iShares Russell Small/Mid-Cap Index Fund - (IWM) N-CSR Certified 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 BlackRock Fund Advisors

400 Howard Street, San Francisco, CA 94105

(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: April 30, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2023

2023 Annual Report

iShares Trust

· iShares Global Clean Energy ETF  |  ICLN  |  NASDAQ

The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined 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, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe 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. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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 April 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	8.63%	2.66%
U.S. small cap equities (Russell 2000® Index)	(3.45)	(3.65)
International equities (MSCI Europe, Australasia, Far East Index)	24.19	8.42
Emerging market equities (MSCI Emerging Markets Index)	16.36	(6.51)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.09	2.83
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	7.14	(1.68)
U.S. investment grade bonds  (Bloomberg U.S. Aggregate Bond Index)	6.91	(0.43)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.65	2.87
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.21	1.21
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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		7
Disclosure of Expenses		7
Schedule of Investments		8
Financial Statements
Statement of Assets and Liabilities		14
Statement of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		18
Report of Independent Registered Public Accounting Firm		27
Important Tax Information		28
Statement Regarding Liquidity Risk Management Program		29
Supplemental Information		30
Trustee and Officer Information		31
General Information		34
Glossary of Terms Used in this Report		35

Market Overview

iShares Trust

Global equity markets advanced during the 12 months ended April 30, 2023 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 2.06% in U.S. dollar terms for the reporting period. In the first half of the reporting period, concerns about the state of the global economy in the face of high inflation and rapidly rising interest rates drove stocks sharply lower. However, stock prices recovered substantially in the reporting period’s second half to advance overall, as economic growth proved resilient despite its slower pace.

Inflation was a significant factor in equity markets, and while its impact varied by country, most major economies faced substantial inflation during the reporting period. This drove a wave of monetary tightening by most of the world’s central banks, which sent interest rates and borrowing costs sharply higher. The U.S. Federal Reserve Bank (“Fed”) raised interest rates eight times in an attempt to bring down inflation. Commodities prices were volatile, and as the reporting period began, disruptions in the wake of Russia’s invasion of Ukraine meant high prices for energy commodities and some food products. While oil, gas, and most other commodities declined as markets adjusted to the war’s disruption, elevated prices exacerbated inflationary pressure.

The U.S. economy recovered from a contraction in the first half of 2022 to post modest growth in the second half of 2022 and the first quarter of 2023. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate — which measures the total proportion of working-age persons employed or looking for work — rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

In addition to its interest rate increases, the Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

European stocks outpaced most other regions of the globe, advancing strongly for the reporting period despite slowing economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. The conflict disrupted critical natural gas supplies, but new sources were secured and prices began to decline, while a warm winter helped to moderate consumption. The ECB responded to the highest inflation since the introduction of the euro by raising interest rates six times.

While inflation was somewhat more moderate in the Asia-Pacific region, stocks there declined amid higher interest rates and disruption from coronavirus-related lockdowns in China. However, China relaxed its strict anti-coronavirus protocols in December 2022, boosting analysts’ expectations for future growth in the region. Emerging market stocks declined notably, pressured by slowing global economic growth. The Fed’s interest rate increases weighed on emerging market equities by making U.S. assets relatively more attractive.

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Fund Summary as of April 30, 2023   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 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.04	%		15.20	%		10.50	%		0.04	%		102.90	%		171.34	%
Fund Market		0.18			15.22			10.42			0.18			103.09			169.42
Index		(0.42	)		15.40			10.11			(0.42	)		104.65			161.96

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	994.90	$	2.03		$	1,000.00	$	1,022.80	$	2.06		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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.

F U N D   S U M M A R Y 5

Fund Summary as of April 30, 2023 (continued)   iShares^® Global Clean Energy ETF

Portfolio Management Commentary

Clean energy stocks declined marginally for the reporting period, despite record growth in renewable energy generation capacity in 2022. Higher interest rates pressured clean energy companies, making access to financing more expensive for investments in new projects.

Indian stocks detracted the most from the Index’s return, driven by weakness in the utilities sector. A high-profile report from a U.S.-based finance firm accusing a large Indian conglomerate of fraud and market manipulation had a negative impact on India’s stock market. The report led to intensified investor scrutiny of Indian companies associated with the conglomerate, including a large company in the renewable electricity industry.

Chinese clean energy stocks detracted from the Index’s performance, most notably in the information technology sector, as higher raw material costs and lower product prices reduced the profitability of solar panel manufacturers in the semiconductors and semiconductor equipment industry. Canadian stocks in the utilities sector also declined, amid higher costs related to large wind power projects.

On the upside, U.S. stocks contributed the most to the Index’s performance, particularly the semiconductors and semiconductor equipment industry in the information technology sector. Strong demand for clean energy in the U.S. drove revenue gains for solar equipment manufacturers in the industry and allowed for favorable pricing even in the face of inflation. The passage of the Inflation Reduction Act in August 2022, which included substantial subsidies for investments in renewable energy, also supported clean energy equipment makers. Revenue growth and improved profitability drove significant gains in the industry.

Spanish utilities stocks also contributed, boosted by strength in the electric utilities industry. Investments in expanding capacity in North and South America offset declining domestic earnings. The industry also benefited from the divestment of significant assets in Latin America to fund an investment plan aimed at increasing renewable energy capacity and expanding networks.

Portfolio Information

SECTOR ALLOCATION

Industry	Percent of    Total Investments(a)
Renewable Electricity	21.6%
Electric Utilities	19.8
Semiconductor Materials & Equipment	17.7
Semiconductors	11.4
Electrical Components & Equipment	10.9
Heavy Electrical Equipment	7.7
Multi-Utilities	6.2
Oil & Gas Refining & Marketing	1.5
Commodity Chemicals	1.5
Other (each representing less than 1%)	1.7

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	43.3%
China	12.6
Denmark	8.0
Spain	6.8
Brazil	4.9
Canada	4.7
Portugal	2.9
South Korea	2.8
Germany	2.2
Japan	2.2
Thailand	2.0
Switzerland	1.8
Other (each representing less than 1%)	5.8

^(a)  Excludes money market funds.

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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.

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Schedule of Investments April 30, 2023   iShares^® Global Clean Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.8%
Verbund AG		434,638	$	38,709,110
Brazil — 3.1%
AES Brasil Energia SA		5,238,116		11,215,983
Auren Energia SA		6,694,029		21,178,030
CPFL Energia SA		4,113,721		27,332,434
EDP - Energias do Brasil SA		4,084,853		18,426,800
Energisa SA		6,278,863		52,619,687
Neoenergia SA		3,250,080		10,067,311
				140,840,245
Canada — 4.6%
Ballard Power Systems Inc.(a)(b)		4,136,517		18,288,177
Boralex Inc., Class A		1,124,038		32,770,787
Brookfield Renewable Corp., Class A		923,087		30,843,376
Canadian Solar Inc.(a)(b)		849,682		31,795,100
Innergex Renewable Energy Inc.		1,838,501		18,861,988
Northland Power Inc.		3,197,489		78,494,656
				211,054,084
Chile — 0.4%
Enel Americas SA		117,103,935		15,957,179
China — 12.5%
CECEP Solar Energy Co. Ltd., Class A		6,978,200		7,024,951
CECEP Wind Power Corp, Class A		11,558,320		6,384,169
China Conch Venture Holdings Ltd.		16,060,000		25,624,138
China Datang Corp. Renewable Power Co. Ltd., Class H		51,901,000		20,155,710
China Three Gorges Renewables Group Co. Ltd., Class A		51,098,196		40,053,016
China Yangtze Power Co. Ltd., Class A		42,241,630		133,568,222
Chongqing Sanfeng Environment Group Corp. Ltd.		2,246,900		2,441,808
Chongqing Three Gorges Water Conservancy & Electric Power Co. Ltd.		2,560,000		3,375,510
COFCO Biotechnology Co. Ltd., Class L		2,497,295		2,848,296
Dajin Heavy Industry Co. Ltd.		1,138,400		5,018,129
Flat Glass Group Co. Ltd., Class H		8,836,000		24,840,667
Ginlong Technologies Co. Ltd., Class A(a)		708,150		11,669,460
Hengdian Group DMEGC Magnetics Co. Ltd.		2,177,800		5,984,102
Huaneng Lancang River Hydropower Inc.		12,049,257		12,102,955
JA Solar Technology Co. Ltd., Class A		5,886,452		34,349,796
Jiangsu Akcome Science & Technology Co. Ltd.(a)		7,996,300		3,236,401
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		220,011		8,280,716
Jinlei Technology Co. Ltd., NVS(a)		467,200		2,691,220
LONGi Green Energy Technology Co. Ltd., Class A		10,150,340		51,281,710
Ming Yang Smart Energy Group Ltd., Class A		4,055,800		12,132,825
Risen Energy Co. Ltd.(a)		2,035,000		7,316,403
Sichuan Chuantou Energy Co. Ltd., Class A		5,971,900		12,413,931
Sineng Electric Co. Ltd.		424,100		3,397,450
Sungrow Power Supply Co. Ltd., Class A		2,651,200		43,310,685
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		5,768,800		34,690,104
Titan Wind Energy Suzhou Co. Ltd., Class A		3,217,600		6,408,486
Trina Solar Co. Ltd.		3,879,400		27,614,925
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		17,261,200		14,155,167
Xinyi Energy Holdings Ltd.		27,376,000		7,659,871

Security	Shares		Value
China (continued)
Zhejiang Windey Co. Ltd., NVS		1,253,270	$	2,458,740
				572,489,563
Denmark — 7.9%
Orsted AS(c)		1,785,663		160,263,392
Vestas Wind Systems A/S(a)		7,320,609		202,565,546
				362,828,938
France — 0.4%
Neoen SA(b)(c)		626,824		18,819,308
Germany — 2.2%
Encavis AG(b)		1,557,007		26,924,244
Nordex SE(a)(b)		2,790,253		33,603,476
SMA Solar Technology AG(a)		231,979		25,092,915
VERBIO Vereinigte BioEnergie AG(b)		438,534		16,332,728
				101,953,363
India — 0.6%
NHPC Ltd., NVS		52,057,277		28,263,642
Israel — 0.6%
Energix-Renewable Energies Ltd.(b)		3,784,834		11,263,424
Enlight Renewable Energy Ltd.(a)(b)		1,067,263		17,687,128
				28,950,552
Italy — 0.6%
ERG SpA		907,284		27,398,345
Japan — 2.2%
Chubu Electric Power Co. Inc.		7,837,000		87,401,009
RENOVA Inc.(a)(b)		970,400		13,745,131
				101,146,140
New Zealand — 0.5%
Contact Energy Ltd.		1,952,293		9,468,705
Meridian Energy Ltd.		4,080,800		13,820,397
				23,289,102
Norway — 0.7%
NEL ASA(a)(b)		14,999,760		20,613,220
Scatec ASA(c)		1,390,588		9,091,153
				29,704,373
Portugal — 2.9%
EDP - Energias de Portugal SA		22,709,197		125,127,632
Greenvolt Energias Renovaveis SA(a)(b)		838,442		5,698,155
				130,825,787
South Korea — 2.8%
CS Wind Corp.(b)		668,095		37,823,567
Doosan Fuel Cell Co. Ltd.(a)(b)		906,066		20,353,386
Hanwha Solutions Corp.(a)		1,841,041		66,246,099
Hyundai Energy Solutions Co. Ltd.		114,959		3,640,571
				128,063,623
Spain — 6.7%
Corp. ACCIONA Energias Renovables SA		1,119,406		40,194,644
EDP Renovaveis SA		2,176,471		48,377,913
Iberdrola SA		14,607,559		189,286,198
Solaria Energia y Medio Ambiente SA(a)		1,812,257		28,591,453
				306,450,208
Sweden — 0.2%
PowerCell Sweden AB(a)(b)		998,230		8,473,404
Switzerland — 1.8%
BKW AG		202,014		34,594,228

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Schedule of Investments   (continued) April 30, 2023   iShares^® Global Clean Energy ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
Switzerland (continued)
Meyer Burger Technology AG(a)(b)		72,239,700		$	46,529,042
					81,123,270
Taiwan — 0.8%
Century Iron & Steel Industrial Co. Ltd.		2,761,000			9,953,269
TSEC Corp.(a)		10,628,522			12,780,997
United Renewable Energy Co. Ltd.(a)		20,054,000			13,579,775
					36,314,041
Thailand — 2.0%
Energy Absolute PCL, NVDR		40,782,300			81,188,975
Gunkul Engineering PCL, NVDR		72,711,400			8,080,928
					89,269,903
United Kingdom — 0.2%
ReNew Energy Global PLC(a)(b)		1,861,411			9,530,424
United States — 42.9%
Altus Power Inc.(a)(b)		815,510			3,702,415
Array Technologies Inc.(a)(b)		3,122,914			63,863,591
Avangrid Inc.		1,164,633	��		46,888,125
Clearway Energy Inc., Class C		1,375,707			41,780,222
Consolidated Edison Inc		2,867,419			282,354,749
Enphase Energy Inc.(a)(b)		1,924,777			316,048,383
First Solar Inc.(a)(b)		1,814,970			331,377,223
FuelCell Energy Inc.(a)(b)		6,789,809			12,764,841
Gevo Inc.(a)(b)		5,293,240			6,140,158
Green Plains Inc.(a)(b)		1,049,805			35,871,837
Ormat Technologies Inc.(b)		1,171,238			100,503,933
Plug Power Inc.(a)(b)		11,705,932			105,704,566
REX American Resources Corp.(a)(b)		341,467			9,660,101
Shoals Technologies Group Inc., Class A(a)(b)		3,579,232			74,770,156
SolarEdge Technologies Inc.(a)(b)		1,247,209			356,240,307
Sunnova Energy International Inc.(a)(b)		2,205,072			39,603,093
SunPower Corp.(a)(b)		1,904,444			25,176,750
Sunrun Inc.(a)(b)		4,755,083			100,046,946
TPI Composites Inc.(a)(b)		936,072			11,569,850
					1,964,067,246
Total Common Stocks — 97.4% (Cost: $4,640,408,383)					4,455,521,850
Preferred Stocks
Brazil — 1.8%
Cia. Energetica de Minas Gerais, Preference Shares, NVS		32,700,850			80,968,663
Total Preferred Stocks — 1.8% (Cost: $74,029,531)					80,968,663

Security	Shares		Value
Rights
China — 0.0%
Xinyi Energy Holdings Ltd., (Expires 05/30/23, Strike Price HKD 2.19)(a)		2,438,800	$	3
Total Rights — 0.0% (Cost: $—)				3
Total Long-Term Investments — 99.2% (Cost: $4,714,437,914)				4,536,490,516
Short-Term Securities
Money Market Funds — 15.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(d)(e)(f)		709,650,701		709,863,596
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(d)(e)		14,710,000		14,710,000
Total Short-Term Securities — 15.8% (Cost: $724,327,055)				724,573,596
Total Investments — 115.0% (Cost: $5,438,764,969)				5,261,064,112
Liabilities in Excess of Other Assets — (15.0)%				(687,960,014	)
Net Assets — 100.0%			$	4,573,104,098

^(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.

9

Schedule of Investments  (continued) April 30, 2023   iShares^® Global Clean Energy ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2023 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 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	691,889,565	$	17,662,562	(a)	$	—		$	137,484	$	173,985	$	709,863,596		709,650,701	$	4,202,436	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		27,160,000		—			(12,450,000	)(a)		—		—		14,710,000		14,710,000		344,053			5
									$	137,484	$	173,985	$	724,573,596			$	4,546,489		$	5

^(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
Euro STOXX 50 Index		61		06/16/23	$	2,909	$	59,223
MSCI Emerging Markets Index		121		06/16/23		5,954		58,934
S&P 500 E-Mini Index		77		06/16/23		16,126		413,116
							$	531,273

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		HSBC Bank PLC (b)		02/10/28	$	2,913,541	$	238,300	(c)	$	3,159,495		0.1	%
		Monthly		JPMorgan Chase Bank NA (d)		02/08/24		5,972,847		276,886	(e)		6,194,372		0.1
									$	515,186		$	9,353,867

^(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 $(7,654) of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $ 55,361 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:

Range:	(b) 40 basis points	(d) 40 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

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Schedule of Investments  (continued) April 30, 2023 iShares^® Global Clean Energy ETF

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, 2028.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks United States
Green Plains Inc.(a)		92,464	$	3,159,495		100.0	%
Net Value of Reference Entity — HSBC Bank PLC			$	3,159,495

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, 2024.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
United States
Green Plains Inc.(a)		181,281	$	6,194,372		100.0	%
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	6,194,372

^(a)  Non-income producing security.

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps	$	—	$	—	$	515,186	$	—

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)	$	—	$	—	$	531,273	$	—	$	—	$	—	$	531,273
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	—	$	—	$	515,186	$	—	$	—	$	—	$	515,186
	$	—	$	—	$	1,046,459	$	—	$	—	$	—	$	1,046,459

^(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).

11

Schedule of Investments  (continued) April 30, 2023 iShares^® Global Clean Energy ETF

For the period ended April 30, 2023, 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	$	—	$	—	$	(3,930,339	)	$	—	$	—	$	—	$	(3,930,339	)
Swaps		—		—		2,045,355			—		—		—		2,045,355
	$	—	$	—	$	(1,884,984	)	$	—	$	—	$	—	$	(1,884,984	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	475,972		$	—	$	—	$	—	$	475,972
Swaps		—		—		1,414,532			—		—		—		1,414,532
	$	—	$	—	$	1,890,504		$	—	$	—	$	—	$	1,890,504

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	17,554,710
Total return swaps
Average notional value	$	5,257,750

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	$	531,273		$	—
Swaps — OTC(a)		515,186			—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,046,459			—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(531,273	)		—
Total derivative assets and liabilities subject to an MNA		515,186			—

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)
HSBC Bank PLC	$	238,300	$	—		$	—	$	—	$	238,300
JPMorgan Chase Bank NA		276,886		—			—		—		276,886
	$	515,186	$	—		$	—	$	—	$	515,186

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

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Schedule of Investments  (continued) April 30, 2023 iShares^® Global Clean Energy ETF

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
Assets
Investments
Long-Term Investments
Common Stocks	$	2,332,691,935	$	2,122,829,915	$	—	$	4,455,521,850
Preferred Stocks		80,968,663		—		—		80,968,663
Rights		—		3		—		3
Short-Term Securities
Money Market Funds		724,573,596		—		—		724,573,596
	$	3,138,234,194	$	2,122,829,918	$	—	$	5,261,064,112
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	472,050	$	574,409	$	—	$	1,046,459

^(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.

13

Statement of Assets and Liabilities

April 30, 2023

	iShares Global Clean Energy ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	4,536,490,516
Investments, at value — affiliated(c)		724,573,596
Cash pledged for futures contracts		826,000
Foreign currency collateral pledged for futures contracts(d)		206,056
Foreign currency, at value(e)		6,314,648
Receivables:
Investments sold		165,859
Securities lending income — affiliated		235,186
Dividends — unaffiliated		13,481,536
Dividends — affiliated		29,967
Tax reclaims		1,993,028
Variation margin on futures contracts		134,297
Unrealized appreciation on OTC swaps		515,186
Total assets		5,284,965,875
LIABILITIES
Bank overdraft		142,441
Collateral on securities loaned, at value		709,898,148
Payables:
Investments purchased		349
Capital shares redeemed		207,587
Investment advisory fees		1,613,252
Total liabilities		711,861,777
NET ASSETS	$	4,573,104,098
NET ASSETS CONSIST OF
Paid-in capital	$	6,203,738,227
Accumulated loss		(1,630,634,129	)
NET ASSETS	$	4,573,104,098
NET ASSET VALUE
Shares outstanding		244,200,000
Net asset value	$	18.73
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	4,714,437,914
(b) Securities loaned, at value	$	690,159,701
(c) Investments, at cost — affiliated	$	724,327,055
(d) Foreign currency collateral pledged, at cost	$	203,532
(e) Foreign currency, at cost	$	6,304,084

See notes to financial statements.

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Statement of Operations

Year Ended April 30, 2023

	iShares Global Clean Energy ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	60,848,712
Dividends — affiliated		344,053
Interest — unaffiliated		22,459
Securities lending income — affiliated — net		4,202,436
Non-cash dividends — unaffiliated		6,062,018
Foreign taxes withheld		(5,166,067	)
Total investment income		66,313,611
EXPENSES
Investment advisory		20,922,219
Commitment costs		47,070
Total expenses		20,969,289
Net investment income		45,344,322
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(668,093,671	)
Investments — affiliated		137,484
Capital gain distributions from underlying funds — affiliated		5
Foreign currency transactions		1,414,924
Futures contracts		(3,930,339	)
In-kind redemptions — unaffiliated(a)		138,550,915
Swaps		2,045,355
		(529,875,327	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		475,141,017
Investments — affiliated		173,985
Foreign currency translations		299,661
Futures contracts		475,972
Swaps		1,414,532
		477,505,167
Net realized and unrealized loss		(52,370,160	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,025,838	)
(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.

F I N A N C I A L   S T A T E M E N T S 15

Statements of Changes in Net Assets

	iShares Global Clean Energy ETF
	Year Ended 04/30/23			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	45,344,322		$	61,476,052
Net realized loss		(529,875,327	)		(160,644,573	)
Net change in unrealized appreciation (depreciation)		477,505,167			(1,025,201,886	)
Net decrease in net assets resulting from operations		(7,025,838	)		(1,124,370,407	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(44,565,129	)		(66,429,706	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(358,900,445	)		318,441,275
NET ASSETS
Total decrease in net assets		(410,491,412	)		(872,358,838	)
Beginning of year		4,983,595,510			5,855,954,348
End of year	$	4,573,104,098		$	4,983,595,510

^(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 Clean Energy ETF
	Year Ended 04/30/23			Year Ended 04/30/22			Period From 04/01/21 to 04/30/21			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	18.88		$	23.19		$	24.07		$	9.62		$	9.75		$	9.47
Net investment income(a)		0.18			0.23			0.06			0.13			0.11			0.19
Net realized and unrealized gain (loss)(b)		(0.15	)		(4.29	)		(0.94	)		14.42			(0.08	)		0.32
Net increase (decrease) from investment operations		0.03			(4.06	)		(0.88	)		14.55			0.03			0.51
Distributions from net investment income(c)		(0.18	)		(0.25	)		—			(0.10	)		(0.16	)		(0.23	)
Net asset value, end of period	$	18.73		$	18.88		$	23.19		$	24.07		$	9.62		$	9.75
Total Return(d)
Based on net asset value		0.04	%		(17.64	)%		(3.66	)%(e)		151.73	%		0.12	%		5.69	%
Ratios to Average Net Assets(f)
Total expenses		0.41	%		0.40	%		0.41	%(g)		0.42	%		0.46	%		0.46	%
Net investment income		0.90	%		1.07	%		3.07	%(g)		0.57	%		1.01	%		2.13	%
Supplemental Data
Net assets, end of period (000)	$	4,573,104		$	4,983,596		$	5,855,954		$	5,642,271		$	499,227		$	208,595
Portfolio turnover rate(h)		51	%		52	%		54	%		31	%		37	%		42	%

^(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 17

Notes to Financial Statements  

1.     ORGANIZATION

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

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

iShares ETF	Diversification     Classification
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 April 30, 2023, 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.

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.

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Notes to Financial Statements  (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.

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Notes to Financial Statements  (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
Global Clean Energy
Barclays Bank PLC	$	19,058,269	$	(19,058,269	)	$	—		$	—
Barclays Capital, Inc.		9,823,692		(9,823,692	)		—			—
BNP Paribas SA		39,839,799		(39,839,799	)		—			—
BofA Securities, Inc.		61,958,554		(61,958,554	)		—			—
Citadel Clearing LLC		3,779,160		(3,779,160	)		—			—
Citigroup Global Markets, Inc.		11,672,478		(11,672,478	)		—			—
Goldman Sachs & Co. LLC		145,120,278		(145,120,278	)		—			—
HSBC Bank PLC		4,358,724		(4,358,724	)		—			—
J.P. Morgan Securities LLC		229,901,162		(229,901,162	)		—			—
Jefferies LLC		386,609		(386,609	)		—			—
Macquarie Bank Ltd.		335,195		(335,195	)		—			—
Morgan Stanley		109,707,364		(109,707,364	)		—			—
National Financial Services LLC		11,459,129		(11,459,129	)		—			—
Natixis SA		1,259,967		(1,259,967	)		—			—
Nomura Securities International, Inc.		1,286,056		(1,286,056	)		—			—
RBC Capital Markets LLC		279,140		(279,140	)		—			—
Scotia Capital (USA), Inc.		1,636,756		(1,636,756	)		—			—
SG Americas Securities LLC		2,776,488		(2,776,488	)		—			—
State Street Bank & Trust Co.		3,663,729		(3,663,729	)		—			—
Toronto-Dominion Bank		4,921,628		(4,921,628	)		—			—
UBS AG		19,383,590		(19,383,590	)		—			—
UBS Securities LLC		489,070		(489,070	)		—			—
Virtu Americas LLC		6,518,740		(6,518,740	)		—			—
Wells Fargo Bank N.A.		544,124		(544,124	)		—			—
	$	690,159,701	$	(690,159,701	)	$	—		$	—

^(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 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, 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

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Notes to Financial Statements  (continued)

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 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

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Notes to Financial Statements  (continued)

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 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.

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Notes to Financial Statements  (continued)

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 year endedApril 30, 2023, the Fund paid BTC $1,181,269 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.

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

For the year ended April 30, 2023, 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	$	25,385,649	$	1,569,227	$	(526,931	)

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 year ended April 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Global Clean Energy	$	2,590,068,269	$	2,634,267,710

For the year ended April 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
Global Clean Energy	$	268,471,503	$	579,744,833

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 April 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
Global Clean Energy	$	125,016,641	$	(125,016,641	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 04/30/23		Year Ended 04/30/22
Global Clean Energy
Ordinary income	$	44,565,129	$	66,429,706

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Notes to Financial Statements  (continued)

As of April 30, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Global Clean Energy	$	20,604,956	$	(1,384,410,420	)	$	(266,828,665	)	$	(1,630,634,129	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and accounting for swap agreements.

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 April 30, 2023, 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	$	5,528,040,187	$	439,796,583	$	(706,772,659	)	$	(266,976,076	)

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.

During the year ended April 30, 2023, 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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

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Notes to Financial Statements  (continued)

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 the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Fund invests.

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.

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:

	Year Ended 04/30/23						Year Ended 04/30/22
iShares ETF	Shares			Amount			Shares			Amount
Global Clean Energy
Shares sold		16,300,000		$	333,990,804			49,000,000		$	1,087,738,922
Shares redeemed		(36,000,000	)		(692,891,249	)		(37,600,000	)		(769,297,647	)
		(19,700,000	)	$	(358,900,445	)		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.

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Notes to Financial Statements  (continued)

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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of iShares Global Clean Energy ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Global Clean Energy ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the two years in the period ended April 30, 2023, for the period from April 1, 2021 to April 30, 2021 and for each of the three years in the period ended March 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the two years in the period ended April 30, 2023, for the period from April 1, 2021 to April 30, 2021 and for each of the three years in the period ended March 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 21, 2023

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

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Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2023:

iShares ETF	Qualified Dividend     Income
Global Clean Energy	$	54,929,288

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Global Clean Energy		28.05	%

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Global Clean Energy ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

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

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

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

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

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

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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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 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.

April 30, 2023

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Global Clean Energy(a)	$	0.157993	$	—	$	0.018709	$	0.176702		89	%		—	%		11	%		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.

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Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of April 30, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito (a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji (b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

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Trustee and Officer Information (unaudited) (continued)

Officers (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

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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.

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Glossary of Terms Used in this Report

Portfolio Abbreviation

NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares

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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.

^©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-408-0423

APRIL 30, 2023

2023 Annual Report

iShares Trust

·  iShares International Select Dividend ETF | IDV | Cboe BZX

The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined 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, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe 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. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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 April 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	8.63%	2.66%
U.S. small cap equities (Russell 2000® Index)	(3.45)	(3.65)
International equities (MSCI Europe, Australasia, Far East Index)	24.19	8.42
Emerging market equities (MSCI Emerging Markets Index)	16.36	(6.51)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.09	2.83
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	7.14	(1.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	6.91	(0.43)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.65	2.87
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.21	1.21
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 THIS   PAGE   IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		7
Disclosure of Expenses		7
Schedule of Investments		8
Financial Statements
Statement of Assets and Liabilities		14
Statement of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		18
Report of Independent Registered Public Accounting Firm		27
Important Tax Information		28
Statement Regarding Liquidity Risk Management Program		29
Trustee and Officer Information		31
General Information		34
Glossary of Terms Used in this Report		35

Market Overview

iShares Trust

Global equity markets advanced during the 12 months ended April 30, 2023 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 2.06% in U.S. dollar terms for the reporting period. In the first half of the reporting period, concerns about the state of the global economy in the face of high inflation and rapidly rising interest rates drove stocks sharply lower. However, stock prices recovered substantially in the reporting period’s second half to advance overall, as economic growth proved resilient despite its slower pace.

Inflation was a significant factor in equity markets, and while its impact varied by country, most major economies faced substantial inflation during the reporting period. This drove a wave of monetary tightening by most of the world’s central banks, which sent interest rates and borrowing costs sharply higher. The U.S. Federal Reserve Bank (“Fed”) raised interest rates eight times in an attempt to bring down inflation. Commodities prices were volatile, and as the reporting period began, disruptions in the wake of Russia’s invasion of Ukraine meant high prices for energy commodities and some food products. While oil, gas, and most other commodities declined as markets adjusted to the war’s disruption, elevated prices exacerbated inflationary pressure.

The U.S. economy recovered from a contraction in the first half of 2022 to post modest growth in the second half of 2022 and the first quarter of 2023. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate — which measures the total proportion of working-age persons employed or looking for work — rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

In addition to its interest rate increases, the Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

European stocks outpaced most other regions of the globe, advancing strongly for the reporting period despite slowing economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. The conflict disrupted critical natural gas supplies, but new sources were secured and prices began to decline, while a warm winter helped to moderate consumption. The ECB responded to the highest inflation since the introduction of the euro by raising interest rates six times.

While inflation was somewhat more moderate in the Asia-Pacific region, stocks there declined amid higher interest rates and disruption from coronavirus-related lockdowns in China. However, China relaxed its strict anti-coronavirus protocols in December 2022, boosting analysts’ expectations for future growth in the region. Emerging market stocks declined notably, pressured by slowing global economic growth. The Fed’s interest rate increases weighed on emerging market equities by making U.S. assets relatively more attractive.

4 2 0 2 3   I SHARES  ANNUAL  REPORT   TO  SHAREHOLDERS

Fund Summary as of April 30, 2023   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 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.06	)%		2.28	%		3.08	%		(0.06	)%		11.92	%		35.48	%
Fund Market		(0.18	)		2.31			3.06			(0.18	)		12.09			35.18
Index		(1.48	)		2.11			3.09			(1.48	)		11.02			35.53

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (11/01/22)		Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00		$        1,213.80	$        2.74		$        1,000.00		$        1,022.30	$        2.51		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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.

FUND   SUMMARY 5

Fund Summary as of April 30, 2023  (continued) iShares^® International Select Dividend ETF

Portfolio Management Commentary

International dividend stocks declined moderately during the reporting period amid rapidly rising interest rates and a weakening global economy. Stocks in the U.K. detracted the most from the Index’s return, as supply chain-induced material shortages, rising labor costs, and planning delays weighed on homebuilding companies. Higher mortgage rates reduced affordability for many first-time home buyers, slowing sales and reducing the pool of prospective buyers. The reduction in the forecasted number of completed homes increased investor concerns of a slowdown in the pace of the housing market.

Financials stocks in the Republic of Korea also detracted from the Index’s return as the South Korean won weakened against the U.S. dollar amid a downturn in the country’s economy following a slump in semiconductor chip demand. Dividends of South Korean diversified banks were lower than expected. Lastly, stocks in Australia further detracted from the Index’s return as high interest rates and rising inflation slowed growth and increased investors’ concerns over possible bank failures.

On the other hand, Japanese stocks were the most significant contributors to the Index’s return during the reporting period. Japan’s marine transportation companies maintained high dividend payouts as they continued to benefit from the increase in global shipping demand that began during the pandemic, despite a declining import trend for retail goods.

Spanish stocks also contributed, with construction and engineering companies benefiting from the largest annual increase in housing prices since the global financial crisis. Spain’s largest construction company also reported higher sales growth in global markets, particularly in Australia and the U.S.

French energy companies further contributed as high oil and gas prices allowed integrated oil and gas companies to raise dividends and record all-time high profits. Europe’s embargo on Russian oil products following the invasion of Ukraine led to higher production demand and sales of French natural gas.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials	26.1%
Utilities	16.1
Industrials	16.0
Materials	15.6
Consumer Discretionary	6.6
Energy	6.3
Communication Services	4.9
Real Estate	4.5
Consumer Staples	3.6
Information Technology	0.3

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United Kingdom	14.9%
Canada	10.4
Australia	8.7
South Korea	8.6
Spain	7.6
Japan	7.3
Hong Kong	7.1
Italy	7.0
France	5.9
Belgium	3.0
Norway	2.8
Netherlands	2.8
Sweden	2.2
Denmark	2.2
Finland	2.1
Switzerland	2.0
Germany	1.8
Israel	1.6
New Zealand	1.2
Other (each representing less than 1%)	0.8

^(a)  Excludes money market funds.

6 2 0 2 3   I SHARES    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 7

Schedule of Investments April 30, 2023 iShares^® International Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 8.6%
APA Group		3,577,333	$	24,423,991
BHP Group Ltd.		5,525,392		163,979,675
Fortescue Metals Group Ltd.		6,025,245		84,302,932
Harvey Norman Holdings Ltd.		5,449,055		13,086,488
JB Hi-Fi Ltd.		1,964,673		58,145,901
Magellan Financial Group Ltd.		2,642,727		14,322,262
Perpetual Ltd.		1,944,075		31,771,753
Super Retail Group Ltd.		2,993,337		27,013,639
Viva Energy Group Ltd.(a)		6,046,930		12,498,995
				429,545,636
Austria — 0.4%
Oesterreichische Post AG		564,954		21,762,728
Belgium — 2.9%
Ageas SA/NV		2,738,223		122,003,061
Proximus SADP		2,962,267		25,252,084
				147,255,145
Canada — 10.2%
Bank of Nova Scotia (The)		2,184,676		109,052,395
Birchcliff Energy Ltd.		3,321,155		20,125,241
Canadian Utilities Ltd., Class A, NVS		1,849,910		53,482,655
Emera Inc.		1,861,050		79,189,233
Great-West Lifeco Inc.		2,069,205		58,829,964
IGM Financial Inc.		1,418,174		43,523,397
Labrador Iron Ore Royalty Corp.		1,265,532		28,536,002
Manulife Financial Corp.		1,963,938		38,775,762
Peyto Exploration & Development Corp.		3,142,738		28,624,119
Power Corp. of Canada		1,930,162		51,699,878
				511,838,646
Denmark — 2.2%
AP Moller - Maersk A/S, Class A		55,213		98,676,260
D/S Norden A/S		151,309		9,507,754
				108,184,014
Finland — 2.1%
Fortum OYJ		5,502,933		82,191,701
Metsa Board OYJ, Class B		3,168,553		22,847,935
				105,039,636
France — 5.7%
ALD SA(a)		2,001,965		24,117,413
Bouygues SA		1,748,409		64,025,406
Nexity SA		931,737		24,444,001
Orange SA		2,054,382		26,739,661
Rubis SCA		1,764,326		52,142,444
TotalEnergies SE		1,517,351		96,958,594
				288,427,519
Germany — 1.7%
Freenet AG		432,890		12,341,266
Hapag-Lloyd AG(a)(b)		120,416		37,443,585
Mercedes-Benz Group AG		427,417		33,332,545
				83,117,396
Hong Kong — 7.0%
CK Hutchison Holdings Ltd.		13,316,500		89,026,493
CK Infrastructure Holdings Ltd.		10,755,000		61,232,347
Henderson Land Development Co. Ltd.		15,335,000		54,603,714
Hysan Development Co. Ltd.		11,713,000		33,101,471
Kerry Properties Ltd.		10,608,000		27,369,757
New World Development Co. Ltd.		21,071,750		56,195,752

Security	Shares		Value
Hong Kong (continued)
PCCW Ltd.		22,593,000	$	11,785,141
VTech Holdings Ltd.		2,751,700		16,519,930
				349,834,605
Israel — 1.6%
ICL Group Ltd.		12,858,150		79,859,699
Italy — 6.8%
A2A SpA		7,187,974		12,682,354
Anima Holding SpA(a)		4,351,440		18,082,045
Azimut Holding SpA		2,121,235		47,380,062
Enel SpA		8,029,729		54,860,028
Eni SpA		7,679,992		116,024,847
Italgas SpA		6,137,216		40,072,827
Snam SpA		6,290,009		34,957,833
UnipolSai Assicurazioni SpA		7,242,274		19,483,179
				343,543,175
Japan — 7.2%
Haseko Corp.		1,756,700		21,446,363
Mitsui OSK Lines Ltd.		5,506,800		136,516,917
MS&AD Insurance Group Holdings Inc.		1,558,500		51,153,557
Nippon Yusen KK		5,021,300		118,697,958
Sojitz Corp.		1,628,080		34,289,825
				362,104,620
Netherlands — 2.7%
Flow Trades Ltd., NVS		604,170		14,965,727
NN Group NV		2,338,946		87,220,145
SBM Offshore NV		2,455,372		34,705,729
				136,891,601
New Zealand — 1.1%
Spark New Zealand Ltd.		17,738,781		57,476,324
Norway — 2.8%
Norsk Hydro ASA		1,963,093		14,446,520
Yara International ASA		3,076,702		123,895,180
				138,341,700
Singapore — 0.4%
Golden Agri-Resources Ltd.		106,490,500		22,023,626
South Korea — 7.4%
BNK Financial Group Inc.		3,104,927		15,446,747
DB Insurance Co. Ltd.		947,953		59,589,793
DGB Financial Group Inc.		2,719,839		13,947,601
Hana Financial Group Inc.		2,515,145		79,034,997
Industrial Bank of Korea		3,129,997		23,571,268
KB Financial Group Inc.		1,901,647		70,581,906
Samsung Securities Co. Ltd.		1,225,830		31,117,380
Shinhan Financial Group Co. Ltd.		1,844,119		48,279,786
Woori Financial Group Inc.		3,163,816		27,826,545
				369,396,023
Spain — 7.4%
ACS Actividades de Construccion y Servicios SA		3,548,792		122,015,944
Cia. de Distribucion Integral Logista Holdings SA		1,214,843		32,991,353
Enagas SA		3,174,475		63,555,167
Mapfre SA		3,649,864		7,311,138
Naturgy Energy Group SA		2,330,935		72,576,668
Red Electrica Corp. SA		3,200,159		58,183,171
Telefonica SA		3,866,163		17,560,843
				374,194,284

8 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (continued) April 30, 2023 iShares^® International Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden — 2.2%
Samhallsbyggnadsbolaget i Norden AB(b)		21,243,847	$	24,989,267
Telia Co. AB		30,272,262		84,283,125
				109,272,392
Switzerland — 2.0%
Swiss Re AG		186,727		18,804,139
Zurich Insurance Group AG		164,394		79,723,231
				98,527,370
United Kingdom — 14.6%
abrdn PLC		3,611,822		9,678,702
Ashmore Group PLC		3,750,690		11,496,606
British American Tobacco PLC		4,201,888		155,242,093
Centamin PLC		3,510,872		4,556,686
IG Group Holdings PLC		3,131,746		28,910,771
Jupiter Fund Management PLC		3,379,504		5,531,072
Legal & General Group PLC		4,116,669		12,146,322
National Grid PLC		2,836,611		40,671,116
Persimmon PLC		6,781,658		112,234,398
Phoenix Group Holdings PLC		4,477,473		33,359,648
Rio Tinto PLC		3,921,372		249,290,880
SSE PLC		2,845,764		65,660,762
Vodafone Group PLC		4,554,390		5,470,393
				734,249,449
Total Common Stocks — 97.0% (Cost: $5,061,101,440)				4,870,885,588
Preferred Stocks
Germany — 0.0%
Schaeffler AG, Preference Shares, NVS		438,788		3,187,565

Security	Shares		Value
South Korea — 1.1%
Hyundai Motor Co., Series 2, Preference Shares, NVS		663,814	$	55,064,677
Total Preferred Stocks — 1.1% (Cost: $51,694,454)				58,252,242
Total Long-Term Investments — 98.1% (Cost: $5,112,795,894)				4,929,137,830
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(c)(d)(e)		68,472,457		68,492,998
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(c)(d)		4,300,000		4,300,000
Total Short-Term Securities — 1.5% (Cost: $72,777,323)				72,792,998
Total Investments — 99.6% (Cost: $5,185,573,217)				5,001,930,828
Other Assets Less Liabilities — 0.4%				20,645,970
Net Assets — 100.0%			$	5,022,576,798

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

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

^(c)  Affiliate of the Fund.

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

^(e)  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 year ended April 30, 2023 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 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	68,470,737	(a)	$	—	$	6,586	$	15,675	$	68,492,998		68,472,457	$	3,336,320	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,240,000		2,060,000	(a)		—		—		—		4,300,000		4,300,000		152,066			4
								$	6,586	$	15,675	$	72,792,998			$	3,488,386		$	4

^(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 9

Schedule of Investments  (continued) April 30, 2023 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		118		06/15/23	$	14,392	$	411,133
Euro STOXX 50 Index		366		06/16/23		17,451		383,238
FTSE 100 Index		294		06/16/23		29,052		776,766
							$	1,571,137

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)		08/19/26	$	16,540,736	$	1,007,109	(c)	$	16,701,887		0.3	%
	Monthly	HSBC Bank PLC(d)		02/10/28		2,538,998		(1,381	)(e)		2,540,699		0.1
	Monthly	JPMorgan Chase Bank NA(f)		02/08/24		9,177,075		(41,087	)(g)		9,148,731		0.2
							$	964,641		$	28,391,317

^(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 $845,958 of net dividends and financing fees.

^(e)  Amount includes $(3,082) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $(12,743) 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)	(f)
Range:	45 basis points	45 basis points	40 basis points
Benchmarks:	EUR - 1D Euro Short Term Rate (ESTR)	EUR - 1D Euro Short Term Rate (ESTR)	EUR - 1D Euro Short Term Rate (ESTR)

10 2 0 2 3   I SHARES    ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (continued) April 30, 2023 iShares^® International Select Dividend ETF

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 August 19, 2026.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Spain
Enagas SA		818,546	$	16,257,491		97.3	%
Red Electrica Corp. SA		24,480		444,396		2.7
Net Value of Reference Entity — Goldman Sachs Bank USA			$	16,701,887

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, 2028.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Spain
Enagas SA		122,781	$	2,442,086		96.1	%
Red Electrica Corp. SA		5,476		98,613		3.9
Net Value of Reference Entity — HSBC Bank PLC			$	2,540,699

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, 2024.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Spain
Enagas SA		461,283	$	9,146,930		100.0	%
Red Electrica Corp. SA		100		1,801		0.0
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	9,148,731

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps	$	—	$	—	$	1,007,109	$	(42,468	)

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)	$	—	$	—	$	1,571,137	$	—	$	—	$	—	$	1,571,137
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	—	$	—	$	1,007,109	$	—	$	—	$	—	$	1,007,109
	$	—	$	—	$	2,578,246	$	—	$	—	$	—	$	2,578,246
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	42,468	$	—	$	—	$	—	$	42,468

^(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 11

Schedule of Investments (continued) April 30, 2023 iShares^® International Select Dividend ETF

For the period ended April 30, 2023, 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	$	—	$	—	$	1,325,441	$	—	$	—	$	—	$	1,325,441
Swaps		—		—		178,131		—		—		—		178,131
	$	—	$	—	$	1,503,572	$	—	$	—	$	—	$	1,503,572
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,408,585	$	—	$	—	$	—	$	2,408,585
Swaps		—		—		964,641		—		—		—		964,641
	$	—	$	—	$	3,373,226	$	—	$	—	$	—	$	3,373,226

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	41,946,557
Total return swaps
Average notional value	$	14,332,456

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	$	1,571,137		$	—
Swaps - OTC		1,007,109			42,468
Total derivative assets and liabilities in the Statement of Assets and Liabilities		2,578,246			42,468
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(1,571,137	)		—
Total derivative assets and liabilities subject to an MNA		1,007,109			42,468

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

	Derivative Assets Subject to an MNA by				Derivatives Available			Non-Cash Collateral		Cash Collateral		Net Amount of Derivative
Counterparty			Counterparty		for Offset	(a)		Received		Received	(b)			Assets	(c)
Goldman Sachs Bank USA		$	1,007,109	$	—		$	—	$	(460,000	)		$	547,109

	Derivative Liabilities Subject to an MNA by			Derivatives Available				Non-Cash Collateral			Cash Collateral				Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)			Pledged			Pledged	(b)			Liabilities	(d)
HSBC Bank PLC		$	1,381		$	—			$	—		$	—			$	1,381
JPMorgan Chase Bank NA			41,087			—				—			—				41,087
		$	42,468		$	—			$	—		$	—			$	42,468

^(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 received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

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

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

12 2 0 2 3   I SHARES    ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (continued) April 30, 2023 iShares^® International Select Dividend ETF

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
Assets
Investments
Long-Term Investments
Common Stocks	$	526,804,373	$	4,344,081,215		$	—	$	4,870,885,588
Preferred Stocks		—		58,252,242			—		58,252,242
Short-Term Securities
Money Market Funds		72,792,998		—			—		72,792,998
	$	599,597,371	$	4,402,333,457		$	—	$	5,001,930,828
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	2,578,246		$	—	$	2,578,246
Liabilities
Equity Contracts		—		(42,468	)		—		(42,468	)
	$	—	$	2,535,778		$	—		2,535,778

^(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 13

Statement of Assets and Liabilities

April 30, 2023

	iShares International Select Dividend ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	4,929,137,830
Investments, at value — affiliated(c)		72,792,998
Cash		5,103
Foreign currency collateral pledged for futures contracts(d)		4,196,165
Foreign currency, at value(e)		36,865,222
Receivables:
Investments sold		771,334
Securities lending income — affiliated		891,500
Capital shares sold		89,573
Dividends — unaffiliated		35,845,580
Dividends — affiliated		12,700
Tax reclaims		17,938,019
Variation margin on futures contracts		249,554
Foreign withholding tax claims		1,587,309
Unrealized appreciation on OTC swaps		1,007,109
Total assets		5,101,389,996
LIABILITIES
Cash received as collateral for OTC swaps		460,000
Collateral on securities loaned, at value		68,470,737
Payables:
Investments purchased		2,941,571
Investment advisory fees		2,015,804
IRS compliance fee for foreign withholding tax claims		4,707,032
Professional fees		175,586
Unrealized depreciation on OTC swaps		42,468
Total liabilities		78,813,198
NET ASSETS	$	5,022,576,798
NET ASSETS CONSIST OF
Paid-in capital	$	6,342,615,968
Accumulated loss		(1,320,039,170	)
NET ASSETS	$	5,022,576,798
NET ASSETVALUE
Shares outstanding		178,500,000
Net asset value	$	28.14
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	5,112,795,894
(b) Securities loaned, at value	$	61,383,400
(c)  Investments, at cost — affiliated	$	72,777,323
(d) Foreign currency collateral pledged, at cost	$	4,266,186
(e) Foreign currency, at cost	$	36,707,904

See notes to financial statements.

14 2 0 2 3   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statement of Operations

Year Ended April 30, 2023

	iShares International Select Dividend ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	388,837,483
Dividends — affiliated		152,066
Interest — unaffiliated		55,840
Securities lending income — affiliated — net		3,336,320
Other income — unaffiliated		1,411,787
Foreign taxes withheld		(33,024,469	)
Foreign withholding tax claims		7,652,801
IRS compliance fee for foreign withholding tax claims		1,145,924
Total investment income		369,567,752
EXPENSES
Investment advisory		22,491,400
Professional		906,474
Commitment costs		24,105
Total expenses		23,421,979
Net investment income		346,145,773
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(169,332,940	)
Investments — affiliated		6,586
Capital gain distributions from underlying funds — affiliated		4
Foreign currency transactions		(3,474,919	)
Futures contracts		1,325,441
In-kind redemptions — unaffiliated(a)		12,609,063
Swaps		178,131
		(158,688,634	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(225,308,156	)
Investments — affiliated		15,675
Foreign currency translations		2,404,292
Futures contracts		2,408,585
Swaps		964,641
		(219,514,963	)
Net realized and unrealized loss		(378,203,597	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(32,057,824	)

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

See notes to financial statements.

FINANCIAL   STATEMENTS 15

Statements of Changes in Net Assets

	iShares International Select Dividend ETF
	Year Ended 04/30/23			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	346,145,773		$	275,040,603
Net realized gain (loss)		(158,688,634	)		150,212,849
Net change in unrealized appreciation (depreciation)		(219,514,963	)		(530,587,837	)
Net decrease in net assets resulting from operations		(32,057,824	)		(105,334,385	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(304,367,747	)		(239,788,045	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		749,314,980			624,868,028
NET ASSETS
Total increase in net assets		412,889,409			279,745,598
Beginning of year		4,609,687,389			4,329,941,791
End of year	$	5,022,576,798		$	4,609,687,389

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

See notes to financial statements.

16 2 0 2 3   I SHARES    ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares International Select Dividend ETF
	Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of year	$	30.17		$	32.41		$	24.14		$	31.59		$	34.11
Net investment income(a)		2.06	(b)		1.95	(b)		1.35			1.83			1.71
Net realized and unrealized gain (loss)(c)		(2.25	)		(2.48	)		8.19			(7.10	)		(2.48	)
Net increase (decrease) from investment operations		(0.19	)		(0.53	)		9.54			(5.27	)		(0.77	)
Distributions from net investment income(d)		(1.84	)		(1.71	)		(1.27	)		(2.18	)		(1.75	)
Net asset value, end of year	$	28.14		$	30.17		$	32.41		$	24.14		$	31.59
Total Return(e)
Based on net asset value		(0.06	)%(b)		(1.76	)%(b)		40.57	%		(17.15	)%		(2.13	)%
Ratios to Average Net Assets(f)
Total expenses		0.51	%		0.54	%		0.49	%		0.49	%		0.49	%
Total expenses after fees waived		0.51	%		0.54	%		0.49	%		0.49	%		0.49	%
Total expenses excluding professional fees for foreign withholding tax claims		0.49	%		0.49	%		N/A			N/A			0.49	%
Net investment income		7.58	%(b)		6.12	%(b)		4.87	%		6.06	%		5.39	%
Supplemental Data
Net assets, end of year (000)	$	5,022,577		$	4,609,687		$	4,329,942		$	3,421,123		$	4,377,418
Portfolio turnover rate(g)		29	%		36	%		86	%		12	%		35	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the 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 2023 and April 30 2022 respectively:

• Net investment income per share by $0.04 and $0.13.

• Total return by 0.13% and 0.39%.

• Ratio of net investment income to average net assets by 0.15% and 0.41%.

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

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 17

Notes to Financial Statements  

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
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 April 30, 2023, 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.

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.

18 2 0 2 3   I SHARES    ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (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 19

Notes to Financial Statements  (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.	$	6,338,755	$	(6,338,755	)	$	—		$	—
Goldman Sachs & Co. LLC		37,910,261		(37,910,261	)		—			—
Morgan Stanley		17,134,384		(17,134,384	)		—			—
	$	61,383,400	$	(61,383,400	)	$	—		$	—

^(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 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, 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 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.

20 2 0 2 3   I SHARES    ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (continued)

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 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.

NOTES  TO   FINANCIAL   STATEMENTS 21

Notes to Financial Statements  (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of 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: BFAmay 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 year ended April 30, 2023, 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 year endedApril 30, 2023, the Fund paid BTC $724,550 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.

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

For the year ended April 30, 2023, 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	$	1,321,033	$	15,820,782	$	(11,975,646	)

22 2 0 2 3   I SHARES    ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (continued)

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 year ended April 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
International Select Dividend	$	1,532,613,021	$	1,297,284,682

For the year ended April 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
International Select Dividend	$	601,070,121	$	90,552,600

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 April 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
International Select Dividend	$	2,007,072	$	(2,007,072	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 04/30/23		Year Ended 04/30/22
International Select Dividend
Ordinary income	$	304,367,747	$	239,788,045

As of April 30, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
International Select Dividend	$	84,097,354	$	(1,155,168,435	)	$	(248,968,089	)	$	(1,320,039,170	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, accounting for swap agreements and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

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.

NOTES  TO   FINANCIAL   STATEMENTS 23

Notes to Financial Statements  (continued)

As of April 30, 2023, 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	$	5,250,940,887	$	360,156,099	$	(608,755,023	)	$	(248,598,924	)

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.

During the year ended April 30, 2023, 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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

24 2 0 2 3   I SHARES    ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (continued)

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 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. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. 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 have been, and may continue to 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.

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:

	Year Ended 04/30/23						Year Ended 04/30/22
iShares ETF	Shares			Amount			Shares			Amount
International Select Dividend
Shares sold		29,750,000		$	855,301,402			21,900,000		$	708,294,656
Shares redeemed		(4,050,000	)		(105,986,422	)		(2,700,000	)		(83,426,628	)
		25,700,000		$	749,314,980			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.

NOTES  TO   FINANCIAL   STATEMENTS 25

Notes to Financial Statements  (continued)

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 seeking 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.

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.

26 2 0 2 3   I SHARES    ANNUAL   REPORT   TO   SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of iShares International Select Dividend ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares International Select Dividend ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 21, 2023

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

REPORT  OF  INDEPENDENT  REGISTERED  PUBLIC  ACCOUNTING  FIRM 27

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2023:

iShares ETF	Qualified Dividend Income
International Select Dividend	$	339,437,836

The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended April 30, 2023:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
International Select Dividend	$	389,743,958	$	24,730,575

28 2 0 2 3   I SHARES  ANNUAL   REPORT   TO   SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares International Select Dividend ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

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

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

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

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

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

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT  REGARDING  LIQUIDITY  RISK  MANAGEMENT  PROGRAM 29

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

30 2 0 2 3   I SHARES  ANNUAL   REPORT   TO   SHAREHOLDERS

Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of April 30, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

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

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

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

TRUSTEE  AND  OFFICER  INFORMATION 31

Trustee and Officer Information (unaudited) (continued)

		Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

32 2 0 2 3   I SHARES    ANNUAL   REPORT   TO   SHAREHOLDERS

Trustee and Officer Information (unaudited) (continued)

Officers (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).
Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary. Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

TRUSTEE  AND  OFFICER  INFORMATION 33

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.

34 2 0 2 3   I SHARES  ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation

NVS Non-Voting Shares

GLOSSARY   OF   TERMS   USED   IN   THIS   REPORT 35

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 companies listed above

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-406-0423

        

  APRIL 30, 2023

2023 Annual Report

iShares Trust

· iShares Environmentally Aware Real Estate ETF | ERET | NASDAQ

· iShares Global REIT ETF | REET | NYSE Arca

· iShares International Developed Real Estate ETF | IFGL | NASDAQ

The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined 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, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe 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. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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 April 30, 2023
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		8.63%		2.66%
U.S. small cap equities (Russell 2000® Index)		(3.45)		(3.65)
International equities (MSCI Europe, Australasia, Far East Index)		24.19		8.42
Emerging market equities (MSCI Emerging Markets Index)		16.36		(6.51)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.09		2.83
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		7.14		(1.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		6.91		(0.43)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.65		2.87
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.21		1.21
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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		10
Disclosure of Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		28
Statements of Operations		29
Statements of Changes in Net Assets		30
Financial Highlights		32
Notes to Financial Statements		35
Report of Independent Registered Public Accounting Firm		44
Important Tax Information		45
Board Review and Approval of Investment Advisory Contract		46
Statement Regarding Liquidity Risk Management Program		48
Supplemental Information		49
Trustee and Officer Information		50
General Information		53
Glossary of Terms Used in this Report		54

Market Overview

iShares Trust

Global equity markets advanced during the 12 months ended April 30, 2023 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 2.06% in U.S. dollar terms for the reporting period. In the first half of the reporting period, concerns about the state of the global economy in the face of high inflation and rapidly rising interest rates drove stocks sharply lower. However, stock prices recovered substantially in the reporting period’s second half to advance overall, as economic growth proved resilient despite its slower pace.

Inflation was a significant factor in equity markets, and while its impact varied by country, most major economies faced substantial inflation during the reporting period. This drove a wave of monetary tightening by most of the world’s central banks, which sent interest rates and borrowing costs sharply higher. The U.S. Federal Reserve Bank (“Fed”) raised interest rates eight times in an attempt to bring down inflation. Commodities prices were volatile, and as the reporting period began, disruptions in the wake of Russia’s invasion of Ukraine meant high prices for energy commodities and some food products. While oil, gas, and most other commodities declined as markets adjusted to the war’s disruption, elevated prices exacerbated inflationary pressure.

The U.S. economy recovered from a contraction in the first half of 2022 to post modest growth in the second half of 2022 and the first quarter of 2023. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate — which measures the total proportion of working-age persons employed or looking for work — rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

In addition to its interest rate increases, the Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

European stocks outpaced most other regions of the globe, advancing strongly for the reporting period despite slowing economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. The conflict disrupted critical natural gas supplies, but new sources were secured and prices began to decline, while a warm winter helped to moderate consumption. The ECB responded to the highest inflation since the introduction of the euro by raising interest rates six times.

While inflation was somewhat more moderate in the Asia-Pacific region, stocks there declined amid higher interest rates and disruption from coronavirus-related lockdowns in China. However, China relaxed its strict anti-coronavirus protocols in December 2022, boosting analysts’ expectations for future growth in the region. Emerging market stocks declined notably, pressured by slowing global economic growth. The Fed’s interest rate increases weighed on emerging market equities by making U.S. assets relatively more attractive.

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Fund Summary as of April 30, 2023 iShares^® Environmentally Aware Real Estate ETF

Investment Objective

The iShares Environmentally Aware Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of developed market real estate equities while targeting increased exposure to green certification and energy efficiency relative to the parent index as represented by FTSE EPRA Nareit Developed Green Target 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 that Index.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		1.64	%
Fund Market		1.99
Index		1.24

For the fiscal period ended April 30, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was November 15, 2022. The first day of secondary market trading was November 17, 2022.

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 (11/15/22)	(a)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(b)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
$      1,000.00		$    1,016.40	$        1.38		$      1,000.00	$      1,023.30	$        1.51		0.30	%

^(a)  Commencement of operations.

^(b)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 166/365 for actual expenses and 181/365 for hypothetical expenses (to reflect the six month 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

INDUSTRY ALLOCATION
Industry	Percent of Total Investments	(a)
Retail REITs	15.3	%
Industrial REITs	15.0
Multi-Family Residential REITs	11.5
Data Center REITs	8.2
Office REITs	8.2
Real Estate Operating Companies	8.2
Diversified REITs	6.8
Diversified Real Estate Activities	5.4
Health Care REITs	5.4
Self Storage REITs	4.8
Single-Family Residential REITs	3.4
Other Specialized REITs	3.0
Hotel & Resort REITs	2.3
Real Estate Development	1.6
Other (each representing less than 1%)	0.9

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	57.7	%
Japan	10.5
Hong Kong	6.9
Singapore	6.0
Australia	4.6
United Kingdom	3.7
Canada	2.1
Germany	1.8
Sweden	1.7
France	1.5

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of April 30, 2023 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(14.12	)%		2.60	%		3.23	%		(14.12	)%		13.70	%		32.38	%
Fund Market		(13.74	)		2.64			3.25			(13.74	)		13.92			32.53
Index		(15.02	)		1.78			2.44			(15.02	)		9.21			23.67

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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 (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$      1,061.10	$        0.72		$      1,000.00	$      1,024.10	$        0.70		0.14	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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.

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Fund Summary as of April 30, 2023   (continued) iShares^® Global REIT ETF

Portfolio Management Commentary

Real estate investment trusts (“REITs”) declined sharply during the reporting period amid a slowing economy, higher inflation and rising interest rates. REITs typically take on substantial debt in order to finance the purchase of the properties they manage and the sharp rise in interest rates made financing more expensive for REITs. Furthermore, higher interest rates meant increased bond yields, making dividend yields from REITs comparatively less attractive to income-oriented investors, although many REITs raised dividends during the reporting period.

U.S. REITs detracted the most from the Index’s performance, particularly diversified REITs. Diversified REITs with significant investments in residential properties declined notably, as owners and operators of apartment buildings in desirable urban markets were pressured by lingering impacts of the pandemic and a weaker economic outlook. Investors questioned the sustainability of rental growth rates in already high-rent areas, especially amid recession concerns. Diversified REITs with a substantial office property component contended with weak office leasing rates, as some businesses allowed workers to continue to work from home and many technology companies laid off employees. In addition, REITs that build and manage offices and laboratories for the biotechnology industry scaled back development due to high input costs and supply shortages. A slowdown in e-commerce weighed on diversified REITs focused on industrial properties, particularly warehouses and logistics facilities used for order fulfilment. Growth prospects for data centers, which house computer servers and other equipment that organizations use to store, process, and distribute data, also dimmed amid forecasts that large technology companies may increasingly build their own facilities.

REITs in the U.K. further weighed on the Index’s performance. Diversified REITs invested in warehouse properties declined after e-commerce companies warned against excess warehouse capacity. Australian diversified REITs also detracted slightly from the Index’s return.

Portfolio Information

INDUSTRY ALLOCATION
Industry	Percent of Total Investments	(a)
Retail REITs	18.8	%
Industrial REITs	18.2
Multi-Family Residential REITs	11.0
Diversified REITs	9.0
Health Care REITs	8.5
Office REITs	8.4
Self Storage REITs	7.2
Data Center REITs	7.2
Single-Family Residential REITs	4.4
Other Specialized REITs	4.0
Hotel & Resort REITs	3.1
Other (each representing less than 1%)	0.2

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	70.0	%
Japan	7.6
United Kingdom	4.8
Australia	4.2
Singapore	3.5
Canada	2.8
France	1.7
Hong Kong	1.4
Belgium	1.1
Mexico	0.6

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary as of April 30, 2023 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(13.44	)%		(3.02	)%		(0.27	)%		(13.44	)%		(14.23	)%		(2.68	)%
Fund Market		(13.17	)		(2.90	)		(0.30	)		(13.17	)		(13.67	)		(2.97	)
Index		(14.12	)		(2.95	)		(0.09	)		(14.12	)		(13.89	)		(0.92	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$      1,124.50	$        2.53		$      1,000.00	$      1,022.40	$        2.41		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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.

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Fund Summary as of April 30, 2023   (continued) iShares^® International Developed Real Estate ETF

Portfolio Management Commentary

International developed real estate stocks declined sharply during the reporting period amid a slowing global economy, higher inflation, and rising interest rates. The sharp rise in interest rates made financing more expensive for real estate investment trusts (“REITs”), which typically take on substantial debt in order to finance the purchase of the properties they manage. Furthermore, higher interest rates meant increased bond yields, making dividend yields from REITs comparatively less attractive to income-oriented investors.

REITs in the U.K. detracted the most from the Index’s performance. Diversified REITs invested in industrial properties declined after e-commerce companies warned about excess warehouse capacity even as the industry continued to build more units. The suspension of trading in a REIT specializing in homeless shelters further weighed on U.K. diversified REITs. A short-selling firm questioned the REIT’s finances, including its property valuations, leading to a delayed annual report and delisting from several benchmarks.

German real estate operating companies further detracted from the Index’s return. The stock price of one of Germany’s largest housing developers fell sharply after police raided its offices and arrested several employees on charges of bribery. Declining property valuations, particularly among office buildings, and higher interest rates significantly constrained real estate operating companies, pressuring profitability and leading to lowered dividends.

Declines among Sweden’s real estate operating companies also weighed on the Index’s performance. Rising interest rates, high levels of debt, financing challenges, and declining property values weakened the industry, leading to sales of some property assets to pay down debt and strengthen balance sheets.

Japanese diversified real estate activities firms detracted slightly from the Index amid weaker commercial rents. Additionally, many new office buildings neared completion, adding supply into the market at a time of modest demand.

Portfolio Information

INDUSTRY ALLOCATION
Industry	Percent of Total Investments	(a)
Real Estate Operating Companies	18.8	%
Retail REITs	16.0
Diversified REITs	13.5
Industrial REITs	13.1
Diversified Real Estate Activities	13.0
Office REITs	9.6
Multi-Family Residential REITs	5.0
Real Estate Development	2.9
Health Care REITs	2.4
Homebuilding	1.9
Hotel & Resort REITs	1.6
Self Storage REITs	1.2
Other (each representing less than 1%)	1.0

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	27.7	%
Hong Kong	12.9
United Kingdom	11.3
Australia	9.7
Singapore	9.6
Canada	6.9
Sweden	4.3
Germany	4.2
France	3.8
Switzerland	3.0

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 9

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   April 30, 2023 iShares^® Environmentally Aware Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Data Center REITs — 8.2%
Digital Realty Trust Inc.		1,854	$	183,824
Equinix Inc.		753		545,232
Keppel DC REIT		7,500		12,127
				741,183
Diversified Real Estate Activities — 5.4%
Allreal Holding AG, Registered		63		11,180
City Developments Ltd.		2,100		10,986
Heiwa Real Estate Co. Ltd.		300		8,584
Mitsubishi Estate Co. Ltd.		7,800		96,130
Mitsui Fudosan Co. Ltd.		5,100		101,296
New World Development Co. Ltd.		12,000		32,002
Nomura Real Estate Holdings Inc.		600		14,951
Peach Property Group AG		50		781
Sumitomo Realty & Development Co. Ltd.		1,800		42,029
Sun Hung Kai Properties Ltd.		10,000		139,233
Tokyo Tatemono Co. Ltd.		1,200		15,198
UOL Group Ltd.		3,000		15,651
				488,021
Diversified REITs — 6.8%
Abacus Property Group		2,697		4,775
Abrdn Property Income Trust		1,956		1,352
Activia Properties Inc.		3		8,742
Alexander & Baldwin Inc.		387		7,442
American Assets Trust Inc.		351		6,388
Argosy Property Ltd.		4,323		2,996
Armada Hoffler Properties Inc.		363		4,254
Artis REIT		420		2,182
Balanced Commercial Property Trust Ltd.		1,929		1,998
British Land Co. PLC (The)		7,263		36,593
Broadstone Net Lease Inc.		780		12,613
Charter Hall Long Wale REIT		3,477		10,065
Cromwell European Real Estate Investment Trust		2,400		4,073
CT Property Trust Ltd.		813		677
Custodian Reit PLC		2,010		2,387
Daiwa House REIT Investment Corp		15		31,915
Empire State Realty Trust Inc., Class A		1,641		10,026
Essential Properties Realty Trust Inc.		795		19,676
Global Net Lease Inc.		540		6,080
GPT Group (The)		13,347		39,247
Growthpoint Properties Australia Ltd.		1,524		3,303
H&R Real Estate Investment Trust		1,257		10,901
Heiwa Real Estate REIT Inc.		6		7,027
Hulic Reit Inc.		6		6,913
ICADE		144		6,763
Land Securities Group PLC		2,919		24,770
Lar Espana Real Estate SOCIMI SA		891		5,037
LXI REIT PLC		3,807		5,050
Merlin Properties SOCIMI SA		3,687		32,600
Mirvac Group		27,093		43,496
NIPPON REIT Investment Corp		3		7,042
Nomura Real Estate Master Fund Inc.		21		24,572
NTT UD REIT Investment Corp		6		5,782
OUE Commercial Real Estate Investment Trust		25,200		6,153
Picton Property Income Ltd. (The)		2,436		2,338
Schroder REIT Ltd.		3,483		2,036
Sekisui House Reit Inc.		24		13,604
Star Asia Investment Corp		6		2,456
Stockland		15,504		45,960

Security	Shares		Value
Diversified REITs (continued)
Stride Property Group		2,178	$	1,739
Sunlight REIT		9,000		3,490
Suntec REIT		21,600		21,896
Takara Leben Real Estate Investment Corp		3		2,018
Tokyu REIT Inc.		6		8,016
UK Commercial Property REIT Ltd.		4,029		2,720
Unibail-Rodamco-Westfield, New(a)		477		25,580
United Urban Investment Corp		12		13,324
WP Carey Inc.		879		65,222
				613,289
Health Care Facilities — 0.1%
Chartwell Retirement Residences		1,506		9,848
Health Care REITs — 5.4%
Aedifica SA		228		19,045
Assura PLC		6,840		4,375
CareTrust REIT Inc.		393		7,660
Cofinimmo SA		129		12,324
Community Healthcare Trust Inc.		57		2,040
Healthcare Realty Trust Inc.		870		17,209
Healthpeak Properties Inc.		1,995		43,830
Impact Healthcare Reit PLC		741		913
LTC Properties Inc.		93		3,111
Medical Properties Trust Inc.		1,614		14,155
National Health Investors Inc.		222		11,049
NorthWest Healthcare Properties REIT		379		2,280
Omega Healthcare Investors Inc.		600		16,056
Parkway Life REIT		1,500		4,369
Physicians Realty Trust		468		6,748
Primary Health Properties PLC		3,189		4,278
Sabra Health Care REIT Inc.		615		7,011
Target Healthcare REIT PLC		1,497		1,452
Universal Health Realty Income Trust		54		2,349
Ventas Inc.		2,655		127,573
Vital Healthcare Property Trust		1,299		1,873
Welltower Inc.		2,238		177,294
				486,994
Homebuilding — 0.7%
Sekisui House Ltd.		3,300		67,844
Hotel & Resort REITs — 2.3%
Apple Hospitality REIT Inc.		885		13,178
CapitaLand Ascott Trust		8,080		6,560
CDL Hospitality Trusts		4,500		4,269
DiamondRock Hospitality Co		1,293		10,486
Far East Hospitality Trust		4,800		2,235
Host Hotels & Resorts Inc.		4,112		66,491
Hotel Property Investments Ltd.		2,010		4,564
Invincible Investment Corp		12		5,181
Japan Hotel REIT Investment Corp		9		5,085
Park Hotels & Resorts Inc.		1,041		12,544
Pebblebrook Hotel Trust(b)		678		9,648
RLJ Lodging Trust		801		8,090
Ryman Hospitality Properties Inc.		294		26,360
Service Properties Trust		447		3,920
Summit Hotel Properties Inc.		465		2,995
Sunstone Hotel Investors Inc.		1,422		13,552
Xenia Hotels & Resorts Inc.		779		9,862
				205,020

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  (continued) April 30, 2023 iShares^® Environmentally Aware Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial REITs — 15.0%
Advance Logistics Investment Corp.		3	$	3,041
AIMS APAC REIT		4,200		4,327
Americold Realty Trust Inc.		1,410		41,722
CapitaLand Ascendas REIT		27,600		59,393
Centuria Industrial REIT		2,742		5,702
CRE Logistics REIT Inc.		3		4,131
Dexus Industria REIT		1,230		2,279
Dream Industrial REIT		966		10,581
EastGroup Properties Inc.		234		38,975
ESR Kendall Square REIT Co. Ltd.		861		2,424
ESR-LOGOS REIT		54,100		13,207
First Industrial Realty Trust Inc.		594		31,167
Frasers Logistics & Commercial Trust		20,100		20,400
GLP J-Reit		45		51,416
Goodman Property Trust		5,502		7,442
Granite REIT		267		16,605
Industrial & Infrastructure Fund Investment Corp.		12		13,752
Innovative Industrial Properties Inc.		105		7,198
Intervest Offices & Warehouses NV		171		3,531
Japan Logistics Fund Inc.		6		14,249
LaSalle Logiport REIT		12		14,256
LondonMetric Property PLC		4,419		10,717
LXP Industrial Trust		1,500		14,100
Mapletree Industrial Trust		15,600		27,887
Mapletree Logistics Trust		20,700		27,089
Mitsubishi Estate Logistics REIT Investment Corp.		2		6,133
Mitsui Fudosan Logistics Park Inc.		6		22,545
Montea NV		57		4,994
Nippon Prologis REIT Inc.		33		75,176
Prologis Inc.		4,806		601,952
Rexford Industrial Realty Inc.		705		39,318
Segro PLC		5,646		59,441
SOSiLA Logistics REIT Inc.		3		2,983
STAG Industrial Inc.		846		28,654
Terreno Realty Corp.		360		22,172
Tritax Big Box REIT PLC		11,322		22,120
Urban Logistics REIT PLC		2,208		3,924
Warehouse REIT PLC		1,995		2,743
Warehouses De Pauw CVA		666		19,915
				1,357,661
Multi-Family Residential REITs — 11.4%
Advance Residence Investment Corp.		9		23,351
Apartment Income REIT Corp.		963		35,612
Apartment Investment & Management Co., Class A		804		6,295
AvalonBay Communities Inc.		1,098		198,046
Boardwalk REIT		171		7,320
Camden Property Trust		675		74,284
Canadian Apartment Properties REIT		846		30,990
Centerspace		84		4,736
Civitas Social Housing PLC		2,811		1,883
Comforia Residential REIT Inc.		3		7,506
Daiwa Securities Living Investments Corp.		9		7,652
Elme Communities		831		14,318
Empiric Student Property PLC		3,342		3,881
Equity Residential		3,279		207,397
Essex Property Trust Inc.		462		101,515
Independence Realty Trust Inc.		939		15,634
Ingenia Communities Group		2,661		7,584
InterRent REIT		627		5,998
Irish Residential Properties REIT PLC		2,940		3,346

Security	Shares		Value
Multi-Family Residential REITs (continued)
Kenedix Residential Next Investment Corp.		6	$	9,413
Killam Apartment REIT		543		6,745
Mid-America Apartment Communities Inc.		714		109,813
NexPoint Residential Trust Inc.		129		5,538
Nippon Accommodations Fund Inc.		3		14,583
Residential Secure Income PLC, NVS(c)		819		684
Samty Residential Investment Corp.		3		2,554
Triple Point Social Housing REIT PLC(c)		1,578		933
UDR Inc.		2,322		95,968
UNITE Group PLC (The)		2,181		26,317
Veris Residential Inc.(a)		270		4,415
Xior Student Housing NV		100		3,176
				1,037,487
Office REITs — 8.2%
Alexandria Real Estate Equities Inc.		951		118,095
Allied Properties REIT		483		8,121
Boston Properties Inc.		1,600		85,376
Brandywine Realty Trust		1,653		6,496
Centuria Office REIT		1,968		1,863
Champion REIT		24,000		10,018
CLS Holdings PLC		663		1,130
Corporate Office Properties Trust		672		15,382
Cousins Properties Inc.		1,755		38,276
Covivio		243		13,817
Cromwell Property Group		9,939		3,766
Daiwa Office Investment Corp.		1		4,347
Derwent London PLC		486		14,672
Dexus		6,747		34,970
Douglas Emmett Inc.		993		12,790
Easterly Government Properties Inc.		519		7,302
Gecina SA		282		31,393
Global One Real Estate Investment Corp.		3		2,321
Great Portland Estates PLC		1,170		7,845
Highwoods Properties Inc.		804		18,428
Hudson Pacific Properties Inc.		1,780		9,897
Ichigo Office REIT Investment Corp.		6		3,883
Inmobiliaria Colonial SOCIMI SA		3,096		19,791
Japan Excellent Inc.		6		5,134
Japan Prime Realty Investment Corp.		3		7,800
Japan Real Estate Investment Corp.		6		23,774
JBG SMITH Properties		1,617		23,075
JR REIT XXVII		770		2,543
Kenedix Office Investment Corp.		6		13,265
Keppel Pacific Oak US REIT		6,900		2,484
Keppel REIT		28,800		18,834
Kilroy Realty Corp.		1,062		31,053
Mirai Corp.		6		2,004
Mori Hills REIT Investment Corp.		18		20,343
Mori Trust Sogo REIT Inc.		6		3,158
Nippon Building Fund Inc.		6		25,159
NSI NV		93		2,137
One REIT Inc.		1		1,769
Orix JREIT Inc.		15		19,390
Paramount Group Inc.		1,926		8,340
Piedmont Office Realty Trust Inc., Class A		1,359		8,847
Precinct Properties New Zealand Ltd.		6,618		5,075
Prime U.S. REIT		2,400		626
Prosperity REIT		9,000		2,183
Regional REIT Ltd.(c)		909		634
Sankei Real Estate Inc.		3		1,848

12 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) April 30, 2023 iShares^® Environmentally Aware Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Office REITs (continued)
SL Green Realty Corp.		768	$	18,179
Vornado Realty Trust		1,369		20,549
Workspace Group PLC		357		2,142
				740,324
Other Specialized REITs — 3.0%
Arena REIT		2,172		5,399
Charter Hall Social Infrastructure REIT		822		1,654
EPR Properties		267		11,203
Four Corners Property Trust Inc.		450		11,480
Gaming and Leisure Properties Inc.		1,041		54,132
Safehold Inc.		189		5,239
VICI Properties Inc.		5,472		185,720
				274,827
Real Estate Development — 1.6%
CK Asset Holdings Ltd.		16,500		97,566
Lifestyle Communities Ltd.(b)		627		7,099
Sino Land Co. Ltd.		28,000		37,732
				142,397
Real Estate Operating Companies — 8.1%
Aberdeen Standard European Logistics Income PLC(c)		2,172		1,948
ADLER Group SA(a)(c)		888		540
Aeon Mall Co. Ltd.		600		8,089
Amot Investments Ltd.		978		5,183
Aroundtown SA		5,828		7,940
Atrium Ljungberg AB, Class B		504		9,373
Azrieli Group Ltd.		270		15,745
CA Immobilien Anlagen AG(a)		327		9,487
Capitaland Investment Ltd/Singapore		20,700		57,944
Castellum AB(b)		1,704		20,714
Catena AB		159		6,099
Cibus Nordic Real Estate AB		210		2,246
Citycon OYJ		900		6,801
Corem Property Group AB, Class B		2,706		2,147
Deutsche EuroShop AG		81		1,830
Deutsche Wohnen SE		315		7,132
Dios Fastigheter AB		510		3,640
Entra ASA(c)		393		3,993
Fabege AB		2,124		17,034
Fastighets AB Balder, Class B(a)		3,795		17,669
Grainger PLC		3,561		11,573
Grand City Properties SA		591		4,936
Helical PLC		384		1,448
Hiag Immobilien Holding AG		15		1,395
Hongkong Land Holdings Ltd.		10,500		46,729
Hufvudstaden AB, Class A		1,461		20,834
Hulic Co. Ltd.		1,800		15,498
Hysan Development Co. Ltd.		6,000		16,956
Intershop Holding AG		6		4,213
Kennedy-Wilson Holdings Inc.		645		10,823
Kojamo OYJ		912		11,324
LEG Immobilien SE		423		26,329
Mobimo Holding AG, Registered		30		8,046
NP3 Fastigheter AB		99		1,906
Nyfosa AB		909		6,229
Pandox AB		237		2,824
Phoenix Spree Deutschland Ltd.		375		952
Platzer Fastigheter Holding AB, Class B		249		2,098
PSP Swiss Property AG, Registered		165		19,431
Sagax AB, Class B		732		17,955

Security	Shares		Value
Real Estate Operating Companies (continued)
Samhallsbyggnadsbolaget i Norden AB(b)		5,823	$	6,850
Shurgard Self Storage Ltd.		117		6,050
Sirius Real Estate Ltd.		5,184		5,248
Stendorren Fastigheter AB, NVS(a)		69		1,356
Swire Properties Ltd.		16,200		43,541
Swiss Prime Site AG, Registered		294		26,613
TAG Immobilien AG		966		8,272
Tricon Residential Inc.		852		6,829
VGP NV		36		3,769
Vonovia SE		4,605		99,876
Wallenstam AB, Class B		1,788		7,095
Wharf Real Estate Investment Co. Ltd.		13,000		74,967
Wihlborgs Fastigheter AB		1,380		11,154
				738,673
Retail REITs — 15.2%
Acadia Realty Trust		148		1,999
AEON REIT Investment Corp.		6		6,879
Agree Realty Corp.		347		23,592
Ascencio		36		1,997
Brixmor Property Group Inc.		983		20,967
BWP Trust		3,828		9,868
Capital & Counties Properties PLC		6,962		10,307
CapitaLand Integrated Commercial Trust		81,000		123,682
Carmila SA		420		7,109
Charter Hall Retail REIT		3,765		9,692
Choice Properties REIT		1,200		12,967
Crombie REIT		501		5,702
Eurocommercial Properties NV		399		9,569
Federal Realty Investment Trust		492		48,654
First Capital Real Estate Investment Trust		1,284		15,078
Fortune REIT		9,000		7,529
Frasers Centrepoint Trust		15,900		26,421
Frontier Real Estate Investment Corp.		2		7,226
Fukuoka REIT Corp.		3		3,605
Getty Realty Corp.		134		4,466
Hamborner REIT AG		456		3,597
Hammerson PLC		33,168		11,696
HomeCo Daily Needs REIT		7,716		6,168
Immobiliare Grande Distribuzione SIIQ SpA		348		1,139
InvenTrust Properties Corp.		261		5,886
Japan Metropolitan Fund Invest		12		8,787
Kenedix Retail REIT Corp.		3		5,398
Kimco Realty Corp.		2,787		53,482
Kite Realty Group Trust		1,134		23,496
Kiwi Property Group Ltd.		5,787		3,300
Klepierre SA		1,800		45,594
Lendlease Global Commercial REIT		27,600		14,521
Link REIT		16,200		105,962
LOTTE Reit Co. Ltd.		1,115		3,007
Macerich Co. (The)		858		8,571
Mapletree Pan Asia Commercial Trust		31,800		42,124
Mercialys SA		516		5,189
National Retail Properties Inc.		532		23,142
Necessity Retail REIT Inc. (The)		675		3,719
NETSTREIT Corp.		480		8,746
NewRiver REIT PLC		2,121		2,159
PARAGON REIT		13,800		9,686
Phillips Edison & Co. Inc.(b)		942		29,711
Prinmaris REIT		330		3,254
Realty Income Corp.		2,031		127,628

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

Schedule of Investments  (continued) April 30, 2023 iShares^® Environmentally Aware Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Regency Centers Corp.		727	$	44,660
Region RE Ltd.		8,112		13,275
Retail Estates NV		60		4,445
Retail Opportunity Investments Corp.		489		6,372
RioCan REIT		1,497		23,181
RPT Realty		354		3,292
Scentre Group		38,487		73,860
Simon Property Group Inc.		1,284		145,503
SITE Centers Corp.		735		9,070
SmartCentres Real Estate Investment Trust		540		10,434
Spirit Realty Capital Inc.		438		16,845
Starhill Global REIT		12,300		4,848
Supermarket Income Reit PLC		9,084		9,996
Tanger Factory Outlet Centers Inc.		678		13,296
Urban Edge Properties		450		6,601
Vastned Retail NV		81		1,845
Vicinity Ltd.		45,096		63,043
Waypoint REIT Ltd.		5,403		9,384
Wereldhave NV		282		4,331
				1,377,552
Self Storage REITs — 4.7%
Big Yellow Group PLC		837		12,884
CubeSmart		945		42,988
Extra Space Storage Inc.		588		89,400
Life Storage Inc.		348		46,764
National Storage Affiliates Trust		366		14,109
National Storage REIT		5,769		9,609
Public Storage		687		202,548
Safestore Holdings PLC		945		11,780
				430,082
Single-Family Residential REITs — 3.4%
American Homes 4 Rent, Class A		1,429		47,529

Security	Shares		Value
Single-Family Residential REITs (continued)
Equity LifeStyle Properties Inc.		1,038	$	71,518
Invitation Homes Inc.		3,072		102,513
PRS REIT PLC (The)		2,934		3,178
Sun Communities Inc.		585		81,274
Tritax EuroBox PLC(c)		5,097		4,199
				310,211
Total Long-Term Investments — 99.5% (Cost: $9,023,526)				9,021,413
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(d)(e)(f)		66,715		66,735
Total Short -Term Investments — 0.7% (Cost: $66,735)				66,735
Total Investments — 100.2% (Cost: $9,090,261)				9,088,148
Liabilities in Excess of Other Assets — (0.2)%				(19,094	)
Net Assets — 100.0%			$	9,069,054

^(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 period ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 11/15/22	(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23	Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	66,735	(b)	$	—	$	—	$	—	$	66,735	66,715	$	65	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(d)		—			—			—		—		—		—	—		151			—
									$	—	$	—	$	66,735		$	216		$	—

^(a)  Commencement of operations.

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

^(c)  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.

^(d)  As of period end, the entity is no longer held.

14 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) April 30, 2023 iShares^® Environmentally Aware Real Estate 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
Dow Jones U.S. Real Estate Index		1		06/16/23	$	33	$	851

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)	$	—	$	—	$	851	$	—	$	—	$	—	$	851

^(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 April 30, 2023, 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	$	—	$	—	$	(975	)	$	—	$	—	$	—	$	(975	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	851		$	—	$	—	$	—	$	851

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	34,655

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
Assets
Investments
Long-Term Investments
Common Stocks	$	5,502,602	$	3,518,811	$	—	$	9,021,413
Short-Term Securities
Money Market Funds		66,735		—		—		66,735
	$	5,569,337	$	3,518,811	$	—	$	9,088,148

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

Schedule of Investments   (continued) April 30, 2023 iShares^® Environmentally Aware Real Estate ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	851	$	—	$	—	$	851

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

See notes to financial statements.

16 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   April 30, 2023 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.1%
Abacus Property Group		1,104,225	$	1,955,209
Arena REIT		708,059		1,760,177
BWP Trust		1,060,180		2,732,857
Centuria Industrial REIT		1,149,430		2,390,361
Centuria Office REIT		1,019,885		965,269
Charter Hall Long Wale REIT		1,431,478		4,143,815
Charter Hall Retail REIT		1,099,128		2,829,292
Charter Hall Social Infrastructure REIT		727,316		1,463,101
Cromwell Property Group		3,139,390		1,189,623
Dexus		2,345,152		12,154,888
Dexus Industria REIT		462,384		856,789
GPT Group (The)		4,176,243		12,280,333
Growthpoint Properties Australia Ltd.		615,747		1,334,725
HomeCo Daily Needs REIT		3,771,127		3,014,583
Hotel Property Investments Ltd.		427,056		969,765
Mirvac Group		8,648,905		13,885,174
National Storage REIT		2,507,817		4,176,969
Region RE Ltd.		2,512,767		4,112,041
Scentre Group		11,364,640		21,809,819
Stockland		5,233,526		15,514,136
Vicinity Ltd.		8,287,581		11,585,786
Waypoint REIT Ltd.		1,464,961		2,544,298
				123,669,010
Belgium — 1.1%
Aedifica SA		88,108		7,359,828
Ascencio		11,252		624,284
Cofinimmo SA		71,444		6,825,379
Home Invest Belgium SA, NVS		21,242		459,226
Intervest Offices & Warehouses NV		51,839		1,070,455
Montea NV		31,956		2,799,762
Retail Estates NV		24,302		1,800,503
Warehouses De Pauw CVA		343,007		10,256,485
Xior Student Housing NV		60,015		1,905,996
				33,101,918
Canada — 2.7%
Allied Properties REIT		275,628		4,634,318
Artis REIT		173,250		900,233
Boardwalk REIT		81,904		3,506,242
Canadian Apartment Properties REIT		368,998		13,516,899
Choice Properties REIT		558,456		6,034,466
Crombie REIT		231,115		2,630,397
Dream Industrial REIT(a)		533,455		5,843,062
First Capital Real Estate Investment Trust		466,990		5,483,862
Granite REIT		130,036		8,087,119
H&R Real Estate Investment Trust		572,259		4,962,943
InterRent REIT		287,089		2,746,188
Killam Apartment REIT		247,689		3,076,802
NorthWest Healthcare Properties REIT		472,393		2,841,645
Prinmaris REIT		220,384		2,173,178
RioCan REIT		655,383		10,148,677
SmartCentres Real Estate Investment Trust		285,812		5,522,795
				82,108,826
China — 0.0%
Yuexiu REIT(a)		4,122,000		1,083,944
France — 1.7%
ARGAN SA, NVS		21,478		1,675,687
Carmila SA		130,348		2,206,222

Security	Shares		Value
France (continued)
Covivio		109,217	$	6,209,962
Gecina SA		113,242		12,606,396
ICADE		70,882		3,329,038
Klepierre SA		408,006		10,334,841
Mercialys SA		201,114		2,022,278
Unibail-Rodamco-Westfield, New(b)		225,450		12,089,983
				50,474,407
Germany — 0.0%
Hamborner REIT AG		157,525		1,242,653
Guernsey — 0.1%
Shurgard Self Storage Ltd.(a)		55,205		2,854,467
Hong Kong — 1.4%
Champion REIT(a)		4,329,000		1,806,965
Fortune REIT		3,085,000		2,580,811
Link REIT		5,541,620		36,247,106
Prosperity REIT		2,601,000		630,919
Sunlight REIT		2,460,000		953,946
				42,219,747
India — 0.3%
Brookfield India Real Estate Trust(c)		331,285		1,118,062
Embassy Office Parks REIT		1,328,328		5,351,375
Mindspace Business Parks REIT(c)		268,709		1,043,131
				7,512,568
Ireland — 0.0%
Irish Residential Properties REIT PLC		972,658		1,106,901
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		144,085		471,393
Japan — 7.6%
Activia Properties Inc.		1,602		4,667,997
Advance Logistics Investment Corp.		1,433		1,452,480
Advance Residence Investment Corp.		2,816		7,306,401
AEON REIT Investment Corp.		3,857		4,421,853
Comforia Residential REIT Inc.		1,475		3,690,182
CRE Logistics REIT Inc.		1,153		1,587,620
Daiwa House REIT Investment Corp.		4,687		9,972,381
Daiwa Office Investment Corp.		588		2,555,926
Daiwa Securities Living Investments Corp.		4,520		3,843,141
Frontier Real Estate Investment Corp.		1,056		3,815,292
Fukuoka REIT Corp.		1,583		1,901,992
Global One Real Estate Investment Corp.		2,256		1,745,644
GLP J-Reit		9,780		11,174,382
Hankyu Hanshin REIT Inc.		1,452		1,556,043
Health Care & Medical Investment Corp.		769		924,279
Heiwa Real Estate REIT Inc.		2,109		2,470,145
Hoshino Resorts REIT Inc.		573		2,984,089
Hulic Reit Inc.		2,838		3,269,955
Ichigo Office REIT Investment Corp.		2,579		1,668,999
Industrial & Infrastructure Fund Investment Corp.		4,140		4,744,508
Invincible Investment Corp.		10,623		4,586,560
Japan Excellent Inc.(a)		2,676		2,289,787
Japan Hotel REIT Investment Corp.		9,764		5,516,593
Japan Logistics Fund Inc.		1,955		4,642,817
Japan Metropolitan Fund Invest		15,111		11,064,507
Japan Prime Realty Investment Corp.		1,996		5,189,937
Japan Real Estate Investment Corp.		2,831		11,217,551
Kenedix Office Investment Corp.		1,642		3,630,180
Kenedix Residential Next Investment Corp.		2,320		3,639,755

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

Schedule of Investments  (continued) April 30, 2023 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kenedix Retail REIT Corp.		1,369	$	2,463,126
LaSalle Logiport REIT(a)		3,899		4,632,021
Mirai Corp.		3,583		1,196,585
Mitsubishi Estate Logistics REIT Investment Corp.		1,062		3,256,772
Mitsui Fudosan Logistics Park Inc.		1,166		4,381,329
Mori Hills REIT Investment Corp.		3,449		3,898,047
Mori Trust Sogo REIT Inc.		5,570		2,931,606
Nippon Accommodations Fund Inc.		1,018		4,948,518
Nippon Building Fund Inc.		3,355		14,068,240
Nippon Prologis REIT Inc.		5,196		11,836,861
NIPPON REIT Investment Corp.		948		2,225,350
Nomura Real Estate Master Fund Inc.		9,793		11,458,846
NTT UD REIT Investment Corp.		2,939		2,832,461
One REIT Inc.		534		944,842
Orix JREIT Inc.		5,799		7,496,319
Samty Residential Investment Corp.		877		746,711
Sankei Real Estate Inc.		1,007		620,245
Sekisui House Reit Inc.		9,037		5,122,525
SOSiLA Logistics REIT Inc.		1,545		1,536,425
Star Asia Investment Corp.		3,774		1,544,813
Starts Proceed Investment Corp.		539		912,726
Takara Leben Real Estate Investment Corp.(a)		1,296		871,573
Tokyu REIT Inc.		2,101		2,806,796
United Urban Investment Corp.		6,462		7,174,882
				227,438,615
Malaysia — 0.1%
Axis Real Estate Investment Trust		2,734,600		1,164,833
Sunway REIT		4,271,100		1,543,107
				2,707,940
Mexico — 0.6%
Concentradora Fibra Danhos SA de CV(a)		520,715		692,761
FIBRA Macquarie Mexico(c)		1,586,950		2,609,096
Fibra Uno Administracion SA de CV		6,254,231		8,640,680
PLA Administradora Industrial S. de RL de CV(a)		1,696,409		3,179,676
Prologis Property Mexico SA de CV		1,183,406		4,088,064
				19,210,277
Netherlands — 0.2%
Eurocommercial Properties NV		112,029		2,686,669
NSI NV		39,085		897,963
Vastned Retail NV		37,561		855,719
Wereldhave NV		88,506		1,359,236
				5,799,587
New Zealand — 0.3%
Argosy Property Ltd.		1,837,537		1,273,654
Goodman Property Trust		2,461,855		3,329,684
Kiwi Property Group Ltd.		3,450,522		1,967,559
Stride Property Group		1,058,948		845,394
Vital Healthcare Property Trust		1,046,880		1,509,772
				8,926,063
Philippines — 0.0%
AREIT Inc.		1,345,520		818,706
Saudi Arabia — 0.2%
Al Maather REIT Fund		102,839		248,961
Al Rajhi REIT		250,815		661,541
Alahli REIT Fund 1		98,457		256,728
Alinma Retail REIT Fund, NVS		197,034		267,391
Al-Jazira Reit Fund		27,392		121,484
Alkhabeer REIT		223,181		403,760

Security	Shares		Value
Saudi Arabia (continued)
Bonyan REIT, NVS		142,576	$	370,628
Derayah REIT		241,900		634,228
Jadwa REIT Saudi Fund		388,343		1,397,222
Musharaka Real Estate Income Fund, NVS		179,196		366,741
Riyad REIT Fund		322,939		793,851
Sedco Capital REIT Fund		155,646		418,584
Taleem REIT		69,164		210,831
				6,151,950
Singapore — 3.5%
AIMS APAC REIT		1,226,000		1,263,019
CapitaLand Ascendas REIT		7,432,514		15,994,201
CapitaLand Ascott Trust(a)		4,312,732		3,501,524
CapitaLand China Trust		2,487,630		2,074,665
CapitaLand Integrated Commercial Trust		11,091,826		16,936,533
CDL Hospitality Trusts		1,910,300		1,812,040
Cromwell European Real Estate Investment Trust(a)		688,100		1,167,655
ESR-LOGOS REIT(a)		12,536,142		3,060,252
Far East Hospitality Trust		2,142,600		997,849
First REIT(a)		2,477,000		501,210
Frasers Centrepoint Trust		2,345,370		3,897,234
Frasers Logistics & Commercial Trust		6,248,200		6,341,543
Keppel DC REIT		2,764,233		4,469,380
Keppel Pacific Oak US REIT		1,886,800		679,248
Keppel REIT(a)		4,771,600		3,120,520
Lendlease Global Commercial REIT		4,139,291		2,177,738
Manulife US Real Estate Investment Trust		3,558,200		639,056
Mapletree Industrial Trust		4,101,010		7,331,036
Mapletree Logistics Trust		7,043,813		9,218,017
Mapletree Pan Asia Commercial Trust		5,036,291		6,671,316
OUE Commercial Real Estate Investment Trust		4,754,700		1,160,847
PARAGON REIT		2,355,100		1,653,066
Parkway Life REIT		839,300		2,444,402
Prime U.S. REIT		1,414,900		368,865
Sasseur Real Estate Investment Trust		1,119,500		605,806
Starhill Global REIT		3,138,100		1,237,004
Suntec REIT		4,646,000		4,709,575
				104,033,601
South Africa — 0.5%
Attacq Ltd.		1,569,085		775,050
Emira Property Fund Ltd.		516,387		283,424
Equites Property Fund Ltd.		1,628,869		1,389,113
Growthpoint Properties Ltd.		7,501,668		5,220,513
Hyprop Investments Ltd.		778,089		1,358,598
Investec Property Fund Ltd.		1,296,876		623,890
Redefine Properties Ltd.		14,383,535		3,051,402
SA Corporate Real Estate Ltd.		5,456,150		557,770
Stor-Age Property REIT Ltd.(a)		883,236		637,346
				13,897,106
South Korea — 0.1%
ESR Kendall Square REIT Co. Ltd.		265,016		746,064
JR REIT XXVII		253,138		836,188
LOTTE Reit Co. Ltd.		266,969		719,918
SK REITs Co. Ltd.		242,953		896,406
				3,198,576
Spain — 0.4%
Inmobiliaria Colonial SOCIMI SA		753,551		4,817,059
Lar Espana Real Estate SOCIMI SA		133,749		756,050
Merlin Properties SOCIMI SA		725,408		6,413,912
				11,987,021

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Schedule of Investments  (continued) April 30, 2023 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey — 0.1%
AKIS Gayrimenkul Yatirimi AS(b)		836,092	$	184,829
Alarko Gayrimenkul Yatirim Ortakligi AS		66,039		199,725
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		4,067,783		1,259,542
Is Gayrimenkul Yatirim Ortakligi AS(b)		937,097		396,489
Ozak Gayrimenkul Yatirim Ortakligi(b)		412,788		227,949
				2,268,534
United Kingdom — 4.7%
Abrdn Property Income Trust		834,773		577,006
Assura PLC		6,321,788		4,043,959
Balanced Commercial Property Trust Ltd.		1,184,390		1,226,466
Big Yellow Group PLC		369,404		5,686,204
British Land Co. PLC (The)		2,015,473		10,154,437
Capital & Counties Properties PLC		2,958,536		4,379,970
Civitas Social Housing PLC		1,347,218		902,431
CLS Holdings PLC		362,348		617,497
CT Property Trust Ltd.		534,549		444,913
Custodian Reit PLC		890,712		1,057,835
Derwent London PLC		242,027		7,306,812
Empiric Student Property PLC		1,283,125		1,490,013
Great Portland Estates PLC		480,314		3,220,391
Hammerson PLC		8,712,578		3,072,440
Helical PLC		223,555		842,858
Home Reit PLC(d)		1,719,812		729,161
Impact Healthcare Reit PLC		679,500		836,883
Land Securities Group PLC		1,619,099		13,739,398
LondonMetric Property PLC		2,063,739		5,005,081
LXI REIT PLC		3,286,108		4,358,655
NewRiver REIT PLC		664,204		676,138
Picton Property Income Ltd. (The)		1,181,631		1,133,900
Primary Health Properties PLC		2,866,506		3,845,254
PRS REIT PLC (The)		1,128,905		1,222,964
Regional REIT Ltd.(c)		957,809		668,068
Residential Secure Income PLC, NVS(c)		405,211		338,141
Safestore Holdings PLC		462,358		5,763,444
Schroder REIT Ltd.		1,094,380		639,812
Segro PLC		2,629,574		27,683,956
Sirius Real Estate Ltd.		2,512,056		2,542,985
Supermarket Income Reit PLC		2,700,372		2,971,457
Target Healthcare REIT PLC		1,338,903		1,299,019
Triple Point Social Housing REIT PLC(c)		812,906		480,672
Tritax Big Box REIT PLC		4,118,896		8,047,315
UK Commercial Property REIT Ltd.		1,615,790		1,090,836
UNITE Group PLC (The)		702,526		8,476,873
Urban Logistics REIT PLC		1,009,821		1,794,497
Warehouse REIT PLC		867,621		1,192,879
Workspace Group PLC		309,145		1,854,785
				141,415,405
United States — 69.6%
Acadia Realty Trust		173,334		2,341,742
Agree Realty Corp.		190,671		12,963,721
Alexander & Baldwin Inc.		158,208		3,042,340
Alexandria Real Estate Equities Inc.		375,780		46,664,360
American Assets Trust Inc.		110,303		2,007,515
American Homes 4 Rent, Class A		673,133		22,388,404
Americold Realty Trust Inc.		588,935		17,426,587
Apartment Income REIT Corp.		327,344		12,105,181
Apartment Investment & Management Co., Class A		324,722		2,542,573
Apple Hospitality REIT Inc.		466,718		6,949,431
Armada Hoffler Properties Inc.		145,218		1,701,955

Security	Shares		Value
United States (continued)
AvalonBay Communities Inc.		305,535	$	55,109,348
Boston Properties Inc.		343,081		18,306,802
Brandywine Realty Trust		356,340		1,400,416
Brixmor Property Group Inc.		653,636		13,942,056
Broadstone Net Lease Inc.		380,174		6,147,414
Camden Property Trust		226,607		24,938,100
CareTrust REIT Inc.		215,065		4,191,617
Centerspace		33,313		1,878,187
Community Healthcare Trust Inc.		51,693		1,850,092
Corporate Office Properties Trust		243,456		5,572,708
Cousins Properties Inc.		332,835		7,259,131
CubeSmart		488,833		22,237,013
DiamondRock Hospitality Co.		454,328		3,684,600
Digital Realty Trust Inc.		627,581		62,224,656
Douglas Emmett Inc.		373,807		4,814,634
Easterly Government Properties Inc.(a)		198,604		2,794,358
EastGroup Properties Inc.		90,164		15,017,716
Elme Communities		188,982		3,256,160
Empire State Realty Trust Inc., Class A(a)		292,950		1,789,925
EPR Properties		161,219		6,764,749
Equinix Inc.		202,182		146,395,943
Equity LifeStyle Properties Inc.		389,177		26,814,295
Equity Residential		810,040		51,235,030
Essential Properties Realty Trust Inc.		304,130		7,527,217
Essex Property Trust Inc.		140,378		30,845,258
Extra Space Storage Inc.		289,823		44,064,689
Federal Realty Investment Trust		175,697		17,374,676
First Industrial Realty Trust Inc.		288,597		15,142,685
Four Corners Property Trust Inc.		184,658		4,710,626
Gaming and Leisure Properties Inc.		533,360		27,734,720
Getty Realty Corp.(a)		86,985		2,899,210
Global Net Lease Inc.		224,684		2,529,942
Healthcare Realty Trust Inc.		830,760		16,432,433
Healthpeak Properties Inc.		1,197,089		26,300,045
Highwoods Properties Inc.		229,682		5,264,311
Host Hotels & Resorts Inc.		1,546,925		25,013,777
Hudson Pacific Properties Inc.		307,930		1,712,091
Independence Realty Trust Inc.		491,361		8,181,161
Innovative Industrial Properties Inc.		60,699		4,160,916
InvenTrust Properties Corp.		150,523		3,394,294
Invitation Homes Inc.		1,334,805		44,542,443
JBG SMITH Properties		233,533		3,332,516
Kilroy Realty Corp.		252,657		7,387,691
Kimco Realty Corp.		1,319,770		25,326,386
Kite Realty Group Trust		476,320		9,869,350
Life Storage Inc.		183,852		24,706,032
LTC Properties Inc.		86,175		2,882,554
LXP Industrial Trust		590,538		5,551,057
Macerich Co. (The)		462,971		4,625,080
Medical Properties Trust Inc.		1,301,302		11,412,419
Mid-America Apartment Communities Inc.		251,256		38,643,173
National Health Investors Inc.		90,735		4,515,881
National Retail Properties Inc.		394,837		17,175,409
National Storage Affiliates Trust		185,291		7,142,968
Necessity Retail REIT Inc. (The)		290,249		1,599,272
NETSTREIT Corp.		119,830		2,183,303
NexPoint Residential Trust Inc.		49,252		2,114,388
Office Properties Income Trust		104,278		679,893
Omega Healthcare Investors Inc.		515,109		13,784,317
Paramount Group Inc.		416,662		1,804,146

S C H E D U L E   O F   I N V E S  T M E N T S 19

Schedule of Investments  (continued) April 30, 2023 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Park Hotels & Resorts Inc.		485,691	$	5,852,577
Pebblebrook Hotel Trust(a)		282,426		4,018,922
Phillips Edison & Co. Inc.(a)		254,039		8,012,390
Physicians Realty Trust		493,042		7,109,666
Piedmont Office Realty Trust Inc., Class A		266,154		1,732,663
Prologis Inc.		2,015,424		252,431,856
Public Storage		342,067		100,851,614
Realty Income Corp.		1,372,919		86,274,230
Regency Centers Corp.		374,600		23,011,678
Retail Opportunity Investments Corp.		267,098		3,480,287
Rexford Industrial Realty Inc.(a)		428,203		23,880,881
RLJ Lodging Trust		348,505		3,519,900
RPT Realty		180,316		1,676,939
Ryman Hospitality Properties Inc.		117,476		10,532,898
Sabra Health Care REIT Inc.		506,490		5,773,986
Safehold Inc.		85,967		2,383,005
Service Properties Trust		357,457		3,134,898
Simon Property Group Inc.		713,602		80,865,379
SITE Centers Corp.		422,608		5,214,983
SL Green Realty Corp.		141,992		3,360,951
Spirit Realty Capital Inc.		305,503		11,749,645
STAG Industrial Inc.		393,434		13,325,610
Summit Hotel Properties Inc.(a)		229,242		1,476,318
Sun Communities Inc.		266,258		36,991,224
Sunstone Hotel Investors Inc.		459,086		4,375,090
Tanger Factory Outlet Centers Inc.		220,215		4,318,416
Terreno Realty Corp.		174,976		10,776,772
UDR Inc.		717,762		29,665,103
Universal Health Realty Income Trust		28,040		1,219,740
Urban Edge Properties		248,788		3,649,720
Ventas Inc.		873,696		41,981,093
Veris Residential Inc.(b)		185,107		3,026,499
VICI Properties Inc.		2,193,119		74,434,459
Vornado Realty Trust		388,464		5,830,845
Welltower Inc.		1,034,852		81,980,975
WP Carey Inc.		456,902		33,902,128
Xenia Hotels & Resorts Inc.		244,400		3,094,104
				2,085,242,532
Total Common Stocks — 99.3% (Cost: $3,271,198,228)				2,978,941,747

Security	Shares		Value
Preferred Stocks
Bermuda — 0.0%
Brookfield Property Partners LP, 6.25%		4,436	$	66,629
Total Preferred Stocks — 0.0% (Cost: $109,587)				66,629
Total Long-Term Investments — 99.3% (Cost: $3,271,307,815)				2,979,008,376
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(e)(f)(g)		15,713,276		15,717,990
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(e)(f)		7,630,000		7,630,000
Total Short-Term Securities — 0.8% (Cost: $23,348,735)				23,347,990
Total Investments — 100.1% (Cost: $3,294,656,550)				3,002,356,366
Liabilities in Excess of Other Assets — (0.1)%				(4,453,467	)
Net Assets — 100.0%			$	2,997,902,899

^(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)  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.

20 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) April 30, 2023 iShares^® Global REIT ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2023 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 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,161,788	$	12,550,591	(a)	$	—	$	9,686	$	(4,075	)	$	15,717,990		15,713,276	$	188,280	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,030,000		1,600,000	(a)		—		—		—			7,630,000		7,630,000		204,615			4
								$	9,686	$	(4,075	)	$	23,347,990			$	392,895		$	4

^(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		22		06/15/23	$	2,684	$	89,365
Dow Jones U.S. Real Estate Index		460		06/16/23		15,304		308,603
							$	397,968

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)	$	—	$	—	$	397,968	$	—	$	—	$	—	$	397,968

^(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 April 30, 2023, 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	$	—	$	—	$	(2,501,710	)	$	—	$	—	$	—	$	(2,501,710	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	933,461		$	—	$	—	$	—	$	933,461

S C H E D U L E   O F   I N V E S  T M E N T S 21

Schedule of Investments  (continued) April 30, 2023 iShares^® Global REIT ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	16,072,800

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
Assets
Investments
Long-Term Investments
Common Stocks	$	2,246,887,213	$	731,325,373	$	729,161	$	2,978,941,747
Preferred Stocks		66,629		—		—		66,629
Short-Term Securities
Money Market Funds		23,347,990		—		—		23,347,990
	$	2,270,301,832	$	731,325,373	$	729,161	$	3,002,356,366
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	308,603	$	89,365	$	—	$	397,968

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

See notes to financial statements.

22 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments April 30, 2023 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 9.6%
Abacus Property Group		121,865	$	215,782
Arena REIT		79,579		197,827
BWP Trust		118,637		305,814
Centuria Industrial REIT		126,818		263,731
Centuria Office REIT		113,428		107,354
Charter Hall Long Wale REIT		159,092		460,536
Charter Hall Retail REIT		119,439		307,451
Charter Hall Social Infrastructure REIT		81,333		163,613
Cromwell Property Group		350,899		132,968
Dexus		261,798		1,356,895
Dexus Industria REIT		52,108		96,555
GPT Group (The)		466,619		1,372,103
Growthpoint Properties Australia Ltd.		68,145		147,715
HomeCo Daily Needs REIT		418,597		334,620
Hotel Property Investments Ltd.		46,421		105,413
Ingenia Communities Group		89,234		254,332
Lifestyle Communities Ltd.		22,751		257,591
Mirvac Group		958,639		1,539,024
National Storage REIT		278,964		464,637
Region RE Ltd.		278,216		455,289
Scentre Group		1,261,687		2,421,297
Stockland		579,611		1,718,185
Vicinity Ltd.		918,835		1,284,503
Waypoint REIT Ltd.		162,612		282,419
				14,245,654
Austria — 0.2%
CA Immobilien Anlagen AG(a)		10,132		293,946
Belgium — 2.7%
Aedifica SA		9,671		807,837
Ascencio		1,293		71,738
Cofinimmo SA		8,015		765,710
Home Invest Belgium SA, NVS		2,357		50,955
Intervest Offices & Warehouses NV		6,346		131,042
Montea NV		3,538		309,975
Retail Estates NV		2,746		203,448
VGP NV		2,417		253,035
Warehouses De Pauw CVA		38,013		1,136,653
Xior Student Housing NV		6,697		212,688
				3,943,081
Canada — 6.9%
Allied Properties REIT		30,880		519,206
Artis REIT		19,150		99,506
Boardwalk REIT		9,094		389,307
Canadian Apartment Properties REIT		41,127		1,506,538
Chartwell Retirement Residences		57,147		373,711
Choice Properties REIT		62,422		674,509
Crombie REIT		24,920		283,623
Dream Industrial REIT(b)		59,860		655,661
First Capital Real Estate Investment Trust		51,566		605,539
Granite REIT		14,495		901,464
H&R Real Estate Investment Trust		63,692		552,372
InterRent REIT		31,580		302,083
Killam Apartment REIT		27,488		341,457
NorthWest Healthcare Properties REIT		51,764		311,382
Prinmaris REIT		23,655		233,259
RioCan REIT		72,701		1,125,783
SmartCentres Real Estate Investment Trust		31,343		605,646

Security	Shares		Value
Canada (continued)
StorageVault Canada Inc., NVS		58,267	$	249,006
Tricon Residential Inc.		58,652		470,134
				10,200,186
Finland — 0.5%
Citycon OYJ		17,708		133,806
Kojamo OYJ		47,600		591,029
				724,835
France — 3.8%
ARGAN SA, NVS		2,369		184,826
Carmila SA		13,835		234,166
Covivio		12,198		693,565
Gecina SA		12,574		1,399,771
ICADE		7,932		372,534
Klepierre SA		45,471		1,151,786
Mercialys SA		21,407		215,256
Unibail-Rodamco-Westfield, New(a)		24,911		1,335,877
				5,587,781
Germany — 4.2%
ADLER Group SA(a)(b)(c)		20,569		12,511
Aroundtown SA(b)		166,428		226,740
Deutsche EuroShop AG		2,886		65,189
Deutsche Wohnen SE		11,994		271,574
DIC Asset AG		12,643		96,241
Grand City Properties SA		23,098		192,904
Hamborner REIT AG		17,482		137,909
LEG Immobilien SE		17,998		1,120,254
TAG Immobilien AG		36,708		314,327
Vonovia SE		172,122		3,733,072
				6,170,721
Guernsey — 0.2%
Shurgard Self Storage Ltd.		6,095		315,152
Hong Kong — 12.8%
Champion REIT		483,000		201,609
CK Asset Holdings Ltd.		475,000		2,808,733
Fortune REIT		332,000		277,740
Hongkong Land Holdings Ltd.(b)		270,400		1,203,398
Hysan Development Co. Ltd.		148,000		418,255
Link REIT		615,140		4,023,561
New World Development Co. Ltd.		342,333		912,960
Prosperity REIT		282,000		68,404
Sino Land Co. Ltd.		920,800		1,240,843
Sun Hung Kai Properties Ltd.		345,500		4,810,493
Sunlight REIT(b)		262,000		101,599
Swire Properties Ltd.		256,000		688,059
Wharf Real Estate Investment Co. Ltd.		376,900		2,173,475
				18,929,129
Ireland — 0.1%
Irish Residential Properties REIT PLC		108,406		123,368
Israel — 0.5%
Amot Investments Ltd.		40,855		216,510
Azrieli Group Ltd.		8,887		518,256
				734,766
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		16,657		54,495
Japan — 27.4%
Activia Properties Inc.		177		515,753

S C H E D U L E   O F   I N V E S  T M E N T S 23

Schedule of Investments  (continued) April 30, 2023 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Advance Logistics Investment Corp.		161	$	163,189
Advance Residence Investment Corp.		314		814,705
Aeon Mall Co. Ltd.		28,900		389,645
AEON REIT Investment Corp.		426		488,387
Comforia Residential REIT Inc.		162		405,295
CRE Logistics REIT Inc.		129		177,626
Daiwa House REIT Investment Corp.		517		1,100,004
Daiwa Office Investment Corp.		65		282,543
Daiwa Securities Living Investments Corp.		501		425,977
Frontier Real Estate Investment Corp.		118		426,330
Fukuoka REIT Corp.		173		207,861
Global One Real Estate Investment Corp.		248		191,897
GLP J-Reit		1,077		1,230,553
Hankyu Hanshin REIT Inc.		162		173,608
Health Care & Medical Investment Corp.		87		104,567
Heiwa Real Estate Co. Ltd.		7,700		220,332
Heiwa Real Estate REIT Inc.		235		275,241
Hoshino Resorts REIT Inc.		61		317,678
Hulic Co. Ltd.		100,500		865,310
Hulic Reit Inc.		311		358,335
Ichigo Office REIT Investment Corp.		285		184,438
Industrial & Infrastructure Fund Investment Corp.		460		527,168
Invincible Investment Corp.		1,182		510,337
Japan Excellent Inc.		300		256,703
Japan Hotel REIT Investment Corp.		1,086		613,583
Japan Logistics Fund Inc.		216		512,966
Japan Metropolitan Fund Invest		1,667		1,220,603
Japan Prime Realty Investment Corp.		224		582,438
Japan Real Estate Investment Corp.		315		1,248,156
Kenedix Office Investment Corp.		182		402,371
Kenedix Residential Next Investment Corp.		255		400,059
Kenedix Retail REIT Corp.		147		264,485
LaSalle Logiport REIT		435		516,781
Mirai Corp.		392		130,913
Mitsubishi Estate Co. Ltd.		270,600		3,334,956
Mitsubishi Estate Logistics REIT Investment Corp.		117		358,797
Mitsui Fudosan Co. Ltd.		221,000		4,389,504
Mitsui Fudosan Logistics Park Inc.		130		488,484
Mori Hills REIT Investment Corp.		382		431,735
Mori Trust Sogo REIT Inc.		614		323,161
Nippon Accommodations Fund Inc.		113		549,295
Nippon Building Fund Inc.		371		1,555,683
Nippon Prologis REIT Inc.		578		1,316,725
NIPPON REIT Investment Corp.		105		246,479
Nomura Real Estate Holdings Inc.		26,300		655,370
Nomura Real Estate Master Fund Inc.		1,092		1,277,756
NTT UD REIT Investment Corp.		326		314,182
One REIT Inc.		60		106,162
Orix JREIT Inc.		638		824,737
Samty Residential Investment Corp.		105		89,401
Sankei Real Estate Inc.		116		71,448
Sekisui House Ltd.		134,800		2,771,305
Sekisui House Reit Inc.		997		565,139
SOSiLA Logistics REIT Inc.		170		169,056
Star Asia Investment Corp.		417		170,691
Starts Proceed Investment Corp.		61		103,296
Sumitomo Realty & Development Co. Ltd.		96,100		2,243,861
Takara Leben Real Estate Investment Corp.		144		96,841
Tokyo Tatemono Co. Ltd.		47,900		606,653
Tokyu REIT Inc.		225		300,585

Security	Shares		Value
Japan (continued)
United Urban Investment Corp.		721	$	800,540
				40,667,679
Netherlands — 0.4%
Eurocommercial Properties NV		12,381		296,920
NSI NV		4,350		99,940
Vastned Retail NV		4,243		96,665
Wereldhave NV		9,885		151,809
				645,334
New Zealand — 0.8%
Argosy Property Ltd.		205,146		142,193
Goodman Property Trust		267,635		361,979
Kiwi Property Group Ltd.		380,126		216,756
Precinct Properties New Zealand Ltd.		323,580		248,126
Stride Property Group		117,715		93,976
Vital Healthcare Property Trust		116,134		167,484
				1,230,514
Norway — 0.1%
Entra ASA(c)		13,275		134,895
Singapore — 9.5%
AIMS APAC REIT(b)		137,900		142,064
CapitaLand Ascendas REIT		830,390		1,786,936
CapitaLand Ascott Trust		521,623		423,508
CapitaLand Integrated Commercial Trust		1,230,007		1,878,145
Capitaland Investment Ltd/Singapore		619,700		1,734,679
CDL Hospitality Trusts		210,121		199,313
City Developments Ltd.		113,600		594,274
Cromwell European Real Estate Investment Trust		75,900		128,797
ESR-LOGOS REIT		1,389,020		339,080
Far East Hospitality Trust		239,600		111,586
Frasers Centrepoint Trust(b)		262,849		436,769
Frasers Logistics & Commercial Trust		685,600		695,842
Keppel DC REIT(b)		309,571		500,533
Keppel Pacific Oak US REIT		208,000		74,880
Keppel REIT		526,900		344,581
Lendlease Global Commercial REIT		438,747		230,831
Manulife US Real Estate Investment Trust		385,200		69,182
Mapletree Industrial Trust		458,845		820,239
Mapletree Logistics Trust		780,360		1,021,233
Mapletree Pan Asia Commercial Trust		554,517		734,540
OUE Commercial Real Estate Investment Trust		526,600		128,568
PARAGON REIT		261,365		183,454
Parkway Life REIT		94,500		275,224
Prime U.S. REIT		158,500		41,321
Starhill Global REIT		349,200		137,651
Suntec REIT		510,400		517,384
UOL Group Ltd.		119,600		623,938
				14,174,552
South Korea — 0.2%
ESR Kendall Square REIT Co. Ltd.		29,946		84,303
JR REIT XXVII		28,012		92,532
LOTTE Reit Co. Ltd.		29,130		78,553
SK REITs Co. Ltd.		27,069		99,874
				355,262
Spain — 0.9%
Inmobiliaria Colonial SOCIMI SA		82,494		527,341
Lar Espana Real Estate SOCIMI SA		13,908		78,619
Merlin Properties SOCIMI SA		81,189		717,857
				1,323,817

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Schedule of Investments  (continued) April 30, 2023 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden — 4.2%
Atrium Ljungberg AB, Class B		10,880	$	202,342
Castellum AB(b)		62,620		761,215
Catena AB		8,064		309,337
Cibus Nordic Real Estate AB		11,536		123,390
Corem Property Group AB, Class B		162,365		128,849
Dios Fastigheter AB		21,597		154,126
Fabege AB		61,224		490,998
Fastighets AB Balder, Class B(a)		150,941		702,754
Hufvudstaden AB, Class A		26,047		371,428
NP3 Fastigheter AB		6,711		129,179
Nyfosa AB		44,044		301,828
Pandox AB		21,607		257,457
Platzer Fastigheter Holding AB, Class B		13,393		112,836
Sagax AB, Class B		41,720		1,023,340
Samhallsbyggnadsbolaget i Norden AB(b)		269,343		316,830
Stendorren Fastigheter AB, NVS(a)		3,359		66,017
Wallenstam AB, Class B		80,731		320,347
Wihlborgs Fastigheter AB		64,865		524,300
				6,296,573
Switzerland — 2.9%
Allreal Holding AG, Registered		3,562		632,109
Hiag Immobilien Holding AG		861		80,071
Intershop Holding AG		264		185,378
Mobimo Holding AG, Registered		1,723		462,088
Peach Property Group AG(b)		2,956		46,179
PSP Swiss Property AG, Registered		10,967		1,291,487
Swiss Prime Site AG, Registered		18,439		1,669,091
				4,366,403
United Kingdom — 11.2%
Aberdeen Standard European Logistics Income PLC(c)		95,628		85,781
Abrdn Property Income Trust		96,076		66,409
Assura PLC		703,549		450,050
Balanced Commercial Property Trust Ltd.		131,701		136,380
Big Yellow Group PLC		41,259		635,096
British Land Co. PLC (The)		224,601		1,131,594
Capital & Counties Properties PLC		329,666		488,055
Civitas Social Housing PLC		146,285		97,989
CLS Holdings PLC		40,112		68,357
CT Property Trust Ltd.		56,604		47,112
Custodian Reit PLC		100,385		119,220
Derwent London PLC		27,062		817,004
Empiric Student Property PLC		141,470		164,280
Grainger PLC		177,999		578,489
Great Portland Estates PLC		51,900		347,977
Hammerson PLC		954,113		336,462
Helical PLC		24,824		93,593
Home Reit PLC(d)		191,393		81,146
Impact Healthcare Reit PLC		77,273		95,171
Land Securities Group PLC		179,304		1,521,543
LondonMetric Property PLC		229,654		556,968
LXI REIT PLC		369,654		490,305

Security	Shares		Value
United Kingdom (continued)
NewRiver REIT PLC		76,684	$	78,062
Phoenix Spree Deutschland Ltd.		22,301		56,614
Picton Property Income Ltd. (The)		129,794		124,551
Primary Health Properties PLC		318,748		427,582
PRS REIT PLC (The)		125,722		136,197
Regional REIT Ltd.(c)		107,091		74,696
Residential Secure Income PLC, NVS(c)		44,828		37,408
Safestore Holdings PLC		51,171		637,863
Schroder REIT Ltd.		113,962		66,626
Segro PLC		291,731		3,071,322
Sirius Real Estate Ltd.		278,176		281,601
Supermarket Income Reit PLC		299,727		329,816
Target Healthcare REIT PLC		150,983		146,485
Triple Point Social Housing REIT PLC(c)		88,057		52,068
Tritax Big Box REIT PLC		452,364		883,809
Tritax EuroBox PLC(c)		199,674		164,487
UK Commercial Property REIT Ltd.		180,865		122,104
UNITE Group PLC (The)		77,763		938,310
Urban Logistics REIT PLC		112,829		200,502
Warehouse REIT PLC		95,981		131,963
Workspace Group PLC		34,615		207,681
				16,578,728
Total Long-Term Investments — 99.1% (Cost: $202,946,144)				147,096,871
Short-Term Securities
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(e)(f)(g)		2,371,017		2,371,728
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(e)(f)		50,000		50,000
Total Short-Term Securities — 1.6% (Cost: $2,422,059)				2,421,728
Total Investments — 100.7% (Cost: $205,368,203)				149,518,599
Liabilities in Excess of Other Assets — (0.7)%				(1,009,183	)
Net Assets — 100.0%			$	148,509,416

^(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 25

Schedule of Investments  (continued) April 30, 2023 iShares^® International Developed Real Estate ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2023 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 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,157,806	$	—	$	(8,786,482	)(a)	$	757	$	(353	)	$	2,371,728		2,371,017	$	70,377	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		80,000		—		(30,000	)(a)		—		—			50,000		50,000		1,844			—
								$	757	$	(353	)	$	2,421,728			$	72,221		$	—

^(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		11		05/30/23	$	247	$	(2,705	)
TOPIX Index		2		06/08/23		303		5,526
Dow Jones U.S. Real Estate Index		18		06/16/23		599		17,888
Euro STOXX 50 Index		5		06/16/23		238		6,278
							$	26,987

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)	$	—	$	—	$	29,692	$	—	$	—	$	—	$	29,692
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,705	$	—	$	—	$	—	$	2,705

^(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).

26 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) April 30, 2023 iShares^® International Developed Real Estate ETF

For the period ended April 30, 2023, 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	$	—	$	—	$	(82,702	)	$	—	$	—	$	—	$	(82,702	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	27,253		$	—	$	—	$	—	$	27,253

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,194,211

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
Assets
Investments
Long-Term Investments
Common Stocks	$	15,598,582	$	131,417,143		$	81,146	$	147,096,871
Short-Term Securities
Money Market Funds		2,421,728		—			—		2,421,728
	$	18,020,310	$	131,417,143		$	81,146	$	149,518,599
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	17,888	$	11,804		$	—	$	29,692
Liabilities
Equity Contracts		—		(2,705	)		—		(2,705	)
	$	17,888	$	9,099		$	—		26,987

^(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 27

Statements of Assets and Liabilities

April 30, 2023

	iShares Environmentally Aware Real Estate ETF		iShares Global REIT ETF			iShares International Developed Real Estate ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	9,021,413	$	2,979,008,376		$	147,096,871
Investments, at value — affiliated(c)		66,735		23,347,990			2,421,728
Cash		6,172		41,460			18,868
Cash pledged for futures contracts		3,000		1,083,000			51,000
Foreign currency collateral pledged for futures contracts(d)		—		179,983			39,784
Foreign currency, at value(e)		16,845		2,708,593			296,236
Receivables:
Securities lending income — affiliated		65		6,040			4,250
Dividends — unaffiliated		23,629		6,698,543			837,032
Dividends — affiliated		25		28,848			156
Tax reclaims		623		696,213			163,023
Variation margin on futures contracts		390		180,715			13,327
Total assets		9,138,897		3,013,979,761			150,942,275
LIABILITIES
Collateral on securities loaned, at value		66,735		15,736,144			2,375,353
Payables:
Investments purchased		913		—			—
Investment advisory fees		2,195		340,718			57,506
Total liabilities		69,843		16,076,862			2,432,859
NET ASSETS	$	9,069,054	$	2,997,902,899		$	148,509,416
NET ASSETS CONSIST OF
Paid-in capital	$	8,978,314	$	3,454,846,599		$	300,525,700
Accumulated earnings (loss)		90,740		(456,943,700	)		(152,016,284	)
NET ASSETS	$	9,069,054	$	2,997,902,899		$	148,509,416
NET ASSET VALUE
Shares outstanding		360,000		128,950,000			6,900,000
Net asset value	$	25.19	$	23.25		$	21.52
Shares authorized		Unlimited		Unlimited			Unlimited
Par value		None		None			None
(a) Investments, at cost — unaffiliated	$	9,023,526	$	3,271,307,815		$	202,946,144
(b) Securities loaned, at value	$	64,928	$	14,719,268		$	2,306,280
(c)  Investments, at cost — affiliated	$	66,735	$	23,348,735		$	2,422,059
(d) Foreign currency collateral pledged, at cost	$	—	$	186,400		$	40,184
(e) Foreign currency, at cost	$	16,862	$	2,723,634		$	298,207

See notes to financial statements.

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Statements of Operations

Year Ended April 30, 2023

		iShares Environmentally Aware Real Estate ETF	(a)		iShares Global REIT ETF			iShares International Developed Real Estate ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	178,720		$	125,613,187		$	7,960,782
Dividends — affiliated		151			204,615			1,844
Interest — unaffiliated		110			39,168			728
Securities lending income — affiliated — net		65			188,280			70,377
Foreign taxes withheld		(9,266	)		(5,487,046	)		(735,965	)
Total investment income		169,780			120,558,204			7,297,766
EXPENSES
Investment advisory		12,353			4,130,419			815,345
Total expenses		12,353			4,130,419			815,345
Net investment income		157,427			116,427,785			6,482,421
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(7,571	)		(53,261,972	)		(7,947,539	)
Investments — affiliated		—			9,686			757
Capital gain distributions from underlying funds — affiliated		—			4			—
Foreign currency transactions		(71	)		(368,330	)		(90,912	)
Futures contracts		(975	)		(2,501,710	)		(82,702	)
In-kind redemptions — unaffiliated(b)		—			63,447,019			(7,069,009	)
		(8,617	)		7,324,697			(15,189,405	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		(2,113	)		(586,130,301	)		(20,529,801	)
Investments — affiliated		—			(4,075	)		(353	)
Foreign currency translations		(11	)		292,623			57,052
Futures contracts		851			933,461			27,253
		(1,273	)		(584,908,292	)		(20,445,849	)
Net realized and unrealized loss		(9,890	)		(577,583,595	)		(35,635,254	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	147,537		$	(461,155,810	)	$	(29,152,833	)
(a) For the period from November 15, 2022 (commencement of operations) to April 30, 2023.
(b) See Note 2 of the Notes to Financial Statements.
(c)  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 29

Statements of Changes in Net Assets

	iShares Environmentally Aware Real Estate ETF			iShares Global REIT ETF
		Period From 11/15/22 to 04/30/23	(a)		Year Ended 04/30/23			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	157,427		$	116,427,785		$	79,321,859
Net realized gain (loss)		(8,617	)		7,324,697			95,039,341
Net change in unrealized appreciation (depreciation)		(1,273	)		(584,908,292	)		(24,496,433	)
Net increase (decrease) in net assets resulting from operations		147,537			(461,155,810	)		149,864,767
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(56,797	)		(69,453,870	)		(101,720,806	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		8,978,314			66,934,776			330,213,243
NET ASSETS
Total increase (decrease) in net assets		9,069,054			(463,674,904	)		378,357,204
Beginning of period		—			3,461,577,803			3,083,220,599
End of period	$	9,069,054		$	2,997,902,899		$	3,461,577,803

^(a)  Commencement of operations.

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares International Developed Real Estate ETF
	Year Ended 04/30/23			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,482,421		$	7,050,272
Net realized gain (loss)		(15,189,405	)		2,984,182
Net change in unrealized appreciation (depreciation)		(20,445,849	)		(31,835,406	)
Net decrease in net assets resulting from operations		(29,152,833	)		(21,800,952	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,488,984	)		(8,046,901	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(31,833,293	)		(13,681,531	)
NET ASSETS
Total decrease in net assets		(64,475,110	)		(43,529,384	)
Beginning of year		212,984,526			256,513,910
End of year	$	148,509,416		$	212,984,526

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 31

Financial Highlights

(For a share outstanding throughout the period)

	iShares Environmentally Aware Real Estate ETF
		Period From 11/15/22 to 04/30/23	(a)
Net asset value, beginning of period	$	24.94
Net investment income(b)		0.44
Net realized and unrealized loss(c)		(0.03	)
Net increase from investment operations		0.41
Distributions from net investment income(d)		(0.16	)
Net asset value, end of period	$	25.19
Total Return(e)
Based on net asset value		1.64	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.30	%(h)
Net investment income		3.82	%(h)
Supplemental Data
Net assets, end of period (000)	$	9,069
Portfolio turnover rate(i)		4	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  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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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global REIT ETF
		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of year	$	27.77		$	27.22		$	20.42		$	26.53		$	24.82
Net investment income(a)		0.94			0.68			0.66			0.88			0.98
Net realized and unrealized gain (loss)(b)		(4.89	)		0.74			6.75			(5.54	)		2.08
Net increase (decrease) from investment operations		(3.95	)		1.42			7.41			(4.66	)		3.06
Distributions from net investment income(c)		(0.57	)		(0.87	)		(0.61	)		(1.45	)		(1.35	)
Net asset value, end of year	$	23.25		$	27.77		$	27.22		$	20.42		$	26.53
Total Return(d)
Based on net asset value		(14.12	)%		5.14	%		36.95	%		(18.47	)%		12.77	%
Ratios to Average Net Assets(e)
Total expenses		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income		3.95	%		2.36	%		2.91	%		3.36	%		3.85	%
Supplemental Data
Net assets, end of year (000)	$	2,997,903		$	3,461,578		$	3,083,221		$	1,900,334		$	1,637,157
Portfolio turnover rate(f)		7	%		13	%		6	%		8	%		9	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  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 33

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Developed Real Estate ETF
		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of year	$	25.36		$	28.82		$	22.75		$	29.65		$	30.40
Net investment income(a)		0.83			0.79	(b)		0.78			0.86			0.93
Net realized and unrealized gain (loss)(c)		(4.25	)		(3.35	)		5.86			(5.47	)		(0.55	)
Net increase (decrease) from investment operations		(3.42	)		(2.56	)		6.64			(4.61	)		0.38
Distributions from net investment income(d)		(0.42	)		(0.90	)		(0.57	)		(2.29	)		(1.13	)
Net asset value, end of year	$	21.52		$	25.36		$	28.82		$	22.75		$	29.65
Total Return(e)
Based on net asset value		(13.44	)%		(9.24	)%(b)		29.62	%		(16.93	)%		1.39	%
Ratios to Average Net Assets(f)
Total expenses		0.48	%		0.50	%		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	%
Net investment income		3.82	%		2.75	%(b)		3.08	%		2.99	%		3.20	%
Supplemental Data
Net assets, end of year (000)	$	148,509		$	212,985		$	256,514		$	259,384		$	477,332
Portfolio turnover rate(g)		9	%		16	%		9	%		10	%		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

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Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Environmentally Aware Real Estate(a)		Non-Diversified
Global REIT		Diversified
International Developed Real Estate		Diversified

^(a)  The Fund commenced operations on November 15, 2022.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Foreign 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 April 30, 2023, 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.

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 35

Notes to Financial Statements  (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. 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  (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
Environmentally Aware Real Estate
Goldman Sachs & Co. LLC	$	55,380	$	(55,380	)	$	—		$	—
TD Prime Services LLC		9,548		(9,548	)		—			—
	$	64,928	$	(64,928	)	$	—		$	—
Global REIT
BMO Capital Markets Corp.	$	1,994,993	$	(1,994,993	)	$	—		$	—
BNP Paribas SA		262,965		(262,965	)		—			—
BofA Securities, Inc.		2,856,296		(2,856,296	)		—			—
Citadel Clearing LLC		562,085		(562,085	)		—			—
Citigroup Global Markets, Inc.		3,081,262		(3,081,262	)		—			—
Goldman Sachs & Co. LLC		3,751,391		(3,751,391	)		—			—
HSBC Bank PLC		40,595		(40,595	)		—			—
J.P. Morgan Securities LLC		330,923		(330,923	)		—			—
Jefferies LLC		773,441		(773,441	)		—			—
National Financial Services LLC		906,721		(906,721	)		—			—
Natixis Securities Americas LLC		27,071		(27,071	)		—			—
UBS AG		131,525		(131,525	)		—			—
	$	14,719,268	$	(14,719,268	)	$	—		$	—
International Developed Real Estate
Barclays Capital, Inc.	$	12,386	$	(12,386	)	$	—		$	—
Citigroup Global Markets, Inc.		229,332		(229,332	)		—			—
Goldman Sachs & Co. LLC		354,510		(354,510	)		—			—
HSBC Bank PLC		124,301		(124,301	)		—			—
Morgan Stanley		834,552		(834,552	)		—			—
SG Americas Securities LLC		751,199		(725,839	)		—			25,360	(b)
	$	2,306,280	$	(2,280,920	)	$	—		$	25,360

^(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 Fund’s Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of April 30, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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Notes to Financial Statements  (continued)

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: 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
Environmentally Aware Real Estate		0.30	%
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 Funds”), 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, each of the iShares Environmentally Aware Real Estate ETF and 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.

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Notes to Financial Statements  (continued)

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) 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) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended April 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Environmentally Aware Real Estate	$	15
Global REIT		51,474
International Developed Real Estate		16,361

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

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

For the year ended April 30, 2023, 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	$	14,885,693	$	25,916,558	$	(11,001,976)
International Developed Real Estate		164,774		154,574		(76,326)

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 year ended April 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Environmentally Aware Real Estate	$	416,011	$	342,897
Global REIT		267,386,097		207,704,357
International Developed Real Estate		16,597,048		14,487,248

For the year ended April 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Environmentally Aware Real Estate	$	8,964,814	$	—
Global REIT		303,412,237		244,693,946
International Developed Real Estate		4,238,010		34,700,759

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 April 30, 2023, 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.

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Notes to Financial Statements  (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2023, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Global REIT	$	57,167,763		$	(57,167,763	)
International Developed Real Estate		(9,193,029	)		9,193,029

The tax character of distributions paid was as follows:

iShares ETF			Period Ended 04/30/23
Environmentally Aware Real Estate
Ordinary income			$	56,797
iShares ETF	Year Ended 04/30/23		Year Ended 04/30/22
Global REIT
Ordinary income	$	69,453,870	$	101,720,806
International Developed Real Estate
Ordinary income	$	3,488,984	$	8,046,901

As of April 30, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Environmentally Aware Real Estate	$	145,907	$	(6,160	)	$	(49,007	)	$	90,740
Global REIT		16,500,604		(118,241,339	)		(355,202,965	)		(456,943,700	)
International Developed Real Estate		—		(92,810,171	)		(59,206,113	)		(152,016,284	)

^(a)  Amounts available to offset future realized capital gains.

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

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of April 30, 2023, 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)
Environmentally Aware Real Estate	$	9,137,144	$	352,809	$	(401,805	)	$	(48,996	)
Global REIT		3,357,632,047		196,678,753		(551,865,069	)		(355,186,316	)
International Developed Real Estate		208,724,226		2,184,076		(61,386,275	)		(59,202,199)

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.

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Notes to Financial Statements  (continued)

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

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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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.

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.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

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. These events and

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Notes to Financial Statements  (continued)

actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. 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 have been, and may continue to 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.

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:

	Period Ended 04/30/23
iShares ETF	Shares		Amount
Environmentally Aware Real Estate(a)
Shares sold		360,000	$	8,978,314

	Year Ended 04/30/23						Year Ended 04/30/22
iShares ETF	Shares			Amount			Shares			Amount
Global REIT
Shares sold		14,400,000		$	325,705,239			24,250,000		$	697,331,384
Shares redeemed		(10,100,000	)		(258,770,463	)		(12,850,000	)		(367,118,141	)
		4,300,000		$	66,934,776			11,400,000		$	330,213,243
International Developed Real Estate
Shares sold		200,000		$	4,481,991			900,000		$	25,486,316
Shares redeemed		(1,700,000	)		(36,315,284	)		(1,400,000	)		(39,167,847	)
		(1,500,000	)	$	(31,833,293	)		(500,000	)	$	(13,681,531	)

^(a)  The Fund commenced operations on November 15, 2022.

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 Statements of Assets and Liabilities.

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Notes to Financial Statements  (continued)

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.

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 43

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the three funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares Environmentally Aware Real Estate ETF⁽¹⁾

iShares Global REIT ETF⁽²⁾

iShares International Developed Real Estate ETF⁽²⁾

⁽¹⁾ Statement of operations and statement of changes in net assets for the period November 15, 2022 (commencement of operations) to April 30, 2023.

⁽²⁾ Statements of operations for the year ended April 30, 2023 and statements of changes in net assets for each of the two years in the period ended April 30, 2023.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 21, 2023

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

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2023:

iShares ETF	Qualified Dividend Income
Environmentally Aware Real Estate	$	38,864
Global REIT		31,287,497
International Developed Real Estate		3,905,705

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2023:

iShares ETF	Qualified Business Income
Environmentally Aware Real Estate	$	14,734
Global REIT		35,179,912

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended April 30, 2023:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
International Developed Real Estate	$	7,939,930		$509,552

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Global REIT		10.82	%

I M P O R T A N T  T A X  I N F O R  M A T I O N 45

Board Review and Approval of Investment Advisory Contract

iShares Environmentally Aware Real Estate ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) 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, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further

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Board Review and Approval of Investment Advisory Contract  (continued)

noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.

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 47

Statement Regarding Liquidity Risk Management Program  (unaudited)

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

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

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

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

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

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

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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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.

April 30, 2023

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Environmentally Aware Real Estate(a)	$	0.157769	$	—	$	0.000001	$	0.157770		100	%		—	%		0	%(b)		100	%
Global REIT		0.569726		—		—		0.569726		100			—			—			100
International Developed Real Estate		0.420115		—		—		0.420115		100			—			—			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b) Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

S U P P L E M E N T A L   I N F O R M A T I O N 49

Trustee and Officer Information  (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of April 30, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

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

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

		Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information  (unaudited) (continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

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Trustee and Officer Information  (unaudited) (continued)

Officers (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

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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

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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.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-405-0423

(b) Not Applicable

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the five series of the registrant for which the fiscal year-end is April 30, 2023 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $62,600 for the fiscal year ended April 30, 2022 and $81,400 for the fiscal year ended April 30, 2023.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended April 30, 2022 and April 30, 2023 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $38,800 for the fiscal year ended April 30, 2022 and $48,500 for the fiscal year ended April 30, 2023. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended April 30, 2022 and April 30, 2023 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $38,800 for the fiscal year ended April 30, 2022 and $48,500 for the fiscal year ended April 30, 2023.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

Item 5. Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

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) (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/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: June 21, 2023

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/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: June 21, 2023

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

Date: June 21, 2023