgen Inc.		25,261		5,386,908
Biogen Inc.(a)		7,775		2,322,470
BioMarin Pharmaceutical Inc.(a)		7,591		555,737
Bluebird Bio Inc.(a)(b)		2,315		187,515
Blueprint Medicines Corp.(a)		2,073		142,705
Celgene Corp.(a)		29,899		3,229,989
Exact Sciences Corp.(a)		5,426		472,062
Exelixis Inc.(a)		12,630		195,134
FibroGen Inc.(a)		3,418		133,815
Gilead Sciences Inc.		53,412		3,402,879
Immunomedics Inc.(a)(b)		7,318		117,088
Incyte Corp.(a)		7,545		633,176
Intercept Pharmaceuticals Inc.(a)(b)		230		16,739
Ionis Pharmaceuticals Inc.(a)		5,396		300,665
Medicines Co. (The)(a)(b)		3,166		166,183
Moderna Inc.(a)(b)		8,640		144,720
Myriad Genetics Inc.(a)		3,143		105,825
Neurocrine Biosciences Inc.(a)		3,893		387,315
Portola Pharmaceuticals Inc.(a)(b)		2,860		82,683
Regeneron Pharmaceuticals Inc.(a)		3,379		1,034,920
Repligen Corp.(a)		1,958		155,641
Sage Therapeutics Inc.(a)(b)		2,173		294,767
Sarepta Therapeutics Inc.(a)(b)		2,932		243,532
Seattle Genetics Inc.(a)		4,775		512,835
Ultragenyx Pharmaceutical Inc.(a)(b)		2,207		88,589
United Therapeutics Corp.(a)		1,851		166,294
Vertex Pharmaceuticals Inc.(a)		10,810		2,113,139
				29,395,616
Building Products — 0.3%
Allegion PLC		3,976		461,375
AO Smith Corp.		5,790		287,647
Armstrong World Industries Inc.		2,084		194,917
Fortune Brands Home & Security Inc.		5,878		352,974
Johnson Controls International PLC		33,642		1,457,708
Lennox International Inc.		1,505		372,277
Masco Corp.		12,078		558,607
Owens Corning		4,683		286,974
Resideo Technologies Inc.(a)		5,115		48,746
Trex Co. Inc.(a)(b)		2,433		213,836
				4,235,061

Security	Shares		Value
Capital Markets — 2.7%
Affiliated Managers Group Inc.		2,186	$	174,618
Ameriprise Financial Inc.		5,524		833,516
Bank of New York Mellon Corp. (The)		36,207		1,692,677
BlackRock Inc.(c)		4,930		2,276,181
Blackstone Group Inc. (The), Class A		27,916		1,484,015
Cboe Global Markets Inc.		4,754		547,423
Charles Schwab Corp. (The)		49,116		1,999,512
CME Group Inc.		15,102		3,107,237
E*TRADE Financial Corp.		10,084		421,410
Eaton Vance Corp., NVS		4,909		223,850
Evercore Inc., Class A		1,729		127,324
FactSet Research Systems Inc.		1,596		404,618
Federated Investors Inc., Class B		4,143		132,328
Franklin Resources Inc.		11,904		327,955
Goldman Sachs Group Inc. (The)		13,600		2,901,968
Interactive Brokers Group Inc., Class A		3,367		160,168
Intercontinental Exchange Inc.		23,657		2,231,328
Invesco Ltd.		16,259		273,476
Janus Henderson Group PLC		6,714		155,295
Lazard Ltd., Class A		5,614		209,571
Legg Mason Inc.		3,417		127,317
LPL Financial Holdings Inc.		3,409		275,584
MarketAxess Holdings Inc.		1,585		584,215
Moody’s Corp.		6,867		1,515,478
Morgan Stanley		53,000		2,440,650
Morningstar Inc.		867		140,315
MSCI Inc.		3,595		843,243
Nasdaq Inc.		4,843		483,186
Northern Trust Corp.		9,070		904,098
Raymond James Financial Inc.		5,216		435,484
S&P Global Inc.		10,383		2,678,710
SEI Investments Co.		5,393		323,149
State Street Corp.		15,657		1,034,458
Stifel Financial Corp.		2,842		159,095
T Rowe Price Group Inc.		9,924		1,149,199
TD Ameritrade Holding Corp.		11,222		430,700
Tradeweb Markets Inc., Class A		1,942		81,079
Virtu Financial Inc., Class A		3,121		52,932
				33,343,362
Chemicals — 1.9%
Air Products & Chemicals Inc.		9,303		1,983,958
Albemarle Corp.		4,490		272,723
Ashland Global Holdings Inc.		2,574		199,150
Axalta Coating Systems Ltd.(a)		8,732		257,507
Cabot Corp.		2,345		102,219
Celanese Corp.		5,223		632,766
CF Industries Holdings Inc.		9,100		412,685
Chemours Co. (The)		7,015		115,116
Corteva Inc.(a)		31,608		833,819
Dow Inc.(a)		31,358		1,583,265
DuPont de Nemours Inc.		31,473		2,074,385
Eastman Chemical Co.		5,845		444,454
Ecolab Inc.		10,569		2,029,988
Element Solutions Inc.(a)(b)		10,029		108,915
FMC Corp.		5,501		503,341
HB Fuller Co.		2,101		102,529
Huntsman Corp.		8,634		191,070
Ingevity Corp.(a)		1,812		152,589
International Flavors & Fragrances Inc.		4,507		549,899
Linde PLC		22,780		4,518,413

SCHEDULE OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
LyondellBasell Industries NV, Class A		10,895	$	977,281
Mosaic Co. (The)		14,754		293,309
NewMarket Corp.		312		151,473
Olin Corp.		6,845		125,537
PolyOne Corp.		3,279		105,092
PPG Industries Inc.		9,911		1,240,064
RPM International Inc.		5,485		397,279
ScottsMiracle-Gro Co. (The)		1,689		169,559
Sensient Technologies Corp.		1,719		107,541
Sherwin-Williams Co. (The)		3,465		1,983,089
Valvoline Inc.		7,795		166,345
Westlake Chemical Corp.		1,535		96,997
WR Grace & Co.		2,366		157,221
				23,039,578
Commercial Services & Supplies — 0.5%
ADT Inc.(b)		5,014		38,809
Brink’s Co. (The)		2,075		176,292
Cintas Corp.		3,503		941,151
Clean Harbors Inc.(a)		2,184		180,093
Copart Inc.(a)		8,442		697,647
Covanta Holding Corp.		4,820		69,601
Deluxe Corp.		1,711		88,681
Herman Miller Inc.		2,611		121,412
IAA Inc.(a)		5,585		213,068
KAR Auction Services Inc.		5,585		138,843
MSA Safety Inc.		1,462		175,542
Republic Services Inc.		8,934		781,814
Rollins Inc.		5,930		225,992
Stericycle Inc.(a)(b)		3,900		224,640
Tetra Tech Inc.		2,298		201,006
Waste Management Inc.		16,401		1,840,356
				6,114,947
Communications Equipment — 1.0%
Arista Networks Inc.(a)(b)		2,297		561,777
Ciena Corp.(a)		6,546		242,988
Cisco Systems Inc.		178,722		8,491,082
CommScope Holding Co. Inc.(a)(b)		8,109		90,821
EchoStar Corp., Class A(a)(b)		1,938		75,582
F5 Networks Inc.(a)		2,580		371,726
InterDigital Inc.		1,221		65,482
Juniper Networks Inc.		14,690		364,606
Lumentum Holdings Inc.(a)(b)		3,281		205,587
Motorola Solutions Inc.		6,955		1,156,756
NetScout Systems Inc.(a)		2,998		72,612
Ubiquiti Inc.(a)		551		69,751
ViaSat Inc.(a)		2,408		165,767
Viavi Solutions Inc.(a)		9,247		147,582
				12,082,119
Construction & Engineering — 0.1%
AECOM(a)		6,579		263,226
EMCOR Group Inc.		2,439		213,925
Fluor Corp.		5,751		92,649
Jacobs Engineering Group Inc.		5,718		535,090
MasTec Inc.(a)		2,519		158,546
Quanta Services Inc.		5,873		246,960
Valmont Industries Inc.		961		131,839
				1,642,235
Construction Materials — 0.1%
Eagle Materials Inc.		1,739		158,840

Security	Shares		Value
Construction Materials (continued)
Martin Marietta Materials Inc.		2,626	$	687,776
Summit Materials Inc., Class A(a)(b)		5,007		114,810
Vulcan Materials Co.		5,601		800,215
				1,761,641
Consumer Finance — 0.7%
Ally Financial Inc.		16,478		504,721
American Express Co.		28,693		3,365,115
Capital One Financial Corp.		19,790		1,845,417
Credit Acceptance Corp.(a)(b)		587		256,994
Discover Financial Services		13,432		1,078,052
FirstCash Inc.		1,840		155,278
Green Dot Corp., Class A(a)		972		28,032
Navient Corp.		8,815		121,383
OneMain Holdings Inc.		3,095		123,800
Santander Consumer USA Holdings Inc.		4,333		108,672
SLM Corp.		17,636		148,848
Synchrony Financial		25,761		911,167
				8,647,479
Containers & Packaging — 0.5%
Amcor PLC(a)		68,195		649,216
AptarGroup Inc.		2,719		321,250
Avery Dennison Corp.		3,593		459,401
Ball Corp.		13,998		979,440
Berry Global Group Inc.(a)(b)		5,584		231,792
Crown Holdings Inc.(a)		5,715		416,281
Graphic Packaging Holding Co.		12,175		190,660
International Paper Co.		16,666		727,971
Owens-Illinois Inc.		6,280		53,380
Packaging Corp. of America		3,944		431,710
Sealed Air Corp.		6,428		268,498
Silgan Holdings Inc.		3,447		106,064
Sonoco Products Co.		4,327		249,668
Westrock Co.		10,863		405,950
				5,491,281
Distributors — 0.1%
Genuine Parts Co.		6,169		632,816
LKQ Corp.(a)		13,117		445,847
Pool Corp.		1,684		349,261
				1,427,924
Diversified Consumer Services — 0.2%
Adtalem Global Education Inc.(a)		2,264		67,422
Bright Horizons Family Solutions Inc.(a)(b)		2,478		368,033
Chegg Inc.(a)(b)		4,797		147,076
frontdoor Inc.(a)		3,549		171,168
Graham Holdings Co., Class B		178		112,079
Grand Canyon Education Inc.(a)		2,039		187,506
H&R Block Inc.		8,452		211,216
Service Corp. International/U.S.		7,719		351,060
ServiceMaster Global Holdings Inc.(a)		5,631		227,380
				1,842,940
Diversified Financial Services — 1.5%
AXA Equitable Holdings Inc.		12,644		273,110
Berkshire Hathaway Inc., Class B(a)		82,550		17,548,479
Jefferies Financial Group Inc.		10,434		194,803
Voya Financial Inc.		5,924		319,659
				18,336,051
Diversified Telecommunication Services — 1.9%
AT&T Inc.		307,617		11,840,178

12 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services (continued)
CenturyLink Inc.		41,433	$	536,143
GCI Liberty Inc., Class A(a)		4,080		285,519
Verizon Communications Inc.		174,121		10,529,097
Zayo Group Holdings Inc.(a)		9,971		340,410
				23,531,347
Electric Utilities — 2.0%
ALLETE Inc.		2,186		188,127
Alliant Energy Corp.		10,062		536,707
American Electric Power Co. Inc.		20,851		1,968,126
Avangrid Inc.		2,306		115,415
Duke Energy Corp.		30,717		2,895,385
Edison International		15,113		950,608
El Paso Electric Co.		1,741		116,142
Entergy Corp.		8,392		1,019,460
Evergy Inc.		9,938		635,138
Eversource Energy		13,658		1,143,721
Exelon Corp.		40,801		1,856,038
FirstEnergy Corp.		22,790		1,101,213
Hawaiian Electric Industries Inc.		4,709		212,611
IDACORP Inc.		2,096		225,572
NextEra Energy Inc.		20,591		4,907,659
OGE Energy Corp.		8,386		361,101
Pinnacle West Capital Corp.		4,703		442,646
PNM Resources Inc.		3,345		174,442
Portland General Electric Co.		3,705		210,740
PPL Corp.		30,304		1,014,881
Southern Co. (The)		43,929		2,752,591
Xcel Energy Inc.		22,132		1,405,603
				24,233,926
Electrical Equipment — 0.5%
Acuity Brands Inc.		1,657		206,777
AMETEK Inc.		9,616		881,307
Eaton Corp. PLC		17,726		1,544,112
Emerson Electric Co.		25,829		1,811,904
EnerSys		1,720		114,999
Generac Holdings Inc.(a)		2,602		251,301
GrafTech International Ltd.		2,524		30,490
Hubbell Inc.		2,323		329,169
nVent Electric PLC		6,356		146,569
Regal Beloit Corp.		1,732		128,255
Rockwell Automation Inc.		4,938		849,287
Sensata Technologies Holding PLC(a)(b)		6,779		347,017
				6,641,187
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		12,565		1,260,646
Anixter International Inc.(a)		1,196		98,969
Arrow Electronics Inc.(a)		3,526		279,541
Avnet Inc.		4,436		175,488
Belden Inc.		1,739		89,176
CDW Corp./DE		6,108		781,274
Cognex Corp.		7,270		374,332
Coherent Inc.(a)		1,018		151,601
Corning Inc.		33,023		978,472
Dolby Laboratories Inc., Class A		2,698		173,562
FLIR Systems Inc.		5,758		296,883
IPG Photonics Corp.(a)		1,494		200,614
Itron Inc.(a)		1,520		115,915
Jabil Inc.		5,913		217,717
Keysight Technologies Inc.(a)		7,871		794,263

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Littelfuse Inc.		1,026	$	180,135
National Instruments Corp.		5,010		207,364
SYNNEX Corp.		1,700		200,158
TE Connectivity Ltd.		14,117		1,263,472
Tech Data Corp.(a)		1,515		184,073
Trimble Inc.(a)		10,580		421,507
Vishay Intertechnology Inc.		5,696		114,774
Zebra Technologies Corp., Class A(a)		2,267		539,251
				9,099,187
Energy Equipment & Services — 0.4%
Apergy Corp.(a)		3,197		80,468
Baker Hughes Co.		27,275		583,685
Core Laboratories NV		1,862		82,002
Halliburton Co.		36,645		705,416
Helmerich & Payne Inc.		4,575		171,563
National Oilwell Varco Inc.		16,251		367,598
Patterson-UTI Energy Inc.		8,048		66,959
Schlumberger Ltd.		58,119		1,899,910
TechnipFMC PLC		17,650		348,235
Transocean Ltd.(a)		24,272		115,292
				4,421,128
Entertainment — 1.7%
Activision Blizzard Inc.		32,347		1,812,402
Cinemark Holdings Inc.		4,632		169,531
Electronic Arts Inc.(a)		12,377		1,193,143
Liberty Media Corp.-Liberty Formula One, Class A(a)		973		39,338
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)(b)		8,617		366,223
Lions Gate Entertainment Corp., Class A		1,350		10,787
Lions Gate Entertainment Corp., Class B, NVS		1,604		12,014
Live Nation Entertainment Inc.(a)		5,844		412,002
Madison Square Garden Co. (The), Class A(a)		724		193,250
Netflix Inc.(a)		18,443		5,300,703
Roku Inc.(a)		3,606		530,803
Take-Two Interactive Software Inc.(a)		4,808		578,643
Viacom Inc., Class A		282		6,737
Viacom Inc., Class B, NVS		14,906		321,373
Walt Disney Co. (The)		75,836		9,852,613
World Wrestling Entertainment Inc., Class A		2,008		112,528
Zynga Inc., Class A(a)		39,742		245,208
				21,157,298
Equity Real Estate Investment Trusts (REITs) — 4.0%
Acadia Realty Trust		3,750		104,925
Alexandria Real Estate Equities Inc.		4,817		764,699
American Campus Communities Inc.		5,816		290,684
American Homes 4 Rent, Class A		10,868		287,676
American Tower Corp.		18,661		4,069,591
Americold Realty Trust(b)		8,089		324,288
Apartment Investment & Management Co., Class A		6,245		342,726
Apple Hospitality REIT Inc.		9,237		152,226
AvalonBay Communities Inc.		5,876		1,278,970
Boston Properties Inc.		6,067		832,392
Brandywine Realty Trust		7,663		117,091
Brixmor Property Group Inc.		12,545		276,241
Camden Property Trust		4,062		464,571
Colony Capital Inc.		20,242		113,355
Columbia Property Trust Inc.		4,847		99,460
CoreCivic Inc.		4,917		75,033
CoreSite Realty Corp.		1,532		180,010

SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Corporate Office Properties Trust		4,514	$	133,795
Cousins Properties Inc.		6,252		250,893
Crown Castle International Corp.		17,548		2,435,487
CubeSmart		7,974		252,776
CyrusOne Inc.		4,757		339,079
DiamondRock Hospitality Co.		8,105		80,888
Digital Realty Trust Inc.		8,732		1,109,313
Douglas Emmett Inc.		7,023		304,236
Duke Realty Corp.		15,303		537,747
EastGroup Properties Inc.		1,549		207,489
EPR Properties		3,239		251,962
Equinix Inc.		3,580		2,029,072
Equity Commonwealth		5,211		167,690
Equity LifeStyle Properties Inc.		7,619		532,873
Equity Residential		14,713		1,304,455
Essex Property Trust Inc.		2,751		899,935
Extra Space Storage Inc.		5,369		602,778
Federal Realty Investment Trust		2,942		400,141
First Industrial Realty Trust Inc.		5,299		223,141
Gaming and Leisure Properties Inc.		8,599		347,056
GEO Group Inc. (The)		5,028		76,526
Healthcare Realty Trust Inc.		5,486		190,748
Healthcare Trust of America Inc., Class A		8,604		266,724
Healthpeak Properties Inc.		20,727		779,750
Highwoods Properties Inc.		4,289		200,725
Host Hotels & Resorts Inc.		30,968		507,565
Hudson Pacific Properties Inc.		6,640		238,509
Invitation Homes Inc.		20,108		619,125
Iron Mountain Inc.		11,941		391,665
JBG SMITH Properties		5,034		202,669
Kilroy Realty Corp.		3,921		329,089
Kimco Realty Corp.		18,093		390,085
Lamar Advertising Co., Class A		3,703		296,277
Lexington Realty Trust		10,457		113,772
Liberty Property Trust		6,659		393,347
Life Storage Inc.		1,929		210,107
Macerich Co. (The)		4,494		123,585
Mack-Cali Realty Corp.		3,783		81,032
Medical Properties Trust Inc.		19,123		396,420
Mid-America Apartment Communities Inc.		4,776		663,816
National Health Investors Inc.		1,837		157,596
National Retail Properties Inc.		7,244		426,744
Omega Healthcare Investors Inc.		9,073		399,575
Outfront Media Inc.		6,161		162,096
Paramount Group Inc.		8,356		112,555
Park Hotels & Resorts Inc.		10,140		235,755
Pebblebrook Hotel Trust		5,522		141,971
Physicians Realty Trust		7,958		148,576
Piedmont Office Realty Trust Inc., Class A		5,288		118,663
PotlatchDeltic Corp.		2,948		125,202
Prologis Inc.		26,639		2,337,839
PS Business Parks Inc.		845		152,565
Public Storage		6,310		1,406,247
Rayonier Inc.		5,478		147,796
Realty Income Corp.		13,431		1,098,521
Regency Centers Corp.		7,012		471,487
Retail Properties of America Inc., Class A		8,648		118,996
Rexford Industrial Realty Inc.(b)		4,632		222,753
RLJ Lodging Trust		7,229		118,628
Ryman Hospitality Properties Inc.		2,128		179,114

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Sabra Health Care REIT Inc.		7,814	$	192,224
SBA Communications Corp.		4,773		1,148,622
Senior Housing Properties Trust		10,331		102,535
Service Properties Trust		7,010		177,353
Simon Property Group Inc.		12,981		1,955,977
SITE Centers Corp.		5,544		86,098
SL Green Realty Corp.		3,462		289,423
Spirit Realty Capital Inc.		3,715		185,156
STORE Capital Corp.		8,955		362,677
Sun Communities Inc.		3,788		616,118
Sunstone Hotel Investors Inc.		9,303		125,684
Taubman Centers Inc.		2,667		95,425
UDR Inc.		12,359		621,040
Urban Edge Properties		4,977		105,064
Ventas Inc.		15,725		1,023,697
VEREIT Inc.		44,314		436,050
VICI Properties Inc.		19,457		458,212
Vornado Realty Trust		6,684		438,671
Washington REIT		3,342		103,669
Weingarten Realty Investors		4,998		158,587
Welltower Inc.		17,024		1,543,907
Weyerhaeuser Co.		31,262		913,163
WP Carey Inc.		7,137		657,032
Xenia Hotels & Resorts Inc.		4,938		103,945
				48,839,288
Food & Staples Retailing — 1.5%
Casey’s General Stores Inc.		1,573		268,684
Costco Wholesale Corp.		18,522		5,503,071
Kroger Co. (The)		33,430		823,715
Performance Food Group Co.(a)		4,337		184,800
Sprouts Farmers Market Inc.(a)		5,127		99,515
Sysco Corp.		21,660		1,729,984
U.S. Foods Holding Corp.(a)		9,331		370,161
Walgreens Boots Alliance Inc.		32,019		1,754,001
Walmart Inc.		59,871		7,020,474
				17,754,405
Food Products — 1.1%
Archer-Daniels-Midland Co.		23,406		983,988
Beyond Meat Inc.(a)(b)		434		36,651
Bunge Ltd.		5,870		316,980
Campbell Soup Co.		7,118		329,634
Conagra Brands Inc.		20,619		557,744
Darling Ingredients Inc.(a)		7,069		136,432
Flowers Foods Inc.		7,955		172,782
General Mills Inc.		25,471		1,295,455
Hain Celestial Group Inc. (The)(a)(b)		3,659		86,499
Hershey Co. (The)		6,287		923,372
Hormel Foods Corp.		11,628		475,469
Ingredion Inc.		2,804		221,516
JM Smucker Co. (The)		4,773		504,411
Kellogg Co.		10,539		669,543
Kraft Heinz Co. (The)		26,342		851,637
Lamb Weston Holdings Inc.		6,217		485,175
Lancaster Colony Corp.		859		119,555
McCormick & Co. Inc./MD, NVS		5,168		830,446
Mondelez International Inc., Class A		60,837		3,190,901
Pilgrim’s Pride Corp.(a)(b)		2,170		65,881
Post Holdings Inc.(a)		2,899		298,307
Seaboard Corp.		10		42,191

14 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
TreeHouse Foods Inc.(a)		2,301	$	124,300
Tyson Foods Inc., Class A		12,432		1,029,245
				13,748,114
Gas Utilities — 0.2%
Atmos Energy Corp.		4,975		559,588
National Fuel Gas Co.		3,712		168,191
New Jersey Resources Corp.		3,859		168,252
ONE Gas Inc.		2,197		203,970
South Jersey Industries Inc.		3,740		120,278
Southwest Gas Holdings Inc.		2,308		201,488
Spire Inc.		2,156		181,233
UGI Corp.		8,832		421,022
				2,024,022
Health Care Equipment & Supplies — 3.5%
Abbott Laboratories		74,420		6,222,256
ABIOMED Inc.(a)		1,888		391,911
Align Technology Inc.(a)		3,048		768,980
Avanos Medical Inc.(a)(b)		2,021		89,005
Baxter International Inc.		21,567		1,654,189
Becton Dickinson and Co.		11,381		2,913,536
Boston Scientific Corp.(a)		58,712		2,448,290
Cantel Medical Corp.(b)		1,506		109,772
Cooper Companies Inc. (The)		2,072		602,952
Danaher Corp.		26,919		3,709,977
Dentsply Sirona Inc.		9,462		518,328
DexCom Inc.(a)		3,863		595,829
Edwards Lifesciences Corp.(a)		8,740		2,083,441
Globus Medical Inc., Class A(a)		3,279		171,721
Haemonetics Corp.(a)		2,100		253,533
Hill-Rom Holdings Inc.		2,816		294,807
Hologic Inc.(a)		11,353		548,464
ICU Medical Inc.(a)		811		131,066
IDEXX Laboratories Inc.(a)		3,637		1,036,581
Insulet Corp.(a)(b)		2,543		369,549
Integra LifeSciences Holdings Corp.(a)		2,978		172,903
Intuitive Surgical Inc.(a)		4,843		2,677,937
LivaNova PLC(a)		2,012		142,309
Masimo Corp.(a)		2,063		300,765
Medtronic PLC		56,497		6,152,523
Neogen Corp.(a)		2,150		139,879
NuVasive Inc.(a)		2,119		149,474
Penumbra Inc.(a)(b)		1,363		212,587
ResMed Inc.		6,024		891,070
Steris PLC		3,574		505,971
Stryker Corp.		13,484		2,916,185
Teleflex Inc.		1,947		676,407
Varian Medical Systems Inc.(a)		3,803		459,440
West Pharmaceutical Services Inc.		3,139		451,514
Zimmer Biomet Holdings Inc.		8,685		1,200,528
				41,963,679
Health Care Providers & Services — 2.5%
Acadia Healthcare Co. Inc.(a)(b)		3,762		112,822
Amedisys Inc.(a)		1,358		174,530
AmerisourceBergen Corp.		6,377		544,468
Anthem Inc.		10,795		2,904,719
Cardinal Health Inc.		12,605		623,317
Centene Corp.(a)(b)		17,357		921,310
Chemed Corp.		680		267,859
Cigna Corp.(a)		15,932		2,843,225

Security	Shares		Value
Health Care Providers & Services (continued)
Covetrus Inc.(a)		3,987	$	39,531
CVS Health Corp.		54,836		3,640,562
DaVita Inc.(a)(b)		4,087		239,498
Encompass Health Corp.		4,087		261,650
Guardant Health Inc.(a)		1,688		117,316
HCA Healthcare Inc.		11,225		1,498,986
HealthEquity Inc.(a)		2,930		166,395
Henry Schein Inc.(a)		6,350		397,415
Humana Inc.		5,685		1,672,527
Laboratory Corp. of America Holdings(a)		4,140		682,148
McKesson Corp.		7,804		1,037,932
MEDNAX Inc.(a)		3,322		72,951
Molina Healthcare Inc.(a)		2,556		300,688
Premier Inc., Class A(a)(b)		2,671		87,021
Quest Diagnostics Inc.		5,665		573,581
Tenet Healthcare Corp.(a)		4,366		110,634
UnitedHealth Group Inc.		39,896		10,081,719
Universal Health Services Inc., Class B		3,399		467,227
WellCare Health Plans Inc.(a)		2,118		628,199
				30,468,230
Health Care Technology — 0.2%
Cerner Corp.		13,438		901,959
Teladoc Health Inc.(a)(b)		3,074		235,468
Veeva Systems Inc., Class A(a)		5,490		778,647
				1,916,074
Hotels, Restaurants & Leisure — 2.0%
Aramark		10,377		454,098
Boyd Gaming Corp.		3,345		91,151
Caesars Entertainment Corp.(a)		23,456		288,040
Carnival Corp.		16,959		727,372
Cheesecake Factory Inc. (The)		1,754		73,300
Chipotle Mexican Grill Inc.(a)		1,076		837,300
Choice Hotels International Inc.		1,305		115,466
Churchill Downs Inc.		1,464		190,305
Cracker Barrel Old Country Store Inc.		994		154,567
Darden Restaurants Inc.		5,201		583,916
Domino’s Pizza Inc.		1,720		467,186
Dunkin’ Brands Group Inc.		3,415		268,487
Extended Stay America Inc.		7,914		112,458
Hilton Grand Vacations Inc.(a)		3,699		128,466
Hilton Worldwide Holdings Inc.		12,107		1,173,895
Hyatt Hotels Corp., Class A		1,634		122,125
Las Vegas Sands Corp.		14,295		884,003
Marriott International Inc./MD, Class A		11,537		1,460,007
Marriott Vacations Worldwide Corp.		1,598		175,668
McDonald’s Corp.		31,979		6,290,269
MGM Resorts International		22,007		627,200
Norwegian Cruise Line Holdings Ltd.(a)		9,109		462,373
Planet Fitness Inc., Class A(a)(b)		3,498		222,683
Royal Caribbean Cruises Ltd.		7,283		792,609
Six Flags Entertainment Corp.		3,311		139,691
Starbucks Corp.		50,448		4,265,883
Texas Roadhouse Inc.		2,730		154,245
Vail Resorts Inc.		1,711		397,585
Wendy’s Co. (The)		7,777		164,717
Wyndham Destinations Inc.		3,839		178,168
Wyndham Hotels & Resorts Inc.		4,096		221,061
Wynn Resorts Ltd.		4,051		491,548

SCHEDULE OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Yum! Brands Inc.		12,836	$	1,305,550
				24,021,392
Household Durables — 0.4%
DR Horton Inc.		14,115		739,202
Garmin Ltd.		6,098		571,687
Helen of Troy Ltd.(a)		1,095		163,987
Leggett & Platt Inc.		5,423		278,200
Lennar Corp., Class A		12,011		715,856
Lennar Corp., Class B		684		32,162
Mohawk Industries Inc.(a)		2,499		358,307
Newell Brands Inc.		16,341		309,989
NVR Inc.(a)		145		527,306
PulteGroup Inc.		10,924		428,658
Tempur Sealy International Inc.(a)		2,019		183,628
Toll Brothers Inc.		5,611		223,149
Whirlpool Corp.		2,692		409,507
				4,941,638
Household Products — 1.6%
Church & Dwight Co. Inc.		10,427		729,264
Clorox Co. (The)		5,307		783,791
Colgate-Palmolive Co.		36,215		2,484,349
Energizer Holdings Inc.		2,580		109,624
Kimberly-Clark Corp.		14,462		1,921,711
Procter & Gamble Co. (The)		105,358		13,118,125
Spectrum Brands Holdings Inc.		1,949		97,859
				19,244,723
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp./VA		27,657		471,552
NRG Energy Inc.		10,678		428,401
Vistra Energy Corp.		19,091		516,030
				1,415,983
Industrial Conglomerates — 1.2%
3M Co.		24,247		4,000,512
Carlisle Companies Inc.		2,372		361,184
General Electric Co.		324,021		3,233,730
Honeywell International Inc.		30,307		5,234,928
Roper Technologies Inc.		4,386		1,477,907
				14,308,261
Insurance — 2.7%
Aflac Inc.		31,245		1,660,984
Alleghany Corp.(a)		612		476,313
Allstate Corp. (The)		13,896		1,478,812
American Financial Group Inc./OH		3,034		315,657
American International Group Inc.		36,544		1,935,370
Aon PLC		9,957		1,923,294
Arch Capital Group Ltd.(a)		16,985		709,294
Arthur J Gallagher & Co.		7,851		716,168
Assurant Inc.		2,591		326,647
Assured Guaranty Ltd.		4,166		195,469
Athene Holding Ltd., Class A(a)(b)		5,213		225,984
Axis Capital Holdings Ltd.		3,458		205,509
Brighthouse Financial Inc.(a)		4,702		177,548
Brown & Brown Inc.		9,966		375,519
Chubb Ltd.		19,152		2,919,148
Cincinnati Financial Corp.		6,438		728,846
CNA Financial Corp.		1,124		50,400
CNO Financial Group Inc.		6,932		108,486
Enstar Group Ltd.(a)		623		125,161
Erie Indemnity Co., Class A, NVS		779		143,546

Security	Shares		Value
Insurance (continued)
Everest Re Group Ltd.		1,736	$	446,308
Fidelity National Financial Inc.		11,578		530,736
First American Financial Corp.		4,690		289,748
Genworth Financial Inc., Class A(a)		20,691		88,557
Globe Life Inc.(b)		4,290		417,546
Hanover Insurance Group Inc. (The)		1,675		220,614
Hartford Financial Services Group Inc. (The)		15,191		867,102
Kemper Corp.		2,688		193,213
Lincoln National Corp.		8,389		473,811
Loews Corp.		10,976		537,824
Markel Corp.(a)		578		676,838
Marsh & McLennan Companies Inc.		21,375		2,214,877
Mercury General Corp.		1,122		53,923
MetLife Inc.		33,603		1,572,284
Old Republic International Corp.		11,775		263,053
Primerica Inc.		1,795		226,493
Principal Financial Group Inc.		10,963		585,205
ProAssurance Corp.		2,408		94,442
Progressive Corp. (The)		24,708		1,722,148
Prudential Financial Inc.		16,963		1,546,008
Reinsurance Group of America Inc.		2,612		424,372
RenaissanceRe Holdings Ltd.		1,855		347,219
RLI Corp.		1,724		167,780
Selective Insurance Group Inc.		2,505		173,146
Travelers Companies Inc. (The)		11,001		1,441,791
Unum Group		8,653		238,304
White Mountains Insurance Group Ltd.		125		133,875
Willis Towers Watson PLC		5,479		1,024,025
WR Berkley Corp.		6,153		430,095
				32,199,492
Interactive Media & Services — 4.5%
Alphabet Inc., Class A(a)		12,610		15,873,468
Alphabet Inc., Class C, NVS(a)		12,722		16,031,119
ANGI Homeservices Inc., Class A(a)(b)		3,122		21,386
Cargurus Inc.(a)		2,991		100,468
Facebook Inc., Class A(a)		101,278		19,409,929
IAC/InterActiveCorp.(a)		3,048		692,658
Match Group Inc.(b)		2,310		168,607
Pinterest Inc., Class A(a)		3,651		91,786
Snap Inc., Class A, NVS(a)(b)		31,781		478,622
TripAdvisor Inc.(a)(b)		4,410		178,164
Twitter Inc.(a)		32,625		977,771
Yelp Inc.(a)		2,728		94,143
Zillow Group Inc., Class A(a)		1,456		47,160
Zillow Group Inc., Class C, NVS(a)(b)		5,378		175,161
				54,340,442
Internet & Direct Marketing Retail — 3.1%
Amazon.com Inc.(a)		17,493		31,079,113
Booking Holdings Inc.(a)		1,793		3,673,445
eBay Inc.		33,276		1,172,979
Etsy Inc.(a)		5,119		227,744
Expedia Group Inc.		5,907		807,251
GrubHub Inc.(a)(b)		3,771		128,440
Qurate Retail Inc., Series A(a)(b)		16,794		160,215
Wayfair Inc., Class A(a)		2,692		221,363
				37,470,550
IT Services — 5.3%
Accenture PLC, Class A		26,842		4,977,044
Akamai Technologies Inc.(a)		6,922		598,753

16 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Alliance Data Systems Corp.		1,729	$	172,900
Amdocs Ltd.		5,735		373,922
Automatic Data Processing Inc.		18,303		2,969,296
Black Knight Inc.(a)		6,313		405,295
Booz Allen Hamilton Holding Corp.		5,971		420,179
Broadridge Financial Solutions Inc.		4,823		603,936
CACI International Inc., Class A(a)		1,045		233,819
Cognizant Technology Solutions Corp., Class A		23,310		1,420,511
CoreLogic Inc.(a)		3,289		133,172
DXC Technology Co.		10,895		301,465
EPAM Systems Inc.(a)		2,315		407,347
Euronet Worldwide Inc.(a)		2,300		322,161
Fidelity National Information Services Inc.		25,873		3,409,026
Fiserv Inc.(a)		24,029		2,550,438
FleetCor Technologies Inc.(a)		3,650		1,073,903
Gartner Inc.(a)		3,817		588,123
Genpact Ltd.		6,363		249,239
Global Payments Inc.		12,664		2,142,496
GoDaddy Inc., Class A(a)		7,379		479,856
International Business Machines Corp.		37,318		4,990,536
Jack Henry & Associates Inc.		3,222		456,106
KBR Inc.		5,777		162,680
Leidos Holdings Inc.		5,706		492,028
LiveRamp Holdings Inc.(a)		2,865		111,993
Mastercard Inc., Class A		37,585		10,403,904
MAXIMUS Inc.		2,649		203,284
MongoDB Inc.(a)(b)		1,463		186,928
Okta Inc.(a)(b)		4,499		490,706
Paychex Inc.		13,508		1,129,809
PayPal Holdings Inc.(a)		49,562		5,159,404
Perspecta Inc.		5,892		156,374
Sabre Corp.		11,405		267,789
Science Applications International Corp.		2,119		175,072
Square Inc., Class A(a)		14,461		888,339
Twilio Inc., Class A(a)		5,130		495,353
VeriSign Inc.(a)		4,377		831,718
Visa Inc., Class A		72,704		13,003,837
Western Union Co. (The)		17,891		448,348
WEX Inc.(a)		1,842		348,470
				64,235,559
Leisure Products — 0.1%
Brunswick Corp./DE		3,683		214,498
Hasbro Inc.		4,953		481,977
Mattel Inc.(a)(b)		14,634		174,730
Polaris Inc.		2,436		240,311
				1,111,516
Life Sciences Tools & Services — 1.0%
Agilent Technologies Inc.		13,061		989,371
Avantor Inc.(a)(b)		9,365		133,077
Bio-Rad Laboratories Inc., Class A(a)		907		300,779
Bio-Techne Corp.		1,622		337,652
Bruker Corp.		4,446		197,847
Charles River Laboratories International Inc.(a)		2,071		269,189
Illumina Inc.(a)		6,178		1,825,722
IQVIA Holdings Inc.(a)		7,689		1,110,445
Mettler-Toledo International Inc.(a)		1,030		726,088
PerkinElmer Inc.		4,703		404,270
PRA Health Sciences Inc.(a)		2,651		259,029
Syneos Health Inc.(a)		2,566		128,685

Security	Shares		Value
Life Sciences Tools & Services (continued)
Thermo Fisher Scientific Inc.		16,870	$	5,094,403
Waters Corp.(a)		2,817		596,133
				12,372,690
Machinery — 1.8%
AGCO Corp.		2,656		203,689
Allison Transmission Holdings Inc.		5,000		218,050
Barnes Group Inc.		2,089		122,102
Caterpillar Inc.		23,729		3,269,856
Colfax Corp.(a)		3,526		118,474
Crane Co.		2,116		161,916
Cummins Inc.		6,660		1,148,717
Deere & Co.		13,286		2,313,624
Donaldson Co. Inc.		5,350		282,159
Dover Corp.		6,156		639,547
Flowserve Corp.		5,597		273,358
Fortive Corp.		12,371		853,599
Gardner Denver Holdings Inc.(a)(b)		5,670		180,476
Gates Industrial Corp. PLC(a)(b)		1,919		19,190
Graco Inc.		7,100		320,920
Hillenbrand Inc.		2,656		81,778
IDEX Corp.		3,193		496,607
Illinois Tool Works Inc.		12,418		2,093,426
Ingersoll-Rand PLC		10,214		1,296,055
ITT Inc.		3,626		215,566
Kennametal Inc.		3,350		103,683
Lincoln Electric Holdings Inc.		2,571		230,285
Middleby Corp. (The)(a)		2,351		284,353
Navistar International Corp.(a)		2,697		84,362
Nordson Corp.		2,173		340,748
Oshkosh Corp.		2,821		240,857
PACCAR Inc.		14,519		1,104,315
Parker-Hannifin Corp.		5,433		996,901
Pentair PLC		7,093		294,147
Snap-on Inc.		2,317		376,906
Stanley Black & Decker Inc.		6,421		971,690
Terex Corp.		2,683		73,917
Timken Co. (The)		2,777		136,073
Toro Co. (The)		4,460		344,000
Trinity Industries Inc.		4,317		85,390
WABCO Holdings Inc.(a)		2,187		294,414
Wabtec Corp.		7,676		532,484
Welbilt Inc.(a)(b)		5,877		111,428
Woodward Inc.		2,349		250,544
Xylem Inc./NY		7,567		580,313
				21,745,919
Marine — 0.0%
Kirby Corp.(a)		2,528		200,116
Media — 1.6%
Altice USA Inc., Class A(a)		13,038		403,526
AMC Networks Inc., Class A(a)(b)		1,919		83,573
Cable One Inc.		209		277,002
CBS Corp., Class B, NVS		13,811		497,748
Charter Communications Inc., Class A(a)(b)		6,821		3,191,273
Comcast Corp., Class A		190,942		8,558,020
Discovery Inc., Class A(a)(b)		6,512		175,531
Discovery Inc., Class C, NVS(a)(b)		14,644		369,615
DISH Network Corp., Class A(a)		10,195		350,504
Fox Corp., Class A, NVS		14,812		474,577
Fox Corp., Class B(a)		6,804		212,557

SCHEDULE OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Interpublic Group of Companies Inc. (The)		16,180	$	351,915
John Wiley & Sons Inc., Class A		1,814		83,571
Liberty Broadband Corp., Class A(a)		1,079		127,311
Liberty Broadband Corp., Class C, NVS(a)		6,424		758,482
Liberty Global PLC, Class A(a)(b)		6,886		173,183
Liberty Global PLC, Class C, NVS(a)(b)		17,367		414,550
Liberty Latin America Ltd., Class A(a)(b)		1,700		31,773
Liberty Latin America Ltd., Class C, NVS(a)		4,619		85,036
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		3,519		158,038
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)(b)		6,406		289,487
Meredith Corp.		1,711		64,505
New York Times Co. (The), Class A		6,245		192,971
News Corp., Class A, NVS		16,313		223,651
News Corp., Class B		4,924		69,527
Nexstar Media Group Inc., Class A		1,898		184,656
Omnicom Group Inc.		9,092		701,812
Sinclair Broadcast Group Inc., Class A		2,752		109,640
Sirius XM Holdings Inc.		58,220		391,238
TEGNA Inc.		8,935		134,293
				19,139,565
Metals & Mining — 0.3%
Alcoa Corp.(a)(b)		7,721		160,520
Allegheny Technologies Inc.(a)		5,183		108,895
Carpenter Technology Corp.		1,947		95,442
Commercial Metals Co.		4,861		93,963
Freeport-McMoRan Inc.		21,276		208,930
Newmont Goldcorp Corp.		34,602		1,374,737
Nucor Corp.		12,828		690,788
Reliance Steel & Aluminum Co.		2,817		326,885
Royal Gold Inc.		2,792		322,309
Steel Dynamics Inc.		9,259		281,103
U.S. Steel Corp.		7,346		84,552
Worthington Industries Inc.		1,636		60,221
				3,808,345
Mortgage Real Estate Investment — 0.2%
AGNC Investment Corp.		22,905		390,530
Annaly Capital Management Inc.		61,586		553,042
Blackstone Mortgage Trust Inc., Class A		5,714		207,418
Chimera Investment Corp.		7,768		157,380
Invesco Mortgage Capital Inc.		6,219		97,887
MFA Financial Inc.		18,772		142,480
New Residential Investment Corp.		17,188		272,258
Starwood Property Trust Inc.		11,957		294,142
Two Harbors Investment Corp.		11,343		157,327
				2,272,464
Multi-Utilities — 1.1%
Ameren Corp.		10,422		809,789
Avista Corp.		2,813		135,108
Black Hills Corp.		2,577		203,145
CenterPoint Energy Inc.		21,193		616,081
CMS Energy Corp.		12,018		768,191
Consolidated Edison Inc.		14,018		1,292,740
Dominion Energy Inc.		34,539		2,851,195
DTE Energy Co.		7,701		980,491
MDU Resources Group Inc.		8,594		248,281
NiSource Inc.		15,652		438,882
NorthWestern Corp.		2,056		149,101
Public Service Enterprise Group Inc.		21,330		1,350,402
Sempra Energy		11,596		1,675,738

Security	Shares		Value
Multi-Utilities (continued)
WEC Energy Group Inc.		13,256	$	1,251,366
				12,770,510
Multiline Retail — 0.5%
Dollar General Corp.		10,848		1,739,368
Dollar Tree Inc.(a)		10,003		1,104,331
Kohl’s Corp.		6,663		341,546
Macy’s Inc.		12,777		193,699
Nordstrom Inc.		4,421		158,714
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		2,331		148,904
Target Corp.		21,540		2,302,842
				5,989,404
Oil, Gas & Consumable Fuels — 3.6%
Apache Corp.		15,782		341,838
Cabot Oil & Gas Corp.		17,790		331,606
Cheniere Energy Inc.(a)		9,862		607,006
Chesapeake Energy Corp.(a)(b)		51,725		69,311
Chevron Corp.		79,921		9,282,025
Cimarex Energy Co.		4,266		180,111
Concho Resources Inc.		8,398		567,033
ConocoPhillips		46,652		2,575,190
Continental Resources Inc./OK(a)(b)		3,550		104,618
CVR Energy Inc.		1,230		58,327
Delek U.S. Holdings Inc.		3,189		127,401
Devon Energy Corp.		16,929		343,320
Diamondback Energy Inc.		6,881		590,115
EOG Resources Inc.		24,385		1,690,124
EQT Corp.		1,999		21,469
Equitrans Midstream Corp.		8,792		122,385
Exxon Mobil Corp.		178,125		12,035,906
Hess Corp.		10,923		718,187
HollyFrontier Corp.		6,388		350,957
Kinder Morgan Inc./DE		81,805		1,634,464
Marathon Oil Corp.		33,481		386,036
Marathon Petroleum Corp.		27,748		1,774,485
Matador Resources Co.(a)		4,285		59,604
Murphy Oil Corp.		6,391		131,846
Noble Energy Inc.		20,019		385,566
Occidental Petroleum Corp.		37,778		1,530,009
ONEOK Inc.		17,371		1,213,017
Parsley Energy Inc., Class A		12,113		191,507
PBF Energy Inc., Class A		4,301		138,836
Peabody Energy Corp.		3,518		37,045
Phillips 66		18,919		2,210,118
Pioneer Natural Resources Co.		7,054		867,783
Targa Resources Corp.		9,870		383,746
Valero Energy Corp.		17,490		1,696,180
Williams Companies Inc. (The)		50,898		1,135,534
World Fuel Services Corp.		2,812		117,457
WPX Energy Inc.(a)(b)		17,827		177,913
				44,188,075
Paper & Forest Products — 0.0%
Domtar Corp.		2,620		95,342
Louisiana-Pacific Corp.		5,169		151,090
				246,432
Personal Products — 0.2%
Coty Inc., Class A		12,583		147,095
Estee Lauder Companies Inc. (The), Class A		9,342		1,740,135
Herbalife Nutrition Ltd.(a)(b)		3,922		175,196

18 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Personal Products (continued)
Nu Skin Enterprises Inc., Class A		2,309	$	102,935
				2,165,361
Pharmaceuticals — 4.0%
Allergan PLC		13,842		2,437,715
Bristol-Myers Squibb Co.		68,959		3,956,178
Catalent Inc.(a)		6,240		303,576
Elanco Animal Health Inc.(a)(b)		15,726		424,917
Eli Lilly & Co.		35,810		4,080,549
Horizon Therapeutics PLC(a)		8,055		232,870
Jazz Pharmaceuticals PLC(a)		2,388		300,004
Johnson & Johnson		111,106		14,670,436
Merck & Co. Inc.		107,789		9,340,995
Mylan NV(a)		21,679		415,153
Nektar Therapeutics(a)(b)		7,165		122,701
Perrigo Co. PLC		5,742		304,441
Pfizer Inc.		232,851		8,934,493
Zoetis Inc.		20,157		2,578,483
				48,102,511
Professional Services — 0.5%
ASGN Inc.(a)		2,173		138,181
CoStar Group Inc.(a)		1,549		851,206
Equifax Inc.		5,081		694,624
FTI Consulting Inc.(a)		1,576		171,579
IHS Markit Ltd.(a)		16,929		1,185,369
Insperity Inc.		1,696		179,148
Korn Ferry		2,354		86,368
ManpowerGroup Inc.		2,569		233,573
Nielsen Holdings PLC		15,301		308,468
Robert Half International Inc.		5,010		286,923
TransUnion		7,961		657,738
TriNet Group Inc.(a)		1,814		96,124
Verisk Analytics Inc.		6,907		999,443
				5,888,744
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)(b)		14,195		760,143
Howard Hughes Corp. (The)(a)		1,821		203,624
Jones Lang LaSalle Inc.		2,177		318,974
				1,282,741
Road & Rail — 1.0%
AMERCO		348		140,954
Avis Budget Group Inc.(a)		2,612		77,602
CSX Corp.		33,684		2,366,975
Genesee & Wyoming Inc., Class A(a)		2,362		262,253
JB Hunt Transport Services Inc.		3,561		418,631
Kansas City Southern		4,250		598,315
Knight-Swift Transportation Holdings Inc.(b)		5,310		193,603
Landstar System Inc.		1,690		191,223
Lyft Inc., Class A(a)		8,392		347,764
Norfolk Southern Corp.		11,115		2,022,930
Old Dominion Freight Line Inc.		2,686		489,067
Ryder System Inc.		2,327		113,162
Uber Technologies Inc.(a)(b)		8,610		271,215
Union Pacific Corp.		29,678		4,910,522
				12,404,216
Semiconductors & Semiconductor Equipment — 3.9%
Advanced Micro Devices Inc.(a)		45,816		1,554,537
Analog Devices Inc.		15,573		1,660,549
Applied Materials Inc.		38,966		2,114,295
Broadcom Inc.		16,770		4,911,094

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Cirrus Logic Inc.(a)		2,400	$	163,104
Cree Inc.(a)		4,635		221,229
Cypress Semiconductor Corp.		15,469		359,964
Entegris Inc.		5,610		269,280
First Solar Inc.(a)(b)		3,129		162,051
Intel Corp.		186,498		10,542,732
KLA Corp.		6,721		1,136,118
Lam Research Corp.		6,100		1,653,344
Marvell Technology Group Ltd.		27,898		680,432
Maxim Integrated Products Inc.		11,411		669,369
Microchip Technology Inc.		10,019		944,691
Micron Technology Inc.(a)		46,386		2,205,654
MKS Instruments Inc.		2,330		252,153
Monolithic Power Systems Inc.		1,731		259,512
NVIDIA Corp.		25,651		5,156,364
ON Semiconductor Corp.(a)		17,443		355,837
Qorvo Inc.(a)		4,971		401,955
QUALCOMM Inc.		51,233		4,121,183
Semtech Corp.(a)		2,928		147,747
Silicon Laboratories Inc.(a)		1,813		192,613
Skyworks Solutions Inc.		7,275		662,461
Teradyne Inc.		7,091		434,111
Texas Instruments Inc.		39,335		4,641,137
Universal Display Corp.		1,800		360,324
Xilinx Inc.		10,614		963,114
				47,196,954
Software — 7.0%
ACI Worldwide Inc.(a)		4,868		152,807
Adobe Inc.(a)		20,445		5,682,279
Alteryx Inc., Class A(a)(b)		1,966		179,889
Anaplan Inc.(a)(b)		3,543		167,230
ANSYS Inc.(a)(b)		3,542		779,771
Aspen Technology Inc.(a)		2,865		329,790
Autodesk Inc.(a)		9,280		1,367,501
Avalara Inc.(a)		2,772		196,812
Blackbaud Inc.		2,150		180,493
Cadence Design Systems Inc.(a)		11,847		774,201
CDK Global Inc.		5,222		263,920
CERENCE Inc.(a)(b)		1,482		22,971
Ceridian HCM Holding Inc.(a)(b)		3,762		181,516
Citrix Systems Inc.		5,233		569,664
CommVault Systems Inc.(a)		1,815		90,151
Coupa Software Inc.(a)		2,607		358,436
DocuSign Inc.(a)		5,208		344,718
Dropbox Inc., Class A(a)		9,030		178,975
Elastic NV(a)		1,324		95,341
Fair Isaac Corp.(a)		1,209		367,584
FireEye Inc.(a)		9,443		149,577
Fortinet Inc.(a)		5,976		487,403
Guidewire Software Inc.(a)(b)		3,419		385,458
HubSpot Inc.(a)		1,678		260,258
Intuit Inc.		10,935		2,815,762
j2 Global Inc.		1,938		184,032
LogMeIn Inc.		2,009		131,951
Manhattan Associates Inc.(a)		2,656		199,067
Microsoft Corp.		321,443		46,085,283
New Relic Inc.(a)		2,183		139,843
NortonLifeLock Inc.		23,998		549,074
Nuance Communications Inc.(a)(b)		11,858		193,523
Nutanix Inc., Class A(a)		6,258		182,859

SCHEDULE OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Oracle Corp.		92,742	$	5,053,512
Palo Alto Networks Inc.(a)		4,043		919,338
Paycom Software Inc.(a)		2,066		437,021
Paylocity Holding Corp.(a)(b)		1,501		154,003
Pegasystems Inc.(b)		1,690		127,105
Pluralsight Inc., Class A(a)(b)		3,461		62,575
Proofpoint Inc.(a)(b)		2,374		273,888
PTC Inc.(a)		4,455		298,084
RealPage Inc.(a)(b)		3,359		203,387
RingCentral Inc., Class A(a)(b)		3,000		484,560
salesforce.com Inc.(a)		36,934		5,779,802
ServiceNow Inc.(a)(b)		7,917		1,957,557
Smartsheet Inc., Class A(a)		3,690		145,386
SolarWinds Corp.(a)		2,749		52,094
Splunk Inc.(a)		6,309		756,828
SS&C Technologies Holdings Inc.		9,363		486,970
Synopsys Inc.(a)		6,325		858,619
Teradata Corp.(a)		4,869		145,729
Trade Desk Inc. (The), Class A(a)(b)		1,649		331,119
Tyler Technologies Inc.(a)		1,647		442,252
Verint Systems Inc.(a)		2,666		121,010
VMware Inc., Class A		3,318		525,140
Workday Inc., Class A(a)		6,826		1,106,904
Zendesk Inc.(a)		4,659		329,158
Zoom Video Communications Inc., Class A(a)(b)		1,018		71,148
Zscaler Inc.(a)(b)		2,705		118,966
				85,290,294
Specialty Retail — 2.3%
Aaron’s Inc.		2,937		220,069
Advance Auto Parts Inc.		2,985		485,003
American Eagle Outfitters Inc.		6,996		107,599
AutoNation Inc.(a)		2,452		124,684
AutoZone Inc.(a)		1,030		1,178,711
Best Buy Co. Inc.		9,718		698,044
Burlington Stores Inc.(a)		2,811		540,190
CarMax Inc.(a)		6,947		647,252
Carvana Co.(a)(b)		2,101		170,349
Dick’s Sporting Goods Inc.		2,828		110,094
Five Below Inc.(a)		2,356		294,759
Floor & Decor Holdings Inc., Class A(a)		2,901		132,953
Foot Locker Inc.		4,729		205,759
Gap Inc. (The)		8,935		145,283
Home Depot Inc. (The)		46,105		10,815,311
L Brands Inc.		10,127		172,564
Lithia Motors Inc., Class A		980		154,330
Lowe’s Companies Inc.		32,543		3,632,124
Murphy USA Inc.(a)		1,240		146,233
National Vision Holdings Inc.(a)(b)		3,309		78,754
O’Reilly Automotive Inc.(a)		3,229		1,406,262
Penske Automotive Group Inc.		1,515		73,811
Ross Stores Inc.		15,389		1,687,712
Tiffany & Co.		4,620		575,236
TJX Companies Inc. (The)		51,011		2,940,784
Tractor Supply Co.		5,062		480,991
Ulta Salon Cosmetics & Fragrance Inc.(a)		2,484		579,145
Urban Outfitters Inc.(a)(b)		3,145		90,262
Williams-Sonoma Inc.		3,333		222,611
				28,116,879

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 4.1%
Apple Inc.		178,838	$	44,487,741
Dell Technologies Inc., Class C(a)		6,515		344,578
Hewlett Packard Enterprise Co.		55,104		904,257
HP Inc.		62,546		1,086,424
NCR Corp.(a)		5,250		153,352
NetApp Inc.		10,042		561,147
Pure Storage Inc., Class A(a)(b)		9,400		182,924
Seagate Technology PLC		9,992		579,836
Western Digital Corp.		12,493		645,263
Xerox Holdings Corp.(a)		8,235		279,414
				49,224,936
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)		6,359		197,574
Carter’s Inc.		1,834		183,840
Columbia Sportswear Co.		1,243		112,429
Deckers Outdoor Corp.(a)		1,241		189,749
Hanesbrands Inc.		15,011		228,317
Levi Strauss & Co., Class A		1,780		31,720
Lululemon Athletica Inc.(a)		4,771		974,572
NIKE Inc., Class B		52,742		4,723,046
PVH Corp.		3,198		278,738
Ralph Lauren Corp.		2,182		209,603
Skechers U.S.A. Inc., Class A(a)		5,680		212,262
Steven Madden Ltd.		3,287		135,359
Tapestry Inc.		12,164		314,561
Under Armour Inc., Class A(a)(b)		7,928		163,713
Under Armour Inc., Class C, NVS(a)(b)		8,177		151,275
VF Corp.		13,728		1,129,677
Wolverine World Wide Inc.		3,468		102,930
				9,339,365
Thrifts & Mortgage Finance — 0.1%
Capitol Federal Financial Inc.		6,213		88,659
Essent Group Ltd.		4,066		211,798
LendingTree Inc.(a)		323		116,232
MGIC Investment Corp.		15,200		208,392
New York Community Bancorp. Inc.		19,462		226,732
Radian Group Inc.		8,356		209,736
TFS Financial Corp.		2,203		42,430
Washington Federal Inc.		3,285		119,771
				1,223,750
Tobacco — 0.7%
Altria Group Inc.		78,749		3,527,168
Philip Morris International Inc.		65,530		5,336,763
				8,863,931
Trading Companies & Distributors — 0.3%
Air Lease Corp.		4,379		192,589
Applied Industrial Technologies Inc.		1,689		101,070
Beacon Roofing Supply Inc.(a)		2,719		84,398
Fastenal Co.		24,300		873,342
GATX Corp.		1,507		119,882
HD Supply Holdings Inc.(a)		7,076		279,785
MSC Industrial Direct Co. Inc., Class A		1,921		140,636
SiteOne Landscape Supply Inc.(a)(b)		1,683		148,205
United Rentals Inc.(a)		3,225		430,763
Univar Solutions Inc.(a)		6,108		131,078
Watsco Inc.		1,401		246,996
WESCO International Inc.(a)(b)		1,719		86,208
WW Grainger Inc.		1,879		580,310
				3,415,262

20 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		3,179	$	137,142
Water Utilities — 0.1%
American Water Works Co. Inc.		7,609		937,961
Aqua America Inc.		9,132		413,954
				1,351,915
Wireless Telecommunication Services — 0.1%
Sprint Corp.(a)(b)		25,911		160,907
Telephone & Data Systems Inc.		3,926		102,429
T-Mobile U.S. Inc.(a)		13,296		1,099,048
U.S. Cellular Corp.(a)		658		24,491
				1,386,875
Total Common Stocks — 99.8% (Cost: $714,485,238)				1,210,281,470
Short-Term Investments
Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.00%(c)(d)(e)		22,435,653		22,446,870

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.74%(c)(d)		1,305,000	$	1,305,000
				23,751,870
Total Short-Term Investments — 2.0% (Cost: $23,746,149)				23,751,870
Total Investments in Securities — 101.8% (Cost: $738,231,387)				1,234,033,340
Other Assets, Less Liabilities — (1.8)%				(21,623,672	)
Net Assets — 100.0%			$	1,212,409,668

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

^(d) Annualized7-day yield as ofperiod-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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Shares Purchased		Shares Sold		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	14,480,981	7,954,672	(b)	—		22,435,653	$	22,446,870	$	43,174	(c)	$	1,032		$	758
BlackRock Cash Funds: Treasury, SL Agency Shares	2,183,402	—		(878,402	)(b)	1,305,000		1,305,000		19,932			—			—
BlackRock Inc.	5,366	31		(467	)	4,930		2,276,181		34,294			63,580			(192,870	)
							$	26,028,051	$	97,400		$	64,612		$	(192,112	)

^(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 500E-Mini Index		12		12/20/19	$	1,821	$	50,382

SCHEDULE OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Dow Jones U.S. ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	50,382

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	93,964
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	50,382

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	607,160

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,210,281,470	$	—	$	—	$	1,210,281,470
Money Market Funds		23,751,870		—		—		23,751,870
	$	1,234,033,340	$	—	$	—	$	1,234,033,340
Derivative financial instruments(a)
Assets
Futures Contracts	$	50,382	$	—	$	—	$	50,382

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

See notes to financial statements.

22 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Transportation Average ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 22.5%
CH Robinson Worldwide Inc.		307,866	$	23,286,984
Expeditors International of Washington Inc.		315,085		22,982,300
FedEx Corp.		289,460		44,188,964
United Parcel Service Inc., Class B		208,948		24,064,541
				114,522,789
Airlines — 20.4%
Alaska Air Group Inc.		322,982		22,424,641
American Airlines Group Inc.		349,821		10,515,619
Delta Air Lines Inc.		333,065		18,345,220
JetBlue Airways Corp.(a)(b)		445,254		8,593,402
Southwest Airlines Co.		349,194		19,600,259
United Airlines Holdings Inc.(a)		266,061		24,168,981
				103,648,122
Marine — 6.8%
Kirby Corp.(a)		294,896		23,343,967
Matson Inc.		299,741		11,444,112
				34,788,079
Road & Rail — 50.2%
Avis Budget Group Inc.(a)		351,564		10,444,966
CSX Corp.		315,892		22,197,731
JB Hunt Transport Services Inc.		289,822		34,071,474
Kansas City Southern		285,598		40,206,487
Landstar System Inc.		282,785		31,997,123
Norfolk Southern Corp.		290,818		52,928,876
Ryder System Inc.		322,272		15,672,087
Union Pacific Corp.		292,517		48,399,863
				255,918,607
Total Common Stocks — 99.9% (Cost: $585,488,294)				508,877,597

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		3,330,776	$	3,332,441
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		1,278,000		1,278,000
				4,610,441
Total Short-Term Investments — 0.9% (Cost: $4,609,902)				4,610,441
Total Investments in Securities — 100.8% (Cost: $590,098,196)				513,488,038
Other Assets, Less Liabilities — (0.8)%				(4,057,545	)
Net Assets — 100.0%			$	509,430,493

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

^(d) Annualized7-day yield as ofperiod-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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	4,292,310	(961,534	)	3,330,776	$	3,332,441	$	11,310	(b)	$	971		$	(294	)
BlackRock Cash Funds: Treasury, SL Agency Shares	306,920	971,080		1,278,000		1,278,000		7,999			—			—
					$	4,610,441	$	19,309		$	971		$	(294	)

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-mini S&P Select Sector Industrial Index		5		12/20/19	$	394	$	1,689

SCHEDULE OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Transportation Average ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
S&P MidCap 400E-Mini Index		1		12/20/19	$	196	$	(973	)
							$	716

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	1,689
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	973

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	68,159
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	716

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	196,367

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

24 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Transportation Average ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	508,877,597		$	—	$	—	$	508,877,597
Money Market Funds		4,610,441			—		—		4,610,441
	$	513,488,038		$	—	$	—	$	513,488,038
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,689		$	—	$	—	$	1,689
Liabilities
Futures Contracts		(973	)		—		—		(973	)
	$	716		$	—	$	—	$	716

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 25

Schedule of Investments  (unaudited) October 31, 2019 iShares^® U.S. Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Electric Utilities — 0.7%
OGE Energy Corp.		99,833	$	4,298,809
Energy Equipment & Services — 9.0%
Apergy Corp.(a)(b)		38,716		974,482
Baker Hughes Co.		323,748		6,928,207
Core Laboratories NV		22,173		976,499
Halliburton Co.		436,858		8,409,516
Helmerich & Payne Inc.		54,553		2,045,737
National Oilwell Varco Inc.		192,460		4,353,445
Patterson-UTI Energy Inc.		101,273		842,591
Schlumberger Ltd.		689,752		22,547,993
TechnipFMC PLC		209,320		4,129,884
Transocean Ltd.(a)(b)		287,470		1,365,483
				52,573,837
Oil, Gas & Consumable Fuels — 89.7%
Apache Corp.		187,510		4,061,467
Cabot Oil & Gas Corp.		208,671		3,889,627
Cheniere Energy Inc.(a)		116,542		7,173,160
Chesapeake Energy Corp.(a)(b)		563,758		755,436
Chevron Corp.		946,819		109,963,559
Cimarex Energy Co.		50,587		2,135,783
Concho Resources Inc.		100,286		6,771,311
ConocoPhillips		553,665		30,562,308
Continental Resources Inc./OK(a)(b)		43,051		1,268,713
CVR Energy Inc.		14,568		690,815
Delek U.S. Holdings Inc.		37,499		1,498,085
Devon Energy Corp.		201,586		4,088,164
Diamondback Energy Inc.		81,312		6,973,317
EOG Resources Inc.		289,443		20,061,294
EQT Corp.		127,169		1,365,795
Equitrans Midstream Corp.		101,568		1,413,827
Exxon Mobil Corp.		2,110,218		142,587,430
Hess Corp.		129,083		8,487,207
HollyFrontier Corp.		75,519		4,149,014
Kinder Morgan Inc./DE		970,973		19,400,041
Marathon Oil Corp.		401,002		4,623,553
Marathon Petroleum Corp.		328,327		20,996,512
Matador Resources Co.(a)(b)		54,817		762,504
Murphy Oil Corp.		76,771		1,583,786
Noble Energy Inc.		238,519		4,593,876

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp.		446,115	$	18,067,657
ONEOK Inc.		205,967		14,382,676
Parsley Energy Inc., Class A		140,172		2,216,119
PBF Energy Inc., Class A		50,710		1,636,919
Phillips 66		223,710		26,133,802
Pioneer Natural Resources Co.		83,363		10,255,316
Targa Resources Corp.		116,096		4,513,812
Valero Energy Corp.		206,681		20,043,923
Williams Companies Inc. (The)		604,486		13,486,083
World Fuel Services Corp.		32,678		1,364,960
WPX Energy Inc.(a)(b)		210,563		2,101,419
				524,059,270
Semiconductors & Semiconductor Equipment — 0.3%
First Solar Inc.(a)(b)		37,839		1,959,682
Total Common Stocks — 99.7% (Cost: $892,110,792)				582,891,598
Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.00%(c)(d)(e)		4,663,276		4,665,608
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.74%(c)(d)		1,221,000		1,221,000
				5,886,608
Total Short-Term Investments — 1.0% (Cost: $5,885,057)				5,886,608
Total Investments in Securities — 100.7% (Cost: $897,995,849)				588,778,206
Other Assets, Less Liabilities — (0.7)%				(4,160,820	)
Net Assets — 100.0%			$	584,617,386

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

^(d) Annualized7-day yield as ofperiod-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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	16,590,950	(11,927,674	)	4,663,276	$	4,665,608	$	17,664	(b)	$	(23	)	$	81
BlackRock Cash Funds: Treasury, SL Agency Shares	1,575,157	(354,157	)	1,221,000		1,221,000		10,353			—			—
					$	5,886,608	$	28,017		$	(23	)	$	81

^(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.

26 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Energy ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount  (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-mini S&P Select Sector Energy Index		27		12/20/19	$	1,568	$	(45,518	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	45,518

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	52,423
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(45,518	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	522,810

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	582,891,598		$	—	$	—	$	582,891,598
Money Market Funds		5,886,608			—		—		5,886,608
	$	588,778,206		$	—	$	—	$	588,778,206
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(45,518	)	$	—	$	—	$	(45,518	)

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 27

Schedule of Investments  (unaudited)  October 31, 2019 iShares^® U.S. Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 18.2%
AbbVie Inc.		791,483	$	62,962,473
ACADIA Pharmaceuticals Inc.(a)(b)		56,665		2,403,163
Agios Pharmaceuticals Inc.(a)(b)		27,538		828,343
Alexion Pharmaceuticals Inc.(a)		120,036		12,651,794
Alkermes PLC(a)		59,552		1,163,051
Allogene Therapeutics Inc.(a)(b)		27,470		791,136
Alnylam Pharmaceuticals Inc.(a)		59,512		5,162,071
Amgen Inc.		321,041		68,461,993
Biogen Inc.(a)		98,741		29,494,924
BioMarin Pharmaceutical Inc.(a)		96,073		7,033,504
Bluebird Bio Inc.(a)(b)		29,644		2,401,164
Blueprint Medicines Corp.(a)		26,390		1,816,688
Celgene Corp.(a)		379,414		40,988,094
Exact Sciences Corp.(a)(b)		69,316		6,030,492
Exelixis Inc.(a)		161,822		2,500,150
FibroGen Inc.(a)(b)		42,026		1,645,318
Gilead Sciences Inc.		677,979		43,194,042
Immunomedics Inc.(a)(b)		91,212		1,459,392
Incyte Corp.(a)		95,558		8,019,227
Intercept Pharmaceuticals Inc.(a)(b)		13,527		984,495
Ionis Pharmaceuticals Inc.(a)		68,370		3,809,576
Medicines Co. (The)(a)(b)		39,644		2,080,914
Moderna Inc.(a)(b)		109,983		1,842,215
Myriad Genetics Inc.(a)(b)		39,812		1,340,470
Neurocrine Biosciences Inc.(a)(b)		49,024		4,877,398
Portola Pharmaceuticals Inc.(a)(b)		37,863		1,094,619
Regeneron Pharmaceuticals Inc.(a)		42,776		13,101,433
Repligen Corp.(a)		24,918		1,980,732
Sage Therapeutics Inc.(a)(b)		27,631		3,748,145
Sarepta Therapeutics Inc.(a)		37,698		3,131,196
Seattle Genetics Inc.(a)		60,512		6,498,989
Ultragenyx Pharmaceutical Inc.(a)(b)		29,083		1,167,392
United Therapeutics Corp.(a)		23,573		2,117,798
Vertex Pharmaceuticals Inc.(a)		137,599		26,897,853
				373,680,244
Health Care Equipment & Supplies — 26.0%
Abbott Laboratories		946,150		79,107,602
ABIOMED Inc.(a)(b)		24,322		5,048,761
Align Technology Inc.(a)		38,909		9,816,352
Avanos Medical Inc.(a)(b)		25,404		1,118,792
Baxter International Inc.		273,320		20,963,644
Becton Dickinson and Co.		144,516		36,996,096
Boston Scientific Corp.(a)		745,710		31,096,107
Cantel Medical Corp.		19,590		1,427,915
Cooper Companies Inc. (The)		26,539		7,722,849
Danaher Corp.		341,789		47,105,360
Dentsply Sirona Inc.		120,012		6,574,257
DexCom Inc.(a)(b)		48,814		7,529,071
Edwards Lifesciences Corp.(a)(b)		111,332		26,539,322
Globus Medical Inc., Class A(a)		40,882		2,140,990
Haemonetics Corp.(a)		27,120		3,274,198
Hill-Rom Holdings Inc.		35,870		3,755,230
Hologic Inc.(a)		143,099		6,913,113
ICU Medical Inc.(a)		10,325		1,668,623
IDEXX Laboratories Inc.(a)		46,086		13,134,971
Insulet Corp.(a)(b)		32,249		4,686,425
Integra LifeSciences Holdings Corp.(a)		38,003		2,206,454
Intuitive Surgical Inc.(a)		61,699		34,116,462

Security	Shares		Value
Health Care Equipment & Supplies (continued)
LivaNova PLC(a)		25,978	$	1,837,424
Masimo Corp.(a)		26,224		3,823,197
Medtronic PLC		718,242		78,216,554
Neogen Corp.(a)		27,988		1,820,899
NuVasive Inc.(a)		27,960		1,972,298
Penumbra Inc.(a)(b)		17,197		2,682,216
ResMed Inc.		76,910		11,376,527
Steris PLC		45,336		6,418,218
Stryker Corp.		171,772		37,149,130
Teleflex Inc.		24,748		8,597,703
Varian Medical Systems Inc.(a)		48,748		5,889,246
West Pharmaceutical Services Inc.		39,479		5,678,659
Zimmer Biomet Holdings Inc.		109,912		15,193,136
				533,597,801
Health Care Providers & Services — 18.1%
Acadia Healthcare Co. Inc.(a)(b)		47,388		1,421,166
Amedisys Inc.(a)		17,284		2,221,340
Anthem Inc.		136,946		36,849,430
Centene Corp.(a)(b)		221,416		11,752,761
Chemed Corp.		8,507		3,350,992
Cigna Corp.(a)		202,146		36,074,975
Covetrus Inc.(a)		11,979		118,772
CVS Health Corp.		696,203		46,220,917
DaVita Inc.(a)(b)		51,686		3,028,800
Encompass Health Corp.		52,681		3,372,638
Guardant Health Inc.(a)(b)		21,475		1,492,513
HCA Healthcare Inc.		142,381		19,013,559
HealthEquity Inc.(a)(b)		37,942		2,154,726
Henry Schein Inc.(a)		79,331		4,964,931
Humana Inc.		72,319		21,276,250
Laboratory Corp. of America Holdings(a)		52,300		8,617,471
McKesson Corp.		98,986		13,165,138
MEDNAX Inc.(a)		45,241		993,492
Molina Healthcare Inc.(a)		33,530		3,944,469
Premier Inc., Class A(a)(b)		34,002		1,107,785
Quest Diagnostics Inc.		72,094		7,299,517
Tenet Healthcare Corp.(a)		55,579		1,408,372
UnitedHealth Group Inc.		507,326		128,201,280
Universal Health Services Inc., Class B		43,486		5,977,586
WellCare Health Plans Inc.(a)		26,934		7,988,624
				372,017,504
Health Care Technology — 0.2%
Teladoc Health Inc.(a)(b)		38,539		2,952,087
Life Sciences Tools & Services — 7.4%
Agilent Technologies Inc.		165,671		12,549,578
Avantor Inc.(a)		119,209		1,693,960
Bio-Rad Laboratories Inc., Class A(a)		11,488		3,809,651
Bio-Techne Corp.		20,379		4,242,296
Bruker Corp.(b)		54,841		2,440,425
Charles River Laboratories International Inc.(a)		26,097		3,392,088
Illumina Inc.(a)		78,694		23,255,651
IQVIA Holdings Inc.(a)		97,529		14,085,138
Mettler-Toledo International Inc.(a)(b)		13,173		9,286,175
PRA Health Sciences Inc.(a)(b)		33,547		3,277,877
Syneos Health Inc.(a)		33,130		1,661,470
Thermo Fisher Scientific Inc.		214,388		64,740,888
Waters Corp.(a)(b)		35,737		7,562,664
				151,997,861

28 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 29.8%
Allergan PLC		175,609	$	30,926,501
Bristol-Myers Squibb Co.		875,685		50,238,048
Catalent Inc.(a)		78,151		3,802,046
Elanco Animal Health Inc.(a)(b)		199,658		5,394,759
Eli Lilly & Co.		454,811		51,825,713
Horizon Therapeutics PLC(a)		99,516		2,877,008
Jazz Pharmaceuticals PLC(a)		30,313		3,808,222
Johnson & Johnson		1,412,839		186,551,262
Merck & Co. Inc.		1,370,657		118,781,136
Mylan NV(a)		276,160		5,288,464
Nektar Therapeutics(a)(b)		93,874		1,607,592
Perrigo Co. PLC		72,731		3,856,198
Pfizer Inc.		2,960,965		113,612,227
Zoetis Inc.		255,654		32,703,260
				611,272,436
Total Common Stocks — 99.7% (Cost: $1,953,412,261)				2,045,517,933
Short-Term Investments
Money Market Funds — 3.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		65,795,689		65,828,587

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		4,387,000	$	4,387,000
				70,215,587
Total Short-Term Investments — 3.4% (Cost: $70,203,274)				70,215,587
Total Investments in Securities — 103.1% (Cost: $2,023,615,535)				2,115,733,520
Other Assets, Less Liabilities — (3.1)%				(64,348,551	)
Net Assets — 100.0%			$	2,051,384,969

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

^(d)  Annualized7-day yield as ofperiod-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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity	Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	39,194,069	26,601,620	65,795,689	$	65,828,587	$	79,199	(b)	$	(119	)	$	4,110
BlackRock Cash Funds: Treasury, SL Agency Shares	3,938,417	448,583	4,387,000		4,387,000		30,010			—			—
				$	70,215,587	$	109,209		$	(119	)	$	4,110

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-mini S&P Select Sector Health Care Index		59		12/20/19	$	5,606	$	204,497

SCHEDULE OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Healthcare ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	204,497

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	43,294
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	204,497

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,868,530

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,045,517,933	$	—	$	—	$	2,045,517,933
Money Market Funds		70,215,587		—		—		70,215,587
	$	2,115,733,520	$	—	$	—	$	2,115,733,520
Derivative financial instruments(a)
Assets
Futures Contracts	$	204,497	$	—	$	—	$	204,497

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

See notes to financial statements.

30 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® U.S. Technology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communications Equipment — 4.8%
Arista Networks Inc.(a)		39,926	$	9,764,702
Ciena Corp.(a)		114,208		4,239,401
Cisco Systems Inc.		3,090,390		146,824,429
CommScope Holding Co. Inc.(a)(b)		146,006		1,635,267
EchoStar Corp., Class A(a)(b)		34,664		1,351,896
F5 Networks Inc.(a)		44,067		6,349,173
InterDigital Inc.		5,679		304,565
Juniper Networks Inc.		253,402		6,289,438
Lumentum Holdings Inc.(a)		57,043		3,574,314
Motorola Solutions Inc.		120,818		20,094,450
NetScout Systems Inc.(a)		4,937		119,574
Ubiquiti Inc.(a)		9,970		1,262,102
ViaSat Inc.(a)		42,602		2,932,722
Viavi Solutions Inc.(a)		165,439		2,640,406
				207,382,439
Diversified Telecommunication Services — 0.5%
CenturyLink Inc.		718,757		9,300,716
GCI Liberty Inc., Class A(a)		70,070		4,903,499
Zayo Group Holdings Inc.(a)		173,474		5,922,402
				20,126,617
Electronic Equipment, Instruments & Components — 0.5%
CDW Corp./DE		105,936		13,550,274
SYNNEX Corp.		30,218		3,557,867
Tech Data Corp.(a)		26,430		3,211,245
				20,319,386
Health Care Technology — 0.7%
Cerner Corp.		232,617		15,613,253
Veeva Systems Inc., Class A(a)		95,150		13,495,124
				29,108,377
Household Durables — 0.2%
Garmin Ltd.		106,069		9,943,969
Interactive Media & Services — 17.5%
Alphabet Inc., Class A(a)		205,932		259,227,202
Alphabet Inc., Class C, NVS(a)(b)		207,759		261,799,194
ANGI Homeservices Inc., Class A(a)(b)		61,619		422,090
Cargurus Inc.(a)		53,420		1,794,378
Facebook Inc., Class A(a)		1,013,309		194,200,670
IAC/InterActiveCorp.(a)		52,920		12,026,070
Match Group Inc.(b)		40,579		2,961,861
Snap Inc., Class A, NVS(a)(b)		559,306		8,423,148
Twitter Inc.(a)		512,606		15,362,802
Zillow Group Inc., Class A(a)(b)		26,960		873,234
Zillow Group Inc., Class C, NVS(a)(b)		92,672		3,018,327
				760,108,976
Internet & Direct Marketing Retail — 0.6%
eBay Inc.		575,154		20,274,179
Etsy Inc.(a)		88,622		3,942,793
GrubHub Inc.(a)(b)		67,339		2,293,566
				26,510,538
IT Services — 5.1%
Akamai Technologies Inc.(a)		120,992		10,465,808
Amdocs Ltd.		99,674		6,498,745
Booz Allen Hamilton Holding Corp.		102,681		7,225,662
CACI International Inc., Class A(a)		18,312		4,097,310
Cognizant Technology Solutions Corp., Class A		402,664		24,538,344
DXC Technology Co.		192,543		5,327,665

Security	Shares		Value
IT Services (continued)
EPAM Systems Inc.(a)(b)		40,196	$	7,072,888
Gartner Inc.(a)		66,136		10,190,235
GoDaddy Inc., Class A(a)		129,996		8,453,640
International Business Machines Corp.		645,049		86,262,403
KBR Inc.		105,078		2,958,996
Leidos Holdings Inc.		99,333		8,565,484
MongoDB Inc.(a)(b)		25,762		3,291,611
Okta Inc.(a)(b)		78,338		8,544,326
Perspecta Inc.		102,472		2,719,607
Science Applications International Corp.		36,323		3,001,006
Twilio Inc., Class A(a)(b)		89,197		8,612,862
VeriSign Inc.(a)(b)		76,206		14,480,664
				222,307,256
Semiconductors & Semiconductor Equipment — 18.7%
Advanced Micro Devices Inc.(a)(b)		791,423		26,852,982
Analog Devices Inc.		269,222		28,707,142
Applied Materials Inc.		672,986		36,516,220
Broadcom Inc.		289,865		84,886,965
Cirrus Logic Inc.(a)		43,273		2,940,833
Cree Inc.(a)		78,913		3,766,518
Cypress Semiconductor Corp.		270,772		6,300,864
Entegris Inc.		99,460		4,774,080
Intel Corp.		3,224,590		182,286,073
KLA Corp.		116,234		19,648,195
Lam Research Corp.		105,332		28,549,185
Marvell Technology Group Ltd.		484,134		11,808,028
Maxim Integrated Products Inc.		198,734		11,657,736
Microchip Technology Inc.		173,874		16,394,579
Micron Technology Inc.(a)		804,192		38,239,330
MKS Instruments Inc.		40,144		4,344,384
Monolithic Power Systems Inc.		29,600		4,437,632
NVIDIA Corp.		443,433		89,138,902
ON Semiconductor Corp.(a)(b)		301,442		6,149,417
Qorvo Inc.(a)		86,390		6,985,495
QUALCOMM Inc.		885,297		71,213,291
Semtech Corp.(a)		49,697		2,507,711
Silicon Laboratories Inc.(a)(b)		31,984		3,397,980
Skyworks Solutions Inc.		125,863		11,461,085
Teradyne Inc.(b)		124,540		7,624,339
Texas Instruments Inc.		679,852		80,215,738
Universal Display Corp.		31,345		6,274,642
Xilinx Inc.		184,452		16,737,175
				813,816,521
Software — 32.8%
ACI Worldwide Inc.(a)(b)		86,665		2,720,414
Adobe Inc.(a)		353,454		98,235,470
Alteryx Inc., Class A(a)(b)		34,387		3,146,410
Anaplan Inc.(a)(b)		62,202		2,935,934
ANSYS Inc.(a)		61,529		13,545,609
Aspen Technology Inc.(a)		50,906		5,859,790
Autodesk Inc.(a)		160,098		23,592,041
Avalara Inc.(a)(b)		48,525		3,445,275
Blackbaud Inc.		36,388		3,054,773
Cadence Design Systems Inc.(a)		205,037		13,399,168
CDK Global Inc.		89,344		4,515,446
CERENCE Inc.(a)		26,462		410,161
Ceridian HCM Holding Inc.(a)(b)		65,929		3,181,074
Citrix Systems Inc.		90,333		9,833,650
CommVault Systems Inc.(a)		4,474		222,224

SCHEDULE OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Technology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Coupa Software Inc.(a)(b)		45,334	$	6,232,972
DocuSign Inc.(a)(b)		90,637		5,999,263
Dropbox Inc., Class A(a)		158,441		3,140,301
Elastic NV(a)(b)		23,476		1,690,507
Fair Isaac Corp.(a)		21,179		6,439,263
FireEye Inc.(a)(b)		160,332		2,539,659
Fortinet Inc.(a)		104,286		8,505,566
Guidewire Software Inc.(a)(b)		59,957		6,759,552
HubSpot Inc.(a)(b)		29,422		4,563,352
Intuit Inc.		189,471		48,788,782
j2 Global Inc.		34,422		3,268,713
LogMeIn Inc.		13,743		902,640
Manhattan Associates Inc.(a)		47,470		3,557,876
Microsoft Corp.		5,248,727		752,509,990
New Relic Inc.(a)(b)		37,002		2,370,348
NortonLifeLock Inc.		417,195		9,545,422
Nuance Communications Inc.(a)(b)		211,677		3,454,569
Nutanix Inc., Class A(a)(b)		52,317		1,528,703
Oracle Corp.		1,603,128		87,354,445
Palo Alto Networks Inc.(a)		70,146		15,950,499
Paycom Software Inc.(a)		36,101		7,636,445
Paylocity Holding Corp.(a)(b)		26,433		2,712,026
Pegasystems Inc.(b)		28,369		2,133,632
Pluralsight Inc., Class A(a)(b)		62,929		1,137,756
Proofpoint Inc.(a)		41,540		4,792,470
PTC Inc.(a)		76,226		5,100,282
RealPage Inc.(a)(b)		58,769		3,558,463
RingCentral Inc., Class A(a)(b)		52,626		8,500,152
salesforce.com Inc.(a)(b)		638,539		99,924,968
ServiceNow Inc.(a)(b)		136,601		33,775,963
Smartsheet Inc., Class A(a)		65,056		2,563,206
SolarWinds Corp.(a)(b)		50,351		954,151
Splunk Inc.(a)		109,928		13,186,963
SS&C Technologies Holdings Inc.		162,230		8,437,582
Synopsys Inc.(a)		109,897		14,918,518
Teradata Corp.(a)(b)		84,898		2,540,997
Trade Desk Inc. (The), Class A(a)(b)		28,693		5,761,554
Tyler Technologies Inc.(a)		28,251		7,585,959
Verint Systems Inc.(a)		49,308		2,238,090
VMware Inc., Class A		57,748		9,139,776
Workday Inc., Class A(a)(b)		118,285		19,181,096
Zendesk Inc.(a)		81,478		5,756,421

Security	Shares		Value
Software (continued)
Zoom Video Communications Inc., Class A(a)(b)		19,574	$	1,368,027
Zscaler Inc.(a)(b)		47,754		2,100,221
				1,428,204,579
Technology Hardware, Storage & Peripherals — 18.6%
Apple Inc.		2,920,188		726,425,967
Dell Technologies Inc., Class C(a)		113,791		6,018,406
Hewlett Packard Enterprise Co.		955,000		15,671,550
HP Inc.		1,081,672		18,788,643
NCR Corp.(a)(b)		94,413		2,757,804
NetApp Inc.		174,592		9,756,201
Pure Storage Inc., Class A(a)		85,225		1,658,478
Seagate Technology PLC		173,720		10,080,972
Western Digital Corp.		216,276		11,170,655
Xerox Holdings Corp.(a)		140,268		4,759,293
				807,087,969
Total Common Stocks — 100.0% (Cost: $3,276,017,748)				4,344,916,627
Short-Term Investments
Money Market Funds — 3.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.00%(c)(d)(e)		146,714,943		146,788,300
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.74%(c)(d)		2,378,000		2,378,000
				149,166,300
Total Short-Term Investments — 3.4% (Cost: $149,150,785)				149,166,300
Total Investments in Securities — 103.4% (Cost: $3,425,168,533)				4,494,082,927
Other Assets, Less Liabilities — (3.4)%				(147,572,929	)
Net Assets — 100.0%			$	4,346,509,998

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

^(d) Annualized7-day yield as ofperiod-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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	45,969,857	100,745,086		146,714,943	$	146,788,300	$	185,858	(b)	$	4,180		$	4,858
BlackRock Cash Funds: Treasury, SL Agency Shares	7,691,692	(5,313,692	)	2,378,000		2,378,000		54,914			—			—
					$	149,166,300	$	240,772		$	4,180		$	4,858

^(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.

32 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Technology ETF

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,344,916,627	$	—	$	—	$	4,344,916,627
Money Market Funds		149,166,300		—		—		149,166,300
	$	4,494,082,927	$	—	$	—	$	4,494,082,927

See notes to financial statements.

SCHEDULE OF INVESTMENTS 33

Schedule of Investments  (unaudited)  October 31, 2019 iShares^® U.S. Utilities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Electric Utilities — 57.5%
ALLETE Inc.		51,575	$	4,438,544
Alliant Energy Corp.		237,160		12,650,114
American Electric Power Co. Inc.		493,053		46,539,273
Avangrid Inc.		55,536		2,779,577
Duke Energy Corp.		727,509		68,574,998
Edison International		357,550		22,489,895
El Paso Electric Co.		40,726		2,716,831
Entergy Corp.		198,531		24,117,546
Evergy Inc.		235,114		15,026,136
Eversource Energy		323,115		27,057,650
Exelon Corp.		970,125		44,130,986
FirstEnergy Corp.		539,176		26,052,984
Hawaiian Electric Industries Inc.		108,805		4,912,546
IDACORP Inc.		50,319		5,415,331
NextEra Energy Inc.		488,018		116,314,210
Pinnacle West Capital Corp.		112,135		10,554,146
PNM Resources Inc.		79,530		4,147,490
Portland General Electric Co.		89,236		5,075,744
PPL Corp.		721,164		24,151,782
Southern Co. (The)		1,043,663		65,395,924
Xcel Energy Inc.		523,582		33,252,693
				565,794,400
Gas Utilities — 4.9%
Atmos Energy Corp.		118,022		13,275,115
National Fuel Gas Co.		86,184		3,904,997
New Jersey Resources Corp.		89,843		3,917,155
ONE Gas Inc.		52,653		4,888,304
South Jersey Industries Inc.		92,251		2,966,792
Southwest Gas Holdings Inc.		54,240		4,735,152
Spire Inc.		50,729		4,264,280
UGI Corp.		208,646		9,946,155
				47,897,950
Independent Power and Renewable Electricity Producers — 3.4%
AES Corp./VA		662,855		11,301,678
NRG Energy Inc.		252,606		10,134,553
Vistra Energy Corp.		451,667		12,208,559
				33,644,790

Security	Shares		Value
Multi-Utilities — 30.7%
Ameren Corp.		245,431	$	19,069,989
Avista Corp.		66,012		3,170,556
Black Hills Corp.		60,968		4,806,107
CenterPoint Energy Inc.		501,465		14,577,588
CMS Energy Corp.		283,359		18,112,307
Consolidated Edison Inc.		331,644		30,584,210
Dominion Energy Inc.		820,679		67,747,052
DTE Energy Co.		183,026		23,302,870
MDU Resources Group Inc.		198,760		5,742,176
NiSource Inc.		372,785		10,452,891
NorthWestern Corp.		50,363		3,652,325
Public Service Enterprise Group Inc.		504,877		31,963,763
Sempra Energy		274,139		39,615,827
WEC Energy Group Inc.		314,960		29,732,224
				302,529,885
Water Utilities — 3.2%
American Water Works Co. Inc.		180,380		22,235,442
Aqua America Inc.		215,454		9,766,530
				32,001,972
Total Common Stocks — 99.7% (Cost: $886,053,772)				981,868,997
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(a)(b)		2,790,000		2,790,000
Total Short-Term Investments — 0.3% (Cost: $2,790,000)				2,790,000
Total Investments in Securities — 100.0% (Cost: $888,843,772)				984,658,997
Other Assets, Less Liabilities — 0.0%				153,685
Net Assets — 100.0%			$	984,812,682

^(a)  Affiliate of the Fund.

^(b)  Annualized7-day yield as ofperiod-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity	Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	—	—	$	—	$	107	(b)	$	(699	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	212,340	2,577,660	2,790,000		2,790,000		14,090			—			—
				$	2,790,000	$	14,197		$	(699	)	$	—

^(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.

34 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Utilities ETF

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		44		12/20/19	$	2,848	$	39,760

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	39,760

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	228,655
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	39,760

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	949,227

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	981,868,997	$	—	$	—	$	981,868,997
Money Market Funds		2,790,000		—		—		2,790,000
	$	984,658,997	$	—	$	—	$	984,658,997
Derivative financial instruments(a)
Assets
Futures Contracts	$	39,760	$	—	$	—	$	39,760

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 35

Statements of Assets and Liabilities  (unaudited) 

October 31, 2019

	iShares Dow Jones U.S. ETF		iShares Transportation Average ETF			iShares U.S. Energy ETF			iShares U.S. Healthcare ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,208,005,289	$	508,877,597		$	582,891,598		$	2,045,517,933
Affiliated(c)		26,028,051		4,610,441			5,886,608			70,215,587
Cash		26,867		1,798			26			21,048
Cash pledged:
Futures contracts		77,000		49,000			88,000			208,999
Receivables:
Investments sold		—		17,772,337			—			—
Securities lending income — Affiliated		15,522		1,175			3,971			14,925
Dividends		1,021,796		397,844			649,182			1,935,307
Total assets		1,235,174,525		531,710,192			589,519,385			2,117,913,799
LIABILITIES
Collateral on securities loaned, at value		22,442,681		3,333,670			4,660,764			65,806,788
Payables:
Investments purchased		112,724		18,749,508			—			—
Variation margin on futures contracts		7,201		13,515			8,100			5,900
Capital shares redeemed		—		—			18,844			—
Investment advisory fees		202,251		183,006			214,291			716,142
Total liabilities		22,764,857		22,279,699			4,901,999			66,528,830
NET ASSETS	$	1,212,409,668	$	509,430,493		$	584,617,386		$	2,051,384,969
NET ASSETS CONSIST OF:
Paid-in capital	$	713,429,194	$	619,980,191		$	1,077,280,987		$	1,966,484,462
Accumulated earnings (loss)		498,980,474		(110,549,698	)		(492,663,601	)		84,900,507
NET ASSETS	$	1,212,409,668	$	509,430,493		$	584,617,386		$	2,051,384,969
Shares outstanding		8,050,000		2,700,000			18,850,000			10,350,000
Net asset value	$	150.61	$	188.68		$	31.01		$	198.20
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Securities loaned, at value	$	21,737,914	$	3,236,610		$	4,162,304		$	63,678,556
(b) Investments, at cost — Unaffiliated	$	713,144,342	$	585,488,294		$	892,110,792		$	1,953,412,261
(c) Investments, at cost — Affiliated	$	25,087,045	$	4,609,902		$	5,885,057		$	70,203,274

See notes to financial statements.

36 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) (continued)

October 31, 2019

	iShares U.S. Technology ETF		iShares U.S. Utilities ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	4,344,916,627	$	981,868,997
Affiliated(c)		149,166,300		2,790,000
Cash		337		20,818
Cash pledged:
Futures contracts		—		75,000
Receivables:
Securities lending income — Affiliated		80,221		—
Variation margin on futures contracts		—		14,515
Dividends		628,465		391,687
Total assets		4,494,791,950		985,161,017
LIABILITIES
Collateral on securities loaned, at value		146,779,172		—
Payables:
Investment advisory fees		1,502,780		348,335
Total liabilities		148,281,952		348,335
NET ASSETS	$	4,346,509,998	$	984,812,682
NET ASSETS CONSIST OF:
Paid-in capital	$	3,164,556,809	$	905,586,050
Accumulated earnings		1,181,953,189		79,226,632
NET ASSETS	$	4,346,509,998	$	984,812,682
Shares outstanding		20,500,000		6,100,000
Net asset value	$	212.02	$	161.44
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Securities loaned, at value	$	141,405,896	$	—
(b) Investments, at cost — Unaffiliated	$	3,276,017,748	$	886,053,772
(c)  Investments, at cost — Affiliated	$	149,150,785	$	2,790,000

See notes to financial statements.

FINANCIAL STATEMENTS 37

Statements of Operations  (unaudited)

Six Months Ended October 31, 2019

	iShares Dow Jones U.S. ETF			iShares Transportation Average ETF			iShares U.S. Energy ETF			iShares U.S. Healthcare ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	11,720,285		$	4,751,913		$	12,659,457		$	17,151,660
Dividends — Affiliated		54,226			7,999			10,353			30,010
Interest — Unaffiliated		34			—			—			31
Securities lending income — Affiliated — net		43,174			11,310			17,664			79,199
Foreign taxes withheld		(567	)		—			(3,783	)		—
Total investment income		11,817,152			4,771,222			12,683,691			17,260,900
EXPENSES
Investment advisory fees		1,206,877			1,121,567			1,428,123			4,408,677
Total expenses		1,206,877			1,121,567			1,428,123			4,408,677
Net investment income		10,610,275			3,649,655			11,255,568			12,852,223
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(5,732,557	)		(21,320,567	)		(71,917,483	)		(19,289,035	)
Investments — Affiliated		(3,813	)		971			(23	)		(119	)
In-kind redemptions — Unaffiliated		33,732,524			15,438,481			(18,263,574	)		61,696,165
In-kind redemptions — Affiliated		68,425			—			—			—
Futures contracts		93,964			68,159			52,423			43,294
Net realized gain (loss)		28,158,543			(5,812,956	)		(90,128,657	)		42,450,305
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		2,845,046			(12,356,074	)		(13,290,159	)		64,736,555
Investments — Affiliated		(192,112	)		(294	)		81			4,110
Futures contracts		50,382			716			(45,518	)		204,497
Net change in unrealized appreciation (depreciation)		2,703,316			(12,355,652	)		(13,335,596	)		64,945,162
Net realized and unrealized gain (loss)		30,861,859			(18,168,608	)		(103,464,253	)		107,395,467
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	41,472,134		$	(14,518,953	)	$	(92,208,685	)	$	120,247,690

See notes to financial statements.

38 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations  (unaudited) (continued)

Six Months Ended October 31, 2019

	iShares U.S. Technology ETF			iShares U.S. Utilities ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	25,911,682		$	13,995,186
Dividends — Affiliated		54,914			14,090
Interest — Unaffiliated		—			15
Securities lending income — Affiliated — net		185,858			107
Total investment income		26,152,454			14,009,398
EXPENSES
Investment advisory fees		8,856,486			1,916,689
Total expenses		8,856,486			1,916,689
Net investment income		17,295,968			12,092,709
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(20,119,241	)		(1,766,886	)
Investments — Affiliated		4,180			(699	)
In-kind redemptions — Unaffiliated		186,471,571			21,747,845
Futures contracts		—			228,655
Net realized gain		166,356,510			20,208,915
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		207,172			53,489,672
Investments — Affiliated		4,858			—
Futures contracts		—			39,760
Net change in unrealized appreciation (depreciation)		212,030			53,529,432
Net realized and unrealized gain		166,568,540			73,738,347
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	183,864,508		$	85,831,056

See notes to financial statements.

FINANCIAL STATEMENTS 39

Statements of Changes in Net Assets

	iShares Dow Jones U.S. ETF						iShares Transportation Average ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,610,275		$	20,467,859		$	3,649,655		$	8,163,295
Net realized gain (loss)		28,158,543			19,804,602			(5,812,956	)		9,861,278
Net change in unrealized appreciation (depreciation)		2,703,316			101,134,677			(12,355,652	)		4,009,223
Net increase (decrease) in net assets resulting from operations		41,472,134			141,407,138			(14,518,953	)		22,033,796
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(11,765,955	)		(21,091,399	)		(3,488,240	)		(8,438,131	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(58,437,249	)		(5,345,467	)		(48,006,575	)		(245,500,532	)
NET ASSETS
Total increase (decrease) in net assets		(28,731,070	)		114,970,272			(66,013,768	)		(231,904,867	)
Beginning of period		1,241,140,738			1,126,170,466			575,444,261			807,349,128
End of period	$	1,212,409,668		$	1,241,140,738		$	509,430,493		$	575,444,261

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

See notes to financial statements.

40 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares U.S. Energy ETF						iShares U.S. Healthcare ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	11,255,568		$	22,069,140		$	12,852,223		$	26,524,215
Net realized gain (loss)		(90,128,657	)		(23,587,812	)		42,450,305			187,424,060
Net change in unrealized appreciation (depreciation)		(13,335,596	)		(84,876,169	)		64,945,162			(35,349,892	)
Net increase (decrease) in net assets resulting from operations		(92,208,685	)		(86,394,841	)		120,247,690			178,598,383
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(10,995,687	)		(23,500,556	)		(13,810,604	)		(43,163,813	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(101,403,870	)		(189,619,206	)		(152,870,367	)		162,047,754
NET ASSETS
Total increase (decrease) in net assets		(204,608,242	)		(299,514,603	)		(46,433,281	)		297,482,324
Beginning of period		789,225,628			1,088,740,231			2,097,818,250			1,800,335,926
End of period	$	584,617,386		$	789,225,628		$	2,051,384,969		$	2,097,818,250

^(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 U.S. Technology ETF						iShares U.S. Utilities ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	17,295,968		$	35,313,159		$	12,092,709		$	20,065,704
Net realized gain (loss)		166,356,510			559,337,982			20,208,915			(4,658,426	)
Net change in unrealized appreciation (depreciation)		212,030			222,452,960			53,529,432			96,217,168
Net increase in net assets resulting from operations		183,864,508			817,104,101			85,831,056			111,624,446
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(18,463,589	)		(33,239,056	)		(12,954,267	)		(19,110,532	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(90,324,372	)		(543,803,415	)		101,481,161			111,454,408
NET ASSETS
Total increase in net assets		75,076,547			240,061,630			174,357,950			203,968,322
Beginning of period		4,271,433,451			4,031,371,821			810,454,732			606,486,410
End of period	$	4,346,509,998		$	4,271,433,451		$	984,812,682		$	810,454,732

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

See notes to financial statements.

42 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Dow Jones U.S. ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	146.88		$	132.49		$	119.45		$	103.06		$	105.32		$	95.10
Net investment income(a)		1.29			2.40			2.19			2.01			1.92			1.77
Net realized and unrealized gain (loss)(b)		3.86			14.46			13.03			16.40			(2.11	)		10.22
Net increase (decrease) from investment operations		5.15			16.86			15.22			18.41			(0.19	)		11.99
Distributions(c)
From net investment income		(1.42	)		(2.47	)		(2.18	)		(2.02	)		(2.07	)		(1.77	)
Total distributions		(1.42	)		(2.47	)		(2.18	)		(2.02	)		(2.07	)		(1.77	)
Net asset value, end of period	$	150.61		$	146.88		$	132.49		$	119.45		$	103.06		$	105.32
Total Return
Based on net asset value		3.55	%(d)		12.89	%		12.81	%		18.04	%		(0.14	)%		12.68	%
Ratios to Average Net Assets
Total expenses		0.20	%(e)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.76	%(e)		1.74	%		1.70	%		1.82	%		1.88	%		1.74	%
Supplemental Data
Net assets, end of period (000)	$	1,212,410		$	1,241,141		$	1,126,170		$	1,110,872		$	917,234		$	968,917
Portfolio turnover rate(f)		3	%(d)		5	%		4	%		4	%		4	%		4	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 43

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Transportation Average ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	195.07		$	187.76		$	163.83		$	141.18		$	153.92		$	137.21
Net investment income(a)		1.30			2.12			1.91			1.54			1.50			1.24
Net realized and unrealized gain (loss)(b)		(6.36	)		7.34			24.02			22.75			(12.63	)		16.73
Net increase (decrease) from investment operations		(5.06	)		9.46			25.93			24.29			(11.13	)		17.97
Distributions(c)
From net investment income		(1.33	)		(2.15	)		(2.00	)		(1.64	)		(1.61	)		(1.26	)
Total distributions		(1.33	)		(2.15	)		(2.00	)		(1.64	)		(1.61	)		(1.26	)
Net asset value, end of period	$	188.68		$	195.07		$	187.76		$	163.83		$	141.18		$	153.92
Total Return
Based on net asset value		(2.58	)%(d)		5.12	%		15.88	%		17.32	%		(7.24	)%		13.10	%
Ratios to Average Net Assets
Total expenses		0.43	%(e)		0.42	%		0.43	%		0.44	%		0.44	%		0.43	%
Net investment income		1.38	%(e)		1.11	%		1.07	%		0.99	%		1.05	%		0.80	%
Supplemental Data
Net assets, end of period (000)	$	509,430		$	575,444		$	807,349		$	966,598		$	564,723		$	1,192,848
Portfolio turnover rate(f)		16	%(d)		17	%		5	%		5	%		11	%		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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

44 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Energy ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	35.96		$	40.47		$	37.27		$	37.91		$	46.62		$	53.49
Net investment income(a)		0.55			0.89			1.07			0.84			1.06			1.02
Net realized and unrealized gain (loss)(b)		(4.96	)		(4.43	)		3.25			(0.62	)		(8.66	)		(6.87	)
Net increase (decrease) from investment operations		(4.41	)		(3.54	)		4.32			0.22			(7.60	)		(5.85	)
Distributions(c)
From net investment income		(0.54	)		(0.97	)		(1.12	)		(0.86	)		(1.11	)		(1.02	)
Total distributions		(0.54	)		(0.97	)		(1.12	)		(0.86	)		(1.11	)		(1.02	)
Net asset value, end of period	$	31.01		$	35.96		$	40.47		$	37.27		$	37.91		$	46.62
Total Return
Based on net asset value		(12.33	)%(d)		(8.83	)%		11.92	%		0.52	%		(16.20	)%		(11.03	)%
Ratios to Average Net Assets
Total expenses		0.43	%(e)		0.42	%		0.43	%		0.44	%		0.44	%		0.43	%
Net investment income		3.35	%(e)		2.33	%		2.87	%		2.17	%		2.80	%		2.04	%
Supplemental Data
Net assets, end of period (000)	$	584,617		$	789,226		$	1,088,740		$	1,159,125		$	1,249,003		$	2,219,116
Portfolio turnover rate(f)		4	%(d)		6	%		6	%		18	%		15	%		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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 45

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Healthcare ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	188.15		$	173.95		$	158.62		$	144.67		$	151.70		$	122.07
Net investment income(a)		1.19			2.26			1.99			1.81			1.70			1.45
Net realized and unrealized gain (loss)(b)		10.15			15.50			15.31			14.07			(5.63	)		29.70
Net increase (decrease) from investment operations		11.34			17.76			17.30			15.88			(3.93	)		31.15
Distributions(c)
From net investment income		(1.29	)		(3.56	)		(1.97	)		(1.93	)		(3.10	)		(1.52	)
Total distributions		(1.29	)		(3.56	)		(1.97	)		(1.93	)		(3.10	)		(1.52	)
Net asset value, end of period	$	198.20		$	188.15		$	173.95		$	158.62		$	144.67		$	151.70
Total Return
Based on net asset value		6.05	%(d)		10.27	%		10.93	%		11.06	%		(2.64	)%		25.64	%
Ratios to Average Net Assets
Total expenses		0.43	%(e)		0.43	%		0.43	%		0.44	%		0.44	%		0.43	%
Net investment income		1.24	%(e)		1.19	%		1.16	%		1.21	%		1.13	%		1.05	%
Supplemental Data
Net assets, end of period (000)	$	2,051,385		$	2,097,818		$	1,800,336		$	1,911,386		$	1,808,437		$	2,358,873
Portfolio turnover rate(f)		2	%(d)		6	%		7	%		6	%		7	%		8	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

46 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Technology ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	203.40		$	167.97		$	138.18		$	102.30		$	107.28		$	90.83
Net investment income(a)		0.84			1.59			1.26			1.33			1.30			1.20
Net realized and unrealized gain (loss)(b)		8.68			35.34			29.88			35.87			(4.97	)		16.47
Net increase (decrease) from investment operations		9.52			36.93			31.14			37.20			(3.67	)		17.67
Distributions(c)
From net investment income		(0.90	)		(1.50	)		(1.35	)		(1.32	)		(1.31	)		(1.22	)
Total distributions		(0.90	)		(1.50	)		(1.35	)		(1.32	)		(1.31	)		(1.22	)
Net asset value, end of period	$	212.02		$	203.40		$	167.97		$	138.18		$	102.30		$	107.28
Total Return
Based on net asset value		4.72	%(d)		22.10	%		22.62	%		36.57	%		(3.45	)%		19.53	%
Ratios to Average Net Assets
Total expenses		0.43	%(e)		0.42	%		0.43	%		0.44	%		0.44	%		0.43	%
Net investment income		0.83	%(e)		0.87	%		0.80	%		1.11	%		1.24	%		1.18	%
Supplemental Data
Net assets, end of period (000)	$	4,346,510		$	4,271,433		$	4,031,372		$	3,392,234		$	2,393,714		$	2,869,743
Portfolio turnover rate(f)		10	%(d)		19	%		15	%		4	%		8	%		8	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 47

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Utilities ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	148.71		$	130.43		$	129.30		$	121.09		$	111.09		$	108.15
Net investment income(a)		2.09			4.03			3.79			3.69			3.37			3.31
Net realized and unrealized gain(b)		12.91			18.12			0.84			8.46			11.18			3.11
Net increase from investment operations		15.00			22.15			4.63			12.15			14.55			6.42
Distributions(c)
From net investment income		(2.27	)		(3.87	)		(3.50	)		(3.94	)		(4.55	)		(3.48	)
Total distributions		(2.27	)		(3.87	)		(3.50	)		(3.94	)		(4.55	)		(3.48	)
Net asset value, end of period	$	161.44		$	148.71		$	130.43		$	129.30		$	121.09		$	111.09
Total Return
Based on net asset value		10.14	%(d)		17.29	%		3.59	%		10.16	%		13.61	%		5.97	%
Ratios to Average Net Assets
Total expenses		0.43	%(e)		0.43	%		0.43	%		0.44	%		0.44	%		0.43	%
Net investment income		2.68	%(e)		2.94	%		2.86	%		2.96	%		3.02	%		2.96	%
Supplemental Data
Net assets, end of period (000)	$	984,813		$	810,455		$	606,486		$	801,673		$	1,065,624		$	649,849
Portfolio turnover rate(f)		2	%(d)		6	%		5	%		9	%		6	%		3	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

48 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Dow Jones U.S.	Diversified
Transportation Average	Non-diversified
U.S. Energy	Non-diversified
U.S. Healthcare	Non-diversified
U.S. Technology	Non-diversified
U.S. Utilities	Non-diversified

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 aredetermined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on theex-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 bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-cash dividend income at fair value. Interest income is accrued daily.

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) topaid-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 theex-dividend dates. Distributions are determined on a tax basis and may differ from netinvestment 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. TheFunds’ 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 theFund’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”). 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 inopen-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.

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.

NOTESTO FINANCIAL STATEMENTS 49

Notes to Financial Statements  (unaudited) (continued)

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.

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 valuehierarchy 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 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 andmaintains 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 October 31, 2019, 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. Anynon-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 October 31, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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 thenon-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 orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

50 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of October 31, 2019:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Dow Jones U.S.
Barclays Bank PLC	$	1,208,316	$	1,208,316		$	—	$	—
Barclays Capital Inc.		2,138,471		2,138,471			—		—
BNP Paribas Prime Brokerage International Ltd.		580,921		580,921			—		—
BNP Paribas Securities Corp.		117,088		117,088			—		—
BofA Securities, Inc.		983,482		983,482			—		—
Citadel Clearing LLC		212,429		201,956			—		(10,473	)(b)
Citigroup Global Markets Inc.		4,920,553		4,920,553			—		—
Credit Suisse AG Dublin Branch		252,970		252,970			—		—
Credit Suisse Securities (USA) LLC		95,293		95,293			—		—
Deutsche Bank Securities Inc.		239,752		239,752			—		—
Goldman Sachs & Co.		3,023,240		3,023,240			—		—
HSBC Bank PLC		721,380		721,380			—		—
ING Financial Markets LLC		48,354		48,354			—		—
JPMorgan Securities LLC		2,858,716		2,858,716			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		2,383,291		2,383,291			—		—
National Financial Services LLC		88,150		88,150			—		—
Scotia Capital (USA) Inc.		30,757		30,757			—		—
State Street Bank & Trust Company		430,326		430,326			—		—
TD Prime Services LLC		193,603		193,603			—		—
UBS AG		287,358		287,358			—		—
UBS Securities LLC		375,020		375,020			—		—
Wells Fargo Securities LLC		548,444		548,444			—		—
	$	21,737,914	$	21,727,441		$	—	$	(10,473	)
Transportation Average
Citigroup Global Markets Inc.	$	1,374,160	$	1,374,160		$	—	$	—
Goldman Sachs & Co.		1,862,450		1,862,450			—		—
	$	3,236,610	$	3,236,610		$	—	$	—
U.S. Energy
Barclays Capital Inc.	$	50,765	$	50,765		$	—	$	—
BofA Securities, Inc.		82,501		82,501			—		—
Credit Suisse AG Dublin Branch		625,561		625,561			—		—
Goldman Sachs & Co.		413,953		413,953			—		—
HSBC Bank PLC		17,093		17,093			—		—
JPMorgan Securities LLC		2,065,715		2,065,715			—		—
Scotia Capital (USA) Inc.		13,910		13,910			—		—
UBS AG		706,362		706,362			—		—
Wells Fargo Bank, National Association		186,444		186,444			—		—
	$	4,162,304	$	4,162,304		$	—	$	—
U.S. Healthcare
Barclays Bank PLC	$	465,332	$	465,332		$	—	$	—
Barclays Capital Inc.		41,875		41,875			—		—
BofA Securities, Inc.		9,616,044		9,616,044			—		—
Citadel Clearing LLC		8,566,035		8,566,035			—		—
Citigroup Global Markets Inc.		4,072,250		3,867,518			—		(204,732	)(b)
Credit Suisse AG Dublin Branch		2,933,055		2,933,055			—		—
Credit Suisse Securities (USA) LLC		4,989,971		4,989,971			—		—
Goldman Sachs & Co.		15,732,099		15,732,099			—		—
JPMorgan Securities LLC		8,804,214		8,804,214			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		3,525,519		3,525,519			—		—
National Financial Services LLC		17,800		17,800			—		—
State Street Bank & Trust Company		1,406,807		1,406,807			—		—
UBS Securities LLC		847,555		847,555			—		—
Wells Fargo Securities LLC		2,660,000		2,660,000			—		—
	$	63,678,556	$	63,473,824		$	—	$	(204,732	)

NOTESTO FINANCIAL STATEMENTS 51

Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
U.S. Technology
Barclays Bank PLC	$	1,425,114	$	1,425,114		$	—	$	—
Barclays Capital Inc.		3,868,354		3,868,354			—		—
BNP Paribas Prime Brokerage International Ltd.		17,278,470		17,278,470			—		—
BofA Securities, Inc.		1,738,028		1,738,028			—		—
Citadel Clearing LLC		2,576,979		2,576,979			—		—
Citigroup Global Markets Inc.		3,298,941		3,298,941			—		—
Credit Suisse AG Dublin Branch		541,494		541,494			—		—
Credit Suisse Securities (USA) LLC		7,819,815		7,819,815			—		—
Deutsche Bank Securities Inc.		1,599,049		1,599,049			—		—
Goldman Sachs & Co.		13,575,732		13,575,732			—		—
HSBC Bank PLC		684,259		676,931			—		(7,328	)(b)
Jefferies LLC		667,833		667,833			—		—
JPMorgan Securities LLC		56,295,727		56,295,727			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		10,421,551		10,421,551			—		—
RBC Capital Markets LLC		394,558		394,558			—		—
State Street Bank & Trust Company		49,441		49,441			—		—
UBS AG		11,596,430		11,596,430			—		—
UBS Securities LLC		1,270,828		1,270,828			—		—
Virtu Americas LLC		3,276,286		3,276,286			—		—
Wells Fargo Bank, National Association		2,216,779		2,216,779			—		—
Wells Fargo Securities LLC		810,228		810,228			—		—
	$	141,405,896	$	141,398,568		$	—	$	(7,328	)

^(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 contractsin 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.

52 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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 Californiacorporation 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 the iShares Dow Jones U.S. ETF, BFA is entitled to an annual investment advisory fee of 0.20%, 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 Transportation Average, iShares U.S. Energy, iShares U.S. Healthcare, iShares U.S. Technology and iShares U.S. Utilities 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, 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

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 orexpenses 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 73.5% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 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.

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 six months ended October 31, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Dow Jones U.S.	$	18,233
Transportation Average		4,844
U.S. Energy		7,490
U.S. Healthcare		33,903
U.S. Technology		77,454
U.S. Utilities		46

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

NOTESTO FINANCIAL STATEMENTS 53

Notes to Financial Statements  (unaudited) (continued)

Other Transactions:Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularlyscheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule17a-7.

For the six months ended October 31, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Dow Jones U.S.	$	4,839,829	$	2,735,232	$	(2,007,836	)
U.S. Energy		6,514,862		5,324,578		(25,328,994	)
U.S. Healthcare		4,158,253		9,698,239		(5,753,825	)
U.S. Technology		93,509,190		124,008,915		(1,039,878	)
U.S. Utilities		1,710,760		6,361,273		(370,504	)

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

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

7. PURCHASES AND SALES

For the six months ended October 31, 2019, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Dow Jones U.S.	$	30,519,713	$	31,666,405
Transportation Average		83,886,374		84,430,055
U.S. Energy		40,004,758		24,592,554
U.S. Healthcare		34,761,811		39,539,199
U.S. Technology		402,489,011		398,824,496
U.S. Utilities		22,217,536		24,885,451

For the six months ended October 31, 2019,in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Dow Jones U.S.	$	—	$	57,823,037
Transportation Average		987,855,346		1,035,658,532
U.S. Energy		16,727,993		117,742,275
U.S. Healthcare		123,362,164		275,724,525
U.S. Technology		376,283,358		468,150,183
U.S. Utilities		252,563,650		151,532,101

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 October 31, 2019, 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.

As of April 30, 2019, the Funds hadnon-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Dow Jones U.S.	$	6,983,354
Transportation Average		22,874,992
U.S. Energy		67,361,454
U.S. Healthcare		16,222,698
U.S. Technology		1,831,034
U.S. Utilities		34,419,441

54 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

As of October 31, 2019, 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)
Dow Jones U.S.	$	757,988,865	$	534,872,017	$	(58,777,160	)	$	476,094,857
Transportation Average		595,511,919		4,640,794		(86,663,959	)		(82,023,165	)
U.S. Energy		924,440,475		11,389,764		(347,097,551	)		(335,707,787	)
U.S. Healthcare		2,058,981,544		246,344,264		(189,387,791	)		56,956,473
U.S. Technology		3,477,561,696		1,135,747,393		(119,226,162	)		1,016,521,231
U.S. Utilities		891,840,501		112,683,955		(19,825,699	)		92,858,256

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.

Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It representsthe 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. 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.

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, repurchaseagreements 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.

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 particularinvestment 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.

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:

	Six Months Ended 10/31/19						Year Ended 04/30/19
iShares ETF	Shares			Amount			Shares			Amount
Dow Jones U.S.
Shares sold		—		$	—			300,000		$	40,550,528
Shares redeemed		(400,000	)		(58,437,249	)		(350,000	)		(45,895,995	)
Net decrease		(400,000	)	$	(58,437,249	)		(50,000	)	$	(5,345,467	)

NOTESTO FINANCIAL STATEMENTS 55

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 10/31/19						Year Ended 04/30/19
iShares ETF	Shares			Amount			Shares			Amount
Transportation Average
Shares sold		5,350,000		$	990,075,400			7,700,000		$	1,458,010,287
Shares redeemed		(5,600,000	)		(1,038,081,975	)		(9,050,000	)		(1,703,510,819	)
Net decrease		(250,000	)	$	(48,006,575	)		(1,350,000	)	$	(245,500,532	)
U.S. Energy
Shares sold		500,000		$	16,784,052			6,800,000		$	258,856,680
Shares redeemed		(3,600,000	)		(118,187,922	)		(11,750,000	)		(448,475,886	)
Net decrease		(3,100,000	)	$	(101,403,870	)		(4,950,000	)	$	(189,619,206	)
U.S. Healthcare
Shares sold		650,000		$	123,664,333			5,250,000		$	1,003,555,231
Shares redeemed		(1,450,000	)		(276,534,700	)		(4,450,000	)		(841,507,477	)
Net increase(decrease)		(800,000	)	$	(152,870,367	)		800,000		$	162,047,754
U.S. Technology
Shares sold		1,900,000		$	381,088,987			5,350,000		$	963,998,733
Shares redeemed		(2,400,000	)		(471,413,359	)		(8,350,000	)		(1,507,802,148	)
Net decrease		(500,000	)	$	(90,324,372	)		(3,000,000	)	$	(543,803,415	)
U.S. Utilities
Shares sold		1,650,000		$	253,584,952			3,050,000		$	419,326,483
Shares redeemed		(1,000,000	)		(152,103,791	)		(2,250,000	)		(307,872,075	)
Net increase		650,000		$	101,481,161			800,000		$	111,454,408

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of thein-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 toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-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. Plaintiffs have appealed the court’s decision. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal took place on November 19, 2019.

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 Dow Jones U.S. ETF received proceeds of $118,354 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.

56 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

I. iShares Dow Jones U.S. 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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits 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 and Performance of the Fund:The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independentprovider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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 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.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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 and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRockin managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 57

Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, notingthat the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:The Board considered information regarding the investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, 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 also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the servicesprovided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other 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 or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 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) are reported to the Board pursuant to Rule17e-1 or Rule10f-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 continuance of the Advisory Contract for the coming year.

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 theIndependent Trustees, determined that the Fund’s 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 rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

II. iShares Transportation Average ETF, iShares U.S. Healthcare ETF (the “Funds”)

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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby the Board and its

58 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

committees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative and shareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits 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 and Performance of the Funds:The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independentprovider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which each Fund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising each 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 applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fund generally performed in line with its respective underlying index over the relevant periods.

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 and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRockin managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 59

Board Review and Approval of Investment Advisory Contract  (continued)

revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profit margin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, notingthat the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 each Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of each Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:The Board considered information regarding the investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation 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 objectives and strategies as the Funds and that track the same indexes. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of services and generally more extensive services provided to the 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 Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the“all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the servicesprovided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule17e-1 or Rule10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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 theIndependent Trustees, determined that the Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

III. iShares U.S. Energy ETF, iShares U.S. Technology ETF, iShares U.S. Utilities ETF (the “Funds”)

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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative and shareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees

60 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

(the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits 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 and Performance of the Funds:The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independentprovider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which each Fund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising each 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 applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds 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 their respective Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fund generally performed in line with its respective underlying index over the relevant periods.

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 and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRockin managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profit margin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 61

Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, notingthat the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 each Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of each Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:The Board considered information regarding the investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation 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 objectives and strategies as the Funds and that track the same indexes. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of services and generally more extensive services provided to the 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 Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the“all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the servicesprovided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule17e-1 or Rule10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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 theIndependent Trustees, determined that the Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

62 2019ISHARES SEMI-ANNUAL REPORTTO 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 aForm 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

	Total Cumulative Distributions for the FiscalYear-to-Date								% Breakdown of the Total Cumulative Distributions for the FiscalYear-to-Date
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
Dow Jones U.S.(a)	$	1.401386	$	—	$	0.022790	$	1.424176		98	%		—	%		2	%		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.

SUPPLEMENTAL INFORMATION 63

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 FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on FormN-Q. The iShares Funds’ FormsN-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-free1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

64 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations — Equity

NVS Non-Voting Shares

GLOSSARYOF TERMS USEDINTHIS REPORT 65

Want to know more?

iShares.com    |    1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

^©2019 BlackRock, Inc. All rights reserved.iSHARES andBLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-401-1019

OCTOBER 31, 2019

2019 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares U.S. Basic Materials ETF   |  IYM  |  NYSE Arca

· iShares U.S. Consumer Goods ETF  |  IYK  |  NYSE Arca

· iShares U.S. Consumer Services ETF  |  IYC  |  NYSE Arca

· iShares U.S. Financial Services ETF  |  IYG  |  NYSE Arca

· iShares U.S. Financials ETF  |  IYF  |  NYSE Arca

· iShares U.S. Industrials ETF  |  IYJ  |  Cboe BZX

· iShares MSCI KLD 400 Social ETF  |  DSI  |  NYSE Arca

· iShares MSCI USA ESG Select ETF  |  SUSA  |  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.

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
Fund Summary		3
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		44
Statements of Operations		46
Statements of Changes in Net Assets		48
Financial Highlights		52
Notes to Financial Statements		60
Board Review and Approval of Investment Advisory Contract		69
Supplemental Information		77
General Information		78
Glossary of Terms Used in this Report		79

Fund Summary  as of October 31, 2019  iShares^® U.S. Basic Materials ETF

Investment Objective

TheiShares U.S. Basic Materials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the basic materials sector, as represented by the Dow Jones U.S. Basic Materials 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.84	)%		6.08	%		3.72	%		7.63	%		6.08	%		20.06	%		108.58	%
Fund Market		(0.79	)		6.13			3.73			7.63			6.13			20.12			108.60
Index		(0.63	)		6.54			4.13			8.08			6.54			22.41			117.49

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	991.60	$	2.15		$	1,000.00	$	1,023.00	$	2.19		0.43	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Chemicals	83.3	%
Metals & Mining	16.2
Other (each representing less than 1%)	0.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Linde PLC	17.8	%
DuPont de Nemours Inc.	8.2
Ecolab Inc.	8.0
Air Products & Chemicals Inc.	7.8
Dow Inc.	6.3
Newmont Goldcorp Corp.	4.8
PPG Industries Inc.	4.7
LyondellBasell Industries NV, Class A	3.9
Corteva Inc.	3.3
Nucor Corp.	2.7

^(a)  Excludes money market funds.

FUND SUMMARY 3

Fund Summary  as of October 31, 2019 iShares^® U.S. Consumer Goods ETF

Investment Objective

TheiShares U.S. Consumer Goods ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the consumer goods sector, as represented by the Dow Jones U.S. Consumer Goods 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.22	%		11.53	%		6.86	%		11.70	%		11.53	%		39.36	%		202.41	%
Fund Market		4.26			11.56			6.87			11.71			11.56			39.38			202.65
Index		4.41			11.98			7.30			12.20			11.98			42.23			216.04

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,042.20	$	2.21		$	1,000.00	$	1,023.00	$	2.19		0.43	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Food, Beverage & Tobacco	45.7	%
Household & Personal Products	22.7
Consumer Durables & Apparel	15.6
Automobiles & Components	8.7
Media & Entertainment	4.1
Capital Goods	1.3
Retailing	1.0
Other (each representing less than 1%)	0.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Procter & Gamble Co. (The)	13.9	%
Coca-Cola Co. (The)	9.3
PepsiCo Inc.	8.6
Philip Morris International Inc.	5.6
NIKE Inc., Class B	5.0
Altria Group Inc.	3.7
Mondelez International Inc., Class A	3.4
Colgate-Palmolive Co.	2.6
General Motors Co.	2.1
Kimberly-Clark Corp.	2.0

^(a) Excludes money market funds.

4 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019  iShares^® U.S. Consumer Services ETF

Investment Objective

TheiShares U.S. Consumer Services ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the consumer services sector, as represented by the Dow Jones U.S. Consumer Services Capped (TR) 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.67	%		13.87	%		12.56	%		16.95	%		13.87	%		80.69	%		378.52	%
Fund Market		1.72			13.88			12.57			16.95			13.88			80.75			378.79
Index(a)		1.91			14.76			13.05			17.46			14.76			84.66			399.95
Dow Jones U.S. Consumer Services Total Return Index		0.88			13.59			12.82			17.34			13.59			82.79			394.89
Dow Jones U.S. Consumer Services Capped (TR) IndexTM(b)		2.12			N/A			N/A			N/A			N/A			N/A			N/A

^(a)  Index performance through June 23, 2019 reflects the performance of the Dow Jones U.S. Consumer Services Total Return Index. Index performance beginning on June 24, 2019 reflects the performance of the Dow Jones U.S. Consumer Services Capped (TR) Index^TM, which, effective as of June 24, 2019, replaced Dow Jones U.S. Consumer Services Total Return Index as the underlying index of the fund.

^(b)  The inception date of the Dow Jones U.S. Consumer Services Capped (TR) Index^TM was April 15, 2019.

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,016.70	$	2.18		$	1,000.00	$	1,023.00	$	2.19		0.43	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Retailing	38.9	%
Media & Entertainment	22.8
Consumer Services	19.0
Food & Staples Retailing	12.3
Transportation	4.1
Commercial & Professional Services	1.8
Other (each representing less than 1%)	1.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Amazon. com Inc.	9.9	%
Home Depot Inc. (The)	7.6
Walt Disney Co. (The)	4.9
Walmart Inc.	4.6
Comcast Corp., Class A	4.4
McDonald’s Corp.	4.3
Costco Wholesale Corp.	4.1
Netflix Inc.	4.0
Starbucks Corp.	3.2
Booking Holdings Inc.	2.8

^(a)  Excludes money market funds.

FUND SUMMARY 5

Fund Summary  as of October 31, 2019 iShares^® U.S. Financial Services ETF

Investment Objective

TheiShares U.S. Financial Services ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the financial services sector, as represented by the Dow Jones U.S. Financial 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.54	%		14.25	%		11.38	%		11.81	%		14.25	%		71.40	%		205.33	%
Fund Market		4.60			14.26			11.39			11.80			14.26			71.51			205.16
Index		4.76			14.76			11.85			12.30			14.76			75.04			218.88

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,045.40	$	2.21		$	1,000.00	$	1,023.00	$	2.19		0.43	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Banks	50.3	%
Diversified Financials	31.8
Software & Services	17.5
Insurance	0.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
JPMorgan Chase & Co.	12.6	%
Visa Inc., Class A	9.7
Bank of America Corp.	8.3
Mastercard Inc., Class A	7.8
Wells Fargo & Co.	6.5
Citigroup Inc.	4.7
U. S. Bancorp.	2.6
American Express Co.	2.5
CME Group Inc.	2.3
Goldman Sachs Group Inc. (The)	2.2

^(a)  Excludes money market funds.

6 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019 iShares^® U.S. Financials ETF

Investment Objective

TheiShares U.S. Financials ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the financials sector, as represented by the Dow Jones U.S. Financials Capped (TR) 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.02	%		15.86	%		10.41	%		11.94	%		15.86	%		64.04	%		208.89	%
Fund Market		5.08			15.89			10.42			11.94			15.89			64.16			208.92
Index(a)		5.23			16.33			10.85			12.40			16.33			67.36			221.99
Dow Jones U.S. Financials Total Return Index		5.24			16.34			10.85			12.41			16.34			67.37			222.01
Dow Jones U.S. Financials Capped (TR) IndexTM(b)		5.28			N/A			N/A			N/A			N/A			N/A			N/A

^(a)  Index performance through June 23, 2019 reflects the performance of the Dow Jones U.S. Financials Total Return Index. Index performance beginning on June 24, 2019 reflects the performance of the Dow Jones U.S. Financials Capped (TR) Index^TM, which, effective as of June 24, 2019, replaced Dow Jones U.S. Financials Total Return Index as the underlying index of the fund.

^(b)  The inception date of the Dow Jones U.S. Financials Capped (TR) Index^TM was April 15, 2019.

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,050.20	$	2.22		$	1,000.00	$	1,023.00	$	2.19		0.43	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Banks	28.5	%
Diversified Financials	26.4
Real Estate	20.9
Insurance	13.7
Software & Services	9.9
Other (each representing less than 1%)	0.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway Inc., Class B	7.4	%
JPMorgan Chase & Co.	7.1
Visa Inc., Class A	5.5
Bank of America Corp.	4.7
Mastercard Inc., Class A	4.4
Wells Fargo & Co.	3.7
Citigroup Inc.	2.9
American Tower Corp.	1.7
U. S. Bancorp.	1.5
American Express Co.	1.4

^(a)  Excludes money market funds

FUND SUMMARY 7

Fund Summary  as of October 31, 2019 iShares^® U.S. Industrials ETF

Investment Objective

TheiShares U.S. Industrials ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the industrials sector, as represented by the Dow Jones U.S. Industrials 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.96	%		16.54	%		10.47	%		14.48	%		16.54	%		64.54	%		286.72	%
Fund Market		1.98			16.57			10.48			14.49			16.57			64.58			286.98
Index		2.15			17.03			10.95			15.00			17.03			68.16			304.55

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,019.60	$	2.18		$	1,000.00	$	1,023.00	$	2.19		0.43	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Capital Goods	52.8	%
Software & Services	18.2
Transportation	11.8
Materials	6.1
Commercial & Professional Services	5.6
Technology Hardware & Equipment	5.2
Pharmaceuticals, Biotechnology & Life Sciences	0.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Boeing Co. (The)	5.0	%
Honeywell International Inc.	3.4
PayPal Holdings Inc.	3.4
Accenture PLC, Class A.	3.2
Union Pacific Corp.	3.2
United Technologies Corp.	3.2
3M Co.	2.6
Lockheed Martin Corp.	2.6
General Electric Co.	2.4
Fidelity National Information Services Inc.	2.2

^(a)  Excludes money market funds.

8 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019 iShares^® MSCI KLD 400 Social ETF

Investment Objective

TheiShares MSCI KLD 400 Social ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. companies that have positive environmental, social and governance characteristics, as represented by the MSCI KLD 400 Social Index (the “Index”). The index excludes companies involved in tobacco, alcohol, gambling, controversial weapons, civilian firearms, nuclear weapons, conventional weapons, nuclear power, adult entertainment and genetically modified organisms (GMOs). 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.84	%		16.66	%		10.19	%		12.79	%		16.66	%		62.46	%		233.21	%
Fund Market		3.91			16.68			10.20			12.80			16.68			62.49			233.45
Index		3.97			17.00			10.67			13.32			17.00			65.99			249.27

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,038.40	$	1.28		$	1,000.00	$	1,023.90	$	1.27		0.25	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	27.1	%
Communication Services	14.2
Health Care	11.1
Industrials	9.4
Consumer Discretionary	9.3
Financials	9.1
Consumer Staples	7.4
Real Estate	4.0
Energy	3.2
Materials	3.1
Utilities	2.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	7.7	%
Facebook Inc., Class A	3.4
Alphabet Inc., Class C	2.9
Alphabet Inc., Class A	2.8
Procter & Gamble Co. (The)	2.3
Visa Inc., Class A	2.3
Home Depot Inc. (The)	1.9
Intel Corp.	1.9
Mastercard Inc., Class A	1.9
Verizon Communications Inc.	1.9

^(a) Excludes money market funds.

FUND SUMMARY 9

Fund Summary  as of October 31, 2019 iShares^® MSCI USA ESG Select ETF

Investment Objective

TheiShares MSCI USA ESG Select ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. companies that have positive environmental, social and governance characteristics, as represented by the MSCI USA Extended ESG Select Index (the “Index”). The index further excludes companies whose primary revenue is derived from alcohol, gambling, nuclear power, conventional and controversial weapons and civilian firearms. 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.95	%		15.56	%		10.18	%		12.47	%		15.56	%		62.39	%		223.89	%
Fund Market		3.96			15.50			10.19			12.48			15.50			62.41			224.22
Index		4.09			15.87			10.65			13.00			15.87			65.90			239.40

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,039.50	$	1.28		$	1,000.00	$	1,023.90	$	1.27		0.25	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	25.1	%
Health Care	12.8
Industrials	10.7
Financials	10.0
Consumer Staples	9.2
Consumer Discretionary	8.3
Communication Services	7.3
Materials	5.1
Real Estate	4.7
Utilities	3.8
Energy	3.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	5.0	%
Apple Inc.	4.4
Ecolab Inc.	4.2
Accenture PLC, Class A	2.8
Alphabet Inc., Class A	2.6
3M Co.	2.3
salesforce. com Inc.	2.1
BlackRock Inc.	2.1
Home Depot Inc. (The)	2.0
Northern Trust Corp.	1.8

^(a)  Excludes money market funds.

10 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

About Fund Performance

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 recentmonth-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. 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.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 11

Schedule of Investments  (unaudited) October 31, 2019 iShares^® U.S. Basic Materials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 83.2%
Air Products & Chemicals Inc.		130,057	$	27,735,956
Albemarle Corp.		63,385		3,850,005
Ashland Global Holdings Inc.		36,413		2,817,274
Axalta Coating Systems Ltd.(a)		124,302		3,665,666
Cabot Corp.		35,359		1,541,299
Celanese Corp.		73,369		8,888,654
CF Industries Holdings Inc.		129,862		5,889,242
Chemours Co. (The)		99,884		1,639,096
Corteva Inc.(a)		443,266		11,693,357
Dow Inc.(a)		438,900		22,160,061
DuPont de Nemours Inc.		439,982		28,999,214
Eastman Chemical Co.		81,465		6,194,599
Ecolab Inc.		147,756		28,379,495
Element Solutions Inc.(a)		138,642		1,505,652
FMC Corp.		77,484		7,089,786
HB Fuller Co.		31,193		1,522,218
Huntsman Corp.		122,951		2,720,906
Ingevity Corp.(a)		25,363		2,135,818
International Flavors & Fragrances Inc.		63,377		7,732,628
Linde PLC		318,690		63,212,161
LyondellBasell Industries NV, Class A		152,685		13,695,845
Mosaic Co. (The)		212,058		4,215,713
NewMarket Corp.		4,472		2,171,111
Olin Corp.		99,856		1,831,359
PolyOne Corp.		47,125		1,510,356
PPG Industries Inc.		134,025		16,769,208
RPM International Inc.		77,188		5,590,727
ScottsMiracle-Gro Co. (The)		23,816		2,390,888
Sensient Technologies Corp.		25,877		1,618,865
Valvoline Inc.		113,670		2,425,718
Westlake Chemical Corp.		21,318		1,347,084
WR Grace & Co.		33,912		2,253,452
				295,193,413
Metals & Mining — 16.1%
Alcoa Corp.(a)(b)		112,120		2,330,975
Allegheny Technologies Inc.(a)(b)		77,363		1,625,397
Carpenter Technology Corp.		29,302		1,436,384
Commercial Metals Co.		72,578		1,402,933

Security	Shares		Value
Metals & Mining (continued)
Freeport-McMoRan Inc.		860,426	$	8,449,383
Newmont Goldcorp Corp.		431,719		17,152,196
Nucor Corp.		179,649		9,674,099
Reliance Steel & Aluminum Co.		39,762		4,613,983
Royal Gold Inc.		39,137		4,517,975
Steel Dynamics Inc.		131,315		3,986,723
U.S. Steel Corp.		105,538		1,214,742
Worthington Industries Inc.		23,445		863,010
				57,267,800
Oil, Gas & Consumable Fuels — 0.2%
Peabody Energy Corp.		50,270		529,343
Paper & Forest Products — 0.4%
Domtar Corp.		38,500		1,401,015
Total Common Stocks — 99.9% (Cost: $419,076,425)				354,391,571
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		1,292,352		1,292,999
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		573,000		573,000
				1,865,999
Total Short-Term Investments — 0.5% (Cost: $1,865,950)				1,865,999
Total Investments in Securities — 100.4% (Cost: $420,942,375)				356,257,570
Other Assets, Less Liabilities — (0.4)%				(1,261,757	)
Net Assets — 100.0%			$	354,995,813

^(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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity	Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	608,311	684,041	1,292,352	$	1,292,999	$	2,917	(b)	$	88		$	(131	)
BlackRock Cash Funds: Treasury, SL Agency Shares	355,680	217,320	573,000		573,000		4,676			—			—
				$	1,865,999	$	7,593		$	88		$	(131	)

^(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.

12 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Basic Materials ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-mini S&P Select Sector Industrial Index		4		12/20/19	$	315	$	721
S&P MidCap 400E-Mini Index		1		12/20/19		195		2,366
							$	3,087

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	3,087

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	41,801
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	3,087

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	170,127

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	354,391,571	$	—	$	—	$	354,391,571
Money Market Funds		1,865,999		—		—		1,865,999
	$	356,257,570	$	—	$	—	$	356,257,570
Derivative financial instruments(a)
Assets
Futures Contracts	$	3,087	$	—	$	—	$	3,087

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (unaudited) October 31, 2019 iShares^® U.S. Consumer Goods ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Auto Components — 2.7%
Adient PLC		18,633	$	394,833
Aptiv PLC		54,985		4,923,907
Autoliv Inc.		16,850		1,311,604
BorgWarner Inc.		44,323		1,847,383
Dana Inc.		30,888		501,312
Gentex Corp.		54,680		1,533,774
Goodyear Tire & Rubber Co. (The)		49,904		791,976
Lear Corp.		11,923		1,404,172
Veoneer Inc.(a)(b)		21,428		341,134
				13,050,095
Automobiles — 6.0%
Ford Motor Co.		841,100		7,225,049
General Motors Co.		269,651		10,020,231
Harley-Davidson Inc.		33,638		1,308,855
Tesla Inc.(a)(b)		30,371		9,564,435
Thor Industries Inc.		11,818		747,607
				28,866,177
Beverages — 21.7%
Boston Beer Co. Inc. (The), Class A, NVS(a)		1,975		739,558
Brown-Forman Corp., Class B, NVS		39,064		2,559,473
Coca-Cola Co. (The)		825,955		44,956,731
Constellation Brands Inc., Class A		35,893		6,831,515
Keurig Dr Pepper Inc.		57,362		1,615,314
Molson Coors Brewing Co., Class B		40,317		2,125,512
Monster Beverage Corp.(a)		83,029		4,660,418
National Beverage Corp.(b)		2,487		109,329
PepsiCo Inc.		300,078		41,161,699
				104,759,549
Commercial Services & Supplies — 0.1%
Herman Miller Inc.		12,677		589,481
Distributors — 1.0%
Genuine Parts Co.		31,352		3,216,088
Pool Corp.		8,568		1,777,003
				4,993,091
Diversified Financial Services — 0.2%
Jefferies Financial Group Inc.		54,085		1,009,767
Entertainment — 4.0%
Activision Blizzard Inc.		164,620		9,223,659
Electronic Arts Inc.(a)		63,251		6,097,396
Take-Two Interactive Software Inc.(a)		24,290		2,923,302
Zynga Inc., Class A(a)		202,095		1,246,926
				19,491,283
Food & Staples Retailing — 0.6%
Performance Food Group Co.(a)		22,578		962,049
U.S. Foods Holding Corp.(a)		47,039		1,866,037
				2,828,086
Food Products — 14.5%
Archer-Daniels-Midland Co.		119,539		5,025,419
Beyond Meat Inc.(a)(b)		2,198		185,621
Bunge Ltd.		30,381		1,640,574
Campbell Soup Co.		36,195		1,676,190
Conagra Brands Inc.		104,436		2,824,994
Darling Ingredients Inc.(a)		35,359		682,429
Flowers Foods Inc.		41,310		897,253
General Mills Inc.		129,522		6,587,489

Security	Shares		Value
Food Products (continued)
Hain Celestial Group Inc. (The)(a)(b)		17,151	$	405,450
Hershey Co. (The)		31,971		4,695,581
Hormel Foods Corp.		59,593		2,436,758
Ingredion Inc.		14,321		1,131,359
JM Smucker Co. (The)		24,477		2,586,729
Kellogg Co.		53,368		3,390,469
Kraft Heinz Co. (The)		133,537		4,317,251
Lamb Weston Holdings Inc.		31,265		2,439,920
Lancaster Colony Corp.		4,248		591,237
McCormick & Co. Inc./MD, NVS		26,409		4,243,662
Mondelez International Inc., Class A		309,517		16,234,167
Pilgrim’s Pride Corp.(a)(b)		11,163		338,909
Post Holdings Inc.(a)(b)		14,741		1,516,849
Seaboard Corp.		55		232,050
TreeHouse Foods Inc.(a)(b)		12,062		651,589
Tyson Foods Inc., Class A		63,244		5,235,971
				69,967,920
Household Durables — 4.6%
DR Horton Inc.		72,228		3,782,580
Helen of Troy Ltd.(a)		5,389		807,057
Leggett & Platt Inc.		28,216		1,447,481
Lennar Corp., Class A		61,039		3,637,924
Lennar Corp., Class B		3,296		154,978
Mohawk Industries Inc.(a)(b)		12,853		1,842,863
Newell Brands Inc.		81,784		1,551,442
NVR Inc.(a)		737		2,680,167
PulteGroup Inc.		55,322		2,170,835
Tempur Sealy International Inc.(a)		9,882		898,768
Toll Brothers Inc.		27,728		1,102,743
Whirlpool Corp.		13,634		2,074,004
				22,150,842
Household Products — 20.3%
Church & Dwight Co. Inc.		53,032		3,709,058
Clorox Co. (The)		26,987		3,985,710
Colgate-Palmolive Co.		184,147		12,632,484
Energizer Holdings Inc.		13,753		584,365
Kimberly-Clark Corp.		73,873		9,816,244
Procter & Gamble Co. (The)		537,119		66,876,687
Spectrum Brands Holdings Inc.		9,985		501,347
				98,105,895
Leisure Products — 1.2%
Brunswick Corp./DE		18,398		1,071,500
Hasbro Inc.		25,189		2,451,142
Mattel Inc.(a)(b)		74,159		885,458
Polaris Inc.		12,331		1,216,453
				5,624,553
Machinery — 1.3%
Stanley Black & Decker Inc.		32,567		4,928,364
WABCO Holdings Inc.(a)		10,998		1,480,551
				6,408,915
Personal Products — 2.3%
Coty Inc., Class A		63,128		737,966
Estee Lauder Companies Inc. (The), Class A		47,478		8,843,727
Herbalife Nutrition Ltd.(a)		20,450		913,502
Nu Skin Enterprises Inc., Class A		11,949		532,686
				11,027,881
Textiles, Apparel & Luxury Goods — 9.9%
Capri Holdings Ltd.(a)		32,532		1,010,769

14 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Consumer Goods ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Carter’s Inc.		9,602	$	962,504
Columbia Sportswear Co.		6,235		563,956
Deckers Outdoor Corp.(a)		6,198		947,674
Hanesbrands Inc.		77,595		1,180,220
Levi Strauss & Co., Class A		9,012		160,594
Lululemon Athletica Inc.(a)		24,265		4,956,612
NIKE Inc., Class B		268,677		24,060,025
PVH Corp.		15,913		1,386,977
Ralph Lauren Corp.		11,126		1,068,764
Skechers U.S.A. Inc., Class A(a)		28,706		1,072,743
Steven Madden Ltd.		16,756		690,012
Tapestry Inc.		61,564		1,592,045
Under Armour Inc., Class A(a)		40,380		833,847
Under Armour Inc., Class C, NVS(a)(b)		41,713		771,690
VF Corp.		70,075		5,766,472
Wolverine World Wide Inc.		18,382		545,578
				47,570,482
Tobacco — 9.4%
Altria Group Inc.		400,934		17,957,834
Philip Morris International Inc.		333,917		27,194,200
				45,152,034
Total Common Stocks — 99.8% (Cost: $490,426,397)				481,596,051

Security	Shares		Value
Short-Term Investments
Money Market Funds — 2.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		12,858,717	$	12,865,146
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		1,131,000		1,131,000
				13,996,146
Total Short-Term Investments — 2.9% (Cost: $13,993,415)				13,996,146
Total Investments in Securities — 102.7% (Cost: $504,419,812)				495,592,197
Other Assets, Less Liabilities — (2.7)%				(12,923,221	)
Net Assets — 100.0%			$	482,668,976

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

^(d)  Annualized7-day yield as ofperiod-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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity	Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	12,086,062	772,655	12,858,717	$	12,865,146	$	53,853	(b)	$	569		$	1,289
BlackRock Cash Funds: Treasury, SL Agency Shares	219,777	911,223	1,131,000		1,131,000		6,400			—			—
				$	13,996,146	$	60,253		$	569		$	1,289

^(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.

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		14		12/20/19	$	859	$	4,110
S&P MidCap 400E-Mini Index		1		12/20/19		196		8,198
							$	12,308

SCHEDULE OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Consumer Goods ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	12,308

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(20,763	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	12,308

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	351,607

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	481,596,051	$	—	$	—	$	481,596,051
Money Market Funds		13,996,146		—		—		13,996,146
	$	495,592,197	$	—	$	—	$	495,592,197
Derivative financial instruments(a)
Assets
Futures Contracts	$	12,308	$	—	$	—	$	12,308

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

See notes to financial statements.

16 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® U.S. Consumer Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 3.5%
Alaska Air Group Inc.		38,009	$	2,638,965
Allegiant Travel Co.		4,059		679,192
American Airlines Group Inc.		122,326		3,677,120
Delta Air Lines Inc.		178,640		9,839,491
JetBlue Airways Corp.(a)(b)		91,136		1,758,925
Southwest Airlines Co.		149,341		8,382,510
Spirit Airlines Inc.(a)(b)		21,186		795,746
United Airlines Holdings Inc.(a)		68,208		6,196,015
				33,967,964
Commercial Services & Supplies — 1.0%
Copart Inc.(a)		62,240		5,143,514
IAA Inc.(a)		41,102 41,318		1,568,041 1,027,166
KAR Auction Services Inc.
Rollins Inc.		43,592		1,661,291
				9,400,012
Distributors — 0.3%
LKQ Corp.(a)		95,102		3,232,517
Diversified Consumer Services — 1.4%
Adtalem Global Education Inc.(a)		17,002		506,319
Bright Horizons Family Solutions Inc.(a)		17,956		2,666,825
Chegg Inc.(a)(b)		35,186		1,078,803
frontdoor Inc.(a)		26,203		1,263,771
Graham Holdings Co., Class B		1,347		848,152
Grand Canyon Education Inc.(a)		14,876		1,367,997
H&R Block Inc.		62,134		1,552,729
Service Corp. International/U.S.		56,243		2,557,931
ServiceMaster Global Holdings Inc.(a)		41,887		1,691,397
				13,533,924
Entertainment — 10.1%
Cinemark Holdings Inc.		33,002		1,207,873
Liberty Media Corp. — Liberty Formula One, Class A(a)		7,949		321,378
Liberty Media Corp. — Liberty Formula One, Class C, NVS(a)(b)		62,571		2,659,268
Lions Gate Entertainment Corp., Class A		17,144		136,981
Lions Gate Entertainment Corp., Class B, NVS		33,039		247,462
Live Nation Entertainment Inc.(a)		42,904		3,024,732
Madison Square Garden Co. (The), Class A(a)(b)		5,299		1,414,409
Netflix Inc.(a)		135,162		38,846,910
Viacom Inc., Class A		2,760		65,936
Viacom Inc., Class B, NVS		109,182		2,353,964
Walt Disney Co. (The)		370,516		48,137,439
World Wrestling Entertainment Inc., Class A		14,722		825,021
				99,241,373
Food & Staples Retailing — 12.2%
Casey’s General Stores Inc.		11,351		1,938,864
Costco Wholesale Corp.		135,764		40,336,842
Kroger Co. (The)		246,593		6,076,052
Sprouts Farmers Market Inc.(a)		36,563		709,688
Sysco Corp.		158,420		12,653,006
Walgreens Boots Alliance Inc.		234,195		12,829,202
Walmart Inc.		384,905		45,133,960
				119,677,614
Health Care Providers & Services — 0.9%
AmerisourceBergen Corp.		46,950		4,008,591
Cardinal Health Inc.		92,035		4,551,131
				8,559,722

Security	Shares		Value
Hotels, Restaurants & Leisure — 17.6%
Aramark		76,201	$	3,334,556
Boyd Gaming Corp.		24,770		674,982
Caesars Entertainment Corp.(a)		171,225		2,102,643
Carnival Corp.		123,608		5,301,547
Cheesecake Factory Inc. (The)		12,711		531,193
Chipotle Mexican Grill Inc.(a)		7,873		6,126,454
Choice Hotels International Inc.		9,827		869,493
Churchill Downs Inc.		10,972		1,426,250
Cracker Barrel Old Country Store Inc.		7,444		1,157,542
Darden Restaurants Inc.		37,914		4,256,605
Domino’s Pizza Inc.		12,729		3,457,451
Dunkin’ Brands Group Inc.		25,484		2,003,552
Extended Stay America Inc.		58,324		828,784
Hilton Grand Vacations Inc.(a)(b)		26,595		923,644
Hilton Worldwide Holdings Inc.		88,553		8,586,099
Hyatt Hotels Corp., Class A		11,639		869,899
Las Vegas Sands Corp.		104,561		6,466,052
Marriott International Inc./MD, Class A		84,390		10,679,554
Marriott Vacations Worldwide Corp.		11,992		1,318,281
McDonald’s Corp.		212,448		41,788,522
MGM Resorts International		160,968		4,587,588
Norwegian Cruise Line Holdings Ltd.(a)(b)		66,556		3,378,383
Planet Fitness Inc., Class A(a)		25,844		1,645,229
Royal Caribbean Cruises Ltd.		53,048		5,773,214
Six Flags Entertainment Corp.		24,285		1,024,584
Starbucks Corp.		369,520		31,246,611
Texas Roadhouse Inc.		20,244		1,143,786
Vail Resorts Inc.		12,402		2,881,853
Wendy’s Co. (The)		57,022		1,207,726
Wyndham Destinations Inc.		28,550		1,325,005
Wyndham Hotels & Resorts Inc.		29,667		1,601,128
Wynn Resorts Ltd.		29,892		3,627,095
Yum! Brands Inc.		93,934		9,554,027
				171,699,332
Interactive Media & Services — 0.3%
Pinterest Inc., Class A(a)		26,781		673,274
TripAdvisor Inc.(a)(b)		32,344		1,306,698
Yelp Inc.(a)(b)		20,009		690,511
				2,670,483
Internet & Direct Marketing Retail — 13.5%
Amazon.com Inc.(a)		54,437		96,716,040
Booking Holdings Inc.(a)		13,160		26,961,813
Expedia Group Inc.		43,171		5,899,749
Qurate Retail Inc., Series A(a)(b)		120,286		1,147,529
Wayfair Inc., Class A(a)(b)		19,990		1,643,778
				132,368,909
IT Services — 0.1%
LiveRamp Holdings Inc.(a)		20,938		818,466
Media — 12.3%
Altice USA Inc., Class A(a)		95,299		2,949,504
AMC Networks Inc., Class A(a)		13,671		595,372
Cable One Inc.		1,545		2,047,697
CBS Corp., Class B, NVS		101,018		3,640,689
Charter Communications Inc., Class A(a)(b)		49,911		23,351,360
Comcast Corp., Class A		962,428		43,136,023
Discovery Inc., Class A(a)(b)		48,922		1,318,692
Discovery Inc., Class C, NVS(a)		107,003		2,700,756
DISH Network Corp., Class A(a)		74,194		2,550,790

SCHEDULE OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Consumer Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Fox Corp., Class A, NVS		109,415	$	3,505,656
Fox Corp., Class B(a)		49,957		1,560,657
Interpublic Group of Companies Inc. (The)		119,408		2,597,124
John Wiley & Sons Inc., Class A		13,631		627,980
Liberty Broadband Corp., Class A(a)		7,509		885,987
Liberty Broadband Corp., Class C, NVS(a)(b)		47,145		5,566,410
Liberty Global PLC, Class A(a)		50,504		1,270,176
Liberty Global PLC, Class C, NVS(a)		126,989		3,031,227
Liberty Latin America Ltd., Class A(a)(b)		13,967		261,043
Liberty Latin America Ltd., Class C, NVS(a)		35,266		649,247
Liberty Media Corp. — Liberty SiriusXM, Class A(a)		25,793		1,158,364
Liberty Media Corp. — Liberty SiriusXM, Class C, NVS(a)		46,754		2,112,813
Meredith Corp.		12,403		467,593
New York Times Co. (The), Class A(b)		44,404		1,372,083
News Corp., Class A, NVS		118,684		1,627,158
News Corp., Class B		37,697		532,282
Nexstar Media Group Inc., Class A		14,273		1,388,620
Omnicom Group Inc.		67,153		5,183,540
Sinclair Broadcast Group Inc., Class A		20,639		822,258
Sirius XM Holdings Inc.		425,461		2,859,098
TEGNA Inc.		67,068		1,008,032
				120,778,231
Multiline Retail — 4.5%
Dollar General Corp.		79,359		12,724,422
Dollar Tree Inc.(a)		73,048		8,064,499
Kohl’s Corp.		49,060		2,514,815
Macy’s Inc.		95,626		1,449,690
Nordstrom Inc.		32,852		1,179,387
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		16,928		1,081,361
Target Corp.		157,726		16,862,487
				43,876,661
Professional Services — 0.9%
IHS Markit Ltd.(a)		123,821		8,669,946
Road & Rail — 0.6%
AMERCO		2,489		1,008,145
Avis Budget Group Inc.(a)		18,114		538,167
Lyft Inc., Class A(a)		61,339		2,541,888
Uber Technologies Inc.(a)(b)		62,851		1,979,806
				6,068,006
Specialty Retail — 20.5%
Aaron’s Inc.(b)		20,910		1,566,786
Advance Auto Parts Inc.(b)		22,036		3,580,409
American Eagle Outfitters Inc.		49,165		756,158
AutoNation Inc.(a)		18,203		925,622
AutoZone Inc.(a)		7,572		8,665,245
Best Buy Co. Inc.		71,603		5,143,243
Burlington Stores Inc.(a)		20,458		3,931,414
CarMax Inc.(a)		51,116		4,762,478
Carvana Co.(a)(b)		15,407		1,249,200

Security	Shares		Value
Specialty Retail (continued)
Dick’s Sporting Goods Inc.		20,396	$	794,016
Five Below Inc.(a)		17,155		2,146,262
Floor & Decor Holdings Inc., Class A(a)		21,277		975,125
Foot Locker Inc.		33,960		1,477,600
Gap Inc. (The)		66,196		1,076,347
Home Depot Inc. (The)		316,280		74,192,962
L Brands Inc.		71,650		1,220,916
Lithia Motors Inc., Class A		6,939		1,092,754
Lowe’s Companies Inc.		238,258		26,591,975
Murphy USA Inc.(a)		9,277		1,094,037
National Vision Holdings Inc.(a)		24,240		576,912
O’Reilly Automotive Inc.(a)		23,619		10,286,311
Penske Automotive Group Inc.		10,419		507,614
Ross Stores Inc.		112,583		12,346,978
Tiffany & Co.		33,518		4,173,326
TJX Companies Inc. (The)		373,202		21,515,095
Tractor Supply Co.		36,812		3,497,876
Ulta Salon Cosmetics & Fragrance Inc.(a)		18,167		4,235,636
Urban Outfitters Inc.(a)		21,674		622,044
Williams-Sonoma Inc.		24,058		1,606,834
				200,611,175
Trading Companies & Distributors — 0.1%
Beacon Roofing Supply Inc.(a)		21,206		658,234
Total Common Stocks — 99.8% (Cost: $907,734,109)				975,832,569
Short-Term Investments
Money Market Funds — 4.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		45,895,111		45,918,059
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		2,067,000		2,067,000
				47,985,059
Total Short-Term Investments — 4.9% (Cost: $47,983,686)				47,985,059
Total Investments in Securities — 104.7% (Cost: $955,717,795)				1,023,817,628
Other Assets, Less Liabilities — (4.7)%				(45,773,647	)
Net Assets — 100.0%			$	978,043,981

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

^(d)  Annualized7-day yield as ofperiod-end.

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

18 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Consumer Services ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity	Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	29,031,428	16,863,683	45,895,111	$	45,918,059	$	61,670	(b)	$	3,501		$	(109	)
BlackRock Cash Funds: Treasury, SL Agency Shares	1,029,637	1,037,363	2,067,000		2,067,000		14,064			—			—
				$	47,985,059	$	75,734		$	3,501		$	(109	)

^(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.

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		12		12/20/19	$	1,464	$	(8,786	)
S&P 500E-Mini Index		4		12/20/19		607		10,027
							$	1,241
								��

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	10,027
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	8,786

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	47,302
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,241

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	690,387

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

SCHEDULE OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Consumer Services ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	975,832,569		$	—	$	—	$	975,832,569
Money Market Funds		47,985,059			—		—		47,985,059
	$	1,023,817,628		$	—	$	—	$	1,023,817,628
Derivative financial instruments(a)
Assets
Futures Contracts	$	10,027		$	—	$	—	$	10,027
Liabilities
Futures Contracts		(8,786	)		—		—		(8,786	)
	$	1,241		$	—	$	—	$	1,241

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

See notes to financial statements.

20 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® U.S. Financial Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 49.3%
Associated Banc-Corp.		65,758	$	1,322,393
BancorpSouth Bank		38,171		1,170,705
Bank of America Corp.		3,274,843		102,404,341
Bank of Hawaii Corp.		16,429		1,434,416
Bank OZK		48,924		1,372,807
BankUnited Inc.		38,554		1,322,402
BB&T Corp.		300,270		15,929,324
BOK Financial Corp.		13,093		1,010,125
Cathay General Bancorp.		30,931		1,100,216
CIT Group Inc.		38,108		1,634,452
Citigroup Inc.		807,194		58,004,961
Citizens Financial Group Inc.		175,994		6,187,949
Comerica Inc.		59,072		3,864,490
Commerce Bancshares Inc.		39,340		2,531,922
Cullen/Frost Bankers Inc.		22,805		2,054,274
East West Bancorp. Inc.		57,977		2,488,373
Fifth Third Bancorp.		287,104		8,348,984
First Citizens BancShares Inc./NC, Class A		3,490		1,716,801
First Financial Bankshares Inc.		54,488		1,813,361
First Hawaiian Inc.		53,863		1,472,076
First Horizon National Corp.		125,108		1,997,975
First Republic Bank/CA		66,159		7,036,671
FNB Corp.		130,920		1,578,895
Fulton Financial Corp.		67,705		1,155,047
Glacier Bancorp. Inc.		33,262		1,407,648
Hancock Whitney Corp.		36,673		1,430,247
Home BancShares Inc./AR		63,251		1,168,878
Huntington Bancshares Inc./OH		408,796		5,776,287
IBERIABANK Corp.		21,224		1,557,629
International Bancshares Corp.		23,765		973,414
Investors Bancorp. Inc.		91,614		1,103,949
JPMorgan Chase & Co.		1,249,744		156,118,021
KeyCorp.		394,512		7,089,381
M&T Bank Corp.		52,538		8,223,773
PacWest Bancorp.		47,480		1,756,285
People’s United Financial Inc.		176,057		2,846,842
Pinnacle Financial Partners Inc.		29,073		1,710,074
PNC Financial Services Group Inc. (The)		173,979		25,522,719
Popular Inc.		38,641		2,104,389
Prosperity Bancshares Inc.		37,695		2,601,709
Regions Financial Corp.		392,696		6,322,406
Signature Bank/New York NY		21,793		2,578,548
Sterling Bancorp./DE		82,569		1,622,481
SunTrust Banks Inc.		174,141		11,900,796
SVB Financial Group(a)		20,344		4,505,789
Synovus Financial Corp.		61,714		2,090,253
TCF Financial Corp.		61,174		2,421,879
Texas Capital Bancshares Inc.(a)		20,469		1,106,554
Trustmark Corp.		26,459		908,073
U.S. Bancorp.		561,123		31,995,233
UMB Financial Corp.		17,579		1,147,206
Umpqua Holdings Corp.		89,074		1,409,151
United Bankshares Inc./WV		41,031		1,622,366
Valley National Bancorp.		133,768		1,549,033
Webster Financial Corp.		37,070		1,634,787
Wells Fargo & Co.		1,567,569		80,933,587
Western Alliance Bancorp.		38,228		1,885,787
Wintrust Financial Corp.		22,895		1,461,159

Security	Shares		Value
Banks (continued)
Zions Bancorp. N.A.		70,115	$	3,398,474
				610,837,767
Capital Markets — 25.0%
Affiliated Managers Group Inc.		20,384		1,628,274
Ameriprise Financial Inc.		51,458		7,764,498
Bank of New York Mellon Corp. (The)		336,230		15,718,752
BlackRock Inc.(b)		45,876		21,180,949 13,784,229
Blackstone Group Inc. (The), Class A		259,297
Cboe Global Markets Inc.		44,043		5,071,551
Charles Schwab Corp. (The)		455,722		18,552,443
CME Group Inc.		140,160		28,837,920
E*TRADE Financial Corp.		89,756		3,750,903
Eaton Vance Corp., NVS		45,225		2,062,260
Evercore Inc., Class A		16,244		1,196,208
FactSet Research Systems Inc.		15,133		3,836,518
Federated Investors Inc., Class B		39,110		1,249,173
Franklin Resources Inc.		111,920		3,083,396
Goldman Sachs Group Inc. (The)		126,655		27,025,644
Interactive Brokers Group Inc., Class A		31,003		1,474,813
Intercontinental Exchange Inc.		219,473		20,700,693
Invesco Ltd.		153,388		2,579,986
Janus Henderson Group PLC		61,763		1,428,578
Lazard Ltd., Class A		51,971		1,940,077
Legg Mason Inc.		33,096		1,233,157
LPL Financial Holdings Inc.		32,744		2,647,025
MarketAxess Holdings Inc.		14,887		5,487,199
Moody’s Corp.		63,788		14,077,374
Morgan Stanley		491,798		22,647,298
Morningstar Inc.		8,329		1,347,965
MSCI Inc.		33,292		7,808,972
Nasdaq Inc.		45,521		4,541,630
Northern Trust Corp.		84,450		8,417,976
Raymond James Financial Inc.		48,842		4,077,819
S&P Global Inc.		96,431		24,878,234
SEI Investments Co.		50,356		3,017,332
State Street Corp.		146,301		9,666,107
Stifel Financial Corp.		28,038		1,569,567
T Rowe Price Group Inc.		92,446		10,705,247
TD Ameritrade Holding Corp.		106,218		4,076,647
Tradeweb Markets Inc., Class A		19,066		796,006
Virtu Financial Inc., Class A		31,775		538,904
				310,401,324
Consumer Finance — 6.5%
Ally Financial Inc.		154,066		4,719,042
American Express Co.		266,217		31,221,930
Capital One Financial Corp.		184,283		17,184,390
Credit Acceptance Corp.(a)		5,542		2,426,343
Discover Financial Services		124,938		10,027,524
FirstCash Inc.		17,355		1,464,588
Green Dot Corp., Class A(a)		20,207		582,770
Navient Corp.		82,496		1,135,970
OneMain Holdings Inc.		30,996		1,239,840
Santander Consumer USA Holdings Inc.		42,455		1,064,771
SLM Corp.		172,468		1,455,630
Synchrony Financial		239,871		8,484,237
				81,007,035
Diversified Financial Services — 0.2%
AXA Equitable Holdings Inc.		119,262		2,576,059

SCHEDULE OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Financial Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance — 0.4%
Fidelity National Financial Inc.		108,253	$	4,962,317
IT Services — 17.5%
Mastercard Inc., Class A		349,004		96,607,797
Visa Inc., Class A		675,047		120,738,907
				217,346,704
Thrifts & Mortgage Finance — 1.0%
Capitol Federal Financial Inc.		58,592		836,108
Essent Group Ltd.		39,380		2,051,304
LendingTree Inc.(a)		3,150		1,133,527
MGIC Investment Corp.		141,935		1,945,929
New York Community Bancorp. Inc.		186,720		2,175,288
Radian Group Inc.		81,410		2,043,391
TFS Financial Corp.		22,118		425,993
Washington Federal Inc.		32,259		1,176,163
				11,787,703
Total Common Stocks — 99.9% (Cost: $1,143,227,434)				1,238,918,909

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(b)(c)		3,018,000	$	3,018,000
Total Short-Term Investments — 0.2% (Cost: $3,018,000)				3,018,000
Total Investments in Securities — 100.1% (Cost: $1,146,245,434)				1,241,936,909
Other Assets, Less Liabilities — (0.1)%				(1,199,770	)
Net Assets — 100.0%			$	1,240,737,139

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized7-day yield as ofperiod-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Shares Purchased		Shares Sold		Shares Held at 10/31/19		Value at 10/31/19		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	702,900	2,315,100	(b)	—		3,018,000	$	3,018,000	$	15,715	$	—		$	—
BlackRock Inc.	56,393	7,214		(17,731	)	45,876		21,180,949		358,202		821,157			(2,423,822	)
							$	24,198,949	$	373,917	$	821,157		$	(2,423,822	)

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini S&P Select Sector Financial Index		19		12/20/19	$	1,674	$	65,334

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	65,334

^(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).

22 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Financial Services ETF

For the six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	94,085
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	65,334

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	558,046

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,238,918,909	$	—	$	—	$	1,238,918,909
Money Market Funds		3,018,000		—		—		3,018,000
	$	1,241,936,909	$	—	$	—	$	1,241,936,909
Derivative financial instruments(a)
Assets
Futures Contracts	$	65,334	$	—	$	—	$	65,334

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 23

Schedule of Investments  (unaudited) October 31, 2019 iShares^® U.S. Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 28.0%
Associated Banc-Corp.		42,238	$	849,406
BancorpSouth Bank		24,657		756,230
Bank of America Corp.		2,199,484		68,777,865
Bank of Hawaii Corp.		10,678		932,296
Bank OZK		31,726		890,232
BankUnited Inc.		25,020		858,186
BB&T Corp.		201,154		10,671,220
BOK Financial Corp.		8,442		651,300
Cathay General Bancorp		19,905		708,021
CIT Group Inc.		24,911		1,068,433
Citigroup Inc.		593,107		42,620,669
Citizens Financial Group Inc.		117,512		4,131,722
Comerica Inc.		39,074		2,556,221
Commerce Bancshares Inc.		25,804		1,660,745
Cullen/Frost Bankers Inc.		14,995		1,350,750
East West Bancorp. Inc.		38,307		1,644,136
Fifth Third Bancorp		191,813		5,577,922
First Citizens BancShares Inc./NC, Class A		2,292		1,127,481
First Financial Bankshares Inc.		35,540		1,182,771
First Hawaiian Inc.		35,070		958,463
First Horizon National Corp.		82,235		1,313,293
First Republic Bank/CA		44,205		4,701,644
FNB Corp.		85,627		1,032,662
Fulton Financial Corp.		43,763		746,597
Glacier Bancorp. Inc.		22,622		957,363
Hancock Whitney Corp.		23,872		931,008
Home BancShares Inc./AR		40,601		750,306
Huntington Bancshares Inc./OH		272,815		3,854,876
IBERIABANK Corp.		13,845		1,016,085
International Bancshares Corp.		15,193		622,305
Investors Bancorp. Inc.		58,853		709,179
JPMorgan Chase & Co.		839,489		104,868,966
KeyCorp		263,569		4,736,335
M&T Bank Corp.		35,101		5,494,359
PacWest Bancorp.		31,110		1,150,759
People’s United Financial Inc		117,660		1,902,562
Pinnacle Financial Partners Inc.		19,001		1,117,639
PNC Financial Services Group Inc. (The)		116,889		17,147,616
Popular Inc.		25,426		1,384,700
Prosperity Bancshares Inc.		25,599		1,766,843
Regions Financial Corp.		262,222		4,221,774
Signature Bank/New York NY		14,390		1,702,625
Sterling Bancorp./DE		53,995		1,061,002
SunTrust Banks Inc.		116,555		7,965,369
SVB Financial Group(a)		13,494		2,988,651
Synovus Financial Corp.		40,619		1,375,765
TCF Financial Corp.		40,385		1,598,842
Texas Capital Bancshares Inc.(a)		13,160		711,430
Trustmark Corp.		16,776		575,752
U.S. Bancorp		376,499		21,467,973
UMB Financial Corp.		11,351		740,766
Umpqua Holdings Corp.		57,369		907,578
United Bankshares Inc./WV		26,830		1,060,858
Valley National Bancorp		86,924		1,006,580
Webster Financial Corp.		24,260		1,069,866
Wells Fargo & Co		1,052,686		54,350,178
Western Alliance Bancorp		25,075		1,236,950
Wintrust Financial Corp.		14,916		951,939

Security	Shares		Value
Banks (continued)
Zions Bancorp. N.A.		46,537	$	2,255,648
				412,428,712
Capital Markets — 14.1%
Affiliated Managers Group Inc.		13,331		1,064,880
Ameriprise Financial Inc.		34,366		5,185,486
Bank of New York Mellon Corp. (The)		225,217		10,528,895
BlackRock Inc.(b)		30,844		14,240,675
Blackstone Group Inc. (The), Class A		173,646		9,231,021
Cboe Global Markets Inc.		29,250		3,368,137
Charles Schwab Corp. (The)		305,433		12,434,177
CME Group Inc.		94,012		19,342,969
E*TRADE Financial Corp.		59,423		2,483,287
Eaton Vance Corp., NVS		29,718		1,355,141
Evercore Inc., Class A		10,483		771,968
FactSet Research Systems Inc.		10,051		2,548,129
Federated Investors Inc., Class B		25,185		804,409
Franklin Resources Inc.		74,241		2,045,339
Goldman Sachs Group Inc. (The)		84,953		18,127,271
Interactive Brokers Group Inc., Class A		20,189		960,391
Intercontinental Exchange Inc.		147,133		13,877,585
Invesco Ltd.		101,368		1,705,010
Janus Henderson Group PLC		46,507		1,075,707
Lazard Ltd., Class A		33,836		1,263,098
Legg Mason Inc.		21,466		799,823
LPL Financial Holdings Inc.		21,677		1,752,369
MarketAxess Holdings Inc.		9,888		3,644,618
Moody’s Corp.		42,716		9,426,994
Morgan Stanley		329,778		15,186,277
Morningstar Inc.		5,401		874,098
MSCI Inc.		22,246		5,218,022
Nasdaq Inc.		30,194		3,012,455
Northern Trust Corp.		56,420		5,623,946
Raymond James Financial Inc.		32,337		2,699,816
S&P Global Inc.		64,675		16,685,503
SEI Investments Co.		33,391		2,000,789
State Street Corp.		97,814		6,462,571
Stifel Financial Corp.		18,320		1,025,554
T Rowe Price Group Inc.		61,844		7,161,535
TD Ameritrade Holding Corp.		70,391		2,701,607
Tradeweb Markets Inc., Class A		12,099		505,133
Virtu Financial Inc., Class A		19,471		330,228
				207,524,913
Consumer Finance — 3.7%
Ally Financial Inc.		102,261		3,132,254
American Express Co.		178,615		20,947,967
Capital One Financial Corp.		123,480		11,514,510
Credit Acceptance Corp.(a)		3,671		1,607,200
Discover Financial Services		83,561		6,706,606
FirstCash Inc.		11,263		950,485
Green Dot Corp., Class A(a)		12,565		362,375
Navient Corp.		53,379		735,029
OneMain Holdings Inc.		20,143		805,720
Santander Consumer USA Holdings Inc		27,323		685,261
SLM Corp.		112,250		947,390
Synchrony Financial.		160,278		5,669,033
				54,063,830
Diversified Financial Services — 7.7%
AXA Equitable Holdings Inc.		78,852		1,703,203
Berkshire Hathaway Inc., Class B(a)		514,816		109,439,585

24 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Financial Services (continued)
Voya Financial Inc.		36,941	$	1,993,337
				113,136,125
Equity Real Estate Investment Trusts (REITs) — 20.6%
Acadia Realty Trust		22,217		621,632
Alexandria Real Estate Equities Inc.		29,808		4,732,020
American Campus Communities Inc.		36,118		1,805,178
American Homes 4 Rent, Class A		67,050		1,774,813
American Tower Corp		116,215		25,344,167
Americold Realty Trust		50,416		2,021,177
Apartment Investment & Management Co., Class A		39,142		2,148,113
Apple Hospitality REIT Inc.		55,068		907,521
AvalonBay Communities Inc.		36,666		7,980,722
Boston Properties Inc.		37,755		5,179,986
Brandywine Realty Trust		46,226		706,333
Brixmor Property Group Inc.		77,998		1,717,516
Camden Property Trust		25,308		2,894,476
Colony Capital Inc.		126,492		708,355
Columbia Property Trust Inc.		30,476		625,368
CoreCivic Inc.		31,376		478,798
CoreSite Realty Corp.		9,625		1,130,937
Corporate Office Properties Trust		28,991		859,293
Cousins Properties Inc.		38,664		1,551,586
Crown Castle International Corp		109,158		15,150,039
CubeSmart		50,696		1,607,063
CyrusOne Inc.		29,787		2,123,217
DiamondRock Hospitality Co.		52,739		526,335
Digital Realty Trust Inc.		54,702		6,949,342
Douglas Emmett Inc.		43,340		1,877,489
Duke Realty Corp.		94,657		3,326,247
EastGroup Properties Inc.		9,881		1,323,560
EPR Properties		20,400		1,586,916
Equinix Inc.		22,268		12,621,057
Equity Commonwealth		32,059		1,031,659
Equity LifeStyle Properties Inc.		47,684		3,335,019
Equity Residential		91,519		8,114,075
Essex Property Trust Inc.		17,253		5,643,974
Extra Space Storage Inc.		33,650		3,777,885
Federal Realty Investment Trust		18,329		2,492,927
First Industrial Realty Trust Inc.		33,308		1,402,600
Gaming and Leisure Properties Inc.		53,653		2,165,435
GEO Group Inc. (The)		31,431		478,380
Healthcare Realty Trust Inc.		33,987		1,181,728
Healthcare Trust of America Inc., Class A		53,914		1,671,334
Healthpeak Properties Inc.		129,044		4,854,635
Highwoods Properties Inc.		27,293		1,277,312
Host Hotels & Resorts Inc.		191,155		3,133,030
Hudson Pacific Properties Inc.		40,359		1,449,695
Invitation Homes Inc.		125,783		3,872,859
Iron Mountain Inc.		75,461		2,475,121
JBG SMITH Properties		31,059		1,250,435
Kilroy Realty Corp.		24,429		2,050,326
Kimco Realty Corp.		111,016		2,393,505
Lamar Advertising Co., Class A		22,509		1,800,945
Lexington Realty Trust		65,189		709,256
Liberty Property Trust		41,495		2,451,110
Life Storage Inc.		12,251		1,334,379
Macerich Co. (The)		28,991		797,253
Mack-Cali Realty Corp.		23,951		513,030
Medical Properties Trust Inc.		117,390		2,433,495
Mid-America Apartment Communities Inc.		29,984		4,167,476

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
National Health Investors Inc.		11,397	$	977,749
National Retail Properties Inc.		44,892		2,644,588
Omega Healthcare Investors Inc.		56,971		2,509,003
Outfront Media Inc		37,800		994,518
Paramount Group Inc.		53,218		716,846
Park Hotels & Resorts Inc.		62,628		1,456,101
Pebblebrook Hotel Trust		34,301		881,879
Physicians Realty Trust		48,715		909,509
Piedmont Office Realty Trust Inc., Class A		33,180		744,559
PotlatchDeltic Corp.		17,453		741,229
Prologis Inc.		165,711		14,542,797
PS Business Parks Inc		5,280		953,304
Public Storage		39,428		8,786,924
Rayonier Inc.		33,849		913,246
Realty Income Corp.		83,558		6,834,209
Regency Centers Corp.		43,997		2,958,358
Retail Properties of America Inc., Class A		55,597		765,015
Rexford Industrial Realty Inc.		28,888		1,389,224
RLJ Lodging Trust		45,160		741,076
Ryman Hospitality Properties Inc.		13,434		1,130,740
Sabra Health Care REIT Inc.		49,906		1,227,688
SBA Communications Corp.		29,695		7,146,102
Senior Housing Properties Trust		62,978		625,057
Service Properties Trust		43,378		1,097,463
Simon Property Group Inc.		80,878		12,186,697
SITE Centers Corp.		36,571		567,948
SL Green Realty Corp.		21,698		1,813,953
Spirit Realty Capital Inc.		23,720		1,182,205
STORE Capital Corp.		55,294		2,239,407
Sun Communities Inc.		23,736		3,860,660
Sunstone Hotel Investors Inc.		58,865		795,266
Taubman Centers Inc.		16,054		574,412
UDR Inc.		76,694		3,853,873
Urban Edge Properties		30,281		639,232
Ventas Inc.		97,815		6,367,756
VEREIT Inc.		276,385		2,719,628
VICI Properties Inc.		120,683		2,842,085
Vornado Realty Trust		41,447		2,720,167
Washington REIT		20,904		648,442
Weingarten Realty Investors		31,838		1,010,220
Welltower Inc.		106,393		9,648,781
Weyerhaeuser Co.		195,610		5,713,768
WP Carey Inc.		44,846		4,128,523
Xenia Hotels & Resorts Inc		29,304		616,849
				304,355,190
Insurance — 13.7%
Aflac Inc.		194,383		10,333,400
Alleghany Corp.(a)		3,773		2,936,488
Allstate Corp. (The)		86,431		9,197,987
American Financial Group Inc./OH		21,676		2,255,171
American International Group Inc		228,393		12,095,693
Aon PLC		61,924		11,961,240
Arch Capital Group Ltd.(a)		106,218		4,435,664
Arthur J Gallagher & Co.		48,898		4,460,476
Assurant Inc.		16,014		2,018,885
Assured Guaranty Ltd.		25,985		1,219,216
Athene Holding Ltd., Class A(a)		31,816		1,379,224
Axis Capital Holdings Ltd.		22,084		1,312,452
Brighthouse Financial Inc.(a)		29,323		1,107,236
Brown & Brown Inc.		61,137		2,303,642

SCHEDULE OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Chubb Ltd.		119,650	$	18,237,053
Cincinnati Financial Corp.		39,928		4,520,249
CNA Financial Corp.		6,990		313,432
CNO Financial Group Inc.		41,058		642,558
Enstar Group Ltd.(a)		3,878		779,090
Erie Indemnity Co., Class A, NVS		4,852		894,078
Everest Re Group Ltd.		10,702		2,751,377
Fidelity National Financial Inc.		71,880		3,294,979
First American Financial Corp.		29,482		1,821,398
Genworth Financial Inc., Class A(a)		131,872		564,412
Globe Life Inc.		26,252		2,555,107
Hanover Insurance Group Inc. (The)		10,415		1,371,760
Hartford Financial Services Group Inc. (The)		94,961		5,420,374
Kemper Corp.		16,307		1,172,147
Lincoln National Corp.		52,432		2,961,359
Loews Corp.		68,100		3,336,900
Markel Corp.(a)		3,641		4,263,611
Marsh & McLennan Companies Inc.		132,925		13,773,688
Mercury General Corp.		7,229		347,426
MetLife Inc.		208,977		9,778,034
Old Republic International Corp.		75,058		1,676,796
Primerica Inc.		11,020		1,390,504
Principal Financial Group Inc.		68,144		3,637,527
ProAssurance Corp.		15,718		616,460
Progressive Corp. (The)		153,502		10,699,089
Prudential Financial Inc.		105,546		9,619,462
Reinsurance Group of America Inc.		16,496		2,680,105
RenaissanceRe Holdings Ltd		11,600		2,171,288
RLI Corp.		10,479		1,019,816
Selective Insurance Group Inc.		15,657		1,082,212
Travelers Companies Inc. (The)		68,359		8,959,131
Unum Group		54,401		1,498,204
White Mountains Insurance Group Ltd.		785		840,735
Willis Towers Watson PLC		37,479		7,004,825
WR Berkley Corp.		37,911		2,649,979
				201,361,939
IT Services — 9.9%
Mastercard Inc., Class A		234,387		64,880,666
Visa Inc., Class A		453,413		81,097,449
				145,978,115
Mortgage Real Estate Investment — 1.0%
AGNC Investment Corp.		144,134		2,457,485
Annaly Capital Management Inc.		381,384		3,424,828
Blackstone Mortgage Trust Inc., Class A		35,388		1,284,584
Chimera Investment Corp.		48,976		992,254

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Invesco Mortgage Capital Inc.		37,605	$	591,903
MFA Financial Inc.		117,113		888,888
New Residential Investment Corp.		109,250		1,730,520
Starwood Property Trust Inc.		73,707		1,813,192
Two Harbors Investment Corp.		71,782		995,616
				14,179,270
Professional Services — 0.3%
CoStar Group Inc.(a)		9,591		5,270,446
Real Estate Management & Development — 0.5%
CBRE Group Inc., Class A(a)		88,359		4,731,624
Howard Hughes Corp. (The)(a)		11,364		1,270,723
Jones Lang LaSalle Inc.		13,492		1,976,848
				7,979,195
Thrifts & Mortgage Finance — 0.5%
Capitol Federal Financial Inc.		36,601		522,296
Essent Group Ltd.		25,715		1,339,494
LendingTree Inc.(a)		2,016		725,458
MGIC Investment Corp.		92,756		1,271,685
New York Community Bancorp. Inc.		122,888		1,431,645
Radian Group Inc.		53,484		1,342,448
TFS Financial Corp.		12,926		248,955
Washington Federal Inc.		20,841		759,863
				7,641,844
Total Common Stocks — 100.0% (Cost: $1,368,608,177)				1,473,919,579
Short-Term Investments
Money Market Funds — 0.1% BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(b)(c)		1,802,000		1,802,000
Total Short-Term Investments — 0.1% (Cost: $1,802,000)				1,802,000
Total Investments in Securities — 100.1% (Cost: $1,370,410,177)				1,475,721,579
Other Assets, Less Liabilities — (0.1)%				(1,482,636	)
Net Assets — 100.0%			$	1,474,238,943

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized7-day yield as ofperiod-end.

26 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Financials ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19		Shares Purchased		Shares Sold			Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		8,045,094		—		(8,045,094	)(b)		—	$	—	$	22,095	(c)	$	12,576	$	(2,175	)
BlackRock Cash Funds: Treasury, SL Agency Shares		2,371,302		—		(569,302	)(b)		1,802,000		1,802,000		26,452			—		—
BlackRock Inc.		38,120		2,456		(9,732	)		30,844		14,240,675		244,213			90,541		(1,125,828	)
										$	16,042,675	$	292,760		$	103,117	$	(1,128,003	)

^(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
Dow Jones U.S. Real Estate		11		12/20/19	$	407	$	1,807
E-Mini S&P Select Sector Financial Index		11		12/20/19		969		41,379
							$	43,186

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	43,186

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	225,814
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	43,186

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	458,746

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

SCHEDULE OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Financials ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,473,919,579	$	—	$	—	$	1,473,919,579
Money Market Funds		1,802,000		—		—		1,802,000
	$	1,475,721,579	$	—	$	—	$	1,475,721,579
Derivative financial instruments(a)
Assets
Futures Contracts	$	43,186	$	—	$	—	$	43,186

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

See notes to financial statements.

28 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® U.S.industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 19.5%
Arconic Inc.		95,364	$	2,619,649
Axon Enterprise Inc.(a)(b)		14,657		749,412
Boeing Co. (The)		131,665		44,754,250
BWX Technologies Inc.		23,495		1,365,060
Curtiss-Wright Corp.		10,533		1,424,588
General Dynamics Corp.		57,624		10,187,923
HEICO Corp.		9,970		1,229,700
HEICO Corp., Class A		17,705		1,686,755
Hexcel Corp.		20,911		1,560,379
Huntington Ingalls Industries Inc.		10,181		2,297,444
L3Harris Technologies Inc.		54,993		11,345,606
Lockheed Martin Corp.		61,208		23,055,829
Mercury Systems Inc.(a)		13,704		1,009,437
Moog Inc., Class A		7,993		669,094
Northrop Grumman Corp.		38,756		13,660,715
Raytheon Co.		68,594		14,556,333
Spirit AeroSystems Holdings Inc., Class A		25,488		2,085,428
Teledyne Technologies Inc.(a)		8,959		2,952,886
Textron Inc.		56,676		2,612,197
TransDigm Group Inc.		12,227		6,434,826
United Technologies Corp.		199,784		28,684,987
				174,942,498
Air Freight & Logistics — 4.0%
CH Robinson Worldwide Inc.		33,338		2,521,687
Expeditors International of Washington Inc.		42,049		3,067,054
FedEx Corp.		59,111		9,023,885
United Parcel Service Inc., Class B		171,999		19,809,125
XPO Logistics Inc.(a)		22,658		1,731,071
				36,152,822
Building Products — 2.7%
Allegion PLC		22,998		2,668,688
AO Smith Corp.		33,992		1,688,722
Armstrong World Industries Inc.		12,020		1,124,231
Fortune Brands Home & Security Inc.		34,387		2,064,939
Johnson Controls International PLC		195,982		8,491,900
Lennox International Inc.		8,664		2,143,127
Masco Corp.		71,288		3,297,070
Owens Corning		26,800		1,642,304
Resideo Technologies Inc.(a)		29,944		285,366
Trex Co. Inc.(a)		14,375		1,263,419
				24,669,766
Chemicals — 1.3%
Sherwin-Williams Co. (The)		20,222		11,573,455
Commercial Services & Supplies — 3.1%
ADT Inc.(b)		25,592		198,082
Brink’s Co. (The)		12,355		1,049,681
Cintas Corp.		20,446		5,493,227
Clean Harbors Inc.(a)		12,698		1,047,077
Covanta Holding Corp.		28,728		414,832
Deluxe Corp.		10,566		547,636
MSA Safety Inc.		8,799		1,056,496
Republic Services Inc.		52,139		4,562,684
Stericycle Inc.(a)		22,511		1,296,633
Tetra Tech Inc.		13,493		1,180,233
Waste Management Inc.		96,129		10,786,635
				27,633,216

Security	Shares		Value
Construction & Engineering — 1.1%
AECOM(a)		38,966	$	1,559,030
EMCOR Group Inc.		13,793		1,209,784
Fluor Corp.		34,358		553,507
Jacobs Engineering Group Inc.		33,373		3,123,045
MasTec Inc.(a)		14,893		937,366
Quanta Services Inc.		35,125		1,477,006
Valmont Industries Inc.		5,326		730,674
				9,590,412
Construction Materials — 1.1%
Eagle Materials Inc.		10,381		948,201
Martin Marietta Materials Inc.		15,379		4,027,914
Summit Materials Inc., Class A(a)(b)		27,567		632,111
Vulcan Materials Co.		32,582		4,654,990
				10,263,216
Containers & Packaging — 3.6%
Amcor PLC(a)		400,116		3,809,104
AptarGroup Inc		15,744		1,860,154
Avery Dennison Corp.		20,726		2,650,026
Ball Corp.		81,773		5,721,657
Berry Global Group Inc.(a)		32,636		1,354,720
Crown Holdings Inc.(a)		33,339		2,428,413
Graphic Packaging Holding Co.		72,576		1,136,540
International Paper Co.		96,754		4,226,215
Owens-Illinois Inc.		37,832		321,572
Packaging Corp. of America		23,299		2,550,308
Sealed Air Corp.		38,058		1,589,683
Silgan Holdings Inc.		19,257		592,538
Sonoco Products Co.		24,599		1,419,362
Westrock Co.		63,345		2,367,203
				32,027,495
Electrical Equipment — 4.3%
Acuity Brands Inc.		9,827		1,226,311
AMETEK Inc.		56,241		5,154,488
Eaton Corp. PLC		103,445		9,011,094
Emerson Electric Co.		151,498		10,627,585
EnerSys		10,463		699,556
Generac Holdings Inc.(a)(b)		15,408		1,488,105
GrafTech International Ltd.		15,272		184,486
Hubbell Inc.		13,377		1,895,521
nVent Electric PLC		38,438		886,380
Regal Beloit Corp.		10,360		767,158
Rockwell Automation Inc.		28,820		4,956,752
Sensata Technologies Holding PLC(a)		39,677		2,031,065
				38,928,501
Electronic Equipment, Instruments & Components — 5.2%
Amphenol Corp., Class A		73,261		7,350,276
Anixter International Inc.(a)		7,416		613,674
Arrow Electronics Inc.(a)		20,419		1,618,818
Avnet Inc.		25,598		1,012,657
Belden Inc.		9,514		487,878
Cognex Corp.(b)		42,034		2,164,331
Coherent Inc.(a)		5,906		879,521
Corning Inc.		192,327		5,698,649
Dolby Laboratories Inc., Class A		15,848		1,019,502
FLIR Systems Inc.		33,364		1,720,248
IPG Photonics Corp.(a)		8,752		1,175,219
Itron Inc.(a)		8,677		661,708
Jabil Inc.		34,147		1,257,293
Keysight Technologies Inc.(a)		46,200		4,662,042

SCHEDULE OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Littelfuse Inc.		6,055	$	1,063,076
National Instruments Corp.		29,323		1,213,679
TE Connectivity Ltd.		82,740		7,405,230
Trimble Inc.(a)		62,011		2,470,518
Vishay Intertechnology Inc.		32,561		656,104
Zebra Technologies Corp., Class A(a)		13,325		3,169,618
				46,300,041
Industrial Conglomerates — 9.6%
3M Co.		141,691		23,377,598
Carlisle Companies Inc.		13,943		2,123,101
General Electric Co.		2,149,470		21,451,711
Honeywell International Inc.		177,215		30,610,347
Roper Technologies Inc.		25,615		8,631,230
				86,193,987
IT Services — 18.2%
Accenture PLC, Class A		156,928		29,097,590
Alliance Data Systems Corp.		10,122		1,012,200
Automatic Data Processing Inc.		106,881		17,339,304
Black Knight Inc.(a)		36,804		2,362,817
Broadridge Financial Solutions Inc.		28,149		3,524,818
CoreLogic Inc.(a)		19,813		802,228
Euronet Worldwide Inc.(a)		13,399		1,876,798
Fidelity National Information Services Inc.		151,091		19,907,750
Fiserv Inc.(a)		140,592		14,922,435
FleetCor Technologies Inc.(a)		21,322		6,273,359
Genpact Ltd.		38,122		1,493,239
Global Payments Inc.		73,899		12,502,233
Jack Henry & Associates Inc.		18,959		2,683,836
MAXIMUS Inc.		15,736		1,207,581
Paychex Inc.		78,772		6,588,490
PayPal Holdings Inc.(a)		289,813		30,169,533
Sabre Corp.		67,405		1,582,669
Square Inc., Class A(a)		84,391		5,184,139
Western Union Co. (The)		104,325		2,614,384
WEX Inc.(a)		10,665		2,017,605
				163,163,008
Life Sciences Tools & Services — 0.3%
PerkinElmer Inc.		27,340		2,350,146
Machinery — 13.3%
AGCO Corp.		15,632		1,198,818
Allison Transmission Holdings Inc.		29,771		1,298,313
Barnes Group Inc.		11,659		681,469
Caterpillar Inc.		138,566		19,094,395
Colfax Corp.(a)		20,640		693,504
Crane Co.		12,518		957,877
Cummins Inc.		38,863		6,703,090
Deere & Co.		77,553		13,505,079
Donaldson Co. Inc.		31,332		1,652,450
Dover Corp.		35,821		3,721,444
Flowserve Corp.		32,245		1,574,846
Fortive Corp.		72,725		5,018,025
Gardner Denver Holdings Inc.(a)(b)		32,774		1,043,196
Gates Industrial Corp. PLC(a)(b)		11,100		111,000
Graco Inc.		41,080		1,856,816
Hillenbrand Inc.		15,400		474,166
IDEX Corp.		18,681		2,905,456
Illinois Tool Works Inc.		72,503		12,222,556
Ingersoll-Rand PLC		59,501		7,550,082

Security	Shares		Value
Machinery (continued)
ITT Inc.		21,741	$	1,292,503
Kennametal Inc.		20,251		626,768
Lincoln Electric Holdings Inc.		15,263		1,367,107
Middleby Corp. (The)(a)(b)		13,682		1,654,838
Navistar International Corp.(a)		16,123		504,327
Nordson Corp.		12,578		1,972,356
Oshkosh Corp.		16,897		1,442,666
PACCAR Inc.		85,310		6,488,679
Parker-Hannifin Corp.		31,636		5,804,890
Pentair PLC		41,272		1,711,550
Snap-on Inc.		13,581		2,209,221
Terex Corp.		16,184		445,869
Timken Co. (The)		16,870		826,630
Toro Co. (The)		26,264		2,025,742
Trinity Industries Inc.		25,272		499,880
Wabtec Corp.		44,855		3,111,591
Welbilt Inc.(a)(b)		32,121		609,014
Woodward Inc.		13,904		1,483,001
Xylem Inc./NY		44,341		3,400,511
				119,739,725
Marine — 0.1%
Kirby Corp.(a)(b)		14,799		1,171,489
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		30,300		885,669
Professional Services — 2.5%
ASGN Inc.(a)		12,963		824,317
Equifax Inc.		29,773		4,070,267
FTI Consulting Inc.(a)		9,274		1,009,660
Insperity Inc.		9,566		1,010,457
Korn Ferry		13,797		506,212
ManpowerGroup Inc.		14,768		1,342,707
Nielsen Holdings PLC		87,523		1,764,464
Robert Half International Inc.		28,953		1,658,138
TransUnion		46,255		3,821,588
TriNet Group Inc.(a)(b)		10,885		576,796
Verisk Analytics Inc.		40,270		5,827,069
				22,411,675
Road & Rail — 7.5%
CSX Corp.		196,590		13,814,379
Genesee & Wyoming Inc., Class A(a)		13,957		1,549,646
JB Hunt Transport Services Inc.		21,023		2,471,464
Kansas City Southern		24,775		3,487,825
Knight-Swift Transportation Holdings Inc.(b)		30,329		1,105,795
Landstar System Inc.		9,792		1,107,965
Norfolk Southern Corp.		64,877		11,807,614
Old Dominion Freight Line Inc.		15,759		2,869,399
Ryder System Inc.		13,080		636,080
Union Pacific Corp.		173,526		28,711,612
				67,561,779
Trading Companies & Distributors — 2.2%
Air Lease Corp.		25,658		1,128,439
Applied Industrial Technologies Inc.		9,458		565,967
Fastenal Co.		141,235		5,075,986
GATX Corp.		8,772		697,813
HD Supply Holdings Inc.(a)		42,120		1,665,425
MSC Industrial Direct Co. Inc., Class A		11,031		807,579
SiteOne Landscape Supply Inc.(a)		10,118		890,991
United Rentals Inc.(a)		18,991		2,536,628

30 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Univar Solutions Inc.(a)(b)		34,051	$	730,734
Watsco Inc.		8,057		1,420,449
WESCO International Inc.(a)		10,493		526,224
WW Grainger Inc.		10,887		3,362,341
				19,408,576
Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		19,041		821,429
Total Common Stocks — 99.8% (Cost: $850,116,611)				895,788,905
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.00%(c)(d)(e)		6,050,552		6,053,578
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.74%(c)(d)		1,614,000		1,614,000
				7,667,578
Total Short-Term Investments — 0.8% (Cost: $7,665,110)				7,667,578
Total Investments in Securities — 100.6% (Cost: $857,781,721)				903,456,483
Other Assets, Less Liabilities — (0.6)%				(5,553,803	)
Net Assets — 100.0%			$	897,902,680

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

^(d) Annualized7-day yield as ofperiod-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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	7,305,701	(1,255,149	)	6,050,552	$	6,053,578	$	30,141	(b)	$	262		$	702
BlackRock Cash Funds: Treasury, SL Agency Shares	504,693	1,109,307		1,614,000		1,614,000		14,501			—			—
					$	7,667,578	$	44,642		$	262		$	702

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-mini S&P Select Sector Industrial Index		20		12/20/19	$	1,574	$	(806	)
E-Mini S&P Select Sector Technology Index		4		12/20/19		336		8,671
							$	7,865

SCHEDULE OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Industrials ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	8,671
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	806

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	173,091
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	7,865

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	636,800

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	895,788,905		$	—	$	—	$	895,788,905
Money Market Funds		7,667,578			—		—		7,667,578
				��
	$	903,456,483		$	—	$	—	$	903,456,483
Derivative financial instruments(a)
Assets
Futures Contracts	$	8,671		$	—	$	—	$	8,671
Liabilities
Futures Contracts		(806	)		—		—		(806	)
	$	7,865		$	—	$	—	$	7,865

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

See notes to financial statements.

32 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
Spirit AeroSystems Holdings Inc., Class A		12,487	$	1,021,686
Wesco Aircraft Holdings Inc.(a)		6,037		66,528
				1,088,214
Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		16,497		1,247,833
Echo Global Logistics Inc.(a)(b)		3,549		70,660
Expeditors International of Washington Inc.		20,739		1,512,703
United Parcel Service Inc., Class B		84,400		9,720,348
				12,551,544
Airlines — 0.1%
Delta Air Lines Inc.		19,794		1,090,253
Southwest Airlines Co.		16,430		922,216
				2,012,469
Auto Components — 0.3%
Aptiv PLC		31,272		2,800,408
Autoliv Inc.		10,057		782,837
BorgWarner Inc.		25,268		1,053,170
				4,636,415
Automobiles — 0.4%
Harley-Davidson Inc.		19,309		751,313
Tesla Inc.(a)(b)		15,820		4,982,035
				5,733,348
Banks — 1.9%
Bank of Hawaii Corp.		4,867		424,938
BB&T Corp.		92,575		4,911,104
Cathay General Bancorp.		9,337		332,117
CIT Group Inc.		11,683		501,084
Citizens Financial Group Inc.		55,412		1,948,286
Comerica Inc.		18,690		1,222,700
First Republic Bank/CA		20,291		2,158,151
Heartland Financial USA Inc.		4,088		191,237
International Bancshares Corp.		6,801		278,569
KeyCorp.		122,402		2,199,564
M&T Bank Corp.		15,737		2,463,313
Old National Bancorp./IN		18,439		331,810
People’s United Financial Inc.		53,609		866,857
PNC Financial Services Group Inc. (The)		54,621		8,012,901
Regions Financial Corp.		122,453		1,971,493
Signature Bank/New York NY		6,710		793,927
SVB Financial Group(a)		6,263		1,387,129
Umpqua Holdings Corp.		26,720		422,710
Zions Bancorp. N.A.		22,137		1,072,980
				31,490,870
Beverages — 1.6%
Coca-Cola Co. (The)		490,387		26,691,764
Biotechnology — 3.9%
AbbVie Inc.		178,880		14,229,904
Amgen Inc.		73,798		15,737,423
Biogen Inc.(a)		23,450		7,004,750
BioMarin Pharmaceutical Inc.(a)		21,628		1,583,386
Celgene Corp.(a)		85,333		9,218,524
Gilead Sciences Inc.		153,862		9,802,548
Vertex Pharmaceuticals Inc.(a)		30,971		6,054,211
				63,630,746
Building Products — 0.7%
Allegion PLC		11,382		1,320,767

Security	Shares		Value
Building Products (continued)
AO Smith Corp.		17,112	$	850,124
Builders FirstSource Inc.(a)		13,922		314,776
Fortune Brands Home & Security Inc.		16,856		1,012,203
Johnson Controls International PLC		96,247		4,170,383
Lennox International Inc.		4,274		1,057,217
Masco Corp.		35,337		1,634,336
Owens Corning		13,012		797,375
				11,157,181
Capital Markets — 3.7%
Ameriprise Financial Inc.		16,240		2,450,453
Bank of New York Mellon Corp. (The)		104,160		4,869,480
BlackRock Inc.(c)		14,013		6,469,802
Charles Schwab Corp. (The)		145,361		5,917,646
CME Group Inc.		43,311		8,911,238
FactSet Research Systems Inc.		4,618		1,170,755
Franklin Resources Inc.		36,872		1,015,824
Intercontinental Exchange Inc.		68,209		6,433,473
Invesco Ltd.		48,213		810,943
Legg Mason Inc.		10,391		387,169
Moody’s Corp.		20,617		4,549,966
Northern Trust Corp.		24,998		2,491,801
S&P Global Inc.		29,792		7,686,038
State Street Corp.		45,258		2,990,196
T Rowe Price Group Inc.		28,662		3,319,059
TD Ameritrade Holding Corp.		33,470		1,284,579
				60,758,422
Chemicals — 2.4%
Air Products & Chemicals Inc.		26,624		5,677,834
Albemarle Corp.		12,869		781,663
Axalta Coating Systems Ltd.(a)		25,491		751,730
Ecolab Inc.		31,387		6,028,501
HB Fuller Co.		6,143		299,778
International Flavors & Fragrances Inc.		12,282		1,498,527
Linde PLC		65,670		13,025,644
Minerals Technologies Inc.		4,290		212,140
Mosaic Co. (The)		44,429		883,249
PPG Industries Inc.		28,622		3,581,185
Sherwin-Williams Co. (The)	10,052		5,752,961
				38,493,212
Commercial Services & Supplies — 0.2%
ACCO Brands Corp.		12,468		114,082
Copart Inc.(a)		24,941		2,061,124
Deluxe Corp.		5,219		270,501
HNI Corp.		5,303		201,514
Interface Inc.		7,341		122,081
Knoll Inc.		6,177		165,173
RR Donnelley & Sons Co.		7,449		32,478
Steelcase Inc., Class A		10,605		185,269
Team Inc.(a)		3,139		57,004
Tetra Tech Inc.		6,711		587,011
				3,796,237
Communications Equipment — 1.8%
Cisco Systems Inc.		517,965		24,608,517
CommScope Holding Co. Inc.(a)(b)		23,308		261,050
F5 Networks Inc.(a)		7,217		1,039,825
Motorola Solutions Inc.		19,986		3,324,071
Plantronics Inc.		4,099		161,583
				29,395,046

SCHEDULE OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering — 0.1%
EMCOR Group Inc.		6,781	$	594,761
Granite Construction Inc.		5,622		132,342
Quanta Services Inc.		17,154		721,326
				1,448,429
Consumer Finance — 0.7%
Ally Financial Inc.		48,168		1,475,386
American Express Co.		85,886		10,072,710
				11,548,096
Containers & Packaging — 0.3%
Avery Dennison Corp.		10,187		1,302,510
Ball Corp.		38,534		2,696,224
Sealed Air Corp.		18,676		780,097
Sonoco Products Co.		12,122		699,439
				5,478,270
Distributors — 0.1%
LKQ Corp.(a)		37,997		1,291,518
Pool Corp.		4,768		988,883
				2,280,401
Diversified Financial Services — 0.1%
Voya Financial Inc.		17,414		939,659
Diversified Telecommunication Services —1.9%
CenturyLink Inc.		119,312		1,543,897
Cincinnati Bell Inc.(a)(b)		4,029		20,588
Verizon Communications Inc.		500,422		30,260,519
				31,825,004
Electric Utilities — 0.5%
Alliant Energy Corp.		28,610		1,526,058
Eversource Energy		38,464		3,220,975
OGE Energy Corp.		24,181		1,041,234
PPL Corp.		87,484		2,929,839
				8,718,106
Electrical Equipment — 0.5%
Acuity Brands Inc.		4,875		608,351
Eaton Corp. PLC		51,200		4,460,032
Rockwell Automation Inc.		14,317		2,462,381
Sensata Technologies Holding PLC(a)(b)		19,552		1,000,867
				8,531,631
Electronic Equipment, Instruments & Components — 0.7%
Cognex Corp.		20,903		1,076,295
Corning Inc.		94,876		2,811,176
Flex Ltd.(a)		62,134		730,074
Itron Inc.(a)		4,268		325,478
Keysight Technologies Inc.(a)		22,783		2,299,033
TE Connectivity Ltd.		40,680		3,640,860
Trimble Inc.(a)		30,474		1,214,084
				12,097,000
Energy Equipment & Services — 0.6%
Baker Hughes Co.		76,518		1,637,485
Core Laboratories NV		5,345		235,394
National Oilwell Varco Inc.		46,640		1,054,997
Schlumberger Ltd.		167,479		5,474,888
TechnipFMC PLC		51,444		1,014,990
				9,417,754
Entertainment — 2.7%
Netflix Inc.(a)		52,899		15,203,702
Walt Disney Co. (The)		217,763		28,291,769
				43,495,471

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 3.8%
American Tower Corp.		53,481	$	11,663,136
AvalonBay Communities Inc.		16,827		3,662,565
Boston Properties Inc.		18,742		2,571,402
Corporate Office Properties Trust		13,106		388,462
Digital Realty Trust Inc.		25,204		3,201,916
Duke Realty Corp.		43,433		1,526,236
Equinix Inc.		10,164		5,760,752
Equity Residential		44,838		3,975,337
Federal Realty Investment Trust		9,080		1,234,971
Healthpeak Properties Inc.		57,968		2,180,756
Host Hotels & Resorts Inc.		90,010		1,475,264
Iron Mountain Inc.		34,743		1,139,570
Liberty Property Trust		18,955		1,119,672
Macerich Co. (The)		13,697		376,668
PotlatchDeltic Corp.		8,224		349,273
Prologis Inc.		76,323		6,698,106
SBA Communications Corp.		13,728		3,303,643
Simon Property Group Inc.		37,387		5,633,473
UDR Inc.		34,174		1,717,244
Vornado Realty Trust		20,768		1,363,004
Weyerhaeuser Co.		90,276		2,636,962
				61,978,412
Food & Staples Retailing — 0.4%
Kroger Co. (The)		97,823		2,410,359
Sysco Corp.		59,084		4,719,039
United Natural Foods Inc.(a)(b)		6,595		49,462
				7,178,860
Food Products — 1.8%
Archer-Daniels-Midland Co.		67,705		2,846,318
Bunge Ltd.		17,119		924,426
Campbell Soup Co.		20,084		930,090
Darling Ingredients Inc.(a)		19,980		385,614
General Mills Inc.		72,403		3,682,417
Hain Celestial Group Inc. (The)(a)(b)		11,292		266,943
Hormel Foods Corp.		35,548		1,453,558
Ingredion Inc.		8,093		639,347
JM Smucker Co. (The)		13,786		1,456,904
Kellogg Co.		30,974		1,967,778
Kraft Heinz Co. (The)		81,387		2,631,242
Lamb Weston Holdings Inc.		17,761		1,386,068
McCormick & Co. Inc./MD, NVS		14,772		2,373,713
Mondelez International Inc., Class A		174,292		9,141,615
				30,086,033
Gas Utilities — 0.1%
New Jersey Resources Corp.		10,739		468,220
Northwest Natural Holding Co.		3,497		242,552
UGI Corp.		25,303		1,206,194
				1,916,966
Health Care Equipment & Supplies — 1.8%
ABIOMED Inc.(a)		5,475		1,136,500
Align Technology Inc.(a)		9,227		2,327,880
Becton Dickinson and Co.		32,642		8,356,352
Cooper Companies Inc. (The)		6,007		1,748,037
Dentsply Sirona Inc.		28,375		1,554,382
Edwards Lifesciences Corp.(a)		25,212		6,010,037
Hologic Inc.(a)		32,432		1,566,790
IDEXX Laboratories Inc.(a)		10,395		2,962,679
ResMed Inc.		17,293		2,557,981

34 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Varian Medical Systems Inc.(a)		10,945	$	1,322,265
				29,542,903
Health Care Providers & Services — 1.8%
AmerisourceBergen Corp.		19,116		1,632,124
Cardinal Health Inc.		36,148		1,787,519
Centene Corp.(a)		50,130		2,660,900
Cigna Corp.(a)		45,911		8,193,277
HCA Healthcare Inc.		33,133		4,424,581
Henry Schein Inc.(a)		18,024		1,128,032
Humana Inc.		16,335		4,805,757
Laboratory Corp. of America Holdings(a)		11,958		1,970,320
MEDNAX Inc.(a)		10,734		235,719
Patterson Companies Inc.		10,372		177,672
Quest Diagnostics Inc.		16,288		1,649,160
Select Medical Holdings Corp.(a)		14,027		255,572
				28,920,633
Health Care Technology — 0.2%
Cerner Corp.		39,343		2,640,702
Hotels, Restaurants & Leisure — 2.8%
Aramark		29,931		1,309,781
Choice Hotels International Inc.		4,344		384,357
Darden Restaurants Inc.		14,909		1,673,833
Domino’s Pizza Inc.		4,722		1,282,590
Hilton Worldwide Holdings Inc.		33,367		3,235,264
Jack in the Box Inc.		2,827		237,524
Marriott International Inc./MD, Class A		34,202		4,328,263
McDonald’s Corp.		92,393		18,173,703
Royal Caribbean Cruises Ltd.		21,566		2,347,028
Starbucks Corp.		146,551		12,392,353
Vail Resorts Inc.		4,846		1,126,065
				46,490,761
Household Durables — 0.3%
Ethan Allen Interiors Inc.		2,840		55,976
Garmin Ltd.		16,080		1,507,500
La-Z-Boy Inc.		5,803		206,065
Meritage Homes Corp.(a)(b)		4,325		311,789
Mohawk Industries Inc.(a)		7,467		1,070,619
Newell Brands Inc.		48,211		914,563
Tupperware Brands Corp.		5,818		56,027
Whirlpool Corp.		7,633		1,161,132
				5,283,671
Household Products — 3.2%
Clorox Co. (The)		15,442		2,280,629
Colgate-Palmolive Co.		98,682		6,769,585
Kimberly-Clark Corp.		41,595		5,527,144
Procter & Gamble Co. (The)		303,510		37,790,030
				52,367,388
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp./VA		80,335		1,369,712
Ormat Technologies Inc.		4,616		353,401
				1,723,113
Industrial Conglomerates — 1.0%
3M Co.		69,753		11,508,548
Roper Technologies Inc.		12,545		4,227,163
				15,735,711
Insurance — 2.7%
Allstate Corp. (The)		40,248		4,283,192

Security	Shares		Value
Insurance (continued)
Arthur J Gallagher & Co.		22,332	$	2,037,125
Chubb Ltd.		55,401		8,444,220
Hartford Financial Services Group Inc. (The)		43,609		2,489,202
Loews Corp.		33,284		1,630,916
Marsh & McLennan Companies Inc.		61,851		6,409,001
Principal Financial Group Inc.		33,761		1,802,162
Progressive Corp. (The)		70,666		4,925,420
Prudential Financial Inc.		49,058		4,471,146
Travelers Companies Inc. (The)		31,656		4,148,835
Willis Towers Watson PLC		15,395		2,877,326
				43,518,545
Interactive Media & Services — 9.1%
Alphabet Inc., Class A(a)		36,233		45,610,101
Alphabet Inc., Class C, NVS(a)		37,927		47,792,192
Facebook Inc., Class A(a)		290,702		55,713,038
				149,115,331
Internet & Direct Marketing Retail — 0.7%
Booking Holdings Inc.(a)		5,238		10,731,457
IT Services — 6.8%
Accenture PLC, Class A		77,176		14,309,974
Automatic Data Processing Inc.		52,666		8,544,005
Cognizant Technology Solutions Corp., Class A		68,779		4,191,392
International Business Machines Corp.		107,284		14,347,090
Mastercard Inc., Class A		109,971		30,441,073
Visa Inc., Class A		210,420		37,635,721
Western Union Co. (The)		52,118		1,306,077
				110,775,332
Leisure Products — 0.1%
Callaway Golf Co.(b)		10,600		214,332
Hasbro Inc.		14,437		1,404,864
Mattel Inc.(a)(b)		41,867		499,892
				2,119,088
Life Sciences Tools & Services — 0.7%
Agilent Technologies Inc.		38,236		2,896,377
Bio-Techne Corp.		4,591		955,708
IQVIA Holdings Inc.(a)		20,287		2,929,849
Mettler-Toledo International Inc.(a)		2,998		2,113,410
Waters Corp.(a)(b)		8,426		1,783,110
				10,678,454
Machinery — 3.2%
AGCO Corp.		7,865		603,167
Caterpillar Inc.		69,201		9,535,898
Cummins Inc.		18,139		3,128,615
Deere & Co.		36,428		6,343,572
Dover Corp.		17,585		1,826,906
Flowserve Corp.		15,890		776,068
Fortive Corp.		36,547		2,521,743
Graco Inc.		20,218		913,853
Illinois Tool Works Inc.		39,405		6,642,895
Ingersoll-Rand PLC		29,113		3,694,148
Lincoln Electric Holdings Inc.		7,235		648,039
Meritor Inc.(a)(b)		9,023		198,777
Middleby Corp. (The)(a)(b)		6,761		817,743
PACCAR Inc.		41,924		3,188,739
Parker-Hannifin Corp.		15,563		2,855,655
Snap-on Inc.		6,709		1,091,353
Stanley Black & Decker Inc.		18,358		2,778,116
Tennant Co.		2,081		161,132

SCHEDULE OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Timken Co. (The)		8,441	$	413,609
WABCO Holdings Inc.(a)		6,203		835,048
Wabtec Corp.		22,055		1,529,955
Xylem Inc./NY		21,817		1,673,146
				52,178,177
Media — 0.4%
Discovery Inc., Class A(a)(b)		19,012		512,469
Discovery Inc., Class C, NVS(a)		43,684		1,102,584
John Wiley & Sons Inc., Class A		5,570		256,610
Liberty Global PLC, Class A(a)		19,784		497,568
Liberty Global PLC, Class C, NVS(a)		50,297		1,200,589
New York Times Co. (The), Class A		18,028		557,065
Omnicom Group Inc.		26,702		2,061,127
Scholastic Corp., NVS		3,577		137,715
				6,325,727
Metals & Mining — 0.4%
Compass Minerals International Inc.		4,101		231,624
Newmont Goldcorp Corp.		99,176		3,940,262
Nucor Corp.		36,769		1,980,011
Schnitzer Steel Industries Inc., Class A		3,005		64,127
				6,216,024
Multi-Utilities — 1.1%
Avista Corp.		7,951		381,887
CenterPoint Energy Inc.		60,818		1,767,979
CMS Energy Corp.		34,390		2,198,209
Consolidated Edison Inc.		39,493		3,642,044
MDU Resources Group Inc.		23,856		689,200
NiSource Inc.		45,127		1,265,361
Sempra Energy		33,192		4,796,576
WEC Energy Group Inc.		38,104		3,597,018
				18,338,274
Multiline Retail — 0.1%
Kohl’s Corp.		19,897		1,019,920
Nordstrom Inc.		13,124		471,152
				1,491,072
Oil, Gas & Consumable Fuels — 2.6%
Apache Corp.		45,480		985,097
Cheniere Energy Inc.(a)		28,116		1,730,540
ConocoPhillips		136,755		7,548,876
Denbury Resources Inc.(a)		57,747		57,637
Devon Energy Corp.		50,370		1,021,504
EQT Corp.		30,915		332,027
Hess Corp.		33,093		2,175,865
Marathon Oil Corp.		98,887		1,140,167
Marathon Petroleum Corp.		80,070		5,120,476
Noble Energy Inc.		57,577		1,108,933
Occidental Petroleum Corp.		108,169		4,380,844
ONEOK Inc.		49,942		3,487,450
Phillips 66		54,902		6,413,652
Pioneer Natural Resources Co.		20,419		2,511,945
QEP Resources Inc.		28,730		95,671
Southwestern Energy Co.(a)		65,692		134,669
Valero Energy Corp.		50,474		4,894,968
				43,140,321
Paper & Forest Products — 0.0%
Domtar Corp.		7,543		274,490
Personal Products — 0.3%
Avon Products Inc.(a)		49,265		211,347

Security	Shares		Value
Personal Products (continued)
Estee Lauder Companies Inc. (The), Class A		26,505	$	4,937,086
				5,148,433
Pharmaceuticals — 2.8%
Bristol-Myers Squibb Co.		197,926		11,355,015
Jazz Pharmaceuticals PLC(a)		6,795		853,656
Merck & Co. Inc.		311,529		26,997,103
Zoetis Inc.		57,920		7,409,126
				46,614,900
Professional Services — 0.5%
ASGN Inc.(a)		6,370		405,068
Exponent Inc.		6,369		404,622
Heidrick & Struggles International Inc.		2,032		57,831
ICF International Inc.		2,349		201,286
IHS Markit Ltd.(a)		46,039		3,223,651
Kelly Services Inc., Class A, NVS		3,869		92,895
ManpowerGroup Inc.		7,320		665,534
Resources Connection Inc.		3,959		57,999
Robert Half International Inc.		14,455		827,838
TransUnion		22,709		1,876,218
TrueBlue Inc.(a)		4,993		114,340
				7,927,282
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)(b)		38,622		2,068,208
Jones Lang LaSalle Inc.		6,243		914,724
Realogy Holdings Corp.		14,320		112,842
				3,095,774
Road & Rail —1.8%
AMERCO		1,084		439,063
ArcBest Corp.		3,128		90,368
Avis Budget Group Inc.(a)		7,956		236,373
CSX Corp.		92,996		6,534,829
Genesee & Wyoming Inc., Class A(a)		6,831		758,446
Hertz Global Holdings Inc.(a)		10,248		138,451
Kansas City Southern		12,199		1,717,375
Norfolk Southern Corp.		32,167		5,854,394
Ryder System Inc.		6,433		312,837
Union Pacific Corp.		85,644		14,170,656
				30,252,792
Semiconductors & Semiconductor Equipment — 5.0%
Advanced Micro Devices Inc.(a)		124,051		4,209,050
Analog Devices Inc.		44,704		4,766,788
Applied Materials Inc.		113,216		6,143,100
Intel Corp.		541,713		30,623,036
Lam Research Corp.		18,112		4,909,076
Microchip Technology Inc.		28,758		2,711,592
NVIDIA Corp.		70,001		14,071,601
Skyworks Solutions Inc.		20,896		1,902,790
Texas Instruments Inc.		113,517		13,393,871
				82,730,904
Software — 12.2%
Adobe Inc.(a)		59,046		16,410,655
ANSYS Inc.(a)		10,153		2,235,183
Autodesk Inc.(a)		26,597		3,919,334
Cadence Design Systems Inc.(a)		33,978		2,220,462
Citrix Systems Inc.		15,982		1,739,801
Fortinet Inc.(a)		17,561		1,432,275
Intuit Inc.		31,367		8,077,002
Microsoft Corp.		880,832		126,284,884

36 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
NortonLifeLock Inc.		74,991	$	1,715,794
Oracle Corp.		289,472		15,773,329
salesforce.com Inc.(a)		100,611		15,744,615
Teradata Corp.(a)		14,324		428,717
VMware Inc., Class A		9,969		1,577,794
Workday Inc., Class A(a)(b)		19,647		3,185,958
				200,745,803
Specialty Retail — 3.2%
AutoNation Inc.(a)		6,539		332,508
Best Buy Co. Inc.		29,137		2,092,911
Buckle Inc. (The)		3,663		76,630
Caleres Inc.		5,139		110,591
CarMax Inc.(a)(b)		20,164		1,878,680
Foot Locker Inc.		13,650		593,911
GameStop Corp., Class A(b)		11,674		63,507
Gap Inc. (The)		27,756		451,313
Home Depot Inc. (The)		133,132		31,230,104
Lowe’s Companies Inc.		96,198		10,736,659
Office Depot Inc.		62,288		128,313
Signet Jewelers Ltd.		6,204		99,512
Tiffany & Co.		13,307		1,656,855
Tractor Supply Co.		14,661		1,393,088
Ulta Salon Cosmetics & Fragrance Inc.(a)		6,731		1,569,333
				52,413,915
Technology Hardware, Storage & Peripherals — 0.5%
Dell Technologies Inc., Class C(a)		18,785		993,539
Hewlett Packard Enterprise Co.		162,424		2,665,378
HP Inc.		181,820		3,158,213
Xerox Holdings Corp.(a)		24,526		832,167
				7,649,297
Textiles, Apparel & Luxury Goods — 1.3%
Capri Holdings Ltd.(a)		18,237		566,623
Columbia Sportswear Co.		3,693		334,032
Deckers Outdoor Corp.(a)		3,530		539,737
Hanesbrands Inc.		43,751		665,453
NIKE Inc., Class B		152,060		13,616,973
PVH Corp.		9,163		798,647
Under Armour Inc., Class A(a)(b)		22,746		469,705
Under Armour Inc., Class C, NVS(a)(b)		23,322		431,457
VF Corp.		40,754		3,353,647
Wolverine World Wide Inc.		10,959		325,263
				21,101,537

Security	Shares		Value
Thrifts & Mortgage Finance — 0.0%
New York Community Bancorp. Inc.		56,163	$	654,299
Trading Companies & Distributors — 0.4%
Air Lease Corp.		12,806		563,208
Applied Industrial Technologies Inc.		4,694		280,889
Fastenal Co.		69,231		2,488,162
H&E Equipment Services Inc.		3,844		130,466
HD Supply Holdings Inc.(a)		20,704		818,636
United Rentals Inc.(a)		9,516		1,271,052
WW Grainger Inc.		5,707		1,762,550
				7,314,963
Water Utilities — 0.2%
American Water Works Co. Inc.		21,796		2,686,793
Wireless Telecommunication Services — 0.0%
Sprint Corp.(a)(b)		98,928		614,343
Total Common Stocks — 99.7% (Cost: $1,297,581,047)				1,634,933,769
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.00%(c)(d)(e)		11,447,336		11,453,059
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.74%(c)(d)		4,125,000		4,125,000
				15,578,059
Total Short-Term Investments — 0.9% (Cost: $15,576,761)				15,578,059
Total Investments in Securities — 100.6% (Cost: $1,313,157,808)				1,650,511,828
Other Assets, Less Liabilities — (0.6)%				(9,854,551	)
Net Assets — 100.0%			$	1,640,657,277

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

^(d) Annualized7-day yield as ofperiod-end.

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

SCHEDULE OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® MSCI KLD 400 Social ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Shares Purchased		Shares Sold		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	5,230,319	6,217,017	(b)	—		11,447,336	$	11,453,059	$	19,735	(c)	$	499		$	(57	)
BlackRock Cash Funds: Treasury, SL Agency Shares	701,084	3,423,916	(b)	—		4,125,000		4,125,000		21,049			—			—
BlackRock Inc.	12,645	1,878		(510	)	14,013		6,469,802		86,354			(21,399	)		(257,187	)
							$	22,047,861	$	127,138		$	(20,900	)	$	(257,244	)

^(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 500E-Mini Index		35		12/20/19	$	5,313	$	77,055

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	77,055

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	88,870
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	77,055

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,770,883

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

38 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® MSCI KLD 400 Social ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,634,933,769	$	—	$	—	$	1,634,933,769
Money Market Funds		15,578,059		—		—		15,578,059
	$	1,650,511,828	$	—	$	—	$	1,650,511,828
Derivative financial instruments(a)
Assets
Futures Contracts	$	77,055	$	—	$	—	$	77,055

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 39

Schedule of Investments  (unaudited) October 31, 2019 iShares^® MSCI USA ESG Select ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.9%
Expeditors International of Washington Inc.		242,106	$	17,659,212
United Parcel Service Inc., Class B		19,926		2,294,877
				19,954,089
Automobiles — 0.4%
Tesla Inc.(a)(b)		12,501		3,936,815
Banks — 1.3%
Comerica Inc.		86,414		5,653,204
KeyCorp.		115,498		2,075,499
PNC Financial Services Group Inc. (The)		28,651		4,203,102
SVB Financial Group(a)(b)		10,188		2,256,438
				14,188,243
Beverages — 2.8%
Coca-Cola Co. (The)		207,282		11,282,359
PepsiCo Inc.		135,283		18,556,769
				29,839,128
Biotechnology — 3.0%
AbbVie Inc.		46,948		3,734,713
Amgen Inc.		40,076		8,546,207
Biogen Inc.(a)		13,418		4,008,091
Gilead Sciences Inc.		132,352		8,432,146
Vertex Pharmaceuticals Inc.(a)		39,441		7,709,927
				32,431,084
Building Products — 1.6%
Johnson Controls International PLC		370,290		16,044,666
Owens Corning		26,876		1,646,961
				17,691,627
Capital Markets — 5.0%
Bank of New York Mellon Corp. (The)		104,076		4,865,553
BlackRock Inc.(c)		48,293		22,296,878
Franklin Resources Inc.		88,901		2,449,222
Northern Trust Corp.		196,404		19,577,551
State Street Corp.		76,014		5,022,245
				54,211,449
Chemicals — 5.1%
Axalta Coating Systems Ltd.(a)		75,109		2,214,965
Ecolab Inc.		235,312		45,196,376
International Flavors & Fragrances Inc.		43,818		5,346,234
Mosaic Co. (The)		101,589		2,019,589
				54,777,164
Communications Equipment — 1.4%
Cisco Systems Inc.		224,901		10,685,047
Motorola Solutions Inc.		27,951		4,648,810
				15,333,857
Consumer Finance — 1.4%
American Express Co.		127,214		14,919,658
Diversified Telecommunication Services — 0.6%
Verizon Communications Inc.		98,360		5,947,829
Electric Utilities — 2.0%
Eversource Energy		134,323		11,248,208
Xcel Energy Inc.		160,983		10,224,030
				21,472,238
Electronic Equipment, Instruments & Components — 0.8%
Keysight Technologies Inc.(a)(b)		28,805		2,906,713
TE Connectivity Ltd.		44,948		4,022,846

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Trimble Inc.(a)		51,700	$	2,059,728
				8,989,287
Energy Equipment & Services — 1.1%
Baker Hughes Co.		358,385		7,669,439
TechnipFMC PLC		237,121		4,678,397
				12,347,836
Entertainment — 1.0%
Netflix Inc.(a)		15,863		4,559,185
Walt Disney Co. (The)		51,592		6,702,832
				11,262,017
Equity Real Estate Investment Trusts (REITs) — 3.6%
American Tower Corp.		7,586		1,654,355
Equinix Inc.		12,819		7,265,553
Iron Mountain Inc.		101,762		3,337,794
Liberty Property Trust		192,104		11,347,583
Prologis Inc.		171,345		15,037,237
				38,642,522
Food Products — 3.1%
Bunge Ltd.		142,088		7,672,752
Campbell Soup Co.		115,233		5,336,440
General Mills Inc.		161,466		8,212,161
Kellogg Co.		183,456		11,654,960
				32,876,313
Health Care Equipment & Supplies — 1.6%
Align Technology Inc.(a)		6,052		1,526,859
Dentsply Sirona Inc.		22,883		1,253,531
Edwards Lifesciences Corp.(a)		31,347		7,472,498
IDEXX Laboratories Inc.(a)		16,495		4,701,240
ResMed Inc.		14,181		2,097,653
				17,051,781
Health Care Providers & Services — 2.7%
Cardinal Health Inc.		179,673		8,884,830
HCA Healthcare Inc.		28,841		3,851,427
Henry Schein Inc.(a)		181,091		11,333,580
Quest Diagnostics Inc.		51,310		5,195,138
				29,264,975
Hotels, Restaurants & Leisure — 0.2%
Vail Resorts Inc.		7,452		1,731,621
Household Durables — 0.3%
Mohawk Industries Inc.(a)		9,122		1,307,912
Newell Brands Inc.		104,798		1,988,018
				3,295,930
Household Products — 3.4%
Clorox Co. (The)		63,253		9,341,835
Colgate-Palmolive Co.		57,380		3,936,268
Kimberly-Clark Corp.		41,160		5,469,341
Procter & Gamble Co. (The)		142,860		17,787,499
				36,534,943
Industrial Conglomerates — 2.3%
3M Co.		146,688		24,202,053
Insurance — 2.2%
Marsh & McLennan Companies Inc.		181,944		18,853,037
Travelers Companies Inc. (The)		35,757		4,686,313
				23,539,350
Interactive Media & Services — 5.0%
Alphabet Inc., Class A(a)		22,490		28,310,412

40 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® MSCI USA ESG Select ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
Alphabet Inc., Class C, NVS(a)		11,301	$	14,240,503
Facebook Inc., Class A(a)		58,156		11,145,597
				53,696,512
Internet & Direct Marketing Retail — 0.1%
Booking Holdings Inc.(a)		663		1,358,335
IT Services — 4.0%
Accenture PLC, Class A		162,915		30,207,699
International Business Machines Corp.		78,270		10,467,047
PayPal Holdings Inc.(a)		17,589		1,831,015
				42,505,761
Leisure Products — 0.3%
Hasbro Inc.		34,923		3,398,357
Life Sciences Tools & Services — 3.4%
Agilent Technologies Inc.		220,244		16,683,483
IQVIA Holdings Inc.(a)		16,058		2,319,096
Mettler-Toledo International Inc.(a)		11,249		7,929,870
Waters Corp.(a)		47,011		9,948,468
				36,880,917
Machinery — 4.2%
Caterpillar Inc.		74,941		10,326,870
Cummins Inc.		79,147		13,651,275
Ingersoll-Rand PLC		62,161		7,887,609
Xylem Inc./NY		175,316		13,444,984
				45,310,738
Media — 0.7%
Discovery Inc., Class C, NVS(a)		39,591		999,277
Liberty Global PLC, Class A(a)		42,717		1,074,332
Liberty Global PLC, Class C, NVS(a)		172,692		4,122,158
Omnicom Group Inc.		14,461		1,116,245
				7,312,012
Multi-Utilities — 1.8%
CMS Energy Corp.		39,402		2,518,576
Consolidated Edison Inc.		29,534		2,723,625
Sempra Energy		99,052		14,314,005
				19,556,206
Multiline Retail — 0.1%
Nordstrom Inc.		39,713		1,425,697
Oil, Gas & Consumable Fuels — 1.9%
ConocoPhillips		181,563		10,022,278
Hess Corp.		110,584		7,270,898
ONEOK Inc.		39,998		2,793,060
				20,086,236
Pharmaceuticals — 2.0%
Merck & Co. Inc.		150,111		13,008,619
Zoetis Inc.		66,752		8,538,916
				21,547,535
Real Estate Management & Development — 1.1%
CBRE Group Inc., Class A(a)(b)		217,765		11,661,316
Road & Rail — 0.5%
CSX Corp.		15,641		1,099,093
Kansas City Southern		16,934		2,383,969
Norfolk Southern Corp.		13,271		2,415,322
				5,898,384
Semiconductors & Semiconductor Equipment — 3.7%
Applied Materials Inc.		130,764		7,095,255

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Intel Corp.		227,893	$	12,882,791
NVIDIA Corp.		47,878		9,624,435
Texas Instruments Inc.		81,818		9,653,706
				39,256,187
Software — 9.3%
Adobe Inc.(a)		16,920		4,702,575
Autodesk Inc.(a)		49,099		7,235,228
Cadence Design Systems Inc.(a)		53,202		3,476,751
Intuit Inc.		28,742		7,401,065
Microsoft Corp.		373,583		53,560,595
salesforce.com Inc.(a)		147,124		23,023,435
VMware Inc., Class A		7,029		1,112,480
				100,512,129
Specialty Retail — 4.9%
Best Buy Co. Inc.		174,822		12,557,464
Gap Inc. (The)		112,135		1,823,315
Home Depot Inc. (The)		92,225		21,634,141
Tiffany & Co.		135,076		16,818,313
				52,833,233
Technology Hardware, Storage & Peripherals — 5.8%
Apple Inc.		190,543		47,399,477
Hewlett Packard Enterprise Co.		634,444		10,411,226
HP Inc.		263,350		4,574,389
				62,385,092
Textiles, Apparel & Luxury Goods — 1.9%
Hanesbrands Inc.		76,805		1,168,204
NIKE Inc., Class B		130,929		11,724,692
PVH Corp.		47,870		4,172,349
VF Corp.		42,378		3,487,286
				20,552,531
Trading Companies & Distributors — 0.2%
WW Grainger Inc.		5,742		1,773,359
Total Common Stocks — 99.7% (Cost: $909,213,995)				1,072,392,346
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		4,421,575		4,423,786
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		2,492,000		2,492,000
				6,915,786
Total Short-Term Investments — 0.6% (Cost: $6,915,174)				6,915,786
Total Investments in Securities — 100.3% (Cost: $916,129,169)				1,079,308,132
Other Assets, Less Liabilities — (0.3)%				(3,410,132	)
Net Assets — 100.0%			$	1,075,898,000

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

^(d) Annualized7-day yield as ofperiod-end.

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

SCHEDULE OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® MSCI USA ESG Select ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Shares Purchased		Shares Sold		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	12,494,602	—		(8,073,027	)(b)	4,421,575	$	4,423,786	$	19,036	(c)	$	197		$	301
BlackRock Cash Funds: Treasury, SL Agency Shares	494,066	1,997,934	(b)	—		2,492,000		2,492,000		13,783			—			—
BlackRock Inc.	46,336	10,751		(8,794	)	48,293		22,296,878		334,881			385,291			(1,511,634	)
							$	29,212,664	$	367,700		$	385,488		$	(1,511,333	)

^(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 500E-Mini Index		22		12/20/19	$	3,339	$	37,261

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	37,261

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	43,091
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	37,261

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,113,127

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

42 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® MSCI USA ESG Select ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

		Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,072,392,346	$	—	$	—	$	1,072,392,346
Money Market Funds		6,915,786		—		—		6,915,786
	$	1,079,308,132	$	—	$	—	$	1,079,308,132
Derivative financial instruments(a)
Assets
Futures Contracts	$	37,261	$	—	$	—	$	37,261

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 43

Statements of Assets and Liabilities   (unaudited)

October 31, 2019

	iShares U.S. Basic Materials ETF			iShares U.S. Consumer Goods ETF			iShares U.S. Consumer Services ETF			iShares U.S. Financial Services ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	354,391,571		$	481,596,051		$	975,832,569		$	1,217,737,960
Affiliated(c)		1,865,999			13,996,146			47,985,059			24,198,949
Cash		412			4,841			11,246			961
Cash pledged:
Futures contracts		32,000			56,000			88,000			120,000
Receivables:
Investments sold		2,627,666			2,680,853			—			5,368,021
Securities lending income — Affiliated		500			29,412			20,350			—
Dividends		336,818			769,517			365,008			886,873
Total assets		359,254,966			499,132,820			1,024,302,232			1,248,312,764
LIABILITIES
Collateral on securities loaned, at value		1,293,212			12,858,883			45,910,595			—
Payables:
Investments purchased		2,828,360			3,427,419			—			7,122,236
Variation margin on futures contracts		8,094			5,867			8,216			23,697
Investment advisory fees		129,487			171,675			339,440			429,692
Total liabilities		4,259,153			16,463,844			46,258,251			7,575,625
NET ASSETS	$	354,995,813		$	482,668,976		$	978,043,981		$	1,240,737,139
NET ASSETS CONSIST OF:
Paid-in capital	$	545,165,025		$	502,375,280		$	871,355,283		$	1,102,270,705
Accumulated earnings (loss)		(190,169,212	)		(19,706,304	)		106,688,698			138,466,434
NET ASSETS	$	354,995,813		$	482,668,976		$	978,043,981		$	1,240,737,139
Shares outstanding		3,850,000			3,800,000			4,450,000			8,800,000
Net asset value	$	92.21		$	127.02		$	219.79		$	140.99
Shares authorized		Unlimited			Unlimited			Unlimited	��		Unlimited
Par value		None			None			None			None
(a) Securities loaned, at value	$	1,285,812		$	12,529,536		$	44,426,944		$	—
(b) Investments, at cost — Unaffiliated	$	419,076,425		$	490,426,397		$	907,734,109		$	1,121,363,516
(c)  Investments, at cost — Affiliated	$	1,865,950		$	13,993,415		$	47,983,686		$	24,881,918

See notes to financial statements.

44 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) (continued)

October 31, 2019

	iShares U.S. Financials ETF		iShares U.S. Industrials ETF		iShares MSCI KLD 400 Social ETF		iShares MSCI USA ESG Select ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,459,678,904	$	895,788,905	$	1,628,463,967	$	1,050,095,468
Affiliated(c)		16,042,675		7,667,578		22,047,861		29,212,664
Cash		1,437		8,223		22,090		14,251
Cash pledged:
Futures contracts		73,000		82,000		223,000		154,000
Receivables:
Investments sold		1,620,223		—		—		—
Securities lending income — Affiliated		819		5,905		4,816		2,836
Capital shares sold		—		—		32,675		19,699
Dividends		991,986		744,879		1,756,188		1,052,963
Total assets		1,478,409,044		904,297,490		1,652,550,597		1,080,551,881
LIABILITIES
Collateral on securities loaned, at value		—		6,057,977		11,450,852		4,420,294
Payables:
Investments purchased		719,929		—		87,895		—
Variation margin on futures contracts		8,059		18,800		21,000		13,204
Capital shares redeemed		2,869,265		—		—		—
Investment advisory fees		572,848		318,033		333,573		220,383
Total liabilities		4,170,101		6,394,810		11,893,320		4,653,881
NET ASSETS	$	1,474,238,943	$	897,902,680	$	1,640,657,277	$	1,075,898,000
NET ASSETS CONSIST OF:
Paid-in capital	$	1,344,068,133	$	849,673,270	$	1,326,501,354	$	866,504,695
Accumulated earnings		130,170,810		48,229,410		314,155,923		209,393,305
NET ASSETS	$	1,474,238,943	$	897,902,680	$	1,640,657,277	$	1,075,898,000
Shares outstanding		11,250,000		5,600,000		14,500,000		8,550,000
Net asset value	$	131.04	$	160.34	$	113.15	$	125.84
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	—	$	5,854,507	$	11,107,915	$	4,236,937
(b) Investments, at cost — Unaffiliated	$	1,353,419,151	$	850,116,611	$	1,292,159,485	$	889,488,056
(c)  Investments, at cost — Affiliated	$	16,991,026	$	7,665,110	$	20,998,323	$	26,641,113

See notes to financial statements.

FINANCIAL STATEMENTS 45

Statements of Operations  (unaudited)

Six Months Ended October 31, 2019

	iShares U.S. Basic Materials ETF			iShares U.S. Consumer Goods ETF			iShares U.S. Consumer Services ETF			iShares U.S. Financial Services ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	4,268,095		$	6,196,942		$	6,334,093		$	14,388,352
Dividends — Affiliated		4,676			6,400			14,064			373,917
Securities lending income — Affiliated — net		2,917			53,853			61,670			—
Foreign taxes withheld		—			—			—			(2,655	)
Total investment income		4,275,688			6,257,195			6,409,827			14,759,614
EXPENSES
Investment advisory fees		819,475			992,391			2,020,004			2,801,553
Total expenses		819,475			992,391			2,020,004			2,801,553
Net investment income		3,456,213			5,264,804			4,389,823			11,958,061
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(7,047,016	)		(4,929,688	)		(8,987,442	)		(7,180,933	)
Investments — Affiliated		88			569			3,501			(181,800	)
In-kind redemptions — Unaffiliated		(2,072,693	)		3,101,910			86,522,074			72,449,492
In-kind redemptions — Affiliated		—			—			—			1,002,957
Futures contracts		41,801			(20,763	)		47,302			94,085
Net realized gain (loss)		(9,077,820	)		(1,847,972	)		77,585,435			66,183,801
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		83,621			15,965,184			(73,027,854	)		(33,291,065	)
Investments — Affiliated		(131	)		1,289			(109	)		(2,423,822	)
Futures contracts		3,087			12,308			1,241			65,334
Net change in unrealized appreciation (depreciation)		86,577			15,978,781			(73,026,722	)		(35,649,553	)
Net realized and unrealized gain (loss)		(8,991,243	)		14,130,809			4,558,713			30,534,248
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,535,030	)	$	19,395,613		$	8,948,536		$	42,492,309

See notes to financial statements.

46 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations  (unaudited) (continued)

Six Months Ended October 31, 2019

	iShares U.S. Financials ETF			iShares U.S. Industrials ETF			iShares MSCI KLD 400 Social ETF			iShares MSCI USA ESG Select ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	17,627,120		$	8,019,273		$	13,295,146		$	10,046,047
Dividends — Affiliated		270,665			14,501			107,403			348,664
Securities lending income — Affiliated — net		22,095			30,141			19,735			19,036
Foreign taxes withheld		(1,806	)		—			(837	)		—
Total investment income		17,918,074			8,063,915			13,421,447			10,413,747
EXPENSES
Investment advisory fees		3,563,309			1,965,970			1,858,036			1,342,787
Total expenses		3,563,309			1,965,970			1,858,036			1,342,787
Net investment income		14,354,765			6,097,945			11,563,411			9,070,960
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(8,672,707	)		(3,904,682	)		(3,019,606	)		(10,512,767	)
Investments — Affiliated		(138,473	)		262			(38,939	)		(170,313	)
In-kind redemptions — Unaffiliated		58,993,081			21,804,804			6,253,911			68,550,580
In-kind redemptions — Affiliated		241,590			—			18,039			555,801
Futures contracts		225,814			173,091			88,870			43,091
Net realized gain		50,649,305			18,073,475			3,302,275			58,466,392
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		14,525,552			(8,313,076	)		45,449,912			(20,417,540	)
Investments — Affiliated		(1,128,003	)		702			(257,244	)		(1,511,333	)
Futures contracts		43,186			7,865			77,055			37,261
Net change in unrealized appreciation (depreciation)		13,440,735			(8,304,509	)		45,269,723			(21,891,612	)
Net realized and unrealized gain		64,090,040			9,768,966			48,571,998			36,574,780
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	78,444,805		$	15,866,911		$	60,135,409		$	45,645,740

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Changes in Net Assets

	iShares U.S. Basic Materials ETF						iShares U.S. Consumer Goods ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,456,213		$	9,028,737		$	5,264,804		$	12,536,642
Net realized gain (loss)		(9,077,820	)		(31,115,918	)		(1,847,972	)		1,265,278
Net change in unrealized appreciation (depreciation)		86,577			(4,261,108	)		15,978,781			29,161,374
Net increase (decrease) in net assets resulting from operations		(5,535,030	)		(26,348,289	)		19,395,613			42,963,294
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,242,154	)		(8,497,670	)		(5,894,057	)		(12,123,518	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(58,355,344	)		(174,959,909	)		124,051			4,704,164
NET ASSETS
Total increase (decrease) in net assets		(68,132,528	)		(209,805,868	)		13,625,607			35,543,940
Beginning of period		423,128,341			632,934,209			469,043,369			433,499,429
End of period	$	354,995,813		$	423,128,341		$	482,668,976		$	469,043,369

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

See notes to financial statements.

48 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares U.S. Consumer Services ETF						iShares U.S. Financial Services ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,389,823		$	6,956,473		$	11,958,061		$	26,787,232
Net realized gain		77,585,435			41,849,091			66,183,801			137,521,592
Net change in unrealized appreciation (depreciation)		(73,026,722	)		89,087,278			(35,649,553	)		(110,967,898	)
Net increase in net assets resulting from operations		8,948,536			137,892,842			42,492,309			53,340,926
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,631,361	)		(6,824,763	)		(12,092,959	)		(26,969,209	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		39,607,169			61,369,906			(225,184,878	)		(234,628,958	)
NET ASSETS
Total increase (decrease) in net assets		43,924,344			192,437,985			(194,785,528	)		(208,257,241	)
Beginning of period		934,119,637			741,681,652			1,435,522,667			1,643,779,908
End of period	$	978,043,981		$	934,119,637		$	1,240,737,139		$	1,435,522,667

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

See notes to financial statements

FINANCIAL STATEMENTS 49

Statements of Changes in Net Assets  (continued)

	iShares U.S. Financials ETF						iShares U.S. Industrials ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	14,354,765		$	32,751,246		$	6,097,945		$	12,423,793
Net realized gain		50,649,305			154,416,035			18,073,475			80,562,016
Net change in unrealized appreciation (depreciation)		13,440,735			(24,782,451	)		(8,304,509	)		15,946,075
Net increase in net assets resulting from operations		78,444,805			162,384,830			15,866,911			108,931,884
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(15,027,316	)		(34,364,198	)		(5,615,298	)		(13,254,211	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions .		(282,914,459	)		(729,599,942	)		(53,896,384	)		(187,783,856	)
NET ASSETS
Total decrease in net assets		(219,496,970	)		(601,579,310	)		(43,644,771	)		(92,106,183	)
Beginning of period		1,693,735,913			2,295,315,223			941,547,451			1,033,653,634
End of period	$	1,474,238,943		$	1,693,735,913		$	897,902,680		$	941,547,451

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

See notes to financial statements.

50 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares MSCI KLD 400 Social ETF						iShares MSCI USA ESG Select ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	11,563,411		$	19,536,634		$	9,070,960		$	13,736,301
Net realized gain		3,302,275			30,388,329			58,466,392			39,227,061
Net change in unrealized appreciation (depreciation)		45,269,723			111,029,033			(21,891,612	)		46,476,738
Net increase in net assets resulting from operations		60,135,409			160,953,996			45,645,740			99,440,100
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(10,778,910	)		(20,058,554	)		(9,340,208	)		(13,311,652	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		175,348,132			239,634,251			37,877,457			233,979,677
NET ASSETS
Total increase in net assets		224,704,631			380,529,693			74,182,989			320,108,125
Beginning of period		1,415,952,646			1,035,422,953			1,001,715,011			681,606,886
End of period	$	1,640,657,277		$	1,415,952,646		$	1,075,898,000		$	1,001,715,011

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

See notes to financial statements.

FINANCIAL STATEMENTS 51

Financial Highlights  

(For a share outstanding throughout each period)

	iShares U.S. Basic Materials ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	94.03		$	97.37		$	89.37		$	77.65		$	84.59		$	83.92
Net investment income(a)		0.82			1.63			1.39			1.34			1.39			1.34
Net realized and unrealized gain (loss)(b)		(1.62	)		(3.49	)		8.16			11.62			(6.93	)		0.82
Net increase (decrease) from investment operations		(0.80	)		(1.86	)		9.55			12.96			(5.54	)		2.16
Distributions(c)
From net investment income		(1.02	)		(1.48	)		(1.55	)		(1.24	)		(1.40	)		(1.49	)
Total distributions		(1.02	)		(1.48	)		(1.55	)		(1.24	)		(1.40	)		(1.49	)
Net asset value, end of period	$	92.21		$	94.03		$	97.37		$	89.37		$	77.65		$	84.59
																		��
Total Return
Based on net asset value		(0.84	)%(d)		(1.89	)%		10.74	%		16.88	%		(6.42	)%		2.58	%
Ratios to Average Net Assets
Total expenses		0.43	%(e)		0.42	%		0.43	%		0.44	%		0.44	%		0.43	%
Net investment income		1.79	%(e)		1.71	%		1.44	%		1.62	%		1.88	%		1.57	%
Supplemental Data
Net assets, end of period (000)	$	354,996		$	423,128		$	632,934		$	960,747		$	551,283		$	494,880
Portfolio turnover rate(f)		5	%(d)		28	%		6	%		13	%		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)  Not annualized.

^(e) Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

52 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Consumer Goods ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	123.43		$	114.08		$	119.04		$	111.98		$	105.19		$	96.90
Net investment income(a)		1.40			3.04			2.50			2.32			2.31			2.03
Net realized and unrealized gain (loss)(b)		3.75			9.24			(5.24	)		7.66			6.90			8.23
Net increase (decrease) from investment operations		5.15			12.28			(2.74	)		9.98			9.21			10.26
Distributions(c)
From net investment income		(1.56	)		(2.93	)		(2.22	)		(2.92	)		(2.42	)		(1.97	)
Total distributions		(1.56	)		(2.93	)		(2.22	)		(2.92	)		(2.42	)		(1.97	)
Net asset value, end of period	$	127.02		$	123.43		$	114.08		$	119.04		$	111.98		$	105.19
Total Return
Based on net asset value		4.22	%(d)		10.95	%		(2.41	)%		9.04	%		8.88	%		10.66	%
Ratios to Average Net Assets
Total expenses		0.43	%(e)		0.42	%		0.43	%		0.44	%		0.44	%		0.43	%
Net investment income		2.26	%(e)		2.61	%		2.05	%		2.03	%		2.15	%		1.98	%
Supplemental Data
Net assets, end of period (000)	$	482,669		$	469,043		$	433,499		$	720,184		$	951,869		$	778,411
Portfolio turnover rate(f)		3	%(d)		4	%		7	%		7	%		4	%		4	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 53

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Consumer Services ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	217.24		$	185.42		$	165.24		$	144.34		$	142.60		$	118.79
Net investment income(a)		1.01			1.60			1.81			1.52			1.42			1.44
Net realized and unrealized gain(b)		2.62			31.79			20.10			20.99			1.74			23.64
Net increase from investment operations		3.63			33.39			21.91			22.51			3.16			25.08
Distributions(c)
From net investment income		(1.08	)		(1.57	)		(1.73	)		(1.61	)		(1.42	)		(1.27	)
Total distributions		(1.08	)		(1.57	)		(1.73	)		(1.61	)		(1.42	)		(1.27	)
Net asset value, end of period	$	219.79		$	217.24		$	185.42		$	165.24		$	144.34		$	142.60
Total Return
Based on net asset value		1.67	%(d)		18.09	%		13.35	%		15.71	%		2.23	%		21.19	%
Ratios to Average Net Assets
Total expenses		0.43	%(e)		0.42	%		0.43	%		0.44	%		0.44	%		0.43	%
Net investment income		0.92	%(e)		0.81	%		1.04	%		1.01	%		0.99	%		1.08	%
Supplemental Data
Net assets, end of period (000)	$	978,044		$	934,120		$	741,682		$	669,218		$	959,877		$	1,055,273
Portfolio turnover rate(f)		12	%(d)		15	%		10	%		8	%		9	%		8	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

54 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Financial Services ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	136.07		$	130.98		$	108.38		$	85.36		$	91.03		$	81.22
Net investment income(a)		1.22			2.17			1.73			1.47			1.28			1.15
Net realized and unrealized gain (loss)(b)		4.89			5.12			22.56			22.88			(5.66	)		9.77
Net increase (decrease) from investment operations		6.11			7.29			24.29			24.35			(4.38	)		10.92
Distributions(c)
From net investment income		(1.19	)		(2.20	)		(1.69	)		(1.33	)		(1.29	)		(1.11	)
Total distributions		(1.19	)		(2.20	)		(1.69	)		(1.33	)		(1.29	)		(1.11	)
Net asset value, end of period	$	140.99		$	136.07		$	130.98		$	108.38		$	85.36		$	91.03
Total Return
Based on net asset value		4.54	%(d)		5.72	%		22.53	%		28.74	%		(4.85	)%		13.50	%
Ratios to Average Net Assets
Total expenses		0.43	%(e)		0.42	%		0.43	%		0.44	%		0.44	%		0.43	%
Net investment income		1.82	%(e)		1.68	%		1.40	%		1.49	%		1.44	%		1.32	%
Supplemental Data
Net assets, end of period (000)	$	1,240,737		$	1,435,523		$	1,643,780		$	1,430,646		$	567,660		$	564,372
Portfolio turnover rate(f)		4	%(d)		4	%		4	%		4	%		5	%		3	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 55

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Financials ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	125.93		$	117.71		$	103.79		$	86.91		$	88.81		$	80.39
Net investment income(a)		1.09			2.07			1.82			1.64			1.44			1.27
Net realized and unrealized gain (loss)(b)		5.18			8.33			13.89			16.91			(1.81	)		8.46
Net increase (decrease) from investment operations .		6.27			10.40			15.71			18.55			(0.37	)		9.73
Distributions(c)
From net investment income		(1.16	)		(2.18	)		(1.79	)		(1.67	)		(1.53	)		(1.31	)
Total distributions		(1.16	)		(2.18	)		(1.79	)		(1.67	)		(1.53	)		(1.31	)
Net asset value, end of period	$	131.04		$	125.93		$	117.71		$	103.79		$	86.91		$	88.81
Total Return
Based on net asset value		5.02	%(d)		9.01	%		15.21	%		21.52	%		(0.41	)%		12.15	%
Ratios to Average Net Assets
Total expenses		0.43	%(e)		0.42	%		0.43	%		0.44	%		0.44	%		0.43	%
Net investment income		1.71	%(e)		1.75	%		1.59	%		1.70	%		1.64	%		1.48	%
Supplemental Data
Net assets, end of period (000)	$	1,474,239		$	1,693,736		$	2,295,315		$	1,681,324		$	1,173,295		$	1,163,414
Portfolio turnover rate(f)		3	%(d)		8	%		6	%		6	%		6	%		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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

56 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Industrials ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	158.24		$	141.60		$	128.60		$	108.65		$	107.35		$	101.19
Net investment income(a)		1.04			1.89			1.78			1.82			1.59			1.43
Net realized and unrealized gain(b)		2.03			16.79			13.06			19.89			1.35			6.17
Net increase from investment operations		3.07			18.68			14.84			21.71			2.94			7.60
Distributions(c)
From net investment income		(0.97	)		(2.04	)		(1.84	)		(1.76	)		(1.64	)		(1.44	)
Total distributions		(0.97	)		(2.04	)		(1.84	)		(1.76	)		(1.64	)		(1.44	)
Net asset value, end of period	$	160.34		$	158.24		$	141.60		$	128.60		$	108.65		$	107.35
Total Return
Based on net asset value		1.96	%(d)		13.34	%		11.57	%		20.13	%		2.83	%		7.54	%
Ratios to Average Net Assets
Total expenses		0.43	%(e)		0.42	%		0.43	%		0.44	%		0.44	%		0.43	%
Net investment income		1.32	%(e)		1.29	%		1.27	%		1.55	%		1.54	%		1.37	%
Supplemental Data
Net assets, end of period (000)	$	897,903		$	941,547		$	1,033,654		$	983,820		$	733,417		$	917,854
Portfolio turnover rate(f)		2	%(d)		5	%		7	%		10	%		7	%		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)  Not annualized.

^(e)  Annualized.

^(f)  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 MSCI KLD 400 Social ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	109.76		$	98.14		$	88.02		$	76.44		$	77.09		$	70.16
Net investment income(a)		0.86			1.65			1.36			1.22			1.17			1.04
Net realized and unrealized gain (loss)(b)		3.33			11.64			10.01			11.54			(0.62	)		6.89
Net increase from investment operations		4.19			13.29			11.37			12.76			0.55			7.93
Distributions(c)
From net investment income		(0.80	)		(1.67	)		(1.25	)		(1.18	)		(1.20	)		(1.00	)
Total distributions		(0.80	)		(1.67	)		(1.25	)		(1.18	)		(1.20	)		(1.00	)
Net asset value, end of period	$	113.15		$	109.76		$	98.14		$	88.02		$	76.44		$	77.09
Total Return
Based on net asset value		3.84	%(d)		13.70	%		12.99	%		16.83	%		0.75	%		11.34	%
Ratios to Average Net Assets
Total expenses		0.25	%(e)		0.28	%		0.50	%		0.50	%		0.50	%		0.50	%
Total expenses after fees waived		0.25	%(e)		0.25	%		0.48	%		0.50	%		0.50	%		0.50	%
Net investment income		1.56	%(e)		1.61	%		1.43	%		1.49	%		1.55	%		1.39	%
Supplemental Data
Net assets, end of period (000)	$	1,640,657		$	1,415,953		$	1,035,423		$	822,945		$	500,677		$	431,703
Portfolio turnover rate(f)		1	%(d)		13	%		11	%		10	%		16	%		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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

58 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI USA ESG Select ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	122.16		$	110.83		$	99.72		$	85.12		$	86.39		$	78.49
Net investment income(a)		1.03			1.95			1.68			1.41			1.32			1.08
Net realized and unrealized gain (loss)(b)		3.75			11.26			10.98			14.57			(1.29	)		7.89
Net increase from investment operations		4.78			13.21			12.66			15.98			0.03			8.97
Distributions(c)
From net investment income		(1.10	)		(1.88	)		(1.55	)		(1.38	)		(1.30	)		(1.07	)
Total distributions		(1.10	)		(1.88	)		(1.55	)		(1.38	)		(1.30	)		(1.07	)
Net asset value, end of period	$	125.84		$	122.16		$	110.83		$	99.72		$	85.12		$	86.39
Total Return
Based on net asset value		3.95	%(d)		12.07	%		12.76	%		18.92	%		0.07	%		11.46	%
Ratios to Average Net Assets
Total expenses		0.25	%(e)		0.28	%		0.50	%		0.50	%		0.50	%		0.50	%
Total expenses after fees waived		0.25	%(e)		0.25	%		0.48	%		0.50	%		0.50	%		0.50	%
Net investment income		1.69	%(e)		1.71	%		1.56	%		1.53	%		1.58	%		1.29	%
Supplemental Data
Net assets, end of period (000)	$	1,075,898		$	1,001,715		$	681,607		$	528,509		$	357,511		$	328,277
Portfolio turnover rate(f)		6	%(d)		21	%		13	%		19	%		20	%		19	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
U.S. Basic Materials	Non-diversified
U.S. Consumer Goods	Non-diversified
U.S. Consumer Services	. Diversified
U.S. Financial Services	Non-diversified
U.S. Financials	Diversified
U.S. Industrials	Diversified
MSCI KLD 400 Social	Diversified
MSCI USA ESG Select	Diversified

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 theex-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 bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-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 October 31, 2019, 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) topaid-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 theex-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”). 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:

60 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

• 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 inopen-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.

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.

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 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 October 31, 2019, 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. Anynon-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 October 31, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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 thenon-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 orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

NOTESTO FINANCIAL STATEMENTS 61

Notes to Financial Statements  (unaudited) (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of October 31, 2019:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
U.S. Basic Materials
Deutsche Bank Securities Inc.	$	794,178	$	794,178		$	—	$	—
State Street Bank & Trust Company		491,634		462,150			—		(29,484	)(b)
	$	1,285,812	$	1,256,328		$	—	$	(29,484	)
U.S. Consumer Goods
Barclays Bank PLC	$	61,740	$	61,740		$	—	$	—
BofA Securities, Inc.		280,938		280,938			—		—
Credit Suisse AG Dublin Branch		335,903		332,746			—		(3,157	)(b)
Goldman Sachs & Co.		566,859		566,859			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		1,574,662		1,574,662			—		—
Scotia Capital (USA) Inc.		447,605		447,605			—		—
State Street Bank & Trust Company		37,091		37,091			—		—
TD Prime Services LLC		8,898,694		8,898,694			—		—
UBS Securities LLC		3,006		2,981			—		(25	)(b)
Wells Fargo Bank, National Association		14,338		14,338			—		—
Wells Fargo Securities LLC		308,700		308,700			—		—
	$	12,529,536	$	12,526,354		$	—	$	(3,182	)
U.S. Consumer Services
BofA Securities, Inc.	$	6,786,785	$	6,786,785		$	—	$	—
Citigroup Global Markets Inc.		22,039,013		22,039,013			—		—
Credit Suisse AG Dublin Branch		1,470,035		1,470,035			—		—
Deutsche Bank Securities Inc.		719,047		719,047			—		—
Goldman Sachs & Co.		2,870,327		2,870,327			—		—
Jefferies LLC		37,465		37,465			—		—
JPMorgan Securities LLC		3,203,605		3,203,605			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		2,825,123		2,825,123			—		—
National Financial Services LLC		743,222		743,222			—		—
UBS AG		653,909		653,909			—		—
UBS Securities LLC		1,846,430		1,846,430			—		—
Wells Fargo Securities LLC		1,231,983		1,231,983			—		—
	$	44,426,944	$	44,426,944		$	—	$	—
U.S. Industrials
BNP Paribas Prime Brokerage International Ltd.	$	386,320	$	378,725		$	—	$	(7,595	)(b)
BofA Securities, Inc.		76,449		76,449			—		—
Citigroup Global Markets Inc.		3,020		2,973			—		(47	)(b)
Goldman Sachs & Co.		302,375		302,375			—		—
JPMorgan Securities LLC		1,887,949		1,887,949			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		105,760		105,760			—		—
TD Prime Services LLC		1,105,795		1,105,795			—		—
UBS AG		51,490		51,490			—		—
Wells Fargo Bank, National Association		1,842,653		1,842,653			—		—
Wells Fargo Securities LLC		92,696		92,696			—		—
	$	5,854,507	$	5,846,865		$	—	$	(7,642	)

62 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI KLD 400 Social
Barclays Capital Inc.	$	1,425	$	1,425		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		2,782		2,782			—		—
BNP Paribas Securities Corp		32,432		32,432			—		—
BofA Securities, Inc.		1,088		1,088			—		—
Citigroup Global Markets Inc.		3,641		3,641			—		—
Credit Suisse AG Dublin Branch		33,720		33,720			—		—
Goldman Sachs & Co.		2,704,470		2,704,470			—		—
HSBC Bank PLC		3,839		3,839			—		—
JPMorgan Securities LLC		1,500,528		1,500,528			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		858,329		858,329			—		—
Scotia Capital (USA) Inc.		469,182		469,182			—		—
TD Prime Services LLC		3,385,075		3,385,075			—		—
UBS AG		8,358		8,358			—		—
Wells Fargo Securities LLC		2,103,046		2,103,046			—		—
	$	11,107,915	$	11,107,915		$	—	$	—
MSCI USA ESG Select
Barclays Bank PLC	$	1,341,823	$	1,341,823		$	—	$	—
JPMorgan Securities LLC		2,889,760		2,889,760			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		5,354		5,354			—		—
	$	4,236,937	$	4,236,937		$	—	$	—

^(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.

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).

NOTESTO FINANCIAL STATEMENTS 63

Notes to Financial Statements  (unaudited) (continued)

For its investment advisory services to each of the iShares U.S. Basic Materials, iShares U.S. Consumer Goods, iShares U.S. Consumer Services, iShares U.S. Financial Services, iShares U.S. Financials and iShares U.S. Industrials 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, 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 each of the following Funds, BFAis 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
MSCI KLD 400 Social		0.25	%
MSCI USA ESG Select		0.25

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 73.5% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 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.

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 six months ended October 31, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
U.S. Basic Materials	$	1,212
U.S. Consumer Goods		21,438
U.S. Consumer Services		25,817
U.S. Financials		9,466
U.S. Industrials		12,434
MSCI KLD 400 Social		8,453
MSCI USA ESG Select		8,115

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

64 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Other Transactions:Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule17a-7.

For the six months ended October 31, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
U.S. Basic Materials	$	3,566,385	$	1,240,170	$	(517,804	)
U.S. Consumer Goods		2,387,442		1,943,847		(1,324,560	)
U.S. Consumer Services		39,862,831		81,054,488		(3,238,242	)
U.S. Financial Services		3,800,192		10,270,179		(1,205,482	)
U.S. Financials		4,031,488		2,744,061		(916,775	)
U.S. Industrials		3,832,856		1,047,479		(230,811	)
MSCI KLD 400 Social		4,962,331		4,197,626		(589,236	)
MSCI USA ESG Select		40,168,397		16,541,292		(2,935,647	)

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

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

7. PURCHASES AND SALES

For the six months ended October 31, 2019, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
U.S. Basic Materials	$	18,136,032	$	19,192,053
U.S. Consumer Goods		14,613,724		15,471,159
U.S. Consumer Services		109,346,109		111,218,171
U.S. Financial Services		58,551,995		70,790,776
U.S. Financials		51,079,023		52,461,319
U.S. Industrials		19,547,770		18,534,460
MSCI KLD 400 Social		20,374,672		23,444,333
MSCI USA ESG Select		68,454,298		71,789,311

For the six months ended October 31, 2019,in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
U.S. Basic Materials	$	18,411,950	$	76,633,652
U.S. Consumer Goods		30,429,538		30,163,588
U.S. Consumer Services		306,233,929		266,241,284
U.S. Financial Services		182,059,320		395,537,848
U.S. Financials		98,383,534		376,643,914
U.S. Industrials		47,122,468		100,899,602
MSCI KLD 400 Social		191,247,728		15,789,517
MSCI USA ESG Select		221,462,251		182,641,464

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 October 31, 2019, 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.

NOTESTO FINANCIAL STATEMENTS 65

Notes to Financial Statements  (unaudited) (continued)

As of April 30, 2019, the Funds hadnon-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
U.S. Basic Materials	$	112,238,296
U.S. Consumer Goods		8,562,242
U.S. Consumer Services		32,247,037
U.S. Financial Services		14,987,236
U.S. Financials		12,303,917
U.S. Industrials		9,597,059
MSCI KLD 400 Social		6,600,929
MSCI USA ESG Select		180,299

As of October 31, 2019, 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)
U.S. Basic Materials	$	425,850,817	$	29,442,173	$	(99,032,333	)	$	(69,590,160	)
U.S. Consumer Goods		506,084,652		58,239,455		(68,719,602	)		(10,480,147	)
U.S. Consumer Services		962,788,480		117,761,185		(56,730,796	)		61,030,389
U.S. Financial Services		1,156,678,965		145,713,091		(60,389,813	)		85,323,278
U.S. Financials		1,383,266,792		179,878,173		(87,380,200	)		92,497,973
U.S. Industrials		864,582,892		132,413,207		(93,531,751	)		38,881,456
MSCI KLD 400 Social		1,335,205,914		371,732,010		(56,349,041	)		315,382,969
MSCI USA ESG Select		929,471,535		184,156,968		(34,283,110	)		149,873,858

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.

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. 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.

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.

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.

66 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (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:

	Six Months Ended 10/31/19						Year Ended 04/30/19
iShares ETF	Shares			Amount			Shares			Amount
U.S. Basic Materials
Shares sold		200,000		$	18,454,120			1,650,000		$	166,124,476
Shares redeemed		(850,000	)		(76,809,464	)		(3,650,000	)		(341,084,385	)
Net decrease		(650,000	)	$	(58,355,344	)		(2,000,000	)	$	(174,959,909	)
U.S. Consumer Goods
Shares sold		250,000		$	30,503,670			1,400,000		$	165,270,839
Shares redeemed		(250,000	)		(30,379,619	)		(1,400,000	)		(160,566,675	)
Net increase		—		$	124,051			—		$	4,704,164
U.S. Consumer Services
Shares sold		1,400,000		$	306,696,478			1,200,000		$	236,521,703
Shares redeemed		(1,250,000	)		(267,089,309	)		(900,000	)		(175,151,797	)
Net increase		150,000		$	39,607,169			300,000		$	61,369,906
U.S. Financial Services
Shares sold		1,300,000		$	182,849,219			4,000,000		$	523,082,166
Shares redeemed		(3,050,000	)		(408,034,097	)		(6,000,000	)		(757,711,124	)
Net decrease		(1,750,000	)	$	(225,184,878	)		(2,000,000	)	$	(234,628,958	)
U.S. Financials
Shares sold		800,000		$	99,555,820			4,000,000		$	455,311,621
Shares redeemed		(3,000,000	)		(382,470,279	)		(10,050,000	)		(1,184,911,563	)
Net decrease		(2,200,000	)	$	(282,914,459	)		(6,050,000	)	$	(729,599,942	)
U.S. Industrials
Shares sold		300,000		$	47,237,816			2,050,000		$	300,710,806
Shares redeemed		(650,000	)		(101,134,200	)		(3,400,000	)		(488,494,662	)
Net decrease		(350,000	)	$	(53,896,384	)		(1,350,000	)	$	(187,783,856	)
MSCI KLD 400 Social
Shares sold		1,750,000		$	191,969,449			3,600,000		$	365,449,346
Shares redeemed		(150,000	)		(16,621,317	)		(1,250,000	)		(125,815,095	)
Net increase		1,600,000		$	175,348,132			2,350,000		$	239,634,251
MSCI USA ESG Select
Shares sold		1,850,000		$	222,170,140			3,100,000		$	350,488,105
Shares redeemed		(1,500,000	)		(184,292,683	)		(1,050,000	)		(116,508,428	)
Net increase		350,000		$	37,877,457			2,050,000		$	233,979,677

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of thein-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 toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust,

NOTESTO FINANCIAL STATEMENTS 67

Notes to Financial Statements  (unaudited) (continued)

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. Plaintiffs have appealed the court’s decision. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal took place on November 19, 2019.

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 U.S. Consumer Services ETF and iShares MSCI KLD 400 Social ETF received proceeds of $336,974 and $23,018, 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

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.

68 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

I. iShares U.S. Basic Materials ETF, iShares U.S. Financial Services ETF, iShares U.S. Financials ETF, iShares U.S. Industrials ETF (the “Funds”)

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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative and shareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits 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 and Performance of the Funds:The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which each Fund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising each 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 applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fund generally performed in line with its respective underlying index over the relevant periods.

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 and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares

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Board Review and Approval of Investment Advisory Contract   (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profit margin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 each Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of each Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

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, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation 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 objectives and strategies as the Funds and that track the same indexes. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of services and generally more extensive services provided to the 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 Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the“all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule17e-1 or Rule10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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 Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

II. iShares U.S. Consumer Goods ETF and iShares U.S. Consumer Services ETF (the “Funds”)

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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative and

70 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract   (continued)

shareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits 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 and Performance of the Funds:The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which each Fund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising each 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 applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds 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 their respective Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fund generally performed in line with its respective underlying index over the relevant periods.

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 and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 71

Board Review and Approval of Investment Advisory Contract   (continued)

revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profit margin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 each Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of each Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

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, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation 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 objectives and strategies as the Funds and that track the same indexes. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of services and generally more extensive services provided to the 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 Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the“all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule17e-1 or Rule10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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 Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

III. iShares MSCI KLD 400 Social 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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees

72 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

(the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits 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 and Performance 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, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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 higher 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.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fun(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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 and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 73

Board Review and Approval of Investment Advisory Contract   (continued)

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

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, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, 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 also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other 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 or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 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) are reported to the Board pursuant to Rule17e-1 or Rule10f-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 continuance of the Advisory Contract for the coming year.

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’s 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 rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

IV. iShares MSCI USA ESG Select 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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and

74 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits 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 and Performance 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, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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 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.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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 and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 75

Board Review and Approval of Investment Advisory Contract  (continued)

are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

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, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation 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. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, 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 also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other 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 or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 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) are reported to the Board pursuant to Rule17e-1 or Rule10f-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 continuance of the Advisory Contract for the coming year.

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’s 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 rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

76 2019ISHARES SEMI-ANNUAL REPORTTO 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 Form1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

	Total Cumulative Distributions for the FiscalYear-to-Date								% Breakdown of the Total Cumulative Distributions for the FiscalYear-to-Date
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
U.S. Consumer Services(a)	$	1.079642	$	—	$	0.000886	$	1.080528		100	%		—	%		0	%(b)		100	%
U.S. Financials(a)		0.932987		—		0.223583		1.156570		81			—			19			100
MSCI KLD 400 Social(a)		0.785192		—		0.010051		0.795243		99			—			1			100
MSCI USA ESG Select(a)		1.088838		—		0.013240		1.102078		99			—			1			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%.

SUPPLEMENTAL INFORMATION 77

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 FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on FormN-Q. The iShares Funds’ FormsN-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-free1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

78 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations — Equity
NVS	Non-Voting Shares

GLOSSARYOF TERMS USEDINTHIS REPORT 79

Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. 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.

^©2019 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-402-1019

OCTOBER 31, 2019

2019 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Core Dividend Growth ETF  |  DGRO  |  NYSE Arca

· iShares Core High Dividend ETF  |  HDV  |  NYSE Arca

· iShares International Select Dividend ETF  |  IDV  |  Cboe BZX

· iShares Select Dividend ETF  |  DVY  |  NASDAQ

· iShares U.S. Dividend and Buyback ETF  |  DIVB  |  Cboe BZX

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.

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
Fund Summary		3
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		30
Statements of Operations		32
Statements of Changes in Net Assets		34
Financial Highlights		37
Notes to Financial Statements		42
Board Review and Approval of Investment Advisory Contract		49
Supplemental Information		55
General Information		56
Glossary of Terms Used in this Report		57

Fund Summary  as of October 31, 2019 iShares^® Core Dividend Growth ETF

Investment Objective

TheiShares Core Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities with a history of consistently growing dividends, as represented by the Morningstar^® U.S. 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
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		5.93	%		16.62	%		11.75	%		11.59	%		16.62	%		74.24	%		80.68	%
Fund Market		5.95			16.58			11.73			11.59			16.58			74.10			80.67
Index		5.97			16.71			11.81			11.66			16.71			74.75			81.21

The inception date of the Fund was 6/10/14. The first day of secondary market trading was 6/12/14.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,059.30	$	0.41		$	1,000.00	$	1,024.70	$	0.41		0.08	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	19.6	%
Health Care	16.1
Information Technology	15.5
Industrials	13.2
Consumer Staples	10.6
Consumer Discretionary	7.8
Communication Services	5.3
Utilities	4.8
Energy	4.2
Materials	2.9
Real Estate	0.0	(b)

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	3.3	%
Microsoft Corp.	3.1
JPMorgan Chase & Co.	3.0
Johnson & Johnson	2.8
Verizon Communications Inc.	2.8
Wells Fargo & Co.	2.6
Chevron Corp.	2.6
Pfizer Inc.	2.5
Procter & Gamble Co. (The)	2.3
AbbVie Inc.	2.2

^(a)  Excludes money market funds.

^(b)  Rounds to less than 0.1%.

FUND SUMMARY 3

Fund Summary  as of October 31, 2019 iShares^® Core High Dividend ETF

Investment Objective

TheiShares Core High Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Morningstar^® Dividend Yield Focus 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
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.99	%		10.72	%		8.09	%		11.29	%		10.72	%		47.52	%		150.70	%
Fund Market		1.06			10.75			8.09			11.29			10.75			47.58			150.76
Index		1.01			10.80			8.18			11.54			10.80			48.16			155.47

The inception date of the Fund was 3/29/11. The first day of secondary market trading was 3/31/11.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,009.90	$	0.40		$	1,000.00	$	1,024.70	$	0.41		0.08	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Energy	21.3	%
Communication Services	16.7
Health Care	14.6
Consumer Staples	14.1
Financials	11.2
Industrials	7.4
Utilities	6.5
Information Technology	6.3
Consumer Discretionary	1.8
Real Estate	0.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
AT&T Inc.	9.7	%
Exxon Mobil Corp.	9.1
Johnson & Johnson	6.7
Verizon Communications Inc.	6.6
Wells Fargo & Co.	5.7
Chevron Corp.	5.7
Pfizer Inc.	5.4
Procter & Gamble Co. (The)	4.9
Coca-Cola Co. (The)	4.0
Cisco Systems Inc.	3.7

^(a)  Excludes money market funds.

4 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019 iShares^® International Select Dividend ETF

Investment Objective

TheiShares International Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying equities innon-U.S. developed markets, as represented by the Dow Jones EPAC Select Dividend 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.20	%		9.61	%		2.66	%		5.51	%		9.61	%		14.02	%		70.96	%
Fund Market		3.97			10.13			2.60			5.67			10.13			13.69			73.58
Index		4.17			9.58			2.80			5.61			9.58			14.82			72.53

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,042.00	$	2.52		$	1,000.00	$	1,022.70	$	2.49		0.49	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	39.1	%
Utilities	13.1
Communication Services	12.4
Consumer Discretionary	11.0
Energy	7.0
Consumer Staples	5.6
Industrials	4.2
Information Technology	4.2
Health Care	1.9
Materials	1.2
Real Estate	0.3

TEN LARGEST COUNTRIES

Country	Percent of Total Investments	(a)
United Kingdom	22.9	%
Australia	15.6
Italy	9.1
Germany	7.2
France	7.0
Sweden	5.9
Finland	5.4
Canada	4.7
Spain	4.2
Switzerland	3.8

^(a)  Excludes money market funds.

FUND SUMMARY 5

Fund Summary  as of October 31, 2019 iShares^® Select Dividend ETF

Investment Objective

TheiShares Select Dividend ETF(the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Dow Jones U.S. Select Dividend 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.77	%		10.26	%		9.03	%		13.45	%		10.26	%		54.06	%		253.08	%
Fund Market		2.84			10.28			9.03			13.45			10.28			54.11			253.16
Index		2.97			10.67			9.47			13.90			10.67			57.19			267.50

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,027.70	$	1.99		$	1,000.00	$	1,023.20	$	1.98		0.39	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Utilities	26.1	%
Financials	14.3
Consumer Discretionary	13.6
Information Technology	8.7
Energy	8.0
Materials	7.9
Consumer Staples	7.4
Communication Services	7.4
Industrials	4.7
Health Care	1.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
AT&T Inc.	2.6	%
Ford Motor Co.	2.1
QUALCOMM Inc.	2.1
Seagate Technology PLC	1.8
ONEOK Inc.	1.8
Dominion Energy Inc.	1.7
CenturyLink Inc.	1.7
PPL Corp.	1.7
Valero Energy Corp.	1.6
Entergy Corp.	1.6

^(a)  Excludes money market funds.

6 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019 iShares^® U.S. Dividend and Buyback ETF

Investment Objective

TheiShares U.S. Dividend and Buyback ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. stocks with a history of dividend payments and/or share buybacks, as represented by the Morningstar^® US Dividend and Buyback 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
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		4.43	%		14.03	%		9.99	%		14.03	%		20.78	%
Fund Market		4.32			14.11			10.00			14.11			20.82
Index		4.57			14.36			10.31			14.36			21.45

The inception date of the Fund was 11/7/17. The first day of secondary market trading was 11/9/17.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,044.30	$	1.28		$	1,000.00	$	1,023.90	$	1.27		0.25	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	24.1	%
Financials	19.9
Health Care	13.5
Industrials	9.8
Consumer Discretionary	9.1
Consumer Staples	7.2
Communication Services	5.9
Energy	5.2
Materials	2.1
Real Estate	1.7
Utilities	1.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	5.4	%
JPMorgan Chase & Co.	3.0
Microsoft Corp.	2.7
Bank of America Corp.	2.3
Cisco Systems Inc.	2.3
Wells Fargo & Co.	2.2
Citigroup Inc.	2.0
Oracle Corp.	1.9
AbbVie Inc.	1.8
Pfizer Inc.	1.8

^(a)  Excludes money market funds.

FUND SUMMARY 7

About Fund Performance

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 recentmonth-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.

8 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.7%
Boeing Co. (The)		306,209	$	104,083,501
BWX Technologies Inc.		29,606		1,720,109
General Dynamics Corp.		160,293		28,339,802
HEICO Corp.		1,055		130,124
HEICO Corp., Class A		2,715		258,658
Huntington Ingalls Industries Inc.		17,776		4,011,332
L3Harris Technologies Inc.		79,505		16,402,676
Lockheed Martin Corp.		154,548		58,215,141
Northrop Grumman Corp.		68,237		24,052,178
Raytheon Co.		148,431		31,498,542
United Technologies Corp.		478,196		68,659,382
				337,371,445
Air Freight & Logistics — 1.0%
CH Robinson Worldwide Inc.		84,060		6,358,299
Expeditors International of Washington Inc.		61,679		4,498,866
FedEx Corp.		97,896		14,944,803
United Parcel Service Inc., Class B		594,344		68,450,599
				94,252,567
Airlines — 0.4%
Alaska Air Group Inc.		71,953		4,995,697
Delta Air Lines Inc.		445,613		24,544,364
Southwest Airlines Co.		175,948		9,875,961
				39,416,022
Auto Components — 0.3%
Autoliv Inc.		75,301		5,861,430
BorgWarner Inc.		98,699		4,113,774
Gentex Corp.		115,006		3,225,918
Goodyear Tire & Rubber Co. (The)		291,777		4,630,501
Lear Corp.		40,475		4,766,741
				22,598,364
Automobiles — 0.1%
Harley-Davidson Inc.		182,968		7,119,285
Thor Industries Inc.		43,802		2,770,914
				9,890,199
Banks — 11.3%
Associated Banc-Corp.		149,964		3,015,776
Atlantic Union Bankshares Corp.		50,894		1,875,953
BancFirst Corp.		10,119		585,789
BancorpSouth Bank		59,099		1,812,566
Bank of America Corp.		4,909,289		153,513,467
Bank OZK		110,834		3,110,002
Banner Corp.		21,068		1,137,251
BB&T Corp.		721,264		38,263,055
BOK Financial Corp.		21,341		1,646,458
Cathay General Bancorp.		74,173		2,638,334
Citizens Financial Group Inc.		495,854		17,434,227
Columbia Banking System Inc.		53,334		2,096,026
Comerica Inc.		170,741		11,169,876
Commerce Bancshares Inc.		45,630		2,936,747
Community Bank System Inc.		30,803		2,087,827
Cullen/Frost Bankers Inc.		54,145		4,877,382
CVB Financial Corp.		92,933		1,931,148
First Busey Corp.		38,772		1,022,418
First Financial Bankshares Inc.		54,588		1,816,689
First Horizon National Corp.		293,182		4,682,117
First Interstate BancSystem Inc., Class A		30,221		1,268,073
First Merchants Corp.		40,619		1,606,481

Security	Shares		Value
Banks (continued)
First Midwest Bancorp. Inc.		63,272	$	1,299,607
First Republic Bank/CA		36,479		3,879,906
Glacier Bancorp. Inc.		53,118		2,247,954
Home BancShares Inc./AR		112,408		2,077,300
Hope Bancorp Inc.		120,902		1,725,272
Huntington Bancshares Inc./OH		1,091,296		15,420,012
Independent Bank Corp.		22,334		1,833,175
Independent Bank Group Inc.		18,774		1,003,846
Investors Bancorp. Inc.		243,544		2,934,705
JPMorgan Chase & Co.		2,152,231		268,856,696
KeyCorp.		1,132,692		20,354,475
NBT Bancorp. Inc.		27,811		1,105,487
PNC Financial Services Group Inc. (The)		416,216		61,058,887
Prosperity Bancshares Inc.		42,073		2,903,878
Regions Financial Corp.		950,615		15,304,901
S&T Bancorp. Inc.		25,023		942,241
ServisFirst Bancshares Inc.		21,907		766,745
Simmons First National Corp., Class A		63,948		1,529,636
South State Corp.		22,261		1,755,502
SunTrust Banks Inc.		403,385		27,567,331
TCF Financial Corp.		122,388		4,845,341
TowneBank/Portsmouth VA		45,953		1,290,820
U.S. Bancorp.		1,079,096		61,530,054
UMB Financial Corp.		21,802		1,422,799
United Community Banks Inc./GA		8,469		255,848
Webster Financial Corp.		83,395		3,677,719
Wells Fargo & Co.		4,604,598		237,735,395
WesBanco Inc.		49,544		1,862,359
Westamerica Bancorp.		19,191		1,266,990
Wintrust Financial Corp.		23,385		1,492,431
Zions Bancorp. N.A		154,002		7,464,477
				1,017,939,451
Beverages — 3.5%
Brown-Forman Corp., Class A		18,069		1,122,989
Brown-Forman Corp., Class B, NVS		46,073		3,018,703
Coca-Cola Co. (The)		3,057,526		166,421,140
PepsiCo Inc.		1,070,506		146,841,308
				317,404,140
Biotechnology — 3.3%
AbbVie Inc.		2,482,062		197,448,032
Amgen Inc.		492,366		104,997,050
				302,445,082
Building Products — 0.5%
AAON Inc.		6,457		314,198
Advanced Drainage Systems Inc.		14,069		520,834
Allegion PLC		27,780		3,223,591
AO Smith Corp.		66,945		3,325,828
Fortune Brands Home & Security Inc.		61,655		3,702,383
Johnson Controls International PLC		510,410		22,116,065
Lennox International Inc.		12,349		3,054,649
Masco Corp.		89,576		4,142,890
Owens Corning		43,645		2,674,566
Simpson Manufacturing Co. Inc.		15,358		1,269,185
Universal Forest Products Inc.		16,776		844,839
				45,189,028
Capital Markets — 4.0%
Ameriprise Financial Inc.		97,553		14,719,772
Bank of New York Mellon Corp. (The)		643,103		30,065,065
BlackRock Inc.(a)		98,759		45,597,030

SCHEDULES OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
CME Group Inc.		144,713	$	29,774,700
Cohen & Steers Inc.		16,642		1,089,053
Eaton Vance Corp., NVS		93,632		4,269,619
Evercore Inc., Class A		32,373		2,383,948
FactSet Research Systems Inc.		10,932		2,771,481
Franklin Resources Inc.		284,431		7,836,074
Goldman Sachs Group Inc. (The)		213,908		45,643,689
Intercontinental Exchange Inc.		189,509		17,874,489
MarketAxess Holdings Inc.		6,066		2,235,867
Moody’s Corp.		42,363		9,349,090
Morgan Stanley		1,110,390		51,133,460
MSCI Inc.		27,795		6,519,595
Nasdaq Inc.		60,749		6,060,928
Northern Trust Corp.		145,934		14,546,701
Raymond James Financial Inc.		54,843		4,578,842
S&P Global Inc.		60,878		15,705,915
SEI Investments Co.		38,070		2,281,154
State Street Corp.		319,456		21,106,458
T Rowe Price Group Inc.		162,874		18,860,809
TD Ameritrade Holding Corp.		176,092		6,758,411
				361,162,150
Chemicals — 1.9%
Air Products & Chemicals Inc.		128,839		27,476,205
Albemarle Corp.		61,666		3,745,593
Ashland Global Holdings Inc.		24,533		1,898,118
Balchem Corp.		3,908		395,529
Cabot Corp.		46,779		2,039,097
Celanese Corp.		69,192		8,382,611
Eastman Chemical Co.		126,122		9,590,317
Ecolab Inc.		64,807		12,447,480
HB Fuller Co.		18,073		881,962
Innospec Inc.		7,392		675,333
International Flavors & Fragrances Inc.		63,578		7,757,152
Linde PLC		276,012		54,746,980
NewMarket Corp.		3,706		1,799,226
PolyOne Corp.		47,409		1,519,458
PPG Industries Inc.		111,414		13,940,120
Quaker Chemical Corp.		3,343		511,078
RPM International Inc.		73,725		5,339,902
ScottsMiracle-Gro Co. (The)		24,210		2,430,442
Sensient Technologies Corp.		24,021		1,502,754
Sherwin-Williams Co. (The)		19,035		10,894,111
Stepan Co.		5,691		556,124
Valvoline Inc.		97,298		2,076,339
Westlake Chemical Corp.		15,441		975,717
				171,581,648
Commercial Services & Supplies — 0.6%
ABM Industries Inc.		35,815		1,305,815
Brady Corp., Class A, NVS		21,487		1,210,578
Cintas Corp.		19,281		5,180,226
Healthcare Services Group Inc.		63,918		1,557,042
Herman Miller Inc.		30,526		1,419,459
HNI Corp.		42,841		1,627,958
KAR Auction Services Inc.		185,441		4,610,063
Matthews International Corp., Class A		19,908		736,198
Mobile Mini Inc.		39,230		1,475,833
MSA Safety Inc.		14,326		1,720,123
Republic Services Inc.		104,116		9,111,191
Rollins Inc.		48,742		1,857,558

Security	Shares		Value
Commercial Services & Supplies (continued)
Tetra Tech Inc.		11,435	$	1,000,219
Waste Management Inc.		194,207		21,791,967
				54,604,230
Communications Equipment — 1.8%
Cisco Systems Inc.		3,265,351		155,136,826
Motorola Solutions Inc.		61,775		10,274,418
				165,411,244
Construction & Engineering — 0.0%
Comfort Systems USA Inc.		10,192		513,779
Construction Materials — 0.1%
Vulcan Materials Co.		30,718		4,388,681
Consumer Finance — 0.5%
American Express Co.		247,021		28,970,623
Discover Financial Services		183,606		14,736,217
				43,706,840
Containers & Packaging — 0.6%
Amcor PLC(b)		2,099,714		19,989,277
AptarGroup Inc.		21,069		2,489,302
Avery Dennison Corp.		47,376		6,057,495
Packaging Corp. of America		75,710		8,287,217
Silgan Holdings Inc.		32,108		987,963
Sonoco Products Co.		79,034		4,560,262
Westrock Co.		325,401		12,160,236
				54,531,752
Distributors — 0.2%
Core-Mark Holding Co. Inc.		17,328		528,850
Genuine Parts Co.		124,353		12,756,131
Pool Corp.		12,820		2,658,868
				15,943,849
Diversified Consumer Services — 0.0%
Service Corp. International/U.S		76,011		3,456,980
Diversified Telecommunication Services — 2.8%
Verizon Communications Inc.		4,168,057		252,042,407
Electric Utilities — 2.3%
ALLETE Inc.		38,058		3,275,271
Alliant Energy Corp.		178,734		9,533,671
American Electric Power Co. Inc.		393,441		37,136,896
El Paso Electric Co.		25,629		1,709,711
Evergy Inc.		193,981		12,397,326
Eversource Energy		228,572		19,140,619
IDACORP Inc.		32,077		3,452,127
MGE Energy Inc.		18,303		1,410,063
NextEra Energy Inc.		296,665		70,707,136
OGE Energy Corp.		181,484		7,814,701
Otter Tail Corp.		27,951		1,584,263
Pinnacle West Capital Corp.		97,404		9,167,664
PNM Resources Inc.		50,932		2,656,104
Portland General Electric Co.		67,643		3,847,534
Xcel Energy Inc.		360,096		22,869,697
				206,702,783
Electrical Equipment — 1.0%
Eaton Corp. PLC		372,425		32,441,942
Emerson Electric Co.		503,992		35,355,039
Hubbell Inc.		36,647		5,192,880
nVent Electric PLC		132,650		3,058,909
Regal Beloit Corp.		18,361		1,359,632

10 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Rockwell Automation Inc.		76,274	$	13,118,365
				90,526,767
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		82,226		8,249,735
AVX Corp.		38,249		585,975
CDW Corp./DE		41,789		5,345,231
Corning Inc.		569,770		16,882,285
Dolby Laboratories Inc., Class A		20,233		1,301,589
FLIR Systems Inc.		47,025		2,424,609
Littelfuse Inc.		7,220		1,267,615
National Instruments Corp.		68,985		2,855,289
SYNNEX Corp.		17,174		2,022,067
TE Connectivity Ltd.		175,720		15,726,940
				56,661,335
Entertainment — 1.0%
Activision Blizzard Inc.		141,327		7,918,552
Walt Disney Co. (The)		614,930		79,891,705
				87,810,257
Food & Staples Retailing — 2.1%
Casey’s General Stores Inc.		7,520		1,284,491
Costco Wholesale Corp.		107,086		31,816,322
Kroger Co. (The)		549,293		13,534,580
Sysco Corp.		261,406		20,878,497
Walgreens Boots Alliance Inc.		668,071		36,596,929
Walmart Inc.		696,715		81,696,801
				185,807,620
Food Products — 1.5%
Archer-Daniels-Midland Co.		519,810		21,852,812
Bunge Ltd.		133,572		7,212,888
Calavo Growers Inc.		4,869		422,288
Hershey Co. (The)		77,442		11,373,907
Hormel Foods Corp.		140,614		5,749,706
Ingredion Inc.		55,553		4,388,687
J&J Snack Foods Corp.		4,605		878,450
JM Smucker Co. (The)		101,334		10,708,977
Kellogg Co.		241,662		15,352,787
Lancaster Colony Corp.		9,699		1,349,907
McCormick & Co. Inc./MD, NVS		48,310		7,762,934
Mondelez International Inc., Class A		749,455		39,308,915
Tyson Foods Inc., Class A		146,118		12,097,109
				138,459,367
Gas Utilities — 0.3%
Atmos Energy Corp.		61,483		6,915,608
National Fuel Gas Co.		82,219		3,725,343
New Jersey Resources Corp.		63,049		2,748,936
South Jersey Industries Inc.		85,996		2,765,631
Southwest Gas Holdings Inc.		35,016		3,056,897
Spire Inc.		38,253		3,215,547
UGI Corp.		151,149		7,205,273
				29,633,235
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories		728,258		60,889,651
Baxter International Inc.		130,869		10,037,652
Becton Dickinson and Co.		86,952		22,259,712
Cantel Medical Corp.		2,060		150,153
Danaher Corp.		83,913		11,564,890
Dentsply Sirona Inc.		43,914		2,405,609
Hill-Rom Holdings Inc.		14,676		1,536,431

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Medtronic PLC		726,714	$	79,139,155
ResMed Inc.		45,803		6,775,180
Steris PLC		21,825		3,089,765
Stryker Corp.		80,451		17,399,138
West Pharmaceutical Services Inc.		8,268		1,189,269
				216,436,605
Health Care Providers & Services — 2.2%
AmerisourceBergen Corp.		77,602		6,625,659
Anthem Inc.		89,673		24,129,211
Cardinal Health Inc.		319,190		15,783,945
Chemed Corp.		1,376		542,020
Encompass Health Corp.		44,742		2,864,383
Ensign Group Inc. (The)		4,894		206,772
Humana Inc.		29,306		8,621,825
McKesson Corp.		57,498		7,647,234
Patterson Companies Inc.		128,164		2,195,449
Pennant Group Inc. (The)(b)		2,500		44,975
Quest Diagnostics Inc.		75,141		7,608,026
UnitedHealth Group Inc.		477,860		120,755,222
				197,024,721
Hotels, Restaurants & Leisure — 2.4%
Aramark		69,059		3,022,022
Brinker International Inc.		36,567		1,625,403
Cheesecake Factory Inc. (The)		37,804		1,579,829
Cracker Barrel Old Country Store Inc.		20,654		3,211,697
Darden Restaurants Inc.		93,133		10,456,042
Domino’s Pizza Inc.		11,820		3,210,548
Dunkin’ Brands Group Inc.		42,430		3,335,847
Marriott International Inc./MD, Class A		108,487		13,729,030
Marriott Vacations Worldwide Corp.		18,146		1,994,790
McDonald’s Corp.		459,479		90,379,519
Papa John’s International Inc.		10,875		636,731
Royal Caribbean Cruises Ltd.		114,955		12,510,553
Starbucks Corp.		522,653		44,195,538
Texas Roadhouse Inc.		40,409		2,283,109
Wendy’s Co. (The)		101,679		2,153,561
Wyndham Destinations Inc.		94,332		4,377,948
Wyndham Hotels & Resorts Inc.		57,740		3,116,228
Yum! Brands Inc.		122,871		12,497,209
				214,315,604
Household Durables — 0.2%
DR Horton Inc.		112,860		5,910,478
Leggett & Platt Inc.		136,783		7,016,968
Whirlpool Corp.		54,495		8,289,780
				21,217,226
Household Products — 3.4%
Church & Dwight Co. Inc.		85,400		5,972,876
Clorox Co. (The)		93,003		13,735,613
Colgate-Palmolive Co.		552,878		37,927,431
Kimberly-Clark Corp.		292,679		38,891,185
Procter & Gamble Co. (The)		1,682,228		209,454,208
WD-40 Co.		5,034		943,372
				306,924,685
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp./VA		637,833		10,875,053
Ormat Technologies Inc.		9,017		690,341
				11,565,394

SCHEDULES OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Conglomerates — 1.8%
3M Co.		538,444	$	88,837,875
Carlisle Companies Inc.		21,208		3,229,342
Honeywell International Inc.		379,878		65,616,327
Roper Technologies Inc.		14,811		4,990,715
				162,674,259
Insurance — 3.7%
Aflac Inc.		427,869		22,745,516
Allstate Corp. (The)		170,808		18,177,387
American Equity Investment Life Holding Co.		22,202		547,945
American Financial Group Inc./OH		26,133		2,718,877
Aon PLC		61,410		11,861,956
Argo Group International Holdings Ltd.		17,032		1,053,770
Arthur J Gallagher & Co.		98,750		9,007,975
Assurant Inc.		32,441		4,089,837
Assured Guaranty Ltd.		44,564		2,090,943
Axis Capital Holdings Ltd.		57,991		3,446,405
Brown & Brown Inc.		57,707		2,174,400
Chubb Ltd.		234,634		35,762,914
Cincinnati Financial Corp.		83,488		9,451,677
CNO Financial Group Inc.		119,663		1,872,726
Erie Indemnity Co., Class A, NVS		9,499		1,750,381
Everest Re Group Ltd.		24,288		6,244,202
FBL Financial Group Inc., Class A		8,311		476,885
Fidelity National Financial Inc.		211,395		9,690,347
First American Financial Corp.		87,421		5,400,869
Globe Life Inc.		20,015		1,948,060
Hanover Insurance Group Inc. (The)		20,154		2,654,483
Hartford Financial Services Group Inc. (The)		199,741		11,401,216
Horace Mann Educators Corp.		18,631		811,566
Lincoln National Corp.		136,476		7,708,165
Marsh & McLennan Companies Inc.		257,461		26,678,109
MetLife Inc.		950,490		44,473,427
Old Republic International Corp.		272,004		6,076,569
Primerica Inc.		12,596		1,589,363
Prudential Financial Inc.		502,991		45,842,600
Reinsurance Group of America Inc.		30,177		4,902,857
RenaissanceRe Holdings Ltd.		8,598		1,609,374
RLI Corp.		11,188		1,088,816
Selective Insurance Group Inc.		17,627		1,218,378
Travelers Companies Inc. (The)		160,491		21,033,951
Unum Group		225,843		6,219,716
WR Berkley Corp.		24,692		1,725,971
				335,547,633
Internet & Direct Marketing Retail — 0.1%
Expedia Group Inc.		39,544		5,404,083
IT Services — 2.3%
Accenture PLC, Class A		265,334		49,198,230
Automatic Data Processing Inc.		232,742		37,757,735
Booz Allen Hamilton Holding Corp.		50,700		3,567,759
Broadridge Financial Solutions Inc.		49,511		6,199,767
Fidelity National Information Services Inc.		178,463		23,514,285
Jack Henry & Associates Inc.		23,300		3,298,348
Mastercard Inc., Class A		119,848		33,175,125
Sabre Corp.		179,942		4,225,038
Visa Inc., Class A		270,951		48,462,296
				209,398,583
Leisure Products — 0.2%
Brunswick Corp./DE		36,868		2,147,192

Security	Shares		Value
Leisure Products (continued)
Hasbro Inc.		73,599	$	7,161,919
Polaris Inc.		43,240		4,265,626
				13,574,737
Machinery — 2.4%
AGCO Corp.		14,325		1,098,584
Altra Industrial Motion Corp.		40,702		1,253,622
Barnes Group Inc.		16,406		958,931
Caterpillar Inc.		482,613		66,504,071
Cummins Inc.		124,990		21,558,275
Donaldson Co. Inc.		56,321		2,970,370
Dover Corp.		78,071		8,110,796
Franklin Electric Co. Inc.		13,305		716,474
Graco Inc.		62,591		2,829,113
Greenbrier Companies Inc. (The)		30,922		905,705
Hillenbrand Inc.		46,505		1,431,889
IDEX Corp.		24,649		3,833,659
Illinois Tool Works Inc.		204,960		34,552,157
Ingersoll-Rand PLC		112,679		14,297,838
ITT Inc.		22,456		1,335,009
Lincoln Electric Holdings Inc.		36,679		3,285,338
Nordson Corp.		14,466		2,268,413
Oshkosh Corp.		26,215		2,238,237
PACCAR Inc.		166,702		12,679,354
Pentair PLC		81,851		3,394,361
Snap-on Inc.		35,561		5,784,708
Stanley Black & Decker Inc.		77,582		11,740,484
Terex Corp.		26,451		728,725
Timken Co. (The)		46,469		2,276,981
Toro Co. (The)		35,541		2,741,277
Trinity Industries Inc.		118,510		2,344,128
Wabtec Corp.		32,123		2,228,373
Watts Water Technologies Inc., Class A		7,246		675,690
Xylem Inc./NY		59,630		4,573,025
				219,315,587
Media — 1.5%
Comcast Corp., Class A		2,235,168		100,180,230
Interpublic Group of Companies Inc. (The)		467,997		10,178,935
John Wiley & Sons Inc., Class A		36,197		1,667,596
Meredith Corp.		65,935		2,485,749
Nexstar Media Group Inc., Class A		21,001		2,043,187
Omnicom Group Inc.		189,964		14,663,321
Sinclair Broadcast Group Inc., Class A		32,350		1,288,824
				132,507,842
Metals & Mining — 0.3%
Kaiser Aluminum Corp.		11,045		1,182,699
Nucor Corp.		249,071		13,412,473
Reliance Steel & Aluminum Co.		39,263		4,556,078
Royal Gold Inc.		15,243		1,759,652
Steel Dynamics Inc.		183,546		5,572,457
Worthington Industries Inc.		25,084		923,342
				27,406,701
Multi-Utilities — 1.9%
Avista Corp.		58,072		2,789,198
Black Hills Corp.		38,992		3,073,739
CenterPoint Energy Inc.		516,673		15,019,684
CMS Energy Corp.		194,010		12,401,119
Consolidated Edison Inc.		293,984		27,111,205
DTE Energy Co.		146,476		18,649,324
MDU Resources Group Inc.		156,118		4,510,249

12 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
NiSource Inc.		280,525	$	7,865,921
NorthWestern Corp.		42,970		3,116,185
Public Service Enterprise Group Inc.		419,033		26,528,979
Sempra Energy		202,150		29,212,697
WEC Energy Group Inc.		222,902		21,041,949
				171,320,249
Multiline Retail — 0.5%
Big Lots Inc.		53,947		1,169,031
Dillard’s Inc., Class A		3,256		224,599
Kohl’s Corp.		225,487		11,558,464
Target Corp.		338,363		36,174,388
				49,126,482
Oil, Gas & Consumable Fuels — 4.2%
Chevron Corp.		2,038,044		236,698,430
Marathon Petroleum Corp.		707,700		45,257,415
Phillips 66		400,021		46,730,453
Valero Energy Corp.		495,306		48,034,776
				376,721,074
Paper & Forest Products — 0.0%
Domtar Corp.		87,820		3,195,770
Personal Products — 0.1%
Estee Lauder Companies Inc. (The), Class A		52,240		9,730,745
Inter Parfums Inc.		7,845		607,438
Nu Skin Enterprises Inc., Class A		51,001		2,273,625
				12,611,808
Pharmaceuticals — 8.1%
Bristol-Myers Squibb Co.		1,485,130		85,201,908
Johnson & Johnson		1,914,270		252,760,211
Merck & Co. Inc.		1,862,037		161,364,126
Perrigo Co. PLC		51,999		2,756,987
Pfizer Inc.		5,825,426		223,521,596
Zoetis Inc.		70,616		9,033,199
				734,638,027
Professional Services — 0.1%
Exponent Inc.		12,655		803,972
Insperity Inc.		12,115		1,279,708
ManpowerGroup Inc.		41,521		3,775,089
Robert Half International Inc.		70,207		4,020,755
				9,879,524
Real Estate Management & Development — 0.0%
Jones Lang LaSalle Inc.		8,495		1,244,688
Kennedy-Wilson Holdings Inc.		125,311		2,883,406
				4,128,094
Road & Rail — 1.2%
CSX Corp.		284,031		19,958,859
JB Hunt Transport Services Inc.		21,456		2,522,367
Kansas City Southern		29,972		4,219,458
Landstar System Inc.		6,952		786,619
Ryder System Inc.		59,706		2,903,503
Union Pacific Corp.		447,455		74,035,904
				104,426,710
Semiconductors & Semiconductor Equipment — 3.3%
Analog Devices Inc.		188,941		20,146,779
Broadcom Inc.		383,770		112,387,045
KLA Corp.		88,030		14,880,591
Lam Research Corp.		76,708		20,790,936
Maxim Integrated Products Inc.		238,007		13,961,491

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Microchip Technology Inc.		99,980	$	9,427,114
MKS Instruments Inc.		12,760		1,380,887
NVIDIA Corp.		57,459		11,550,408
Power Integrations Inc.		5,958		542,833
Skyworks Solutions Inc.		99,734		9,081,778
Texas Instruments Inc.		612,630		72,284,214
Xilinx Inc.		97,871		8,880,815
				295,314,891
Software — 4.0%
Intuit Inc.		49,823		12,829,423
j2 Global Inc.		25,615		2,432,400
Microsoft Corp.		1,957,752		280,682,904
Oracle Corp.		1,128,059		61,467,935
				357,412,662
Specialty Retail — 3.3%
Best Buy Co. Inc.		186,229		13,376,829
Children’s Place Inc. (The)		10,537		863,086
Dick’s Sporting Goods Inc.		52,357		2,038,258
Foot Locker Inc.		113,039		4,918,327
Home Depot Inc. (The)		701,254		164,500,163
Lithia Motors Inc., Class A		5,308		835,904
Lowe’s Companies Inc.		413,728		46,176,182
Monro Inc.		10,334		724,517
Penske Automotive Group Inc.		32,323		1,574,776
Ross Stores Inc.		93,971		10,305,800
Signet Jewelers Ltd.		123,571		1,982,079
Tiffany & Co.		71,769		8,935,958
TJX Companies Inc. (The)		536,888		30,951,593
Tractor Supply Co.		44,567		4,234,756
Williams-Sonoma Inc.		60,453		4,037,656
				295,455,884
Technology Hardware, Storage & Peripherals — 3.5%
Apple Inc.		1,180,981		293,780,833
NetApp Inc.		229,390		12,818,313
Xerox Holdings Corp.(b)		171,391		5,815,297
				312,414,443
Textiles, Apparel & Luxury Goods — 0.6%
Carter’s Inc.		25,042		2,510,210
Columbia Sportswear Co.		8,013		724,776
Hanesbrands Inc.		373,008		5,673,452
NIKE Inc., Class B		347,677		31,134,475
Oxford Industries Inc.		8,583		591,025
VF Corp.		199,034		16,378,508
				57,012,446
Thrifts & Mortgage Finance — 0.1%
Northwest Bancshares Inc.		124,719		2,104,010
Provident Financial Services Inc.		60,426		1,507,629
Washington Federal Inc.		49,890		1,818,989
WSFS Financial Corp.		16,130		680,202
				6,110,830
Trading Companies & Distributors — 0.3%
Air Lease Corp.		32,812		1,443,072
Applied Industrial Technologies Inc.		22,913		1,371,114
Fastenal Co.		408,905		14,696,046
GATX Corp.		22,657		1,802,364
MSC Industrial Direct Co. Inc., Class A		49,829		3,647,981
WW Grainger Inc.		23,962		7,400,424
				30,361,001

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Water Utilities — 0.2%
American States Water Co.		13,242	$	1,259,711
American Water Works Co. Inc.		80,852		9,966,626
Aqua America Inc.		128,119		5,807,634
California Water Service Group		18,979		1,062,255
				18,096,226
Wireless Telecommunication Services — 0.0%
Shenandoah Telecommunications Co.		11,323		364,148
Telephone & Data Systems Inc.		62,058		1,619,093
				1,983,241
Total Common Stocks — 99.8% (Cost: $7,965,159,419)				9,022,974,244
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.74%(a)(c)		10,239,000		10,239,000
Total Short-Term Investments — 0.1% (Cost: $10,239,000)				10,239,000
Total Investments in Securities — 99.9% (Cost: $7,975,398,419)				9,033,213,244
Other Assets, Less Liabilities — 0.1%				13,394,823
Net Assets — 100.0%			$	9,046,608,067

^(a)  Affiliate of the Fund.

^(b)  Non-income producing security.

^(c)  Annualized7-day yield as ofperiod-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Shares Purchased	Shares Sold		Shares Held at 10/31/19		Value at 10/31/19		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	10,714,798	—	(475,798	)(b)	10,239,000	$	10,239,000	$	177,660	$	—		$	—
BlackRock Inc.	75,336	28,652	(5,229	)	98,759		45,597,030		563,201		287,096			(1,597,373	)
						$	55,836,030	$	740,861	$	287,096		$	(1,597,373	)

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500E-Mini Index		153		12/20/19	$	23,224	$	506,664

14 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Core Dividend Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	506,664

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	618,869
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	71,506

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	15,585,532

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	9,022,974,244	$	—	$	—	$	9,022,974,244
Money Market Funds		10,239,000		—		—		10,239,000
	$	9,033,213,244	$	—	$	—	$	9,033,213,244
Derivative financial instruments(a)
Assets
Futures Contracts	$	506,664	$	—	$	—	$	506,664

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.6%
United Parcel Service Inc., Class B		1,072,856	$	123,560,826
Banks — 8.6%
Bank of Hawaii Corp.		62,181		5,429,023
BB&T Corp.		1,301,548		69,047,121
Huntington Bancshares Inc./OH		1,973,817		27,890,034
U.S. Bancorp.		1,947,981		111,073,877
Wells Fargo & Co.		8,310,692		429,081,028
				642,521,083
Beverages — 7.5%
Coca-Cola Co. (The)		5,518,576		300,376,092
PepsiCo Inc.		1,932,000		265,012,440
				565,388,532
Biotechnology — 2.5%
Amgen Inc.		888,687		189,512,503
Capital Markets — 2.2%
BlackRock Inc.(a)		178,515		82,420,376
Cohen & Steers Inc.		29,631		1,939,053
Eaton Vance Corp., NVS		170,470		7,773,432
Evercore Inc., Class A		59,250		4,363,170
Franklin Resources Inc.		516,621		14,232,908
Janus Henderson Group PLC		530,628		12,273,426
Moelis & Co., Class A		141,383		5,044,545
T Rowe Price Group Inc.		294,716		34,128,113
				162,175,023
Communications Equipment — 3.7%
Cisco Systems Inc.		5,893,761		280,012,585
Distributors — 0.3%
Genuine Parts Co.		223,892		22,966,841
Diversified Telecommunication Services — 16.3%
AT&T Inc.		18,907,204		727,738,282
Cogent Communications Holdings Inc.		87,757		5,146,070
Verizon Communications Inc.		8,155,217		493,145,972
				1,226,030,324
Electric Utilities — 4.7%
ALLETE Inc.		69,593		5,989,174
Alliant Energy Corp.		322,158		17,183,908
American Electric Power Co. Inc.		709,816		66,999,532
Duke Energy Corp.		1,433,126		135,086,457
Entergy Corp.		301,436		36,618,445
Evergy Inc.		351,330		22,453,500
Hawaiian Electric Industries Inc.		157,026		7,089,724
Pinnacle West Capital Corp.		175,612		16,528,602
Portland General Electric Co.		123,332		7,015,124
Xcel Energy Inc.		648,920		41,212,909
				356,177,375
Electrical Equipment — 1.6%
Eaton Corp. PLC		671,817		58,521,979
Emerson Electric Co.		909,331		63,789,570
				122,311,549
Energy Equipment & Services — 2.1%
Core Laboratories NV		104,055		4,582,582
Halliburton Co.		1,545,262		29,746,294
Schlumberger Ltd.		3,652,580		119,402,840
				153,731,716

Security	Shares		Value
Food Products — 0.7%
General Mills Inc.		1,063,438	$	54,086,457
Gas Utilities — 0.1%
National Fuel Gas Co.		149,941		6,793,827
Hotels, Restaurants & Leisure — 1.3%
Carnival Corp.		793,116		34,016,745
Cracker Barrel Old Country Store Inc.		37,541		5,837,626
Las Vegas Sands Corp.		928,517		57,419,491
				97,273,862
Household Durables — 0.0%
MDC Holdings Inc.		75,440		2,920,282
Household Products — 5.8%
Kimberly-Clark Corp.		528,460		70,221,765
Procter & Gamble Co. (The)		2,936,258		365,593,483
				435,815,248
Industrial Conglomerates — 2.1%
3M Co.		971,974		160,365,990
Insurance — 0.4%
Fidelity National Financial Inc.		384,004		17,602,743
Old Republic International Corp.		499,959		11,169,084
ProAssurance Corp.		49,184		1,928,997
				30,700,824
IT Services — 0.5%
Paychex Inc.		480,611		40,198,304
Leisure Products — 0.2%
Hasbro Inc.		133,288		12,970,255
Machinery — 1.4%
Cummins Inc.		225,879		38,959,610
Illinois Tool Works Inc.		369,687		62,321,834
				101,281,444
Media — 0.4%
Omnicom Group Inc.		343,672		26,528,042
Multi-Utilities — 1.7%
DTE Energy Co.		263,803		33,587,398
MDU Resources Group Inc.		284,547		8,220,563
Public Service Enterprise Group Inc.		755,487		47,829,882
WEC Energy Group Inc.		401,540		37,905,376
				127,543,219
Oil, Gas & Consumable Fuels — 19.2%
Chevron Corp.		3,678,371		427,206,008
Exxon Mobil Corp.		10,071,066		680,501,930
HollyFrontier Corp.		201,654		11,078,871
ONEOK Inc.		976,457		68,185,992
Phillips 66		722,128		84,358,993
Valero Energy Corp.		894,129		86,712,630
Williams Companies Inc. (The)		3,631,500		81,018,765
				1,439,063,189
Pharmaceuticals — 12.0%
Johnson & Johnson		3,784,276		499,675,803
Pfizer Inc.		10,514,143		403,427,667
				903,103,470
Real Estate Management & Development — 0.1%
Kennedy-Wilson Holdings Inc.		230,410		5,301,734

16 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 2.1%
Maxim Integrated Products Inc.		430,915	$	25,277,474
Texas Instruments Inc.		1,105,849		130,479,123
				155,756,597
Thrifts & Mortgage Finance — 0.0%
TFS Financial Corp.		161,110		3,102,979
Trading Companies & Distributors — 0.6%
Fastenal Co.		740,287		26,605,915
MSC Industrial Direct Co. Inc., Class A		91,151		6,673,164
Watsco Inc.		61,366		10,818,826
				44,097,905
Total Common Stocks — 99.7% (Cost: $7,083,971,289)				7,491,291,985
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.74%(a)(b)		15,928,000		15,928,000
Total Short-Term Investments — 0.2% (Cost: $15,928,000)				15,928,000
Total Investments in Securities — 99.9% (Cost: $7,099,899,289)				7,507,219,985
Other Assets, Less Liabilities — 0.1%				9,521,004
Net Assets — 100.0%			$	7,516,740,989

^(a)  Affiliate of the Fund.

^(b)  Annualized7-day yield as ofperiod-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Shares Purchased		Shares Sold		Shares Held at 10/31/19		Value at 10/31/19		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	15,347,182	580,818	(b)	—		15,928,000	$	15,928,000	$	164,358	$	—		$	—
BlackRock Inc.	—	181,002		(2,487	)	178,515		82,420,376		—		(2,506	)		3,094,571
							$	98,348,376	$	164,358	$	(2,506	)	$	3,094,571

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Net of purchases and sales.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500E-Mini Index		162		12/20/19	$	24,590	$	416,896

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Core High Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	416,896

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,666,198
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(297,589	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	21,770,332

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	7,491,291,985	$	—	$	—	$	7,491,291,985
Money Market Funds		15,928,000		—		—		15,928,000
	$	7,507,219,985	$	—	$	—	$	7,507,219,985
Derivative financial instruments(a)
Assets
Futures Contracts	$	416,896	$	—	$	—	$	416,896

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

See notes to financial statements.

18 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® International Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 15.4%
APA Group		2,406,248	$	19,313,192
AusNet Services		2,826,384		3,602,389
Australia & New Zealand Banking Group Ltd.		2,975,480		54,815,854
Bendigo & Adelaide Bank Ltd.		3,667,826		26,912,007
Commonwealth Bank of Australia		2,970,698		160,990,479
CSR Ltd.		3,952,365		11,273,146
Fortescue Metals Group Ltd.		2,418,869		14,848,337
Harvey Norman Holdings Ltd.		4,144,089		11,677,238
National Australia Bank Ltd.		4,024,472		79,325,810
Perpetual Ltd.(a)		3,387,940		83,864,985
Suncorp Group Ltd.		2,415,181		22,379,981
Sydney Airport		2,712,312		16,406,726
Tabcorp Holdings Ltd.		2,299,562		7,604,560
Wesfarmers Ltd.		3,334,800		91,349,025
Westpac Banking Corp.		3,570,394		69,391,612
				673,755,341
Austria — 0.9%
Oesterreichische Post AG		1,036,332		38,154,085
Belgium — 1.2%
Proximus SADP		1,756,623		53,952,673
Canada — 4.7%
Bank of Nova Scotia (The)		817,886		47,006,588
Canadian Imperial Bank of Commerce		850,491		72,673,674
Emera Inc.		849,164		35,230,276
IGM Financial Inc.		1,135,975		32,125,530
Russel Metals Inc.		1,076,088		17,700,782
				204,736,850
Denmark — 0.8%
Danske Bank A/S		2,327,947		33,231,551
Finland — 5.3%
Elisa OYJ		646,192		35,303,671
Fortum OYJ		791,585		19,331,765
Nokian Renkaat OYJ		700,928		20,018,962
Nordea Bank Abp		13,111,603		96,122,450
Sampo OYJ, Class A		951,389		38,996,486
UPM-Kymmene OYJ		676,919		22,006,676
				231,780,010
France — 6.9%
BNP Paribas SA		1,456,759		76,077,204
Bouygues SA		1,123,302		47,622,076
Engie SA		1,228,280		20,548,118
Lagardere SCA		1,231,537		27,506,778
Natixis SA		1,334,501		6,120,608
Orange SA		1,135,559		18,293,849
Societe Generale SA		1,747,475		49,616,594
TOTAL SA		1,095,629		57,614,954
				303,400,181
Germany — 6.5%
Aareal Bank AG		2,815,161		94,598,968
Freenet AG		3,304,849		73,353,992
ProSiebenSat.1 Media SE		2,848,800		42,080,233
RTL Group SA		840,286		42,710,931
TUI AG		2,527,050		33,027,007
				285,771,131

Security	Shares		Value
Hong Kong — 1.9%
PCCW Ltd.		8,203,000	$	4,877,194
VTech Holdings Ltd.		9,068,300		79,602,312
				84,479,506
Italy — 9.0%
Azimut Holding SpA		6,776,992		139,269,107
Banca Mediolanum SpA		6,048,771		51,860,799
Enel SpA		4,496,848		34,817,363
Eni SpA		5,159,144		78,106,232
Intesa Sanpaolo SpA		8,492,277		21,279,533
Italgas SpA		4,140,225		26,642,648
Snam SpA		5,071,254		26,025,638
UnipolSai Assicurazioni SpA		6,085,516		16,980,063
				394,981,383
Netherlands — 3.6%
ABN AMRO Bank NV, CVA(b)		2,572,191		47,894,731
Aegon NV		2,296,035		9,928,656
BE Semiconductor Industries NV		2,753,518		101,774,165
				159,597,552
New Zealand — 2.2%
SKYCITY Entertainment Group Ltd.		17,106,790		42,894,974
Spark New Zealand Ltd.		18,344,997		52,705,604
				95,600,578
Norway — 2.2%
Equinor ASA		937,549		17,369,961
Mowi ASA		1,104,443		26,969,908
Salmar ASA		1,155,229		53,916,223
				98,256,092
Portugal — 1.1%
EDP — Energias de Portugal SA		11,329,546		46,640,915
Spain — 4.2%
Enagas SA		2,330,601		57,697,025
Mapfre SA		2,714,213		7,570,283
Naturgy Energy Group SA		2,204,491		60,034,970
Red Electrica Corp. SA		2,079,561		41,877,145
Telefonica SA		2,131,992		16,352,587
				183,532,010
Sweden — 5.8%
Hennes & Mauritz AB, Class B		3,591,498		75,208,860
JM AB		3,143,713		80,597,149
Skandinaviska Enskilda Banken AB, Class A		3,210,292		30,829,040
Swedbank AB, Class A		4,069,631		57,046,559
Telia Co. AB		2,898,017		12,769,046
				256,450,654
Switzerland — 3.8%
Swiss Prime Site AG, Registered		131,128		13,501,500
Swiss Re AG		163,811		17,148,899
Swisscom AG, Registered		137,485		70,222,893
Zurich Insurance Group AG		165,840		64,789,785
				165,663,077
United Kingdom — 22.6%
Aviva PLC		4,459,743		23,960,793
Bovis Homes Group PLC		3,384,757		51,244,513
BP PLC		4,005,859		25,363,249
British American Tobacco PLC		4,595,945		160,691,971
BT Group PLC		4,793,952		12,698,299
Centamin PLC		3,056,890		4,590,489
Crest Nicholson Holdings PLC		5,770,852		29,003,684

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® International Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Galliford Try PLC(a)		6,506,521	$	61,714,444
GlaxoSmithKline PLC		3,656,162		83,673,717
HSBC Holdings PLC		4,233,365		31,936,571
IG Group Holdings PLC		5,469,843		44,973,437
Legal & General Group PLC		3,896,506		13,295,954
Marks & Spencer Group PLC		3,551,267		8,340,536
National Grid PLC		3,785,545		44,150,110
Phoenix Group Holdings PLC		4,622,244		42,119,470
Royal Dutch Shell PLC, Class A		4,244,369		122,641,052
SSE PLC		5,590,538		92,850,338
Standard Life Aberdeen PLC		6,811,983		26,752,616
United Utilities Group PLC		3,260,857		36,718,493
Vodafone Group PLC		6,652,322		13,549,148
WPP PLC		4,729,485		58,947,357
				989,216,241
Total Common Stocks — 98.1% (Cost: $4,405,141,538)				4,299,199,830
Preferred Stocks
Germany — 0.5%
Schaeffler AG, Preference Shares, NVS		2,814,084		23,734,880
Total Preferred Stocks — 0.5% (Cost: $23,591,000)				23,734,880

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.74%(a)(c)		1,862,000	$	1,862,000
Total Short-Term Investments — 0.1% (Cost: $ 1,862,000)				1,862,000
Total Investments in Securities — 98.7% (Cost: $ 4,430,594,538)				4,324,796,710
Other Assets, Less Liabilities — 1.3%				57,637,438
Net Assets — 100.0%			$	4,382,434,148

^(a)  Affiliate of the Fund.

^(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)  Annualized7-day yield as ofperiod-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Shares Purchased		Shares Sold		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	7,909,307	—		(7,909,307	)(b)	—	$	—	$	279,611	(c)	$	7,243		$	(2,345	)
BlackRock Cash Funds: Treasury, SL Agency Shares	1,573,349	288,651	(b)	—		1,862,000		1,862,000		35,448			—			—
Galliford Try PLC	6,404,916	355,256		(253,651	)	6,506,521		61,714,444		—			(246,586	)		16,046,010
Perpetual Ltd.	3,344,541	163,854		(120,455	)	3,387,940		83,864,985		2,885,227			(320,264	)		(13,652,977	)
							$	147,441,429	$	3,200,286		$	(559,607	)	$	2,390,688

^(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
ASX SPI 200 Index		115		12/19/19	$	13,150	$	(53,248	)
Euro STOXX 50 Index		636		12/20/19		25,608		298,312
FTSE 100 Index		209		12/20/19		19,596		(171,705	)
							$	73,359

20 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® International Select Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	298,312
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	224,953

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,474,883
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(816,723	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	44,658,986

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,299,199,830		$	—	$	—	$	4,299,199,830
Preferred Stocks		23,734,880			—		—		23,734,880
Money Market Funds		1,862,000			—		—		1,862,000
	$	4,324,796,710		$	—	$	—	$	4,324,796,710
Derivative financial instruments(a)
Assets
Futures Contracts	$	298,312		$	—	$	—	$	298,312
Liabilities
Futures Contracts		(224,953	)		—		—		(224,953	)
	$	73,359		$	—	$	—	$	73,359

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
Lockheed Martin Corp.		522,701	$	196,891,013
Automobiles — 4.0%
Ford Motor Co.		44,449,776		381,823,576
General Motors Co.		5,550,064		206,240,378
Harley-Davidson Inc.		3,345,259		130,164,028
				718,227,982
Banks — 6.9%
Bank of Hawaii Corp.		888,213		77,549,877
BB&T Corp.		3,501,511		185,755,159
FNB Corp.		7,060,291		85,147,109
Huntington Bancshares Inc./OH		15,440,859		218,179,338
KeyCorp.		12,685,949		227,966,504
PacWest Bancorp.		2,617,124		96,807,417
People’s United Financial Inc.		8,140,819		131,637,043
Trustmark Corp.		1,434,808		49,242,611
United Bankshares Inc./WV		2,218,497		87,719,371
Valley National Bancorp.		7,064,899		81,811,530
				1,241,815,959
Beverages — 1.3%
Coca-Cola Co. (The)		4,328,217		235,584,851
Capital Markets — 2.2%
Federated Investors Inc., Class B		2,011,897		64,259,990
Invesco Ltd.		8,750,655		147,186,017
Janus Henderson Group PLC		3,571,771		82,615,063
Lazard Ltd., Class A		2,812,705		104,998,278
				399,059,348
Chemicals — 3.4%
CF Industries Holdings Inc.		3,842,818		174,271,796
Huntsman Corp.		4,633,242		102,533,646
LyondellBasell Industries NV, Class A		2,921,053		262,018,454
Olin Corp.		3,747,054		68,720,970
				607,544,866
Containers & Packaging — 4.2%
International Paper Co.		5,291,893		231,149,886
Packaging Corp. of America		1,860,478		203,647,922
Sonoco Products Co.		2,094,216		120,836,263
Westrock Co.		5,285,637		197,524,255
			753,158,326
Distributors — 0.8%
Genuine Parts Co.		1,449,894		148,730,126
Diversified Consumer Services — 0.6%
H&R Block Inc.		4,457,402		111,390,476
Diversified Telecommunication Services — 5.7%
AT&T Inc.		12,258,395		471,825,624
CenturyLink Inc.		22,928,430		296,693,884
Verizon Communications Inc.		4,238,949		256,329,246
				1,024,848,754
Electric Utilities — 15.0%
Alliant Energy Corp.		3,749,894		200,019,346
American Electric Power Co. Inc.		2,265,562		213,846,397
Edison International		3,694,207		232,365,620
Entergy Corp.		2,360,878		286,799,459
Eversource Energy		2,474,069		207,178,538
Exelon Corp.		3,434,885		156,252,919

Security	Shares		Value
Electric Utilities (continued)
FirstEnergy Corp.		5,106,380	$	246,740,282
IDACORP Inc.		1,061,724		114,262,737
NextEra Energy Inc.		791,599		188,669,706
OGE Energy Corp.		4,276,829		184,160,257
Pinnacle West Capital Corp.		1,891,016		177,982,426
PPL Corp.		8,835,471		295,899,924
Xcel Energy Inc.		2,988,085		189,773,278
				2,693,950,889
Electrical Equipment — 2.1%
Eaton Corp. PLC		2,451,705		213,568,022
Emerson Electric Co.		2,368,139		166,124,951
				379,692,973
Energy Equipment & Services — 0.5%
Helmerich & Payne Inc.		2,305,337		86,450,137
Entertainment — 0.4%
Cinemark Holdings Inc.		2,165,812		79,268,719
Food Products — 1.4%
General Mills Inc.		4,952,502		251,884,252
Gas Utilities — 0.5%
New Jersey Resources Corp.		1,857,511		80,987,480
Hotels, Restaurants & Leisure — 1.7%
Darden Restaurants Inc.		1,361,786		152,887,714
McDonald’s Corp.		772,925		152,034,348
				304,922,062
Household Durables — 2.7%
Garmin Ltd.		1,685,702		158,034,562
Leggett & Platt Inc.		2,778,475		142,535,768
Newell Brands Inc.		9,387,073		178,072,775
				478,643,105
Household Products — 1.3%
Kimberly-Clark Corp.		1,692,785		224,937,271
Insurance — 4.4%
Cincinnati Financial Corp.		1,696,854		192,100,841
Old Republic International Corp.		6,099,098		136,253,849
Principal Financial Group Inc.		4,489,502		239,649,617
Prudential Financial Inc.		2,435,954		222,012,848
				790,017,155
IT Services — 2.7%
International Business Machines Corp.		1,850,200		247,427,246
Western Union Co. (The)		9,217,602		230,993,106
				478,420,352
Machinery — 0.8%
Caterpillar Inc.		1,035,569		142,701,408
Media — 1.2%
Interpublic Group of Companies Inc. (The)		8,185,650		178,037,887
Meredith Corp.		846,428		31,910,336
				209,948,223
Multi-Utilities — 10.6%
Avista Corp.		1,400,515		67,266,735
Black Hills Corp.		1,123,025		88,528,061
CenterPoint Energy Inc.		7,066,325		205,418,068
CMS Energy Corp.		2,901,770		185,481,138
Dominion Energy Inc.		3,641,424		300,599,551
DTE Energy Co.		1,393,503		177,420,802

22 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
NiSource Inc.		6,106,114	$	171,215,437
NorthWestern Corp.		1,053,179		76,376,541
Public Service Enterprise Group Inc.		3,012,192		190,701,875
Sempra Energy		1,480,703		213,976,391
WEC Energy Group Inc.		2,254,172		212,793,837
				1,889,778,436
Multiline Retail — 2.9%
Kohl’s Corp.		2,876,583		147,453,645
Macy’s Inc.		6,699,715		101,567,679
Target Corp.		2,554,718		273,124,901
				522,146,225
Oil, Gas & Consumable Fuels — 7.5%
Chevron Corp.		1,796,311		208,623,560
Exxon Mobil Corp.		2,918,263		197,187,031
HollyFrontier Corp.		2,841,951		156,136,788
Occidental Petroleum Corp.		3,972,259		160,876,489
ONEOK Inc.		4,560,857		318,484,644
Valero Energy Corp.		3,024,636		293,329,199
				1,334,637,711
Paper & Forest Products — 0.3%
Domtar Corp.		1,335,963		48,615,694
Personal Products — 0.3%
Nu Skin Enterprises Inc., Class A		1,217,877		54,292,957
Pharmaceuticals — 1.9%
Merck & Co. Inc.		1,868,069		161,886,859
Pfizer Inc.		4,423,643		169,735,182
				331,622,041
Semiconductors & Semiconductor Equipment — 2.9%
Intel Corp.		2,504,739		141,592,896
QUALCOMM Inc.		4,725,167		380,092,433
				521,685,329
Specialty Retail — 0.8%
Gap Inc. (The)		4,313,223		70,133,006

Security	Shares		Value
Specialty Retail (continued)
L Brands Inc.		4,748,989	$	80,922,773
				151,055,779
Technology Hardware, Storage & Peripherals — 3.1%
Seagate Technology PLC		5,539,067		321,432,058
Western Digital Corp.		4,606,194		237,909,920
				559,341,978
Thrifts & Mortgage Finance — 0.7%
New York Community Bancorp. Inc.		10,470,086		121,976,502
Tobacco — 3.1%
Altria Group Inc.		6,225,751		278,851,387
Philip Morris International Inc.		3,359,948		273,634,165
				552,485,552
Trading Companies & Distributors — 0.7%
Watsco Inc.		679,630		119,818,769
Total Common Stocks — 99.7% (Cost: $16,029,155,268)				17,846,532,700
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.74%(a)(b)		29,929,000		29,929,000
Total Short-Term Investments — 0.2% (Cost: $29,929,000)				29,929,000
Total Investments in Securities — 99.9% (Cost: $16,059,084,268)				17,876,461,700
Other Assets, Less Liabilities — 0.1%				24,278,064
Net Assets — 100.0%			$	17,900,739,764

^(a)  Affiliate of the Fund.

^(b)  Annualized7-day yield as ofperiod-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity		Shares Held at 10/31/19		Value at 10/31/19		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	51,657,220	(21,728,220	)	29,929,000	$	29,929,000	$	340,207	$	—		$	—

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500E-Mini Index		320		12/20/19	$	48,573	$	939,711

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Select Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	939,711

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	3,689,115
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	195,188

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	33,232,688

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	17,846,532,700	$	—	$	—	$	17,846,532,700
Money Market Funds		29,929,000		—		—		29,929,000
	$	17,876,461,700	$	—	$	—	$	17,876,461,700
Derivative financial instruments(a)
Assets
Futures Contracts	$	939,711	$	—	$	—	$	939,711

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

See notes to financial statements.

24 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.4%
Boeing Co. (The)		313	$	106,392
General Dynamics Corp.		117		20,686
Huntington Ingalls Industries Inc.		31		6,996
L3Harris Technologies Inc.		40		8,252
Lockheed Martin Corp.		87		32,771
Northrop Grumman Corp.		23		8,107
Raytheon Co.		54		11,459
Spirit AeroSystems Holdings Inc., Class A		109		8,918
Textron Inc.		262		12,076
United Technologies Corp.		180		25,844
				241,501
Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.		59		4,463
Expeditors International of Washington Inc.		73		5,325
FedEx Corp.		110		16,792
United Parcel Service Inc., Class B		278		32,017
				58,597
Airlines — 0.7%
American Airlines Group Inc.		393		11,814
Delta Air Lines Inc.		457		25,171
Southwest Airlines Co.		339		19,028
United Airlines Holdings Inc.(a)		149		13,535
				69,548
Auto Components — 0.2%
Aptiv PLC		66		5,910
Gentex Corp.		186		5,217
Lear Corp.		57		6,713
				17,840
Automobiles — 0.6%
Ford Motor Co.		2,389		20,522
General Motors Co.		821		30,508
Harley-Davidson Inc.		157		6,109
				57,139
Banks — 12.4%
Bank of America Corp.		7,508		234,775
BB&T Corp.		483		25,623
CIT Group Inc.		285		12,224
Citigroup Inc.		2,807		201,711
Citizens Financial Group Inc.		402		14,134
Comerica Inc.		211		13,804
Fifth Third Bancorp.		864		25,125
Huntington Bancshares Inc./OH		676		9,552
JPMorgan Chase & Co.		2,422		302,556
KeyCorp.		843		15,149
M&T Bank Corp.		139		21,758
PacWest Bancorp.		154		5,696
PNC Financial Services Group Inc. (The)		312		45,770
Regions Financial Corp.		1,354		21,799
SunTrust Banks Inc.		347		23,714
U.S. Bancorp.		795		45,331
Wells Fargo & Co.		4,298		221,906
Zions Bancorp. N.A		185		8,967
				1,249,594
Beverages — 1.5%
Coca-Cola Co. (The)		1,173		63,846
Constellation Brands Inc., Class A		69		13,133
Monster Beverage Corp.(a)		142		7,970

Security	Shares		Value
Beverages (continued)
PepsiCo Inc.		515	$	70,643
				155,592
Biotechnology — 4.8%
AbbVie Inc.		2,232		177,556
Amgen Inc.		783		166,975
Biogen Inc.(a)		155		46,300
Celgene Corp.(a)		435		46,993
Gilead Sciences Inc.		689		43,896
				481,720
Building Products — 0.3%
Fortune Brands Home & Security Inc.		122		7,326
Johnson Controls International PLC		345		14,949
Masco Corp.		149		6,891
				29,166
Capital Markets — 3.2%
Ameriprise Financial Inc.		133		20,068
Bank of New York Mellon Corp. (The)		736		34,408
BlackRock Inc.(b)		73		33,704
Charles Schwab Corp. (The)		168		6,839
CME Group Inc.		48		9,876
E*TRADE Financial Corp.		200		8,358
Franklin Resources Inc.		323		8,899
Goldman Sachs Group Inc. (The)		222		47,370
Intercontinental Exchange Inc.		205		19,336
Invesco Ltd.		295		4,962
Moody’s Corp.		29		6,400
Morgan Stanley		1,243		57,240
MSCI Inc.		38		8,913
Nasdaq Inc.		32		3,193
Northern Trust Corp.		129		12,859
S&P Global Inc.		76		19,607
State Street Corp.		144		9,514
T Rowe Price Group Inc.		113		13,086
TD Ameritrade Holding Corp.		93		3,569
				328,201
Chemicals — 1.6%
Air Products & Chemicals Inc.		43		9,170
Albemarle Corp.		37		2,247
Celanese Corp.		33		3,998
Chemours Co. (The)		282		4,628
DuPont de Nemours Inc.		791		52,135
Eastman Chemical Co.		96		7,300
Ecolab Inc.		38		7,299
Linde PLC		123		24,397
LyondellBasell Industries NV, Class A		257		23,053
PPG Industries Inc.		155		19,394
Sherwin-Williams Co. (The)		11		6,295
				159,916
Commercial Services & Supplies — 0.3%
Cintas Corp.		21		5,642
Republic Services Inc.		88		7,701
Waste Management Inc.		136		15,261
				28,604
Communications Equipment — 2.4%
Cisco Systems Inc.		4,836		229,758
F5 Networks Inc.(a)		36		5,187
Juniper Networks Inc.		313		7,769

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Motorola Solutions Inc.		27	$	4,491
				247,205
Consumer Finance — 1.1%
Ally Financial Inc.		305		9,342
American Express Co.		263		30,845
Capital One Financial Corp.		221		20,608
Discover Financial Services		294		23,596
Navient Corp.		199		2,740
Synchrony Financial		677		23,946
				111,077
Containers & Packaging — 0.3%
Ball Corp.		93		6,507
International Paper Co.		322		14,065
Sealed Air Corp.		215		8,980
Westrock Co.		121		4,522
				34,074
Distributors — 0.0%
Genuine Parts Co.		42		4,308
Diversified Financial Services — 0.3%
AXA Equitable Holdings Inc.		215		4,644
Berkshire Hathaway Inc., Class B(a)		52		11,054
Voya Financial Inc.		205		11,062
				26,760
Diversified Telecommunication Services — 2.4%
AT&T Inc.		3,633		139,834
CenturyLink Inc.		890		11,517
Verizon Communications Inc.		1,556		94,091
				245,442
Electric Utilities — 1.1%
American Electric Power Co. Inc.		133		12,554
Avangrid Inc.		18		901
Duke Energy Corp.		179		16,872
Edison International		112		7,045
Evergy Inc.		67		4,282
Eversource Energy		77		6,448
Exelon Corp.		269		12,237
NextEra Energy Inc.		83		19,782
PPL Corp.		205		6,865
Southern Co. (The)		257		16,104
Xcel Energy Inc.		120		7,621
				110,711
Electrical Equipment — 0.6%
Eaton Corp. PLC		240		20,906
Emerson Electric Co.		336		23,571
Rockwell Automation Inc.		97		16,683
				61,160
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		109		10,936
Avnet Inc.		110		4,352
CDW Corp./DE		53		6,779
Corning Inc.		908		26,904
Jabil Inc.		149		5,486
TE Connectivity Ltd.		162		14,499
				68,956
Energy Equipment & Services — 0.4%
Baker Hughes Co.		157		3,360
Halliburton Co.		296		5,698

Security	Shares		Value
Energy Equipment & Services (continued)
Schlumberger Ltd.		799	$	26,119
				35,177
Entertainment — 0.7%
Electronic Arts Inc.(a)		87		8,387
Walt Disney Co. (The)		446		57,944
				66,331
Equity Real Estate Investment Trusts (REITs) — 1.7%
American Tower Corp.		72		15,702
AvalonBay Communities Inc.		37		8,053
Boston Properties Inc.		42		5,762
Colony Capital Inc.		903		5,057
Digital Realty Trust Inc.		49		6,225
Equity Residential		91		8,068
Essex Property Trust Inc.		16		5,234
Healthpeak Properties Inc.		162		6,094
Host Hotels & Resorts Inc.		322		5,278
Macerich Co. (The)		88		2,420
Park Hotels & Resorts Inc.		150		3,488
Prologis Inc.		144		12,637
Public Storage		45		10,029
SBA Communications Corp.		22		5,294
Simon Property Group Inc.		167		25,164
SL Green Realty Corp.		142		11,871
Ventas Inc.		155		10,090
VEREIT Inc.		543		5,343
Vornado Realty Trust		67		4,397
Weyerhaeuser Co.		341		9,961
WP Carey Inc.		75		6,905
				173,072
Food & Staples Retailing — 1.4%
Costco Wholesale Corp.		45		13,370
Kroger Co. (The)		634		15,622
Sysco Corp.		196		15,655
Walgreens Boots Alliance Inc.		983		53,849
Walmart Inc.		352		41,275
				139,771
Food Products — 0.8%
Archer-Daniels-Midland Co.		178		7,483
Campbell Soup Co.		60		2,779
Conagra Brands Inc.		215		5,816
Hershey Co. (The)		45		6,609
Hormel Foods Corp.		53		2,167
Kellogg Co.		109		6,925
Kraft Heinz Co. (The)		366		11,833
Mondelez International Inc., Class A		639		33,515
Tyson Foods Inc., Class A		96		7,948
				85,075
Health Care Equipment & Supplies — 0.9%
Abbott Laboratories		269		22,491
Baxter International Inc.		233		17,871
Becton Dickinson and Co.		30		7,680
Medtronic PLC		282		30,710
Stryker Corp.		38		8,218
				86,970
Health Care Providers & Services — 2.1%
AmerisourceBergen Corp.		79		6,745
Anthem Inc.		103		27,715
Cardinal Health Inc.		231		11,423

26 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Cigna Corp.(a)		72	$	12,849
CVS Health Corp.		381		25,295
DaVita Inc.(a)		82		4,805
HCA Healthcare Inc.		123		16,426
Humana Inc.		57		16,769
McKesson Corp.		119		15,827
Quest Diagnostics Inc.		50		5,063
UnitedHealth Group Inc.		282		71,261
				214,178
Hotels, Restaurants & Leisure — 3.0%
Carnival Corp.		365		15,655
Darden Restaurants Inc.		38		4,266
Domino’s Pizza Inc.		39		10,593
Hilton Worldwide Holdings Inc.		210		20,361
Hyatt Hotels Corp., Class A		124		9,268
Las Vegas Sands Corp.		224		13,852
Marriott International Inc./MD, Class A		216		27,335
McDonald’s Corp.		397		78,090
Royal Caribbean Cruises Ltd.		39		4,244
Six Flags Entertainment Corp.		46		1,941
Starbucks Corp.		1,016		85,913
Wyndham Destinations Inc.		102		4,734
Yum! Brands Inc.		217		22,071
				298,323
Household Durables — 0.4%
Newell Brands Inc.		183		3,472
NVR Inc.(a)		2		7,273
PulteGroup Inc.		142		5,572
Toll Brothers Inc.		112		4,454
Whirlpool Corp.		98		14,908
				35,679
Household Products — 1.8%
Clorox Co. (The)		47		6,941
Colgate-Palmolive Co.		364		24,970
Kimberly-Clark Corp.		153		20,331
Procter & Gamble Co. (The)		1,019		126,876
				179,118
Independent Power and Renewable Electricity Producers — 0.1%
NRG Energy Inc.		239		9,589
Industrial Conglomerates — 1.3%
3M Co.		380		62,696
General Electric Co.		1,219		12,166
Honeywell International Inc.		317		54,755
				129,617
Insurance — 2.8%
Aflac Inc.		379		20,148
Allstate Corp. (The)		222		23,625
American International Group Inc.		381		20,178
Aon PLC		109		21,054
Assured Guaranty Ltd.		110		5,161
Chubb Ltd.		140		21,339
Hartford Financial Services Group Inc. (The)		126		7,192
Lincoln National Corp.		162		9,150
Loews Corp.		291		14,259
Marsh & McLennan Companies Inc.		138		14,300
MetLife Inc.		978		45,761
Principal Financial Group Inc.		165		8,808
Progressive Corp. (The)		205		14,288

Security	Shares		Value
Insurance (continued)
Prudential Financial Inc.		329	$	29,985
Travelers Companies Inc. (The)		142		18,610
Unum Group		191		5,260
Willis Towers Watson PLC		40		7,476
				286,594
Interactive Media & Services — 1.5%
Alphabet Inc., Class A(a)		27		33,988
Alphabet Inc., Class C, NVS(a)		27		34,023
Facebook Inc., Class A(a)		460		88,159
				156,170
Internet & Direct Marketing Retail — 1.0%
Booking Holdings Inc.(a)		26		53,268
eBay Inc.		1,024		36,096
Expedia Group Inc.		61		8,336
Qurate Retail Inc., Series A(a)		834		7,957
				105,657
IT Services — 3.9%
Accenture PLC, Class A		193		35,786
Akamai Technologies Inc.(a)		59		5,103
Alliance Data Systems Corp.		10		1,000
Automatic Data Processing Inc.		140		22,712
Cognizant Technology Solutions Corp., Class A		282		17,185
DXC Technology Co.		110		3,044
Fidelity National Information Services Inc.		130		17,129
Fiserv Inc.(a)		112		11,888
FleetCor Technologies Inc.(a)		25		7,355
International Business Machines Corp.		644		86,122
Leidos Holdings Inc.		60		5,174
Mastercard Inc., Class A		196		54,255
Paychex Inc.		96		8,029
PayPal Holdings Inc.(a)		221		23,006
VeriSign Inc.(a)		27		5,131
Visa Inc., Class A		488		87,284
Western Union Co. (The)		322		8,069
				398,272
Leisure Products — 0.0%
Hasbro Inc.		43		4,184
Life Sciences Tools & Services — 0.2%
IQVIA Holdings Inc.(a)		74		10,687
Waters Corp.(a)		48		10,158
				20,845
Machinery — 1.5%
Allison Transmission Holdings Inc.		140		6,105
Caterpillar Inc.		301		41,478
Cummins Inc.		86		14,833
Deere & Co.		95		16,543
Dover Corp.		26		2,701
Illinois Tool Works Inc.		160		26,973
Ingersoll-Rand PLC		109		13,831
PACCAR Inc.		80		6,085
Parker-Hannifin Corp.		55		10,092
Stanley Black & Decker Inc.		46		6,961
Terex Corp.		152		4,188
				149,790
Media — 1.3%
CBS Corp., Class B, NVS		170		6,127
Charter Communications Inc., Class A(a)		123		57,547
Comcast Corp., Class A		735		32,942

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Interpublic Group of Companies Inc. (The)		224	$	4,872
Liberty Media Corp. -Liberty SiriusXM, Class A(a)		101		4,536
Liberty Media Corp. -Liberty SiriusXM, Class C, NVS(a)		189		8,541
Omnicom Group Inc.		131		10,112
Sirius XM Holdings Inc.		760		5,107
				129,784
Metals & Mining — 0.2%
Newmont Goldcorp Corp.		112		4,450
Nucor Corp.		185		9,962
Southern Copper Corp.		37		1,316
Steel Dynamics Inc.		171		5,192
				20,920
Mortgage Real Estate Investment — 0.1%
Starwood Property Trust Inc.		211		5,191
Multi-Utilities — 0.3%
Dominion Energy Inc.		100		8,255
DTE Energy Co.		49		6,239
Public Service Enterprise Group Inc.		142		8,990
WEC Energy Group Inc.		85		8,024
				31,508
Multiline Retail — 0.5%
Dollar General Corp.		74		11,865
Kohl’s Corp.		94		4,819
Nordstrom Inc.		129		4,631
Target Corp.		278		29,721
				51,036
Oil, Gas & Consumable Fuels — 4.8%
Apache Corp.		148		3,206
Cabot Oil & Gas Corp.		359		6,692
Chevron Corp.		666		77,349
ConocoPhillips		735		40,572
Devon Energy Corp.		711		14,419
EOG Resources Inc.		71		4,921
Exxon Mobil Corp.		1,954		132,032
Hess Corp.		160		10,520
Kinder Morgan Inc./DE		810		16,184
Marathon Oil Corp.		389		4,485
Marathon Petroleum Corp.		771		49,306
Occidental Petroleum Corp.		723		29,282
ONEOK Inc.		75		5,237
Phillips 66		332		38,784
Valero Energy Corp.		378		36,658
Williams Companies Inc. (The)		652		14,546
				484,193
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		70		13,039
Herbalife Nutrition Ltd.(a)		150		6,700
				19,739
Pharmaceuticals — 5.5%
Allergan PLC		163		28,706
Bristol-Myers Squibb Co.		584		33,504
Eli Lilly & Co		445		50,708
Johnson & Johnson		1,038		137,057
Merck & Co. Inc.		1,394		120,804
Pfizer Inc.		4,627		177,538
Zoetis Inc.		74		9,466
				557,783

Security	Shares		Value
Professional Services — 0.1%
IHS Markit Ltd.(a)		44	$	3,081
ManpowerGroup Inc.		54		4,910
Nielsen Holdings PLC		225		4,536
				12,527
Road & Rail — 1.8%
CSX Corp.		582		40,897
Norfolk Southern Corp.		160		29,120
Union Pacific Corp.		693		114,664
				184,681
Semiconductors & Semiconductor Equipment — 5.5%
Analog Devices Inc.		87		9,277
Applied Materials Inc.		873		47,369
Broadcom Inc.		209		61,206
Intel Corp.		2,619		148,052
KLA Corp.		57		9,635
Lam Research Corp.		156		42,282
Maxim Integrated Products Inc.		156		9,151
NVIDIA Corp.		40		8,041
QUALCOMM Inc.		1,762		141,735
Skyworks Solutions Inc.		121		11,018
Teradyne Inc.		116		7,102
Texas Instruments Inc.		495		58,405
Xilinx Inc.		60		5,444
				558,717
Software — 5.0%
Adobe Inc.(a)		66		18,343
CDK Global Inc.		140		7,076
Citrix Systems Inc.		114		12,410
Intuit Inc.		29		7,467
Microsoft Corp.		1,865		267,385
Oracle Corp.		3,444		187,664
VMware Inc., Class A		26		4,115
				504,460
Specialty Retail — 2.8%
AutoZone Inc.(a)		13		14,877
Best Buy Co. Inc.		178		12,786
CarMax Inc.(a)		75		6,988
Foot Locker Inc.		107		4,655
Gap Inc. (The)		192		3,122
Home Depot Inc. (The)		555		130,192
L Brands Inc.		280		4,771
Lowe’s Companies Inc.		364		40,626
O’Reilly Automotive Inc.(a)		37		16,114
Ross Stores Inc.		75		8,225
Tiffany & Co.		58		7,222
TJX Companies Inc. (The)		477		27,499
Ulta Salon Cosmetics & Fragrance Inc.(a)		21		4,896
				281,973
Technology Hardware, Storage & Peripherals — 6.4%
Apple Inc.		2,178		541,799
Dell Technologies Inc., Class C(a)		56		2,962
Hewlett Packard Enterprise Co.		2,360		38,728
HP Inc.		1,733		30,102
NetApp Inc.		150		8,382
Seagate Technology PLC		166		9,633
Western Digital Corp.		203		10,485
Xerox Holdings Corp.(a)		60		2,036
				644,127

28 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.6%
NIKE Inc., Class B		650	$	58,208
VF Corp.		39		3,209
				61,417
Tobacco — 1.4%
Altria Group Inc.		1,635		73,232
Philip Morris International Inc.		889		72,400
				145,632
Trading Companies & Distributors — 0.2%
Fastenal Co.		145		5,211
HD Supply Holdings Inc.(a)		31		1,226
United Rentals Inc.(a)		46		6,144
WW Grainger Inc.		19		5,868
				18,449
Total Common Stocks — 99.7% (Cost: $9,417,972)				10,073,660

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.74%(b)(c)		24,000	$	24,000
Total Short-Term Investments — 0.2% (Cost: $24,000)				24,000
Total Investments in Securities — 99.9% (Cost: $9,441,972)				10,097,660
Other Assets, Less Liabilities — 0.1%				10,173
Net Assets — 100.0%			$	10,107,833

^(a) Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized7-day yield as ofperiod-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Shares Purchased		Shares Sold		Shares Held at 10/31/19		Value at 10/31/19		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	0	(b)	—		—	$	—	$	—	$	(3	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	16,909	7,091	(b)	—		24,000		24,000		169		—			—
BlackRock Inc.	52	29		(8	)	73		33,704		406		(735	)		(565	)
							$	57,704	$	575	$	(738	)	$	(565	)

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	10,073,660	$	—	$	—	$	10,073,660
Money Market Funds		24,000		—		—		24,000
	$	10,097,660	$	—	$	—	$	10,097,660

See notes to financial statements.

SCHEDULES OF INVESTMENTS 29

Statements of Assets and Liabilities  (unaudited)

October 31, 2019

	iShares Core Dividend Growth ETF		iShares Core High Dividend ETF		iShares International Select Dividend ETF			iShares Select Dividend ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	8,977,377,214	$	7,408,871,609	$	4,177,355,281		$	17,846,532,700
Affiliated(b)		55,836,030		98,348,376		147,441,429			29,929,000
Cash		172		775		544			400
Foreign currency, at value(c)		—		—		11,128,786			—
Cash pledged:
Futures contracts		853,400		477,600		—			2,036,200
Foreign currency collateral pledged:
Futures contracts(d)		—		—		2,998,431			—
Receivables:
Investments sold		1,180,658		12,427,892		38,025,021			—
Capital shares sold		46,841		—		—			1,322,860
Dividends		12,862,251		19,615,691		6,681,857			26,905,707
Tax reclaims		—		—		6,934,417			—
Total assets		9,048,156,566		7,539,741,943		4,390,565,766			17,906,726,867
LIABILITIES
Payables:
Investments purchased		—		22,498,987		6,013,426			—
Variation margin on futures contracts		71,368		1,760		277,780			192,000
Capital shares redeemed		878,905		—		—			38,922
Investment advisory fees		598,226		500,207		1,796,786			5,756,181
Professional fees		—		—		43,626			—
Total liabilities		1,548,499		23,000,954		8,131,618			5,987,103
NET ASSETS	$	9,046,608,067	$	7,516,740,989	$	4,382,434,148		$	17,900,739,764
NET ASSETS CONSIST OF:
Paid-in capital	$	7,944,378,499	$	7,158,016,637	$	4,966,017,776		$	16,519,451,985
Accumulated earnings (loss)		1,102,229,568		358,724,352		(583,583,628	)		1,381,287,779
NET ASSETS	$	9,046,608,067	$	7,516,740,989	$	4,382,434,148		$	17,900,739,764
Shares outstanding		226,800,000		79,350,000		137,600,000			175,450,000
Net asset value	$	39.89	$	94.73	$	31.85		$	102.03
Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited
Par value		None		None		None			None
(a) Investments, at cost — Unaffiliated	$	7,922,431,688	$	7,004,645,484	$	4,254,246,684		$	16,029,155,268
(b) Investments, at cost — Affiliated	$	52,966,731	$	95,253,805	$	176,347,854		$	29,929,000
(c)  Foreign currency, at cost	$	—	$	—	$	11,006,320		$	—
(d) Foreign currency collateral pledged, at cost	$	—	$	—	$	2,963,116		$	—

See notes to financial statements.

30 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) (continued)

October 31, 2019

	iShares U.S. Dividend and Buyback ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	10,039,956
Affiliated(b)		57,704
Cash		706
Receivables:
Dividends		11,558
Total assets		10,109,924
LIABILITIES
Payables:
Investment advisory fees		2,091
Total liabilities		2,091
NET ASSETS	$	10,107,833
NET ASSETS CONSIST OF:
Paid-in capital	$	9,651,910
Accumulated earnings		455,923
NET ASSETS	$	10,107,833
Shares outstanding		350,000
Net asset value	$	28.88
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — Unaffiliated	$	9,383,537
(b) Investments, at cost — Affiliated	$	58,435

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Operations  (unaudited)

Six Months Ended October 31, 2019

	iShares Core Dividend Growth ETF			iShares Core High Dividend ETF			iShares International Select Dividend ETF			iShares Select Dividend ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	104,623,516		$	129,793,653		$	139,315,623		$	356,461,653
Dividends — Affiliated		740,861			164,358			2,920,675			340,207
Interest — Unaffiliated		9,941			10,622			—			25,100
Securities lending income — Affiliated — net		—			—			279,611			—
Other income — Unaffiliated		—			—			94,208			—
Foreign taxes withheld		—			(17,269	)		(12,516,729	)		—
Total investment income		105,374,318			129,951,364			130,093,388			356,826,960
EXPENSES
Investment advisory fees		3,194,695			2,934,597			10,586,078			33,673,852
Total expenses		3,194,695			2,934,597			10,586,078			33,673,852
Net investment income		102,179,623			127,016,767			119,507,310			323,153,108
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(26,972,912	)		(85,456,976	)		(29,986,126	)		(48,399,672	)
Investments — Affiliated		(87,083	)		(5,780	)		(419,351	)		—
In-kind redemptions — Unaffiliated		207,616,507			383,999,379			8,929,352			196,225,423
In-kind redemptions — Affiliated		374,179			3,274			(140,256	)		—
Futures contracts		618,869			1,666,198			2,474,883			3,689,115
Foreign currency transactions		—			—			(1,144,947	)		—
Net realized gain (loss)		181,549,560			300,206,095			(20,286,445	)		151,514,866
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		224,613,139			(347,110,221	)		69,409,363			3,750,972
Investments — Affiliated		(1,597,373	)		3,094,571			2,390,688			—
Futures contracts		71,506			(297,589	)		(816,723	)		195,188
Foreign currency translations		—			—			509,181			—
Net change in unrealized appreciation (depreciation)		223,087,272			(344,313,239	)		71,492,509			3,946,160
Net realized and unrealized gain (loss)		404,636,832			(44,107,144	)		51,206,064			155,461,026
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	506,816,455		$	82,909,623		$	170,713,374		$	478,614,134

See notes to financial statements.

32 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations  (unaudited) (continued)

Six Months Ended October 31, 2019

	iShares U.S. Dividend and Buyback ETF
INVESTMENT INCOME
Dividends — Unaffiliated		$	110,476
Dividends — Affiliated			575
Total investment income			111,051
EXPENSES
Investment advisory fees			10,792
Total expenses			10,792
Net investment income			100,259
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated			(49,546	)
Investments — Affiliated			(738	)
Net realized loss			(50,284	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated			360,371
Investments — Affiliated			(565	)
Net change in unrealized appreciation (depreciation)			359,806
Net realized and unrealized gain			309,522
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	409,781

See notes to financial statements.

FINANCIAL STATEMENTS 33

Statements of Changes in Net Assets

	iShares Core Dividend Growth ETF						iShares Core High Dividend ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	102,179,623		$	123,676,531		$	127,016,767		$	219,293,629
Net realized gain		181,549,560			6,185,796			300,206,095			60,650,147
Net change in unrealized appreciation (depreciation)		223,087,272			642,201,105			(344,313,239	)		714,831,053
Net increase in net assets resulting from operations		506,816,455			772,063,432			82,909,623			994,774,829
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(99,901,445	)		(115,690,628	)		(124,932,671	)		(221,134,388	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,554,883,820			3,085,026,860			383,023,098			394,356,197
NET ASSETS
Total increase in net assets		1,961,798,830			3,741,399,664			341,000,050			1,167,996,638
Beginning of period		7,084,809,237			3,343,409,573			7,175,740,939			6,007,744,301
End of period	$	9,046,608,067		$	7,084,809,237		$	7,516,740,989		$	7,175,740,939

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

See notes to financial statements.

34 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares International Select Dividend ETF						iShares Select Dividend ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	119,507,310		$	235,852,753		$	323,153,108		$	579,530,289
Net realized gain (loss)		(20,286,445	)		141,415,226			151,514,866			1,347,254,208
Net change in unrealized appreciation (depreciation)		71,492,509			(495,494,588	)		3,946,160			(498,207,289	)
Net increase (decrease) in net assets resulting from operations		170,713,374			(118,226,609	)		478,614,134			1,428,577,208
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(139,484,740	)		(240,991,616	)		(321,008,405	)		(573,979,340	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(26,212,633	)		(186,155,816	)		157,438,616			17,065,477
NET ASSETS
Total increase (decrease) in net assets		5,016,001			(545,374,041	)		315,044,345			871,663,345
Beginning of period		4,377,418,147			4,922,792,188			17,585,695,419			16,714,032,074
End of period	$	4,382,434,148		$	4,377,418,147		$	17,900,739,764		$	17,585,695,419

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

See notes to financial statements.

FINANCIAL STATEMENTS 35

Statements of Changes in Net Assets  (continued)

	iShares U.S. Dividend and Buyback ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	100,259		$	177,567
Net realized gain (loss)		(50,284	)		120,170
Net change in unrealized appreciation (depreciation)		359,806			451,955
Net increase in net assets resulting from operations		409,781			749,692
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(91,268	)		(187,644	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,400,375			236,376
NET ASSETS
Total increase in net assets		1,718,888			798,424
Beginning of period		8,388,945			7,590,521
End of period	$	10,107,833		$	8,388,945

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

See notes to financial statements.

36 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core Dividend Growth ETF
		Six Months Ended 10/31/19 (unaudited)					Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Period From 06/10/14 to 04/30/15	(a)
Net asset value, beginning of period			$	38.13		$	33.86		$	30.75		$	26.72		$	26.35		$	24.96
Net investment income(b)				0.49			0.91			0.78			0.71			0.67			0.53
Net realized and unrealized gain(c)				1.75			4.20			3.07			3.98			0.34			1.29
Net increase from investment operations				2.24			5.11			3.85			4.69			1.01			1.82
Distributions(d)
From net investment income				(0.48	)		(0.84	)		(0.74	)		(0.66	)		(0.64	)		(0.43	)
Total distributions				(0.48	)		(0.84	)		(0.74	)		(0.66	)		(0.64	)		(0.43	)
Net asset value, end of period			$	39.89		$	38.13		$	33.86		$	30.75		$	26.72		$	26.35
Total Return
Based on net asset value				5.93	%(e)		15.30	%		12.59	%		17.78	%		3.95	%		7.31	%(e)
Ratios to Average Net Assets
Total expenses				0.08	%(f)		0.08	%		0.08	%		0.09	%		0.12	%		0.12	%(f)
Total expenses after fees waived				0.08	%(f)		0.08	%		0.08	%		0.09	%		0.10	%		0.05	%(f)
Net investment income				2.56	%(f)		2.55	%		2.32	%		2.46	%		2.62	%		2.31	%(f)
Supplemental Data
Net assets, end of period (000)			$	9,046,608		$	7,084,809		$	3,343,410		$	1,429,997		$	476,955		$	168,627
Portfolio turnover rate(g)				7	%(e)		26	%		24	%		27	%		45	%		47	%(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 excludesin-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 37

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core High Dividend ETF
	Six Months Ended 10/31/19 (unaudited)				Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period		$	95.42		$	84.44		$	83.27		$	78.83		$	77.18		$	73.80
Net investment income(a)			1.63			3.09			2.99			2.85			2.70			2.71
Net realized and unrealized gain (loss)(b)			(0.71	)		11.01			1.20			4.34			1.79			3.27
Net increase from investment operations			0.92			14.10			4.19			7.19			4.49			5.98
Distributions(c)
From net investment income			(1.61	)		(3.12	)		(3.02	)		(2.75	)		(2.84	)		(2.60	)
Total distributions			(1.61	)		(3.12	)		(3.02	)		(2.75	)		(2.84	)		(2.60	)
Net asset value, end of period		$	94.73		$	95.42		$	84.44		$	83.27		$	78.83		$	77.18
Total Return
Based on net asset value			0.99	%(d)		17.05	%		5.03	%		9.22	%		6.12	%		8.21	%
Ratios to Average Net Assets
Total expenses			0.08	%(e)		0.08	%		0.08	%		0.10	%		0.12	%		0.14	%
Net investment income			3.46	%(e)		3.48	%		3.47	%		3.49	%		3.63	%		3.57	%
Supplemental Data
Net assets, end of period (000)		$	7,516,741		$	7,175,741		$	6,007,744		$	6,632,679		$	5,076,953		$	4,858,218
Portfolio turnover rate(f)			38	%(d)		57	%		46	%		49	%		74	%		63	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

38 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares International Select Dividend ETF
	Six Months Ended 10/31/19 (unaudited)				Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period		$	31.59		$	34.11		$	31.78		$	29.85		$	35.09		$	39.73
Net investment income(a)			0.86			1.71			1.43			1.42	(b)		1.51			1.61
Net realized and unrealized gain (loss)(c)			0.40			(2.48	)		2.41			1.88			(5.18	)		(4.40	)
Net increase (decrease) from investment operations			1.26			(0.77	)		3.84			3.30			(3.67	)		(2.79	)
Distributions(d)
From net investment income			(1.00	)		(1.75	)		(1.51	)		(1.37	)		(1.57	)		(1.74	)
From net realized gain			—			—			—			—			—			(0.11	)
Total distributions			(1.00	)		(1.75	)		(1.51	)		(1.37	)		(1.57	)		(1.85	)
Net asset value, end of period		$	31.85		$	31.59		$	34.11		$	31.78		$	29.85		$	35.09
Total Return
Based on net asset value			4.20	%(e)		(2.13	)%		12.35	%		11.47	%(b)		(10.37	)%		(7.20	)%
Ratios to Average Net Assets
Total expenses			0.49	%(f)		0.49	%		0.49	%		0.50	%		0.50	%		0.50	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.49	%		N/A			0.50	%		N/A			N/A
Net investment income			5.58	%(f)		5.39	%		4.27	%		4.75	%(b)		4.97	%		4.42	%
Supplemental Data
Net assets, end of period (000)		$	4,382,434		$	4,377,418		$	4,922,792		$	4,010,716		$	2,737,391		$	4,612,557
Portfolio turnover rate(g)			3	%(e)		35	%		24	%		29	%		27	%		53	%

^(a)  Based on average shares outstanding.

^(b)  Reflects theone-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases:

• Net investment income per share by $0.04.

• Total return by 0.10%.

• Ratio of net investment income to average net assets by 0.13%.

^(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 excludesin-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 39

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Select Dividend ETF
	Six Months Ended 10/31/19 (unaudited)				Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period		$	101.13		$	96.31		$	91.51		$	82.05		$	78.32		$	74.82
Net investment income(a)			1.85			3.31			3.08			2.82			2.57			2.43
Net realized and unrealized gain(b)			0.89			4.80			4.76			9.41			3.78			3.47
Net increase from investment operations			2.74			8.11			7.84			12.23			6.35			5.90
Distributions(c)
From net investment income			(1.84	)		(3.29	)		(3.04	)		(2.77	)		(2.62	)		(2.40	)
Total distributions			(1.84	)		(3.29	)		(3.04	)		(2.77	)		(2.62	)		(2.40	)
Net asset value, end of period		$	102.03		$	101.13		$	96.31		$	91.51		$	82.05		$	78.32
Total Return
Based on net asset value			2.77	%(d)		8.63	%		8.65	%		15.12	%		8.42	%		7.97	%
Ratios to Average Net Assets
Total expenses			0.39	%(e)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income			3.71	%(e)		3.40	%		3.24	%		3.23	%		3.36	%		3.16	%
Supplemental Data
Net assets, end of period (000)		$	17,900,740		$	17,585,695		$	16,714,032		$	17,200,059		$	14,645,360		$	14,853,105
Portfolio turnover rate(f)			2	%(d)		21	%		28	%		19	%		21	%		20	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

40 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Dividend and Buyback ETF
		Six Months Ended 10/31/19 (unaudited)				Year Ended 04/30/19				Period From             11/07/17(a)           to 04/30/18
Net asset value, beginning of period			$	27.96			$	25.30			$	24.99
Net investment income(b)				0.32				0.61				0.26
Net realized and unrealized gain(c)				0.90				2.67				0.28
Net increase from investment operations				1.22				3.28				0.54
Distributions(d)
From net investment income				(0.30	)			(0.58	)			(0.23	)
From net realized gain				—				(0.04	)			—
Total distributions				(0.30	)			(0.62	)			(0.23	)
Net asset value, end of period			$	28.88			$	27.96			$	25.30
Total Return
Based on net asset value				4.43	%(e)			13.21	%			2.16	%(e)
Ratios to Average Net Assets
Total expenses				0.25	%(f)			0.25	%			0.25	%(f)
Net investment income				2.32	%(f)			2.34	%			2.07	%(f)
					��
Supplemental Data
Net assets, end of period (000)			$	10,108			$	8,389			$	7,591
Portfolio turnover rate(g)				19	%(e)			31	%			14	%(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 excludesin-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 41

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
Core Dividend Growth	Diversified
Core High Dividend	Non-diversified
International Select Dividend	Diversified
Select Dividend	Diversified
U.S. Dividend and Buyback	Non-Diversified

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 theex-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 bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-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 innon-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.

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 October 31, 2019, 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) topaid-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 theex-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.

42 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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”). 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 inopen-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.

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.

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 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 October 31, 2019, 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 FundAdvisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Anynon-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 October 31, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

NOTESTO FINANCIAL STATEMENTS 43

Notes to Financial Statements  (unaudited) (continued)

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.

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, BFAis 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
Core Dividend Growth		0.08	%
Core High Dividend		0.08
U.S. Dividend and Buyback		0.25

For its investment advisory services to the iShares International Select Dividend 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		0.5000	%
Over $12 billion, up to and including $18 billion		0.4750
Over $18 billion, up to and including $24 billion		0.4513
Over $24 billion, up to and including $30 billion		0.4287
Over $30 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.

44 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

For its investment advisory services to the iShares Select Dividend 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		0.4000	%
Over $46 billion, up to and including $81 billion		0.3800
Over $81 billion, up to and including $111 billion		0.3610
Over $111 billion, up to and including $141 billion		0.3430
Over $141 billion		0.3259

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.

Pursuant to the current securities lending agreement, each of iShares Core Dividend Growth ETF , iShares Core High Dividend ETF, iShares Select Dividend ETF and iShares U.S. Dividend and Buyback ETF (the “Group 1 Funds”), retains 73.5% 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 Select Dividend 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.

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 six months ended October 31, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
International Select Dividend	$	63,487

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 Rule17a-7.

For the six months ended October 31, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized    Gain (Loss)
Core High Dividend	$	419,147,156	$	760,159,686	$	(24,251,506)
International Select Dividend		—		585,840		(186,746)

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

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

NOTESTO FINANCIAL STATEMENTS 45

Notes to Financial Statements  (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended October 31, 2019, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Core Dividend Growth	$	606,306,099	$	594,726,411
Core High Dividend		2,754,695,182		2,754,366,566
International Select Dividend		184,313,019		145,906,414
Select Dividend		285,112,417		298,797,208
U.S. Dividend and Buyback		1,675,438		1,652,944

For the six months ended October 31, 2019,in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core Dividend Growth	$	2,221,458,500	$	678,823,987
Core High Dividend		2,014,064,675		1,627,704,546
International Select Dividend		46,898,690		104,192,262
Select Dividend		941,315,832		784,690,652
U.S. Dividend and Buyback		1,376,329		—

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 October 31, 2019, 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.

As of April 30, 2019, the Funds hadnon-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Core Dividend Growth	$	64,929,952
Core High Dividend		274,712,447
International Select Dividend		399,299,976
Select Dividend		363,275,028

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 tomark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any suchmarked-to-market gains.

As of October 31, 2019, 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 Dividend Growth	$	8,061,593,754	$	1,122,051,794	$	(149,925,640	)	$	972,126,154
Core High Dividend		7,188,003,815		677,690,183		(358,057,117	)		319,633,066
International Select Dividend		4,499,017,799		354,629,027		(528,776,757	)		(174,147,730	)
Select Dividend		16,307,819,508		2,920,372,844		(1,350,790,941	)		1,569,581,903
U.S. Dividend and Buyback		9,507,684		958,433		(368,457	)		589,976

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.

46 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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.

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. 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.

Investing in the securities ofnon-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.

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.

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.

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:

	Six Months Ended 10/31/19						Year Ended 04/30/19
iShares ETF	Shares			Amount			Shares			Amount
Core Dividend Growth
Shares sold		58,550,000		$	2,238,259,137			102,950,000		$	3,640,432,615
Shares redeemed		(17,550,000	)		(683,375,317	)		(15,900,000	)		(555,405,755	)
Net increase		41,000,000		$	1,554,883,820			87,050,000		$	3,085,026,860
Core High Dividend
Shares sold		21,450,000		$	2,028,697,562			17,750,000		$	1,592,230,605
Shares redeemed		(17,300,000	)		(1,645,674,464	)		(13,700,000	)		(1,197,874,408	)
Net increase		4,150,000		$	383,023,098			4,050,000		$	394,356,197
International Select Dividend
Shares sold		2,750,000		$	83,062,381			6,950,000		$	216,165,458
Shares redeemed		(3,700,000	)		(109,275,014	)		(12,700,000	)		(402,321,274	)
Net decrease		(950,000	)	$	(26,212,633	)		(5,750,000	)	$	(186,155,816	)
Select Dividend
Shares sold		9,500,000		$	947,949,874			48,500,000		$	4,702,491,774
Shares redeemed		(7,950,000	)		(790,511,258	)		(48,150,000	)		(4,685,426,297	)
Net increase		1,550,000		$	157,438,616			350,000		$	17,065,477

NOTESTO FINANCIAL STATEMENTS 47

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 10/31/19				Year Ended 04/30/19
iShares ETF	Shares		Amount		Shares			Amount
U.S. Dividend and Buyback
Shares sold		50,000	$	1,400,375		150,000		$	4,071,601
Shares redeemed		—		—		(150,000	)		(3,835,225	)
Net increase		50,000	$	1,400,375		—		$	236,376

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of thein-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 toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. FOREIGN WITHHOLDING TAX CLAIMS

The iShares International Select Dividend 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 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.

12. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-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. Plaintiffs have appealed the court’s decision. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal took place on November 19, 2019.

13. 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.

48 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

I. iShares Core Dividend Growth ETF, iShares Core High Dividend ETF, iShares U.S. Dividend and Buyback ETF (the “Funds”)

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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative and shareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits 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 and Performance of the Funds:The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which each Fund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising each 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 applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fund generally performed in line with its respective underlying index over the relevant periods.

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 and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares

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Board Review and Approval of Investment Advisory Contract  (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profit margin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Funds did not provide for breakpoints in the Funds’ investment advisory fee rate as the assets of the Funds increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

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, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation 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 objectives and strategies as the Funds and that track the same indexes. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of services and generally more extensive services provided to the 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 Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the“all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule17e-1 or Rule10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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 Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

II. iShares International Select Dividend 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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and

50 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits 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 and Performance 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, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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 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.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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 and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

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Board Review and Approval of Investment Advisory Contract  (continued)

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

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, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation 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. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, 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 also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other 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 or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 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 BFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule17e-1 or Rule10f-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 continuance of the Advisory Contract for the coming year.

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’s 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 rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

III. iShares Select Dividend 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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees

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Board Review and Approval of Investment Advisory Contract  (continued)

(the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits 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 and Performance 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, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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 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.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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 and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 53

Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

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, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, 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 also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other 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 or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 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 BFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule17e-1 or Rule10f-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 continuance of the Advisory Contract for the coming year.

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’s 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 rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

54 2019ISHARES SEMI-ANNUAL REPORTTO 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 Form1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

	Total Cumulative Distributions for the FiscalYear-to-Date								% Breakdown of the Total Cumulative Distributions for the FiscalYear-to-Date
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 Dividend Growth(a)	$	0.465822	$	—	$	0.011948	$	0.477770		97	%		—	%		3	%		100	%
Core High Dividend(a)		1.587766		—		0.019983		1.607749		99			—			1			100
Select Dividend(a)		1.816404		—		0.021711		1.838115		99			—			1			100
U.S. Dividend and Buyback(a)		0.283943		—		0.020284		0.304227		93			—			7			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.

SUPPLEMENTAL INFORMATION 55

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 FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on FormN-Q. The iShares Funds’ FormsN-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-free1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

56 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations — Equity
NVS	Non-Voting Shares

GLOSSARYOF TERMS USEDINTHIS REPORT 57

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

©2019 BlackRock, Inc. All rights reserved.iSHARES andBLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-406-1019

OCTOBER 31, 2019

2019 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Morningstar Large-Cap ETF  |  JKD  |  NYSE Arca

· iShares Morningstar Large-Cap Growth ETF  |  JKE  |  NYSE Arca

· iShares Morningstar Large-Cap Value ETF  |  JKF  |  NYSE Arca

· iShares Morningstar Mid-Cap ETF  |  JKG  |  NYSE Arca

· iShares Morningstar Mid-Cap Growth ETF  |  JKH  |  NYSE Arca

· iShares Morningstar Mid-Cap Value ETF  |  JKI  |  NASDAQ

· iShares Morningstar Small-Cap ETF  |  JKJ  |  NYSE Arca

· iShares Morningstar Small-Cap Growth ETF  |  JKK  |  NYSE Arca

· iShares Morningstar Small-Cap Value ETF  |  JKL  |  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.

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
Fund Summary		3
About Fund Performance		12
Shareholder Expenses		12
Schedules of Investments		13
Financial Statements
Statements of Assets and Liabilities		50
Statements of Operations		53
Statements of Changes in Net Assets		56
Financial Highlights		61
Notes to Financial Statements		70
Board Review and Approval of Investment Advisory Contract		80
Supplemental Information		84
General Information		85
Glossary of Terms Used in this Report		86

Fund Summary  as of October 31, 2019 iShares^® Morningstar Large-Cap ETF

Investment Objective

TheiShares Morningstar Large-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Morningstar^® Large Core 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.07	%		11.74	%		9.93	%		13.50	%		11.74	%		60.51	%		254.78	%
Fund Market		4.15			11.77			9.93			13.50			11.77			60.53			254.90
Index		4.20			11.95			10.15			13.74			11.95			62.12			262.50

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 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,040.70	$	1.03		$	1,000.00	$	1,024.10	$	1.02		0.20	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology	23.5%
Industrials	18.4
Health Care	15.8
Financials	13.7
Consumer Discretionary	8.4
Energy	6.1
Communication Services	5.4
Consumer Staples	3.6
Real Estate	2.8
Materials	1.6
Utilities	0.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.	12.2%
Berkshire Hathaway Inc., Class B	4.9
Johnson & Johnson	4.2
Bank of America Corp.	3.2
Home Depot Inc. (The)	3.1
Walt Disney Co. (The)	2.9
Merck & Co. Inc.	2.7
Chevron Corp.	2.7
Coca-Cola Co. (The)	2.6
Comcast Corp., Class A	2.5

FUND SUMMARY 3

Fund Summary  as of October 31, 2019 iShares^® Morningstar Large-Cap Growth ETF

Investment Objective

The iShares Morningstar Large-Cap 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 Morningstar^® Large 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.73	%		15.98	%		12.81	%		14.91	%		15.98	%		82.67	%		301.41	%
Fund Market		2.73			15.98			12.81			14.92			15.98			82.74			301.67
Index		2.85			16.27			13.25			15.28			16.27			86.26			314.58

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 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,027.30	$	1.27		$	1,000.00	$	1,023.90	$	1.27		0.25	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of   Total Investments(a)
Information Technology	28.9%
Health Care	17.1
Communication Services	16.9
Consumer Discretionary	15.6
Financials	4.9
Real Estate	4.4
Consumer Staples	4.2
Materials	3.5
Industrials	2.8
Energy	1.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Microsoft Corp.	8.4%
Amazon. com Inc.	5.8
Facebook Inc., Class A	3.9
Alphabet Inc., Class C	3.0
Alphabet Inc., Class A	3.0
Visa Inc., Class A	2.9
UnitedHealth Group Inc.	2.4
Mastercard Inc., Class A	2.4
Abbott Laboratories	1.7
salesforce. com Inc.	1.7

4 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019 iShares^® Morningstar Large-Cap Value ETF

Investment Objective

TheiShares Morningstar Large-Cap 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 Morningstar^® Large Value 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.41	%		12.30	%		8.79	%		11.24	%		12.30	%		52.36	%		190.21	%
Fund Market		5.48			12.34			8.80			11.25			12.34			52.46			190.45
Index		5.56			12.58			9.04			11.53			12.58			54.18			197.89

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 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,054.10	$	1.29		$	1,000.00	$	1,023.90	$	1.27		0.25	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials	23.6%
Consumer Staples	17.9
Health Care	13.5
Information Technology	11.7
Communication Services	8.1
Utilities	7.7
Energy	7.3
Industrials	5.2
Consumer Discretionary	2.7
Materials	1.7
Real Estate	0.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
JPMorgan Chase & Co.	6.1%
Procter & Gamble Co. (The)	4.7
Exxon Mobil Corp.	4.4
AT&T Inc.	4.3
Intel Corp.	3.8
Verizon Communications Inc.	3.8
Pfizer Inc.	3.2
Wells Fargo & Co.	3.2
Cisco Systems Inc.	3.1
PepsiCo Inc.	2.9

FUND SUMMARY 5

Fund Summary  as of October 31, 2019  iShares^® Morningstar Mid-Cap ETF

Investment Objective

TheiShares Morningstar 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 Morningstar^® Mid Core 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.16	%		16.63	%		8.67	%		14.26	%		16.63	%		51.55	%		279.18	%
Fund Market		3.20			16.73			8.67			14.27			16.73			51.58			279.53
Index		3.29			16.95			8.94			14.53			16.95			53.41			288.21

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 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,031.60	$	1.28		$	1,000.00	$	1,023.90	$	1.27		0.25	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Industrials	18.7%
Real Estate	17.3
Consumer Discretionary	14.5
Financials	14.2
Information Technology	12.2
Materials	5.9
Health Care	5.1
Communication Services	3.9
Consumer Staples	3.3
Utilities	3.2
Energy	1.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
L3Harris Technologies Inc.	2.2%
Newmont Goldcorp Corp.	1.6
AutoZone Inc.	1.3
Motorola Solutions Inc.	1.3
KLA Corp.	1.3
Digital Realty Trust Inc.	1.3
Dollar Tree Inc.	1.2
Realty Income Corp.	1.2
Willis Towers Watson PLC	1.2
Parker-Hannifin Corp.	1.1

6 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019 iShares^® Morningstar Mid-Cap Growth ETF

Investment Objective

TheiShares Morningstar 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 Morningstar^® Mid 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.04	%		17.89	%		10.45	%		14.22	%		17.89	%		64.38	%		278.05	%
Fund Market		1.00			17.82			10.46			14.23			17.82			64.46			278.27
Index		1.17			18.23			10.71			14.49			18.23			66.31			286.91

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 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,010.40	$	1.52		$	1,000.00	$	1,023.60	$	1.53		0.30	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology		30.0%
Health Care		20.6
Industrials		16.0
Consumer Discretionary		11.9
Financials		5.5
Communication Services		3.8
Energy		3.6
Real Estate		3.4
Consumer Staples		2.6
Materials		2.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Global Payments Inc.		2.4%
IHS Markit Ltd.		1.3
Hilton Worldwide Holdings Inc.		1.3
SBA Communications Corp.		1.3
TransDigm Group Inc.		1.2
FleetCor Technologies Inc.		1.2
IDEXX Laboratories Inc.		1.2
Verisk Analytics Inc.		1.1
Agilent Technologies Inc.		1.1
MercadoLibre Inc.		1.1

FUND SUMMARY 7

Fund Summary  as of October 31, 2019 iShares^® Morningstar Mid-Cap Value ETF

Investment Objective

TheiShares Morningstar Mid-CapValue 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 Morningstar^® Mid Value 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.04	%		8.77	%		8.09	%		13.13	%		8.77	%		47.58	%		243.34	%
Fund Market		2.13			8.81			8.11			13.13			8.81			47.66			243.45
Index		2.18			9.03			8.39			13.45			9.03			49.63			253.29

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 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,020.40	$	1.52		$	1,000.00	$	1,023.60	$	1.53		0.30	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials	19.0%
Utilities	17.3
Consumer Discretionary	9.6
Real Estate	8.9
Industrials	8.7
Materials	8.1
Health Care	7.4
Consumer Staples	7.1
Information Technology	6.7
Communication Services	4.3
Energy	2.9

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
WEC Energy Group Inc.	1.6%
Zimmer Biomet Holdings Inc.	1.5
Eversource Energy	1.4
PACCAR Inc.	1.4
FirstEnergy Corp.	1.4
McKesson Corp.	1.3
Tyson Foods Inc., Class A	1.3
Ventas Inc.	1.3
PPL Corp.	1.3
Entergy Corp.	1.3

8 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019 iShares^® Morningstar Small-Cap ETF

Investment Objective

TheiShares Morningstar 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 Morningstar^® Small Core 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.35	%		11.20	%		7.34	%		12.37	%		11.20	%		42.52	%		221.10	%
Fund Market		3.38			11.25			7.36			12.37			11.25			42.65			220.98
Index		3.49			11.47			7.52			12.55			11.47			43.72			226.20

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 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,033.50	$	1.28		$	1,000.00	$	1,023.90	$	1.27		0.25	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Industrials		17.8%
Financials		17.0
Real Estate		14.2
Consumer Discretionary		13.3
Information Technology		11.4
Materials		7.5
Health Care		5.9
Consumer Staples		4.4
Utilities		3.9
Communication Services		3.0
Energy		1.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Genesee & Wyoming Inc., Class A		0.9%
Casey’s General Stores Inc.		0.9
Generac Holdings Inc.		0.9
MKS Instruments Inc.		0.9
Cousins Properties Inc.		0.9
Curtiss-Wright Corp.		0.8
CACI International Inc., Class A		0.8
Horizon Therapeutics PLC		0.8
ITT Inc.		0.8
Eaton Vance Corp., NVS		0.7

FUND SUMMARY 9

Fund Summary  as of October 31, 2019 iShares^® Morningstar Small-Cap Growth ETF

Investment Objective

TheiShares Morningstar Small-Cap 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 Morningstar^® Small 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.64	)%		7.62	%		9.16	%		13.80	%		7.62	%		55.03	%		264.17	%
Fund Market		(2.59	)		7.69			9.18			13.80			7.69			55.11			264.40
Index		(2.59	)		7.78			9.27			13.91			7.78			55.75			267.84

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 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	973.60	$	1.49		$	1,000.00	$	1,023.60	$	1.53		0.30	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology		27.6%
Health Care		25.9
Industrials		15.3
Consumer Discretionary		8.5
Communication Services		6.4
Real Estate		6.2
Financials		4.1
Consumer Staples		2.0
Energy		1.8
Materials		1.4
Utilities		0.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Roku Inc.		2.0%
Entegris Inc.		1.0
Haemonetics Corp.		1.0
Zynga Inc., Class A		0.9
Teladoc Health Inc.		0.9
Novocure Ltd.		0.9
First Industrial Realty Trust Inc.		0.8
Rexford Industrial Realty Inc.		0.8
Trex Co. Inc.		0.8
Penumbra Inc.		0.8

10 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019 iShares^® Morningstar Small-Cap Value ETF

Investment Objective

TheiShares Morningstar Small-Cap 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 Morningstar^® Small Value 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(4.05	)%		(0.40	)%		3.97	%		11.17	%		(0.40	)%		21.46	%		188.35	%
Fund Market		(3.96	)		(0.28	)		4.00			11.18			(0.28	)		21.65			188.46
Index		(3.82	)		(0.03	)		4.21			11.44			(0.03	)		22.89			195.52

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 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	959.50	$	1.48		$	1,000.00	$	1,023.60	$	1.53		0.30	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials		32.2%
Consumer Discretionary		12.8
Industrials		10.8
Real Estate		9.6
Materials		8.0
Utilities		7.4
Information Technology		6.9
Energy		4.2
Consumer Staples		3.8
Health Care		2.8
Communication Services		1.5

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Amcor PLC		2.5%
TCF Financial Corp.		1.0
Stericycle Inc.		0.9
Williams-Sonoma Inc.		0.8
Hanover Insurance Group Inc. (The)		0.8
Jabil Inc.		0.8
Radian Group Inc.		0.8
Portland General Electric Co.		0.8
First Horizon National Corp.		0.8
Axis Capital Holdings Ltd.		0.8

FUND SUMMARY 11

About Fund Performance

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 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. 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.

12 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Morningstar Large-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 7.5%
Boeing Co. (The)		54,478	$	18,517,617
General Dynamics Corp.		31,615		5,589,532
Lockheed Martin Corp.		27,923		10,518,036
Northrop Grumman Corp.		19,768		6,967,825
Raytheon Co.		35,300		7,491,013
United Technologies Corp.		88,801		12,750,047
				61,834,070
Air Freight & Logistics — 0.6%
FedEx Corp.		33,080		5,049,993
Airlines — 0.6%
Delta Air Lines Inc.		85,083		4,686,372
Banks — 3.2%
Bank of America Corp.		838,379		26,216,111
Beverages — 2.9%
Coca-Cola Co. (The)		391,188		21,292,363
Keurig Dr Pepper Inc.		93,360		2,629,017
				23,921,380
Biotechnology — 1.6%
Celgene Corp.(a)		84,837		9,164,941
Regeneron Pharmaceuticals Inc.(a)		14,111		4,321,917
				13,486,858
Capital Markets — 2.2%
BlackRock Inc.(b)		15,144		6,991,985
Intercontinental Exchange Inc.		72,704		6,857,441
T Rowe Price Group Inc.		37,705		4,366,239
				18,215,665
Chemicals — 1.3%
Air Products & Chemicals Inc.		28,910		6,165,346
PPG Industries Inc.		37,714		4,718,776
				10,884,122
Commercial Services & Supplies — 1.2%
Republic Services Inc.		41,805		3,658,356
Waste Management Inc.		53,025		5,949,935
				9,608,291
Consumer Finance — 1.1%
American Express Co.		78,855		9,248,114
Diversified Financial Services — 4.9%
Berkshire Hathaway Inc., Class B(a)		190,417		40,478,846
Electrical Equipment — 0.7%
Emerson Electric Co.		85,793		6,018,379
Electronic Equipment, Instruments & Components — 1.0%
Corning Inc.		134,980		3,999,457
TE Connectivity Ltd.		50,656		4,533,712
				8,533,169
Energy Equipment & Services — 1.1%
Halliburton Co.		174,363		3,356,488
Schlumberger Ltd.		178,699		5,841,670
				9,198,158
Entertainment — 2.8%
Walt Disney Co. (The)		180,497		23,450,170
Equity Real Estate Investment Trusts (REITs) — 2.8%
AvalonBay Communities Inc.		22,058		4,801,144

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Equity Residential		54,636	$	4,844,028
Prologis Inc.		80,892		7,099,082
Simon Property Group Inc.		40,801		6,147,895
				22,892,149
Food & Staples Retailing — 0.7%
Sysco Corp.		71,665		5,723,884
Health Care Equipment & Supplies — 1.2%
Danaher Corp.		72,524		9,995,258
Health Care Providers & Services — 3.4%
Anthem Inc.		31,156		8,383,457
Cigna Corp.(a)		46,717		8,337,116
HCA Healthcare Inc.		39,273		5,244,516
Humana Inc.		19,391		5,704,832
				27,669,921
Hotels, Restaurants & Leisure — 2.4%
Las Vegas Sands Corp.		63,218		3,909,401
McDonald’s Corp.		79,332		15,604,604
				19,514,005
Industrial Conglomerates — 2.9%
3M Co.		64,294		10,607,867
Honeywell International Inc.		77,895		13,454,803
				24,062,670
Insurance — 2.3%
Aon PLC		31,741		6,131,092
Marsh & McLennan Companies Inc.		65,815		6,819,750
Progressive Corp. (The)		80,144		5,586,037
				18,536,879
IT Services — 3.8%
Accenture PLC, Class A		68,709		12,740,023
Cognizant Technology Solutions Corp., Class A		80,524		4,907,132
Fidelity National Information Services Inc.		71,246		9,387,373
Paychex Inc.		52,773		4,413,934
				31,448,462
Machinery — 2.5%
Caterpillar Inc.		66,223		9,125,529
Deere & Co.		40,583		7,067,124
Ingersoll-Rand PLC		37,574		4,767,765
				20,960,418
Media — 2.5%
Comcast Corp., Class A		460,297		20,630,512
Metals & Mining — 0.3%
Southern Copper Corp.		60,822		2,164,047
Multi-Utilities — 0.7%
Sempra Energy		38,762		5,601,497
Multiline Retail — 0.7%
Dollar General Corp.		35,784		5,737,607
Oil, Gas & Consumable Fuels — 5.0%
Chevron Corp.		191,345		22,222,808
Kinder Morgan Inc./DE		272,617		5,446,888
Occidental Petroleum Corp.		125,313		5,075,176
ONEOK Inc.		63,619		4,442,515
Williams Companies Inc. (The)		188,758		4,211,191
				41,398,578

SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Large-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 9.5%
Bristol-Myers Squibb Co.		189,708	$	10,883,548
Eli Lilly & Co.		95,715		10,906,724
Johnson & Johnson		258,832		34,176,178
Merck & Co. Inc.		259,964		22,528,480
				78,494,930
Road & Rail — 2.3%
Norfolk Southern Corp.		34,766		6,327,412
Union Pacific Corp.		76,263		12,618,476
				18,945,888
Semiconductors & Semiconductor Equipment — 6.5%
Analog Devices Inc.		50,429		5,377,244
Applied Materials Inc.		122,348		6,638,603
Broadcom Inc.		43,371		12,701,197
Lam Research Corp.		21,408		5,802,424
QUALCOMM Inc.		136,673		10,993,976
Texas Instruments Inc.		101,035		11,921,120
				53,434,564
Specialty Retail — 5.3%
Home Depot Inc. (The)		109,487		25,683,460
Lowe’s Companies Inc.		88,141		9,837,417
TJX Companies Inc. (The)		145,352		8,379,543
				43,900,420

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 12.1%
Apple Inc.		401,995	$	100,000,276
Total Common Stocks — 99.6% (Cost: $671,127,759)				821,941,663
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(b)(c)		2,171,000		2,171,000
Total Short-Term Investments — 0.3% (Cost: $2,171,000)				2,171,000
Total Investments in Securities — 99.9% (Cost: $673,298,759)				824,112,663
Other Assets, Less Liabilities — 0.1%				694,594
Net Assets — 100.0%			$	824,807,257

^(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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Shares Purchased		Shares Sold		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	0	(b)	—		—	$	—	$	477	(c)	$	63		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	1,183,406	987,594	(b)	—		2,171,000		2,171,000		13,108			—			—
BlackRock Inc.	15,452	2,699		(3,007	)	15,144		6,991,985		100,419			98,788			(454,651	)
							$	9,162,985	$	114,004		$	98,851		$	(454,651	)

^(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		18		12/20/19	$	2,732	$	28,325

14 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Large-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	28,325

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	85,732
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	28,325

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	910,740

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	821,941,663	$	—	$	—	$	821,941,663
Money Market Funds		2,171,000		—		—		2,171,000
	$	824,112,663	$	—	$	—	$	824,112,663
Derivative financial instruments(a)
Assets
Futures Contracts	$	28,325	$	—	$	—	$	28,325

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 15

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Morningstar Large-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 1.2%
Tesla Inc.(a)(b)		43,050	$	13,557,306
Beverages — 1.7%
Constellation Brands Inc., Class A		51,505		9,802,947
Monster Beverage Corp.(a)		163,161		9,158,227
				18,961,174
Biotechnology — 1.9%
Alexion Pharmaceuticals Inc.(a)		90,393		9,527,422
Vertex Pharmaceuticals Inc.(a)		65,024		12,710,892
				22,238,314
Capital Markets — 4.9%
Charles Schwab Corp. (The)		271,357		11,046,943
CME Group Inc.		66,409		13,663,652
Moody’s Corp.		49,668		10,961,231
S&P Global Inc.		50,793		13,104,086
TD Ameritrade Holding Corp.		178,215		6,839,892
				55,615,804
Chemicals — 3.5%
Ecolab Inc.		59,130		11,357,099
Linde PLC		83,653		16,592,573
Sherwin-Williams Co. (The)		20,932		11,979,802
				39,929,474
Electronic Equipment, Instruments & Components — 0.9%
Amphenol Corp., Class A		105,953		10,630,264
Entertainment — 3.4%
Activision Blizzard Inc.		200,390		11,227,852
Electronic Arts Inc.(a)		102,589		9,889,579
Netflix Inc.(a)		61,403		17,647,836
				38,765,267
Equity Real Estate Investment Trusts (REITs) — 4.4%
American Tower Corp.		71,475		15,587,268
Crown Castle International Corp.		90,249		12,525,659
Equinix Inc.		21,275		12,058,244
Public Storage		43,970		9,799,154
				49,970,325
Food & Staples Retailing — 1.6%
Costco Wholesale Corp.		61,763		18,350,405
Health Care Equipment & Supplies — 8.2%
Abbott Laboratories		233,404		19,514,909
Baxter International Inc.		130,322		9,995,697
Becton Dickinson and Co.		51,410		13,160,960
Boston Scientific Corp.(a)		297,399		12,401,538
Edwards Lifesciences Corp.(a)		52,073		12,413,162
Intuitive Surgical Inc.(a)		24,079		13,314,483
Stryker Corp.		61,293		13,255,837
				94,056,586
Health Care Providers & Services — 2.4%
UnitedHealth Group Inc.		108,933		27,527,369
Hotels, Restaurants & Leisure — 3.1%
Marriott International Inc./MD, Class A		79,929		10,115,015
Starbucks Corp.		181,561		15,352,798
Yum! Brands Inc.		94,212		9,582,303
				35,050,116
Industrial Conglomerates — 0.9%
Roper Technologies Inc.		29,957		10,094,311

Security	Shares		Value
Interactive Media & Services — 10.5%
Alphabet Inc., Class A(a)		27,020	$	34,012,776
Alphabet Inc., Class C, NVS(a)		27,260		34,350,599
Facebook Inc., Class A(a)		233,503		44,750,850
Twitter Inc.(a)		244,359		7,323,439
				120,437,664
Internet & Direct Marketing Retail — 7.1%
Amazon.com Inc.(a)		37,379		66,409,774
Booking Holdings Inc.(a)		7,165		14,679,437
				81,089,211
IT Services — 9.1%
Automatic Data Processing Inc.		83,372		13,525,440
Fiserv Inc.(a)		121,445		12,890,172
Mastercard Inc., Class A(b)		99,399		27,514,637
PayPal Holdings Inc.(a)		166,651		17,348,369
Visa Inc., Class A		181,690		32,497,074
				103,775,692
Life Sciences Tools & Services — 3.3%
Illumina Inc.(a)		37,610		11,114,507
IQVIA Holdings Inc.(a)		65,989		9,530,131
Thermo Fisher Scientific Inc.		58,111		17,548,360
				38,192,998
Machinery — 0.8%
Fortive Corp.		134,762		9,298,578
Media — 2.1%
Charter Communications Inc., Class A(a)		31,200		14,597,232
Sirius XM Holdings Inc.		1,330,320		8,939,750
				23,536,982
Oil, Gas & Consumable Fuels — 1.6%
EOG Resources Inc.		144,400		10,008,364
Pioneer Natural Resources Co.		70,834		8,713,999
				18,722,363
Personal Products — 0.9%
Estee Lauder Companies Inc. (The), Class A		57,624		10,733,622
Pharmaceuticals — 1.1%
Zoetis Inc.		102,451		13,105,532
Road & Rail — 1.1%
CSX Corp.		171,141		12,026,078
Semiconductors & Semiconductor Equipment — 3.4%
Advanced Micro Devices Inc.(a)		340,356		11,548,279
NVIDIA Corp.		91,387		18,370,615
Xilinx Inc.		94,139		8,542,173
				38,461,067
Software — 15.5%
Adobe Inc.(a)		66,703		18,538,765
Autodesk Inc.(a)		68,261		10,058,941
Intuit Inc.		50,113		12,904,097
Microsoft Corp.		665,767		95,451,015
salesforce.com Inc.(a)		120,868		18,914,633
ServiceNow Inc.(a)(b)		45,865		11,340,580
Workday Inc., Class A(a)		59,394		9,631,331
				176,839,362
Specialty Retail — 2.0%
O’Reilly Automotive Inc.(a)		26,031		11,336,761
Ross Stores Inc.		100,457		11,017,119
				22,353,880

16 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Large-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 2.3%
NIKE Inc., Class B		189,053	$	16,929,696
VF Corp.		112,283		9,239,768
				26,169,464
Wireless Telecommunication Services — 0.9%
T-Mobile U.S. Inc.(a)		123,300		10,191,978
Total Common Stocks — 99.8% (Cost: $771,877,718)				1,139,681,186
Short-Term Investments
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		18,553,027		18,562,304
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		1,637,000		1,637,000
				20,199,304
Total Short-Term Investments — 1.8% (Cost: $20,196,202)				20,199,304
Total Investments in Securities — 101.6% (Cost: $792,073,920)				1,159,880,490
Other Assets, Less Liabilities — (1.6)%				(18,558,625	)
Net Assets — 100.0%			$	1,141,321,865

^(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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	23,762,205	(5,209,178	)	18,553,027	$	18,562,304	$	42,192	(b)	$	1,236		$	(279	)
BlackRock Cash Funds: Treasury, SL Agency Shares	1,235,672	401,328		1,637,000		1,637,000		18,710			—			—
					$	20,199,304	$	60,902		$	1,236		$	(279	)

^(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.

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		2		12/20/19	$	244	$	(5,605	)
E-Mini S&P Select Sector Technology Index		5		12/20/19		420		9,539
S&P 500 E-Mini Index		5		12/20/19		759		5,476
							$	9,410

SCHEDULE OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Large-Cap Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	15,015
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	5,605

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	35,610
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	9,410

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	474,317

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,139,681,186		$	—	$	—	$	1,139,681,186
Money Market Funds		20,199,304			—		—		20,199,304
	$	1,159,880,490		$	—	$	—	$	1,159,880,490
Derivative financial instruments(a)
Assets
Futures Contracts	$	15,015		$	—	$	—	$	15,015
Liabilities
Futures Contracts		(5,605	)		—		—		(5,605	)
	$	9,410		$	—	$	—	$	9,410

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

See notes to financial statements.

18 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Morningstar Large-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.2%
United Parcel Service Inc., Class B		56,138	$	6,465,413
Airlines — 0.4%
Southwest Airlines Co.		38,899		2,183,401
Automobiles — 1.2%
Ford Motor Co.		315,043		2,706,219
General Motors Co.		101,000		3,753,160
				6,459,379
Banks — 15.0%
BB&T Corp.		61,591		3,267,402
Citigroup Inc.		181,603		13,049,992
JPMorgan Chase & Co.		257,042		32,109,687
PNC Financial Services Group Inc. (The)		35,793		5,250,833
SunTrust Banks Inc.		35,688		2,438,918
U.S. Bancorp.		115,278		6,573,152
Wells Fargo & Co.		322,323		16,641,536
				79,331,520
Beverages — 2.9%
PepsiCo Inc.		112,397		15,417,497
Biotechnology — 5.8%
AbbVie Inc.		118,853		9,454,756
Amgen Inc.		48,209		10,280,569
Biogen Inc.(a)		14,827		4,428,973
Gilead Sciences Inc.		101,809		6,486,252
				30,650,550
Building Products — 0.5%
Johnson Controls International PLC		63,966		2,771,647
Capital Markets — 2.9%
Bank of New York Mellon Corp. (The)		68,959		3,223,833
Goldman Sachs Group Inc. (The)		26,014		5,550,867
Morgan Stanley		100,977		4,649,991
State Street Corp.		29,967		1,979,920
				15,404,611
Chemicals — 1.7%
Dow Inc.(a)		59,746		3,016,576
DuPont de Nemours Inc.		59,928		3,949,854
LyondellBasell Industries NV, Class A		20,765		1,862,621
				8,829,051
Communications Equipment — 3.1%
Cisco Systems Inc.		341,273		16,213,880
Consumer Finance — 1.0%
Capital One Financial Corp.		37,809		3,525,689
Discover Financial Services		25,595		2,054,255
				5,579,944
Diversified Telecommunication Services — 8.1%
AT&T Inc.		587,400		22,609,026
Verizon Communications Inc.		332,488		20,105,549
				42,714,575
Electric Utilities — 5.7%
American Electric Power Co. Inc.		39,696		3,746,905
Duke Energy Corp.		58,571		5,520,902
Exelon Corp.		78,104		3,552,951
NextEra Energy Inc.		39,290		9,364,379
Southern Co. (The)		84,025		5,265,007

Security	Shares		Value
Electric Utilities (continued)
Xcel Energy Inc.		42,154	$	2,677,201
				30,127,345
Electrical Equipment — 0.6%
Eaton Corp. PLC		33,763		2,941,095
Equity Real Estate Investment Trusts (REITs) — 0.6%
Welltower Inc.		32,577		2,954,408
Food & Staples Retailing — 3.2%
Walgreens Boots Alliance Inc.		60,986		3,340,813
Walmart Inc.		114,324		13,405,632
				16,746,445
Food Products — 2.3%
Archer-Daniels-Midland Co.		44,679		1,878,305
General Mills Inc.		48,517		2,467,574
Kraft Heinz Co. (The)		49,911		1,613,623
Mondelez International Inc., Class A		115,933		6,080,686
				12,040,188
Health Care Equipment & Supplies — 2.2%
Medtronic PLC		107,855		11,745,410
Health Care Providers & Services — 1.3%
CVS Health Corp.		104,545		6,940,743
Hotels, Restaurants & Leisure — 0.3%
Carnival Corp.		32,121		1,377,670
Household Products — 6.3%
Colgate-Palmolive Co.		68,974		4,731,616
Kimberly-Clark Corp.		27,670		3,676,790
Procter & Gamble Co. (The)		201,183		25,049,295
				33,457,701
Industrial Conglomerates — 1.3%
General Electric Co.		701,558		7,001,549
Insurance — 4.5%
Aflac Inc.		59,518		3,163,977
Allstate Corp. (The)		26,463		2,816,192
American International Group Inc.		69,931		3,703,546
Chubb Ltd.		36,637		5,584,212
MetLife Inc.		63,988		2,993,998
Prudential Financial Inc.		32,316		2,945,280
Travelers Companies Inc. (The)		20,932		2,743,348
				23,950,553
Internet & Direct Marketing Retail — 0.4%
eBay Inc.		63,394		2,234,639
IT Services — 1.8%
International Business Machines Corp.		71,214		9,523,448
Machinery — 1.2%
Cummins Inc.		12,688		2,188,426
Illinois Tool Works Inc.		23,664		3,989,277
			6,177,703
Multi-Utilities — 2.0%
Consolidated Edison Inc.		26,701		2,462,366
Dominion Energy Inc.		66,073		5,454,326
Public Service Enterprise Group Inc.		40,647		2,573,362
				10,490,054
Multiline Retail — 0.8%
Target Corp.		41,073		4,391,114

SCHEDULE OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Large-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels — 7.3%
ConocoPhillips		89,243	$	4,926,214
Exxon Mobil Corp.		340,133		22,982,787
Marathon Petroleum Corp.		52,921		3,384,298
Phillips 66		36,058		4,212,295
Valero Energy Corp.		33,313		3,230,695
				38,736,289
Pharmaceuticals — 4.1%
Allergan PLC		26,370		4,644,021
Pfizer Inc.		444,634		17,060,606
				21,704,627
Semiconductors & Semiconductor Equipment — 4.6%
Intel Corp.		356,122		20,131,577
Micron Technology Inc.(a)		88,733		4,219,254
				24,350,831
Software — 1.8%
Oracle Corp.		176,987		9,644,022
Technology Hardware, Storage & Peripherals — 0.4%
HP Inc.		119,177		2,070,104
Tobacco — 3.2%
Altria Group Inc.		150,174		6,726,293

Security	Shares		Value
Tobacco (continued)
Philip Morris International Inc.		125,072	$	10,185,864
				16,912,157
Total Common Stocks — 99.7%     (Cost: $450,180,222)			527,539,563
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(b)(c)		577,000		577,000
Total Short-Term Investments — 0.1%     (Cost: $577,000)			577,000
Total Investments in Securities — 99.8%     (Cost: $450,757,222)			528,116,563
Other Assets, Less Liabilities — 0.2%				1,025,201
Net Assets — 100.0%			$	529,141,764

^(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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity	Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	—	—	$	—	$	150	(b)	$	—		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	487,831	89,169	577,000		577,000		7,777			—			—
				$	577,000	$	7,927		$	—		$	—

^(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.

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		5		12/20/19	$	307	$	1,249
E-Mini S&P Select Sector Financial Index		5		12/20/19		440		15,576
S&P 500 E-Mini Index		5		12/20/19		759		21,139
							$	37,964

20 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Large-Cap Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	37,964

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	50,834
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	37,964

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	502,138

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	527,539,563	$	—	$	—	$	527,539,563
Money Market Funds		577,000		—		—		577,000
	$	528,116,563	$	—	$	—	$	528,116,563
Derivative financial instruments(a)
Assets
Futures Contracts	$	37,964	$	—	$	—	$	37,964

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 21

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.9%
Hexcel Corp.		29,380	$	2,192,335
Huntington Ingalls Industries Inc.		14,274		3,221,071
L3Harris Technologies Inc.		77,102		15,906,914
Spirit AeroSystems Holdings Inc., Class A		35,737		2,924,001
Textron Inc.		79,465		3,662,542
				27,906,863
Air Freight & Logistics — 1.1%
CH Robinson Worldwide Inc.		46,748		3,536,019
Expeditors International of Washington Inc.		58,952		4,299,959
				7,835,978
Auto Components — 1.4%
Aptiv PLC		88,467		7,922,220
Gentex Corp.		87,978		2,467,783
				10,390,003
Banks — 3.1%
Comerica Inc.		51,576		3,374,102
Commerce Bancshares Inc.		34,107		2,195,126
East West Bancorp. Inc.		50,259		2,157,116
M&T Bank Corp.		46,157		7,224,955
Signature Bank/New York NY		18,900		2,236,248
SVB Financial Group(a)		17,797		3,941,680
Western Alliance Bancorp.		32,884		1,622,168
				22,751,395
Beverages — 0.7%
Brown-Forman Corp., Class A		19,214		1,194,150
Brown-Forman Corp., Class B, NVS		62,852		4,118,063
				5,312,213
Building Products — 1.0%
AO Smith Corp.		47,774		2,373,413
Masco Corp.		99,953		4,622,826
				6,996,239
Capital Markets — 4.1%
Ameriprise Financial Inc.		45,191		6,818,870
KKR & Co. Inc., Class A, NVS		188,411		5,431,889
Nasdaq Inc.		39,808		3,971,644
Northern Trust Corp.		74,205		7,396,754
Raymond James Financial Inc.		42,670		3,562,518
SEI Investments Co.		43,807		2,624,916
				29,806,591
Chemicals — 2.9%
Albemarle Corp.		36,598		2,222,962
Axalta Coating Systems Ltd.(a)		71,689		2,114,109
Celanese Corp.		42,729		5,176,618
CF Industries Holdings Inc.		75,391		3,418,982
International Flavors & Fragrances Inc.		36,871		4,498,631
RPM International Inc.		44,777		3,243,198
				20,674,500
Commercial Services & Supplies — 0.2%
KAR Auction Services Inc.		46,017		1,143,983
Communications Equipment — 2.0%
Ciena Corp.(a)		53,563		1,988,259
F5 Networks Inc.(a)		20,787		2,994,991
Motorola Solutions Inc.		57,169		9,508,348
				14,491,598

Security	Shares		Value
Construction & Engineering — 0.7%
Fluor Corp.		48,253	$	777,356
Jacobs Engineering Group Inc.		46,789		4,378,514
				5,155,870
Consumer Finance — 1.0%
Synchrony Financial		210,767		7,454,829
Containers & Packaging — 1.5%
AptarGroup Inc.		22,114		2,612,769
Ball Corp.		114,645		8,021,711
				10,634,480
Distributors — 0.5%
LKQ Corp.(a)		106,427		3,617,454
Diversified Consumer Services — 0.9%
H&R Block Inc.		69,251		1,730,582
Service Corp. International/U.S		62,972		2,863,967
ServiceMaster Global Holdings Inc.(a)		46,917		1,894,508
				6,489,057
Diversified Financial Services — 0.6%
Jefferies Financial Group Inc.		86,960		1,623,543
Voya Financial Inc.		48,468		2,615,333
				4,238,876
Diversified Telecommunication Services — 0.3%
GCI Liberty Inc., Class A(a)		32,845		2,298,493
Electrical Equipment — 3.0%
Acuity Brands Inc.		13,808		1,723,100
AMETEK Inc.		78,851		7,226,694
Hubbell Inc.		18,788		2,662,260
Rockwell Automation Inc.		40,404		6,949,084
Sensata Technologies Holding PLC(a)(b)		55,638		2,848,109
				21,409,247
Electronic Equipment, Instruments & Components — 1.1%
Trimble Inc.(a)(b)		86,947		3,463,968
Zebra Technologies Corp., Class A(a)		18,687		4,445,077
				7,909,045
Entertainment — 0.5%
Liberty Media Corp.-Liberty Formula One, Class A(a)		8,931		361,080
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		70,057		2,977,423
				3,338,503
Equity Real Estate Investment Trusts (REITs) — 16.0%
Alexandria Real Estate Equities Inc.		39,165		6,217,444
Americold Realty Trust(b)		66,182		2,653,236
Apartment Investment & Management Co., Class A		51,412		2,821,491
Boston Properties Inc.		49,638		6,810,334
Camden Property Trust		33,436		3,824,075
CubeSmart		66,456		2,106,655
Digital Realty Trust Inc.		71,944		9,139,766
Douglas Emmett Inc.		56,885		2,464,258
Duke Realty Corp.		124,812		4,385,894
EPR Properties		26,781		2,083,294
Equity LifeStyle Properties Inc.		62,870		4,397,128
Essex Property Trust Inc.		22,697		7,424,870
Extra Space Storage Inc.		44,379		4,982,430
Federal Realty Investment Trust		24,071		3,273,897
Gaming and Leisure Properties Inc.		70,426		2,842,393
Healthcare Trust of America Inc., Class A		70,844		2,196,164
Host Hotels & Resorts Inc.		252,046		4,131,034
Hudson Pacific Properties Inc.		53,413		1,918,595

22 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Invitation Homes Inc.		165,130	$	5,084,353
Iron Mountain Inc.		99,142		3,251,858
Kilroy Realty Corp.		32,078		2,692,307
Mid-America Apartment Communities Inc.		39,381		5,473,565
Realty Income Corp.		109,888		8,987,739
STORE Capital Corp.		72,581		2,939,530
Sun Communities Inc.		31,310		5,092,571
UDR Inc.		101,122		5,081,380
VICI Properties Inc.		159,192		3,748,972
				116,025,233
Food & Staples Retailing — 0.1%
Grocery Outlet Holding Corp.(a)(b)		10,676		340,564
Food Products — 1.6%
Hershey Co. (The)		51,440		7,554,993
Hormel Foods Corp.		95,881		3,920,574
				11,475,567
Gas Utilities — 0.6%
Atmos Energy Corp.		40,816		4,590,984
Health Care Equipment & Supplies — 2.3%
Dentsply Sirona Inc.		77,413		4,240,684
Hologic Inc.(a)		92,304		4,459,206
Steris PLC		29,244		4,140,073
Varian Medical Systems Inc.(a)(b)		31,445		3,798,871
				16,638,834
Health Care Providers & Services — 2.4%
Centene Corp.(a)		142,823		7,581,045
DaVita Inc.(a)		33,436		1,959,350
Encompass Health Corp.		34,063		2,180,713
Henry Schein Inc.(a)(b)		51,196		3,204,102
Molina Healthcare Inc.(a)		21,655		2,547,494
				17,472,704
Hotels, Restaurants & Leisure — 3.0%
Darden Restaurants Inc.		42,410		4,761,371
MGM Resorts International		180,056		5,131,596
Norwegian Cruise Line Holdings Ltd.(a)		74,449		3,779,031
Royal Caribbean Cruises Ltd.		59,339		6,457,863
Wyndham Hotels & Resorts Inc.		33,282		1,796,230
				21,926,091
Household Durables — 2.0%
DR Horton Inc.		116,211		6,085,970
Garmin Ltd.		49,890		4,677,188
PulteGroup Inc.		89,010		3,492,752
				14,255,910
Household Products — 0.9%
Clorox Co. (The)		43,420		6,412,700
Independent Power and Renewable Electricity Producers — 1.1%
NRG Energy Inc.		87,360		3,504,883
Vistra Energy Corp.		156,201		4,222,113
				7,726,996
Industrial Conglomerates — 0.4%
Carlisle Companies Inc.		19,547		2,976,422
Insurance — 5.2%
Arthur J Gallagher & Co.		64,253		5,861,159
Cincinnati Financial Corp.		52,454		5,938,318
Everest Re Group Ltd.		14,068		3,616,742
Kemper Corp.		21,617		1,553,830

Security	Shares		Value
Insurance (continued)
Loews Corp.(b)		89,798	$	4,400,102
Primerica Inc.		14,457		1,824,184
RenaissanceRe Holdings Ltd.		15,250		2,854,495
Willis Towers Watson PLC		44,528		8,322,283
WR Berkley Corp.		49,970		3,492,903
				37,864,016
IT Services — 1.8%
Alliance Data Systems Corp.		14,141		1,414,100
Booz Allen Hamilton Holding Corp.		48,419		3,407,245
Genpact Ltd.		53,284		2,087,134
Leidos Holdings Inc.		46,679		4,025,130
Sabre Corp.		94,504		2,218,954
				13,152,563
Leisure Products — 0.8%
Hasbro Inc.		40,528		3,943,780
Polaris Inc.		19,840		1,957,216
				5,900,996
Machinery — 5.0%
AGCO Corp.		21,834		1,674,449
Allison Transmission Holdings Inc.		41,613		1,814,743
Crane Co.		17,594		1,346,293
Donaldson Co. Inc.		44,037		2,322,511
Dover Corp.		50,222		5,217,564
Flowserve Corp.		45,295		2,212,208
Gardner Denver Holdings Inc.(a)(b)		45,730		1,455,586
Lincoln Electric Holdings Inc.		21,325		1,910,080
Middleby Corp. (The)(a)		19,224		2,325,143
Oshkosh Corp.		23,606		2,015,480
Parker-Hannifin Corp.		44,353		8,138,332
Pentair PLC		58,030		2,406,504
Snap-on Inc.		19,065		3,101,304
				35,940,197
Media — 3.0%
Altice USA Inc., Class A(a)		106,676		3,301,622
CBS Corp., Class B, NVS		112,998		4,072,448
Discovery Inc., Class A(a)(b)		54,560		1,470,665
Discovery Inc., Class C, NVS(a)		119,809		3,023,979
Liberty Broadband Corp., Class A(a)		8,407		991,942
Liberty Broadband Corp., Class C, NVS(a)(b)		52,735		6,226,421
News Corp., Class A, NVS		133,168		1,825,733
News Corp., Class B		42,198		595,836
				21,508,646
Metals & Mining — 1.6%
Newmont Goldcorp Corp.		283,121		11,248,397
Multiline Retail — 1.2%
Dollar Tree Inc.(a)		81,710		9,020,784
Oil, Gas & Consumable Fuels — 1.7%
Continental Resources Inc./OK(a)(b)		29,842		879,444
EQT Corp.		88,135		946,570
Hess Corp.		89,370		5,876,077
Marathon Oil Corp.		277,647		3,201,270
Parsley Energy Inc., Class A		97,028		1,534,013
				12,437,374
Pharmaceuticals — 0.3%
Jazz Pharmaceuticals PLC(a)		19,552		2,456,318

SCHEDULE OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services — 1.1%
Equifax Inc.		41,743	$	5,706,685
Robert Half International Inc.		40,595		2,324,876
				8,031,561
Real Estate Management & Development — 1.2%
CBRE Group Inc., Class A(a)		116,141		6,219,351
Jones Lang LaSalle Inc.		17,791		2,606,737
				8,826,088
Road & Rail — 1.5%
AMERCO		2,786		1,128,441
JB Hunt Transport Services Inc.		29,495		3,467,432
Kansas City Southern		34,734		4,889,853
Knight-Swift Transportation Holdings Inc.		42,339		1,543,680
				11,029,406
Semiconductors & Semiconductor Equipment — 6.0%
KLA Corp.		54,993		9,296,017
Marvell Technology Group Ltd.		228,252		5,567,066
Maxim Integrated Products Inc.		93,674		5,494,917
Microchip Technology Inc.		82,200		7,750,638
ON Semiconductor Corp.(a)(b)		141,744		2,891,577
Qorvo Inc.(a)		40,673		3,288,819
Skyworks Solutions Inc.		59,291		5,399,038
Teradyne Inc.		58,685		3,592,696
				43,280,768
Software — 0.6%
Citrix Systems Inc.		42,490		4,625,461
Specialty Retail — 3.8%
Advance Auto Parts Inc.(b)		24,651		4,005,295
AutoZone Inc.(a)		8,470		9,692,899
CarMax Inc.(a)(b)		57,179		5,327,367
Tiffany & Co.		37,534		4,673,358
Tractor Supply Co.		41,184		3,913,304
				27,612,223
Technology Hardware, Storage & Peripherals — 0.6%
NetApp Inc.		82,155		4,590,821
Textiles, Apparel & Luxury Goods — 0.8%
Columbia Sportswear Co.		10,066		910,470
PVH Corp.		25,603		2,231,557

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Tapestry Inc.		99,053	$	2,561,511
				5,703,538
Trading Companies & Distributors — 0.9%
Watsco Inc.		11,258		1,984,785
WW Grainger Inc.		15,264		4,714,134
				6,698,919
Water Utilities — 1.5%
American Water Works Co. Inc.		62,382		7,689,829
Aqua America Inc.		74,511		3,377,584
				11,067,413
Wireless Telecommunication Services — 0.2%
Sprint Corp.(a)		211,662		1,314,421
Total Common Stocks — 99.7% (Cost: $603,249,057)				722,007,132
Short-Term Investments
Money Market Funds — 3.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		21,996,315		22,007,313
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		1,634,000		1,634,000
				23,641,313
Total Short-Term Investments — 3.3% (Cost: $23,639,046)				23,641,313
Total Investments in Securities — 103.0% (Cost: $626,888,103)				745,648,445
Other Assets, Less Liabilities — (3.0)%				(21,811,355	)
Net Assets — 100.0%			$	723,837,090

^(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.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity	Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	7,672,326	14,323,989	21,996,315	$	22,007,313	$	20,318	(b)	$	(537	)	$	342
BlackRock Cash Funds: Treasury, SL Agency Shares	351,911	1,282,089	1,634,000		1,634,000		8,602			—			—
				$	23,641,313	$	28,920		$	(537	)	$	342

^(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.

24 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Mid-Cap ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		5		12/20/19	$	759	$	6,668
S&P MidCap 400 E-Mini Index		5		12/20/19		977		8,095
							$	14,763

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	14,763

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	85,910
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	14,763

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	578,817

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	722,007,132	$	—	$	—	$	722,007,132
Money Market Funds		23,641,313		—		—		23,641,313
	$	745,648,445	$	—	$	—	$	745,648,445
Derivative financial instruments(a)
Assets
Futures Contracts	$	14,763	$	—	$	—	$	14,763

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 25

Schedule of Investments(unaudited) October 31, 2019 iShares^® Morningstar Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.7%
BWX Technologies Inc.		26,773	$	1,555,511
HEICO Corp.(a)		11,351		1,400,032
HEICO Corp., Class A		20,260		1,930,170
Parsons Corp.(a)(b)		5,314		189,179
Teledyne Technologies Inc.(b)		10,238		3,374,445
TransDigm Group Inc.		13,970		7,352,132
				15,801,469
Air Freight & Logistics — 0.3%
XPO Logistics Inc.(a)(b)		25,928		1,980,899
Banks — 0.8%
First Republic Bank/CA		47,343		5,035,401
Biotechnology — 4.7%
Alnylam Pharmaceuticals Inc.(a)(b)		31,280		2,713,227
BioMarin Pharmaceutical Inc.(b)		50,507		3,697,618
Bluebird Bio Inc.(a)(b)		15,546		1,259,226
Exact Sciences Corp.(b)		36,442		3,170,454
Exelixis Inc.(b)		85,372		1,318,997
Incyte Corp.(b)		50,238		4,215,973
Ionis Pharmaceuticals Inc.(b)		35,963		2,003,858
Neurocrine Biosciences Inc.(b)		25,758		2,562,663
Sage Therapeutics Inc.(a)(b)		14,542		1,972,622
Sarepta Therapeutics Inc.(b)		19,891		1,652,147
Seattle Genetics Inc.(a)(b)		31,844		3,420,046
				27,986,831
Building Products — 0.9%
Allegion PLC		26,264		3,047,675
Lennox International Inc.		9,912		2,451,832
				5,499,507
Capital Markets — 3.0%
E*TRADE Financial Corp.		63,844		2,668,041
FactSet Research Systems Inc.		10,761		2,728,129
LPL Financial Holdings Inc.		23,152		1,871,607
MarketAxess Holdings Inc.		10,626		3,916,637
Morningstar Inc.		5,774		934,464
MSCI Inc.		23,837		5,591,207
				17,710,085
Chemicals — 0.6%
FMC Corp.		36,759		3,363,449
Commercial Services & Supplies — 2.3%
Cintas Corp.		23,363		6,276,937
Copart Inc.(b)		56,743		4,689,241
IAA Inc.(b)		37,544		1,432,304
Rollins Inc.		39,609		1,509,499
				13,907,981
Communications Equipment — 0.7%
Arista Networks Inc.(a)(b)		15,315		3,745,589
Ubiquiti Inc.(a)(b)		3,669		464,459
				4,210,048
Construction Materials — 1.7%
Martin Marietta Materials Inc.		17,573		4,602,545
Vulcan Materials Co.		37,230		5,319,050
				9,921,595
Consumer Finance — 0.3%
Credit Acceptance Corp.(b)		3,912		1,712,713

Security	Shares		Value
Distributors — 0.4%
Pool Corp.		11,229	$	2,328,895
Diversified Consumer Services — 0.6%
Bright Horizons Family Solutions Inc.(b)		16,372		2,431,569
Grand Canyon Education Inc.(b)		13,628		1,253,231
				3,684,800
Diversified Telecommunication Services — 0.4%
Zayo Group Holdings Inc.(b)		66,454		2,268,740
Electronic Equipment, Instruments & Components — 3.0%
CDW Corp./DE		40,728		5,209,519
Cognex Corp.(a)		48,003		2,471,674
FLIR Systems Inc.		38,142		1,966,602
IPG Photonics Corp.(b)		10,051		1,349,648
Keysight Technologies Inc.(b)		52,791		5,327,140
National Instruments Corp.		33,495		1,386,358
				17,710,941
Energy Equipment & Services — 0.9%
Baker Hughes Co.		182,690		3,909,566
Helmerich & Payne Inc.		30,781		1,154,287
				5,063,853
Entertainment — 1.3%
Live Nation Entertainment Inc.(b)		39,116		2,757,678
Madison Square Garden Co. (The), Class A(b)		4,814		1,284,953
Take-Two Interactive Software Inc.(b)		31,852		3,833,388
				7,876,019
Equity Real Estate Investment Trusts (REITs) — 3.4%
American Campus Communities Inc.		38,648		1,931,627
American Homes 4 Rent, Class A		71,687		1,897,555
CyrusOne Inc.		31,838		2,269,413
Regency Centers Corp.		47,214		3,174,669
SBA Communications Corp.(a)		31,832		7,660,371
Vornado Realty Trust		44,547		2,923,619
				19,857,254
Food Products — 1.8%
Lamb Weston Holdings Inc.		41,049		3,203,464
McCormick & Co. Inc./MD, NVS		34,630		5,564,695
Post Holdings Inc.(b)		19,330		1,989,057
				10,757,216
Health Care Equipment & Supplies — 7.2%
ABIOMED Inc.(a)(b)		12,763		2,649,344
Align Technology Inc.(b)		20,455		5,160,592
Cooper Companies Inc. (The)		13,952		4,060,032
DexCom Inc.(b)		25,663		3,958,261
Hill-Rom Holdings Inc.		18,793		1,967,439
IDEXX Laboratories Inc.(b)		24,229		6,905,507
Insulet Corp.(a)(b)		16,963		2,465,063
Masimo Corp.(b)		13,800		2,011,902
ResMed Inc.		40,434		5,980,997
Teleflex Inc.		13,012		4,520,499
West Pharmaceutical Services Inc.		20,744		2,983,817
				42,663,453
Health Care Providers & Services — 1.0%
Chemed Corp.		4,479		1,764,323
WellCare Health Plans Inc.(b)		14,160		4,199,856
				5,964,179
Health Care Technology — 1.9%
Cerner Corp.		89,607		6,014,422

26 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
Veeva Systems Inc., Class A(a)(b)		36,607	$	5,191,971
				11,206,393
Hotels, Restaurants & Leisure — 4.4%
Chipotle Mexican Grill Inc.(b)		7,178		5,585,632
Domino’s Pizza Inc.		11,622		3,156,768
Dunkin’ Brands Group Inc.		23,266		1,829,173
Hilton Worldwide Holdings Inc.		80,731		7,827,678
Planet Fitness Inc., Class A(a)(b)		23,631		1,504,349
Vail Resorts Inc.		11,307		2,627,407
Wynn Resorts Ltd.		27,296		3,312,097
				25,843,104
Household Durables — 0.6%
NVR Inc.(b)		967		3,516,583
Household Products — 0.8%
Church & Dwight Co. Inc.		69,541		4,863,698
Insurance — 1.3%
Brown & Brown Inc.		65,666		2,474,295
Erie Indemnity Co., Class A, NVS		5,197		957,651
Markel Corp.(b)		3,890		4,555,190
				7,987,136
Interactive Media & Services — 1.8%
IAC/InterActiveCorp.(b)		20,328		4,619,538
Snap Inc., Class A, NVS(a)(b)		214,342		3,227,991
TripAdvisor Inc.(b)		29,623		1,196,769
Zillow Group Inc., Class A(b)		9,706		314,377
Zillow Group Inc., Class C, NVS(a)(b)		35,097		1,143,109
				10,501,784
Internet & Direct Marketing Retail — 2.7%
Etsy Inc.(a)(b)		33,882		1,507,410
Expedia Group Inc.		39,357		5,378,528
GrubHub Inc.(b)		25,696		875,206
MercadoLibre Inc.(b)		12,631		6,587,319
Wayfair Inc., Class A(a)(b)		18,254		1,501,026
				15,849,489
IT Services — 11.4%
Akamai Technologies Inc.(b)		46,432		4,016,369
Black Knight Inc.(b)		42,071		2,700,958
Broadridge Financial Solutions Inc.		32,163		4,027,451
EPAM Systems Inc.(b)		15,428		2,714,711
Euronet Worldwide Inc.(b)		15,344		2,149,234
FleetCor Technologies Inc.(b)		24,363		7,168,082
Gartner Inc.(b)		25,368		3,908,701
Global Payments Inc.		84,441		14,285,728
GoDaddy Inc., Class A(b)		49,868		3,242,916
Jack Henry & Associates Inc.		21,698		3,071,569
Okta Inc.(a)(b)		29,999		3,271,991
Square Inc., Class A(b)		96,429		5,923,634
Twilio Inc., Class A(a)(b)		34,206		3,302,931
VeriSign Inc.(b)		29,316		5,570,626
WEX Inc.(b)		12,172		2,302,699
				67,657,600
Life Sciences Tools & Services — 4.7%
Agilent Technologies Inc.		87,095		6,597,446
Avantor Inc.(b)		62,412		886,875
Bio-Rad Laboratories Inc., Class A(b)		6,045		2,004,643
Bio-Techne Corp.		10,706		2,228,668
Bruker Corp.(a)		28,787		1,281,022

Security	Shares		Value
Life Sciences Tools & Services (continued)
Charles River Laboratories International Inc.(b)		13,728	$	1,784,365
Mettler-Toledo International Inc.(a)(b)		6,926		4,882,414
PerkinElmer Inc.		31,243		2,685,648
PRA Health Sciences Inc.(b)		17,663		1,725,852
Waters Corp.(a)(b)		18,788		3,975,917
				28,052,850
Machinery — 3.6%
Graco Inc.		46,918		2,120,694
IDEX Corp.		21,346		3,319,943
Nordson Corp.		14,392		2,256,809
Toro Co. (The)		29,984		2,312,666
WABCO Holdings Inc.(b)		14,414		1,940,413
Wabtec Corp.		51,253		3,555,421
Woodward Inc.		15,854		1,690,988
Xylem Inc./NY		50,666		3,885,575
				21,082,509
Media — 0.3%
Cable One Inc.		1,415		1,875,399
Metals & Mining — 0.4%
Royal Gold Inc.		18,441		2,128,829
Multiline Retail — 0.2%
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		15,391		983,177
Oil, Gas & Consumable Fuels — 2.8%
Cabot Oil & Gas Corp.		117,682		2,193,592
Cheniere Energy Inc.(b)		65,763		4,047,713
Cimarex Energy Co.		28,537		1,204,832
Concho Resources Inc.		56,590		3,820,957
Diamondback Energy Inc.		45,886		3,935,183
WPX Energy Inc.(b)		119,264		1,190,255
				16,392,532
Pharmaceuticals — 1.0%
Catalent Inc.(a)(b)		41,072		1,998,153
Elanco Animal Health Inc.(a)(b)		104,914		2,834,776
Nektar Therapeutics(b)		49,508		847,825
				5,680,754
Professional Services — 4.2%
CoStar Group Inc.(b)		10,286		5,652,363
IHS Markit Ltd.(b)		112,883		7,904,067
TransUnion		52,853		4,366,715
Verisk Analytics Inc.		46,016		6,658,515
				24,581,660
Road & Rail — 0.9%
Lyft Inc., Class A(b)		55,926		2,317,574
Old Dominion Freight Line Inc.		18,003		3,277,986
				5,595,560
Semiconductors & Semiconductor Equipment — 1.6%
Cree Inc.(a)(b)		30,147		1,438,916
Cypress Semiconductor Corp.		103,879		2,417,264
Mellanox Technologies Ltd.(b)		15,414		1,737,158
Monolithic Power Systems Inc.		11,329		1,698,444
Universal Display Corp.		11,925		2,387,147
				9,678,929
Software — 13.1%
ANSYS Inc.(b)		23,669		5,210,730
Aspen Technology Inc.(b)		19,398		2,232,904
Cadence Design Systems Inc.(b)		78,845		5,152,521

SCHEDULE OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
CDK Global Inc.		34,090	$	1,722,909
Ceridian HCM Holding Inc.(a)(b)		25,066		1,209,434
Coupa Software Inc.(a)(b)		17,375		2,388,889
DocuSign Inc.(a)(b)		34,709		2,297,389
Dropbox Inc., Class A(a)(b)		60,179		1,192,748
Fair Isaac Corp.(b)		8,128		2,471,237
Fortinet Inc.(a)(b)		39,995		3,261,992
Guidewire Software Inc.(a)(b)		23,013		2,594,486
HubSpot Inc.(a)(b)		11,251		1,745,030
New Relic Inc.(b)		13,954		893,893
Nutanix Inc., Class A(b)		40,290		1,177,274
Palo Alto Networks Inc.(a)(b)		27,011		6,142,031
Paycom Software Inc.(b)		13,831		2,925,671
Pegasystems Inc.		10,700		804,747
Proofpoint Inc.(a)(b)		15,785		1,821,115
PTC Inc.(b)		29,158		1,950,962
RealPage Inc.(a)(b)		22,389		1,355,654
RingCentral Inc., Class A(a)(b)		20,196		3,262,058
Splunk Inc.(b)		42,261		5,069,630
SS&C Technologies Holdings Inc.		62,133		3,231,537
Synopsys Inc.(b)		42,296		5,741,682
Trade Desk Inc. (The), Class A(b)		10,985		2,205,788
Tyler Technologies Inc.(b)		10,875		2,920,155
VMware Inc., Class A		22,130		3,502,515
Zendesk Inc.(a)(b)		31,235		2,206,753
Zscaler Inc.(a)(b)		18,026		792,783
				77,484,517
Specialty Retail — 1.6%
Burlington Stores Inc.(a)(b)		18,651		3,584,163
Five Below Inc.(b)		15,658		1,958,972
Ulta Salon Cosmetics & Fragrance Inc.(b)		16,562		3,861,430
				9,404,565

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 1.5%
Lululemon Athletica Inc.(b)		31,818	$	6,499,463
Under Armour Inc., Class A(a)(b)		53,116		1,096,845
Under Armour Inc., Class C, NVS(a)(b)		54,888		1,015,428
				8,611,736
Trading Companies & Distributors — 1.0%
Fastenal Co.		161,383		5,800,105
Total Common Stocks — 99.8%
(Cost: $486,494,514)				590,084,237
Short-Term Investments
Money Market Funds — 9.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		56,310,353		56,338,508
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		891,000		891,000
				57,229,508
Total Short-Term Investments — 9.7%
(Cost: $57,219,948)				57,229,508
Total Investments in Securities — 109.5%
(Cost: $543,714,462)				647,313,745
Other Assets, Less Liabilities — (9.5)%				(56,349,694	)
Net Assets — 100.0%			$	590,964,051

^(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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity	Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	36,772,170	19,538,183	56,310,353	$	56,338,508	$	76,386	(b)	$	(158	)	$	4,581
BlackRock Cash Funds: Treasury, SL Agency Shares	218,923	672,077	891,000		891,000		4,494			—			—
				$	57,229,508	$	80,880		$	(158	)	$	4,581

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini S&P Select Sector Technology Index		4		12/20/19	$	336	$	10,951

28 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Mid-Cap Growth ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Russell 2000 E-Mini Index		6		12/20/19	$	469	$	14,957
							$	25,908

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	25,908

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	25,825
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	25,908

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	268,340

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	590,084,237	$	—	$	—	$	590,084,237
Money Market Funds		57,229,508		—		—		57,229,508
	$	647,313,745	$	—	$	—	$	647,313,745
Derivative financial instruments(a)
Assets
Futures Contracts	$	25,908	$	—	$	—	$	25,908

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 29

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.6%
Arconic Inc.		97,881	$	2,688,791
Airlines — 2.5%
Alaska Air Group Inc.		31,160		2,163,439
American Airlines Group Inc.		100,137		3,010,118
JetBlue Airways Corp.(a)(b)		74,988		1,447,269
United Airlines Holdings Inc.(a)		55,831		5,071,688
				11,692,514
Auto Components — 1.1%
Autoliv Inc.		19,860		1,545,902
BorgWarner Inc.		52,213		2,176,238
Lear Corp.		14,053		1,655,022
				5,377,162
Automobiles — 0.3%
Harley-Davidson Inc.		39,663		1,543,287
Banks — 6.9%
BOK Financial Corp.		8,150		628,772
CIT Group Inc.		23,881		1,024,256
Citizens Financial Group Inc.		112,972		3,972,096
Cullen/Frost Bankers Inc.		14,379		1,295,260
Fifth Third Bancorp.		184,583		5,367,674
Huntington Bancshares Inc./OH		262,247		3,705,550
KeyCorp.		253,508		4,555,539
People’s United Financial Inc.		112,025		1,811,444
Popular Inc.		24,459		1,332,037
Prosperity Bancshares Inc.		23,931		1,651,718
Regions Financial Corp.		252,122		4,059,164
Synovus Financial Corp.		39,056		1,322,827
Zions Bancorp. N.A.		44,736		2,168,354
				32,894,691
Beverages — 0.5%
Molson Coors Brewing Co., Class B		47,467		2,502,460
Building Products — 0.8%
Fortune Brands Home & Security Inc.		35,358		2,123,248
Owens Corning		27,512		1,685,935
				3,809,183
Capital Markets — 1.0%
Affiliated Managers Group Inc.		12,771		1,020,147
Franklin Resources Inc.		71,304		1,964,425
Invesco Ltd.		97,447		1,639,059
				4,623,631
Chemicals — 1.4%
Chemours Co. (The)		41,228		676,551
Eastman Chemical Co.		34,616		2,632,201
Huntsman Corp.		51,504		1,139,783
Mosaic Co. (The)		89,769		1,784,608
Westlake Chemical Corp.		8,789		555,377
				6,788,520
Commercial Services & Supplies — 0.0%
ADT Inc.(b)		26,288		203,469
Communications Equipment — 0.5%
Juniper Networks Inc.		87,407		2,169,442
Construction & Engineering — 0.7%
AECOM(a)		39,902		1,596,479

Security	Shares		Value
Construction & Engineering (continued)
Quanta Services Inc.(b)		35,980	$	1,512,959
				3,109,438
Consumer Finance — 0.8%
Ally Financial Inc.		98,652		3,021,711
Santander Consumer USA Holdings Inc.		26,401		662,137
				3,683,848
Containers & Packaging — 4.0%
Avery Dennison Corp.		21,274		2,720,094
Berry Global Group Inc.(a)		33,434		1,387,845
Crown Holdings Inc.(a)(b)		34,251		2,494,843
International Paper Co.		99,264		4,335,852
Packaging Corp. of America		23,920		2,618,283
Sealed Air Corp.		39,085		1,632,581
Sonoco Products Co.		25,319		1,460,906
Westrock Co.		65,033		2,430,283
				19,080,687
Distributors — 0.8%
Genuine Parts Co.		36,912		3,786,433
Diversified Financial Services — 0.3%
AXA Equitable Holdings Inc.		75,777		1,636,783
Diversified Telecommunication Services — 0.7%
CenturyLink Inc.		248,059		3,209,884
Electric Utilities — 9.5%
Alliant Energy Corp.		60,018		3,201,360
Avangrid Inc.		14,146		708,007
Edison International		90,484		5,691,444
Entergy Corp.		50,241		6,103,277
Evergy Inc.		59,499		3,802,581
Eversource Energy		81,769		6,847,336
FirstEnergy Corp.		136,447		6,593,119
IDACORP Inc.		12,752		1,372,370
OGE Energy Corp.		50,587		2,178,276
Pinnacle West Capital Corp.		28,378		2,670,937
PPL Corp.		182,501		6,111,959
				45,280,666
Electronic Equipment, Instruments & Components — 0.9%
Arrow Electronics Inc.(a)(b)		21,031		1,667,338
Avnet Inc.		26,132		1,033,782
Flex Ltd.(a)(b)		130,286		1,530,860
				4,231,980
Energy Equipment & Services — 0.5%
National Oilwell Varco Inc.		97,544		2,206,445
Entertainment — 0.4%
Viacom Inc., Class A(b)		2,442		58,339
Viacom Inc., Class B, NVS		89,469		1,928,952
				1,987,291
Equity Real Estate Investment Trusts (REITs) — 8.9%
Brixmor Property Group Inc.		75,339		1,658,965
Healthpeak Properties Inc.		124,096		4,668,492
Kimco Realty Corp.		106,671		2,299,827
Lamar Advertising Co., Class A		21,734		1,738,937
Liberty Property Trust		39,878		2,355,593
Macerich Co. (The)		27,963		768,983
Medical Properties Trust Inc.		112,781		2,337,950
National Retail Properties Inc.		43,370		2,554,927
Omega Healthcare Investors Inc.		54,720		2,409,869

30 2019 ISHARES SEMI - ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Park Hotels & Resorts Inc.		60,654	$	1,410,205
SL Green Realty Corp.		20,842		1,742,391
Ventas Inc.		94,147		6,128,970
VEREIT Inc.		266,681		2,624,141
Weyerhaeuser Co.		188,232		5,498,257
WP Carey Inc.		43,155		3,972,849
				42,170,356
Food & Staples Retailing — 1.5%
Kroger Co. (The)		201,844		4,973,436
U.S. Foods Holding Corp.(a)		55,383		2,197,044
				7,170,480
Food Products — 4.7%
Bunge Ltd.		35,783		1,932,282
Campbell Soup Co.		42,628		1,974,103
Conagra Brands Inc.		122,957		3,325,987
Ingredion Inc.		16,887		1,334,073
JM Smucker Co. (The)		28,818		3,045,486
Kellogg Co.		62,833		3,991,781
Pilgrim’s Pride Corp.(a)(b)		13,365		405,761
Tyson Foods Inc., Class A		74,460		6,164,543
				22,174,016
Gas Utilities — 0.7%
National Fuel Gas Co.		21,905		992,515
UGI Corp.		52,801		2,517,024
				3,509,539
Health Care Equipment & Supplies — 1.5%
Zimmer Biomet Holdings Inc.		51,880		7,171,372
Health Care Providers & Services — 5.0%
AmerisourceBergen Corp.		38,428		3,280,983
Cardinal Health Inc.		75,334		3,725,266
Laboratory Corp. of America Holdings(a)		24,687		4,067,677
McKesson Corp.		46,722		6,214,026
Quest Diagnostics Inc.		34,029		3,445,436
Universal Health Services Inc., Class B		20,526		2,821,504
				23,554,892
Hotels, Restaurants & Leisure — 0.9%
Aramark		62,390		2,730,186
Caesars Entertainment Corp.(a)(b)		140,550		1,725,954
				4,456,140
Household Durables — 2.9%
Leggett & Platt Inc.		33,273		1,706,905
Lennar Corp., Class A		71,864		4,283,094
Lennar Corp., Class B		4,003		188,221
Mohawk Industries Inc.(a)(b)		15,140		2,170,773
Newell Brands Inc.		96,342		1,827,608
Toll Brothers Inc.		32,698		1,300,400
Whirlpool Corp.		16,052		2,441,830
				13,918,831
Independent Power and Renewable Electricity Producers — 0.6%
AES Corp./VA		167,745		2,860,052
Insurance — 7.8%
Alleghany Corp.(a)		3,646		2,837,645
American Financial Group Inc./OH		17,852		1,857,322
Arch Capital Group Ltd.(a)		102,334		4,273,468
Assurant Inc.		15,454		1,948,286
Athene Holding Ltd., Class A(a)		30,484		1,321,481
Fidelity National Financial Inc.		69,341		3,178,592

Security	Shares		Value
Insurance (continued)
First American Financial Corp.		28,349	$	1,751,401
Globe Life Inc.		25,363		2,468,581
Hartford Financial Services Group Inc. (The)		91,366		5,215,171
Lincoln National Corp.		50,586		2,857,097
Old Republic International Corp.		72,075		1,610,156
Principal Financial Group Inc.		65,516		3,497,244
Reinsurance Group of America Inc.		15,859		2,576,612
Unum Group		52,615		1,449,017
				36,842,073
Internet & Direct Marketing Retail — 0.2%
Qurate Retail Inc., Series A(a)(b)		98,610		940,739
IT Services — 1.0%
DXC Technology Co.		66,237		1,832,778
Western Union Co. (The)		107,111		2,684,201
				4,516,979
Machinery — 2.6%
PACCAR Inc.		87,522		6,656,924
Stanley Black & Decker Inc.		38,343		5,802,446
				12,459,370
Media — 3.2%
DISH Network Corp., Class A(a)		60,813		2,090,751
Fox Corp., Class A, NVS		89,560		2,869,503
Fox Corp., Class B(a)		40,947		1,279,184
Interpublic Group of Companies Inc. (The)		97,880		2,128,890
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		21,013		943,694
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		38,388		1,734,754
Omnicom Group Inc.		54,965		4,242,748
				15,289,524
Metals & Mining — 2.6%
Alcoa Corp.(a)		46,795		972,868
Freeport-McMoRan Inc.		366,618		3,600,189
Nucor Corp.		76,603		4,125,071
Reliance Steel & Aluminum Co.		16,857		1,956,086
Steel Dynamics Inc.		55,546		1,686,377
				12,340,591
Mortgage Real Estate Investment — 1.9%
AGNC Investment Corp.		138,438		2,360,368
Annaly Capital Management Inc.		367,959		3,304,272
New Residential Investment Corp.		105,094		1,664,689
Starwood Property Trust Inc.		71,177		1,750,954
				9,080,283
Multi-Utilities — 6.4%
Ameren Corp.		62,111		4,826,025
CenterPoint Energy Inc.		126,903		3,689,070
CMS Energy Corp.		71,709		4,583,639
DTE Energy Co.		46,318		5,897,208
MDU Resources Group Inc.		50,365		1,455,045
NiSource Inc.		94,339		2,645,266
WEC Energy Group Inc.		79,706		7,524,246
				30,620,499
Multiline Retail — 0.9%
Kohl’s Corp.		40,223		2,061,831
Macy’s Inc.		77,905		1,181,040
Nordstrom Inc.		27,127		973,859
				4,216,730
Oil, Gas & Consumable Fuels — 2.4%
Apache Corp.		95,034		2,058,437

SCHEDULE OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Devon Energy Corp.		102,151	$	2,071,622
Equitrans Midstream Corp.		51,777		720,736
HollyFrontier Corp.		38,272		2,102,664
Noble Energy Inc.		120,847		2,327,513
Targa Resources Corp.		58,825		2,287,116
				11,568,088
Personal Products — 0.4%
Coty Inc., Class A		74,645		872,600
Herbalife Nutrition Ltd.(a)(b)		24,181		1,080,165
				1,952,765
Pharmaceuticals — 0.9%
Mylan NV(a)		130,353		2,496,260
Perrigo Co. PLC		34,399		1,823,835
				4,320,095
Professional Services — 0.7%
ManpowerGroup Inc.		15,091		1,372,074
Nielsen Holdings PLC		89,923		1,812,847
				3,184,921
Semiconductors & Semiconductor Equipment — 0.2%
First Solar Inc.(a)(b)		19,137		991,105
Software — 0.7%
NortonLifeLock Inc.		143,674		3,287,261
Specialty Retail — 1.5%
Best Buy Co. Inc.		58,609		4,209,885
Foot Locker Inc.		27,666		1,203,748
Gap Inc. (The)		54,359		883,877
L Brands Inc.		58,550		997,692
				7,295,202
Technology Hardware, Storage & Peripherals — 3.5%
Dell Technologies Inc., Class C(a)		39,219		2,074,293
Hewlett Packard Enterprise Co.		329,906		5,413,758
Seagate Technology PLC		59,824		3,471,587
Western Digital Corp.		74,796		3,863,213
Xerox Holdings Corp.(a)		48,151		1,633,763
				16,456,614

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)		38,226	$	1,187,682
Hanesbrands Inc.		91,492		1,391,593
Ralph Lauren Corp.		13,073		1,255,793
				3,835,068
Thrifts & Mortgage Finance — 0.3%
New York Community Bancorp. Inc.		118,220		1,377,263
Trading Companies & Distributors — 0.9%
HD Supply Holdings Inc.(a)		43,206		1,708,365
United Rentals Inc.(a)(b)		19,501		2,604,749
				4,313,114
Total Common Stocks — 99.8%     (Cost: $432,093,173)			474,380,567
Short-Term Investments
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		7,089,701		7,093,246
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		874,000		874,000
				7,967,246
Total Short-Term Investments — 1.7% (Cost: $7,966,653)				7,967,246
Total Investments in Securities — 101.5% (Cost: $440,059,826)				482,347,813
Other Assets, Less Liabilities — (1.5)%				(7,348,344	)
Net Assets — 100.0%			$	474,999,469

^(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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity	Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	4,184,023	2,905,678	7,089,701	$	7,093,246	$	8,493	(b)	$	101		$	144
BlackRock Cash Funds: Treasury, SL Agency Shares	336,338	537,662	874,000		874,000		7,352			—			—
				$	7,967,246	$	15,845		$	101		$	144

^(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.

32 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Mid-Cap Value ETF

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		2		12/20/19	$	129	$	(345	)
S&P MidCap 400 E-Mini Index		2		12/20/19		391		1,876
							$	1,531

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	1,876
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	345

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	43,377
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,531

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	173,480

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

SCHEDULE OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Mid-Cap Value ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	474,380,567		$	—	$	—	$	474,380,567
Money Market Funds		7,967,246			—		—		7,967,246
	$	482,347,813		$	—	$	—	$	482,347,813
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,876		$	—	$	—	$	1,876
Liabilities
Futures Contracts		(345	)		—		—		(345	)
	$	1,531		$	—	$	—	$	1,531

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

See notes to financial statements.

34 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
Curtiss-Wright Corp.		14,982	$	2,026,316
Moog Inc., Class A		11,396		953,959
				2,980,275
Airlines — 0.3%
Allegiant Travel Co.		4,631		774,905
Auto Components — 1.0%
Dorman Products Inc.(a)(b)		10,231		736,120
LCI Industries		8,782		852,908
Visteon Corp.(a)(b)		9,801		911,689
				2,500,717
Banks — 10.0%
Ameris Bancorp.		22,912		981,779
Atlantic Union Bankshares Corp.		28,806		1,061,789
BancFirst Corp.		6,336		366,791
CenterState Bank Corp.		45,238		1,147,236
Community Bank System Inc.		17,681		1,198,418
CVB Financial Corp.		46,679		969,990
Eagle Bancorp. Inc.		11,862		535,451
First BanCorp./Puerto Rico		75,516		794,428
First Citizens BancShares Inc./NC, Class A		3,047		1,498,880
First Interstate BancSystem Inc., Class A		12,335		517,577
Glacier Bancorp. Inc.		30,034		1,271,039
Heartland Financial USA Inc.		11,449		535,584
Home BancShares Inc./AR		54,606		1,009,119
Independent Bank Corp.		12,049		988,982
Independent Bank Group Inc.		12,803		684,576
Investors Bancorp. Inc.		78,590		947,010
Pinnacle Financial Partners Inc.		25,361		1,491,734
South State Corp.		11,976		944,427
Sterling Bancorp./DE		71,985		1,414,505
Texas Capital Bancshares Inc.(a)		17,651		954,213
TowneBank/Portsmouth VA		22,505		632,166
UMB Financial Corp.		15,151		988,754
United Community Banks Inc./GA		26,164		790,415
Webster Financial Corp.		32,330		1,425,753
Wintrust Financial Corp.		19,876		1,268,486
				24,419,102
Biotechnology — 1.2%
Arrowhead Pharmaceuticals Inc.(a)(b)		33,433		1,338,992
Immunomedics Inc.(a)(b)		59,956		959,296
Insmed Inc.(a)(b)		31,326		582,350
				2,880,638
Building Products — 0.9%
Advanced Drainage Systems Inc.		17,813		659,437
Resideo Technologies Inc.(a)(b)		43,228		411,963
Universal Forest Products Inc.		21,393		1,077,352
				2,148,752
Capital Markets — 2.2%
Cohen & Steers Inc.		7,624		498,915
Eaton Vance Corp., NVS		39,634		1,807,311
Evercore Inc., Class A		13,980		1,029,487
Moelis & Co., Class A		17,305		617,442
Stifel Financial Corp.		24,397		1,365,744
				5,318,899
Chemicals — 4.3%
Ashland Global Holdings Inc.		21,220	��	1,641,791

Security	Shares		Value
Chemicals (continued)
Ferro Corp.(a)		28,858	$	321,189
GCP Applied Technologies Inc.(a)(b)		18,962		391,755
HB Fuller Co.		17,868		871,958
Innospec Inc.		8,590		784,782
Livent Corp.(a)(b)		51,367		352,378
NewMarket Corp.		2,589		1,256,934
Olin Corp.		57,646		1,057,228
PQ Group Holdings Inc.(a)		13,423		221,077
Scotts Miracle-Gro Co. (The)		13,815		1,386,888
Sensient Technologies Corp.		14,850		929,016
WR Grace & Co.		19,655		1,306,075
				10,521,071
Commercial Services & Supplies — 2.8%
ABM Industries Inc.		23,286		849,008
Brady Corp., Class A, NVS		17,355		977,781
BrightView Holdings Inc.(a)		10,718		190,780
Brink’s Co. (The)		17,539		1,490,113
Casella Waste Systems Inc., Class A(a)(b)		15,364		669,717
Herman Miller Inc.		20,705		962,782
Mobile Mini Inc.		15,697		590,521
UniFirst Corp./MA(b)		5,388		1,082,126
				6,812,828
Communications Equipment — 0.9%
NetScout Systems Inc.(a)		23,459		568,177
Plantronics Inc.		11,384		448,757
Viavi Solutions Inc.(a)		80,238		1,280,599
				2,297,533
Construction & Engineering — 1.7%
Comfort Systems USA Inc.		12,951		652,860
Dycom Industries Inc.(a)(b)		11,054		503,952
EMCOR Group Inc.		19,690		1,727,010
MasTec Inc.(a)		21,137		1,330,362
				4,214,184
Construction Materials — 0.9%
Eagle Materials Inc.		14,734		1,345,803
Summit Materials Inc., Class A(a)		39,292		900,966
				2,246,769
Consumer Finance — 0.5%
SLM Corp.		149,568		1,262,354
Containers & Packaging — 1.0%
Graphic Packaging Holding Co.		103,069		1,614,061
Silgan Holdings Inc.		27,289		839,682
				2,453,743
Diversified Consumer Services — 0.8%
Adtalem Global Education Inc.(a)		19,295		574,605
frontdoor Inc.(a)		29,679		1,431,418
				2,006,023
Diversified Financial Services — 0.4%
Cannae Holdings Inc.(a)(b)		23,557		687,864
FGL Holdings		46,095		416,238
				1,104,102
Diversified Telecommunication Services — 0.7%
Iridium Communications Inc.(a)		33,946		830,659
Vonage Holdings Corp.(a)		79,808		779,724
				1,610,383
Electric Utilities — 0.7%
MGE Energy Inc.		12,155		936,421

SCHEDULE OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Otter Tail Corp.		13,947	$	790,516
				1,726,937
Electrical Equipment — 1.3%
EnerSys		14,895		995,880
Generac Holdings Inc.(a)		21,869		2,112,108
				3,107,988
Electronic Equipment, Instruments & Components — 2.4%
Coherent Inc.(a)(b)		8,414		1,253,013
Fabrinet(a)(b)		12,941		727,672
Insight Enterprises Inc.(a)(b)		12,558		770,810
Knowles Corp.(a)(b)		30,053		648,544
Plexus Corp.(a)		10,268		759,216
SYNNEX Corp.		14,326		1,686,743
				5,845,998
Energy Equipment & Services — 0.6%
Dril-Quip Inc.(a)(b)		12,728		522,103
Patterson-UTI Energy Inc.		71,101		591,560
ProPetro Holding Corp.(a)		28,928		224,192
RPC Inc.		18,362		76,019
				1,413,874
Entertainment — 0.6%
Cinemark Holdings Inc.		37,378		1,368,035
Equity Real Estate Investment Trusts (REITs) — 13.8%
Acadia Realty Trust		29,611		828,516
Agree Realty Corp.		14,714		1,159,022
Alexander & Baldwin Inc.		23,872		561,231
Alexander’s Inc.		738		254,905
American Assets Trust Inc.		16,757		820,423
Brandywine Realty Trust		61,776		943,937
CareTrust REIT Inc.		33,503		812,113
Cousins Properties Inc.		51,457		2,064,969
EastGroup Properties Inc.		13,169		1,763,988
Empire State Realty Trust Inc., Class A		51,792		749,430
Equity Commonwealth		42,747		1,375,598
Four Corners Property Trust Inc.		23,935		685,738
Global Net Lease Inc.		29,667		577,913
Healthcare Realty Trust Inc.		45,315		1,575,603
Highwoods Properties Inc.		36,367		1,701,976
Life Storage Inc.		16,356		1,781,496
National Health Investors Inc.		15,203		1,304,265
National Storage Affiliates Trust		20,789		710,360
Paramount Group Inc.		70,650		951,655
Pebblebrook Hotel Trust		45,832		1,178,341
Physicians Realty Trust		64,974		1,213,065
Piedmont Office Realty Trust Inc., Class A		44,101		989,626
PotlatchDeltic Corp.		23,575		1,001,230
PS Business Parks Inc.		7,021		1,267,642
Rayonier Inc.		45,450		1,226,241
Retail Opportunity Investments Corp.		40,109		748,634
RLJ Lodging Trust		60,352		990,376
STAG Industrial Inc.		44,580		1,383,763
Taubman Centers Inc.		21,473		768,304
Uniti Group Inc.		67,898		469,854
Urban Edge Properties		40,364		852,084
Washington REIT		28,081		871,073
				33,583,371
Food & Staples Retailing — 2.6%
BJ’s Wholesale Club Holdings Inc.(a)(b)		42,679		1,139,529

Security	Shares		Value
Food & Staples Retailing (continued)
Casey’s General Stores Inc.		12,896	$	2,202,766
Performance Food Group Co.(a)		36,903		1,572,437
PriceSmart Inc.(b)		7,829		580,129
Sprouts Farmers Market Inc.(a)		41,438		804,311
				6,299,172
Food Products — 1.4%
Cal-Maine Foods Inc.		10,625		423,831
J&J Snack Foods Corp.		5,219		995,577
Lancaster Colony Corp.		6,946		966,744
Seaboard Corp.		90		379,718
Simply Good Foods Co. (The)(a)		28,734		705,132
				3,471,002
Gas Utilities — 1.7%
New Jersey Resources Corp.		31,548		1,375,493
ONE Gas Inc.		18,498		1,717,354
South Jersey Industries Inc.		32,393		1,041,759
				4,134,606
Health Care Equipment & Supplies — 0.9%
Integer Holdings Corp.(a)		11,446		886,378
LivaNova PLC(a)		16,967		1,200,076
				2,086,454
Health Care Providers & Services — 1.4%
Acadia Healthcare Co. Inc.(a)(b)		31,038		930,830
AMN Healthcare Services Inc.(a)(b)		16,374		962,136
Premier Inc., Class A(a)(b)		22,210		723,602
Select Medical Holdings Corp.(a)		38,102		694,218
				3,310,786
Health Care Technology — 0.3%
Allscripts Healthcare Solutions Inc.(a)(b)		58,542		640,449
Hotels, Restaurants & Leisure — 3.4%
Bloomin’ Brands Inc.		30,494		604,086
Cheesecake Factory Inc. (The)		14,416		602,445
Cracker Barrel Old Country Store Inc.		8,435		1,311,643
Dine Brands Global Inc.		6,048		442,411
Hyatt Hotels Corp., Class A		13,183		985,297
Jack in the Box Inc.		9,059		761,137
Marriott Vacations Worldwide Corp.		13,589		1,493,839
Papa John’s International Inc.		7,726		452,357
SeaWorld Entertainment Inc.(a)		14,087		372,179
Six Flags Entertainment Corp.		27,506		1,160,478
				8,185,872
Household Durables — 2.1%
Helen of Troy Ltd.(a)		8,803		1,318,337
KB Home		29,983		1,070,093
Tempur Sealy International Inc.(a)		16,143		1,468,206
TopBuild Corp.(a)(b)		12,020		1,249,239
				5,105,875
Independent Power and Renewable Electricity Producers — 0.4%
Pattern Energy Group Inc., Class A		32,378		907,555
Insurance — 2.2%
Enstar Group Ltd.(a)		5,172		1,039,055
Mercury General Corp.		9,527		457,867
National General Holdings Corp.		23,076		491,980
ProAssurance Corp.		18,240		715,373
Selective Insurance Group Inc.		20,816		1,438,802
White Mountains Insurance Group Ltd.		1,061		1,136,331
				5,279,408

36 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail — 0.2%
Groupon Inc.(a)(b)		157,891	$	438,937
IT Services — 2.6%
CACI International Inc., Class A(a)		8,724		1,951,995
CoreLogic Inc.(a)		28,096		1,137,607
EVERTEC Inc.		20,940		640,555
ManTech International Corp./VA, Class A		9,413		745,321
MAXIMUS Inc.		22,373		1,716,904
TTEC Holdings Inc.		5,067		240,024
				6,432,406
Leisure Products — 0.7%
Brunswick Corp./DE		30,056		1,750,461
Life Sciences Tools & Services — 0.4%
Syneos Health Inc.(a)		21,770		1,091,766
Machinery — 4.4%
Actuant Corp., Class A(b)		19,243		476,649
Altra Industrial Motion Corp.		22,655		697,774
Barnes Group Inc.		16,683		975,121
Franklin Electric Co. Inc.		13,503		727,137
Harsco Corp.(a)		28,199		571,594
Hillenbrand Inc.		21,982		676,826
ITT Inc.		30,854		1,834,270
Mueller Industries Inc.		19,874		611,523
Mueller Water Products Inc., Class A		55,223		646,109
Rexnord Corp.(a)(b)		37,117		1,050,040
Terex Corp.		22,985		633,237
Watts Water Technologies Inc., Class A		9,700		904,525
Welbilt Inc.(a)(b)		45,998		872,122
				10,676,927
Marine — 0.9%
Kirby Corp.(a)(b)		21,012		1,663,310
Matson Inc.		15,034		573,998
				2,237,308
Media — 1.7%
Gray Television Inc.(a)		30,173		495,139
John Wiley & Sons Inc., Class A		15,440		711,321
Meredith Corp.		14,096		531,419
Nexstar Media Group Inc., Class A		16,174		1,573,568
Sinclair Broadcast Group Inc., Class A		23,513		936,758
				4,248,205
Metals & Mining — 1.2%
Allegheny Technologies Inc.(a)		44,205		928,747
Carpenter Technology Corp.		16,713		819,271
Compass Minerals International Inc.		11,880		670,983
Kaiser Aluminum Corp.		5,613		601,040
				3,020,041
Mortgage Real Estate Investment — 0.2%
Colony Credit Real Estate Inc.		29,333		420,342
Oil, Gas & Consumable Fuels — 1.0%
Callon Petroleum Co.(a)		80,335		305,273
CNX Resources Corp.(a)(b)		65,915		555,663
CVR Energy Inc.		10,227		484,964
Jagged Peak Energy Inc.(a)		21,103		149,620
Oasis Petroleum Inc.(a)		102,459		267,418
Range Resources Corp.		73,552		296,415
SM Energy Co.		37,470		293,765

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Talos Energy Inc.(a)		7,088	$	152,605
				2,505,723
Personal Products — 0.4%
Nu Skin Enterprises Inc., Class A		19,493		868,998
Pharmaceuticals — 1.8%
Amneal Pharmaceuticals Inc.(a)		37,313		114,924
Horizon Therapeutics PLC(a)		65,398		1,890,656
Reata Pharmaceuticals Inc., Class A(a)(b)		8,069		1,662,860
Zogenix Inc.(a)(b)		14,037		626,752
				4,295,192
Professional Services — 0.3%
Korn Ferry		19,645		720,775
Real Estate Management & Development — 0.4%
Kennedy-Wilson Holdings Inc.		43,512		1,001,211
Road & Rail — 1.6%
Genesee & Wyoming Inc., Class A(a)		19,848		2,203,723
Saia Inc.(a)		9,083		810,204
Schneider National Inc., Class B		11,905		272,267
Werner Enterprises Inc.		15,557		567,831
				3,854,025
Semiconductors & Semiconductor Equipment — 2.4%
Advanced Energy Industries Inc.(a)(b)		13,441		794,363
Cirrus Logic Inc.(a)		20,385		1,385,365
Diodes Inc.(a)		14,497		676,285
MKS Instruments Inc.		19,103		2,067,327
Power Integrations Inc.		10,284		936,975
				5,860,315
Software — 3.0%
j2 Global Inc.		16,302		1,548,038
LogMeIn Inc.		17,333		1,138,431
Nuance Communications Inc.(a)(b)		100,149		1,634,432
Progress Software Corp.		15,700		626,116
Teradata Corp.(a)		40,005		1,197,350
Verint Systems Inc.(a)		23,061		1,046,739
				7,191,106
Specialty Retail — 2.4%
Aaron’s Inc.		23,683		1,774,567
Abercrombie & Fitch Co., Class A		22,141		358,463
Children’s Place Inc. (The)		5,483		449,113
Guess? Inc.		14,983		250,965
Lithia Motors Inc., Class A		7,859		1,237,635
RH(a)		5,606		1,018,610
Urban Outfitters Inc.(a)(b)		24,743		710,124
				5,799,477
Textiles, Apparel & Luxury Goods — 2.7%
Crocs Inc.(a)		21,968		768,660
Deckers Outdoor Corp.(a)(b)		10,126		1,548,266
G-III Apparel Group Ltd.(a)		15,157		380,592
Skechers U.S.A. Inc., Class A(a)		46,915		1,753,214
Steven Madden Ltd.		27,373		1,127,220
Wolverine World Wide Inc.		29,891		887,165
				6,465,117
Thrifts & Mortgage Finance — 1.4%
Axos Financial Inc.(a)(b)		18,678		542,596
Essent Group Ltd.		34,495		1,796,845
TFS Financial Corp.		17,681		340,536

SCHEDULE OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
WSFS Financial Corp.		18,584	$	783,687
				3,463,664
Trading Companies & Distributors — 2.4%
Air Lease Corp.		36,414		1,601,488
Applied Industrial Technologies Inc.		13,545		810,533
Beacon Roofing Supply Inc.(a)(b)		24,035		746,046
GATX Corp.		12,517		995,727
Kaman Corp.		9,788		574,262
MSC Industrial Direct Co. Inc., Class A		15,791		1,156,059
				5,884,115
Water Utilities — 1.2%
American States Water Co.		12,914		1,228,509
California Water Service Group		16,893		945,501
SJW Group		9,081		657,010
				2,831,020
Total Common Stocks — 99.9% (Cost: $209,789,837)				243,076,791
Short-Term Investments
Money Market Funds — 7.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		17,422,456		17,431,167

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		383,000	$	383,000
				17,814,167
Total Short-Term Investments — 7.3% (Cost: $17,809,864)				17,814,167
Total Investments in Securities — 107.2% (Cost: $227,599,701)				260,890,958
Other Assets, Less Liabilities — (7.2)%				(17,544,822	)
Net Assets — 100.0%			$	243,346,136

^(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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity	Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	11,029,124	6,393,332	17,422,456	$	17,431,167	$	21,033	(b)	$	1,599		$	77
BlackRock Cash Funds: Treasury, SL Agency Shares	114,655	268,345	383,000		383,000		2,977			—			—
				$	17,814,167	$	24,010		$	1,599		$	77

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		1		12/20/19	$	78	$	3,913
S&P MidCap 400 E-Mini Index		1		12/20/19		196		7,934
							$	11,847

38 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	11,847

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	24,720
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	11,847

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	91,223

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	243,076,791	$	—	$	—	$	243,076,791
Money Market Funds		17,814,167		—		—		17,814,167
	$	260,890,958	$	—	$	—	$	260,890,958
Derivative financial instruments(a)
Assets
Futures Contracts	$	11,847	$	—	$	—	$	11,847

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 39

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
Aerovironment Inc.(a)		6,989	$	405,222
Axon Enterprise Inc.(a)(b)		19,188		981,083
Cubic Corp.(b)		10,096		744,479
Mercury Systems Inc.(a)		17,962		1,323,081
				3,453,865
Air Freight & Logistics — 0.3%
Forward Air Corp.		9,169		634,220
Auto Components — 0.4%
Fox Factory Holding Corp.(a)		12,443		758,276
Banks — 0.9%
First Financial Bankshares Inc.		43,979		1,463,621
ServisFirst Bancshares Inc.		14,909		521,815
				1,985,436
Beverages — 0.8%
Boston Beer Co. Inc. (The), Class A, NVS(a)		2,980		1,115,891
Coca-Cola Consolidated Inc.(b)		1,503		412,363
National Beverage Corp.		3,775		165,949
				1,694,203
Biotechnology — 10.1%
ACADIA Pharmaceuticals Inc.(a)(b)		34,156		1,448,556
Acceleron Pharma Inc.(a)		14,714		660,217
Agios Pharmaceuticals Inc.(a)(b)		16,743		503,629
Akcea Therapeutics Inc.(a)(b)		5,121		93,868
Alkermes PLC(a)		50,883		993,745
Amicus Therapeutics Inc.(a)		82,455		695,096
Atara Biotherapeutics Inc.(a)(b)		17,408		190,095
Biohaven Pharmaceutical Holding Co. Ltd.(a)		12,836		589,429
Blueprint Medicines Corp.(a)		15,905		1,094,900
CRISPR Therapeutics AG(a)		10,090		508,233
Emergent BioSolutions Inc.(a)(b)		14,203		811,844
Enanta Pharmaceuticals Inc.(a)(b)		5,163		314,323
FibroGen Inc.(a)		25,331		991,709
Genomic Health Inc.(a)		7,004		467,027
Global Blood Therapeutics Inc.(a)(b)		19,436		931,956
Halozyme Therapeutics Inc.(a)		39,799		609,721
Heron Therapeutics Inc.(a)(b)		24,605		522,856
Intercept Pharmaceuticals Inc.(a)		8,153		593,375
Invitae Corp.(a)(b)		27,738		446,859
Ironwood Pharmaceuticals Inc.(a)		50,678		508,807
Ligand Pharmaceuticals Inc.(a)		6,156		669,834
Madrigal Pharmaceuticals Inc.(a)(b)		2,648		244,755
Mirati Therapeutics Inc.(a)		10,944		1,030,706
Myriad Genetics Inc.(a)(b)		23,920		805,386
Portola Pharmaceuticals Inc.(a)(b)		22,749		657,674
PTC Therapeutics Inc.(a)(b)		19,090		780,590
REGENXBIO Inc.(a)		10,131		361,575
Repligen Corp.(a)		15,018		1,193,781
Spark Therapeutics Inc.(a)(b)		11,368		1,241,045
Ultragenyx Pharmaceutical Inc.(a)(b)		17,561		704,899
Xencor Inc.(a)		15,952		545,718
				21,212,208
Building Products — 2.3%
AAON Inc.		13,161		640,414
Armstrong World Industries Inc.		15,762		1,474,220
Simpson Manufacturing Co. Inc.		13,165		1,087,956

Security	Shares		Value
Building Products (continued)
Trex Co. Inc.(a)(b)		18,920	$	1,662,879
				4,865,469
Capital Markets — 0.9%
Blucora Inc.(a)		15,820		342,187
Focus Financial Partners Inc., Class A(a)		9,765		213,658
Houlihan Lokey Inc.		13,251		626,242
Tradeweb Markets Inc., Class A		14,896		621,908
				1,803,995
Chemicals — 1.4%
Balchem Corp.		10,478		1,060,478
Ingevity Corp.(a)(b)		13,555		1,141,467
Quaker Chemical Corp.		4,190		640,567
				2,842,512
Commercial Services & Supplies — 3.5%
Advanced Disposal Services Inc.(a)(b)		23,327		764,659
Cimpress NV(a)(b)		9,153		1,209,294
Clean Harbors Inc.(a)		16,643		1,372,382
Covanta Holding Corp.		37,881		547,002
Healthcare Services Group Inc.		24,000		584,640
MSA Safety Inc.		11,535		1,385,007
Tetra Tech Inc.		17,697		1,547,957
				7,410,941
Communications Equipment — 2.0%
Acacia Communications Inc.(a)		12,106		794,880
InterDigital Inc.		10,080		540,590
Lumentum Holdings Inc.(a)		24,902		1,560,359
ViaSat Inc.(a)		18,659		1,284,486
				4,180,315
Consumer Finance — 0.8%
FirstCash Inc.		13,913		1,174,118
Green Dot Corp., Class A(a)		15,438		445,232
				1,619,350
Distributors — 0.2%
Core-Mark Holding Co. Inc.		14,857		453,436
Diversified Consumer Services — 1.0%
Chegg Inc.(a)(b)		36,809		1,128,564
Strategic Education Inc.		7,109		874,620
				2,003,184
Diversified Telecommunication Services — 0.4%
Cogent Communications Holdings Inc.		13,493		791,230
Electrical Equipment — 0.2%
Sunrun Inc.(a)(b)		25,136		390,614
Electronic Equipment, Instruments & Components — 3.3%
Badger Meter Inc.		9,428		544,938
Dolby Laboratories Inc., Class A		20,885		1,343,532
II-VI Inc.(a)(b)		28,057		930,089
Itron Inc.(a)		11,372		867,229
Littelfuse Inc.		7,974		1,399,995
Novanta Inc.(a)(b)		11,372		1,012,677
Rogers Corp.(a)		6,010		814,235
				6,912,695
Energy Equipment & Services — 0.6%
Apergy Corp.(a)		25,084		631,364
Core Laboratories NV		14,366		632,679
				1,264,043

40 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment — 3.3%
Roku Inc.(a)(b)		27,662	$	4,071,846
World Wrestling Entertainment Inc., Class A		15,402		863,128
Zynga Inc., Class A(a)		304,928		1,881,406
				6,816,380
Equity Real Estate Investment Trusts (REITs) — 5.3%
CoreSite Realty Corp.		11,964		1,405,770
Corporate Office Properties Trust		36,252		1,074,509
First Industrial Realty Trust Inc.		40,960		1,724,825
JBG SMITH Properties		38,222		1,538,818
QTS Realty Trust Inc., Class A		17,908		959,690
Rexford Industrial Realty Inc.(b)		35,540		1,709,119
Ryman Hospitality Properties Inc		16,659		1,402,188
Terreno Realty Corp.		21,225		1,197,302
				11,012,221
Food Products — 0.2%
Calavo Growers Inc.		5,299		459,582
Health Care Equipment & Supplies — 9.3%
Avanos Medical Inc.(a)		15,450		680,418
Cantel Medical Corp.(b)		11,902		867,537
CONMED Corp.		9,162		1,008,003
Glaukos Corp.(a)(b)		11,928		761,364
Globus Medical Inc., Class A(a)		24,820		1,299,823
Haemonetics Corp.(a)		16,441		1,984,922
ICU Medical Inc.(a)		6,224		1,005,861
Inogen Inc.(a)		5,895		320,894
Integra LifeSciences Holdings Corp.(a)		22,990		1,334,799
iRhythm Technologies Inc.(a)(b)		8,486		567,035
Merit Medical Systems Inc.(a)		17,867		369,043
Neogen Corp.(a)(b)		16,962		1,103,548
Nevro Corp.(a)		10,001		862,086
Novocure Ltd.(a)		24,798		1,776,529
NuVasive Inc.(a)		16,854		1,188,881
Penumbra Inc.(a)(b)		10,366		1,616,785
Quidel Corp.(a)		12,212		694,863
Tandem Diabetes Care Inc.(a)(b)		18,043		1,111,088
Wright Medical Group NV(a)		41,022		853,258
				19,406,737
Health Care Providers & Services — 2.9%
Amedisys Inc.(a)		10,419		1,339,050
BioTelemetry Inc.(a)(b)		10,974		431,937
Covetrus Inc.(a)		31,548		312,798
Ensign Group Inc. (The)		16,251		686,605
Guardant Health Inc.(a)(b)		12,945		899,677
HealthEquity Inc.(a)		22,869		1,298,731
LHC Group Inc.(a)		9,591		1,064,313
				6,033,111
Health Care Technology — 1.7%
HMS Holdings Corp.(a)		28,287		924,702
Omnicell Inc.(a)		13,489		949,491
Teladoc Health Inc.(a)(b)		23,329		1,787,001
				3,661,194
Hotels, Restaurants & Leisure — 4.3%
Boyd Gaming Corp.		25,913		706,129
Choice Hotels International Inc.		10,281		909,663
Churchill Downs Inc.		11,539		1,499,955
Dave & Buster’s Entertainment Inc.		9,984		397,164
Eldorado Resorts Inc.(a)		21,154		947,065
Red Rock Resorts Inc., Class A		22,774		496,018

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Shake Shack Inc., Class A(a)(b)		9,905	$	814,983
Texas Roadhouse Inc.		21,178		1,196,557
Wendy’s Co. (The)		59,741		1,265,314
Wingstop Inc.		9,559		797,507
				9,030,355
Household Durables — 0.2%
iRobot Corp.(a)		9,107		437,682
Household Products — 0.4%
WD-40 Co.		4,446		833,180
Independent Power and Renewable Electricity Producers — 0.8%
Ormat Technologies Inc.		16,471		1,261,020
TerraForm Power Inc., Class A		25,733		436,946
				1,697,966
Insurance — 0.6%
RLI Corp.		12,908		1,256,207
Interactive Media & Services — 1.3%
Cargurus Inc.(a)(b)		22,955		771,058
Match Group Inc.(b)		17,718		1,293,237
Yelp Inc.(a)(b)		20,931		722,329
				2,786,624
Internet & Direct Marketing Retail — 0.2%
Stamps.com Inc.(a)		5,280		445,790
IT Services — 1.9%
ExlService Holdings Inc.(a)		11,067		770,595
GTT Communications Inc.(a)(b)		9,376		70,601
LiveRamp Holdings Inc.(a)		21,904		856,228
MongoDB Inc.(a)(b)		11,286		1,442,012
Verra Mobility Corp.(a)(b)		37,495		538,053
Virtusa Corp.(a)		9,795		365,158
				4,042,647
Leisure Products — 0.4%
Callaway Golf Co.		30,470		616,104
YETI Holdings Inc.(a)(b)		6,597		219,746
				835,850
Life Sciences Tools & Services — 0.7%
Medpace Holdings Inc.(a)(b)		8,785		646,839
NeoGenomics Inc.(a)		33,632		771,182
				1,418,021
Machinery — 3.1%
Albany International Corp., Class A		9,942		834,929
Chart Industries Inc.(a)(b)		11,589		679,463
ESCO Technologies Inc.		8,413		710,814
Federal Signal Corp.		19,545		634,040
Helios Technologies Inc.		9,438		374,028
John Bean Technologies Corp.(b)		10,253		1,053,701
Proto Labs Inc.(a)(b)		8,705		844,124
RBC Bearings Inc.(a)(b)		8,055		1,292,344
				6,423,443
Media — 1.1%
Liberty Latin America Ltd., Class A(a)(b)		14,662		274,033
Liberty Latin America Ltd., Class C, NVS(a)(b)		36,892		679,182
New York Times Co. (The), Class A		46,544		1,438,209
				2,391,424
Oil, Gas & Consumable Fuels — 1.2%
Antero Midstream Corp.		83,707		539,073

SCHEDULE OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Centennial Resource Development Inc./DE, Class A(a)(b)		61,653	$	209,620
Kosmos Energy Ltd.		117,003		725,419
Matador Resources Co.(a)		35,507		493,902
PDC Energy Inc.(a)		19,070		380,447
Tellurian Inc.(a)(b)		29,806		237,554
				2,586,015
Personal Products — 0.6%
Inter Parfums Inc.		5,703		441,583
Medifast Inc.		3,833		425,233
USANA Health Sciences Inc.(a)		4,180		309,780
				1,176,596
Pharmaceuticals — 1.1%
Aerie Pharmaceuticals Inc.(a)(b)		13,389		297,102
MyoKardia Inc.(a)(b)		14,934		856,166
Pacira BioSciences Inc.(a)(b)		13,483		545,927
Supernus Pharmaceuticals Inc.(a)(b)		16,984		471,985
Tilray Inc., Class 2(a)(b)		6,995		156,059
				2,327,239
Professional Services — 2.8%
ASGN Inc.(a)		17,130		1,089,297
Exponent Inc.		16,813		1,068,130
FTI Consulting Inc.(a)		12,157		1,323,533
Insperity Inc.		12,537		1,324,283
TriNet Group Inc.(a)		14,268		756,061
Upwork Inc.(a)(b)		20,452		307,598
				5,868,902
Real Estate Management & Development — 1.0%
Howard Hughes Corp. (The)(a)		13,972		1,562,349
Redfin Corp.(a)(b)		26,765		465,443
				2,027,792
Road & Rail — 0.8%
Heartland Express Inc.		15,131		316,238
Landstar System Inc.(b)		12,833		1,452,054
				1,768,292
Semiconductors & Semiconductor Equipment — 4.7%
Brooks Automation Inc.		23,388		993,288
Cabot Microelectronics Corp.		9,403		1,420,981
Entegris Inc.		43,773		2,101,104
Inphi Corp.(a)		14,707		1,057,139
MaxLinear Inc.(a)		20,987		397,914
Semtech Corp.(a)		21,544		1,087,110
Silicon Laboratories Inc.(a)		14,036		1,491,185
SolarEdge Technologies Inc.(a)		15,534		1,319,769
				9,868,490
Software — 15.0%
2U Inc.(a)(b)		20,510		367,642
8x8 Inc.(a)		32,152		621,177
ACI Worldwide Inc.(a)(b)		37,795		1,186,385
Alarm.com Holdings Inc.(a)(b)		11,776		581,734
Alteryx Inc., Class A(a)(b)		15,085		1,380,278
Anaplan Inc.(a)(b)		27,187		1,283,226
Avalara Inc.(a)		21,269		1,510,099
Blackbaud Inc.		15,924		1,336,820
Blackline Inc.(a)(b)		13,794		644,732
Bottomline Technologies DE Inc.(a)		12,364		506,306
Box Inc., Class A(a)(b)		47,837		809,402
Cision Ltd.(a)		29,311		295,162
Cloudera Inc.(a)		78,136		662,593

Security	Shares		Value
Software (continued)
CommVault Systems Inc.(a)		13,460	$	668,558
Cornerstone OnDemand Inc.(a)		17,096		1,001,313
Ebix Inc.		7,207		307,234
Envestnet Inc.(a)(b)		16,898		1,055,956
Everbridge Inc.(a)(b)		10,869		755,504
FireEye Inc.(a)		69,543		1,101,561
Five9 Inc.(a)(b)		19,640		1,090,216
ForeScout Technologies Inc.(a)(b)		11,822		363,645
LivePerson Inc.(a)(b)		19,734		810,081
Manhattan Associates Inc.(a)		20,830		1,561,209
Mimecast Ltd.(a)		17,799		706,798
Paylocity Holding Corp.(a)(b)		11,517		1,181,644
Pivotal Software Inc., Class A(a)		26,363		394,654
Pluralsight Inc., Class A(a)		26,554		480,096
PROS Holdings Inc.(a)(b)		11,853		607,348
Q2 Holdings Inc.(a)		14,036		1,003,434
Qualys Inc.(a)(b)		10,928		932,486
Rapid7 Inc.(a)		14,077		705,117
SailPoint Technologies Holding Inc.(a)		27,417		530,793
Smartsheet Inc., Class A(a)(b)		28,311		1,115,453
SPS Commerce Inc.(a)		11,296		596,090
SVMK Inc.(a)		28,873		531,263
Tenable Holdings Inc.(a)		13,489		339,923
Varonis Systems Inc.(a)		9,821		702,693
Workiva Inc.(a)(b)		12,132		505,540
Yext Inc.(a)		30,305		498,820
Zoom Video Communications Inc., Class A(a)(b)		8,290		579,388
				31,312,373
Specialty Retail — 1.8%
At Home Group Inc.(a)(b)		15,379		131,029
Carvana Co.(a)(b)		16,118		1,306,847
Floor & Decor Holdings Inc., Class A(a)(b)		22,258		1,020,084
Monro Inc.(b)		10,759		754,314
National Vision Holdings Inc.(a)(b)		25,429		605,210
				3,817,484
Technology Hardware, Storage & Peripherals — 0.7%
Pure Storage Inc., Class A(a)(b)		72,123		1,403,514
Thrifts & Mortgage Finance — 0.9%
Columbia Financial Inc.(a)		16,154		266,379
LendingTree Inc.(a)		2,482		893,148
NMI Holdings Inc., Class A(a)		21,945		641,891
				1,801,418
Trading Companies & Distributors — 0.6%
SiteOne Landscape Supply Inc.(a)(b)		13,346		1,175,249
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co.		15,176		488,060
U.S. Cellular Corp.(a)		5,045		187,775
				675,835
Total Common Stocks — 99.9% (Cost: $183,908,286)				209,073,605
Short-Term Investments
Money Market Funds — 25.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		53,153,527		53,180,104

42 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		185,000	$	185,000
				53,365,104
Total Short-Term Investments — 25.5% (Cost: $53,349,703)				53,365,104
Total Investments in Securities — 125.4% (Cost: $237,257,989)				262,438,709
Other Assets, Less Liabilities — (25.4)%				(53,125,890	)
Net Assets — 100.0%			$	209,312,819

^(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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity	Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	38,817,765	14,335,762	53,153,527	$	53,180,104	$	144,175	(b)	$	(693	)	$	3,666
BlackRock Cash Funds: Treasury, SL Agency Shares	66,945	118,055	185,000		185,000		1,781			—			—
				$	53,365,104	$	145,956		$	(693	)	$	3,666

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini S&P Select Sector Technology Index		1		12/20/19	$	84	$	168
Russell 2000 E-Mini Index		2		12/20/19		156		2,573
							$	2,741

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	2,741

^(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).

SCHEDULE OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Small-Cap Growth ETF

For the six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	4,753
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,741

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	80,113

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	209,073,605	$	—	$	—	$	209,073,605
Money Market Funds		53,365,104		—		—		53,365,104
	$	262,438,709	$	—	$	—	$	262,438,709
Derivative financial instruments(a)
Assets
Futures Contracts	$	2,741	$	—	$	—	$	2,741

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

See notes to financial statements.

44 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Aerojet Rocketdyne Holdings Inc.(a)(b)		46,158	$	1,995,410
Airlines — 0.9%
SkyWest Inc.		32,453		1,932,576
Spirit Airlines Inc.(a)(b)		43,984		1,652,039
				3,584,615
Auto Components — 2.1%
Adient PLC		55,977		1,186,153
American Axle & Manufacturing Holdings Inc.(a)		73,085		610,991
Cooper Tire & Rubber Co.		32,415		915,400
Dana Inc.		92,593		1,502,784
Delphi Technologies PLC		56,721		692,563
Goodyear Tire & Rubber Co. (The)		148,253		2,352,775
Veoneer Inc.(a)(b)		65,059		1,035,739
				8,296,405
Automobiles — 0.6%
Thor Industries Inc.		35,090		2,219,793
Banks — 16.7%
Associated Banc-Corp.		103,350		2,078,368
BancorpSouth Bank		59,676		1,830,263
Bank of Hawaii Corp.		25,890		2,260,456
Bank OZK		77,037		2,161,658
BankUnited Inc.		60,587		2,078,134
Banner Corp.		19,924		1,075,497
Cadence BanCorp.		82,268		1,265,282
Cathay General Bancorp.		48,338		1,719,383
Columbia Banking System Inc.		46,659		1,833,699
First Financial Bancorp.		62,780		1,471,563
First Hawaiian Inc.		84,940		2,321,410
First Horizon National Corp.		199,180		3,180,905
First Merchants Corp.		36,042		1,425,461
First Midwest Bancorp. Inc.		70,669		1,451,541
FNB Corp.		207,126		2,497,940
Fulton Financial Corp.		105,983		1,808,070
Great Western Bancorp. Inc.		36,249		1,264,003
Hancock Whitney Corp.		57,807		2,254,473
Hilltop Holdings Inc.		45,562		1,064,328
Hope Bancorp Inc.		78,936		1,126,417
IBERIABANK Corp.		33,555		2,462,601
International Bancshares Corp.		36,851		1,509,417
NBT Bancorp. Inc.		28,004		1,113,159
Old National Bancorp./IN		109,694		1,973,944
Pacific Premier Bancorp. Inc.		38,015		1,283,196
PacWest Bancorp.		75,321		2,786,124
Park National Corp.		9,115		922,894
Renasant Corp.		37,189		1,290,458
Simmons First National Corp., Class A		61,038		1,460,029
TCF Financial Corp.		97,787		3,871,387
Trustmark Corp.		41,393		1,420,608
Umpqua Holdings Corp.		140,407		2,221,239
United Bankshares Inc./WV		65,236		2,579,431
Valley National Bancorp.		212,169		2,456,917
WesBanco Inc.		35,165		1,321,852
Westamerica Bancorp.		17,234		1,137,789
				65,979,896
Biotechnology — 1.2%
AnaptysBio Inc.(a)		15,944		601,408

Security	Shares		Value
Biotechnology (continued)
Arena Pharmaceuticals Inc.(a)(b)		31,873	$	1,552,693
United Therapeutics Corp.(a)(b)		28,131		2,527,289
				4,681,390
Building Products — 0.6%
Builders FirstSource Inc.(a)		74,416		1,682,546
JELD-WEN Holding Inc.(a)		43,920		750,593
				2,433,139
Capital Markets — 2.6%
Ares Management Corp., Class A		47,458		1,403,333
Artisan Partners Asset Management Inc., Class A		34,036		930,885
BGC Partners Inc., Class A		175,697		913,624
Federated Investors Inc., Class B		61,267		1,956,868
Janus Henderson Group PLC		101,310		2,343,300
Legg Mason Inc.		52,007		1,937,781
Virtu Financial Inc., Class A		48,151		816,641
				10,302,432
Chemicals — 2.8%
Cabot Corp.		36,841		1,605,899
Element Solutions Inc.(a)(b)		144,049		1,564,372
Kronos Worldwide Inc.		14,824		187,968
Minerals Technologies Inc.		22,357		1,105,554
PolyOne Corp.		49,019		1,571,059
Stepan Co.		12,812		1,251,989
Trinseo SA		25,635		1,089,487
Valvoline Inc.		119,920		2,559,093
				10,935,421
Commercial Services & Supplies — 1.5%
Deluxe Corp.		27,386		1,419,416
HNI Corp.		27,350		1,039,300
Stericycle Inc.(a)		58,085		3,345,696
				5,804,412
Communications Equipment — 0.6%
CommScope Holding Co. Inc.(a)(b)		124,385		1,393,112
EchoStar Corp., Class A(a)		29,170		1,137,630
				2,530,742
Construction & Engineering — 0.7%
Granite Construction Inc.		30,197		710,837
Valmont Industries Inc.		13,788		1,891,576
				2,602,413
Consumer Finance — 1.2%
Navient Corp.		129,292		1,780,351
Nelnet Inc., Class A		13,870		849,815
OneMain Holdings Inc.		48,574		1,942,960
				4,573,126
Containers & Packaging — 2.9%
Amcor PLC(a)		1,034,933		9,852,562
Greif Inc., Class A, NVS		17,035		667,261
Owens-Illinois Inc.		100,085		850,723
				11,370,546
Diversified Consumer Services — 0.4%
Graham Holdings Co., Class B		2,796		1,760,529
Electric Utilities — 3.4%
ALLETE Inc.		32,930		2,833,956
El Paso Electric Co.		26,114		1,742,065
Hawaiian Electric Industries Inc.		69,435		3,134,990
PNM Resources Inc.		50,784		2,648,386

SCHEDULE OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Portland General Electric Co.		56,945	$	3,239,031
				13,598,428
Electrical Equipment — 1.2%
GrafTech International Ltd.		39,903		482,028
nVent Electric PLC		99,214		2,287,875
Regal Beloit Corp.		26,743		1,980,319
				4,750,222
Electronic Equipment, Instruments & Components — 3.2%
Anixter International Inc.(a)		19,149		1,584,580
AVX Corp.		30,865		472,852
Belden Inc.(b)		24,889		1,276,308
Jabil Inc.		88,669		3,264,792
Sanmina Corp.(a)		44,407		1,364,627
Tech Data Corp.(a)(b)		22,686		2,756,349
Vishay Intertechnology Inc.		85,181		1,716,397
				12,435,905
Energy Equipment & Services — 0.8%
Oceaneering International Inc.(a)		63,831		903,847
Transocean Ltd.(a)		366,550		1,741,113
Valaris PLC(a)(b)		127,157		522,615
				3,167,575
Entertainment — 0.2%
Lions Gate Entertainment Corp., Class A		36,182		289,094
Lions Gate Entertainment Corp., Class B, NVS		69,121		517,716
				806,810
Equity Real Estate Investment Trusts (REITs) — 9.1%
Apple Hospitality REIT Inc.		134,188		2,211,418
Colony Capital Inc.		311,742		1,745,755
Columbia Property Trust Inc.		75,158		1,542,242
CoreCivic Inc.		76,635		1,169,450
DiamondRock Hospitality Co.		127,755		1,274,995
GEO Group Inc. (The)		78,009		1,187,297
Lexington Realty Trust		157,962		1,718,627
LTC Properties Inc.		25,585		1,326,582
Mack-Cali Realty Corp.		58,175		1,246,108
Outfront Media Inc.		91,345		2,403,287
Retail Properties of America Inc., Class A		137,335		1,889,730
Sabra Health Care REIT Inc.		120,759		2,970,671
Senior Housing Properties Trust		152,986		1,518,386
Service Properties Trust		104,842		2,652,503
SITE Centers Corp.		88,701		1,377,527
Spirit Realty Capital Inc.		57,444		2,863,009
Sunstone Hotel Investors Inc.		143,411		1,937,483
Tanger Factory Outlet Centers Inc.		60,338		972,649
Weingarten Realty Investors		77,121		2,447,049
Xenia Hotels & Resorts Inc.		72,423		1,524,504
				35,979,272
Food Products — 2.7%
B&G Foods Inc.(b)		42,235		656,754
Darling Ingredients Inc.(a)		104,998		2,026,461
Flowers Foods Inc.		122,651		2,663,980
Hain Celestial Group Inc. (The)(a)(b)		51,168		1,209,612
Sanderson Farms Inc.		12,567		1,945,497
TreeHouse Foods Inc.(a)(b)		36,044		1,947,097
				10,449,401
Gas Utilities — 1.8%
Northwest Natural Holding Co.		19,582		1,358,208
Southwest Gas Holdings Inc.		34,629		3,023,112

Security	Shares		Value
Gas Utilities (continued)
Spire Inc.		32,392	$	2,722,871
				7,104,191
Health Care Providers & Services — 1.2%
Magellan Health Inc.(a)		13,892		901,591
MEDNAX Inc.(a)(b)		53,694		1,179,120
Patterson Companies Inc.		54,879		940,077
Tenet Healthcare Corp.(a)(b)		65,947		1,671,097
				4,691,885
Hotels, Restaurants & Leisure — 2.5%
Brinker International Inc.		24,259		1,078,313
Extended Stay America Inc.		121,150		1,721,541
Hilton Grand Vacations Inc.(a)(b)		55,192		1,916,818
Penn National Gaming Inc.(a)(b)		69,466		1,480,668
Scientific Games Corp./DE, Class A(a)		35,312		847,135
Wyndham Destinations Inc.		58,768		2,727,423
				9,771,898
Household Durables — 1.5%
MDC Holdings Inc.		31,622		1,224,088
Meritage Homes Corp.(a)(b)		23,133		1,667,658
Taylor Morrison Home Corp., Class A(a)(b)		67,132		1,681,657
TRI Pointe Group Inc.(a)(b)		91,525		1,440,603
				6,014,006
Household Products — 0.8%
Energizer Holdings Inc.		40,849		1,735,674
Spectrum Brands Holdings Inc.		29,532		1,482,802
				3,218,476
Independent Power and Renewable Electricity Producers — 0.3%
Clearway Energy Inc., Class A		21,718		372,898
Clearway Energy Inc., Class C		47,338		858,238
				1,231,136
Insurance — 4.9%
American Equity Investment Life Holding Co.		57,856		1,427,886
American National Insurance Co.		5,979		717,360
Argo Group International Holdings Ltd.		21,935		1,357,119
Assured Guaranty Ltd.		62,924		2,952,394
Axis Capital Holdings Ltd.		53,508		3,179,981
Brighthouse Financial Inc.(a)		70,991		2,680,620
CNO Financial Group Inc.		99,475		1,556,784
FBL Financial Group Inc., Class A		6,461		370,732
Genworth Financial Inc., Class A(a)		324,048		1,386,925
Hanover Insurance Group Inc. (The)		25,212		3,320,673
Horace Mann Educators Corp.		11,995		522,502
				19,472,976
IT Services — 2.1%
Conduent Inc.(a)		107,702		665,598
KBR Inc.		90,807		2,557,125
Perspecta Inc.		87,962		2,334,512
Science Applications International Corp.		31,269		2,583,445
				8,140,680
Leisure Products — 0.8%
Acushnet Holdings Corp.		22,790		648,376
Mattel Inc.(a)(b)		220,198		2,629,164
				3,277,540
Machinery — 2.8%
Colfax Corp.(a)(b)		53,262		1,789,603
Gates Industrial Corp. PLC(a)(b)		30,717		307,170
Kennametal Inc.		52,961		1,639,143
Meritor Inc.(a)		52,710		1,161,201

46 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Navistar International Corp.(a)(b)		42,130	$	1,317,827
SPX FLOW Inc.(a)(b)		27,425		1,241,804
Timken Co. (The)		43,642		2,138,458
Trinity Industries Inc.		65,287		1,291,377
				10,886,583
Media — 0.8%
AMC Networks Inc., Class A(a)(b)		28,180		1,227,239
TEGNA Inc.		138,941		2,088,283
				3,315,522
Metals & Mining — 1.4%
Cleveland-Cliffs Inc.(b)		172,335		1,245,982
Commercial Metals Co.		75,926		1,467,650
U.S. Steel Corp.		108,940		1,253,900
Warrior Met Coal Inc.		33,809		658,599
Worthington Industries Inc.		23,657		870,814
				5,496,945
Mortgage Real Estate Investment — 3.6%
Apollo Commercial Real Estate Finance Inc.		91,042		1,666,069
Blackstone Mortgage Trust Inc., Class A		85,565		3,106,009
Chimera Investment Corp.		119,540		2,421,880
Invesco Mortgage Capital Inc.		91,775		1,444,539
Ladder Capital Corp.		63,126		1,090,186
MFA Financial Inc.		287,310		2,180,683
Two Harbors Investment Corp.		173,910		2,412,132
				14,321,498
Multi-Utilities — 1.9%
Avista Corp.		42,291		2,031,236
Black Hills Corp.		38,925		3,068,458
NorthWestern Corp.		32,163		2,332,461
				7,432,155
Multiline Retail — 0.3%
Big Lots Inc.		24,966		541,013
Dillard’s Inc., Class A(b)		6,544		451,405
				992,418
Oil, Gas & Consumable Fuels — 3.4%
Antero Resources Corp.(a)(b)		140,811		352,028
Arch Coal Inc., Class A		10,607		836,786
Chesapeake Energy Corp.(a)(b)		719,395		963,989
Delek U.S. Holdings Inc.		48,014		1,918,159
Magnolia Oil & Gas Corp., Class A(a)(b)		66,299		651,056
Murphy Oil Corp.		98,305		2,028,032
PBF Energy Inc., Class A		64,948		2,096,522
Peabody Energy Corp.		50,017		526,679
QEP Resources Inc.		154,100		513,153
Southwestern Energy Co.(a)		349,975		717,449
SRC Energy Inc.(a)(b)		157,291		490,748
Whiting Petroleum Corp.(a)(b)		59,094		374,656
World Fuel Services Corp.		41,688		1,741,308
				13,210,565
Paper & Forest Products — 1.0%
Domtar Corp.		39,915		1,452,507
Louisiana-Pacific Corp.		79,287		2,317,559
				3,770,066
Personal Products — 0.3%
Edgewell Personal Care Co.(a)		34,852		1,219,820
Pharmaceuticals — 0.4%
Endo International PLC(a)		131,612		604,099

Security	Shares		Value
Pharmaceuticals (continued)
Prestige Consumer Healthcare Inc.(a)(b)		32,043	$	1,136,245
				1,740,344
Real Estate Management & Development — 0.5%
Cushman & Wakefield PLC(a)(b)		104,480		1,948,552
Road & Rail — 0.7%
Avis Budget Group Inc.(a)		37,310		1,108,480
Ryder System Inc.		34,243		1,665,237
				2,773,717
Semiconductors & Semiconductor Equipment — 0.2%
Amkor Technology Inc.(a)		69,328		861,747
Software — 0.2%
Avaya Holdings Corp.(a)(b)		72,191		872,789
Specialty Retail — 3.8%
American Eagle Outfitters Inc.		101,272		1,557,563
AutoNation Inc.(a)		37,470		1,905,350
Bed Bath & Beyond Inc.		81,558		1,117,345
Designer Brands Inc. , Class A		36,296		598,884
Dick’s Sporting Goods Inc.		42,010		1,635,449
Michaels Companies Inc. (The)(a)		51,725		451,559
Murphy USA Inc.(a)(b)		19,224		2,267,086
Penske Automotive Group Inc.		21,471		1,046,067
Sally Beauty Holdings Inc.(a)(b)		77,741		1,204,986
Williams-Sonoma Inc.		49,846		3,329,214
				15,113,503
Technology Hardware, Storage & Peripherals — 0.6%
NCR Corp.(a)		81,222		2,372,495
Textiles, Apparel & Luxury Goods — 0.7%
Carter’s Inc.		28,520		2,858,845
Thrifts & Mortgage Finance — 3.1%
Capitol Federal Financial Inc.		91,039		1,299,127
Flagstar Bancorp. Inc.		18,521		673,053
MGIC Investment Corp.		225,657		3,093,757
Northwest Bancshares Inc.		64,126		1,081,806
Provident Financial Services Inc.		39,355		981,907
Radian Group Inc.		129,576		3,252,358
Washington Federal Inc.		50,609		1,845,204
				12,227,212
Trading Companies & Distributors — 1.4%
Aircastle Ltd.		33,767		919,138
Triton International Ltd.		34,418		1,263,140
Univar Solutions Inc.(a)(b)		88,178		1,892,300
WESCO International Inc.(a)		27,341		1,371,151
				5,445,729
Transportation Infrastructure — 0.5%
Macquarie Infrastructure Corp.		49,765		2,146,862
Wireless Telecommunication Services — 0.4%
Telephone & Data Systems Inc.		62,213		1,623,137
Total Common Stocks — 99.8% (Cost: $384,143,290)				393,811,174
Short-Term Investments
Money Market Funds — 8.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		30,388,052		30,403,246

SCHEDULE OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		1,217,000	$	1,217,000
				31,620,246
Total Short-Term Investments — 8.0% (Cost: $31,612,842)				31,620,246
Total Investments in Securities — 107.8% (Cost: $415,756,132)				425,431,420
Other Assets, Less Liabilities — (7.8)%				(30,938,136	)
Net Assets — 100.0%			$	394,493,284

^(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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19	Net Activity	Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	13,690,375	16,697,677	30,388,052	$	30,403,246	$	88,000	(b)	$	262		$	2,158
BlackRock Cash Funds: Treasury, SL Agency Shares	210,105	1,006,895	1,217,000		1,217,000		6,096			—			—
				$	31,620,246	$	94,096		$	262		$	2,158

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		5		12/20/19	$	391	$	8,062
S&P MidCap 400 E-Mini Index		1		12/20/19		195		2,748
							$	10,810

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	10,810

^(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).

48 2019  ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Morningstar Small-Cap Value ETF

For the six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	67,838
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	10,810

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	195,450

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	393,811,174	$	—	$	—	$	393,811,174
Money Market Funds		31,620,246		—		—		31,620,246
	$	425,431,420	$	—	$	—	$	425,431,420
Derivative financial instruments(a)
Assets
Futures Contracts	$	10,810	$	—	$	—	$	10,810

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 49

Statements of Assets and Liabilities  (unaudited)

October 31, 2019

	iShares Morningstar Large-Cap ETF		iShares Morningstar Large-Cap Growth ETF		iShares Morningstar Large-Cap Value ETF		iShares Morningstar Mid-Cap ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	814,949,678	$	1,139,681,186	$	527,539,563	$	722,007,132
Affiliated(c)		9,162,985		20,199,304		577,000		23,641,313
Cash		10,926		7,811		4,487		13
Cash pledged:
Futures contracts		109,000		62,000		57,000		65,000
Receivables:
Securities lending income — Affiliated		—		5,507		93		5,773
Dividends		722,124		167,749		1,077,986		279,486
Total assets		824,954,713		1,160,123,557		529,256,129		745,998,717
LIABILITIES
Collateral on securities loaned, at value		—		18,557,805		—		22,001,884
Payables:
Variation margin on futures contracts		9,803		4,687		5,963		9,355
Investment advisory fees		137,653		239,200		108,402		150,388
Total liabilities		147,456		18,801,692		114,365		22,161,627
NET ASSETS	$	824,807,257	$	1,141,321,865	$	529,141,764	$	723,837,090
NET ASSETS CONSIST OF:
Paid-in capital	$	672,916,690	$	752,226,385	$	444,871,494	$	637,980,108
Accumulated earnings		151,890,567		389,095,480		84,270,270		85,856,982
NET ASSETS	$	824,807,257	$	1,141,321,865	$	529,141,764	$	723,837,090
Shares outstanding		4,800,000		5,850,000		4,700,000		3,600,000
Net asset value	$	171.83	$	195.10	$	112.58	$	201.07
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	—	$	18,174,441	$	—	$	21,455,415
(b) Investments, at cost — Unaffiliated	$	665,453,488	$	771,877,718	$	450,180,222	$	603,249,057
(c)  Investments, at cost — Affiliated	$	7,845,271	$	20,196,202	$	577,000	$	23,639,046

See notes to financial statements.

50 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) (continued)

October 31, 2019

	iShares Morningstar Mid-Cap Growth ETF		iShares Morningstar Mid-Cap Value ETF		iShares Morningstar Small-Cap ETF		iShares Morningstar Small-Cap Growth ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	590,084,237	$	474,380,567	$	243,076,791	$	209,073,605
Affiliated(c)		57,229,508		7,967,246		17,814,167		53,365,104
Cash		1,212		43		9		4,789
Cash pledged:
Futures contracts		39,000		43,000		16,000		8,000
Receivables:
Investments sold		—		—		725,420		—
Securities lending income — Affiliated		15,843		2,717		4,535		42,753
Dividends		78,851		458,083		79,029		41,671
Total assets		647,448,651		482,851,656		261,715,951		262,535,922
LIABILITIES
Collateral on securities loaned, at value		56,332,237		7,095,932		17,424,853		53,167,970
Payables:
Investments purchased		—		630,418		892,120		—
Variation margin on futures contracts		3,700		6,674		2,639		932
Investment advisory fees		148,663		119,163		50,203		54,201
Total liabilities		56,484,600		7,852,187		18,369,815		53,223,103
NET ASSETS	$	590,964,051	$	474,999,469	$	243,346,136	$	209,312,819
NET ASSETS CONSIST OF:
Paid-in capital	$	480,761,029	$	453,178,186	$	235,734,486	$	188,240,411
Accumulated earnings		110,203,022		21,821,283		7,611,650		21,072,408
NET ASSETS	$	590,964,051	$	474,999,469	$	243,346,136	$	209,312,819
Shares outstanding		2,400,000		2,950,000		1,350,000		1,050,000
Net asset value	$	246.24	$	161.02	$	180.26	$	199.35
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	54,201,806	$	6,856,182	$	17,120,293	$	51,361,936
(b) Investments, at cost — Unaffiliated	$	486,494,514	$	432,093,173	$	209,789,837	$	183,908,286
(c)  Investments, at cost — Affiliated	$	57,219,948	$	7,966,653	$	17,809,864	$	53,349,703

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Assets and Liabilities  (unaudited) (continued)

October 31, 2019

	iShares Morningstar Small-Cap Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	393,811,174
Affiliated(c)		31,620,246
Cash		18,956
Cash pledged:
Futures contracts		41,000
Receivables:
Securities lending income — Affiliated		17,422
Dividends		294,925
Total assets		425,803,723
LIABILITIES
Collateral on securities loaned, at value		30,401,673
Payables:
Investments purchased		807,358
Variation margin on futures contracts		3,367
Investment advisory fees		98,041
Total liabilities		31,310,439
NET ASSETS	$	394,493,284
NET ASSETS CONSIST OF:
Paid-in capital	$	435,041,015
Accumulated loss		(40,547,731	)
NET ASSETS	$	394,493,284
Shares outstanding		2,900,000
Net asset value	$	136.03
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	28,489,199
(b) Investments, at cost — Unaffiliated	$	384,143,290
(c)  Investments, at cost — Affiliated	$	31,612,842

See notes to financial statements.

52 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended October 31, 2019

	iShares Morningstar Large-Cap ETF			iShares Morningstar Large-Cap Growth ETF			iShares Morningstar Large-Cap Value ETF			iShares Morningstar Mid-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	9,165,868		$	4,232,022		$	8,245,431		$	6,250,268
Dividends — Affiliated		113,527			18,710			7,777			8,602
Securities lending income — Affiliated — net		477			42,192			150			20,318
Total investment income		9,279,872		��	4,292,924			8,253,358			6,279,188
EXPENSES
Investment advisory fees		831,166			1,408,928			632,837			886,558
Total expenses		831,166			1,408,928			632,837			886,558
Net investment income		8,448,706			2,883,996			7,620,521			5,392,630
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(8,010,532	)		(255,309	)		(4,222,227	)		(7,931,793	)
Investments — Affiliated		21,531			1,236			—			(537	)
In-kind redemptions — Unaffiliated		46,534,294			44,930,078			21,189,716			33,854,216
In-kind redemptions — Affiliated		77,320			—			—			—
Futures contracts		85,732			35,610			50,834			85,910
Net realized gain		38,708,345			44,711,615			17,018,323			26,007,796
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(14,059,615	)		(16,883,956	)		4,797,330			(8,579,574	)
Investments — Affiliated		(454,651	)		(279	)		—			342
Futures contracts		28,325			9,410			37,964			14,763
Net change in unrealized appreciation (depreciation)		(14,485,941	)		(16,874,825	)		4,835,294			(8,564,469	)
Net realized and unrealized gain		24,222,404			27,836,790			21,853,617			17,443,327
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	32,671,110		$	30,720,786		$	29,474,138		$	22,835,957

See notes to financial statements.

FINANCIAL STATEMENTS 53

Statements of Operations  (unaudited) (continued)

Six Months Ended October 31, 2019

	iShares Morningstar Mid-Cap Growth ETF			iShares Morningstar Mid-Cap Value ETF			iShares Morningstar Small-Cap ETF			iShares Morningstar Small-Cap Growth ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,899,103		$	7,069,175		$	2,120,649		$	445,582
Dividends — Affiliated		4,494			7,352			2,977			1,781
Interest — Unaffiliated		34			—			61			—
Securities lending income — Affiliated — net		76,386			8,493			21,033			144,175
Foreign taxes withheld		—			(1,512	)		(443	)		(2,476	)
Total investment income		1,980,017			7,083,508			2,144,277			589,062
EXPENSES
Investment advisory fees		861,359			698,685			294,296			330,350
Total expenses		861,359			698,685			294,296			330,350
Net investment income		1,118,658			6,384,823			1,849,981			258,712
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(5,234,843	)		(15,074,839	)		(7,648,753	)		(9,215,806	)
Investments — Affiliated		(158	)		101			1,599			(693	)
In-kind redemptions — Unaffiliated		21,521,030			19,756,964			12,721,480			11,392,946
Futures contracts		25,825			43,377			24,720			4,753
Net realized gain		16,311,854			4,725,603			5,099,046			2,181,200
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(12,358,963	)		(444,310	)		806,283			(7,838,425	)
Investments — Affiliated		4,581			144			77			3,666
Futures contracts		25,908			1,531			11,847			2,741
Net change in unrealized appreciation (depreciation)		(12,328,474	)		(442,635	)		818,207			(7,832,018	)
Net realized and unrealized gain (loss)		3,983,380			4,282,968			5,917,253			(5,650,818	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,102,038		$	10,667,791		$	7,767,234		$	(5,392,106	)

See notes to financial statements.

54 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations  (unaudited) (continued)

Six Months Ended October 31, 2019

	iShares Morningstar Small-Cap Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	5,080,817
Dividends — Affiliated		6,096
Interest — Unaffiliated		63
Securities lending income — Affiliated — net		88,000
Total investment income		5,174,976
EXPENSES
Investment advisory fees		598,064
Total expenses		598,064
Net investment income		4,576,912
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(32,003,212	)
Investments — Affiliated		262
In-kind redemptions — Unaffiliated		11,653,876
Futures contracts		67,838
Net realized loss		(20,281,236	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(2,400,614	)
Investments — Affiliated		2,158
Futures contracts		10,810
Net change in unrealized appreciation (depreciation)		(2,387,646	)
Net realized and unrealized loss		(22,668,882	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(18,091,970	)

See notes to financial statements.

FINANCIAL STATEMENTS 55

Statements of Changes in Net Assets

	iShares Morningstar Large-Cap ETF						iShares Morningstar Large-Cap Growth ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	8,448,706		$	18,648,604		$	2,883,996		$	6,768,805
Net realized gain		38,708,345			32,290,315			44,711,615			53,075,667
Net change in unrealized appreciation (depreciation)		(14,485,941	)		46,454,155			(16,874,825	)		94,251,252
Net increase in net assets resulting from operations		32,671,110			97,393,074			30,720,786			154,095,724
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,362,744	)		(18,523,506	)		(2,807,985	)		(7,313,842	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(58,672,636	)		(160,079,701	)		9,136,200			25,173,933
NET ASSETS
Total increase (decrease) in net assets		(38,364,270	)		(81,210,133	)		37,049,001			171,955,815
Beginning of period		863,171,527			944,381,660			1,104,272,864			932,317,049
End of period	$	824,807,257		$	863,171,527		$	1,141,321,865		$	1,104,272,864

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

See notes to financial statements.

56 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Morningstar Large-Cap Value ETF						iShares Morningstar Mid-Cap ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,620,521		$	11,999,396		$	5,392,630		$	11,842,786
Net realized gain		17,018,323			2,945,506			26,007,796			20,448,485
Net change in unrealized appreciation (depreciation)		4,835,294			32,933,533			(8,564,469	)		42,058,225
Net increase in net assets resulting from operations		29,474,138			47,878,435			22,835,957			74,349,496
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(7,315,602	)		(11,461,757	)		(5,012,845	)		(12,071,223	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		13,987,372			82,555,240			(10,519,908	)		(93,602,438	)
NET ASSETS
Total increase (decrease) in net assets		36,145,908			118,971,918			7,303,204			(31,324,165	)
Beginning of period		492,995,856			374,023,938			716,533,886			747,858,051
End of period	$	529,141,764		$	492,995,856		$	723,837,090		$	716,533,886

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

See notes to financial statements.

FINANCIAL STATEMENTS 57

Statements of Changes in Net Assets  (continued)

	iShares Morningstar Mid-Cap Growth ETF						iShares Morningstar Mid-Cap Value ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,118,658		$	804,401		$	6,384,823		$	10,460,796
Net realized gain		16,311,854			10,196,051			4,725,603			16,059,654
Net change in unrealized appreciation (depreciation)		(12,328,474	)		49,354,894			(442,635	)		(9,482,022	)
Net increase in net assets resulting from operations		5,102,038			60,355,346			10,667,791			17,038,428
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(620,886	)		(928,541	)		(5,921,626	)		(10,479,633	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		110,758,770			157,158,777			6,729,013			39,164,570
NET ASSETS
Total increase in net assets		115,239,922			216,585,582			11,475,178			45,723,365
Beginning of period		475,724,129			259,138,547			463,524,291			417,800,926
End of period	$	590,964,051		$	475,724,129		$	474,999,469		$	463,524,291

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

See notes to financial statements.

58 2019  ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Morningstar Small-Cap ETF						iShares Morningstar Small-Cap Growth ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,849,981		$	3,205,973		$	258,712		$	231,278
Net realized gain		5,099,046			2,856,106			2,181,200			12,703,135
Net change in unrealized appreciation (depreciation)		818,207			3,270,824			(7,832,018	)		4,220,108
Net increase (decrease) in net assets resulting from operations		7,767,234			9,332,903			(5,392,106	)		17,154,521
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,546,580	)		(3,362,147	)		(278,109	)		(593,934	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		93,294			(15,877,012	)		(268,245	)		33,953,657
NET ASSETS
Total increase (decrease) in net assets		6,313,948			(9,906,256	)		(5,938,460	)		50,514,244
Beginning of period		237,032,188			246,938,444			215,251,279			164,737,035
End of period	$	243,346,136		$	237,032,188		$	209,312,819		$	215,251,279

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

See notes to financial statements.

FINANCIAL STATEMENTS 59

Statements of Changes in Net Assets  (continued)

	iShares Morningstar Small-Cap Value ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,576,912		$	9,495,313
Net realized gain (loss)		(20,281,236	)		11,397,855
Net change in unrealized appreciation (depreciation)		(2,387,646	)		(8,693,549	)
Net increase (decrease) in net assets resulting from operations		(18,091,970	)		12,199,619
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,935,985	)		(9,432,984	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(13,160,150	)		(19,245,830	)
NET ASSETS
Total decrease in net assets		(36,188,105	)		(16,479,195	)
Beginning of period		430,681,389			447,160,584
End of period	$	394,493,284		$	430,681,389

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

See notes to financial statements.

60 2019  ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Morningstar Large-Cap ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	167.61		$	152.32		$	142.88		$	120.58		$	122.54		$	110.41
Net investment income(a)		1.69			3.24			2.93			2.57			2.27			2.33
Net realized and unrealized gain (loss)(b)		5.01			15.28			9.42			22.44			(1.27	)		12.05
Net increase from investment operations		6.70			18.52			12.35			25.01			1.00			14.38
Distributions(c)
From net investment income		(2.48	)		(3.23	)		(2.91	)		(2.71	)		(2.96	)		(2.25	)
Total distributions		(2.48	)		(3.23	)		(2.91	)		(2.71	)		(2.96	)		(2.25	)
Net asset value, end of period	$	171.83		$	167.61		$	152.32		$	142.88		$	120.58		$	122.54
Total Return
Based on net asset value		4.07	%(d)		12.33	%		8.66	%		20.97	%		0.87	%		13.09	%
Ratios to Average Net Assets
Total expenses		0.20	%(e)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		2.03	%(e)		2.05	%		1.91	%		1.96	%		1.91	%		1.96	%
Supplemental Data
Net assets, end of period (000)	$	824,807		$	863,172		$	944,382		$	814,433		$	608,927		$	667,832
Portfolio turnover rate(f)		25	%(d)		38	%		46	%		45	%		39	%		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) Not annualized.

^(e) Annualized.

^(f) 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 Morningstar Large-Cap Growth ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	190.39		$	165.01		$	136.27		$	116.36		$	118.09		$	100.37
Net investment income(a)		0.49			1.16			1.48			1.12			1.13			1.11
Net realized and unrealized gain (loss)(b)		4.70			25.47			28.70			19.88			(1.64	)		17.67
Net increase (decrease) from investment operations		5.19			26.63			30.18			21.00			(0.51	)		18.78
Distributions(c)
From net investment income		(0.48	)		(1.25	)		(1.44	)		(1.09	)		(1.22	)		(1.06	)
Total distributions		(0.48	)		(1.25	)		(1.44	)		(1.09	)		(1.22	)		(1.06	)
Net asset value, end of period	$	195.10		$	190.39		$	165.01		$	136.27		$	116.36		$	118.09
Total Return
Based on net asset value		2.73	%(d)		16.21	%		22.26	%		18.15	%		(0.44	)%		18.77	%
Ratios to Average Net Assets
Total expenses		0.25	%(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		0.51	%(e)		0.66	%		0.97	%		0.91	%		0.96	%		0.99	%
Supplemental Data
Net assets, end of period (000)	$	1,141,322		$	1,104,273		$	932,317		$	729,026		$	791,246		$	726,248
Portfolio turnover rate(f)		14	%(d)		23	%		48	%		31	%		22	%		21	%

^(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) Not annualized.

^(e) Annualized.

^(f) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

62 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares Morningstar Large-Cap Value ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	108.35		$	101.09		$	95.07		$	85.03		$	86.04		$	82.96
Net investment income(a)		1.63			2.97			2.55			2.53			2.56			2.21
Net realized and unrealized gain (loss)(b)		4.16			7.17			6.02			10.03			(1.03	)		3.07
Net increase from investment operations		5.79			10.14			8.57			12.56			1.53			5.28
Distributions(c)
From net investment income		(1.56	)		(2.88	)		(2.55	)		(2.52	)		(2.54	)		(2.20	)
Total distributions		(1.56	)		(2.88	)		(2.55	)		(2.52	)		(2.54	)		(2.20	)
Net asset value, end of period	$	112.58		$	108.35		$	101.09		$	95.07		$	85.03		$	86.04
Total Return
Based on net asset value		5.41	%(d)		10.22	%		9.07	%		14.95	%		1.92	%		6.42	%
Ratios to Average Net Assets
Total expenses		0.25	%(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		3.01	%(e)		2.86	%		2.54	%		2.78	%		3.10	%		2.60	%
Supplemental Data
Net assets, end of period (000)	$	529,142		$	492,996		$	374,024		$	380,268		$	289,101		$	305,434
Portfolio turnover rate(f)		17	%(d)		24	%		24	%		31	%		27	%		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)  Not annualized.

^(e)  Annualized.

^(f)  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 Morningstar Mid-Cap ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	196.31		$	180.21		$	168.00		$	145.96		$	151.49		$	133.53
Net investment income(a)		1.48			2.99			2.48			2.01			2.30			2.01
Net realized and unrealized gain (loss)(b)		4.66			16.17			12.13			22.68			(5.42	)		18.03
Net increase (decrease) from investment operations		6.14			19.16			14.61			24.69			(3.12	)		20.04
Distributions(c)
From net investment income		(1.38	)		(3.06	)		(2.40	)		(2.65	)		(2.41	)		(2.08	)
Total distributions		(1.38	)		(3.06	)		(2.40	)		(2.65	)		(2.41	)		(2.08	)
Net asset value, end of period	$	201.07		$	196.31		$	180.21		$	168.00		$	145.96		$	151.49
Total Return
Based on net asset value		3.16	%(d)		10.79	%		8.73	%		17.06	%		(2.03	)%		15.09	%
Ratios to Average Net Assets
Total expenses		0.25	%(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		1.52	%(e)		1.63	%		1.40	%		1.28	%		1.59	%		1.39	%
Supplemental Data
Net assets, end of period (000)	$	723,837		$	716,534		$	747,858		$	747,607		$	540,062		$	515,075
Portfolio turnover rate(f)		23	%(d)		60	%		50	%		56	%		51	%		55	%

^(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) Not annualized.

^(e) Annualized.

^(f) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

64 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Mid-Cap Growth ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	243.96		$	207.31		$	177.31		$	153.60		$	165.11		$	142.18
Net investment income(a)		0.48			0.55			0.75			0.84			0.60			0.60
Net realized and unrealized gain (loss)(b)		2.07			36.74			30.14			23.76			(11.46	)		23.19
Net increase (decrease) from investment operations		2.55			37.29			30.89			24.60			(10.86	)		23.79
Distributions(c)
From net investment income		(0.27	)		(0.64	)		(0.89	)		(0.89	)		(0.65	)		(0.86	)
Total distributions		(0.27	)		(0.64	)		(0.89	)		(0.89	)		(0.65	)		(0.86	)
Net asset value, end of period	$	246.24		$	243.96		$	207.31		$	177.31		$	153.60		$	165.11
Total Return
Based on net asset value		1.04	%(d)		18.03	%		17.46	%		16.06	%		(6.58	)%		16.78	%
Ratios to Average Net Assets
Total expenses		0.30	%(e)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income		0.39	%(e)		0.25	%		0.38	%		0.52	%		0.39	%		0.39	%
Supplemental Data
Net assets, end of period (000)	$	590,964		$	475,724		$	259,139		$	212,773		$	207,355		$	231,160
Portfolio turnover rate(f)		13	%(d)		30	%		43	%		47	%		44	%		50	%

^(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)  Not annualized.

^(e) Annualized.

^(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 Morningstar Mid-Cap Value ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	159.84		$	157.66		$	147.89		$	125.61		$	125.84		$	118.75
Net investment income(a)		2.16			3.69			3.26			2.87			2.86			2.38
Net realized and unrealized gain (loss)(b)		1.03			2.18			9.65			22.21			(0.12	)		7.22
Net increase from investment operations		3.19			5.87			12.91			25.08			2.74			9.60
Distributions(c)
From net investment income		(2.01	)		(3.69	)		(3.14	)		(2.80	)		(2.97	)		(2.51	)
Total distributions		(2.01	)		(3.69	)		(3.14	)		(2.80	)		(2.97	)		(2.51	)
Net asset value, end of period	$	161.02		$	159.84		$	157.66		$	147.89		$	125.61		$	125.84
Total Return
Based on net asset value		2.04	%(d)		3.83	%		8.81	%		20.15	%		2.29	%		8.13	%
Ratios to Average Net Assets
Total expenses		0.30	%(e)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income		2.74	%(e)		2.36	%		2.13	%		2.06	%		2.37	%		1.93	%
Supplemental Data
Net assets, end of period (000)	$	474,999		$	463,524		$	417,801		$	384,524		$	194,702		$	226,507
Portfolio turnover rate(f)		22	%(d)		35	%		45	%		38	%		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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

66 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Small-Cap ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	175.58		$	170.30		$	161.10		$	134.45		$	140.33		$	130.00
Net investment income(a)		1.36			2.30			1.96			1.67			2.05			1.61
Net realized and unrealized gain (loss)(b)		4.47			5.37			9.40			27.48			(5.99	)		10.40
Net increase (decrease) from investment operations		5.83			7.67			11.36			29.15			(3.94	)		12.01
Distributions(c)
From net investment income		(1.15	)		(2.39	)		(2.16	)		(2.50	)		(1.94	)		(1.68	)
Total distributions		(1.15	)		(2.39	)		(2.16	)		(2.50	)		(1.94	)		(1.68	)
Net asset value, end of period	$	180.26		$	175.58		$	170.30		$	161.10		$	134.45		$	140.33
Total Return
Based on net asset value		3.35	%(d)		4.56	%		7.09	%		21.86	%		(2.78	)%		9.27	%
Ratios to Average Net Assets
Total expenses		0.25	%(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		1.57	%(e)		1.33	%		1.18	%		1.13	%		1.53	%		1.19	%
Supplemental Data
Net assets, end of period (000)	$	243,346		$	237,032		$	246,938		$	241,644		$	194,947		$	224,533
Portfolio turnover rate(f)		26	%(d)		67	%		56	%		66	%		65	%		61	%

^(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) Not annualized.

^(e) Annualized.

^(f) 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 Morningstar Small-Cap Growth ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	205.00		$	183.04		$	154.83		$	130.57		$	139.32		$	125.88
Net investment income(a)		0.24			0.24			0.72			0.86			0.83			0.77
Net realized and unrealized gain (loss)(b)		(5.64	)		22.31			28.26			25.25			(8.79	)		13.49
Net increase (decrease) from investment operations		(5.40	)		22.55			28.98			26.11			(7.96	)		14.26
Distributions(c)
From net investment income		(0.25	)		(0.59	)		(0.77	)		(1.85	)		(0.79	)		(0.82	)
Total distributions		(0.25	)		(0.59	)		(0.77	)		(1.85	)		(0.79	)		(0.82	)
Net asset value, end of period	$	199.35		$	205.00		$	183.04		$	154.83		$	130.57		$	139.32
Total Return
Based on net asset value		(2.64	)%(d)		12.35	%		18.75	%		20.10	%		(5.73	)%		11.35	%
Ratios to Average Net Assets
Total expenses		0.30	%(e)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income		0.23	%(e)		0.12	%		0.42	%		0.60	%		0.62	%		0.58	%
Supplemental Data
Net assets, end of period (000)	$	209,313		$	215,251		$	164,737		$	116,125		$	110,984		$	118,423
Portfolio turnover rate(f)		30	%(d)		55	%		51	%		63	%		59	%		61	%

^(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) Not annualized.

^(e) Annualized.

^(f) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

68 2019 ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Small-Cap Value ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	143.56		$	144.25		$	143.75		$	122.26		$	128.47		$	122.17
Net investment income(a)		1.55			3.25			2.58			3.08			3.04			3.11
Net realized and unrealized gain (loss)(b)		(7.41	)		(0.69	)		0.61			21.83			(6.28	)		6.40
Net increase (decrease) from investment operations		(5.86	)		2.56			3.19			24.91			(3.24	)		9.51
Distributions(c)
From net investment income		(1.67	)		(3.25	)		(2.69	)		(3.42	)		(2.97	)		(3.21	)
Total distributions		(1.67	)		(3.25	)		(2.69	)		(3.42	)		(2.97	)		(3.21	)
Net asset value, end of period	$	136.03		$	143.56		$	144.25		$	143.75		$	122.26		$	128.47
Total Return
Based on net asset value		(4.05	)%(d)		1.83	%		2.23	%		20.58	%		(2.42	)%		7.83	%
Ratios to Average Net Assets
Total expenses		0.30	%(e)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income		2.30	%(e)		2.24	%		1.78	%		2.29	%		2.56	%		2.47	%
Supplemental Data
Net assets, end of period (000)	$	394,493		$	430,681		$	447,161		$	481,551		$	379,000		$	430,379
Portfolio turnover rate(f)		28	%(d)		48	%		54	%		48	%		51	%		40	%

^(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)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 69

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Morningstar Large-Cap	Diversified
Morningstar Large-Cap Growth	Diversified
Morningstar Large-Cap Value	Diversified
Morningstar Mid-Cap	Diversified
Morningstar Mid-Cap Growth	Diversified
Morningstar Mid-Cap Value	Diversified
Morningstar Small-Cap	Diversified
Morningstar Small-Cap Growth	Diversified
Morningstar Small-Cap Value	Diversified

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 October 31, 2019, 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”). 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.

70 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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

• Equity investments traded on a recognized securities exchange are valued at that day’s 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.

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.

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 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 October 31, 2019, 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 FundAdvisors (“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 October 31, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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.

NOTESTO FINANCIAL STATEMENTS 71

Notes to Financial Statements  (unaudited) (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of October 31, 2019:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Morningstar Large-Cap Growth
Barclays Capital Inc.	$	98,904	$	98,904		$	—	$	—
Deutsche Bank Securities Inc.		1,651,440		1,651,440			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		9,604,430		9,604,430			—		—
TD Prime Services LLC		65,503		65,503			—		—
UBS Securities LLC		6,754,164		6,754,164			—		—
	$	18,174,441	$	18,174,441		$	—	$	—
Morningstar Mid-Cap
Barclays Capital Inc.	$	818,300	$	818,300		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		7,466		7,466			—		—
BofA Securities, Inc.		2,671,098		2,671,098			—		—
Credit Suisse AG Dublin Branch		1,741,972		1,741,972			—		—
Goldman Sachs & Co.		6,821,244		6,821,244			—		—
HSBC Bank PLC		10,852		10,852			—		—
Jefferies LLC		736,941		736,941			—		—
JPMorgan Securities LLC		1,455,586		1,455,586			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		6,324,131		6,324,131			—		—
RBC Capital Markets LLC		3,158		3,158			—		—
UBS AG		221,190		221,190			—		—
Wells Fargo Bank, National Association		643,477		638,831			—		(4,646	)(b)
	$	21,455,415	$	21,450,769		$	—	$	(4,646	)
Morningstar Mid-Cap Growth
Barclays Bank PLC	$	3,700,911	$	3,700,911		$	—	$	—
Barclays Capital Inc.		263,439		263,439			—		—
BNP Paribas Prime Brokerage International Ltd.		4,865		4,865			—		—
Citigroup Global Markets Inc.		4,751,455		4,751,455			—		—
Credit Suisse Securities (USA) LLC		5,495,348		5,495,348			—		—
Goldman Sachs & Co.		10,694,304		10,694,304			—		—
HSBC Bank PLC		2,548,638		2,547,463			—		(1,175	)(b)
Jefferies LLC		2,536,940		2,536,940			—		—
JPMorgan Securities LLC		10,419,088		10,419,088			—		—
Mizuho Securities USA Inc.		19,312		19,312			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		5,474,360		5,474,360			—		—
National Financial Services LLC		2,956,099		2,956,099			—		—
SG Americas Securities LLC		256,105		256,105			—		—
State Street Bank & Trust Company		507,213		507,213			—		—
UBS AG		1,279,005		1,279,005			—		—
UBS Securities LLC		534,744		534,744			—		—
Virtu Americas LLC		507,890		507,890			—		—
Wells Fargo Bank, National Association		288,218		288,218			—		—
Wells Fargo Securities LLC		1,963,872		1,963,872			—		—
	$	54,201,806	$	54,200,631		$	—	$	(1,175	)
Morningstar Mid-Cap Value
Barclays Capital Inc.	$	57,352	$	57,352		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		7,284		7,284			—		—
BNP Paribas Securities Corp.		239,460		239,460			—		—
BofA Securities, Inc.		2,661,878		2,661,878			—		—
Citigroup Global Markets Inc.		12,925		12,925			—		—
Credit Suisse AG Dublin Branch		405,761		401,600			—		(4,161	)(b)
JPMorgan Securities LLC		1,137,321		1,137,321			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		406,877		406,877			—		—
National Financial Services LLC		1,499,136		1,499,136			—		—
SG Americas Securities LLC		264,915		264,915			—		—
UBS Securities LLC		52,309		52,309			—		—
Wells Fargo Bank, National Association		110,010		110,010			—		—
Wells Fargo Securities LLC		954		954			—		—
	$	6,856,182	$	6,852,021		$	—	$	(4,161	)

72 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Morningstar Small-Cap
Barclays Capital Inc.	$	1,653,671	$	1,653,671		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		3,900,823		3,900,823			—		—
BofA Securities, Inc.		128,463		128,463			—		—
Citigroup Global Markets Inc.		171,868		171,868			—		—
Credit Suisse AG Dublin Branch		948,816		948,816			—		—
Credit Suisse Securities (USA) LLC		181,728		181,728			—		—
Goldman Sachs & Co.		2,964,159		2,964,159			—		—
JPMorgan Securities LLC		883,456		883,456			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		1,580,064		1,580,064			—		—
National Financial Services LLC		261,827		261,827			—		—
RBC Capital Markets LLC		5,876		5,876			—		—
State Street Bank & Trust Company		21,728		21,728			—		—
UBS AG		692,064		692,064			—		—
UBS Securities LLC		38,044		38,044			—		—
Wells Fargo Bank, National Association		2,669,877		2,669,877			—		—
Wells Fargo Securities LLC		1,017,829		1,017,829			—		—
	$	17,120,293	$	17,120,293		$	—	$	—
Morningstar Small-Cap Growth
Barclays Bank PLC	$	1,000,719	$	1,000,719		$	—	$	—
Barclays Capital Inc.		1,854,128		1,854,128			—		—
BNP Paribas Prime Brokerage International Ltd.		1,854,153		1,854,153			—		—
BNP Paribas Securities Corp.		685,369		685,369			—		—
BofA Securities, Inc.		2,690,192		2,690,192			—		—
Citadel Clearing LLC		191,016		191,016			—		—
Citigroup Global Markets Inc.		5,304,604		5,304,604			—		—
Credit Suisse AG Dublin Branch		1,339,950		1,339,950			—		—
Credit Suisse Securities (USA) LLC		397,998		397,998			—		—
Deutsche Bank Securities Inc.		4,857		4,857			—		—
Goldman Sachs & Co.		8,525,822		8,525,822			—		—
HSBC Bank PLC		11,214		11,214			—		—
Jefferies LLC		8,178		8,178			—		—
JPMorgan Securities LLC		12,341,518		12,341,518			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		8,577,332		8,577,332			—		—
National Financial Services LLC		1,428,539		1,428,539			—		—
Scotia Capital (USA) Inc.		327,684		327,684			—		—
State Street Bank & Trust Company		268,034		268,034			—		—
UBS AG		1,943,285		1,943,285			—		—
UBS Securities LLC		707,861		707,861			—		—
Wells Fargo Bank, National Association		770,333		770,333			—		—
Wells Fargo Securities LLC		1,129,150		1,129,150			—		—
	$	51,361,936	$	51,361,936		$	—	$	—

NOTESTO FINANCIAL STATEMENTS 73

Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Morningstar Small-Cap Value
Barclays Bank PLC	$	1,251,771	$	1,251,771		$	—	$	—
Barclays Capital Inc.		1,567,911		1,567,911			—		—
BMO Capital Markets		352,720		352,720			—		—
BNP Paribas Prime Brokerage International Ltd.		1,345,817		1,345,817			—		—
BNP Paribas Securities Corp.		89,840		89,840			—		—
BofA Securities, Inc.		1,590,472		1,590,472			—		—
Citigroup Global Markets Inc.		450,032		450,032			—		—
Credit Suisse AG Dublin Branch		822,189		822,189			—		—
Credit Suisse Securities (USA) LLC		26,901		26,901			—		—
Goldman Sachs & Co.		6,950,473		6,950,473			—		—
HSBC Bank PLC		53,402		53,007			—		(395	)(b)
Jefferies LLC		707,644		707,644			—		—
JPMorgan Securities LLC		1,387,804		1,387,804			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		2,627,136		2,627,136			—		—
National Financial Services LLC		9,688		9,688			—		—
Scotia Capital (USA) Inc.		779,240		779,240			—		—
State Street Bank & Trust Company		502,264		502,264			—		—
UBS AG		1,525,574		1,525,574			—		—
UBS Securities LLC		1,430,484		1,430,484			—		—
Wells Fargo Bank, National Association		3,529,282		3,529,282			—		—
Wells Fargo Securities LLC		1,488,555		1,488,555			—		—
	$	28,489,199	$	28,488,804		$	—	$	(395	)

^(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.

74 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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 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
Morningstar Large-Cap		0.20	%
Morningstar Large-Cap Growth		0.25
Morningstar Large-Cap Value		0.25
Morningstar Mid-Cap		0.25
Morningstar Mid-Cap Growth		0.30
Morningstar Mid-Cap Value		0.30
Morningstar Small-Cap		0.25
Morningstar Small-Cap Growth		0.30
Morningstar Small-Cap Value		0.30

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 73.5% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 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.

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 six months ended October 31, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Morningstar Large-Cap	$	204
Morningstar Large-Cap Growth		18,066
Morningstar Large-Cap Value		65
Morningstar Mid-Cap		8,702
Morningstar Mid-Cap Growth		32,719
Morningstar Mid-Cap Value		3,607
Morningstar Small-Cap		9,009
Morningstar Small-Cap Growth		59,784
Morningstar Small-Cap Value		36,518

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

NOTESTO FINANCIAL STATEMENTS 75

Notes to Financial Statements  (unaudited) (continued)

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

For the six months ended October 31, 2019, 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)
Morningstar Large-Cap	$	140,389,039	$	87,004,289	$	(4,879,042	)
Morningstar Large-Cap Growth		66,333,601		98,455,540		(4,044,981	)
Morningstar Large-Cap Value		46,511,901		41,218,210		(2,641,805	)
Morningstar Mid-Cap		2,510,163		7,933,963		1,781,438
Morningstar Mid-Cap Growth		28,390,678		30,103,846		(1,690,576	)
Morningstar Mid-Cap Value		50,959,082		58,360,389		(11,359,475	)
Morningstar Small-Cap		36,273,947		27,554,696		(4,960,034	)
Morningstar Small-Cap Growth		16,356,378		19,249,087		(3,731,067	)
Morningstar Small-Cap Value		59,137,245		19,520,740		(6,657,198	)

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

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

7. PURCHASES AND SALES

For the six months ended October 31, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Morningstar Large-Cap	$	208,330,130	$	209,692,209
Morningstar Large-Cap Growth		153,296,985		153,180,256
Morningstar Large-Cap Value		83,861,221		84,875,484
Morningstar Mid-Cap		164,782,792		165,399,112
Morningstar Mid-Cap Growth		75,064,820		73,458,979
Morningstar Mid-Cap Value		102,660,945		102,400,959
Morningstar Small-Cap		62,943,329		60,528,237
Morningstar Small-Cap Growth		65,364,997		65,540,163
Morningstar Small-Cap Value		114,153,558		112,901,368

For the six months ended October 31, 2019, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Morningstar Large-Cap	$	122,979,609	$	180,615,993
Morningstar Large-Cap Growth		124,363,261		114,716,647
Morningstar Large-Cap Value		105,914,134		91,685,498
Morningstar Mid-Cap		113,396,431		124,105,449
Morningstar Mid-Cap Growth		183,528,083		74,544,303
Morningstar Mid-Cap Value		83,965,510		76,805,233
Morningstar Small-Cap		41,181,120		42,630,887
Morningstar Small-Cap Growth		40,105,824		40,206,578
Morningstar Small-Cap Value		51,732,274		65,856,640

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 October 31, 2019, 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.

76 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

As of April 30, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Morningstar Large-Cap	$	33,210,609
Morningstar Large-Cap Growth		20,457,203
Morningstar Large-Cap Value		5,529,897
Morningstar Mid-Cap		55,171,537
Morningstar Mid-Cap Growth		8,205,816
Morningstar Mid-Cap Value		12,040,400
Morningstar Small-Cap		29,207,697
Morningstar Small-Cap Growth		3,831,448
Morningstar Small-Cap Value		20,511,280

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of October 31, 2019, 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)
Morningstar Large-Cap	$	678,519,349	$	159,646,354	$	(14,024,715	)	$	145,621,639
Morningstar Large-Cap Growth		795,124,843		384,472,302		(19,707,245	)		364,765,057
Morningstar Large-Cap Value		457,013,344		89,788,150		(18,646,967	)		71,141,183
Morningstar Mid-Cap		631,221,009		138,833,650		(24,391,451	)		114,442,199
Morningstar Mid-Cap Growth		545,740,441		122,865,264		(21,266,052	)		101,599,212
Morningstar Mid-Cap Value		453,985,093		72,236,542		(43,872,291	)		28,364,251
Morningstar Small-Cap		229,485,905		43,585,732		(12,168,832	)		31,416,900
Morningstar Small-Cap Growth		239,699,397		39,742,342		(17,000,289	)		22,742,053
Morningstar Small-Cap Value		425,020,498		45,224,972		(44,803,240	)		421,732

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.

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. 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.

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.

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.

NOTESTO FINANCIAL STATEMENTS 77

Notes to Financial Statements  (unaudited) (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:

	Six Months Ended 10/31/19							Year Ended 04/30/19
iShares ETF	Shares			Amount				Shares			Amount
Morningstar Large-Cap
Shares sold		750,000		$	123,222,671				200,000		$	32,755,184
Shares redeemed		(1,100,000	)		(181,895,307	)			(1,250,000	)		(192,834,885	)
Net decrease		(350,000	)	$	(58,672,636	)			(1,050,000	)	$	(160,079,701	)
Morningstar Large-Cap Growth
Shares sold		650,000		$	124,535,136				1,200,000		$	209,922,565
Shares redeemed		(600,000	)		(115,398,936	)			(1,050,000	)		(184,748,632	)
Net increase		50,000		$	9,136,200				150,000		$	25,173,933
Morningstar Large-Cap Value
Shares sold		1,000,000		$	106,189,577				1,450,000		$	142,795,970
Shares redeemed		(850,000	)		(92,202,205	)			(600,000	)		(60,240,730	)
Net increase		150,000		$	13,987,372				850,000		$	82,555,240
Morningstar Mid-Cap
Shares sold		600,000		$	115,372,415				800,000		$	149,636,727
Shares redeemed		(650,000	)		(125,892,323	)			(1,300,000	)		(243,239,165	)
Net decrease		(50,000	)	$	(10,519,908	)			(500,000	)	$	(93,602,438	)
Morningstar Mid-Cap Growth
Shares sold		750,000		$	185,627,893				950,000		$	212,532,898
Shares redeemed		(300,000	)		(74,869,123	)			(250,000	)		(55,374,121	)
Net increase		450,000		$	110,758,770				700,000		$	157,158,777
Morningstar Mid-Cap Value
Shares sold		550,000		$	85,078,161				650,000		$	103,666,671
Shares redeemed		(500,000	)		(78,349,148	)			(400,000	)		(64,502,101	)
Net increase		50,000		$	6,729,013				250,000		$	39,164,570
Morningstar Small-Cap
Shares sold		250,000		$	43,217,116				350,000		$	63,896,504
Shares redeemed		(250,000	)		(43,123,822	)			(450,000	)		(79,773,516	)
Net increase(decrease)		—		$	93,294				(100,000	)	$	(15,877,012	)
Morningstar Small-Cap Growth
Shares sold		200,000		$	40,132,134				400,000		$	80,382,862
Shares redeemed		(200,000	)		(40,400,379	)			(250,000	)		(46,429,205	)
Net increase(decrease)		—		$	(268,245	)			150,000		$	33,953,657
							��
Morningstar Small-Cap Value
Shares sold		400,000		$	53,954,280				250,000		$	33,197,576
Shares redeemed		(500,000	)		(67,114,430	)			(350,000	)		(52,443,406	)
Net decrease		(100,000	)	$	(13,160,150	)			(100,000	)	$	(19,245,830	)

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.

78 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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. Plaintiffs have appealed the court’s decision. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal took place on November 19, 2019.

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 Morningstar Mid-Cap Value ETF received proceeds of $404,668 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.

NOTESTO FINANCIAL STATEMENTS 79

Board Review and Approval of Investment Advisory Contract

I. iShares Morningstar Large-Cap ETF, iShares Morningstar Mid-Cap Growth ETF, iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar Small-Cap Growth ETF, iShares Morningstar Small-Cap Value ETF (the “Funds”)

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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative and shareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits 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 and Performance of the Funds:The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which each Fund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising each 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 applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fund generally performed in line with its respective underlying index over the relevant periods.

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 and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the 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 appropriate, and has provided information and made relevant 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 responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA

80 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profit margin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Funds did not provide for breakpoints in the Funds’ investment advisory fee rate as the assets of the Funds increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

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”). The Board acknowledged BFA’s representation 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 objectives and strategies as the Funds and that track the same indexes. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of services and generally more extensive services provided to the 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 Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are 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 Funds and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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 Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

II. iShares Morningstar Large-Cap Growth ETF, iShares Morningstar Large-Cap Value ETF, iShares Morningstar Mid-Cap ETF (the “Funds”)

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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby the Board and its

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 81

Board Review and Approval of Investment Advisory Contract  (continued)

committees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative and shareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits 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 and Performance of the Funds:The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which each Fund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising each 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 applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds 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 their respective Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fund generally performed in line with its respective underlying index over the relevant periods.

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 and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the 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 appropriate, and has provided information and made relevant 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 responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary

82 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profit margin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Funds did not provide for breakpoints in the Funds’ investment advisory fee rate as the assets of the Funds increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

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”). The Board acknowledged BFA’s representation 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 objectives and strategies as the Funds and that track the same indexes. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of services and generally more extensive services provided to the 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 Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFAaffiliate participates (including associated commissions) are 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 Funds and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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 Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 83

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 Form1099-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-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
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
Morningstar Large-Cap(a)	$	2.445201	$	—	$	0.034300	$	2.479501		99	%		—	%		1	%		100	%
Morningstar Large-Cap Growth(a)		0.469431		—		0.010668		0.480099		98			—			2			100
Morningstar Large-Cap Value(a)		1.560324		—		0.000566		1.560890		100			—			0	(b)		100
Morningstar Mid-Cap(a)		1.238299		—		0.144761		1.383060		90			—			10			100
Morningstar Mid-Cap Growth(a)		0.249504		—		0.017354		0.266858		93			—			7			100
Morningstar Mid-Cap Value(a)		1.807438		—		0.199893		2.007331		90			—			10			100
Morningstar Small-Cap(a)		0.987810		—		0.157805		1.145615		86			—			14			100
Morningstar Small-Cap Growth(a)		0.195090		—		0.057736		0.252826		77			—			23			100
Morningstar Small-Cap Value(a)		1.397003		—		0.276773		1.673776		83			—			17			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%.

84 2019ISHARES SEMI-ANNUAL REPORTTO 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 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

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 85

Glossary of Terms Used in this Report

Portfolio Abbreviations — Equity

NVS Non-Voting Shares

86 2019ISHARES SEMI-ANNUAL REPORTTO 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., 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.

©2019 BlackRock, Inc. All rights reserved.iSHARES andBLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-404-1019

OCTOBER 31, 2019

2019 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Cohen & Steers REIT ETF | ICF | Cboe BZX

· iShares Core U.S. REIT ETF | USRT | NYSE Arca

· iShares Europe Developed Real Estate ETF | IFEU | NASDAQ

· iShares Global REIT ETF | REET | NYSE Arca

· iShares International Developed Real Estate ETF | IFGL | NASDAQ

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.

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
Fund Summary		3
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		27
Statements of Changes in Net Assets		29
Financial Highlights		32
Notes to Financial Statements		37
Board Review and Approval of Investment Advisory Contract		45
General Information		51

Fund Summary  as of October 31, 2019 iShares^® Cohen & Steers REIT ETF

Investment Objective

TheiShares Cohen & Steers REIT ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. real estate investment trusts (REITs), as represented by the Cohen & Steers Realty Majors 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.14	%		24.54	%		8.56	%		13.58	%		24.54	%		50.80	%		257.29	%
Fund Market		9.17			24.55			8.58			13.58			24.55			50.95			257.37
Index		9.32			24.96			8.94			13.97			24.96			53.44			269.82

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 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning     Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses          Paid During          the  Period (a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses       Paid During       the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,091.40	$	1.79	$	1,000.00	$	1,023.40	$	1.73		0.34	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments  (a)
Specialized REITs		30.8%
Residential REITs		20.1
Retail REITs		15.9
Office REITs		11.6
Industrial REITs		10.4
Health Care REITs		9.3
Hotel & Resort REITs		1.9

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments (a)
Prologis Inc.		8.4%
American Tower Corp.		7.8
Equinix Inc.		7.3
Simon Property Group Inc.		7.2
Welltower Inc.		5.6
Public Storage		5.1
Equity Residential		4.7
AvalonBay Communities Inc.		4.7
SBA Communications Corp.		4.2
Digital Realty Trust Inc.		4.1

FUND SUMMARY 3

Fund Summary  as of October 31, 2019 iShares^® Core U.S. REIT ETF

Investment Objective

TheiShares Core U.S. REIT ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. real estate equities, as represented by the FTSE Nareit Equity REITs 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		10.84	%		23.62	%		8.43	%		12.96	%		23.62	%		49.90	%		238.29	%
Fund Market		10.84			23.62			8.45			12.95			23.62			49.99			238.04
Index		10.89			23.70			8.61			13.34			23.70			51.14			249.94

Index performance through November 2, 2016 reflects the performance of the FTSE NAREIT Real Estate 50 Index. Index performance beginning on November 3, 2016 reflects the performance of the FTSE Nareit Equity REITS Index.

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 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning     Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses          Paid During          the  Period (a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses      Paid During      the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,108.40	$	0.42	$	1,000.00	$	1,024.70	$	0.41		0.08	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Specialized REITs		19.8%
Residential REITs		19.1
Retail REITs		15.7
Health Care REITs		12.9
Office REITs		11.3
Industrial REITs		10.3
Diversified REITs		6.4
Hotel & Resort REITs		4.5
Asset Management & Custody Banks		0.0(b)

^(a)  Excludes money market funds.

^(b)  Rounds to less than 0.1%.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Prologis Inc.		5.4%
Equinix Inc.		4.7
Simon Property Group Inc.		4.6
Welltower Inc.		3.6
Public Storage		3.3
Equity Residential		3.2
AvalonBay Communities Inc.		3.0
Digital Realty Trust Inc.		2.6
Realty Income Corp.		2.6
Ventas Inc.		2.4

4 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019 iShares^® Europe Developed Real Estate ETF

Investment Objective

TheiShares Europe Developed Real Estate ETF(the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed European markets, as represented by the FTSE EPRA Nareit Developed Europe 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
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.81	%		12.75	%		5.54	%		6.95	%		12.75	%		30.96	%		95.82	%
Fund Market		7.62			13.04			5.55			7.06			13.04			31.03			97.87
Index		7.75			12.81			5.62			7.06			12.81			31.45			97.76

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 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning     Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses          Paid During          the  Period (a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses       Paid During       the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,078.10	$	2.51	$	1,000.00	$	1,022.70	$	2.44		0.48	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments(a)
Real Estate Operating Companies		43.1	%
Retail REITs		16.9
Diversified REITs		13.3
Office REITs		9.6
Industrial REITs		7.1
Residential REITs		3.0
Health Care REITs		2.9
Diversified Real Estate Activities		1.9
Specialized REITs		1.5
Other (each representing less than 1%)		0.7

TEN LARGEST COUNTRIES

Country	Percent of Total Investments(a)
United Kingdom		27.3	%
Germany		25.6
France		16.4
Sweden		10.3
Switzerland		6.3
Belgium		5.6
Spain		3.4
Netherlands		1.3
Ireland		1.2
Austria		0.9

^(a)  Excludes money market funds.

FUND SUMMARY 5

Fund Summary  as of October 31, 2019 iShares^® Global REIT ETF

Investment Objective

TheiShares Global REIT ETF(the “Fund”) seeks to track the investment results of an index composed of global real estate equities in developed and emerging markets, as represented by the FTSE EPRA Nareit Global REITS 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
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		10.25	%		22.22	%		6.95	%		7.20	%		22.22	%		39.96	%		44.76	%
Fund Market		10.44			22.54			6.85			7.22			22.54			39.27			44.88
Index		9.86			21.33			6.15			6.39			21.33			34.75			38.93

The inception date of the Fund was 7/8/14. The first day of secondary market trading was 7/10/14.

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 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning     Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses         Paid During         the Period (a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses           Paid During           the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,102.50	$	0.74	$	1,000.00	$	1,024.40	$	0.71		0.14	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments  (a)
Retail REITs		20.8%
Residential REITs		15.9
Office REITs		14.9
Diversified REITs		13.9
Industrial REITs		11.7
Health Care REITs		9.8
Specialized REITs		9.2
Hotel & Resort REITs		3.7
Other (each representing less than 1%)		0.1

TEN LARGEST COUNTRIES

Country	Percent of     Total Investments  (a)
United States		66.0%
Japan		9.2
United Kingdom		5.1
Australia		4.2
France		3.3
Canada		3.3
Singapore		2.8
Hong Kong		1.8
Belgium		1.1
South Africa		0.8

^(a)  Excludes money market funds.

6 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of October 31, 2019 iShares^® International Developed Real Estate ETF

Investment Objective

TheiShares International Developed Real Estate ETF(the “Fund”) seeks to track the investment results of an index composed of real estate equities in developednon-U.S. markets, as represented by the FTSE EPRA Nareit Developedex-U.S. 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

	6 Months			Average Annual Total Returns									Cumulative Total Returns
				1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.16	%		18.93	%		4.85	%		6.43	%		18.93	%		26.73	%		86.44	%
Fund Market		6.82			18.77			4.52			6.64			18.77			24.76			90.25
Index		7.22			19.12			5.08			6.75			19.12			28.10			92.11

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 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning     Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses         Paid During         the Period (a)		Beginning Account Value (05/01/19)		Ending Account Value (10/31/19)		Expenses          Paid During          the  Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,071.60	$	2.50	$	1,000.00	$	1,022.70	$	2.44		0.48	%

^(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments  (a)
Real Estate Operating Companies		20.4%
Retail REITs		16.6
Diversified REITs		16.1
Diversified Real Estate Activities		16.0
Office REITs		12.4
Industrial REITs		7.5
Residential REITs		4.3
Real Estate Development		3.2
Health Care REITs		1.2
Hotel & Resort REITs		1.0
Other (each representing less than 1%)		1.3

TEN LARGEST COUNTRIES

Country	Percent of     Total Investments  (a)
Japan		27.0%
Hong Kong		13.5
United Kingdom		10.3
Germany		9.7
Australia		7.9
Canada		6.7
Singapore		6.4
France		6.2
Sweden		3.9
Switzerland		2.4

^(a) Excludes money market funds.

FUND SUMMARY 7

About Fund Performance

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 recentmonth-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.

8 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Cohen & Steers REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Health Care REITs — 9.3%
Ventas Inc.		1,406,994	$	91,595,310
Welltower Inc.		1,542,315		139,872,547
				231,467,857
Hotel & Resort REITs — 1.9%
Host Hotels & Resorts Inc.		2,821,873		46,250,498
Industrial REITs — 10.4%
Duke Realty Corp.		1,368,968		48,105,535
Prologis Inc.		2,380,184		208,884,948
				256,990,483
Office REITs — 11.6%
Alexandria Real Estate Equities Inc.		430,144		68,285,360
Boston Properties Inc.		547,500		75,117,000
Cousins Properties Inc.		552,315		22,164,401
Douglas Emmett Inc.		616,143		26,691,315
Kilroy Realty Corp.		353,810		29,695,273
SL Green Realty Corp.		321,180		26,850,648
Vornado Realty Trust		603,208		39,588,541
				288,392,538
Residential REITs — 20.1%
American Campus Communities Inc.		522,788		26,128,944
AvalonBay Communities Inc.		530,950		115,566,577
Equity LifeStyle Properties Inc.		685,040		47,911,698
Equity Residential		1,327,734		117,716,897
Essex Property Trust Inc.		250,299		81,880,312
Invitation Homes Inc.		1,779,603		54,793,976
UDR Inc.		1,073,284		53,932,521
				497,930,925
Retail REITs — 15.9%
Federal Realty Investment Trust		265,497		36,110,247
National Retail Properties Inc.		653,721		38,510,704

Security	Shares		Value
Retail REITs (continued)
Realty Income Corp.		1,199,056	$	98,070,790
Regency Centers Corp.		636,471		42,796,310
Simon Property Group Inc.		1,176,847		177,327,306
				392,815,357
Specialized REITs — 30.7%
American Tower Corp.		889,352		193,949,884
Digital Realty Trust Inc.		793,296		100,780,324
Equinix Inc.		320,201		181,483,523
Extra Space Storage Inc.		485,439		54,500,236
Public Storage		571,650		127,397,919
SBA Communications Corp.		431,344		103,802,934
				761,914,820
Total Common Stocks — 99.9% (Cost: $2,044,764,840)				2,475,762,478
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.74%(a)(b)		2,703,000		2,703,000
Total Short -Term Investments — 0.1% (Cost: $2,703,000)				2,703,000
Total Investments in Securities — 100.0% (Cost: $2,047,467,840)				2,478,465,478
Other Assets, Less Liabilities — (0.0)%				(18,856	)
Net Assets — 100.0%			$	2,478,446,622

^(a) Affiliate of the Fund.

^(b) Annualized7-day yield as ofperiod-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19		Net Activity		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized      Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		—		—	$	—	$	412	(b)	$	(3,325	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,402,508		300,492		2,703,000		2,703,000		41,903			—			—
							$	2,703,000	$	42,315		$	(3,325	)	$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate		66		12/20/19	$	2,442	$	7,299

SCHEDULE OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Cohen & Steers REIT ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	7,299

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	442,648
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(7,378	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	6,070,673

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,475,762,478	$	—	$	—	$	2,475,762,478
Money Market Funds		2,703,000		—		—		2,703,000
	$	2,478,465,478	$	—	$	—	$	2,478,465,478
Derivative financial instruments(a)
Assets
Futures Contracts	$	7,299	$	—	$	—	$	7,299

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

See notes to financial statements.

10 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Asset Management & Custody Banks — 0.0%
Ashford Inc.(a)		533	$	12,733
Diversified REITs — 6.4%
Alexander & Baldwin Inc.		118,028		2,774,838
American Assets Trust Inc.		82,537		4,041,012
Armada Hoffler Properties Inc.		91,012		1,705,565
Colony Capital Inc.		822,361		4,605,222
Empire State Realty Trust Inc., Class A		254,071		3,676,407
Essential Properties Realty Trust Inc.		129,511		3,323,252
Gladstone Commercial Corp.		53,263		1,254,876
Global Net Lease Inc.		144,893		2,822,516
Liberty Property Trust		265,973		15,711,025
One Liberty Properties Inc.		27,622		784,741
PS Business Parks Inc.		34,106		6,157,838
STORE Capital Corp.		359,946		14,577,813
VEREIT Inc.		1,803,241		17,743,891
Washington REIT		137,575		4,267,577
WP Carey Inc.		288,546		26,563,545
				110,010,118
Health Care REITs — 12.8%
CareTrust REIT Inc.		163,183		3,955,556
Community Healthcare Trust Inc.		31,900		1,544,598
Global Medical REIT Inc.		56,010		677,721
Healthcare Realty Trust Inc.		217,871		7,575,375
Healthcare Trust of America Inc., Class A		348,233		10,795,223
Healthpeak Properties Inc.		839,465		31,580,673
LTC Properties Inc.		67,608		3,505,475
Medical Properties Trust Inc.		756,033		15,672,564
National Health Investors Inc.		71,355		6,121,545
New Senior Investment Group Inc.		146,232		1,029,473
Omega Healthcare Investors Inc.		364,794		16,065,528
Physicians Realty Trust		317,295		5,923,898
Sabra Health Care REIT Inc.		321,896		7,918,642
Senior Housing Properties Trust		303,423		3,011,473
Universal Health Realty Income Trust		22,158		2,641,898
Ventas Inc.		635,591		41,376,974
Welltower Inc.		691,653		62,726,011
				222,122,627
Hotel & Resort REITs — 4.5%
Apple Hospitality REIT Inc.		359,837		5,930,114
Ashford Hospitality Trust Inc.		162,888		444,684
Braemar Hotels & Resorts Inc.		54,580		503,773
Chatham Lodging Trust		79,852		1,441,329
CorePoint Lodging Inc.		71,716		706,403
DiamondRock Hospitality Co.		345,841		3,451,493
Hersha Hospitality Trust		61,468		848,258
Host Hotels & Resorts Inc.		1,235,364		20,247,616
Park Hotels & Resorts Inc.		407,754		9,480,280
Pebblebrook Hotel Trust		221,697		5,699,830
RLJ Lodging Trust		294,575		4,833,976
Ryman Hospitality Properties Inc.		78,192		6,581,421
Service Properties Trust		278,725		7,051,743
Summit Hotel Properties Inc.		178,798		2,192,063
Sunstone Hotel Investors Inc.		383,013		5,174,506
Xenia Hotels & Resorts Inc.		193,485		4,072,859
				78,660,348
Industrial REITs — 10.2%
Americold Realty Trust		327,229		13,118,611

Security	Shares		Value
Industrial REITs (continued)
Duke Realty Corp.		613,609	$	21,562,220
EastGroup Properties Inc.		63,156		8,459,746
First Industrial Realty Trust Inc.		214,587		9,036,258
Industrial Logistics Properties Trust		111,696		2,372,423
Lexington Realty Trust		392,595		4,271,434
Monmouth Real Estate Investment Corp.		158,633		2,392,186
Prologis Inc.(b)		1,071,989		94,077,755
Rexford Industrial Realty Inc.		186,423		8,965,082
STAG Industrial Inc.		218,040		6,767,961
Terreno Realty Corp.		109,931		6,201,208
				177,224,884
Office REITs — 11.3%
Alexandria Real Estate Equities Inc.		190,550		30,249,812
Boston Properties Inc.		263,940		36,212,568
Brandywine Realty Trust		299,968		4,583,511
City Office REIT Inc.		68,402		926,163
Columbia Property Trust Inc.		199,688		4,097,598
Corporate Office Properties Trust		190,768		5,654,363
Cousins Properties Inc.		248,980		9,991,567
Douglas Emmett Inc.		283,343		12,274,419
Easterly Government Properties Inc.		134,750		3,007,620
Franklin Street Properties Corp.		175,961		1,513,265
Highwoods Properties Inc.		174,647		8,173,480
Hudson Pacific Properties Inc.		259,745		9,330,040
JBG SMITH Properties		209,032		8,415,628
Kilroy Realty Corp.		169,073		14,190,297
Mack-Cali Realty Corp.		148,123		3,172,795
Office Properties Income Trust		81,812		2,608,167
Paramount Group Inc.		346,578		4,668,406
Piedmont Office Realty Trust Inc., Class A		214,452		4,812,303
SL Green Realty Corp.		140,357		11,733,845
Vornado Realty Trust		295,110		19,368,069
				194,983,916
Residential REITs — 19.1%
American Campus Communities Inc.		233,568		11,673,729
American Homes 4 Rent, Class A		439,253		11,627,027
Apartment Investment & Management Co., Class A		252,315		13,847,047
AvalonBay Communities Inc.		237,635		51,723,634
Bluerock Residential Growth REIT Inc.		41,908		503,734
BRT Apartments Corp.		16,514		275,784
Camden Property Trust		159,069		18,192,722
Clipper Realty Inc.		27,990		269,824
Equity LifeStyle Properties Inc.		295,901		20,695,316
Equity Residential		624,311		55,351,413
Essex Property Trust Inc.		111,678		36,533,224
Front Yard Residential Corp.		86,996		1,076,141
Independence Realty Trust Inc.		154,971		2,386,553
Investors Real Estate Trust		20,298		1,535,950
Invitation Homes Inc.		814,366		25,074,329
Mid-America Apartment Communities Inc.		193,953		26,957,527
NexPoint Residential Trust Inc.		32,813		1,600,290
Preferred Apartment Communities Inc., Class A		77,401		1,108,382
Sun Communities Inc.		151,119		24,579,505
UDR Inc.		495,516		24,899,679
UMH Properties Inc.		62,832		938,082
				330,849,892
Retail REITs — 15.7%
Acadia Realty Trust		141,813		3,967,928
Agree Realty Corp.		69,953		5,510,198

SCHEDULE OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Alexander’s Inc.		3,711	$	1,281,779
American Finance Trust Inc.(b)		183,614		2,717,487
Brixmor Property Group Inc.		507,261		11,169,887
Brookfield Property REIT Inc., Class A		127,172		2,403,551
CBL & Associates Properties Inc.		227,537		327,653
Cedar Realty Trust Inc.		156,858		523,906
Federal Realty Investment Trust.		127,424		17,330,938
Getty Realty Corp.		57,545		1,930,059
Kimco Realty Corp.		689,411		14,863,701
Kite Realty Group Trust		143,000		2,548,260
Macerich Co. (The)		104,984		2,887,060
National Retail Properties Inc.		276,728		16,302,046
Pennsylvania REIT(b)		117,691		649,654
Realty Income Corp.		543,281		44,434,953
Regency Centers Corp.		283,903		19,089,638
Retail Opportunity Investments Corp.		192,385		3,590,866
Retail Properties of America Inc., Class A		366,388		5,041,499
Retail Value Inc.		26,303		962,953
RPT Realty		132,392		1,919,684
Saul Centers Inc.		20,791		1,113,150
Simon Property Group Inc.		524,732		79,066,618
SITE Centers Corp.		240,479		3,734,639
Spirit Realty Capital Inc.		153,316		7,641,269
Tanger Factory Outlet Centers Inc.		156,939		2,529,857
Taubman Centers Inc.		100,274		3,587,804
Urban Edge Properties		197,314		4,165,299
Urstadt Biddle Properties Inc., Class A		51,782		1,259,856
Washington Prime Group Inc.		323,918		1,366,934
Weingarten Realty Investors		207,278		6,576,931
Whitestone REIT		66,975		953,724
				271,449,781
Specialized REITs — 19.8%
CoreCivic Inc.		204,324		3,117,984
CoreSite Realty Corp.		62,758		7,374,065
CubeSmart		328,221		10,404,606
CyrusOne Inc.		191,106		13,622,036
Digital Realty Trust Inc.		354,638		45,053,211
EPR Properties		131,527		10,231,485
Equinix Inc.		143,120		81,117,554
Extra Space Storage Inc.		210,988		23,687,623
Farmland Partners Inc.(b)		51,746		346,698

Security	Shares		Value
Specialized REITs (continued)
Four Corners Property Trust Inc.		116,123	$	3,326,924
Gaming and Leisure Properties Inc.		345,602		13,948,497
GEO Group Inc. (The)		204,106		3,106,493
Gladstone Land Corp.		33,463		400,217
Iron Mountain Inc.		486,672		15,962,842
Lamar Advertising Co., Class A		145,355		11,629,854
Life Storage Inc.		79,376		8,645,634
National Storage Affiliates Trust		100,293		3,427,012
Outfront Media Inc.		244,343		6,428,664
Public Storage		252,718		56,320,733
QTS Realty Trust Inc., Class A		93,614		5,016,774
Safehold Inc.		18,962		655,706
VICI Properties Inc.		788,345		18,565,525
				342,390,137
Total Common Stocks — 99.8%
(Cost: $1,523,022,920)				1,727,704,436
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%(c)(d)(e)		7,599,882		7,603,682
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%(c)(d)		2,530,000		2,530,000
				10,133,682
Total Short -Term Investments — 0.6%
(Cost: $10,133,664)				10,133,682
Total Investments in Securities — 100.4%
(Cost: $1,533,156,584)				1,737,838,118
Other Assets, Less Liabilities — (0.4)%				(6,406,079	)
Net Assets — 100.0%			$	1,731,432,039

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

^(d)  Annualized7-day yield as ofperiod-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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19		Net Activity		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		7,599,882		7,599,882	$	7,603,682	$	11,356	(b)	$	11	$	17
BlackRock Cash Funds: Treasury, SL Agency Shares		920,570		1,609,430		2,530,000		2,530,000		24,148			—		—
							$	10,133,682	$	35,504		$	11	$	17

^(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.

12 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Core U.S. REIT ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate		91		12/20/19	$	3,367	$	25,990

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	25,990

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	258,999
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	29,132

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,153,127

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,727,704,436	$	—	$	—	$	1,727,704,436
Money Market Funds		10,133,682		—		—		10,133,682
	$	1,737,838,118	$	—	$	—	$	1,737,838,118
Derivative financial instruments(a)
Assets
Futures Contracts	$	25,990	$	—	$	—	$	25,990

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited)  October 31, 2019 iShares^® Europe Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.9%
CA Immobilien Anlagen AG		6,691	$	258,283
Belgium — 5.6%
Aedifica SA		2,390		287,438
Ascencio		503		33,446
Befimmo SA		2,083		134,554
Cofinimmo SA		2,509		371,170
Intervest Offices & Warehouses NV		2,137		64,610
Leasinvest Real Estate SCA		230		30,279
Montea CVA		1,155		104,761
Retail Estates NV		979		93,494
Warehouses De Pauw CVA		1,738		322,262
Wereldhave Belgium Comm VA		233		20,848
Xior Student Housing NV		1,490		87,937
				1,550,799
Finland — 0.8%
Citycon OYJ		7,455		78,098
Kojamo OYJ		8,467		142,638
				220,736
France — 16.4%
Carmila SA		2,998		58,332
Covivio		4,483		507,648
Gecina SA		5,036		864,112
ICADE		3,090		302,678
Klepierre SA		18,547		690,905
Mercialys SA		5,928		82,670
Unibail-Rodamco-Westfield		13,097		2,025,909
				4,532,254
Germany — 25.5%
ADO Properties SA(a)		2,842		115,730
alstria office REIT AG		15,378		288,229
Aroundtown SA		86,160		727,277
Deutsche EuroShop AG		4,943		147,903
Deutsche Wohnen SE		34,739		1,306,872
Grand City Properties SA		10,696		250,116
Hamborner REIT AG		6,924		74,544
LEG Immobilien AG		6,154		706,482
Sirius Real Estate Ltd.		91,246		86,783
TAG Immobilien AG		12,260		297,904
TLG Immobilien AG		9,000		263,572
Vonovia SE		52,764		2,808,506
				7,073,918
Ireland — 1.2%
Green REIT PLC		67,089		142,660
Hibernia REIT PLC		67,654		105,367
Irish Residential Properties REIT PLC		42,677		83,608
				331,635
Italy — 0.1%
Immobiliare Grande Distribuzione SIIQ SpA(b)		4,613		29,644
Netherlands — 1.3%
Eurocommercial Properties NV		4,699		149,934
NSI NV		1,720		78,580
Vastned Retail NV		1,675		50,268
Wereldhave NV		3,924		92,810
				371,592

Security	Shares		Value
Norway — 0.8%
Entra ASA(a)		13,758	$	206,193
Spain — 3.4%
Inmobiliaria Colonial Socimi SA		31,544		407,524
Lar Espana Real Estate Socimi SA		6,188		56,058
Merlin Properties Socimi SA		32,219		474,476
				938,058
Sweden — 10.3%
Atrium Ljungberg AB, Class B		4,502		89,813
Castellum AB		26,167		535,736
Catena AB		1,988		72,840
Dios Fastigheter AB		8,196		68,397
Fabege AB		25,695		384,053
Fastighets AB Balder, Class B(c)		9,412		365,370
Hembla AB(c)		3,479		77,638
Hemfosa Fastigheter AB		15,712		162,187
Hufvudstaden AB, Class A		10,618		177,990
Klovern AB, Class B		48,935		85,636
Kungsleden AB		18,283		166,428
Nyfosa AB(c)		15,562		104,185
Pandox AB		7,301		146,258
Sagax AB, Class D		9,595		36,501
Wallenstam AB, Class B		15,796		173,301
Wihlborgs Fastigheter AB		12,869		194,886
				2,841,219
Switzerland — 6.2%
Allreal Holding AG, Registered		1,364		265,681
Hiag Immobilien Holding AG		272		29,082
Mobimo Holding AG, Registered		629		177,210
PSP Swiss Property AG, Registered		3,809		503,749
Swiss Prime Site AG, Registered		7,304		752,051
				1,727,773
United Kingdom — 27.1%
Assura PLC		230,557		223,159
Big Yellow Group PLC		14,873		219,785
BMO Commercial Property Trust		51,428		78,127
BMO Real Estate Investments Ltd.		23,814		26,439
British Land Co. PLC (The)		90,488		726,669
Capital & Counties Properties PLC		71,327		235,358
Civitas Social Housing PLC		59,875		65,856
Custodian REIT PLC		36,292		54,006
Derwent London PLC		9,740		447,426
Empiric Student Property PLC		56,378		68,576
GCP Student Living PLC		40,020		90,625
Grainger PLC		58,320		193,797
Great Portland Estates PLC		25,592		260,822
Hammerson PLC		74,855		280,901
Hansteen Holdings PLC		40,891		54,394
Helical PLC		9,838		49,839
Impact Healthcare REIT PLC		20,667		28,883
Intu Properties PLC(b)(c)		85,581		49,834
Land Securities Group PLC		69,329		843,290
LondonMetric Property PLC		78,926		236,738
LXI REIT PLC		50,902		82,597
NewRiver REIT PLC		29,101		75,690
Phoenix Spree Deutschland Ltd.		8,388		34,570
Picton Property Income Ltd. (The)		52,716		63,235
Primary Health Properties PLC		108,797		199,067
RDI REIT PLC		24,749		41,505

14 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Europe Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
United Kingdom (continued)
Regional REIT Ltd.(a)		36,099		$	49,235
Safestore Holdings PLC		19,865			180,066
Schroder REIT Ltd.		50,587			36,134
Segro PLC		105,994			1,157,872
Shaftesbury PLC		21,612			264,278
Standard Life Investment Property Income Trust Ltd.		38,982			44,541
Target Healthcare REIT PLC(c)		37,770			54,739
Triple Point Social Housing REIT PLC(a)		30,310			34,750
Tritax Big Box REIT PLC		165,718			322,302
UK Commercial Property REIT Ltd.		63,478			72,037
UNITE Group PLC (The)		27,795			404,625
Workspace Group PLC		12,909			169,548
					7,521,315
Total Common Stocks — 99.6% (Cost: $27,458,417)					27,603,419
			��
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional,
SL Agency Shares, 2.00%(d)(e)(f)		86,966			87,009

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury,
SL Agency Shares, 1.74%(d)(e)		10,000	$	10,000
				97,009
Total Short-Term Investments — 0.3% (Cost: $96,997)				97,009
Total Investments in Securities — 99.9% (Cost: $27,555,414)				27,700,428
Other Assets, Less Liabilities — 0.1%				21,329
Net Assets — 100.0%			$	27,721,757

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

^(c)  Non-income producing security.

^(d)  Affiliate of the Fund.

^(e)  Annualized7-day yield as ofperiod-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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19		Net Activity			Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized     Gain  (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		151,626		(64,660	)		86,966	$	87,009	$	5,734	(b)	$	128	$	(34	)
BlackRock Cash Funds: Treasury, SL Agency Shares		10,859		(859	)		10,000		10,000		169			—		—
								$	97,009	$	5,903		$	128	$	(34	)

^(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.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	27,603,419	$	—	$	—	$	27,603,419
Money Market Funds		97,009		—		—		97,009
	$	27,700,428	$	—	$	—	$	27,700,428

See notes to financial statements.

SCHEDULEOF INVESTMENTS 15

Schedule of Investments  (unaudited)  October 31, 2019 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.2%
BWP Trust		644,084	$	1,841,528
Charter Hall Retail REIT		474,173		1,440,666
Cromwell Property Group		3,102,011		2,831,698
Dexus		1,418,911		11,701,379
GPT Group (The)		2,516,418		10,315,434
Mirvac Group		5,081,461		11,237,802
Scentre Group		6,672,515		17,606,624
Shopping Centres Australasia Property Group		1,219,840		2,260,700
Stockland		3,098,177		10,437,652
Vicinity Centres		4,111,479		7,563,052
				77,236,535
Belgium — 1.1%
Aedifica SA		32,203		3,872,962
Ascencio		7,379		490,650
Befimmo SA		27,514		1,777,299
Cofinimmo SA		33,304		4,926,836
Intervest Offices & Warehouses NV		29,421		889,518
Leasinvest Real Estate SCA		3,146		414,161
Montea CVA		15,639		1,418,495
Retail Estates NV		12,635		1,206,639
Warehouses De Pauw CVA		23,311		4,322,352
Wereldhave Belgium Comm VA		3,913		350,116
Xior Student Housing NV(a)		20,761		1,225,271
				20,894,299
Canada — 3.3%
Allied Properties REIT		151,721		6,184,967
Artis REIT		168,014		1,585,098
Boardwalk REIT		49,257		1,636,965
Canadian Apartment Properties REIT		208,135		8,684,234
Choice Properties REIT		334,620		3,538,797
Cominar REIT		238,611		2,438,122
Crombie REIT		116,356		1,400,503
Dream Global REIT		235,333		2,986,537
Dream Industrial REIT		139,214		1,423,545
Dream Office REIT(a)		61,706		1,375,574
Granite REIT		65,562		3,253,284
H&R Real Estate Investment Trust		375,111		6,358,636
InterRent REIT		143,550		1,704,885
Killam Apartment REIT		110,803		1,644,742
Northview Apartment Real Estate Investment Trust		62,799		1,378,917
NorthWest Healthcare Properties REIT		131,976		1,200,923
RioCan REIT		397,004		7,983,274
SmartCentres Real Estate Investment Trust		165,002		3,997,157
Summit Industrial Income REIT(a)		121,257		1,179,035
				59,955,195
China — 0.1%
Yuexiu REIT		1,543,000		1,025,687
France — 3.3%
Carmila SA		40,270		783,531
Covivio		59,647		6,754,339
Gecina SA		67,233		11,536,313
ICADE		41,987		4,112,800
Klepierre SA		247,106		9,205,087
Mercialys SA		79,915		1,114,465
Unibail—Rodamco-Westfield		143,013		22,121,959
Unibail—Rodamco-Westfield, New		32,560		5,036,542
				60,665,036

Security	Shares		Value
Germany — 0.3%
alstria office REIT AG		209,114	$	3,919,409
Hamborner REIT AG		95,686		1,030,158
				4,949,567
Hong Kong — 1.8%
Champion REIT		2,581,000		1,712,390
Hui Xian Real Estate Investment Trust		2,947,000		1,367,945
Link REIT		2,744,000		29,916,276
				32,996,611
Ireland — 0.2%
Green REIT PLC		908,516		1,931,895
Hibernia REIT PLC		946,796		1,474,586
Irish Residential Properties REIT PLC		527,375		1,033,171
				4,439,652
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA(a)		62,982		404,732
Japan — 9.2%
Activia Properties Inc.		881		4,645,206
Advance Residence Investment Corp.		1,632		5,419,620
AEON REIT Investment Corp.		1,911		2,747,046
Comforia Residential REIT Inc.		773		2,516,960
Daiwa House REIT Investment Corp.		2,416		7,028,648
Daiwa Office Investment Corp.		359		2,859,248
Frontier Real Estate Investment Corp.		580		2,588,687
Fukuoka REIT Corp.		980		1,679,793
Global One Real Estate Investment Corp.		1,217		1,648,109
GLPJ-REIT		4,705		6,127,968
Hulic Reit Inc.		1,485		2,832,496
Industrial & Infrastructure Fund Investment Corp.		2,153		3,371,749
Invesco Office J-Reit Inc.		11,171		2,253,730
Invincible Investment Corp.		6,402		4,044,740
Japan Excellent Inc.		1,602		2,754,838
Japan Hotel REIT Investment Corp.		5,797		4,810,054
Japan Logistics Fund Inc.		1,110		2,820,563
Japan Prime Realty Investment Corp.		1,104		5,300,180
Japan Real Estate Investment Corp.		1,699		11,582,841
Japan Rental Housing Investments Inc.		1,913		1,833,281
Japan Retail Fund Investment Corp.		3,433		8,002,553
Kenedix Office Investment Corp.		495		3,873,734
Kenedix Residential Next Investment Corp.		1,154		2,375,145
Kenedix Retail REIT Corp.		656		1,805,889
LaSalle Logiport REIT		1,582		2,354,598
MCUBS MidCity Investment Corp.		1,994		2,313,007
Mitsui Fudosan Logistics Park Inc.		451		1,879,427
Mori Hills REIT Investment Corp.		2,004		3,310,803
Mori Trust Sogo REIT Inc.		1,295		2,353,892
Nippon Accommodations Fund Inc.		570		3,585,403
Nippon Building Fund Inc.		1,656		12,561,121
Nippon Prologis REIT Inc.		2,634		7,358,291
NIPPON REIT Investment Corp.		552		2,394,783
Nomura Real Estate Master Fund Inc.		5,615		10,725,660
Orix JREIT Inc.		3,414		7,718,252
Premier Investment Corp.		1,641		2,460,627
Sekisui House Reit Inc.		5,235		4,837,672
Tokyu REIT Inc.		1,127		2,168,410
United Urban Investment Corp.		3,885		7,834,328
				168,779,352
Malaysia — 0.1%
IGB REIT		2,130,300		973,764

16 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Pavilion REIT		911,200	$	377,259
Sunway REIT		2,167,900		939,069
				2,290,092
Mexico — 0.6%
Concentradora Fibra Danhos SA de CV		307,115		464,869
Concentradora Fibra Hotelera Mexicana SA de CV(b)		939,489		428,288
Fibra Uno Administracion SA de CV		3,902,313		5,947,506
Macquarie Mexico Real Estate Management SA de CV(b).		1,036,050		1,465,558
PLA Administradora Industrial S. de RL de CV		1,051,109		1,742,894
Prologis Property Mexico SA de CV		445,771		954,692
				11,003,807
Netherlands — 0.3%
Eurocommercial Properties NV		62,898		2,006,925
NSI NV		23,266		1,062,928
Vastned Retail NV		24,180		725,666
Wereldhave NV		51,193		1,210,806
				5,006,325
New Zealand — 0.1%
Kiwi Property Group Ltd.		1,861,175		1,897,778
Saudi Arabia — 0.0%
Al Rajhi REIT		78,211		185,606
Jadwa REIT Saudi Fund		69,518		185,366
Riyad REIT Fund		110,370		234,260
				605,232
Singapore — 2.8%
Ascendas REIT		3,301,050		7,688,988
Ascott Residence Trust(a)		1,456,032		1,476,413
CapitaLand Commercial Trust		3,260,364		4,911,089
CapitaLand Mall Trust		3,145,500		5,870,583
CapitaLand Retail China Trust		902,204		1,007,642
CDL Hospitality Trusts		1,058,400		1,275,415
First REIT		720,800		540,223
Fortune REIT		1,705,000		2,001,352
Frasers Centrepoint Trust		926,600		1,872,332
Frasers Logistics & Industrial Trust		2,144,600		1,985,522
Keppel DC REIT		1,453,333		2,135,763
Keppel REIT		2,639,600		2,346,828
Lippo Malls Indonesia Retail Trust(a)		2,679,600		472,541
Mapletree Commercial Trust(a)		2,524,992		4,322,886
Mapletree Industrial Trust		1,809,300		3,390,069
Mapletree Logistics Trust		3,177,740		3,922,703
Mapletree North Asia Commercial Trust(a)		2,784,100		2,618,500
Suntec REIT		2,650,900		3,622,965
				51,461,814
South Africa — 0.8%
Attacq Ltd.		892,479		776,739
Emira Property Fund Ltd.		542,310		456,860
Equites Property Fund Ltd.		525,094		733,427
Growthpoint Properties Ltd.		3,780,621		5,549,144
Hyprop Investments Ltd.		344,789		1,350,453
Redefine Properties Ltd.		7,382,335		3,695,211
SA Corporate Real Estate Ltd.		3,582,243		734,831
Vukile Property Fund Ltd.(a)		1,145,605		1,470,840
				14,767,505
Spain — 0.7%
Inmobiliaria Colonial Socimi SA		420,524		5,432,848
Lar Espana Real Estate Socimi SA		85,127		771,172

Security	Shares		Value
Spain (continued)
Merlin Properties Socimi SA		434,219	$	6,394,564
				12,598,584
Thailand — 0.1%
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust		1,452,402		832,143
Turkey — 0.0%
AKIS Gayrimenkul Yatirimi AS		100,198		45,779
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		2,426,557		513,980
Is Gayrimenkul Yatirim Ortakligi AS(c)		804,901		131,037
Torunlar Gayrimenkul Yatirim Ortakligi AS(c)		91,866		27,821
				718,617
United Kingdom — 5.0%
Assura PLC		3,117,982		3,017,930
Big Yellow Group PLC		201,397		2,976,138
BMO Real Estate Investments Ltd.		325,187		361,039
British Land Co. PLC (The)		1,205,293		9,679,177
Civitas Social Housing PLC		816,503		898,071
Custodian REIT PLC		488,120		726,371
Derwent London PLC		130,466		5,993,213
Empiric Student Property PLC		761,056		925,717
GCP Student Living PLC		543,465		1,230,676
Great Portland Estates PLC		342,427		3,489,858
Hammerson PLC		992,973		3,726,228
Hansteen Holdings PLC		569,930		758,139
Impact Healthcare REIT PLC		277,317		387,556
Intu Properties PLC(a)(c)		1,123,327		654,113
Land Securities Group PLC		923,722		11,235,778
LondonMetric Property PLC		1,056,049		3,167,609
LXI REIT PLC		576,097		934,818
NewRiver REIT PLC		394,790		1,026,824
Picton Property Income Ltd. (The)		702,923		843,182
Primary Health Properties PLC		1,472,788		2,694,782
RDI REIT PLC		334,953		561,724
Regional REIT Ltd.(b)		476,896		650,427
Safestore Holdings PLC		268,987		2,438,223
Schroder REIT Ltd.		713,589		509,708
Segro PLC		1,422,435		15,538,596
Shaftesbury PLC		289,430		3,539,235
Standard Life Investment Property Income Trust Ltd.		537,148		613,746
Target Healthcare REIT PLC(c)		499,781		724,322
Triple Point Social Housing REIT PLC(b)		456,255		523,089
Tritax Big Box REIT PLC		2,223,130		4,323,723
UK Commercial Property REIT Ltd.		842,770		956,407
UNITE Group PLC (The)		374,511		5,451,940
Workspace Group PLC		173,835		2,283,165
				92,841,524
United States — 65.7%
Acadia Realty Trust		106,570		2,981,829
Agree Realty Corp.		53,228		4,192,770
Alexander’s Inc.		2,818		973,337
Alexandria Real Estate Equities Inc.		145,548		23,105,745
American Assets Trust Inc.		61,342		3,003,304
American Campus Communities Inc.		177,366		8,864,753
American Finance Trust Inc.		139,061		2,058,103
American Homes 4 Rent, Class A(a)		333,800		8,835,686
Americold Realty Trust		249,301		9,994,477
Apartment Investment & Management Co., Class A		191,076		10,486,251
Apple Hospitality REIT Inc.		271,228		4,469,837

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
AvalonBay Communities Inc.		181,262	$	39,453,487
Boston Properties Inc.		201,370		27,627,964
Brandywine Realty Trust		225,579		3,446,847
Brixmor Property Group Inc.		388,070		8,545,301
Brookfield Property REIT Inc., Class A		94,781		1,791,361
Camden Property Trust		121,122		13,852,723
CareTrust REIT Inc.		123,811		3,001,179
Chatham Lodging Trust		62,977		1,136,735
Colony Capital Inc.		619,868		3,471,261
Columbia Property Trust Inc.		150,573		3,089,758
Corporate Office Properties Trust		144,897		4,294,747
Cousins Properties Inc.		188,904		7,580,717
CubeSmart		250,480		7,940,216
CyrusOne Inc.		145,633		10,380,720
DiamondRock Hospitality Co.		258,978		2,584,600
Digital Realty Trust Inc.		270,742		34,395,064
Douglas Emmett Inc.		216,101		9,361,495
Duke Realty Corp.		467,897		16,441,901
Easterly Government Properties Inc.		101,557		2,266,752
EastGroup Properties Inc.		48,053		6,436,699
Empire State Realty Trust Inc., Class A(a)		191,911		2,776,952
EPR Properties		100,426		7,812,139
Equity Commonwealth		156,867		5,047,980
Equity LifeStyle Properties Inc.		225,218		15,751,747
Equity Residential		475,946		42,197,372
Essential Properties Realty Trust Inc.		98,480		2,526,997
Essex Property Trust Inc.		85,205		27,873,112
Extra Space Storage Inc.		160,999		18,075,358
Federal Realty Investment Trust		97,716		13,290,353
First Industrial Realty Trust Inc.(a)		163,465		6,883,511
Four Corners Property Trust Inc.		91,452		2,620,100
Franklin Street Properties Corp.		137,295		1,180,737
Gaming and Leisure Properties Inc.		263,826		10,648,017
Getty Realty Corp.		43,453		1,457,414
Global Net Lease Inc.		109,472		2,132,515
Healthcare Realty Trust Inc.		165,453		5,752,801
Healthcare Trust of America Inc., Class A		264,452		8,198,012
Healthpeak Properties Inc.		639,910		24,073,414
Hersha Hospitality Trust		47,097		649,939
Highwoods Properties Inc.		131,637		6,160,612
Host Hotels & Resorts Inc.		941,217		15,426,547
Hudson Pacific Properties Inc.		196,771		7,068,014
Independence Realty Trust Inc.		115,868		1,784,367
Industrial Logistics Properties Trust		84,120		1,786,709
Innovative Industrial Properties Inc.(a)		14,035		1,066,660
Investors Real Estate Trust		15,231		1,152,530
Invitation Homes Inc.(a)		619,523		19,075,113
JBG SMITH Properties		159,761		6,431,978
Kilroy Realty Corp.		128,106		10,751,937
Kimco Realty Corp.		522,573		11,266,674
Kite Realty Group Trust		109,527		1,951,771
Lexington Realty Trust		297,871		3,240,836
Liberty Property Trust		202,920		11,986,484
Life Storage Inc.		60,240		6,561,341
LTC Properties Inc.		51,047		2,646,787
Macerich Co. (The)		183,551		5,047,652
Mack-Cali Realty Corp.		111,416		2,386,531
Medical Properties Trust Inc.		576,667		11,954,307
Mid-America Apartment Communities Inc.		148,179		20,595,399
Monmouth Real Estate Investment Corp.		116,599		1,758,313

Security	Shares		Value
United States (continued)
National Health Investors Inc.		53,981	$	4,631,030
National Retail Properties Inc.		211,488		12,458,758
National Storage Affiliates Trust		76,193		2,603,515
Office Properties Income Trust		62,533		1,993,552
Omega Healthcare Investors Inc.		276,774		12,189,127
Paramount Group Inc.		258,905		3,487,450
Park Hotels & Resorts Inc.		307,347		7,145,818
Pebblebrook Hotel Trust		167,467		4,305,577
Physicians Realty Trust		239,185		4,465,584
Piedmont Office Realty Trust Inc., Class A		162,877		3,654,960
Prologis Inc.		817,802		71,770,303
PS Business Parks Inc.		25,971		4,689,064
Public Storage		192,784		42,963,842
QTS Realty Trust Inc., Class A		70,599		3,783,400
Realty Income Corp.		414,436		33,896,720
Regency Centers Corp.		217,036		14,593,501
Retail Opportunity Investments Corp.		148,353		2,769,009
Retail Properties of America Inc., Class A		278,477		3,831,844
Retail Value Inc.		19,890		728,173
Rexford Industrial Realty Inc.(a)		141,572		6,808,197
RLJ Lodging Trust		220,166		3,612,924
RPT Realty		101,258		1,468,241
Ryman Hospitality Properties Inc.		59,126		4,976,635
Sabra Health Care REIT Inc.		244,638		6,018,095
Saul Centers Inc.		15,773		844,486
Senior Housing Properties Trust		304,379		3,020,962
Seritage Growth Properties, Class A		42,849		1,863,503
Service Properties Trust		209,645		5,304,018
Simon Property Group Inc.		400,296		60,316,601
SITE Centers Corp.		180,535		2,803,709
SL Green Realty Corp.		107,028		8,947,541
Spirit Realty Capital Inc.		116,665		5,814,584
STAG Industrial Inc.		164,908		5,118,744
STORE Capital Corp.		273,355		11,070,877
Summit Hotel Properties Inc.		132,912		1,629,501
Sun Communities Inc.		115,164		18,731,425
Sunstone Hotel Investors Inc.		292,011		3,945,069
Tanger Factory Outlet Centers Inc.		116,561		1,878,963
Taubman Centers Inc.		75,939		2,717,097
Terreno Realty Corp.(a)		83,609		4,716,384
UDR Inc.		378,495		19,019,374
Universal Health Realty Income Trust		16,789		2,001,752
Urban Edge Properties		148,164		3,127,742
Urstadt Biddle Properties Inc., Class A		38,976		948,286
Ventas Inc.		484,665		31,551,691
VEREIT Inc.		1,367,324		13,454,468
VICI Properties Inc.		600,482		14,141,351
Vornado Realty Trust		225,690		14,812,035
Washington Prime Group Inc.		242,060		1,021,493
Washington REIT		103,435		3,208,554
Weingarten Realty Investors		156,663		4,970,917
Welltower Inc.		526,753		47,771,230
WP Carey Inc.		219,534		20,210,300
Xenia Hotels & Resorts Inc.		145,955		3,072,353
				1,211,994,980
Total Common Stocks — 99.7% (Cost: $1,643,767,776)				1,837,365,067

18 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
Singapore — 0.0%
Mapletree Commercial Trust, (Expires 11/07/19)(c)		178,599	$	11,811
Thailand — 0.0%
WHA Premium Growth, (Expires 12/18/19)(c)		208,353		2,760
Total Rights — 0.0% (Cost: $0)				14,571
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.00%(d)(e)(f)		5,300,054		5,302,704
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.74%(d)(e)		2,816,000		2,816,000
				8,118,704
Total Short-Term Investments — 0.4% (Cost: $8,118,523)				8,118,704
Total Investments in Securities — 100.1% (Cost: $1,651,886,299)				1,845,498,342
Other Assets, Less Liabilities — (0.1)%				(1,974,396	)
Net Assets — 100.0%			$	1,843,523,946

^(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)  Affiliate of the Fund.

^(e)  Annualized7-day yield as ofperiod-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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19		Net Activity		Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		137,026		5,163,028		5,300,054	$	5,302,704	$	53,816	(b)	$	(6	)	$	127
BlackRock Cash Funds: Treasury, SL Agency Shares		795,642		2,020,358		2,816,000		2,816,000		25,117			—			—
							$	8,118,704	$	78,933		$	(6	)	$	127

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		3		12/19/19	$	343	$	564
Dow Jones U.S. Real Estate		118		12/20/19		4,366		30,589
							$	31,153

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® Global REIT ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	31,153

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	249,633
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	31,153

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,569,682

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,837,365,067	$	—	$	—	$	1,837,365,067
Rights		14,571		—		—		14,571
Money Market Funds		8,118,704		—		—		8,118,704
	$	1,845,498,342	$	—	$	—	$	1,845,498,342
Derivative financial instruments(a)
Assets
Futures Contracts	$	31,153	$	—	$	—	$	31,153

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

See notes to financial statements.

20 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2019 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.8%
BWP Trust		252,916	$	723,123
Charter Hall Retail REIT		191,953		583,205
Cromwell Property Group		1,245,875		1,137,308
Dexus		570,721		4,706,584
GPT Group (The)		1,012,738		4,151,469
Mirvac Group		2,043,364		4,518,960
Scentre Group		2,668,418		7,041,098
Shopping Centres Australasia Property Group		481,493		892,339
Stockland		1,247,306		4,202,131
Vicinity Centres		1,634,271		3,006,236
				30,962,453
Austria — 0.3%
CA Immobilien Anlagen AG		35,982		1,388,960
Belgium — 2.1%
Aedifica SA		12,800		1,539,419
Ascencio		2,730		181,525
Befimmo SA		10,930		706,036
Cofinimmo SA		13,365		1,977,155
Intervest Offices & Warehouses NV		12,038		363,959
Leasinvest Real Estate SCA		1,408		185,359
Montea CVA		6,208		563,080
Retail Estates NV		5,255		501,851
Warehouses De Pauw CVA		9,383		1,739,806
Wereldhave Belgium Comm VA		1,283		114,797
Xior Student Housing NV		8,265		487,783
				8,360,770
Canada — 6.7%
Allied Properties REIT		60,595		2,470,179
Artis REIT		67,694		638,647
Boardwalk REIT		19,968		663,600
Canadian Apartment Properties REIT		83,012		3,463,597
Chartwell Retirement Residences		110,528		1,239,535
Choice Properties REIT		133,883		1,415,889
Cominar REIT		94,992		970,626
Crombie REIT		46,124		555,165
Dream Global REIT		94,262		1,196,249
Dream Industrial REIT		56,968		582,531
Dream Office REIT		24,203		539,543
First Capital Realty Inc.		69,268		1,148,889
Granite REIT		25,349		1,257,855
H&R Real Estate Investment Trust		148,895		2,523,971
InterRent REIT		60,739		721,372
Killam Apartment REIT		44,753		664,306
Northview Apartment Real Estate Investment Trust		24,988		548,677
NorthWest Healthcare Properties REIT		53,639		488,091
RioCan REIT		158,652		3,190,301
SmartCentres Real Estate Investment Trust		65,173		1,578,810
Summit Industrial Income REIT		54,763		532,485
				26,390,318
Finland — 0.3%
Citycon OYJ		39,424		413,004
Kojamo OYJ		45,305		763,223
				1,176,227
France — 6.2%
Carmila SA		16,024		311,778
Covivio		24,143		2,733,918
Gecina SA		27,045		4,640,572

Security	Shares		Value
France (continued)
ICADE		16,643	$	1,630,250
Klepierre SA		99,677		3,713,125
Mercialys SA		31,806		443,555
Unibail-Rodamco-Westfield		44,154		6,829,959
Unibail-Rodamco-Westfield, New		26,187		4,050,735
				24,353,892
Germany — 9.6%
ADO Properties SA(a)		15,439		628,695
alstria office REIT AG		81,784		1,532,872
Aroundtown SA		462,776		3,906,298
Deutsche EuroShop AG		26,783		801,394
Deutsche Wohnen SE		186,671		7,022,514
Grand City Properties SA		57,314		1,340,233
Hamborner REIT AG		35,969		387,243
LEG Immobilien AG		33,009		3,789,448
Sirius Real Estate Ltd.		495,426		471,194
TAG Immobilien AG		65,780		1,598,380
TLG Immobilien AG		48,256		1,413,217
Vonovia SE		283,553		15,092,871
				37,984,359
Hong Kong — 13.5%
Champion REIT		1,024,000		679,383
CK Asset Holdings Ltd.		1,408,000		9,826,556
Hang Lung Properties Ltd.		1,065,000		2,345,318
Hongkong Land Holdings Ltd.		610,000		3,355,000
Hysan Development Co. Ltd.		322,000		1,271,534
Link REIT		1,102,500		12,019,933
New World Development Co. Ltd.		2,996,333		4,297,024
Sino Land Co. Ltd.		1,674,800		2,508,664
Sun Hung Kai Properties Ltd.		744,000		11,286,678
Swire Properties Ltd.		540,800		1,704,296
Wharf Real Estate Investment Co. Ltd.		640,900		3,777,840
				53,072,226
Ireland — 0.5%
Green REIT PLC		364,931		776,000
Hibernia REIT PLC		372,445		580,064
Irish Residential Properties REIT PLC		231,212		452,963
				1,809,027
Israel — 0.4%
Azrieli Group Ltd.		19,080		1,470,171
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		25,192		161,888
Japan — 26.9%
Activia Properties Inc.		363		1,913,973
Advance Residence Investment Corp.		657		2,181,795
Aeon Mall Co. Ltd.		62,600		1,005,260
AEON REIT Investment Corp.		768		1,103,993
Comforia Residential REIT Inc.		309		1,006,133
Daiwa House REIT Investment Corp.		978		2,845,206
Daiwa Office Investment Corp.		143		1,138,920
Frontier Real Estate Investment Corp.		232		1,035,475
Fukuoka REIT Corp.		384		658,205
Global One Real Estate Investment Corp.		499		675,765
GLPJ-REIT		1,892		2,464,212
Hulic Co. Ltd.		189,300		2,068,020
Hulic Reit Inc.		576		1,098,665
Industrial & Infrastructure Fund Investment Corp.		866		1,356,217
Invesco Office J-Reit Inc.		4,560		919,972

SCHEDULE OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Invincible Investment Corp.		2,486	$	1,570,638
Japan Excellent Inc.		628		1,079,924
Japan Hotel REIT Investment Corp.		2,351		1,950,740
Japan Logistics Fund Inc.		456		1,158,718
Japan Prime Realty Investment Corp.		442		2,121,993
Japan Real Estate Investment Corp.		679		4,629,046
Japan Rental Housing Investments Inc.		768		735,996
Japan Retail Fund Investment Corp.		1,368		3,188,900
Kenedix Office Investment Corp.		199		1,557,319
Kenedix Residential Next Investment Corp.		474		975,579
Kenedix Retail REIT Corp.		256		704,737
LaSalle Logiport REIT		634		943,625
MCUBS MidCity Investment Corp.		802		930,307
Mitsubishi Estate Co. Ltd.		619,100		12,069,315
Mitsui Fudosan Co. Ltd.		489,700		12,597,527
Mitsui Fudosan Logistics Park Inc.		183		762,606
Mori Hills REIT Investment Corp.		812		1,341,503
Mori Trust Sogo REIT Inc.		517		939,739
Nippon Accommodations Fund Inc.		235		1,478,192
Nippon Building Fund Inc.		662		5,021,414
Nippon Prologis REIT Inc.		1,057		2,952,814
NIPPON REIT Investment Corp.		229		993,488
Nomura Real Estate Holdings Inc.		60,300		1,435,754
Nomura Real Estate Master Fund Inc.		2,262		4,320,827
Orix JREIT Inc.		1,376		3,110,813
Premier Investment Corp.		665		997,146
Sekisui House Reit Inc.		2,080		1,922,131
Sumitomo Realty & Development Co. Ltd.		206,500		7,531,839
Tokyo Tatemono Co. Ltd.		103,900		1,488,748
Tokyu REIT Inc.		464		892,762
United Urban Investment Corp.		1,552		3,129,698
				106,005,649
Malta — 0.0%
BGP Holdings PLC(b)(c)		6,603,392		74
Netherlands — 0.5%
Eurocommercial Properties NV		24,754		789,841
NSI NV		9,334		426,432
Vastned Retail NV		9,344		280,423
Wereldhave NV		20,871		493,636
				1,990,332
New Zealand — 0.2%
Kiwi Property Group Ltd.		769,783		784,922
Norway — 0.3%
Entra ASA(a)		74,589		1,117,876
Singapore — 6.4%
Ascendas REIT		1,325,595		3,087,649
CapitaLand Commercial Trust		1,310,267		1,973,656
CapitaLand Ltd.		1,302,300		3,444,859
CapitaLand Mall Trust		1,256,800		2,345,620
CDL Hospitality Trusts		407,700		491,295
City Developments Ltd.		244,800		1,940,844
Fortune REIT		703,000		825,191
Frasers Centrepoint Trust		374,200		756,126
Frasers Logistics & Industrial Trust		859,900		796,116
Keppel DC REIT		599,171		880,519
Keppel REIT		1,037,200		922,159
Mapletree Commercial Trust(d)		1,004,355		1,719,495

Security	Shares		Value
Singapore (continued)
Mapletree Industrial Trust		738,700	$	1,384,096
Mapletree Logistics Trust(d)		1,272,861		1,571,260
Suntec REIT		1,069,000		1,460,994
UOL Group Ltd.		258,400		1,480,966
				25,080,845
Spain — 1.3%
Inmobiliaria Colonial Socimi SA		169,143		2,185,198
Lar Espana Real Estate Socimi SA		34,144		309,313
Merlin Properties Socimi SA		172,264		2,536,861
				5,031,372
Sweden — 3.9%
Atrium Ljungberg AB, Class B		23,871		476,216
Castellum AB		140,687		2,880,387
Catena AB		10,669		390,911
Dios Fastigheter AB		43,904		366,387
Fabege AB		137,720		2,058,445
Fastighets AB Balder, Class B(c)		50,571		1,963,148
Hembla AB(c)		18,804		419,632
Hemfosa Fastigheter AB		83,870		865,747
Hufvudstaden AB, Class A		56,960		954,822
Klovern AB, Class B		263,574		461,254
Kungsleden AB		98,309		894,896
Nyfosa AB(c)		82,983		555,557
Pandox AB		38,936		779,989
Sagax AB, Class D		53,891		205,008
Wallenstam AB, Class B		86,068		944,271
Wihlborgs Fastigheter AB		69,132		1,046,922
				15,263,592
Switzerland — 2.3%
Allreal Holding AG, Registered		7,368		1,435,145
Hiag Immobilien Holding AG		1,609		172,029
Mobimo Holding AG, Registered		3,330		938,171
PSP Swiss Property AG, Registered		20,472		2,707,470
Swiss Prime Site AG, Registered		39,229		4,039,185
				9,292,000
United Kingdom — 10.3%
Assura PLC		1,234,816		1,195,193
Big Yellow Group PLC		80,268		1,186,158
BMO Commercial Property Trust		273,644		415,708
BMO Real Estate Investments Ltd.		123,136		136,712
British Land Co. PLC (The)		485,818		3,901,390
Capital & Counties Properties PLC		383,814		1,266,470
Civitas Social Housing PLC		326,372		358,976
Custodian REIT PLC		204,776		304,727
Derwent London PLC		52,359		2,405,214
Empiric Student Property PLC		312,775		380,447
GCP Student Living PLC		214,273		485,221
Grainger PLC		314,084		1,043,698
Great Portland Estates PLC		137,517		1,401,510
Hammerson PLC		400,311		1,502,206
Hansteen Holdings PLC		216,545		288,055
Helical PLC		53,067		268,838
Impact Healthcare REIT PLC		116,575		162,916
Intu Properties PLC(c)		468,820		272,994
Land Securities Group PLC		372,451		4,530,342
LondonMetric Property PLC		425,105		1,275,098
LXI REIT PLC		276,135		448,077
NewRiver REIT PLC		156,143		406,118
Phoenix Spree Deutschland Ltd.		45,568		187,803

22 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Picton Property Income Ltd. (The)		290,461	$	348,419
Primary Health Properties PLC		585,863		1,071,962
RDI REIT PLC		129,497		217,169
Regional REIT Ltd.(a)		202,472		276,147
Safestore Holdings PLC		107,071		970,541
Schroder REIT Ltd.		265,602		189,716
Segro PLC		569,692		6,223,282
Shaftesbury PLC		116,356		1,422,835
Standard Life Investment Property Income Trust Ltd.		211,310		241,443
Target Healthcare REIT PLC(c)		203,783		295,339
Triple Point Social Housing REIT PLC(a)		165,999		190,315
Tritax Big Box REIT PLC		890,385		1,731,693
UK Commercial Property REIT Ltd.		345,876		392,513
UNITE Group PLC (The)		149,446		2,175,559
Workspace Group PLC		69,418		911,742
				40,482,546
Total Common Stocks — 99.5% (Cost: $381,103,717)				392,179,499
Rights
Singapore — 0.0%
Mapletree Commercial Trust, (Expires 11/07/19)(c)(d)		71,862		4,752
Total Rights — 0.0% (Cost: $0)				4,752

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional,
SL Agency Shares, 2.00%(e)(f)(g)		3,267,172	$	3,268,805
BlackRock Cash Funds: Treasury,
SL Agency Shares, 1.74%(e)(f)		167,000		167,000
				3,435,805
Total Short-Term Investments — 0.9% (Cost: $3,435,272)				3,435,805
Total Investments in Securities — 100.4% (Cost: $384,538,989)				395,620,056
Other Assets, Less Liabilities — (0.4)%				(1,419,378	)
Net Assets — 100.0%			$	394,200,678

^(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)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)  Non-income producing security.

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

^(e)  Affiliate of the Fund.

^(f)  Annualized7-day yield as ofperiod-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 six months ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 04/30/19		Net Activity			Shares Held at 10/31/19		Value at 10/31/19		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		2,029,634		1,237,538			3,267,172		$3,268,805		$44,947	(b)	$	784	$	130
BlackRock Cash Funds: Treasury, SL Agency Shares		206,654		(39,654	)		167,000		167,000		3,681			—		—
									$3,435,805		$48,628		$	784	$	130

^(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.

Futures Contracts

Description	Number of Contracts			Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate		25	��		12/20/19	$	925	$	17,550
Euro STOXX 50 Index		7			12/20/19		282		7,788
Hang Seng Index		1			11/28/19		172		1,981
TOPIX Index		3			12/12/19		463		19,517
								$	46,836

SCHEDULE OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) October 31, 2019 iShares^® International Developed Real Estate ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, 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)	$	46,836

^(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 six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	95,707
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	21,244

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,517,402

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	392,179,425	$	—	$	74	$	392,179,499
Rights		4,752		—		—		4,752
Money Market Funds		3,435,805		—		—		3,435,805
	$	395,619,982	$	—	$	74	$	395,620,056
Derivative financial instruments(a)
Assets
Futures Contracts	$	46,836	$	—	$	—	$	46,836

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

See notes to financial statements.

24 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

October 31, 2019

	iShares Cohen & Steers REIT ETF		iShares Core U.S. REIT ETF		iShares Europe Developed Real Estate ETF			iShares Global REIT ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	2,475,762,478	$	1,727,704,436	$	27,603,419		$	1,837,379,638
Affiliated(c)		2,703,000		10,133,682		97,009			8,118,704
Cash		957		18,940		549			172
Foreign currency, at value(d)		—		—		24,279			1,384,497
Cash pledged:
Futures contracts		67,000		120,000		—			155,000
Foreign currency collateral pledged:
Futures contracts(e)		—		—		—			16,535
Receivables:
Investments sold		—		—		—			349
Securities lending income — Affiliated		413		4,238		256			11,156
Capital shares sold		—		85,001		—			196,309
Dividends		615,073		1,115,391		28,115			2,821,353
Tax reclaims		—		—		65,732			243,372
Total assets		2,479,148,921		1,739,181,688		27,819,359			1,850,327,085
LIABILITIES
Collateral on securities loaned, at value		—		7,603,653		86,627			5,306,324
Payables:
Investments purchased		—		—		—			1,266,971
Variation margin on futures contracts		5,140		9,107		—			16,099
Capital shares redeemed		—		21,458		—			—
Investment advisory fees		697,159		115,431		10,975			213,745
Total liabilities		702,299		7,749,649		97,602			6,803,139
NET ASSETS	$	2,478,446,622	$	1,731,432,039	$	27,721,757		$	1,843,523,946
NET ASSETS CONSIST OF:
Paid-in capital	$	2,165,577,707	$	1,533,441,611	$	30,639,008		$	1,678,804,434
Accumulated earnings (loss)		312,868,915		197,990,428		(2,917,251	)		164,719,512
NET ASSETS	$	2,478,446,622	$	1,731,432,039	$	27,721,757		$	1,843,523,946
Shares outstanding		20,700,000		30,750,000		700,000			64,250,000
Net asset value	$	119.73	$	56.31	$	39.60		$	28.69
Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited
Par value		None		None		None			None
(a) Securities loaned, at value	$	—	$	7,434,216	$	79,478		$	5,157,191
(b) Investments, at cost — Unaffiliated	$	2,044,764,840	$	1,523,022,920	$	27,458,417		$	1,643,767,776
(c)  Investments, at cost — Affiliated	$	2,703,000	$	10,133,664	$	96,997		$	8,118,523
(d) Foreign currency, at cost	$	—	$	—	$	24,107		$	1,376,716
(e) Foreign currency collateral pledged, at cost	$	—	$	—	$	—		$	16,187

See notes to financial statements.

FINANCIAL STATEMENTS 25

Statements of Assets and Liabilities  (unaudited) (continued)

October 31, 2019

		iShares International Developed Real Estate ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
	Unaffiliated(b)	$	392,184,251
	Affiliated(c)		3,435,805
Cash			5,543
Foreign currency, at value(d)			466,512
Cash pledged:
	Futures contracts		37,000
Foreign currency collateral pledged:
	Futures contracts(e)		33,541
Receivables:
	Investments sold		11,517
	Securities lending income — Affiliated		3,858
	Variation margin on futures contracts		1,083
	Dividends		1,151,066
	Tax reclaims		281,841
	Foreign withholding tax claims		24,633
Total assets			397,636,650
LIABILITIES
Collateral on securities loaned, at value			3,265,345
Payables:
	Capital shares redeemed		11,517
	Investment advisory fees		158,147
	Professional fees		963
Total liabilities			3,435,972
NET ASSETS		$	394,200,678
NET ASSETS CONSIST OF:
Paid-in capital		$	453,136,933
Accumulated loss			(58,936,255	)
NET ASSETS		$	394,200,678
Shares outstanding			12,800,000
Net asset value		$	30.80
Shares authorized			Unlimited
Par value			None
(a) Securities loaned, at value		$	3,107,862
(b) Investments, at cost — Unaffiliated		$	381,103,717
(c)  Investments, at cost — Affiliated		$	3,435,272
(d) Foreign currency, at cost		$	464,148
(e) Foreign currency collateral pledged, at cost		$	33,344

See notes to financial statements.

26 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended October 31, 2019

	iShares Cohen & Steers REIT ETF			iShares Core U.S. REIT ETF			iShares Europe Developed Real Estate ETF			iShares Global REIT ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	28,413,823		$	18,607,731		$	588,908		$	25,657,155
Dividends — Affiliated		41,903			24,148			169			25,117
Interest — Unaffiliated		2,219			1,330			—			—
Securities lending income — Affiliated — net		412			11,356			5,734			53,816
Foreign taxes withheld		—			—			(55,528	)		(1,611,071	)
Total investment income		28,458,357			18,644,565			539,283			24,125,017
EXPENSES
Investment advisory fees		3,942,743			606,933			63,112			1,175,512
Total expenses		3,942,743			606,933			63,112			1,175,512
Net investment income		24,515,614			18,037,632			476,171			22,949,505
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		8,295,350			(9,597,858	)		(268,061	)		(11,394,103	)
Investments — Affiliated		(3,325	)		11			128			(6	)
In-kind redemptions — Unaffiliated		14,121,060			17,505,287			40,167			24,366,676
Futures contracts		442,648			258,999			—			249,633
Foreign currency transactions		—			—			(1,581	)		(27,218	)
Net realized gain (loss)		22,855,733			8,166,439			(229,347	)		13,194,982
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		152,758,134			132,354,349			1,795,436			129,917,111
Investments — Affiliated		—			17			(34	)		127
Futures contracts		(7,378	)		29,132			—			31,153
Foreign currency translations		—			—			1,138			17,720
Net change in unrealized appreciation (depreciation)		152,750,756			132,383,498			1,796,540			129,966,111
Net realized and unrealized gain		175,606,489			140,549,937			1,567,193			143,161,093
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	200,122,103		$	158,587,569		$	2,043,364		$	166,110,598

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Operations  (unaudited) (continued)

Six Months Ended October 31, 2019

	iShares International Developed Real Estate ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	8,251,663
Dividends — Affiliated		3,681
Securities lending income — Affiliated — net		44,947
Other income — Unaffiliated		1,740
Foreign taxes withheld		(732,417	)
Total investment income		7,569,614
EXPENSES
Investment advisory fees		984,257
Total expenses		984,257
Net investment income		6,585,357
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		3,705,970
Investments — Affiliated		784
In-kind redemptions — Unaffiliated		9,450,340
Futures contracts		95,707
Foreign currency transactions		(12,827	)
Net realized gain		13,239,974
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		8,041,095
Investments — Affiliated		130
Futures contracts		21,244
Foreign currency translations		10,785
Net change in unrealized appreciation (depreciation)		8,073,254
Net realized and unrealized gain		21,313,228
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	27,898,585

See notes to financial statements.

28 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Cohen & Steers REIT ETF						iShares Core U.S. REIT ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	24,515,614		$	56,478,333		$	18,037,632		$	30,780,368
Net realized gain		22,855,733			84,919,433			8,166,439			20,555,396
Net change in unrealized appreciation (depreciation)		152,750,756			289,840,462			132,383,498			91,804,785
Net increase in net assets resulting from operations		200,122,103			431,238,228			158,587,569			143,140,549
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(28,153,632	)		(68,398,659	)		(24,116,832	)		(41,518,023	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		119,352,250			(652,362,254	)		306,910,027			673,954,057
NET ASSETS
Total increase (decrease) in net assets		291,320,721			(289,522,685	)		441,380,764			775,576,583
Beginning of period		2,187,125,901			2,476,648,586			1,290,051,275			514,474,692
End of period	$	2,478,446,622		$	2,187,125,901		$	1,731,432,039		$	1,290,051,275

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

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Changes in Net Assets  (continued)

	iShares Europe Developed Real Estate ETF							iShares Global REIT ETF
	Six Months Ended 10/31/19 (unaudited)				Year Ended 04/30/19			Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	476,171		$	1,413,388		$	22,949,505		$	50,395,177
Net realized gain (loss)			(229,347	)		(339,453	)		13,194,982			13,598,576
Net change in unrealized appreciation (depreciation)			1,796,540			(3,917,653	)		129,966,111			97,383,825
Net increase (decrease) in net assets resulting from operations			2,043,364			(2,843,718	)		166,110,598			161,377,578
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(601,303	)		(1,666,760	)		(32,327,548	)		(69,203,811	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(3,792,736	)		(9,148,335	)		72,584,249			631,603,454
NET ASSETS
Total increase (decrease) in net assets			(2,350,675	)		(13,658,813	)		206,367,299			723,777,221
Beginning of period			30,072,432			43,731,245			1,637,156,647			913,379,426
End of period		$	27,721,757		$	30,072,432		$	1,843,523,946		$	1,637,156,647

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

See notes to financial statements.

30 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares International Developed Real Estate ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,585,357		$	15,745,893
Net realized gain		13,239,974			6,402,496
Net change in unrealized appreciation (depreciation)		8,073,254			(13,410,732	)
Net increase in net assets resulting from operations		27,898,585			8,737,657
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,286,013	)		(18,942,338	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(98,743,433	)		(47,556,471	)
NET ASSETS
Total decrease in net assets		(83,130,861	)		(57,761,152	)
Beginning of period		477,331,539			535,092,691
End of period	$	394,200,678		$	477,331,539

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

See notes to financial statements.

FINANCIAL STATEMENTS 31

Financial Highlights

(For a share outstanding throughout each period)

	iShares Cohen & Steers REIT ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	111.02		$	93.99		$	99.68		$	100.01		$	95.12		$	85.53
Net investment income(a)		1.23			2.55			2.60			2.42			2.23			2.41
Net realized and unrealized gain (loss)(b)		8.89			17.50			(5.17	)		1.15			6.33			10.13
Net increase (decrease) from investment operations		10.12			20.05			(2.57	)		3.57			8.56			12.54
Distributions(c)
From net investment income		(1.41	)		(3.02	)		(3.12	)		(3.90	)		(3.67	)		(2.95	)
Total distributions		(1.41	)		(3.02	)		(3.12	)		(3.90	)		(3.67	)		(2.95	)
Net asset value, end of period	$	119.73		$	111.02		$	93.99		$	99.68		$	100.01		$	95.12
Total Return
Based on net asset value		9.14	%(d)		21.70	%		(2.68	)%		3.58	%		9.22	%		14.80	%
Ratios to Average Net Assets
Total expenses		0.34	%(e)		0.34	%		0.34	%		0.34	%		0.35	%		0.35	%
Net investment income		2.10	%(e)		2.51	%		2.63	%		2.37	%		2.33	%		2.57	%
Supplemental Data
Net assets, end of period (000)	$	2,478,447		$	2,187,126		$	2,476,649		$	3,239,748		$	3,680,246		$	3,410,150
Portfolio turnover rate(f)		11	%(d)		17	%		12	%		8	%		14	%		8	%

^(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)  Not annualized.

^(e) Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

32 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core U.S. REIT ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	51.60		$	45.73		$	48.93		$	47.95		$	46.04		$	42.38
Net investment income(a)		0.64			1.79			1.70			1.27			1.02			1.04
Net realized and unrealized gain (loss)(b)		4.92			6.59			(3.20	)		1.60			2.77			4.19
Net increase (decrease) from investment operations		5.56			8.38			(1.50	)		2.87			3.79			5.23
Distributions(c)
From net investment income		(0.85	)		(2.44	)		(1.70	)		(1.89	)		(1.88	)		(1.57	)
From net realized gain		—			(0.07	)		—			—			—			—
Total distributions		(0.85	)		(2.51	)		(1.70	)		(1.89	)		(1.88	)		(1.57	)
Net asset value, end of period	$	56.31		$	51.60		$	45.73		$	48.93		$	47.95		$	46.04
Total Return
Based on net asset value		10.84	%(d)		18.82	%		(3.18	)%		6.02	%		8.48	%		12.44	%
Ratios to Average Net Assets
Total expenses		0.08	%(e)		0.08	%		0.08	%		0.28	%		0.48	%		0.48	%
Net investment income		2.38	%(e)		3.64	%		3.60	%		2.57	%		2.22	%		2.26	%
Supplemental Data
Net assets, end of period (000)	$	1,731,432		$	1,290,051		$	514,475		$	124,765		$	74,323		$	85,180
Portfolio turnover rate(f)		4	%(d)		11	%		8	%		30	%		11	%		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)  Not annualized.

^(e)  Annualized.

^(f) Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 33

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Europe Developed Real Estate ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	37.59		$	41.65		$	36.09		$	38.11		$	39.39		$	37.33
Net investment income(a)		0.68			1.49			1.31			0.97			0.93			1.18
Net realized and unrealized gain (loss)(b)		2.19			(3.81	)		5.71			(2.09	)		(0.91	)		1.90
Net increase (decrease) from investment operations		2.87			(2.32	)		7.02			(1.12	)		0.02			3.08
Distributions(c)
From net investment income		(0.86	)		(1.74	)		(1.46	)		(0.90	)		(1.30	)		(1.02	)
Total distributions		(0.86	)		(1.74	)		(1.46	)		(0.90	)		(1.30	)		(1.02	)
Net asset value, end of period	$	39.60		$	37.59		$	41.65		$	36.09		$	38.11		$	39.39
Total Return
Based on net asset value		7.81	%(d)		(5.55	)%		19.80	%		(2.97	)%		0.16	%		8.39	%
Ratios to Average Net Assets
Total expenses		0.48	%(e)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		3.62	%(e)		3.87	%		3.34	%		2.75	%		2.47	%		3.15	%
Supplemental Data
Net assets, end of period (000)	$	27,722		$	30,072		$	43,731		$	41,504		$	78,115		$	80,746
Portfolio turnover rate(f)		4	%(d)		13	%		12	%		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) Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

34 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Global REIT ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Period From 07/08/14(a) to 04/30/15
Net asset value, beginning of period	$	26.53		$	24.82		$	25.42		$	26.35		$	25.81		$	24.90
Net investment income(b)		0.38			0.98			0.97			0.86			0.87			0.69
Net realized and unrealized gain (loss)(c)		2.31			2.08			(0.56	)		(0.47	)		0.64			0.87
Net increase from investment operations		2.69			3.06			0.41			0.39			1.51			1.56
Distributions(d)
From net investment income		(0.53	)		(1.35	)		(0.99	)		(1.29	)		(0.97	)		(0.65	)
From net realized gain		—			—			(0.02	)		(0.03	)		—			—
Total distributions		(0.53	)		(1.35	)		(1.01	)		(1.32	)		(0.97	)		(0.65	)
Net asset value, end of period	$	28.69		$	26.53		$	24.82		$	25.42		$	26.35		$	25.81
Total Return
Based on net asset value		10.25	%(e)		12.77	%		1.61	%		1.53	%		6.17	%		6.30	%(e)
Ratios to Average Net Assets
Total expenses		0.14	%(f)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%(f)
Net investment income		2.73	%(f)		3.85	%		3.83	%		3.31	%		3.47	%		3.23	%(f)
Supplemental Data
Net assets, end of period (000)	$	1,843,524		$	1,637,157		$	913,379		$	350,819		$	144,910		$	23,226
Portfolio turnover rate(g)		4	%(e)		9	%		7	%		5	%		9	%		12	%(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 excludesin-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 35

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares International Developed Real Estate ETF
	Six Months Ended 10/31/19 (unaudited)			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16			Year Ended 04/30/15
Net asset value, beginning of period	$	29.65		$	30.40		$	28.11		$	30.06		$	32.17		$	30.79
Net investment income(a)		0.48			0.93			0.91			0.82			0.75			1.16
Net realized and unrealized gain (loss)(b)		1.60			(0.55	)		2.86			(0.76	)		(1.79	)		1.27
Net increase (decrease) from investment operations		2.08			0.38			3.77			0.06			(1.04	)		2.43
Distributions(c)
From net investment income		(0.93	)		(1.13	)		(1.48	)		(2.01	)		(1.07	)		(1.05	)
Total distributions		(0.93	)		(1.13	)		(1.48	)		(2.01	)		(1.07	)		(1.05	)
Net asset value, end of period	$	30.80		$	29.65		$	30.40		$	28.11		$	30.06		$	32.17
Total Return
Based on net asset value		7.16	%(d)		1.39	%		13.69	%		0.63	%(e)		(3.11	)%		8.06	%
Ratios to Average Net Assets
Total expenses		0.48	%(f)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.48	%		N/A			0.48	%		N/A			N/A
Net investment income		3.21	%(f)		3.20	%		3.08	%		2.85	%(e)		2.56	%		3.71	%
Supplemental Data
Net assets, end of period (000)	$	394,201		$	477,332		$	535,093		$	519,971		$	700,478		$	1,000,337
Portfolio turnover rate(g)		6	%(d)		8	%		8	%		7	%		12	%		11	%

^(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) Not annualized.

^(e) Reflects theone-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases:

• Total return by 0.04%.

• Ratio of net investment income to average net assets by 0.01%.

^(f) Annualized.

^(g) Portfolio turnover rate excludesin-kind transactions.

See notes to financial statements.

36 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Cohen & Steers REIT	Non-diversified
Core U.S. REIT	Diversified
Europe Developed Real Estate	Non-diversified
Global REIT	Diversified
International Developed Real Estate	Diversified

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 theex-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 bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-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 innon-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.

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 October 31, 2019, 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) topaid-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 theex-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.

NOTESTO FINANCIAL STATEMENTS 37

Notes to Financial Statements  (unaudited) (continued)

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”). 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 inopen-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.

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.

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 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 October 31, 2019, 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 FundAdvisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Anynon-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 October 31, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

38 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (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 thenon-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 orre-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 October 31, 2019:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received (a)		Non-Cash Collateral Received		Net Amount
Core U.S. REIT
Barclays Bank PLC	$	211,255	$	211,255	$	—	$	—
Citigroup Global Markets Inc.		623,766		623,766		—		—
Goldman Sachs & Co.		17,195		17,195		—		—
HSBC Bank PLC		6,582,000		6,582,000		—		—
	$	7,434,216	$	7,434,216	$	—	$	—
Europe Developed Real Estate
Goldman Sachs & Co.	$	29,644	$	29,644	$	—	$	—
HSBC Bank PLC		49,834		49,834		—		—
	$	79,478	$	79,478	$	—	$	—
Global REIT
Barclays Bank PLC	$	307,776	$	307,776	$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		483,072		483,072		—		—
BofA Securities, Inc.		4,580		4,580		—		—
Citigroup Global Markets Inc.		17,635		17,635		—		—
Credit Suisse AG Dublin Branch		91,200		88,859		—		(2,341	)(b)
Deutsche Bank Securities Inc.		103,339		103,339		—		—
Goldman Sachs & Co.		1,071,138		1,044,763		—		(26,375	)(b)
Jefferies LLC		436,108		436,108		—		—
JPMorgan Securities LLC		2,642,343		2,642,343		—		—
	$	5,157,191	$	5,128,475	$	—	$	(28,716	)
International Developed Real Estate
Goldman Sachs & Co.	$	1,638,034	$	1,638,034	$	—	$	—
Morgan Stanley & Co. LLC		1,469,828		1,469,828		—		—
	$	3,107,862	$	3,107,862	$	—	$	—

^(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.

NOTESTO FINANCIAL STATEMENTS 39

Notes to Financial Statements  (unaudited) (continued)

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.

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 the iShares Cohen & Steers REIT 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		0.3500	%
Over $121 billion, up to and including $181 billion		0.3325
Over $181 billion, up to and including $231 billion		0.3159
Over $231 billion, up to and including $281 billion		0.3001
Over $281 billion		0.2851

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 following Funds, BFAis 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
Core U.S. REIT		0.08	%
Europe Developed Real Estate		0.48
Global REIT		0.14
International Developed Real Estate		0.48

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 of iShares Cohen & Steers REIT ETF and iShares Core U.S. REIT ETF (the “Group 1 Funds”), retains 73.5% 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, 2019, the Fund retained 71.5% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 65% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Europe Developed Real Estate ETF, iShares Global REIT ETF and iShares International Developed Real Estate 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. Prior to January 1, 2019, the Fund retained 80% 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.

40 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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) each 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) 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.

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 six months ended October 31, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Cohen & Steers REIT	$	176
Core U.S. REIT		4,570
Europe Developed Real Estate		1,312
Global REIT		12,598
International Developed Real Estate		10,661

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 Rule17a-7.

For the six months ended October 31, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Cohen & Steers REIT	$	2,772,317	$	527,181	$	(21,337	)
Core U.S. REIT		4,552,022		9,635,513		(439,418	)
Europe Developed Real Estate		137,654		17,248		714
International Developed Real Estate		1,712,255		94,052		(12,282	)

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

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

7. PURCHASES AND SALES

For the six months ended October 31, 2019, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Cohen & Steers REIT	$	271,091,333	$	262,736,690
Core U.S. REIT		65,717,644		58,858,349
Europe Developed Real Estate		1,183,340		1,218,048
Global REIT		86,437,746		71,515,965
International Developed Real Estate		23,505,087		30,444,754

For the six months ended October 31, 2019,in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Cohen & Steers REIT	$	176,996,212	$	58,328,211
Core U.S. REIT		385,687,991		81,505,901
Europe Developed Real Estate		—		3,732,865
Global REIT		194,164,838		140,621,526
International Developed Real Estate		—		96,207,285

NOTESTO FINANCIAL STATEMENTS 41

Notes to Financial Statements  (unaudited) (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 October 31, 2019, 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.

As of April 30, 2019, the Funds hadnon-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Cohen & Steers REIT	$	95,088,433
Europe Developed Real Estate		2,407,829
International Developed Real Estate		61,047,210

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 tomark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any suchmarked-to-market gains.

As of October 31, 2019, 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)
Cohen & Steers REIT	$	2,089,718,467	$	489,324,140	$	(100,569,830	)	$	388,754,310
Core U.S. REIT		1,541,964,061		238,223,130		(42,323,083	)		195,900,047
Europe Developed Real Estate		28,138,582		5,149,648		(5,587,802	)		(438,154	)
Global REIT		1,682,620,160		258,091,566		(95,182,231	)		162,909,335
International Developed Real Estate		403,672,456		56,670,320		(64,675,884	)		(8,005,564	)

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.

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. 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.

Investing in the securities ofnon-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.

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.

42 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (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.

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.

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.

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:

	Six Months Ended 10/31/19						Year Ended 04/30/19
iShares ETF	Shares			Amount			Shares			Amount
Cohen & Steers REIT
Shares sold		1,500,000		$	177,853,632			3,650,000		$	370,046,395
Shares redeemed		(500,000	)		(58,501,382	)		(10,300,000	)		(1,022,408,649	)
Net increase (decrease)		1,000,000		$	119,352,250			(6,650,000	)	$	(652,362,254	)
Core U.S. REIT
Shares sold		7,250,000		$	388,890,378			19,300,000		$	940,825,576
Shares redeemed		(1,500,000	)		(81,980,351	)		(5,550,000	)		(266,871,519	)
Net increase		5,750,000		$	306,910,027			13,750,000		$	673,954,057
Europe Developed Real Estate
Shares redeemed		(100,000	)	$	(3,792,736	)		(250,000	)	$	(9,148,335	)
Global REIT
Shares sold		8,050,000		$	220,255,259			29,850,000		$	760,144,475
Shares redeemed		(5,500,000	)		(147,671,010	)		(4,950,000	)		(128,541,021	)
Net increase		2,550,000		$	72,584,249			24,900,000		$	631,603,454
International Developed Real Estate
Shares sold		—		$	—			1,600,000		$	43,562,061
Shares redeemed		(3,300,000	)		(98,743,433	)		(3,100,000	)		(91,118,532	)
Net decrease		(3,300,000	)	$	(98,743,433	)		(1,500,000	)	$	(47,556,471	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of thein-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 toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. FOREIGN WITHHOLDING TAX CLAIMS

The iShares International Developed Real Estate 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 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.

NOTESTO FINANCIAL STATEMENTS 43

Notes to Financial Statements  (unaudited) (continued)

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 Funds are able to pass through to 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&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-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. Plaintiffs have appealed the court’s decision. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal took place on November 19, 2019.

13. 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.

44 2019ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

I. iShares Cohen & Steers REIT 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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits 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 and Performance 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, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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 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.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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 and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

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, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation 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. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, 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 also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other 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 or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 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 BFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule17e-1 or Rule10f-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 continuance of the Advisory Contract for the coming year.

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’s 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 rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

II. iShares Core U.S. REIT ETF, iShares Europe Developed Real Estate ETF, iShares Global REIT ETF (the “Funds”)

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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby the Board and its

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Board Review and Approval of Investment Advisory Contract  (continued)

committees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative and shareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits 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 and Performance of the Funds:The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which each Fund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising each 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 applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fund generally performed in line with its respective underlying index over the relevant periods.

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 and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profit margin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

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Board Review and Approval of Investment Advisory Contract  (continued)

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Funds did not provide for breakpoints in the Funds’ investment advisory fee rate as the assets of the Funds increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

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, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation 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 objectives and strategies as the Funds and that track the same indexes. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of services and generally more extensive services provided to the 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 Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the“all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule17e-1 or Rule10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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 Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

III. iShares International Developed Real Estate 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 annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees

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Board Review and Approval of Investment Advisory Contract  (continued)

(the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. 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 and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits 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 and Performance 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, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for theone-, three-, five-,ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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 and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA:Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. 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, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. 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 appropriate, and has provided information and made relevant 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 responsible for theday-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 49

Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale:The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review 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 continuance of the Advisory Contract for the coming year.

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, includingopen-end funds registered under the 1940 Act (includingsub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, 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 also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also 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:The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other 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 or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits 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 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 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 BFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule17e-1 or Rule10f-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 continuance of the Advisory Contract for the coming year.

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’s 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 rendered and that could not have been the product ofarm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

50 2019ISHARES SEMI-ANNUAL REPORTTO 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 FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on FormN-Q. The iShares Funds’ FormsN-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-free1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

GENERAL INFORMATION 51

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 Cohen & Steers Capital Management, Inc. or FTSE International Limited, 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.

^©2019 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-405-1019

Item 2.     Code of Ethics.

Not applicable to this semi-annual report.

Item 3.     Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.     Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.     Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.     Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7.     Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.     Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.     Purchases of Equity Securities byClosed-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 Rule30a-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 Rule30a-3(b) under the Investment Company Act of 1940 and Rules13a-15(b) or15d-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 Rule30a-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 forClosed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.     Exhibits.

(a) (1) Not applicable to this semi-annual report.

(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:         December 31, 2019

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:         December 31, 2019

  By: /s/ Neal Andrews                                                                                             

  Neal Andrews, Treasurer and Chief Financial Officer (Principal Financial Officer)

  Date:         December 31, 2019