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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

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

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: April 30, 2023

Date of reporting period: October 31, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

OCTOBER 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Global Clean Energy ETF | ICLN | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		(5.50)%		(14.61)%
U.S. small cap equities (Russell 2000® Index)		(0.20)		(18.54)
International equities (MSCI Europe, Australasia, Far East Index)		(12.70)		(23.00)
Emerging market equities (MSCI Emerging Markets Index)		(19.66)		(31.03)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72		0.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24)		(17.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86)		(15.68)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43)		(11.98)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71)		(11.76)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		5
Disclosure of Expenses		5
Schedule of Investments		6
Financial Statements:
Statement of Assets and Liabilities		10
Statement of Operations		11
Statements of Changes in Net Assets		12
Financial Highlights		13
Notes to Financial Statements		14
Board Review and Approval of Investment Advisory Contract		22
Supplemental Information		25
General Information		26
Glossary of Terms Used in this Report		27

Fund Summary as  of October 31, 2022 iShares^® Global Clean Energy ETF

Investment Objective

The iShares Global Clean Energy ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the clean energy sector, as represented by the S&P Global Clean Energy 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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.55	%		(24.27	)%		16.98	%		13.63	%		(24.27	)%		119.01	%		259.00%
Fund Market		0.97			(24.28	)		16.94			13.65			(24.28	)		118.68			259.54
Index		0.20			(24.04	)		17.13			13.18			(24.04	)		120.51			244.87

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning   Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,005.50	$	2.07		$	1,000.00	$	1,023.10	$	2.09		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Industry	Percent of Total Investments	(a)
Electric Utilities	22.4	%
Renewable Electricity	20.6
Semiconductor Equipment	18.0
Heavy Electrical Equipment	9.8
Electrical Components & Equipment	9.7
Semiconductors	9.0
Multi-Utilities	6.2
Oil & Gas Refining & Marketing	2.2
Commodity Chemicals	1.1
Other (each representing less than 1%)	1.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	39.7	%
China	11.7
Spain	10.1
Denmark	8.7
Brazil	6.0
Canada	4.1
India	3.3
Portugal	2.7
Japan	2.0
Germany	1.9
South Korea	1.9
Thailand	1.7
Other (each representing less than 1%)	6.2

^(a) Excludes money market funds.

4 2 0 2 2  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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.

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

ABOUT  FUND  PERFORMANCE / DISCLOSURE   OF  EXPENSES 5

Schedule of Investments  (unaudited) October 31, 2022 iShares^® Global Clean Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.9%
Verbund AG		562,015	$	44,025,358
Brazil — 4.8%
Auren Energia SA		5,212,740		15,056,448
Centrais Eletricas Brasileiras SA		16,593,685		160,042,084
CPFL Energia SA		3,203,419		21,965,947
EDP - Energias do Brasil SA		4,241,246		18,942,125
Light SA		5,178,754		5,694,574
Omega Energia SA(a)		3,661,978		7,620,998
				229,322,176
Canada — 4.1%
Ballard Power Systems Inc.(a)(b)		4,351,792		24,660,208
Boralex Inc., Class A		1,100,706		31,210,976
Brookfield Renewable Corp., Class A		854,806		26,559,943
Canadian Solar Inc.(a)(b)		661,660		22,430,274
Innergex Renewable Energy Inc.		1,573,332		17,322,993
Northland Power Inc.		2,556,877		74,396,891
				196,581,285
Chile — 0.4%
Enel Americas SA		186,020,203		18,431,763
China — 11.7%
CECEP Solar Energy Co. Ltd., Class A		4,179,400		3,865,127
CECEP Wind Power Corp, Class A		6,967,100		4,074,528
China Conch Venture Holdings Ltd.		20,377,500		30,054,692
China Datang Corp. Renewable Power Co. Ltd., Class H		40,417,000		10,909,457
China Three Gorges Renewables Group Co. Ltd., Class A		39,784,400		30,256,570
China Yangtze Power Co. Ltd., Class A		31,612,930		87,514,951
Daqo New Energy Corp., ADR(a)		996,853		43,851,563
Flat Glass Group Co. Ltd., Class H		6,885,000		16,149,495
Ginlong Technologies Co. Ltd., Class A		516,150		13,165,320
Huaneng Lancang River Hydropower Inc.		9,382,857		8,159,016
JA Solar Technology Co. Ltd., Class A		3,272,166		27,950,694
Jiangsu Akcome Science & Technology Co. Ltd.(a)		6,227,400		2,601,700
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		171,058		7,827,159
JinkoSolar Holding Co. Ltd., ADR(a)(b)		678,343		32,207,726
Jinlei Technology Co. Ltd., NVS(a)		363,300		2,346,204
LONGi Green Energy Technology Co. Ltd., Class A		7,903,940		51,925,405
Ming Yang Smart Energy Group Ltd., Class A		3,157,700		10,751,395
Risen Energy Co. Ltd.(a)		1,253,000		4,222,075
Sichuan Chuantou Energy Co. Ltd., Class A		4,594,900		6,923,666
Sungrow Power Supply Co. Ltd., Class A		2,064,300		36,893,947
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		4,492,700		24,229,796
Titan Wind Energy Suzhou Co. Ltd., Class A		2,505,800		4,018,190
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		13,442,800		11,648,286
Xinyi Energy Holdings Ltd.		27,524,000		7,010,553
Xinyi Solar Holdings Ltd.		78,842,000		78,274,172
Zhejiang Windey Co. Ltd., NVS		753,800		1,850,590
				558,682,277
Denmark — 8.6%
Orsted AS(c)		2,012,856		166,072,196
Vestas Wind Systems A/S		12,516,232		246,740,798
				412,812,994

Security	Shares		Value
France — 0.4%
Neoen SA(c)		478,891	$	16,703,779
Germany — 1.9%
Encavis AG		1,653,138		30,777,661
Nordex SE(a)(b)		2,175,578		20,281,089
SMA Solar Technology AG(a)(b)		295,447		14,293,832
VERBIO Vereinigte BioEnergie AG		341,497		26,900,781
				92,253,363
India — 3.3%
Adani Green Energy Ltd.(a)		5,463,756		138,920,169
NHPC Ltd., NVS		31,236,721		16,081,946
				155,002,115
Israel — 0.5%
Energix-Renewable Energies Ltd.(b)		2,758,123		9,629,092
Enlight Renewable Energy Ltd.(a)(b)		7,704,427		15,603,674
				25,232,766
Italy — 0.4%
ERG SpA		637,808		20,006,012
Japan — 2.0%
Chubu Electric Power Co. Inc.		9,861,700		80,273,451
RENOVA Inc.(a)(b)		754,700		16,563,759
				96,837,210
New Zealand — 0.6%
Contact Energy Ltd.		2,839,198		12,453,874
Meridian Energy Ltd.		5,244,811		14,866,922
				27,320,796
Norway — 0.6%
NEL ASA(a)(b)		11,647,008		14,236,489
Scatec ASA(c)		2,070,983		14,670,104
				28,906,593
Portugal — 2.7%
EDP - Energias de Portugal SA		28,568,745		124,825,813
Greenvolt Energias Renovaveis SA(a)		652,913		5,015,252
				129,841,065
Singapore — 0.2%
Maxeon Solar Technologies Ltd.(a)(b)		389,189		6,725,186
South Korea — 1.8%
CS Wind Corp.(b)		520,253		21,431,546
Doosan Fuel Cell Co. Ltd.(a)(b)		705,563		13,464,472
Hanwha Solutions Corp.(a)		1,595,329		52,723,467
				87,619,485
Spain — 10.1%
Corp. ACCIONA Energias Renovables SA		720,776		28,341,534
EDP Renovaveis SA		2,745,169		57,765,161
Iberdrola SA		29,920,340		304,268,116
Siemens Gamesa Renewable Energy SA(a)		3,905,688		69,242,612
Solaria Energia y Medio Ambiente SA(a)		1,411,234		22,320,249
				481,937,672
Sweden — 0.2%
PowerCell Sweden AB(a)(b)		806,347		8,856,526
Switzerland — 0.6%
BKW AG		118,166		13,785,566
Meyer Burger Technology AG(a)(b)		34,773,739		16,658,092
				30,443,658
Taiwan — 0.6%
Motech Industries Inc.		6,046,358		4,428,895

6 2 0 2 2  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Global Clean Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
TSEC Corp.(a)		8,272,522	$	8,564,701
United Renewable Energy Co. Ltd.(a)		24,871,000		16,166,554
				29,160,150
Thailand — 1.7%
Energy Absolute PCL, NVDR		31,757,400		80,845,809
United Kingdom — 0.8%
Atlantica Sustainable Infrastructure PLC		1,115,944		30,922,808
ReNew Energy Global PLC(a)(b)		1,521,516		8,840,008
				39,762,816
United States — 39.5%
Archaea Energy Inc.(a)		1,271,214		32,810,033
Array Technologies Inc.(a)(b)		2,429,190		43,968,339
Avangrid Inc.		906,920		36,893,506
Bloom Energy Corp., Class A(a)(b)		3,063,262		57,313,632
Clearway Energy Inc., Class C		1,071,172		37,212,515
Consolidated Edison Inc.		3,362,973		295,807,105
Enphase Energy Inc.(a)(b)		1,436,109		440,885,464
First Solar Inc.(a)(b)		1,722,515		250,746,509
FTC Solar Inc.(a)(b)		527,150		1,091,201
FuelCell Energy Inc.(a)(b)		5,038,343		15,719,630
Gevo Inc.(a)(b)		4,086,199		9,193,948
Green Plains Inc.(a)(b)		1,004,219		29,011,887
Ormat Technologies Inc.(b)		777,522		70,326,865
Plug Power Inc.(a)(b)		9,049,777		144,615,436
REX American Resources Corp.(a)		273,126		8,191,049
Shoals Technologies Group Inc., Class A(a)(b)		1,835,904		42,427,741
SolarEdge Technologies Inc.(a)(b)		966,698		222,369,541
Sunnova Energy International Inc.(a)(b)		1,713,358		31,765,657
SunPower Corp.(a)(b)		1,482,257		27,406,932
Sunrun Inc.(a)(b)		3,685,479		82,960,132
TPI Composites Inc.(a)(b)		647,897		6,453,054
				1,887,170,176
Total Common Stocks — 98.4% (Cost: $5,008,018,612)				4,704,481,030

Security	Shares		Value
Preferred Stocks
Brazil — 1.2%
Cia. Energetica de Minas Gerais, Preference Shares, NVS		25,464,641	$	56,051,296
Total Preferred Stocks — 1.2% (Cost: $57,045,161)				56,051,296
Total Long-Term Investments — 99.6% (Cost: $5,065,063,773)				4,760,532,326
Short-Term Securities
Money Market Funds — 12.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(d)(e)(f)		586,222,167		586,104,922
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(d)(e)		4,640,000		4,640,000
Total Short-Term Securities — 12.3% (Cost: $590,728,997)				590,744,922
Total Investments — 111.9% (Cost: $5,655,792,770)				5,351,277,248
Liabilities in Excess of Other Assets — (11.9)%				(571,208,976	)
Net Assets — 100.0%			$	4,780,068,272

^(a) Non-income producing security.

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

^(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	691,889,565	$	—	$	(105,750,453	)(a)	$	22,441	$	(56,631	)	$	586,104,922		586,222,167	$	2,718,156	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		27,160,000		—		(22,520,000	)(a)		—		—			4,640,000		4,640,000		93,273			—
								$	22,441	$	(56,631	)	$	590,744,922			$	2,811,429		$	—

^(a) Represents net amount purchased (sold).

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

7

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Global Clean Energy ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		47		12/16/22	$	1,678	$	51,136
MSCI Emerging Markets Index		77		12/16/22		3,287		(291,187	)
S&P 500 E-Mini Index		62		12/16/22		12,037		27,301
							$	(212,750	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	78,437	$	—	$	—	$	—	$	78,437
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	291,187	$	—	$	—	$	—	$	291,187

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(4,941,091	)	$	—	$	—	$	—	$	(4,941,091	)
Swaps		—		—		1,917,585			—		—		—		1,917,585
	$	—	$	—	$	(3,023,506	)	$	—	$	—	$	—	$	(3,023,506	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(268,051	)	$	—	$	—	$	—	$	(268,051	)
Swaps		—		—		899,346			—		—		—		899,346
	$	—	$	—	$	631,295		$	—	$	—	$	—	$	631,295

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	17,685,745
Total return swaps
Average notional value	$	3,633,334

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

Fair Value Hierarchy as of Period End

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

8 2 0 2 2  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Global Clean Energy ETF

Fair Value Hierarchy as of Period End (continued)

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

		Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,435,620,928		$	2,268,860,102	$	—	$	4,704,481,030
Preferred Stocks		56,051,296			—		—		56,051,296
Money Market Funds		590,744,922			—		—		590,744,922
	$	3,082,417,146		$	2,268,860,102	$	—	$	5,351,277,248
Derivative financial instruments(a)
Assets
Futures Contracts	$	27,301		$	51,136	$	—	$	78,437
Liabilities
Futures Contracts		(291,187	)		—		—		(291,187	)
	$	(263,886	)	$	51,136	$	—	$	(212,750	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

9

Statement of Assets and Liabilities (unaudited)

October 31, 2022

	iShares Global Clean Energy ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	4,760,532,326
Investments, at value — affiliated(c)		590,744,922
Cash		413,778
Foreign currency, at value(d)		4,481,140
Cash pledged for futures contracts		795,000
Foreign currency collateral pledged for futures contracts(e)		181,838
Receivables:
Investments sold		3,354,869
Securities lending income — affiliated		405,343
Due from broker		59,100
Capital shares sold		622,510
Dividends — unaffiliated		6,069,362
Dividends — affiliated		9,162
Tax reclaims		1,420,349
Total assets		5,369,089,699
LIABILITIES
Collateral on securities loaned, at value		586,485,132
Payables:
Investments purchased		773,875
Variation margin on futures contracts		95,613
Investment advisory fees		1,666,807
Total liabilities		589,021,427
NET ASSETS	$	4,780,068,272
NET ASSETS CONSIST OF
Paid-in capital	$	6,263,225,617
Accumulated loss		(1,483,157,345	)
NET ASSETS	$	4,780,068,272
NET ASSET VALUE
Shares outstanding		253,500,000
Net asset value	$	18.86
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	5,065,063,773
(b) Securities loaned, at value	$	545,642,273
(c)  Investments, at cost — affiliated	$	590,728,997
(d) Foreign currency, at cost	$	4,499,162
(e) Foreign currency collateral pledged, at cost	$	182,654

See notes to financial statements.

10 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statement of Operations (unaudited)

Six Months Ended October 31, 2022

	iShares Global Clean Energy ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	29,939,685
Dividends — affiliated		93,273
Securities lending income — affiliated — net		2,718,156
Foreign taxes withheld		(1,993,294	)
Total investment income		30,757,820
EXPENSES
Investment advisory		10,610,968
Commitment costs		22,028
Total expenses		10,632,996
Net investment income		20,124,824
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(427,787,838	)
Investments — affiliated		22,441
Foreign currency transactions		1,904,693
Futures contracts		(4,941,091	)
In-kind redemptions — unaffiliated(a)		65,814,873
Swaps		1,917,585
		(363,069,337	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		348,556,968
Investments — affiliated		(56,631	)
Foreign currency translations		(148,238	)
Futures contracts		(268,051	)
Swaps		899,346
		348,983,394
Net realized and unrealized loss		(14,085,943	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,038,881
(a) See Note 2 of the Notes to Financial Statements.
(b) Net of reduction in deferred foreign capital gain tax of	$	176,025

See notes to financial statements.

FINANCIAL  STATEMENTS 11

Statements of Changes in Net Assets  

	iShares Global Clean Energy ETF
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	20,124,824		$	61,476,052
Net realized loss		(363,069,337	)		(160,644,573	)
Net change in unrealized appreciation (depreciation)		348,983,394			(1,025,201,886	)
Net increase (decrease) in net assets resulting from operations		6,038,881			(1,124,370,407	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(35,169,705	)		(66,429,706	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(174,396,414	)		318,441,275
NET ASSETS
Total decrease in net assets		(203,527,238	)		(872,358,838	)
Beginning of period		4,983,595,510			5,855,954,348
End of period	$	4,780,068,272		$	4,983,595,510

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

See notes to financial statements.

12 2 0 2 2  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights  

(For a share outstanding throughout each period)

	iShares Global Clean Energy ETF
		Six Months Ended								Period From
	10/31/22 (unaudited)					Year Ended 04/30/22			04/01/21 to 04/30/21			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of period			$	18.88		$	23.19		$	24.07		$	9.62		$	9.75		$	9.47		$	8.54
Net investment income(a)				0.08			0.23			0.06			0.13			0.11			0.19			0.26
Net realized and unrealized gain (loss)(b)				0.04			(4.29	)		(0.94	)		14.42			(0.08	)		0.32			0.90
Net increase (decrease) from investment operations				0.12			(4.06	)		(0.88	)		14.55			0.03			0.51			1.16
Distributions from net investment income(c)				(0.14	)		(0.25	)		—			(0.10	)		(0.16	)		(0.23	)		(0.23	)
Net asset value, end of period			$	18.86		$	18.88		$	23.19		$	24.07		$	9.62		$	9.75		$	9.47
Total Return(d)
Based on net asset value				0.55	%(e)		(17.64	)%		(3.66	)%(e)		151.73	%		0.12	%		5.69	%		13.90	%
Ratios to Average Net Assets (f)
Total expenses				0.41	%(g)		0.40	%		0.41	%(g)		0.42	%		0.46	%		0.46	%		0.47	%
Net investment income				0.79	%(g)		1.07	%		3.07	%(g)		0.57	%		1.01	%		2.13	%		2.91	%
Supplemental Data
Net assets, end of period (000)			$	4,780,068		$	4,983,596		$	5,855,954		$	5,642,271		$	499,227		$	208,595		$	156,209
Portfolio turnover rate(h)				23	%		52	%		54	%		31	%		37	%		42	%		29	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 13

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 fund (the “Fund”):

iShares ETF	Diversification Classification
Global Clean Energy		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “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, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

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

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

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

14 2 0 2 2  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (unaudited)  (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess

NOTES  TO  FINANCIAL  STATEMENTS 15

Notes to Financial Statements  (unaudited)  (continued)

collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Global Clean Energy
Barclays Bank PLC	$	129,099	$	(129,099	)	$	—		$	—
Barclays Capital, Inc.		489,080		(489,080	)		—			—
BNP Paribas SA		143,022,894		(143,022,894	)		—			—
BofA Securities, Inc.		19,578,186		(19,578,186	)		—			—
Citigroup Global Markets, Inc.		3,459,373		(3,459,373	)		—			—
Credit Suisse Securities (USA) LLC		14,234,264		(14,234,264	)		—			—
Goldman Sachs & Co. LLC		141,038,628		(141,038,628	)		—			—
HSBC Bank PLC		826,574		(826,574	)		—			—
J.P. Morgan Securities LLC		96,321,990		(96,321,990	)		—			—
Jefferies LLC		2,696,478		(2,696,478	)		—			—
Morgan Stanley		64,090,102		(64,090,102	)		—			—
National Financial Services LLC		1,027,562		(1,027,562	)		—			—
Nomura Securities International, Inc.		7,145,593		(7,145,593	)		—			—
RBC Capital Markets LLC		22,404,922		(22,404,922	)		—			—
Scotia Capital (USA), Inc.		1,082,731		(1,082,731	)		—			—
SG Americas Securities LLC		138,708		(138,708	)		—			—
State Street Bank & Trust Co.		12,580,576		(12,580,576	)		—			—
Toronto-Dominion Bank		2,025,143		(2,025,143	)		—			—
UBS AG		2,155,044		(2,155,044	)		—			—
UBS Securities LLC		7,399,650		(7,399,650	)		—			—
Virtu Americas LLC		1,830,161		(1,830,161	)		—			—
Wells Fargo Bank N.A.		741,831		(741,831	)		—			—
Wells Fargo Securities LLC		1,223,684		(1,223,684	)		—			—
	$	545,642,273	$	(545,642,273	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statement of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

16 2 0 2 2  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (unaudited)  (continued)

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the 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 (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the Fund to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

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

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

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

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required,

NOTES  TO  FINANCIAL  STATEMENTS 17

Notes to Financial Statements  (unaudited)  (continued)

which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparty are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $10 billion		0.4800%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

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

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

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

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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, the Fund, pursuant to the securities lending agreement, 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 the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended October 31, 2022, the Fund paid BTC $752,058 for securities lending agent services.

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

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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, 2022, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Global Clean Energy	$	163,167	$	1,468,262	$	(500,839	)

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

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

7. PURCHASES AND SALES

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Global Clean Energy	$	1,341,604,916	$	1,350,510,139

For the six months ended October 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Global Clean Energy	$	163,031,388	$	320,119,971

8. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of April 30, 2022, the Fund had non-expiring capital loss carryforwards of $754,463,277 available to offset future realized capital gains.

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, 2022, 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)
Global Clean Energy	$	5,717,120,657	$	524,358,308	$	(890,414,467	)	$	(366,056,159	)

9. LINE OF CREDIT

The Fund, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

NOTES  TO  FINANCIAL  STATEMENTS 19

Notes to Financial Statements  (unaudited)  (continued)

During the six months ended October 31, 2022, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

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

The Fund invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund’s investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European

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Notes to Financial Statements  (unaudited)  (continued)

Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 10/31/22						Year Ended 04/30/22
iShares ETF	Shares			Amount			Shares			Amount
Global Clean Energy
Shares sold		9,500,000		$	198,099,199			49,000,000		$	1,087,738,922
Shares redeemed		(19,900,000	)		(372,495,613	)		(37,600,000	)		(769,297,647	)
		(10,400,000	)	$	(174,396,414	)		11,400,000		$	318,441,275

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.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

NOTES  TO  FINANCIAL  STATEMENTS 21

Board Review and Approval of Investment Advisory Contract

iShares Global Clean Energy 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 Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) 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 Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (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 its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. 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 Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, 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) potential economies of scale and the sharing of related benefits; (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, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement 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, objectively selected by Broadridge as comprising the Fund’s applicable expense 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 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 waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of 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 the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such 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 Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect 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 Agreement for the coming year as compared with 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 the day-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, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), and other sources of revenue and expense to BFA

22 2 0 2 2  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

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. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, 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 with management the sources of direct and ancillary revenue, 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 information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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. 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 Agreement 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 Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and 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 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. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, 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 with management the sources of direct and ancillary revenue, 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 information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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. 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 Agreement 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 Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and 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.

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 23

Board Review and Approval of Investment Advisory Contract  (continued)

The Board received 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 investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement 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, including, but not limited to, 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 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 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 Agreement 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 Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement 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 of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

24 2 0 2 2  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Supplemental Information (unaudited)

Section 19(a) Notices

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

October 31, 2022

	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
Global Clean Energy(a)	$	0.113814	$	—	$	0.026528	$	0.140342		81	%		—	%		19	%		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 25

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Fund files its 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. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

26 2 0 2 2  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation

ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares

GLOSSARY  OF  TERMS  USED  IN  THIS  REPORT 27

Want to know more?

iShares.com    |    1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-408-1022

OCTOBER 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares International Select Dividend ETF | IDV | Cboe BZX

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		(5.50)%		(14.61)%
U.S. small cap equities (Russell 2000® Index)		(0.20)		(18.54)
International equities (MSCI Europe, Australasia, Far East Index)		(12.70)		(23.00)
Emerging market equities (MSCI Emerging Markets Index)		(19.66)		(31.03)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72		0.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24)		(17.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86)		(15.68)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43)		(11.98)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71)		(11.76)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		5
Disclosure of Expenses		5
Schedule of Investments		6
Financial Statements:
Statement of Assets and Liabilities		12
Statement of Operations		13
Statements of Changes in Net Assets		14
Financial Highlights		15
Notes to Financial Statements		16
Board Review and Approval of Investment Advisory Contract		25
General Information		27
Glossary of Terms Used in this Report		28

Fund Summary   as of October 31, 2022 iShares^® International Select Dividend ETF

Investment Objective

The iShares International Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying equities in non-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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(17.67	)%		(18.56	)%		(0.80	)%		2.38	%		(18.56	)%		(3.94	)%		26.50%
Fund Market		(17.41	)		(18.48	)		(0.78	)		2.36			(18.48	)		(3.84	)		26.25
Index		(18.63	)		(18.83	)		(0.90	)		2.43			(18.83	)		(4.40	)		27.09

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning   Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	823.30	$	2.44		$	1,000.00	$	1,022.50	$	2.70		0.53	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	30.3	%
Utilities	15.9
Materials	15.1
Industrials	15.0
Energy	5.9
Communication Services	4.5
Consumer Discretionary	4.4
Consumer Staples	4.1
Real Estate	3.4
Other (each representing less than 1%)	1.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Australia	15.2	%
United Kingdom	13.3
Spain	8.6
South Korea	8.6
Canada	7.3
Italy	7.0
Japan	7.0
Hong Kong	5.7
France	5.5
Finland	3.8
Netherlands	3.1
Switzerland	2.9
Belgium	2.3
Denmark	2.2
Brazil	1.7
New Zealand	1.5
Sweden	1.1
China	1.0
Portugal	1.0
Other (each representing less than 1%)	1.2

^(a) Excludes money market funds.

4 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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.

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

ABOUT  FUND  PERFORMANCE / DISCLOSURE   OF  EXPENSES 5

Schedule of Investments  (unaudited) October 31, 2022 iShares^® International Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 15.0%
APA Group		4,098,576	$	27,593,205
Fortescue Metals Group Ltd.		12,252,352		115,429,436
Harvey Norman Holdings Ltd.		5,149,144		13,698,211
JB Hi-Fi Ltd.		1,744,385		47,816,988
Magellan Financial Group Ltd.		2,760,479		17,503,678
Pendal Group Ltd.		5,935,604		18,644,058
Perpetual Ltd.(a)		879,757		14,019,090
Rio Tinto PLC		5,316,889		277,869,235
Suncorp Group Ltd.		4,769,693		34,890,351
Super Retail Group Ltd.		2,698,527		17,743,374
				585,207,626
Austria — 0.4%
Oesterreichische Post AG(a)		519,627		14,785,028
Belgium — 2.2%
Ageas SA/NV		1,893,950		65,565,100
Proximus SADP		2,094,661		21,959,849
				87,524,949
Brazil — 1.7%
Yara International ASA		1,452,526		64,828,292
Canada — 7.2%
Bank of Nova Scotia (The)		1,161,326		56,133,385
Canadian Utilities Ltd., Class A, NVS		1,322,683		35,194,523
Emera Inc.		1,179,163		43,700,914
Great-West Lifeco Inc.		1,451,499		33,603,904
IGM Financial Inc.		1,263,009		33,810,649
Labrador Iron Ore Royalty Corp.		936,885		19,420,584
Manulife Financial Corp.		1,411,347		23,392,091
Power Corp. of Canada		1,385,235		34,398,283
				279,654,333
China — 1.0%
Orient Overseas International Ltd.		2,713,500		39,652,754
Denmark — 2.1%
AP Moller - Maersk A/S, Class A		42,023		84,074,763
Finland — 3.8%
Fortum OYJ		2,016,602		28,382,221
Sampo OYJ, Class A		1,549,802		70,868,935
UPM-Kymmene OYJ		1,427,680		47,994,952
				147,246,108
France — 5.4%
Bouygues SA		1,676,739		47,839,286
Nexity SA		849,871		17,023,137
Orange SA		1,966,900		18,740,451
Rubis SCA		1,569,230		35,636,165
TotalEnergies SE		1,683,033		91,815,090
				211,054,129
Germany — 0.7%
Freenet AG		398,097		7,825,066
Hapag-Lloyd AG(a)(b)		113,722		20,508,299
				28,333,365
Hong Kong — 5.7%
BOC Hong Kong Holdings Ltd.		6,319,500		19,636,620
CK Hutchison Holdings Ltd.		6,433,500		32,024,864
CK Infrastructure Holdings Ltd.		6,638,500		31,537,660
Henderson Land Development Co. Ltd.		7,788,000		19,067,046

Security	Shares		Value
Hong Kong (continued)
Hysan Development Co. Ltd.		9,163,000	$	19,971,631
Kerry Properties Ltd.		8,716,500		13,788,499
New World Development Co. Ltd.		9,390,750		19,208,538
PCCW Ltd.		11,689,000		4,465,801
Swire Pacific Ltd., Class A		6,446,000		42,759,605
VTech Holdings Ltd.		3,412,200		18,163,850
				220,624,114
Italy — 6.9%
A2A SpA		7,532,696		8,352,539
Anima Holding SpA(b)		4,948,179		15,325,335
Azimut Holding SpA		1,732,735		27,900,601
Enel SpA		9,091,904		40,616,692
Eni SpA		7,125,154		93,579,764
Italgas SpA		7,095,605		36,558,315
Snam SpA		7,306,847		32,489,968
UnipolSai Assicurazioni SpA		6,667,200		15,033,021
				269,856,235
Japan — 6.9%
Haseko Corp.		876,000		9,021,240
Mitsui OSK Lines Ltd.		4,989,300		98,764,130
MS&AD Insurance Group Holdings Inc.		772,000		20,443,489
Nippon Yusen KK		5,557,200		100,665,658
Sojitz Corp.		917,280		13,522,508
Sumitomo Mitsui Financial Group Inc.		965,800		27,121,169
				269,538,194
Netherlands — 3.0%
Flow Traders(b)		536,569		12,917,235
NN Group NV		1,852,304		78,431,061
SBM Offshore NV		2,014,104		27,257,706
				118,606,002
New Zealand — 1.5%
Spark New Zealand Ltd.		19,875,471		59,164,547
Portugal — 1.0%
EDP - Energias de Portugal SA		8,739,954		38,187,602
South Korea — 8.5%
BNK Financial Group Inc.		2,965,657		13,327,348
DB Insurance Co. Ltd.		866,492		34,196,909
DGB Financial Group Inc.		2,770,779		13,193,894
Hana Financial Group Inc.		2,716,514		78,538,147
Industrial Bank of Korea		2,935,820		21,515,476
KB Financial Group Inc.		2,145,584		72,196,898
Samsung Securities Co. Ltd.		1,038,683		23,109,455
Shinhan Financial Group Co. Ltd.		2,087,500		53,057,047
Woori Financial Group Inc.		2,586,117		21,340,633
				330,475,807
Spain — 8.5%
ACS Actividades de Construccion y Servicios SA		4,070,234		104,447,339
Cia. de Distribucion Integral Logista Holdings SA		1,067,606		22,079,662
Enagas SA		3,174,475		51,534,110
Mapfre SA		5,100,483		8,748,299
Naturgy Energy Group SA		2,926,631		75,104,757
Red Electrica Corp. SA		3,287,262		53,173,780
Telefonica SA		4,606,881		15,880,812
				330,968,759
Sweden — 1.1%
Telia Co. AB		15,702,076		41,606,805

6 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited)  (continued) October 31, 2022 iShares^® International Select Dividend ETF (Percentages shown are based on Net Assets)

Security		Shares		Value
Switzerland — 2.8%
Swiss Re AG			282,900	$	21,015,159
Zurich Insurance Group AG			207,368		88,374,824
					109,389,983
United Kingdom — 13.1%
abrdn PLC			3,680,776		6,707,035
Antofagasta PLC			3,828,601		51,591,969
Ashmore Group PLC			4,004,817		9,483,843
BP PLC			2,256,867		12,486,345
British American Tobacco PLC			3,808,391		150,406,489
Centamin PLC			2,683,241		2,727,767
Direct Line Insurance Group PLC			4,658,390		10,762,913
GSK PLC			2,214,161		36,270,347
Haleon PLC(c)			2,781,775		8,530,178
IG Group Holdings PLC			3,079,307		28,087,150
Jupiter Fund Management PLC			4,914,330		5,846,855
Legal & General Group PLC			3,686,436		9,862,173
National Grid PLC			2,321,225		25,290,016
Persimmon PLC			5,184,724		77,583,495
Phoenix Group Holdings PLC			4,134,973		25,735,957
SSE PLC			2,612,736		46,691,884
Vodafone Group PLC			3,364,299		3,927,489
					511,991,905
Total Common Stocks — 98.5% (Cost: $4,792,475,804)					3,842,771,300
Preferred Stocks
Germany — 0.1%	��
Schaeffler AG, Preference Shares, NVS			255,346		1,312,037
Total Preferred Stocks — 0.1% (Cost: $1,803,316)					1,312,037
Total Long-Term Investments — 98.6% (Cost: $4,794,279,120)					3,844,083,337

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(d)(e)(f)		46,666,159	$	46,656,826
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(d)(e)		3,590,000		3,590,000
Total Short-Term Securities — 1.3% (Cost: $50,255,100)				50,246,826
Total Investments — 99.9% (Cost: $4,844,534,220)				3,894,330,163
Other Assets Less Liabilities — 0.1%				5,747,222
Net Assets — 100.0%			$	3,900,077,385

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	46,661,727	(a)	$	—	$	3,373	$	(8,274	)	$	46,656,826		46,666,159	$	458,362	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,240,000		1,350,000	(a)		—		—		—			3,590,000		3,590,000		53,351			—
								$	3,373	$	(8,274	)	$	50,246,826			$	511,713		$	—

^(a)  Represents net amount purchased (sold).

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

SCHEDULE   OF  INVESTMENTS 7

Schedule of Investments  (unaudited)  (continued) October 31, 2022 iShares^® International Select Dividend ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SPI 200 Index		88		12/15/22	$	9,659	$	256,431
Euro STOXX 50 Index		356		12/16/22		12,712		989,662
FTSE 100 Index		266		12/16/22		21,698		405,357
							$	1,651,450

OTC Total Return Swaps

Reference Entity	Payment Frequency		Counterparty(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long		Monthly		Goldman Sachs Bank USA(b)		02/27/23	$	2,418,391	$	191,930	(c)	$	2,609,036		0.1	%
		Monthly		HSBC Bank PLC(d)		02/10/23		369,327		27,158	(e)		396,601		0.0	(f)
		Monthly		JPMorgan Chase Bank NA(g)		02/08/23		7,023,663		649,313	(h)		7,653,515		0.2
									$	868,401		$	10,659,152

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $1,285 of net dividends and financing fees.

^(e)  Amount includes $(116) of net dividends, payable for referenced securities purchased and financing fees.

^(f)  Rounds to less than 0.1%.

^(h)  Amount includes $19,461 of net dividends, payable for referenced securities purchased and financing fees.

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

	(b)	(d)	(g)
Range:	40-45 basis points	45 basis points	40 basis points
Benchmarks:	EUR - 1D Euro Short Term Rate (ESTR)br	EUR - 1D Euro Short Term Rate (ESTR)	EUR - 1D Euro Short Term Rate (ESTR)
	GBP - 1D Sterling Overnight Index Average (SO-NIA)

8 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited)  (continued) October 31, 2022 iShares^® International Select Dividend ETF

OTC Total Return Swaps (continued)

The following table represents the individual long positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Spain
Enagas Sa		19,687	$	319,597		12.3	%
Red Electrica Corporacion Sa		97,012		1,569,237		60.1
				1,888,834
United Kingdom
abrdn PLC		395,242		720,202		27.6
Total Reference Entity — Long				2,609,036
Net Value of Reference Entity — Goldman Sachs Bank USA			$	2,609,036

The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Spain
Enagas Sa		100	$	1,623		0.4	%
Red Electrica Corporacion Sa		24,418		394,978		99.6
Net Value of Reference Entity — HSBC Bank PLC			$	396,601

The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Spain
Enagas Sa		471,353	$	7,651,897		100.0	%
Red Electrica Corporacion Sa		100		1,618		0.0
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	7,653,515

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

	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps	$	—	$	—	$	868,401	$	—

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,651,450	$	—	$	—	$	—	$	1,651,450
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	—	$	—	$	868,401	$	—	$	—	$	—	$	868,401
	$	—	$	—	$	2,519,851	$	—	$	—	$	—	$	2,519,851

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

SCHEDULE   OF  INVESTMENTS 9

Schedule of Investments  (unaudited)  (continued) October 31, 2022 iShares^® International Select Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(6,567,849	)	$	—	$	—	$	—	$	(6,567,849	)
Swaps		—		—		(1,883,519	)		—		—		—		(1,883,519	)
	$	—	$	—	$	(8,451,368	)	$	—	$	—	$	—	$	(8,451,368	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,488,898		$	—	$	—	$	—	$	2,488,898
Swaps		—		—		868,401			—		—		—		868,401
	$	—	$	—	$	3,357,299		$	—	$	—	$	—	$	3,357,299

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	34,536,103
Total return swaps
Average notional value	$	4,905,691

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

Derivative Financial Instruments - Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$  1,651,450	$	—
Swaps - OTC(a)	868,401		—
Total derivative assets and liabilities in the Statement of Assets and Liabilities	2,519,851		—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)	(1,651,450)		—
Total derivative assets and liabilities subject to an MNA	868,401		—

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement of Assets and Liabilities.

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative Assets	(c)
Goldman Sachs Bank USA	$	191,930	$	—		$	—	$	—		$	191,930
HSBC Bank PLC		27,158		—			—		—			27,158
JPMorgan Chase Bank NA		649,313		—			—		—			649,313
	$	868,401	$	—		$	—	$	—		$	868,401

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

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

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

10 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited)  (continued) October 31, 2022 iShares^® International Select Dividend ETF

Fair Value Hierarchy as of Period End (continued)

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

		Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	292,571,568	$	3,550,199,732	$	—	$	3,842,771,300
Preferred Stocks		—		1,312,037		—		1,312,037
Money Market Funds		50,246,826		—		—		50,246,826
	$	342,818,394	$	3,551,511,769	$	—	$	3,894,330,163
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	1,651,450	$	—	$	1,651,450
Swaps		—		868,401		—		868,401
	$	—	$	2,519,851	$	—	$	2,519,851

^(a)  Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULE    OF   INVESTMENTS 11

Statement of Assets and Liabilities  (unaudited)

October 31, 2022

	iShares International Select Dividend ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	3,844,083,337
Investments, at value — affiliated(c)		50,246,826
Cash		6,347
Foreign currency, at value(d)		20,709,076
Foreign currency collateral pledged for futures contracts(e)		3,577,677
Receivables:
Securities lending income — affiliated		239,057
Variation margin on futures contracts		251,919
Dividends — unaffiliated		27,387,348
Dividends — affiliated		10,295
Tax reclaims		10,757,889
Unrealized appreciation on OTC swaps		868,401
Total assets		3,958,138,172
LIABILITIES
Collateral on securities loaned, at value		46,661,728
Payables:
Investments purchased		3,756,536
Investment advisory fees		1,603,617
Professional fees		101,025
IRS compliance fee for foreign withholding tax claims		5,937,881
Total liabilities		58,060,787
NET ASSETS	$	3,900,077,385
NET ASSETS CONSIST OF
Paid-in capital	$	5,949,958,152
Accumulated loss		(2,049,880,767	)
NET ASSETS	$	3,900,077,385
NET ASSET VALUE
Shares outstanding		164,750,000
Net asset value	$	23.67
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	4,794,279,120
(b) Securities loaned, at value	$	44,692,363
(c)  Investments, at cost — affiliated	$	50,255,100
(d) Foreign currency, at cost	$	20,481,843
(e) Foreign currency collateral pledged, at cost	$	3,644,080

See notes to financial statements.

12 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statement of Operations  (unaudited)

Six Months Ended October 31, 2022

	iShares International Select Dividend ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	207,951,045
Dividends — affiliated		53,351
Securities lending income — affiliated — net		458,362
Other income — unaffiliated		1,398,359
Foreign taxes withheld		(14,145,492	)
Foreign withholding tax claims		6,032,136
IRS compliance fee for foreign withholding tax claims		(84,925	)
Total investment income		201,662,836
EXPENSES
Investment advisory		10,875,957
Commitment costs		12,018
Professional		743,065
Total expenses		11,631,040
Net investment income		190,031,796
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(51,078,476	)
Investments — affiliated		3,373
Foreign currency transactions		(6,700,204	)
Futures contracts		(6,567,849	)
In-kind redemptions — unaffiliated(a)		550,328
Swaps		(1,883,519	)
		(65,676,347	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(991,845,875	)
Investments — affiliated		(8,274	)
Foreign currency translations		1,073,944
Futures contracts		2,488,898
Swaps		868,401
		(987,422,906	)
Net realized and unrealized loss		(1,053,099,253	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(863,067,457	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

FINANCIAL  STATEMENTS 13

Statements of Changes in Net Assets

	iShares International Select Dividend ETF
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	190,031,796		$	275,040,603
Net realized gain (loss)		(65,676,347	)		150,212,849
Net change in unrealized appreciation (depreciation)		(987,422,906	)		(530,587,837	)
Net decrease in net assets resulting from operations		(863,067,457	)		(105,334,385	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(205,206,783	)		(239,788,045	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		358,664,236			624,868,028
NET ASSETS
Total increase (decrease) in net assets		(709,610,004	)		279,745,598
Beginning of period		4,609,687,389			4,329,941,791
End of period	$	3,900,077,385		$	4,609,687,389

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

See notes to financial statements.

14 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares International Select Dividend ETF
	Six Months Ended 10/31/22 (unaudited)				Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18
Net asset value, beginning of period		$	30.17		$	32.41		$	24.14		$	31.59		$	34.11		$	31.78
Net investment income(a)			1.17	(b)		1.95	(b)		1.35			1.83			1.71			1.43
Net realized and unrealized gain (loss)(c)			(6.41	)		(2.48	)		8.19			(7.10	)		(2.48	)		2.41
Net increase (decrease) from investment operations			(5.24	)		(0.53	)		9.54			(5.27	)		(0.77	)		3.84
Distributions from net investment income(d)			(1.26	)		(1.71	)		(1.27	)		(2.18	)		(1.75	)		(1.51	)
Net asset value, end of period		$	23.67		$	30.17		$	32.41		$	24.14		$	31.59		$	34.11
Total Return(e)
Based on net asset value			(17.67	)%(b)		(1.76	)%(b)		40.57	%		(17.15	)%		(2.13	)%		12.35	%
Ratios to Average Net Assets(f)
Total expenses			0.51	%(g)(h)		0.54	%		0.49	%		0.49	%		0.49	%		0.49	%
Total expenses after fees waived			0.51	%(g)		0.54	%		0.49	%		0.49	%		0.49	%		0.49	%
Total expenses excluding professional fees for foreign withholding tax claims			0.49	%(g)		0.49	%		N/A			N/A			0.49	%		N/A
Net investment income			8.62	%(b)(g)		6.12	%(b)		4.87	%		6.06	%		5.39	%		4.27	%
Supplemental Data
Net assets, end of period (000)		$	3,900,077		$	4,609,687		$	4,329,942		$	3,421,123		$	4,377,418		$	4,922,792
Portfolio turnover rate(i)			4	%		36	%		86	%		12	%		35	%		24	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended October 31, 2022 and year ended April 30, 2022:

• Net investment income per share by $0.03 and $0.13, respectively.

• Total return by 0.11% and 0.39%, respectively.

• Ratio of net investment income to average net assets by 0.24% and 0.41%, respectively.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expenses would have been 0.53%.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 15

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 fund (the “Fund”):

iShares ETF	Diversification   Classification
International Select Dividend	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “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, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

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

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

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

16 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (unaudited)  (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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

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

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

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

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

NOTES  TO    FINANCIAL   STATEMENTS 17

Notes to Financial Statements  (unaudited)  (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
International Select Dividend
BofA Securities, Inc.	$	12,228,695	$	(12,228,695	)	$	—		$	—
Goldman Sachs & Co. LLC		21,050,743		(21,050,743	)		—			—
J.P. Morgan Securities LLC		2,020,678		(2,020,678	)		—			—
Jefferies LLC		796,759		(796,759	)		—			—
Morgan Stanley		5,810,209		(5,810,209	)		—			—
UBS AG		2,785,279		(2,785,279	)		—			—
	$	44,692,363	$	(44,692,363	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statement of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the 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 (depreciation) and, if any, shown as variation margin receivable (or

18 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (unaudited)  (continued)

payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the Fund to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

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

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

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

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparty are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stand ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

NOTES  TO   FINANCIAL   STATEMENTS 19

Notes to Financial Statements  (unaudited)  (continued)

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $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

Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). BFA has elected to implement a voluntary fee waiver for the Fund in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

For the six months ended October 31, 2022, there were no fees waived by BFA pursuant to this arrangement.

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

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

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

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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, the Fund, pursuant to the securities lending agreement, 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 the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended October 31, 2022, the Fund paid BTC $104,511 for securities lending agent services.

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

20 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  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 Rule 17a-7.

For the six months ended October 31, 2022, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
International Select Dividend	$	—	$	1,157,701	$	(1,036,918	)

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

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

7. PURCHASES AND SALES

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
International Select Dividend	$	233,375,023	$	152,921,004

For the six months ended October 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
International Select Dividend	$	252,612,636	$	9,745,554

8. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of April 30, 2022, the Fund had non-expiring capital loss carryforwards of $1,024,720,546 available to offset future realized capital gains.

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, 2022, 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)
International Select Dividend	$	4,885,985,121	$	95,094,170	$	(1,084,229,277	)	$	(989,135,107	)

9. LINE OF CREDIT

The Fund, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

NOTES  TO   FINANCIAL   STATEMENTS 21

Notes to Financial Statements  (unaudited)  (continued)

During the six months ended October 31, 2022, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

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

The Fund invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund’s investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European

22 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (unaudited)  (continued)

Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 10/31/22						Year Ended 04/30/22
iShares ETF	Shares			Amount			Shares			Amount
International Select Dividend
Shares sold		12,450,000		$	370,139,563			21,900,000		$	708,294,656
Shares redeemed		(500,000	)		(11,475,327	)		(2,700,000	)		(83,426,628	)
		11,950,000		$	358,664,236			19,200,000		$	624,868,028

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.

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares International Select Dividend ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded a receivable for all recoverable taxes withheld by Sweden based upon determinations made by Swedish tax authorities. Professional and other fees associated with the filing of tax claims in Sweden that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. The Fund continues to evaluate developments in Sweden, for potential impacts to the receivables and associated professional fees payable. Swedish tax claims receivable and related liabilities are disclosed in the Statement of Assets and Liabilities. Collection of this receivable, and any subsequent payment of associated liabilities, depends upon determinations made by Swedish tax authorities.

The iShares International Select Dividend ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

NOTES  TO   FINANCIAL   STATEMENTS 23

Notes to Financial Statements  (unaudited)  (continued)

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

24 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

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 Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) 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 Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (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 its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. 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 Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, 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) potential economies of scale and the sharing of related benefits; (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, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement 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, objectively selected by Broadridge as comprising the Fund’s applicable expense 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 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 waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of 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 the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such 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 Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect 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 Agreement for the coming year as compared with 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 the day-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, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), and other sources of revenue and expense to BFA

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 25

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. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, 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 with management the sources of direct and ancillary revenue, 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 information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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. 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 Agreement 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 Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and 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 received 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 investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement 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, including, but not limited to, 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 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 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 Agreement 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 Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement 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 of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

26 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Fund files its 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. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

GENERAL  INFORMATION 27

Glossary of Terms Used in this Report

Portfolio Abbreviation

NVS Non-Voting Shares

28 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-406-1022

OCTOBER 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Global REIT ETF | REET | NYSE Arca

· iShares International Developed Real Estate ETF | IFGL | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(5.50	)%		(14.61	)%
U.S. small cap equities (Russell 2000® Index)		(0.20	)		(18.54	)
International equities (MSCI Europe, Australasia, Far East Index)		(12.70	)		(23.00	)
Emerging market equities (MSCI Emerging Markets Index)		(19.66	)		(31.03	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72			0.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24	)		(17.68	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86	)		(15.68	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43	)		(11.98	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71	)		(11.76	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		18
Statements of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		23
Board Review and Approval of Investment Advisory Contract		31
Supplemental Information		35
General Information		36
Glossary of Terms Used in this Report		37

Fund Summary as of October 31, 2022  iShares^® Global REIT ETF

Investment Objective

The iShares 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-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(19.06	)%		(21.83	)%		1.47	%		2.70	%		(21.83	)%		7.57	%		24.76	%
Fund Market		(18.69	)		(21.75	)		1.48			2.71			(21.75	)		7.63			24.93
Index		(19.53	)		(22.30	)		0.66			1.92			(22.30	)		3.34			17.11

The inception date of the Fund was July 8, 2014. The first day of secondary market trading was July 10, 2014.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      809.40	$      0.64			$      1,000.00	$      1,024.50	$      0.71		0.14	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Industry	Percent of Total Investments	(a)
Retail REITs	19.0	%
Specialized REITs	17.9
Industrial REITs	16.8
Residential REITs	15.6
Office REITs	10.1
Diversified REITs	8.9
Health Care REITs	8.2
Hotel & Resort REITs	3.4
Other (each representing less than 1%)	0.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	71.8	%
Japan	7.5
United Kingdom	4.2
Australia	4.0
Singapore	3.2
Canada	2.9
France	1.4
Hong Kong	1.1
Belgium	1.0
Mexico	0.6

^(a) Excludes money market funds.

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Fund Summary as of October 31, 2022  iShares^® International Developed Real Estate ETF

Investment Objective

The iShares International Developed Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed non-U.S. markets, as represented by the FTSE EPRA Nareit Developed ex-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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(23.02	)%		(32.25	)%		(3.85	)%		0.33	%		(32.25	)%		(17.83	)%		3.35	%
Fund Market		(22.93	)		(32.27	)		(3.91	)		0.31			(32.27	)		(18.08	)		3.14
Index		(23.46	)		(32.17	)		(3.70	)		0.56			(32.17	)		(17.19	)		5.71

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      769.80	$      2.14			$      1,000.00	$      1,022.80	$      2.45		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Industry	Percent of Total Investments	(a)
Real Estate Operating Companies	19.0	%
Retail REITs	16.8
Diversified Real Estate Activities	13.2
Industrial REITs	12.6
Diversified REITs	12.6
Office REITs	10.2
Residential REITs	5.0
Real Estate Development	2.9
Health Care REITs	2.6
Specialized REITs	1.8
Homebuilding	1.7
Hotel & Resort REITs	1.4
Other (each representing less than 1%)	0.2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	29.0	%
Hong Kong	11.2
United Kingdom	10.6
Australia	10.0
Singapore	9.2
Canada	7.6
Germany	5.3
Sweden	4.1
France	3.4
Switzerland	2.9

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

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Schedule of Investments (unaudited)  October 31, 2022 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.0%
Abacus Property Group		1,051,581	$	1,885,182
Arena REIT		674,357		1,698,338
BWP Trust		1,000,606		2,617,394
Centuria Industrial REIT		1,094,695		2,127,376
Centuria Office REIT		971,300		935,649
Charter Hall Long Wale REIT		1,354,775		3,777,539
Charter Hall Retail REIT		1,010,482		2,601,946
Charter Hall Social Infrastructure REIT		692,630		1,538,106
Cromwell Property Group		2,989,699		1,340,833
Dexus		2,226,402		11,094,388
Dexus Industria REIT		440,367		746,245
GPT Group (The)		3,965,226		10,958,162
Growthpoint Properties Australia Ltd.		586,473		1,248,491
HomeCo Daily Needs REIT		3,562,859		2,915,382
Hotel Property Investments Ltd.		406,761		808,027
Mirvac Group		8,153,146		10,802,635
National Storage REIT		2,373,567		3,971,767
Scentre Group		10,733,876		19,975,965
Shopping Centres Australasia Property Group		2,297,950		4,002,377
Stockland		4,936,988		11,375,307
Vicinity Ltd.		7,788,846		9,710,067
Waypoint REIT Ltd.		1,466,987		2,561,346
				108,692,522
Belgium — 1.0%
Aedifica SA		82,550		6,295,490
Ascencio		10,760		546,565
Cofinimmo SA		66,726		5,533,950
Home Invest Belgium SA, NVS		20,258		464,325
Intervest Offices & Warehouses NV		49,379		1,071,133
Montea NV(a)		27,438		1,871,587
Nextensa. SA		8,877		440,389
Retail Estates NV		23,032		1,356,198
Warehouses De Pauw CVA		293,014		7,520,474
Xior Student Housing NV		46,137		1,295,872
				26,395,983
Canada — 2.8%
Allied Properties REIT		261,420		5,063,951
Artis REIT		165,009		1,156,704
Boardwalk REIT		77,439		2,755,711
Canadian Apartment Properties REIT		357,456		11,069,893
Choice Properties REIT		529,833		5,090,846
Crombie REIT		212,072		2,320,985
Dream Industrial REIT		508,272		4,085,278
First Capital Real Estate Investment Trust		437,716		5,092,523
Granite REIT		127,218		6,501,205
H&R Real Estate Investment Trust		545,720		4,490,418
InterRent REIT		273,436		2,302,133
Killam Apartment REIT		233,919		2,711,183
NorthWest Healthcare Properties REIT		431,331		3,400,371
Prinmaris REIT		209,929		2,161,929
RioCan REIT		624,925		8,903,581
SmartCentres Real Estate Investment Trust		267,943		5,251,278
Summit Industrial Income REIT		365,843		4,675,250
				77,033,239
China — 0.0%
Yuexiu REIT		3,692,000		634,830

Security	Shares		Value
France — 1.4%
Carmila SA		117,645	$	1,645,899
Covivio		103,668		5,550,545
Gecina SA		106,598		9,503,642
ICADE		66,973		2,491,320
Klepierre SA		387,019		7,778,405
Mercialys SA		130,658		1,131,407
Unibail-Rodamco-Westfield(a)(b)		212,473		10,041,384
				38,142,602
Germany — 0.1%
Hamborner REIT AG		150,022		1,070,259
Sirius Real Estate Ltd.		2,244,912		1,814,997
				2,885,256
Guernsey — 0.0%
Balanced Commercial Property Trust Ltd.		960,897		920,133
Hong Kong — 1.1%
Champion REIT		4,156,000		1,243,894
Fortune REIT		2,804,000		1,789,838
Link REIT		4,358,800		25,763,179
Prosperity REIT		2,478,000		524,136
Sunlight REIT		2,178,000		692,919
				30,013,966
India — 0.3%
Brookfield India Real Estate Trust(c)		315,541		1,203,620
Embassy Office Parks REIT		1,259,230		5,242,558
Mindspace Business Parks REIT(c)		255,917		1,098,393
				7,544,571
Ireland — 0.0%
Irish Residential Properties REIT PLC		926,287		1,001,451
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		137,320		395,536
Japan — 7.5%
Activia Properties Inc.		1,493		4,422,348
Advance Logistics Investment Corp.		1,206		1,179,385
Advance Residence Investment Corp.		2,661		6,195,241
AEON REIT Investment Corp.		3,493		3,760,652
Comforia Residential REIT Inc.		1,332		2,827,763
CRE Logistics REIT Inc.		1,072		1,474,879
Daiwa House REIT Investment Corp.		4,373		8,826,005
Daiwa Office Investment Corp.		549		2,593,621
Daiwa Securities Living Investments Corp.		4,132		3,207,333
Frontier Real Estate Investment Corp.		986		3,481,044
Fukuoka REIT Corp.		1,470		1,715,899
Global One Real Estate Investment Corp.		1,934		1,492,961
GLP J-Reit		8,742		9,066,173
Hankyu Hanshin REIT Inc.		1,351		1,402,451
Health Care & Medical Investment Corp.		710		976,503
Heiwa Real Estate REIT Inc.		1,975		2,047,347
Hoshino Resorts REIT Inc.		518		2,458,725
Hulic Reit Inc.		2,631		3,082,061
Ichigo Office REIT Investment Corp.		2,384		1,346,399
Industrial & Infrastructure Fund Investment Corp.		3,913		4,132,679
Invincible Investment Corp.		10,131		3,180,256
Japan Excellent Inc.		2,526		2,335,920
Japan Hotel REIT Investment Corp.		9,207		4,850,769
Japan Logistics Fund Inc.		1,812		3,882,182
Japan Metropolitan Fund Invest		14,161		10,432,823
Japan Prime Realty Investment Corp.		1,864		5,062,334

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Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Japan Real Estate Investment Corp.		2,681	$	11,234,160
Kenedix Office Investment Corp.		1,544		3,517,238
Kenedix Residential Next Investment Corp.		2,104		3,084,612
Kenedix Retail REIT Corp.		1,186		2,132,037
LaSalle Logiport REIT		3,669		3,915,956
Mirai Corp.		3,385		1,090,373
Mitsubishi Estate Logistics REIT Investment Corp.		884		2,616,358
Mitsui Fudosan Logistics Park Inc.		1,087		3,606,509
Mori Hills REIT Investment Corp.		3,252		3,562,154
Mori Trust Sogo REIT Inc.		2,017		2,012,797
Nippon Accommodations Fund Inc.		943		4,015,589
Nippon Building Fund Inc.		3,146		13,984,736
Nippon Prologis REIT Inc.		4,750		9,966,888
NIPPON REIT Investment Corp.		880		2,172,397
Nomura Real Estate Master Fund Inc.		9,260		10,564,100
NTT UD REIT Investment Corp.		2,791		2,734,227
One REIT Inc.		499		831,629
Orix JREIT Inc.		5,442		7,301,075
Samty Residential Investment Corp.		817		659,825
Sankei Real Estate Inc.		927		581,722
Sekisui House Reit Inc.		8,562		4,613,600
SOSiLA Logistics REIT Inc.		1,341		1,285,399
Star Asia Investment Corp.		3,321		1,267,479
Starts Proceed Investment Corp.		447		712,420
Takara Leben Real Estate Investment Corp.		1,095		746,492
Tokyu REIT Inc.		1,892		2,694,855
United Urban Investment Corp.		6,125		6,480,419
				202,818,799
Malaysia — 0.1%
Axis Real Estate Investment Trust		2,611,600		1,032,930
Sunway REIT		4,074,300		1,207,545
				2,240,475
Mexico — 0.5%
Concentradora Fibra Danhos SA de CV(a)		496,115		613,477
FIBRA Macquarie Mexico(c)		1,513,150		2,012,391
Fibra Uno Administracion SA de CV		5,943,713		6,935,782
PLA Administradora Industrial S. de RL de CV(a)		1,603,909		2,247,237
Prologis Property Mexico SA de CV		1,223,560		3,142,115
				14,951,002
Netherlands — 0.2%
Eurocommercial Properties NV		106,740		2,347,195
NSI NV		37,240		890,404
Vastned Retail NV		35,839		727,837
Wereldhave NV		84,324		1,032,688
				4,998,124
New Zealand — 0.3%
Argosy Property Ltd.		1,751,995		1,207,669
Goodman Property Trust		2,255,096		2,711,881
Kiwi Property Group Ltd.		3,289,878		1,727,202
Stride Property Group		1,009,646		938,826
Vital Healthcare Property Trust		1,000,506		1,359,722
				7,945,300
Philippines — 0.0%
AREIT Inc.		1,288,520		691,633
Saudi Arabia — 0.2%
Al Maather REIT Fund		87,850		210,503
Al Rajhi REIT		238,884		639,124
Alahli REIT Fund 1		93,783		274,544

Security	Shares		Value
Saudi Arabia (continued)
Alinma Retail REIT Fund, NVS		187,686	$	255,898
Al-Jazira Reit Fund		26,162		124,252
Alkhabeer REIT		212,603		440,212
Derayah REIT		230,461		643,913
Jadwa REIT Saudi Fund		362,746		1,263,918
Musharaka Real Estate Income Fund, NVS		170,709		407,138
Riyad REIT Fund		307,564		894,050
Sedco Capital REIT Fund		148,266		418,668
Taleem REIT		58,362		196,022
				5,768,242
Singapore — 3.2%
AIMS APAC REIT		1,176,800		1,022,222
CapitaLand Ascendas REIT		7,053,514		13,050,346
CapitaLand Ascott Trust(a)		3,880,532		2,616,303
CapitaLand China Trust		2,376,930		1,628,691
CapitaLand Integrated Commercial Trust		10,462,826		13,885,780
CDL Hospitality Trusts		1,824,200		1,494,894
Cromwell European Real Estate Investment Trust		659,300		1,022,938
ESR-LOGOS REIT		10,955,642		2,629,834
Far East Hospitality Trust		2,044,200		829,856
First REIT(a)		2,366,300		401,952
Frasers Centrepoint Trust		2,217,570		3,258,951
Frasers Logistics & Commercial Trust		5,862,700		4,556,402
Keppel DC REIT		2,622,233		3,258,989
Keppel Pacific Oak US REIT		1,783,900		963,477
Keppel REIT		4,439,000		2,806,429
Lendlease Global Commercial REIT		3,759,791		1,860,956
Manulife US Real Estate Investment Trust		3,367,100		1,229,500
Mapletree Industrial Trust		3,853,410		5,991,772
Mapletree Logistics Trust		6,618,313		7,103,232
Mapletree Pan Asia Commercial Trust		4,734,291		5,312,864
OUE Commercial Real Estate Investment Trust		4,533,300		1,040,818
Parkway Life REIT		793,500		2,241,356
Prime U.S. REIT		1,341,400		630,555
Sasseur Real Estate Investment Trust(a)		1,075,700		539,733
SPH REIT(a)		2,244,400		1,291,944
Starhill Global REIT		2,990,500		1,088,712
Suntec REIT		4,347,800		3,965,196
				85,723,702
South Africa — 0.5%
Attacq Ltd.		1,494,301		555,415
Emira Property Fund Ltd.		653,790		373,721
Equites Property Fund Ltd.		1,551,256		1,325,878
Growthpoint Properties Ltd.		7,026,447		4,953,657
Hyprop Investments Ltd.		710,463		1,432,239
Investec Property Fund Ltd.		1,235,130		685,857
Redefine Properties Ltd.		13,597,337		3,020,191
SA Corporate Real Estate Ltd.		5,196,005		647,174
Stor-Age Property REIT Ltd.(a)		841,170		598,980
				13,593,112
South Korea — 0.1%
ESR Kendall Square REIT Co. Ltd.		252,470		630,718
JR Reit XXVII		241,084		712,904
LOTTE Reit Co. Ltd.		254,300		640,657
				1,984,279
Spain — 0.4%
Inmobiliaria Colonial Socimi SA		704,697		3,716,437
Lar Espana Real Estate Socimi SA		127,476		496,984

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Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Merlin Properties Socimi SA		689,285	$	5,842,776
				10,056,197
Turkey — 0.1%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,873,812		918,465
Is Gayrimenkul Yatirim Ortakligi AS(a)(b)		892,448		365,336
Ozak Gayrimenkul Yatirim Ortakligi(b)		393,108		234,145
				1,517,946
United Kingdom — 4.2%
Abrdn Property Income Trust		795,044		504,386
Assura PLC		5,983,555		3,833,744
Big Yellow Group PLC		350,231		4,506,618
British Land Co. PLC (The)		1,912,669		8,023,433
Capital & Counties Properties PLC		1,506,389		1,850,181
Civitas Social Housing PLC		1,283,012		876,929
CLS Holdings PLC		328,312		538,803
CT Property Trust Ltd.		509,088		414,187
Custodian Reit PLC		848,277		860,931
Derwent London PLC		207,917		5,145,798
Empiric Student Property PLC		1,221,994		1,149,133
Great Portland Estates PLC		521,783		3,075,801
Hammerson PLC		7,458,372		1,635,101
Helical PLC		212,977		805,998
Home Reit PLC		1,628,981		1,571,084
Impact Healthcare Reit PLC		609,504		730,954
Land Securities Group PLC		1,472,147		9,626,199
LondonMetric Property PLC		1,953,761		4,187,629
LXI REIT PLC		3,113,058		4,345,833
NewRiver REIT PLC		632,593		507,820
Picton Property Income Ltd. (The)		1,125,297		1,109,822
Primary Health Properties PLC		2,712,249		3,455,661
PRS REIT PLC (The)		1,075,154		1,085,028
Regional REIT Ltd.(c)		912,176		698,783
Residential Secure Income PLC, NVS(c)		385,900		396,525
Safestore Holdings PLC		424,728		4,400,343
Schroder REIT Ltd.		1,042,228		542,228
Segro PLC		2,483,652		22,352,865
Shaftesbury PLC		570,808		2,397,101
Supermarket Income Reit PLC		2,552,174		3,000,363
Target Healthcare REIT PLC		1,275,066		1,267,767
Triple Point Social Housing REIT PLC(c)		774,161		586,427
Tritax Big Box REIT PLC		3,864,642		6,214,122
UK Commercial Property REIT Ltd.		1,538,792		1,077,516
UNITE Group PLC (The)		659,922		6,741,069
Urban Logistics REIT PLC		961,728		1,450,326
Warehouse REIT PLC		826,293		1,137,111
Workspace Group PLC		294,508		1,380,854
				113,484,473
United States — 71.4%
Acadia Realty Trust		173,334		2,421,476
Acadia Realty Trust		—		—
Agree Realty Corp.		161,726		11,110,577
Alexander & Baldwin Inc.		149,260		2,907,585
Alexandria Real Estate Equities Inc.		334,379		48,585,269
American Assets Trust Inc.		101,764		2,796,475
American Homes 4 Rent, Class A(a)		626,497		20,010,314
Americold Realty Trust Inc.		555,172		13,462,921
Apartment Income REIT Corp.		318,025		12,221,701
Apartment Investment & Management Co., Class A		306,206		2,431,276
Apple Hospitality REIT Inc.		441,579		7,559,833

Security	Shares		Value
United States (continued)
Armada Hoffler Properties Inc.		138,330	$	1,617,078
AvalonBay Communities Inc.		288,314		50,489,548
Boston Properties Inc.(a)		323,712		23,533,862
Brandywine Realty Trust		346,525		2,273,204
Brixmor Property Group Inc.		616,473		13,137,040
Broadstone Net Lease Inc.		342,699		5,873,861
Camden Property Trust		214,135		24,743,299
CareTrust REIT Inc.		198,878		3,715,041
Centerspace		31,837		2,206,304
Community Healthcare Trust Inc.		49,233		1,703,462
Corporate Office Properties Trust(a)		231,403		6,166,890
Cousins Properties Inc.		312,469		7,424,263
CubeSmart		461,868		19,338,413
DiamondRock Hospitality Co.		431,765		4,032,685
Digital Realty Trust Inc.		586,348		58,781,387
Douglas Emmett Inc.		349,136		6,141,302
Easterly Government Properties Inc.		187,665		3,263,494
EastGroup Properties Inc.(a)		84,943		13,309,719
Elme Communities		179,930		3,434,864
Empire State Realty Trust Inc., Class A		275,755		2,032,314
EPR Properties		152,967		5,904,526
Equinix Inc.		187,698		106,319,655
Equity Commonwealth		218,844		5,724,959
Equity LifeStyle Properties Inc.		366,844		23,463,342
Equity Residential		764,402		48,172,614
Essential Properties Realty Trust Inc.		284,985		6,132,877
Essex Property Trust Inc.		134,238		29,833,053
Extra Space Storage Inc.		273,488		48,527,711
Federal Realty Investment Trust(a)		165,802		16,411,082
First Industrial Realty Trust Inc.		272,229		12,966,267
Four Corners Property Trust Inc.		167,189		4,283,382
Gaming and Leisure Properties Inc.		504,328		25,276,919
Getty Realty Corp.		81,680		2,572,103
Global Net Lease Inc.		213,035		2,609,679
Healthcare Realty Trust Inc.		783,260		15,923,676
Healthpeak Properties Inc.		1,113,921		26,433,345
Highwoods Properties Inc.		214,653		6,059,654
Host Hotels & Resorts Inc.		1,462,308		27,608,375
Hudson Pacific Properties Inc.		284,936		3,145,693
Independence Realty Trust Inc.		454,958		7,625,096
Innovative Industrial Properties Inc.		56,967		6,158,133
InvenTrust Properties Corp.		139,614		3,518,273
Invitation Homes Inc.		1,260,723		39,952,312
JBG SMITH Properties		221,131		4,351,858
Kilroy Realty Corp.		240,265		10,268,926
Kimco Realty Corp.		1,247,610		26,673,902
Kite Realty Group Trust		446,953		8,778,157
Life Storage Inc.		173,775		19,221,253
LTC Properties Inc.		81,796		3,163,051
LXP Industrial Trust		567,654		5,494,891
Macerich Co. (The)		440,432		4,902,008
Medical Properties Trust Inc.		1,225,234		14,028,929
Mid-America Apartment Communities Inc.		237,161		37,340,999
National Health Investors Inc.		88,326		5,008,084
National Retail Properties Inc.		362,356		15,229,823
National Storage Affiliates Trust		175,258		7,476,506
Necessity Retail REIT Inc.		272,826		1,866,130
NETSTREIT Corp.		126,047		2,372,205
NexPoint Residential Trust Inc.		46,915		2,139,324
Office Properties Income Trust		99,358		1,520,177

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Omega Healthcare Investors Inc.		485,513	$	15,429,603
Orion Office REIT Inc.		118,489		1,110,242
Paramount Group Inc.		392,985		2,542,613
Park Hotels & Resorts Inc.		460,587		6,024,478
Pebblebrook Hotel Trust(a)		267,193		4,285,776
Phillips Edison & Co. Inc.		240,460		7,247,464
Physicians Realty Trust(a)		461,885		6,955,988
Piedmont Office Realty Trust Inc., Class A		253,485		2,648,918
Prologis Inc.		1,901,870		210,632,103
Public Storage		322,854		100,004,027
Realty Income Corp.		1,276,061		79,460,318
Regency Centers Corp.		353,955		21,417,817
Retail Opportunity Investments Corp.(a)		248,384		3,596,600
Rexford Industrial Realty Inc.		353,745		19,555,024
RLJ Lodging Trust		329,814		4,013,836
RPT Realty		173,229		1,611,030
Ryman Hospitality Properties Inc.(a)		110,631		9,837,309
Sabra Health Care REIT Inc.		474,015		6,475,045
Safehold Inc.		45,120		1,319,760
Service Properties Trust		340,483		2,761,317
Simon Property Group Inc.		673,387		73,385,715
SITE Centers Corp.		400,602		4,959,453
SL Green Realty Corp.		132,307		5,249,942
Spirit Realty Capital Inc.		280,401		10,887,971
STAG Industrial Inc.		370,751		11,712,024
STORE Capital Corp.		524,784		16,688,131
Summit Hotel Properties Inc.		218,418		1,887,132
Sun Communities Inc.		251,309		33,889,019
Sunstone Hotel Investors Inc.(a)		436,265		4,864,355
Tanger Factory Outlet Centers Inc.		208,547		3,755,931
Terreno Realty Corp.		152,457		8,711,393
UDR Inc.		668,805		26,591,687
Universal Health Realty Income Trust		26,810		1,304,843
Urban Edge Properties		235,467		3,324,794
Ventas Inc.		824,770		32,273,250
Veris Residential Inc.(b)		175,819		2,783,215
VICI Properties Inc.		1,985,658		63,580,769
Vornado Realty Trust		364,062		8,588,223
Welltower Inc.		957,632		58,453,857
WP Carey Inc.		394,953		30,134,914

Security	Shares		Value
United States (continued)
Xenia Hotels & Resorts Inc.		235,455	$	4,021,571
				1,935,161,863
Total Common Stocks — 99.4% (Cost: $3,076,066,128)				2,694,595,236
Preferred Stocks
Bermuda — 0.0%
Brookfield Property Partners LP, 6.25%		4,436		69,290
Total Preferred Stocks — 0.0% (Cost: $109,587)				69,290
Total Long-Term Investments — 99.4% (Cost: $3,076,175,715)				2,694,664,526
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(d)(e)(f)		24,910,797		24,905,815
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(d)(e)		7,040,000		7,040,000
Total Short-Term Securities — 1.2% (Cost: $31,951,015)				31,945,815
Total Investments — 100.6% (Cost: $3,108,126,730)				2,726,610,341
Liabilities in Excess of Other Assets — (0.6)%				(17,040,189	)
Net Assets — 100.0%			$	2,709,570,152

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

^(b)  Non-income producing security.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

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

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

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Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Global REIT ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/30/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22	Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,161,788	$	21,750,005	(a)	$	—	$	2,552	$	(8,530	)	$	24,905,815	24,910,797	$	143,055	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,030,000		1,010,000	(a)		—		—		—			7,040,000	7,040,000		60,341			—
								$	2,552	$	(8,530	)	$	31,945,815		$	203,396		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SPI 200 Index		16		12/15/22	$  1,754	$	51,320
Dow Jones US Real Estate Index		358		12/16/22	11,692		268,830
						$	320,150

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	320,150	$	—	$	—	$	—	$	320,150

^(a)  Net cumulative unrealized 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 period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,487,343	)	$	—	$	—	$	—	$	(2,487,343	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	855,643		$	—	$	—	$	—	$	855,643

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Global REIT ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	15,261,479

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,069,305,324	$	625,289,912	$	—	$	2,694,595,236
Preferred Stocks		69,290		—		—		69,290
Money Market Funds		31,945,815		—		—		31,945,815
	$	2,101,320,429	$	625,289,912	$	—	$	2,726,610,341
Derivative financial instruments(a)
Assets
Futures Contracts	$	268,830	$	51,320	$	—	$	320,150

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments (unaudited) October 31, 2022 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 10.0%
Abacus Property Group		143,057	$	256,460
Arena REIT		89,953		226,543
BWP Trust		136,643		357,432
Centuria Industrial REIT		148,862		289,291
Centuria Office REIT		125,221		120,625
Charter Hall Long Wale REIT		183,943		512,891
Charter Hall Retail REIT		137,546		354,175
Charter Hall Social Infrastructure REIT		92,252		204,862
Cromwell Property Group		390,191		174,994
Dexus		301,751		1,503,656
Dexus Industria REIT		61,168		103,655
GPT Group (The)		540,156		1,492,756
Growthpoint Properties Australia Ltd.		76,821		163,538
Home Consortium Ltd.		44,555		136,215
HomeCo Daily Needs REIT		491,389		402,089
Hotel Property Investments Ltd.		54,485		108,234
Ingenia Communities Group		104,750		262,858
Lifestyle Communities Ltd.		26,699		299,719
Mirvac Group		1,110,646		1,471,567
National Storage REIT		322,124		539,021
Scentre Group		1,457,708		2,712,825
Shopping Centres Australasia Property Group		311,889		543,222
Stockland		672,531		1,549,578
Vicinity Ltd.		1,062,224		1,324,235
Waypoint REIT Ltd.		202,103		352,870
				15,463,311
Austria — 0.2%
CA Immobilien Anlagen AG		11,648		367,894
Belgium — 2.6%
Aedifica SA		11,239		857,117
Ascencio		1,386		70,403
Cofinimmo SA		9,075		752,639
Home Invest Belgium SA, NVS		2,765		63,376
Intervest Offices & Warehouses NV		6,716		145,684
Montea NV		3,754		256,066
Nextensa. SA		1,195		59,284
Retail Estates NV		3,079		181,302
Shurgard Self Storage SA		7,151		311,361
VGP NV		2,270		172,121
Warehouses De Pauw CVA		40,083		1,028,767
Xior Student Housing NV		6,094		171,165
				4,069,285
Canada — 7.6%
Allied Properties REIT		35,502		687,707
Artis REIT		22,474		157,542
Boardwalk REIT		10,463		372,332
Canadian Apartment Properties REIT		48,481		1,501,386
Chartwell Retirement Residences		65,922		382,269
Choice Properties REIT		71,877		690,623
Crombie REIT		29,252		320,143
Dream Industrial REIT		68,677		551,997
First Capital Real Estate Investment Trust		59,313		690,066
Granite REIT		17,324		885,306
H&R Real Estate Investment Trust		73,865		607,793
InterRent REIT		37,064		312,052
Killam Apartment REIT		32,264		373,948
NorthWest Healthcare Properties REIT		58,537		461,473

Security	Shares		Value
Canada (continued)
Prinmaris REIT		28,559	$	294,111
RioCan REIT		85,224		1,214,224
SmartCentres Real Estate Investment Trust		36,358		712,562
StorageVault Canada Inc., NVS		66,888		306,859
Summit Industrial Income REIT		49,547		633,180
Tricon Residential Inc.		68,825		579,962
				11,735,535
Finland — 0.5%
Citycon OYJ		20,780		129,465
Kojamo OYJ		54,751		712,563
				842,028
France — 3.4%
Carmila SA		16,235		227,134
Covivio		14,060		752,794
Gecina SA		14,540		1,296,300
ICADE		9,163		340,853
Klepierre SA		52,735		1,059,881
Mercialys SA		17,129		148,325
Unibail-Rodamco-Westfield(a)(b)		28,984		1,369,772
				5,195,059
Germany — 5.3%
ADLER Group SA(a)(b)(c)		24,145		35,801
Aroundtown SA(b)		302,239		599,111
Deutsche EuroShop AG		2,784		59,662
Deutsche Wohnen SE		13,689		276,110
Grand City Properties SA		27,106		263,676
Hamborner REIT AG		19,582		139,698
LEG Immobilien SE		20,898		1,364,330
Sirius Real Estate Ltd.		299,002		241,741
TAG Immobilien AG		41,923		262,555
Vonovia SE		224,047		4,953,815
				8,196,499
Guernsey — 0.1%
Balanced Commercial Property Trust Ltd.		132,527		126,905
Hong Kong — 11.1%
Champion REIT		567,000		169,704
CK Asset Holdings Ltd.		555,000		3,068,354
Fortune REIT		390,000		248,943
Hongkong Land Holdings Ltd.(b)		313,100		1,205,399
Hysan Development Co. Ltd.		170,000		370,531
Link REIT		593,000		3,504,993
New World Development Co. Ltd.		395,333		808,643
Prosperity REIT		320,000		67,685
Sino Land Co. Ltd.(b)		1,012,800		1,081,484
Sun Hung Kai Properties Ltd.		400,000		4,298,527
Sunlight REIT		298,000		94,807
Swire Properties Ltd.		295,800		568,502
Wharf Real Estate Investment Co. Ltd.(b)		434,900		1,713,532
				17,201,104
Ireland — 0.1%
Irish Residential Properties REIT PLC		127,258		137,584
Israel — 0.7%
Amot Investments Ltd.		46,839		283,339
Azrieli Group Ltd.		10,307		763,599
				1,046,938
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		17,270		49,745

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan — 28.8%
Activia Properties Inc.		204	$	604,259
Advance Logistics Investment Corp.		169		165,270
Advance Residence Investment Corp.		363		845,123
Aeon Mall Co. Ltd.		33,200		361,168
AEON REIT Investment Corp.		475		511,397
Comforia Residential REIT Inc.		181		384,253
CRE Logistics REIT Inc.		149		204,997
Daiwa House REIT Investment Corp.		599		1,208,959
Daiwa Office Investment Corp.		75		354,320
Daiwa Securities Living Investments Corp.		567		440,116
Frontier Real Estate Investment Corp.		137		483,674
Fukuoka REIT Corp.		203		236,957
Global One Real Estate Investment Corp.		266		205,340
GLP J-Reit		1,195		1,239,313
Hankyu Hanshin REIT Inc.		186		193,084
Health Care & Medical Investment Corp.		100		137,536
Heiwa Real Estate Co. Ltd.		8,900		246,785
Heiwa Real Estate REIT Inc.		271		280,927
Hoshino Resorts REIT Inc.		71		337,007
Hulic Co. Ltd.		116,300		844,843
Hulic Reit Inc.		360		421,719
Ichigo Office REIT Investment Corp.		333		188,067
Industrial & Infrastructure Fund Investment Corp.		532		561,867
Invincible Investment Corp.		1,376		431,945
Japan Excellent Inc.		349		322,738
Japan Hotel REIT Investment Corp.		1,254		660,678
Japan Logistics Fund Inc.		248		531,336
Japan Metropolitan Fund Invest		1,935		1,425,571
Japan Prime Realty Investment Corp.		257		697,972
Japan Real Estate Investment Corp.		364		1,525,265
Kenedix Office Investment Corp.		212		482,937
Kenedix Residential Next Investment Corp.		291		426,626
Kenedix Retail REIT Corp.		162		291,223
LaSalle Logiport REIT		500		533,654
Mirai Corp.		448		144,309
Mitsubishi Estate Co. Ltd.		316,400		3,978,823
Mitsubishi Estate Logistics REIT Investment Corp.		123		364,041
Mitsui Fudosan Co. Ltd.		255,700		4,896,237
Mitsui Fudosan Logistics Park Inc.		149		494,360
Mori Hills REIT Investment Corp.		441		483,060
Mori Trust Sogo REIT Inc.		280		279,416
Nippon Accommodations Fund Inc.		130		553,581
Nippon Building Fund Inc.		430		1,911,455
Nippon Prologis REIT Inc.		648		1,359,693
NIPPON REIT Investment Corp.		122		301,173
Nomura Real Estate Holdings Inc.		31,000		700,718
Nomura Real Estate Master Fund Inc.		1,264		1,442,011
NTT UD REIT Investment Corp.		375		367,372
One REIT Inc.		69		114,995
Orix JREIT Inc.		740		992,796
Samty Residential Investment Corp.		116		93,684
Sankei Real Estate Inc.		129		80,952
Sekisui House Ltd.		158,700		2,634,864
Sekisui House Reit Inc.		1,165		627,756
SOSiLA Logistics REIT Inc.		182		174,454
Star Asia Investment Corp.		448		170,982
Starts Proceed Investment Corp.		64		102,002
Sumitomo Realty & Development Co. Ltd.		110,900		2,543,370
Takara Leben Real Estate Investment Corp.		147		100,214
Tokyo Tatemono Co. Ltd.		55,700		766,004

Security	Shares		Value
Japan (continued)
Tokyu REIT Inc.		260	$	370,329
United Urban Investment Corp.		835		883,453
				44,719,030
Malta — 0.0%
BGP Holdings PLC, NVS(d)		6,603,392		65
Netherlands — 0.4%
Eurocommercial Properties NV		14,529		319,490
NSI NV		5,106		122,084
Vastned Retail NV		4,664		94,719
Wereldhave NV		11,177		136,881
				673,174
New Zealand — 0.9%
Argosy Property Ltd.		230,033		158,564
Goodman Property Trust		308,949		371,529
Kiwi Property Group Ltd.		446,234		234,275
Precinct Properties New Zealand Ltd.		369,797		265,296
Stride Property Group		138,175		128,483
Vital Healthcare Property Trust		136,330		185,277
				1,343,424
Norway — 0.1%
Entra ASA(c)		15,579		142,002
Singapore — 9.1%
AIMS APAC REIT(b)		160,800		139,678
CapitaLand Ascendas REIT		960,790		1,777,645
CapitaLand Ascott Trust		526,500		354,973
CapitaLand Integrated Commercial Trust		1,419,807		1,884,302
Capitaland Investment Ltd/Singapore		715,200		1,520,976
CDL Hospitality Trusts(b)		246,121		201,691
City Developments Ltd.		131,500		708,997
Cromwell European Real Estate Investment Trust		88,100		136,692
ESR-LOGOS REIT		1,479,520		355,150
Far East Hospitality Trust		280,400		113,830
Frasers Centrepoint Trust		303,849		446,538
Frasers Logistics & Commercial Trust		796,100		618,717
Keppel DC REIT		362,371		450,365
Keppel Pacific Oak US REIT		244,000		131,783
Keppel REIT		607,300		383,948
Lendlease Global Commercial REIT		495,247		245,129
Manulife US Real Estate Investment Trust		451,200		164,756
Mapletree Industrial Trust		525,045		816,407
Mapletree Logistics Trust		902,860		969,012
Mapletree Pan Asia Commercial Trust		644,617		723,395
OUE Commercial Real Estate Investment Trust		584,900		134,289
Parkway Life REIT		108,200		305,627
Prime U.S. REIT		184,900		86,916
SPH REIT		305,765		176,008
Starhill Global REIT		409,200		148,972
Suntec REIT		589,600		537,716
UOL Group Ltd.		140,000		611,490
				14,145,002
South Korea — 0.2%
ESR Kendall Square REIT Co. Ltd.		35,077		87,629
JR Reit XXVII		32,872		97,205
LOTTE Reit Co. Ltd.		34,194		86,145
				270,979
Spain — 0.9%
Inmobiliaria Colonial Socimi SA		95,814		505,305

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Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Lar Espana Real Estate Socimi SA		16,320	$	63,626
Merlin Properties Socimi SA		93,651		793,839
				1,362,770
Sweden — 4.1%
Atrium Ljungberg AB, Class B		12,232		163,592
Castellum AB		72,303		826,719
Catena AB		8,398		285,220
Cibus Nordic Real Estate AB		13,540		184,947
Corem Property Group AB, Class B		190,601		118,649
Dios Fastigheter AB		25,353		166,487
Fabege AB		72,136		523,706
Fastighets AB Balder, Class B(a)		169,730		637,106
Hufvudstaden AB, Class A		30,092		358,600
NP3 Fastigheter AB		7,875		125,135
Nyfosa AB		50,657		302,732
Pandox AB(a)		24,847		304,280
Platzer Fastigheter Holding AB, Class B		14,904		92,384
Sagax AB, Class B		48,393		891,754
Samhallsbyggnadsbolaget i Norden AB(b)		306,629		421,273
Stendorren Fastigheter AB, NVS(a)		3,935		68,378
Wallenstam AB, Class B		94,771		334,361
Wihlborgs Fastigheter AB		75,243		492,934
				6,298,257
Switzerland — 2.8%
Allreal Holding AG, Registered		4,086		585,305
Hiag Immobilien Holding AG		1,005		80,894
Intershop Holding AG		314		190,975
Mobimo Holding AG, Registered		2,018		470,715
Peach Property Group AG(b)		3,460		73,621
PSP Swiss Property AG, Registered		12,047		1,286,978
Swiss Prime Site AG, Registered		21,365		1,724,004
				4,412,492
United Kingdom — 10.5%
Aberdeen Standard European Logistics Income PLC(c)		112,248		100,406
Abrdn Property Income Trust		112,331		71,264
Assura PLC		813,210		521,035
Big Yellow Group PLC		47,363		609,446
British Land Co. PLC (The)		260,553		1,092,991
Capital & Counties Properties PLC		206,061		253,089
Civitas Social Housing PLC		171,715		117,366
CLS Holdings PLC(b)		42,250		69,338
CT Property Trust Ltd.		66,444		54,058
Custodian Reit PLC		111,430		113,092
Derwent London PLC		28,333		701,222
Empiric Student Property PLC		166,070		156,168
Grainger PLC		204,023		531,120
Great Portland Estates PLC		71,715		422,745
Hammerson PLC		1,016,892		222,933
Helical PLC		29,132		110,248
Home Reit PLC		224,669		216,684
Impact Healthcare Reit PLC		84,974		101,906
Land Securities Group PLC		200,761		1,312,753
LondonMetric Property PLC		265,714		569,523

Security	Shares		Value
United Kingdom (continued)
LXI REIT PLC		423,605	$	591,353
NewRiver REIT PLC		83,174		66,769
Phoenix Spree Deutschland Ltd.		21,402		64,829
Picton Property Income Ltd. (The)		152,356		150,261
Primary Health Properties PLC		368,203		469,125
PRS REIT PLC (The)		147,586		148,941
Regional REIT Ltd.(c)		125,705		96,298
Residential Secure Income PLC, NVS(c)		52,616		54,065
Safestore Holdings PLC		57,431		595,007
Schroder REIT Ltd.		145,993		75,954
Segro PLC		337,415		3,036,735
Shaftesbury PLC		78,649		330,285
Supermarket Income Reit PLC		345,013		405,601
Target Healthcare REIT PLC		177,239		176,224
Triple Point Social Housing REIT PLC(c)		103,369		78,302
Tritax Big Box REIT PLC		526,014		845,800
Tritax EuroBox PLC(c)		225,808		152,684
UK Commercial Property REIT Ltd.		212,317		148,672
UNITE Group PLC (The)		89,876		918,079
Urban Logistics REIT PLC		127,390		192,109
Warehouse REIT PLC		112,663		155,042
Workspace Group PLC		40,627		190,487
				16,290,009
Total Long-Term Investments — 99.4% (Cost: $234,448,284)				154,089,091
Short-Term Securities
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(e)(f)(g)		2,762,365		2,761,801
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(e)(f)		60,000		60,000
Total Short-Term Securities — 1.8% (Cost: $2,822,772)				2,821,801
Total Investments — 101.2% (Cost: $237,271,056)				156,910,892
Liabilities in Excess of Other Assets — (1.2)%				(1,873,414	)
Net Assets — 100.0%			$	155,037,478

^(a)  Non-income producing security.

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

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® International Developed Real Estate ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/30/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22	Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,157,806	$	—	$	(8,395,200	)(a)	$	188	$	(993	)	$	2,761,801	2,762,365	$	41,390	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		80,000		—		(20,000	)(a)		—		—			60,000	60,000		950			—
								$	188	$	(993	)	$	2,821,801		$	42,340		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Singapore Index		10		11/29/22	$    196	$	6,813
TOPIX Index		2		12/08/22	258		2,034
Dow Jones US Real Estate Index		13		12/16/22	425		(13,919	)
Euro STOXX 50 Index		2		12/16/22	72		3,352
						$	(1,720	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	12,199	$	—	$	—	$	—	$	12,199
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	13,919	$	—	$	—	$	—	$	13,919

^(a)  Net cumulative unrealized 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).

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Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® International Developed Real Estate ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(113,307)		$	—	$	—	$	—	$	(113,307)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,454	)	$	—	$	—	$	—	$	(1,454	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,112,657

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	16,100,472		$	137,988,554	$	65	$	154,089,091
Money Market Funds		2,821,801			—		—		2,821,801
	$	18,922,273		$	137,988,554	$	65	$	156,910,892
Derivative financial instruments(a)
Assets
Futures Contracts	$	—		$	12,199	$	—	$	12,199
Liabilities
Futures Contracts		(13,919	)		—		—		(13,919	)
	$	(13,919	)	$	12,199	$	—	$	(1,720	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

October 31, 2022

	iShares Global REIT ETF			iShares International Developed Real Estate ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	2,694,664,526		$	154,089,091
Investments, at value — affiliated(c)		31,945,815			2,821,801
Cash		67,494			13,671
Foreign currency, at value(d)		1,545,212			102,723
Cash pledged for futures contracts		832,000			39,000
Foreign currency collateral pledged for futures contracts(e)		106,182			27,594
Receivables:
Investments sold		762,469			70,258
Securities lending income — affiliated		112,484			19,702
Variation margin on futures contracts		—			8,550
Capital shares sold		652,915			—
Dividends — unaffiliated		4,026,630			541,303
Dividends — affiliated		15,805			116
Tax reclaims		464,534			132,697
Total assets	��	2,735,196,066			157,866,506
LIABILITIES
Collateral on securities loaned, at value		24,935,557			2,766,647
Payables:
Investments purchased		381,667			—
Variation margin on futures contracts		5,829			—
Investment advisory fees		302,861			62,381
Total liabilities		25,625,914			2,829,028
NET ASSETS	$	2,709,570,152		$	155,037,478
NET ASSETS CONSIST OF
Paid-in capital	$	3,258,357,086		$	334,888,956
Accumulated loss		(548,786,934	)		(179,851,478	)
NET ASSETS	$	2,709,570,152		$	155,037,478
NET ASSET VALUE
Shares outstanding		122,800,000			8,100,000
Net asset value	$	22.06		$	19.14
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	3,076,175,715		$	234,448,284
(b) Securities loaned, at value	$	24,040,035		$	2,674,982
(c)  Investments, at cost — affiliated	$	31,951,015		$	2,822,772
(d) Foreign currency, at cost	$	1,527,226		$	102,866
(e) Foreign currency collateral pledged, at cost	$	111,805		$	28,885

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended October 31, 2022

	iShares Global REIT ETF			iShares International Developed Real Estate ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	51,132,935		$	4,397,015
Dividends — affiliated		60,341			950
Interest — unaffiliated		5,454			—
Securities lending income — affiliated — net		143,055			41,390
Foreign taxes withheld		(2,245,768	)		(343,162	)
Total investment income		49,096,017			4,096,193
EXPENSES
Investment advisory		2,056,485			450,668
Total expenses		2,056,485			450,668
Net investment income		47,039,532			3,645,525
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(45,689,234	)		(5,752,322	)
Investments — affiliated		2,552			188
Foreign currency transactions		(568,489	)		(121,363	)
Futures contracts		(2,487,343	)		(113,307	)
In-kind redemptions — unaffiliated(a)		46,161,681			(437,550	)
		(2,580,833	)		(6,424,354	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		(675,342,051	)		(45,039,721	)
Investments — affiliated		(8,530	)		(993	)
Foreign currency translations		152,310			25,999
Futures contracts		855,643			(1,454	)
		(674,342,628	)		(45,016,169	)
Net realized and unrealized loss		(676,923,461	)		(51,440,523	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(629,883,929	)	$	(47,794,998	)
(a) See Note 2 of the Notes to Financial Statements.
(b) Net of reduction in deferred foreign capital gain tax of	$	3,433		$	—

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 19

Statements of Changes in Net Assets

	iShares Global REIT ETF						iShares International Developed Real Estate ETF
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	47,039,532		$	79,321,859		$	3,645,525		$	7,050,272
Net realized gain (loss)		(2,580,833	)		95,039,341			(6,424,354	)		2,984,182
Net change in unrealized appreciation (depreciation)		(674,342,628	)		(24,496,433	)		(45,016,169	)		(31,835,406	)
Net increase (decrease) in net assets resulting from operations		(629,883,929	)		149,864,767			(47,794,998	)		(21,800,952	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(49,736,748	)		(101,720,806	)		(3,488,984	)		(8,046,901	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(72,386,974	)		330,213,243			(6,663,066	)		(13,681,531	)
NET ASSETS
Total increase (decrease) in net assets		(752,007,651	)		378,357,204			(57,947,048	)		(43,529,384	)
Beginning of period		3,461,577,803			3,083,220,599			212,984,526			256,513,910
End of period	$	2,709,570,152		$	3,461,577,803		$	155,037,478		$	212,984,526

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

		iShares Global REIT ETF
	Six Months Ended 10/31/22 (unaudited)					Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18
Net asset value, beginning of period		$	27.77		$	27.22		$	20.42		$	26.53		$	24.82		$	25.42
Net investment income(a)			0.39			0.68			0.66			0.88			0.98			0.97
Net realized and unrealized gain (loss)(b)			(5.68	)		0.74			6.75			(5.54	)		2.08			(0.56	)
Net increase (decrease) from investment operations			(5.29	)		1.42			7.41			(4.66	)		3.06			0.41
Distributions(c)
From net investment income			(0.42	)		(0.87	)		(0.61	)		(1.45	)		(1.35	)		(0.99	)
From net realized gain			—			—			—			—			—			(0.02	)
Total distributions			(0.42	)		(0.87	)		(0.61	)		(1.45	)		(1.35	)		(1.01	)
Net asset value, end of period		$	22.06		$	27.77		$	27.22		$	20.42		$	26.53		$	24.82
Total Return(d)
Based on net asset value			(19.06	)%(e)		5.14	%		36.95	%		(18.47	)%		12.77	%		1.61	%
Ratios to Average Net Assets(f)
Total expenses			0.14	%(g)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income			3.20	%(g)		2.36	%		2.91	%		3.36	%		3.85	%		3.83	%
Supplemental Data
Net assets, end of period (000)		$	2,709,570		$	3,461,578		$	3,083,221		$	1,900,334		$	1,637,157		$	913,379
Portfolio turnover rate(h)			5	%		13	%		6	%		8	%		9	%		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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 21

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares International Developed Real Estate ETF
	Six Months Ended 10/31/22 (unaudited)				Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18
Net asset value, beginning of period		$	25.36		$	28.82		$	22.75		$	29.65		$	30.40		$	28.11
Net investment income(a)			0.44			0.79	(b)		0.78			0.86			0.93			0.91
Net realized and unrealized gain (loss)(c)			(6.24	)		(3.35	)		5.86			(5.47	)		(0.55	)		2.86
Net increase (decrease) from investment operations			(5.80	)		(2.56	)		6.64			(4.61	)		0.38			3.77
Distributions from net investment income(d)			(0.42	)		(0.90	)		(0.57	)		(2.29	)		(1.13	)		(1.48	)
Net asset value, end of period		$	19.14		$	25.36		$	28.82		$	22.75		$	29.65		$	30.40
Total Return(e)
Based on net asset value			(23.02	)%(f)		(9.24	)%(b)		29.62	%		(16.93	)%		1.39	%		13.69	%
Ratios to Average Net Assets(g)
Total expenses			0.48	%(h)		0.50	%		0.48	%		0.48	%		0.48	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.48	%		0.48	%		N/A			0.48	%		N/A
Net investment income			3.88	%(h)		2.75	%(b)		3.08	%		2.99	%		3.20	%		3.08	%
Supplemental Data
Net assets, end of period (000)		$	155,037		$	212,985		$	256,514		$	259,384		$	477,332		$	535,093
Portfolio turnover rate(i)			5	%		16	%		9	%		10	%		8	%		8	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended April 30, 2022:

• Net investment income per share by $0.04.

• Total return by 0.17%.

• Ratio of net investment income to average net assets by 0.15%.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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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
Global REIT		Diversified
International Developed Real Estate		Diversified

2.     SIGNIFICANT ACCOUNTING POLICIES

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

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

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “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, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

N O T E S    T O    F I N A N C I A L     S T A T E M E N T S 23

Notes to Financial Statements (unaudited)(continued)

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

3.     INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

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Notes to Financial Statements (unaudited) (continued)

4.     SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)			Net Amount
Global REIT
BMO Capital Markets Corp.	$	26,007	$	(26,007	)	$	—			$	—
BNP Paribas SA		8,019,115		(8,019,115	)		—				—
BofA Securities, Inc.		44,865		(44,865	)		—				—
Citadel Clearing LLC		633,580		(633,580	)		—				—
Citigroup Global Markets, Inc.		1,848,731		(1,848,731	)		—				—
Goldman Sachs & Co. LLC		12,372,904		(12,372,904	)		—				—
HSBC Bank PLC		33,711		(33,711	)		—				—
UBS AG		363,170		(363,170	)		—				—
Wells Fargo Bank N.A.		697,952		(697,952	)		—				—
	$	24,040,035	$	(24,040,035	)	$	—			$	—
International Developed Real Estate
Barclays Capital, Inc.	$	81,948	$	(81,948	)	$	—			$	—
BofA Securities, Inc.		106,382		(106,382	)		—				—
Citigroup Global Markets, Inc.		593,119		(593,119	)		—				—
Goldman Sachs & Co. LLC		528,734		(482,925	)		—				45,809
HSBC Bank PLC		107,527		(107,527	)		—				—
J.P. Morgan Securities LLC		1,092,143		(1,092,143	)		—				—
Morgan Stanley		129,977		(129,977	)		—				—
SG Americas Securities LLC		2,717		(2,717	)		—				—
UBS AG		32,435		(32,318	)		—				117
	$	2,674,982	$	(2,629,056	)	$	—			$	45,926
									��

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, 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.

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Notes to Financial Statements (unaudited)(continued)

5.     DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.     INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the following Funds, 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 Fees
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, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, the iShares Global REIT ETF (the “Group 1 Fund”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, the iShares International Developed Real Estate 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 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, 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.

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Notes to Financial Statements (unaudited)(continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Global REIT	$  37,864
International Developed Real Estate	9,858

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

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

For the six months ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Global REIT	$	9,311,551	$	22,676,799	$	(10,495,804	)
International Developed Real Estate		136,416		108,642		(39,020	)

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

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

7. PURCHASES AND SALES

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Global REIT	$	156,127,889	$	144,367,853
International Developed Real Estate		11,202,127		10,428,425

For the six months ended October 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Global REIT	$	99,029,193	$	170,004,039
International Developed Real Estate		4,238,010		10,690,084

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, 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, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
Global REIT	$	76,726,280
International Developed Real Estate		84,743,294

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.

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Notes to Financial Statements (unaudited)(continued)

As of October 31, 2022, 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)
Global REIT	$	3,171,589,747	$	182,183,367	$	(626,842,623	)	$	(444,659,256	)
International Developed Real Estate		243,076,916		1,442,909		(87,610,653	)		(86,167,744	)

9. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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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.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 10/31/22						Year Ended 04/30/22
iShares ETF	Shares			Amount			Shares			Amount
Global REIT
Shares sold		4,800,000		$	106,274,797			24,250,000		$	697,331,384
Shares redeemed		(6,650,000	)		(178,661,771	)		(12,850,000	)		(367,118,141	)
		(1,850,000	)	$	(72,386,974	)		11,400,000		$	330,213,243
International Developed Real Estate
Shares sold		200,000		$	4,482,035			900,000		$	25,486,316
Shares redeemed		(500,000	)		(11,145,101	)		(1,400,000	)		(39,167,847	)
		(300,000	)	$	(6,663,066	)		(500,000	)	$	(13,681,531	)

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

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Notes to Financial Statements (unaudited)(continued)

pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Global 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 Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) 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 Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (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 its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. 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 Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, 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) potential economies of scale and the sharing of related benefits; (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, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement 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, objectively selected by Broadridge as comprising the Fund’s applicable expense 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 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 waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of 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 the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such 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 Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect 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 Agreement for the coming year as compared with 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 the day-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, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), and other sources of revenue and expense to BFA

B O A R D  R E V I E W  A N D  A P  P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 31

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. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, 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 with management the sources of direct and ancillary revenue, 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 information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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. 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 Agreement 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 noted that it 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 Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and 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 received 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 investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement 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, including, but not limited to, 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 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 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 Agreement 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 Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement 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 of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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 Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

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Board Review and Approval of Investment Advisory Contract  (continued)

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) 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 Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (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 its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. 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 Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, 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) potential economies of scale and the sharing of related benefits; (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, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement 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, objectively selected by Broadridge as comprising the Fund’s applicable expense 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 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 waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of 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 the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such 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 Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect 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 Agreement for the coming year as compared with 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 the day-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, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, 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 with management the sources of direct and ancillary revenue,

B O A R D  R E V I E W  A N D  A P  P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 33

Board Review and Approval of Investment Advisory Contract (continued)

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 information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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. 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 Agreement 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 noted that it 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 Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and 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 received 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 investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement 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, including, but not limited to, 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 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 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 Agreement 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 Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement 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 of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

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

October 31, 2022

	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
Global REIT	$	0.417529	$	—	$	—	$	0.417529		100	%		—	%		—	%		100	%
International Developed Real Estate(a)		0.392836		—		0.027279		0.420115		94			—			6			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.

S U P P L E M E N T A L    I N F O R M  A T I O N 35

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviation

NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y    O F    T E R M S     U S E D    I N    T H I S    R E P O R T 37

Want to know more?

iShares.com  |   1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-405-1022

(b) Not Applicable

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 for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – 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 22, 2022

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 22, 2022

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: December 22, 2022