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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o 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, 2024

Date of reporting period: October 31, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

OCTOBER 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Global Clean Energy ETF | ICLN | NASDAQ

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

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 benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2023
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		1.39%		10.14%
U.S. small cap equities (Russell 2000® Index)		(5.29)		(8.56)
International equities (MSCI Europe, Australasia, Far East Index)		(7.88)		14.40
Emerging market equities (MSCI Emerging Markets Index)		(4.78)		10.80
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.63		4.77
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.70)		(3.25)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.13)		0.36
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.65)		2.64
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		0.02		6.23
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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		5
Disclosure of Expenses		5
Schedule of Investments		6
Financial Statements
Statement of Assets and Liabilities		12
Statement of Operations		13
Statements of Changes in Net Assets		14
Financial Highlights		15
Notes to Financial Statements		16
Board Review and Approval of Investment Advisory Contract		24
Supplemental Information		26
General Information		27
Glossary of Terms Used in this Report		28

Fund Summary as of October 31, 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 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(30.01	)%		(30.37	)%		11.26	%		4.18	%		(30.37	)%		70.46	%		50.64%
Fund Market		(30.00	)		(30.54	)		11.26			4.13			(30.54	)		70.52			49.94
Index		(30.11	)		(30.54	)		11.44			3.82			(30.54	)		71.90			45.48

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning   Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	699.90	$	1.75		$	1,000.00	$	1,023.10	$	2.09		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Industry	Percent of Total Investments	(a)
Renewable Electricity	24.7	%
Electric Utilities	18.7
Semiconductors	15.0
Heavy Electrical Equipment	12.5
Electrical Components & Equipment	11.7
Semiconductor Materials & Equipment	10.9
Commodity Chemicals	1.9
Oil & Gas Refining & Marketing	1.8
Independent Power Producers & Energy Traders	1.2
Other (each representing less than 1%)	1.6

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	36.2	%
China	15.7
Denmark	9.6
Brazil	5.7
Canada	4.1
India	3.7
Portugal	3.5
Spain	3.1
South Korea	3.0
Japan	2.9
Germany	2.4
Switzerland	1.8
Taiwan	1.6
Thailand	1.2
Italy	1.1
Other (each representing less than 1%)	4.4

^(a)  Excludes money market funds.

4 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

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

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

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

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

ABOUT  FUND  PERFORMANCE / DISCLOSURE   OF  EXPENSES 5

Schedule of Investments (unaudited) October 31, 2023 iShares^® Global Clean Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.9%
Verbund AG		273,543	$	23,767,258
Brazil — 3.7%
AES Brasil Energia SA(a)		4,696,123		9,379,671
Auren Energia SA		6,001,340		15,974,212
CPFL Energia SA		3,688,039		24,461,353
Energisa SA		4,995,341		46,180,958
				95,996,194
Canada — 4.1%
Ballard Power Systems Inc.(a)(b)		2,149,865		7,177,844
Boralex Inc., Class A		894,586		16,649,911
Brookfield Renewable Corp., Class A		679,137		15,451,071
Canadian Solar Inc.(a)(b)		1,021,775		20,415,064
Innergex Renewable Energy Inc.		1,419,810		8,743,593
Northland Power Inc.		2,647,365		37,207,243
				105,644,726
Chile — 0.4%
Enel Americas SA(a)		90,826,898		9,338,021
China — 15.6%
CECEP Solar Energy Co. Ltd., Class A		6,258,300		4,894,078
CECEP Wind Power Corp, Class A		10,361,220		4,475,725
China Conch Venture Holdings Ltd.		16,325,000		13,519,927
China Datang Corp. Renewable Power Co. Ltd., Class H		46,550,000		10,531,962
China Green Electricity Investment of Tianjin Co. Ltd.		2,268,700		3,390,822
China Three Gorges Renewables Group Co. Ltd., Class A		45,982,596		30,073,967
China Yangtze Power Co. Ltd., Class A		39,304,630		120,849,634
Chongqing Three Gorges Water Conservancy & Electric Power Co. Ltd.		3,062,300		3,343,365
Dajin Heavy Industry Co. Ltd.		1,021,400		3,856,019
Flat Glass Group Co. Ltd., Class H		7,919,000		14,221,563
GCL System Integration Technology Co. Ltd., Class A(a)		9,494,100		3,570,809
Ginlong Technologies Co. Ltd., Class A		642,950		5,879,054
Guangxi Guiguan Electric Power Co. Ltd.		6,397,200		4,777,729
Hainan Drinda New Energy Technology Co. Ltd.		368,300		4,381,200
Hoymiles Power Electronics Inc., NVS		137,877		4,208,306
Huaneng Lancang River Hydropower Inc.		10,802,857		11,301,555
JA Solar Technology Co. Ltd., Class A		5,294,452		16,165,224
Jiangsu Akcome Science & Technology Co. Ltd.(a)		7,196,100		2,176,162
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		282,359		4,494,934
Jiangsu Haili Wind Power Equipment Technology Co. Ltd.		351,900		3,109,732
Jinko Solar Co. Ltd.		10,147,684		13,121,248
LONGi Green Energy Technology Co. Ltd., Class A		9,132,440		30,043,384
Ming Yang Smart Energy Group Ltd., Class A		3,637,300		6,930,002
NYOCOR Co. Ltd.		3,242,700		2,994,650
Risen Energy Co. Ltd.		1,825,300		4,417,479
Shanghai Aiko Solar Energy Co. Ltd.		2,964,200		7,916,276
Sichuan Chuantou Energy Co. Ltd., Class A		7,137,100		14,298,695
Sungrow Power Supply Co. Ltd., Class A		1,782,100		20,468,340
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		6,472,000		16,285,355
Titan Wind Energy Suzhou Co. Ltd., Class A(a)		2,887,600		5,249,059
Trina Solar Co. Ltd.		3,474,473		14,140,197
				405,086,452

Security	Shares		Value
Denmark — 9.6%
Orsted A/S(c)		2,045,781	$	98,850,326
Vestas Wind Systems A/S(a)		6,924,809		150,093,611
				248,943,937
France — 0.4%
Neoen SA(b)(c)		374,563		9,891,050
Germany — 2.4%
Encavis AG(a)(b)		937,876		12,247,353
Nordex SE(a)(b)		1,675,536		17,676,073
SMA Solar Technology AG(a)(b)		340,153		20,898,905
VERBIO Vereinigte BioEnergie AG(b)		312,836		10,586,682
				61,409,013
Greece — 0.3%
Terna Energy SA		614,472		9,220,658
India — 3.7%
MTAR Technologies Ltd.(a)		380,683		11,155,563
NHPC Ltd., NVS		35,261,770		21,264,163
SJVN Ltd.		10,365,281		8,858,083
Suzlon Energy Ltd.(a)		151,111,711		55,537,927
				96,815,736
Israel — 0.4%
Enlight Renewable Energy Ltd.(a)(b)		829,997		11,183,061
Italy — 1.0%
ERG SpA		1,116,830		27,441,412
Japan — 2.9%
Abalance Corp.(b)		217,200		4,628,441
Chubu Electric Power Co. Inc.		5,267,700		63,655,655
RENOVA Inc.(a)(b)		873,500		6,283,744
				74,567,840
New Zealand — 0.5%
Contact Energy Ltd.		1,375,255		6,241,530
Meridian Energy Ltd.		2,820,981		7,944,897
				14,186,427
Norway — 0.5%
NEL ASA(a)(b)		18,316,662		12,044,314
Portugal — 3.5%
EDP - Energias de Portugal SA		20,614,180		86,631,032
Greenvolt Energias Renovaveis SA(a)(b)		775,479		5,181,709
				91,812,741
Singapore — 0.2%
Maxeon Solar Technologies Ltd.(a)		652,945		4,074,377
South Korea — 3.0%
CS Wind Corp.(b)		556,761		18,892,052
Doosan Fuel Cell Co. Ltd.(a)(b)		812,280		9,915,548
Hanwha Solutions Corp.(a)(b)		2,278,088		48,523,815
HD Hyundai Energy Solutions Co. Ltd.		26,831		435,320
				77,766,735
Spain — 3.1%
Corp. ACCIONA Energias Renovables SA(b)		1,053,523		28,514,870
EDP Renovaveis SA		2,183,020		35,118,120
Solaria Energia y Medio Ambiente SA(a)		1,086,233		16,294,126
				79,927,116
Switzerland — 1.8%
BKW AG		175,618		29,522,781
Meyer Burger Technology AG(a)(b)		64,764,624		17,351,138
				46,873,919

6 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Global Clean Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan — 1.5%
Century Iron & Steel Industrial Co. Ltd.		3,290,000	$	15,314,813
Motech Industries Inc.		7,850,000		6,623,191
TSEC Corp.		10,085,235		8,867,605
United Renewable Energy Co. Ltd.		20,903,000		9,629,169
				40,434,778
Thailand — 1.2%
Energy Absolute PCL, NVDR		27,423,400		32,054,251
Turkey — 0.4%
Biotrend Cevre VE Enerji Yatirimlari AS(a)		4,501,005		2,856,142
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS(a)		3,030,058		7,377,402
				10,233,544
United Kingdom — 0.3%
ReNew Energy Global PLC(a)(b)		1,681,262		9,078,815
United States — 35.9%
Altus Power Inc., Class A(a)(b)		1,208,592		6,417,624
Array Technologies Inc.(a)(b)		2,851,523		49,416,894
Avangrid Inc.		1,048,457		31,317,411
Bloom Energy Corp., Class A(a)(b)		4,205,231		43,734,402
Clearway Energy Inc., Class C		1,654,331		35,915,526
Enphase Energy Inc.(a)(b)		1,794,696		142,821,908
First Solar Inc.(a)(b)		1,523,496		217,022,005
Green Plains Inc.(a)(b)		1,049,805		30,843,271
NEXTracker Inc., Class A(a)		983,316		34,180,064
Ormat Technologies Inc.(b)		1,076,932		66,274,395
Plug Power Inc.(a)(b)		10,878,961		64,077,080
REX American Resources Corp.(a)		162,365		6,171,494
Shoals Technologies Group Inc., Class A(a)(b)		3,412,433		52,414,971
SolarEdge Technologies Inc.(a)(b)		1,135,723		86,258,162
Sunnova Energy International Inc.(a)(b)		2,025,833		18,495,855
SunPower Corp.(a)(b)		1,717,281		7,332,790
Sunrun Inc.(a)(b)		4,361,073		42,084,354
				934,778,206
Total Common Stocks — 97.3% (Cost: $3,856,266,273)				2,532,570,581

Security	Shares		Value
Preferred Stocks
Brazil — 2.0%
Cia. Energetica de Minas Gerais, Preference Shares, NVS		22,071,032	$	51,393,646
Total Preferred Stocks — 2.0% (Cost: $49,061,382)				51,393,646
Total Long-Term Investments — 99.3% (Cost: $3,905,327,655)				2,583,964,227
Short-Term Securities
Money Market Funds — 12.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		317,617,143		317,744,190
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(d)(e)		12,610,000		12,610,000
Total Short-Term Securities — 12.7% (Cost: $330,138,190)				330,354,190
Total Investments — 112.0% (Cost: $4,235,465,845)				2,914,318,417
Liabilities in Excess of Other Assets — (12.0)%				(312,905,915	)
Net Assets — 100.0%			$	2,601,412,502

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	709,863,596	$	—	$	(392,180,100	)(a)	$	91,235	$	(30,541	)	$	317,744,190		317,617,143	$	1,602,379	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,710,000		—		(2,100,000	)(a)		—		—			12,610,000		12,610,000		258,360			—
								$	91,235	$	(30,541	)	$	330,354,190			$	1,860,739		$	—

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

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

7

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Global Clean Energy ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		33		12/15/23	$	1,425	$	13,902
MSCI Emerging Markets Index		58		12/15/23		2,665		(36,649	)
S&P 500 E-Mini Index		39		12/15/23		8,214		(124,338	)
							$	(147,085	)

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	$	3,560,271	$	280,683	(c)	$	3,845,901		0.2	%
		Monthly		HSBC Bank PLC(d)		02/10/28		702,663		23,727	(e)		738,613		0.0	(f)
									$	304,410		$	4,584,514

^(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 $(4,947) of net dividends and financing fees.

^(e)  Amount includes $(12,223) of net dividends, payable for referenced securities purchased and financing fees.

^(f)  Rounds to less than 0.1%

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

	(b)	(d)
Range:	65 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

8 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 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 Goldman Sachs Bank USA as of period end, termination date August 19, 2026.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
United States
Green Plains Inc.(a)		156,414	$	3,845,901		100.0	%
Net Value of Reference Entity — Goldman Sachs Bank USA			$	3,845,901

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)		25,140	$	738,613		100.0	%
Net Value of Reference Entity — HSBC Bank PLC			$	738,613

^(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	$	—	$	—	$	304,410	$	—

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)	$	—	$	—	$	13,902	$	—	$	—	$	—	$	13,902
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	—	$	—	$	304,410	$	—	$	—	$	—	$	304,410
	$	—	$	—	$	318,312	$	—	$	—	$	—	$	318,312
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	160,987	$	—	$	—	$	—	$	160,987

^(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).

9

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Global Clean Energy ETF

For the period ended October 31, 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	$	—	$	—	$	361,208		$	—	$	—	$	—	$	361,208
Swaps		—		—		(268,595	)		—		—		—		(268,595	)
	$	—	$	—	$	92,613		$	—	$	—	$	—	$	92,613
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(678,358	)	$	—	$	—	$	—	$	(678,358	)
Swaps		—		—		(210,776	)		—		—		—		(210,776	)
	$	—	$	—	$	(889,134	)	$	—	$	—	$	—	$	(889,134	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	15,031,587
Total return swaps:
Average notional value	$	4,109,737

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	$	13,902		$	160,987
Swaps - OTC(a)		304,410			—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		318,312			160,987
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(13,902	)		(160,987	)
Total derivative assets and liabilities subject to an MNA		304,410			—

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

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty				Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	Net Amount of Derivative Assets(b)
Goldman Sachs Bank USA		$	280,683	$	—		$	—	$	—		$	280,683
HSBC Bank PLC			23,727		—			—		—			23,727
		$	304,410	$	—		$	—	$	—		$	304,410

^(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.

10 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 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	$	1,266,171,183		$	1,266,399,398	$	—	$	2,532,570,581
Preferred Stocks		51,393,646			—		—		51,393,646
Short-Term Securities
Money Market Funds		330,354,190			—		—		330,354,190
	$	1,647,919,019		$	1,266,399,398	$	—	$	2,914,318,417
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	318,312	$	—	$	318,312
Liabilities
Equity Contracts		(160,987	)		—		—		(160,987	)
	$	(160,987	)	$	318,312	$	—		157,325

^(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.

11

Statement of Assets and Liabilities (unaudited)

October 31, 2023

	iShares Global Clean Energy ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	2,583,964,227
Investments, at value — affiliated(c)		330,354,190
Cash pledged for futures contracts		520,000
Foreign currency collateral pledged for futures contracts(d)		101,577
Receivables:
Investments sold		5,943,030
Securities lending income — affiliated		240,670
Swaps		86,677
Dividends — unaffiliated		7,833,364
Dividends — affiliated		40,710
From custodian		8,698,581
Tax reclaims		2,146,365
Variation margin on futures contracts		48,482
Unrealized appreciation on OTC swaps		304,410
Total assets		2,940,282,283
LIABILITIES
Bank overdraft		3,103,214
Foreign bank overdraft(e)		5,446,584
Due to broker		7,911
Collateral on securities loaned, at value		317,718,047
Payables:
Investments purchased		1,645
Swaps		420,671
Capital shares redeemed		11,167,129
Investment advisory fees		1,004,580
Total liabilities		338,869,781
Commitments and contingent liabilities
NET ASSETS	$	2,601,412,502
NET ASSETS CONSIST OF
Paid-in capital	$	5,475,604,552
Accumulated loss		(2,874,192,050	)
NET ASSETS	$	2,601,412,502
NET ASSET VALUE
Shares outstanding		199,800,000
Net asset value	$	13.02
Shares authorized		Unlimited
Par value		None
(a)  Investments, at cost — unaffiliated	$	3,905,327,655
(b)  Securities loaned, at value	$	312,823,186
(c)  Investments, at cost — affiliated	$	330,138,190
(d)  Foreign currency collateral pledged, at cost	$	101,695
(e)  Foreign bank overdraft, at cost	$	5,443,737

See notes to financial statements.

12 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statement of Operations (unaudited)

Six Months Ended October 31, 2023

	iShares Global Clean Energy ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	38,192,726
Dividends — affiliated		258,360
Interest — unaffiliated		27,546
Securities lending income — affiliated — net		1,602,379
Foreign taxes withheld		(2,543,377	)
Foreign withholding tax claims		42,633
Total investment income		37,580,267
EXPENSES
Investment advisory		7,849,706
Commitment costs		21,155
Professional		4,263
Total expenses		7,875,124
Net investment income		29,705,143
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(160,046,045	)
Investments — affiliated		91,235
Foreign currency transactions		(242,355	)
Futures contracts		361,208
In-kind redemptions — unaffiliated(a)		60,884,347
Swaps		(268,595	)
		(99,220,205	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(1,143,416,030	)
Investments — affiliated		(30,541	)
Foreign currency translations		(307,173	)
Futures contracts		(678,358	)
Swaps		(210,776	)
		(1,144,642,878	)
Net realized and unrealized loss		(1,243,863,083	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,214,157,940	)

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

See notes to financial statements.

FINANCIAL  STATEMENTS 13

Statements of Changes in Net Assets

	iShares Global Clean Energy ETF
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	29,705,143		$	45,344,322
Net realized loss		(99,220,205	)		(529,875,327	)
Net change in unrealized appreciation (depreciation)		(1,144,642,878	)		477,505,167
Net decrease in net assets resulting from operations		(1,214,157,940	)		(7,025,838	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(29,399,981	)		(44,565,129	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(728,133,675	)		(358,900,445	)
NET ASSETS
Total decrease in net assets		(1,971,691,596	)		(410,491,412	)
Beginning of period		4,573,104,098			4,983,595,510
End of period	$	2,601,412,502		$	4,573,104,098

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

See notes to financial statements.

14 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights  

(For a share outstanding throughout each period)

	iShares Global Clean Energy ETF
			Six Months Ended									Period From
		10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			04/01/21 to 04/30/21			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period		$	18.73		$	18.88		$	23.19		$	24.07		$	9.62		$	9.75		$	9.47
Net investment income(a)			0.13			0.18			0.23			0.06			0.13			0.11			0.19
Net realized and unrealized gain (loss)(b)			(5.72	)		(0.15	)		(4.29	)		(0.94	)		14.42			(0.08	)		0.32
Net increase (decrease) from investment operations			(5.59	)		0.03			(4.06	)		(0.88	)		14.55			0.03			0.51
Distributions from net investment income(c)			(0.12	)		(0.18	)		(0.25	)		—			(0.10	)		(0.16	)		(0.23	)
Net asset value, end of period		$	13.02		$	18.73		$	18.88		$	23.19		$	24.07		$	9.62		$	9.75
Total Return(d)
Based on net asset value			(30.01	)%(e)		0.04	%		(17.64	)%		(3.66	)%(e)		151.73	%		0.12	%		5.69	%
Ratios to Average Net Assets (f)
Total expenses			0.41	%(g)		0.41	%		0.40	%		0.41	%(g)		0.42	%		0.46	%		0.46	%
Total expenses after fees waived and excluding professional fees for foreign withholding tax claims			0.41	%(g)		N/A			N/A			N/A			N/A			N/A			N/A
Net investment income			1.55	%(g)		0.90	%		1.07	%		3.07	%(g)		0.57	%		1.01	%		2.13	%
Supplemental Data
Net assets, end of period (000)		$	2,601,413		$	4,573,104		$	4,983,596		$	5,855,954		$	5,642,271		$	499,227		$	208,595
Portfolio turnover rate(h)			18	%		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.

FINANCIAL  HIGHLIGHTS 15

Notes to Financial Statements (unaudited) 

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Global Clean Energy		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 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.

16 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NOTES  TO    FINANCIAL   STATEMENTS 17

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Global Clean Energy
Barclays Bank PLC	$	20,828,971	$	(20,828,971	)	$	—		$	—
Barclays Capital, Inc.		14,949,348		(14,949,348	)		—			—
BMO Capital Markets Corp.		23,300		(22,969	)		—			331	(b)
BNP Paribas SA		16,611,181		(16,611,181	)		—			—
BofA Securities, Inc.		34,523,653		(34,523,653	)		—			—
Citadel Clearing LLC		1,148,758		(1,143,761	)		—			4,997	(b)
Citigroup Global Markets, Inc.		15,938,272		(15,866,096	)		—			72,176	(b)
Goldman Sachs & Co. LLC		64,478,130		(64,478,130	)		—			—
HSBC Bank PLC		515,406		(515,406	)		—			—
J.P. Morgan Securities LLC		39,384,694		(39,384,694	)		—			—
Jefferies LLC		99,715		(97,482	)		—			2,233	(b)
Morgan Stanley		66,552,276		(66,552,276	)		—			—
National Financial Services LLC		272,987		(269,120	)		—			3,867	(b)
Natixis SA		173,340		(173,340	)		—			—
Nomura Securities International, Inc.		266,340		(266,340	)		—			—
Scotia Capital (USA), Inc.		381,618		(381,618	)		—			—
SG Americas Securities LLC		69,613		(69,613	)		—			—
State Street Bank & Trust Co.		9,417,530		(9,417,530	)		—			—
Toronto-Dominion Bank		1,001,356		(1,001,356	)		—			—
UBS AG		25,998,019		(25,901,933	)		—			96,086	(b)
Wells Fargo Securities LLC		188,679		(187,087	)		—			1,592	(b)
	$	312,823,186	$	(312,641,904	)	$	—		$	181,282

^(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.

^(b)  The market value of the loaned securities is determined as of October 31, 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.

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

18 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (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

NOTES  TO    FINANCIAL   STATEMENTS 19

Notes to Financial Statements (unaudited) (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.

20 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (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 six months ended October 31, 2023, the Fund paid BTC $453,378 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 six months ended October 31, 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	$	1,957,682	$	6,887	$	1,390

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

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

7. PURCHASES AND SALES

For the six months ended October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Global Clean Energy	$	665,132,450	$	813,328,559

For the six months ended October 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
Global Clean Energy	$	—	$	566,928,656

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 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.

As of April 30, 2023, the Fund had non-expiring capital loss carryforwards of $1,384,410,420 available to offset future realized capital gains and qualified late-year losses.

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

As of October 31, 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	$	4,324,741,063	$	123,101,777	$	(1,533,367,098	)	$	(1,410,265,321	)

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 October 16, 2024. 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

NOTES  TO    FINANCIAL   STATEMENTS 21

Notes to Financial Statements (unaudited) (continued)

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 six months ended October 31, 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 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.

Geographic/Asset Class 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

22 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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:

	Six Months Ended 10/31/23						Year Ended 04/30/23
iShares ETF	Shares			Amount			Shares			Amount
Global Clean Energy
Shares sold		200,000		$	3,848,099			16,300,000		$	333,990,804
Shares redeemed		(44,600,000	)		(731,981,774	)		(36,000,000	)		(692,891,249	)
		(44,400,000	)	$	(728,133,675	)		(19,700,000	)	$	(358,900,445	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

12. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the Fund is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

13. SUBSEQUENT EVENTS

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

NOTES  TO    FINANCIAL   STATEMENTS 23

Board Review and Approval of Investment Advisory Contract

iShares Global Clean Energy ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

24 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 25

Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

26 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

GENERAL  INFORMATION 27

Glossary of Terms Used in this Report

Portfolio Abbreviation

NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares

28 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Want to know more?

iShares.com     |    1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©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-SAR-408-1023

OCTOBER 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

●  iShares International Select Dividend ETF | IDV | Cboe BZX

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

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 benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2023
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		1.39%		10.14%
U.S. small cap equities (Russell 2000® Index)		(5.29)		(8.56)
International equities (MSCI Europe, Australasia, Far East Index)		(7.88)		14.40
Emerging market equities (MSCI Emerging Markets Index)		(4.78)		10.80
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.63		4.77
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.70)		(3.25)
U.S. investment grade bonds  (Bloomberg U.S. Aggregate Bond Index)		(6.13)		0.36
Tax-exempt municipal bonds  (Bloomberg Municipal Bond Index)		(4.65)		2.64
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		0.02		6.23
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		5
Disclosure of Expenses		5
Schedule of Investments		6
Financial Statements
Statement of Assets and Liabilities		12
Statement of Operations		13
Statements of Changes in Net Assets		14
Financial Highlights		15
Notes to Financial Statements		16
Board Review and Approval of Investment Advisory Contract		24
General Information		27
Glossary of Terms Used in this Report		28

Fund Summary as of October 31, 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 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(7.76	)%		11.97	%		2.10	%		1.34	%		11.97	%		10.96	%		14.26	%
Fund Market		(7.63	)		11.64			2.16			1.33			11.64			11.29			14.14
Index		(8.04	)		11.34			1.86			1.30			11.34			9.63			13.78

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/23)	Ending             Account Value (10/31/23)	Expenses         Paid During the  Period	(a)		Beginning Account Value (05/01/23)	Ending             Account Value (10/31/23)	Expenses         Paid During the Period	(a)	Annualized         Expense Ratio
	$        1,000.00	$         922.40	$         2.37		$	1,000.00	$         1,022.70	$         2.49		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total��Investments	(a)
Financials	26.8	%
Industrials	16.7
Materials	16.4
Utilities	15.0
Energy	7.3
Consumer Discretionary	6.3
Communication Services	4.7
Consumer Staples	3.3
Real Estate	3.1
Information Technology	0.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	14.5	%
Canada	10.0
South Korea	9.6
Australia	9.1
Japan	8.6
Spain	8.1
Italy	7.5
Hong Kong	6.0
France	5.7
Belgium	2.9
Netherlands	2.7
Norway	2.5
Denmark	2.2
Switzerland	2.2
Finland	2.0
Sweden	1.6
Israel	1.4
Germany	1.3
New Zealand	1.2
Other (each representing less than 1%)	0.9

^(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 (unaudited) October 31, 2023 iShares^® International Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 9.0%
APA Group		3,261,970	$	17,099,053
BHP Group Ltd.		5,041,327		142,707,213
Fortescue Metals Group Ltd.		5,494,127		78,158,432
Harvey Norman Holdings Ltd.		4,989,114		11,661,890
JB Hi-Fi Ltd.		1,790,592		51,470,447
Magellan Financial Group Ltd.		2,416,825		10,029,539
Perpetual Ltd.		1,765,806		21,587,793
Super Retail Group Ltd.		2,726,979		22,945,639
Viva Energy Group Ltd.(a)		5,543,696		9,982,642
				365,642,648
Austria — 0.4%
Oesterreichische Post AG(b)		515,059		16,431,270
Belgium — 2.9%
Ageas SA/NV		2,496,584		95,900,863
Proximus SADP		2,693,039		22,321,304
				118,222,167
Canada — 9.8%
Bank of Nova Scotia (The)		1,992,655		80,683,308
Birchcliff Energy Ltd.		3,024,558		16,706,771
Canadian Utilities Ltd., Class A, NVS		1,686,647		35,685,035
Emera Inc.		1,696,946		55,579,800
Great-West Lifeco Inc.		1,889,104		52,337,751
IGM Financial Inc.		1,293,805		29,127,523
Labrador Iron Ore Royalty Corp.		1,154,675		25,395,772
Manulife Financial Corp.		1,791,508		31,185,868
Peyto Exploration & Development Corp.		2,864,364		30,156,636
Power Corp. of Canada		1,763,190		42,479,306
				399,337,770
Denmark — 2.2%
AP Moller - Maersk A/S, Class A		50,407		82,302,591
D/S Norden A/S		138,892		7,891,335
				90,193,926
Finland — 2.0%
Fortum OYJ		5,011,814		59,507,417
Metsa Board OYJ, Class B		2,898,956		21,949,909
				81,457,326
France — 5.7%
ALD SA(a)		1,828,076		12,296,281
Bouygues SA		1,596,230		56,153,787
Nexity SA(b)		851,793		11,901,650
Orange SA		1,879,970		22,112,285
Rubis SCA		1,601,093		34,859,867
TotalEnergies SE		1,383,866		92,521,811
				229,845,681
Germany — 1.2%
Freenet AG		396,102		10,054,217
Hapag-Lloyd AG(a)(b)		109,762		15,875,415
Mercedes-Benz Group AG		390,476		22,973,363
				48,902,995
Hong Kong — 5.9%
CK Hutchison Holdings Ltd.		12,134,000		61,425,750
CK Infrastructure Holdings Ltd.		9,808,500		45,462,776
Henderson Land Development Co. Ltd.(b)		14,007,000		36,648,729
Hysan Development Co. Ltd.		10,697,000		19,690,568
Kerry Properties Ltd.		9,666,500		16,266,656
New World Development Co. Ltd.(b)		19,177,750		35,197,277
PCCW Ltd.		20,671,000		10,117,158

Security	Shares		Value
Hong Kong (continued)
VTech Holdings Ltd.		2,519,600	$	14,661,104
				239,470,018
Israel — 1.4%
ICL Group Ltd.		11,738,991		57,096,977
Italy — 7.4%
A2A SpA		6,576,632		12,344,290
Anima Holding SpA(a)		3,959,984		16,183,915
Azimut Holding SpA		1,938,032		40,836,074
Enel SpA		7,317,249		46,446,828
Eni SpA		7,005,519		114,523,880
Italgas SpA		5,602,975		28,473,232
Snam SpA		5,724,568		26,250,242
UnipolSai Assicurazioni SpA		6,596,421		15,634,521
				300,692,982
Japan — 8.5%
Haseko Corp.		1,600,800		19,700,792
Mitsui OSK Lines Ltd.		5,023,800		129,700,922
MS&AD Insurance Group Holdings Inc.		1,423,900		52,172,424
Nippon Yusen KK		4,580,400		112,069,755
Sojitz Corp.		1,486,980		30,877,697
				344,521,590
Netherlands — 2.6%
Flow Traders Ltd., NVS(b)		551,497		10,077,721
NN Group NV		2,135,366		68,486,279
SBM Offshore NV		2,241,623		27,918,205
				106,482,205
New Zealand — 1.1%
Spark New Zealand Ltd.		16,164,791		46,928,310
Norway — 2.5%
Norsk Hydro ASA		1,802,425		10,278,700
Yara International ASA		2,806,739		91,841,929
				102,120,629
Singapore — 0.5%
Golden Agri-Resources Ltd.		97,041,300		19,136,801
South Korea — 8.4%
BNK Financial Group Inc.		2,840,852		14,298,460
DB Insurance Co. Ltd.		864,010		56,211,529
DGB Financial Group Inc.		2,487,247		14,486,307
Hana Financial Group Inc.		2,293,327		66,682,520
Industrial Bank of Korea		2,859,582		23,665,823
KB Financial Group Inc.		1,732,911		66,055,512
Samsung Securities Co. Ltd.		1,120,010		29,340,157
Shinhan Financial Group Co. Ltd.		1,680,943		43,207,327
Woori Financial Group Inc.		2,894,350		25,565,073
				339,512,708
Spain — 8.0%
ACS Actividades de Construccion y Servicios SA		3,231,281		116,855,927
Cia. de Distribucion Integral Logista Holdings SA		1,104,620		27,124,155
Enagas SA		3,174,475		53,104,799
Mapfre SA		3,291,798		6,842,728
Naturgy Energy Group SA		2,124,112		60,101,051
Redeia Corp. SA		2,963,064		46,208,737
Telefonica SA		3,519,662		13,595,174
				323,832,571
Sweden — 1.6%
Samhallsbyggnadsbolaget i Norden AB(b)		19,477,289		5,665,469
Telia Co. AB		27,637,397		58,589,769
				64,255,238

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Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® International Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland — 2.2%
Swiss Re AG		170,028	$	18,577,733
Zurich Insurance Group AG		149,894		71,198,531
				89,776,264
United Kingdom — 14.3%
abrdn PLC		3,268,520		6,239,916
Ashmore Group PLC		3,400,818		7,006,320
British American Tobacco PLC		3,833,724		114,522,550
Centamin PLC		3,194,990		3,202,252
IG Group Holdings PLC		2,865,424		22,260,316
Jupiter Fund Management PLC		3,099,387		2,960,756
Legal & General Group PLC		3,760,579		9,689,141
National Grid PLC		2,588,811		30,866,312
Persimmon PLC		6,191,390		76,674,162
Phoenix Group Holdings PLC		4,092,700		22,607,616
Rio Tinto PLC		3,577,911		228,272,345
SSE PLC		2,594,098		51,553,948
Vodafone Group PLC		4,080,640		3,756,382
				579,612,016
Total Common Stocks — 97.6% (Cost: $4,635,728,767)				3,963,472,092
Preferred Stocks
Germany — 0.0%
Schaeffler AG, Preference Shares, NVS		400,994		2,081,183
South Korea — 1.1%
Hyundai Motor Co., Series 2, Preference Shares, NVS		604,921		44,940,824
Total Preferred Stocks — 1.1% (Cost: $47,127,589)				47,022,007
Total Long-Term Investments — 98.7% (Cost: $4,682,856,356)				4,010,494,099

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		44,961,142	$	44,979,127
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(c)(d)		2,160,000		2,160,000
Total Short-Term Securities — 1.2% (Cost: $47,121,673)				47,139,127
Total Investments — 99.9% (Cost: $4,729,978,029)				4,057,633,226
Other Assets Less Liabilities — 0.1%				4,190,584
Net Assets — 100.0%			$	4,061,823,810

^(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 six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	68,492,998	$	—	$	(23,522,502	)(a)	$	6,852	$	1,779	$	44,979,127		44,961,142	$	4,187,791	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,300,000		—		(2,140,000	)(a)		—		—		2,160,000		2,160,000		194,253			—
								$	6,852	$	1,779	$	47,139,127			$	4,382,044		$	—

^(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.

S C H E D U L E    O F    I N V E S  T M E N T S 7

Schedule of Investments (unaudited) (continued) October 31, 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
Euro STOXX 50 Index		219		12/15/23		$  9,455	$	(227,224	)
FTSE 100 Index		163		12/15/23		14,549		(572,959	)
SPI 200 Index		72		12/21/23		7,777		(344,998	)
							$	(1,145,181	)

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	$	6,841,650	$	(175,324	)(c)	$	6,703,643		0.2	%
		Monthly		HSBC Bank PLC(d)		02/10/28		4,485,368		(64,202	)(e)		4,449,146		0.1
		Monthly		JPMorgan Chase Bank NA(f)		02/08/24		6,373,261		(120,714	)(g)		6,321,273		0.1
									$	(360,240	)	$	17,474,062

^(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 $(37,317) of net dividends and financing fees.

^(e)  Amount includes $(27,980) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $(68,726) 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)

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Schedule of Investments (unaudited) (continued) October 31, 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		401,463	$	6,703,643		100.0	%
Net Value of Reference Entity — Goldman Sachs Bank USA			$	6,703,643

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		258,066	$	4,312,372		96.9	%
Red Electrica Corp. SA		8,780		136,774		3.1
Net Value of Reference Entity — HSBC Bank PLC			$	4,449,146

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		378,285	$	6,321,273		100.0	%
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	6,321,273

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	$	—	$	—	$	—	$	(360,240	)

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
Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,145,181	$	—	$	—	$	—	$	1,145,181
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	360,240	$	—	$	—	$	—	$	360,240
	$	—	$	—	$	1,505,421	$	—	$	—	$	—	$	1,505,421

^(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).

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

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® International Select Dividend ETF

For the period ended October 31, 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	$	—	$	—	$	(1,119,430	)	$	—	$	—	$	—	$	(1,119,430	)
Swaps		—		—		(1,304,803	)		—		—		—		(1,304,803	)
	$	—	$	—	$	(2,424,233	)	$	—	$	—	$	—	$	(2,424,233	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,716,318	)	$	—	$	—	$	—	$	(2,716,318	)
Swaps		—		—		(1,324,881	)		—		—		—		(1,324,881	)
	$	—	$	—	$	(4,041,199	)	$	—	$	—	$	—	$	(4,041,199	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: Average notional value of contracts — long	$	32,770,852
Total return swaps: Average notional value	$	20,523,423

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	$	—	$	1,145,181
Swaps - OTC		—		360,240
Total derivative assets and liabilities in the Statement of Assets and Liabilities		—		1,505,421
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,145,181	)
Total derivative assets and liabilities subject to an MNA		—		360,240

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

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(c)
Goldman Sachs Bank USA	$	175,324	$	—	$	—	$	(20,000	)	$	155,324
HSBC Bank PLC		64,202		—		—		—			64,202
JPMorgan Chase Bank NA		120,714		—		—		—			120,714
	$	360,240	$	—	$	—	$	(20,000	)	$	340,240

^(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 payable due to the counterparty in the event of default.

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Schedule of Investments (unaudited) (continued) October 31, 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		$	451,989,882		$	3,511,482,210			$	—		$	3,963,472,092
Preferred Stocks			—			47,022,007				—			47,022,007
Short-Term Securities
Money Market Funds			47,139,127			—				—			47,139,127
		$	499,129,009		$	3,558,504,217			$	—		$	4,057,633,226
Derivative Financial Instruments(a)
Liabilities
Equity Contracts		$	—		$	(1,505,421	)		$	—		$	(1,505,421	)

^(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.

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

Statement of Assets and Liabilities (unaudited)

October 31, 2023

	iShares International Select Dividend ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	4,010,494,099
Investments, at value — affiliated(c)		47,139,127
Cash		6,723
Cash pledged as collateral for OTC derivatives		20,000
Foreign currency collateral pledged for futures contracts(d)		2,418,688
Foreign currency, at value(e)		29,188,802
Receivables:
Investments sold		85
Securities lending income — affiliated		407,844
Swaps		31,679
Dividends — unaffiliated		15,775,619
Dividends — affiliated		30,074
Tax reclaims		14,050,551
Variation margin on futures contracts		68,899
Total assets		4,119,632,190
LIABILITIES
Cash received for futures contracts		6,344
Collateral on securities loaned, at value		44,948,235
Payables:
Investments purchased		5,976,544
Swaps		206,509
Investment advisory fees		1,732,363
IRS compliance fee for foreign withholding tax claims		4,578,145
Unrealized depreciation on OTC swaps		360,240
Total liabilities		57,808,380
Commitments and contingent liabilities
NET ASSETS	$	4,061,823,810
NET ASSETS CONSIST OF
Paid-in capital	$	5,967,204,695
Accumulated loss		(1,905,380,885	)
NET ASSETS	$	4,061,823,810
NET ASSET VALUE
Shares outstanding		164,100,000
Net asset value	$	24.75
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	4,682,856,356
(b) Securities loaned, at value	$	42,833,072
(c)  Investments, at cost — affiliated	$	47,121,673
(d) Foreign currency collateral pledged, at cost	$	2,528,989
(e) Foreign currency, at cost	$	29,086,319

See notes to financial statements.

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Statement of Operations (unaudited)

Six Months Ended October 31, 2023

	iShares International Select Dividend ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	185,340,656
Dividends — affiliated		194,253
Interest — unaffiliated		135,648
Securities lending income — affiliated — net		4,187,791
Other income — unaffiliated		70,473
Foreign taxes withheld		(17,100,210	)
IRS compliance fee for foreign withholding tax claims		128,887
Total investment income		172,957,498
EXPENSES
Investment advisory		11,411,701
Professional		16,338
Commitment costs		11,223
Total expenses		11,439,262
Net investment income		161,518,236
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(65,761,497	)
Investments — affiliated		6,852
Foreign currency transactions		(3,145,454	)
Futures contracts		(1,119,430	)
In-kind redemptions — unaffiliated(a)		33,809,993
Swaps		(1,304,803	)
		(37,514,339	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(488,704,193	)
Investments — affiliated		1,779
Foreign currency translations		(353,275	)
Futures contracts		(2,716,318	)
Swaps		(1,324,881	)
		(493,096,888	)
Net realized and unrealized loss		(530,611,227	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(369,092,991	)

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N  T S 13

Statements of Changes in Net Assets

	iShares International Select Dividend ETF
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	161,518,236		$	346,145,773
Net realized loss		(37,514,339	)		(158,688,634	)
Net change in unrealized appreciation (depreciation)		(493,096,888	)		(219,514,963	)
Net decrease in net assets resulting from operations		(369,092,991	)		(32,057,824	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(216,248,724	)		(304,367,747	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(375,411,273	)		749,314,980
NET ASSETS
Total increase (decrease) in net assets		(960,752,988	)		412,889,409
Beginning of period		5,022,576,798			4,609,687,389
End of period	$	4,061,823,810		$	5,022,576,798

^(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 International Select Dividend ETF
	Six Months Ended 10/31/23 (unaudited)			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 period	$	28.14		$	30.17		$	32.41		$	24.14		$	31.59		$	34.11
Net investment income(a)		0.93			2.06	(b)		1.95	(b)		1.35			1.83			1.71
Net realized and unrealized gain (loss)(c)		(3.08	)		(2.25	)		(2.48	)		8.19			(7.10	)		(2.48	)
Net increase (decrease) from investment operations		(2.15	)		(0.19	)		(0.53	)		9.54			(5.27	)		(0.77	)
Distributions from net investment income(d)		(1.24	)		(1.84	)		(1.71	)		(1.27	)		(2.18	)		(1.75	)
Net asset value, end of period	$	24.75		$	28.14		$	30.17		$	32.41		$	24.14		$	31.59
Total Return(e)
Based on net asset value		(7.76	)%(f)		(0.06	)%(b)		(1.76	)%(b)		40.57	%		(17.15	)%		(2.13	)%
Ratios to Average Net Assets(g)
Total expenses		0.49	%(h)		0.51	%		0.54	%		0.49	%		0.49	%		0.49	%
Total expenses after fees waived		0.49	%(h)		0.51	%		0.54	%		0.49	%		0.49	%		0.49	%
Total expenses excluding professional fees for foreign withholding tax claims		0.49	%(h)		0.49	%		0.49	%		N/A			N/A			0.49	%
Net investment income		6.97	%(h)		7.58	%(b)		6.12	%(b)		4.87	%		6.06	%		5.39	%
Supplemental Data
Net assets, end of period (000)	$	4,061,824		$	5,022,579		$	4,609,687		$	4,329,942		$	3,421,123		$	4,377,418
Portfolio turnover rate(i)		3	%		29	%		36	%		86	%		12	%		35	%

^(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, 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)  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.

F I N A N C I A L    H I G H L I G H  T S 15

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
International Select Dividend	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 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 (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount
International Select Dividend
Goldman Sachs & Co. LLC	$	7,452,217	$	(7,383,319	)	$	—	$	68,898	(b)
HSBC Bank PLC		1,308,229		(1,308,229	)		—		—
J.P. Morgan Securities LLC		6,045,962		(6,045,962	)		—		—
Jefferies LLC		176,086		(169,619	)		—		6,467	(b)
Morgan Stanley		25,435,521		(25,435,521	)		—		—
SG Americas Securities LLC		2,415,057		(2,415,057	)		—		—
	$	42,833,072	$	(42,757,707	)	$	—	$	75,365

^(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.

^(b)  The market value of the loaned securities is determined as of October 31, 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.

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.

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Notes to Financial Statements (unaudited) (continued)

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 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.

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Notes to Financial Statements (unaudited) (continued)

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 $12 billion		0.5000	%
Over $12 billion, up to and including $18 billion		0.4750
Over $18 billion, up to and including $24 billion		0.4513
Over $24 billion, up to and including $30 billion		0.4287
Over $30 billion		0.4073

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

For the six months ended October 31, 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 six months ended October 31, 2023, the Fund paid BTC $898,175 for securities lending agent services.

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

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Notes to Financial Statements (unaudited)(continued)

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

For the six months ended October 31, 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	$	—	$	11,475,458	$	(3,710,187	)

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

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

7. PURCHASES AND SALES

For the six months ended October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
International Select Dividend	$	157,733,471	$	230,209,016

For the six months ended October 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
International Select Dividend	$	9,850,720	$	341,162,516

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 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.

As of April 30, 2023, the Fund had non-expiring capital loss carryforwards of $1,155,168,435 available to offset future realized capital gains and qualified late-year losses.

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

As of October 31, 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	$	4,795,345,699	$	260,801,219	$	(1,000,019,113	)	$	(739,217,894	)

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 October 16, 2024. 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.

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Notes to Financial Statements (unaudited) (continued)

During the six months ended October 31, 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 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.

Geographic/Asset Class 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

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Notes to Financial Statements (unaudited) (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.

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:

	Six Months Ended 10/31/23						Year Ended 04/30/23
iShares ETF	Shares			Amount			Shares			Amount
International Select Dividend
Shares sold		800,000		$	21,597,105			29,750,000		$	855,301,402
Shares redeemed		(15,200,000	)		(397,008,378	)		(4,050,000	)		(105,986,422	)
		(14,400,000	)	$	(375,411,273	)		25,700,000		$	749,314,980

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

12. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares International Select Dividend ETF is able to pass through to shareholders as a foreign tax credit in the current year, the fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

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.

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Board Review and Approval of Investment Advisory Contract

iShares International Select Dividend ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

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 25

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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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.

G E N E R A L    I N F O R M A T I O  N 27

Glossary of Terms Used in this Report

Portfolio Abbreviation

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 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-SAR-406-1023

    OCTOBER 31, 2023

2023 Semi-Annual Report

(Unaudited)

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,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

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 benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		1.39	%		10.14	%
U.S. small cap equities (Russell 2000® Index)		(5.29	)		(8.56	)
International equities (MSCI Europe, Australasia, Far East Index)		(7.88	)		14.40
Emerging market equities (MSCI Emerging Markets Index)		(4.78	)		10.80
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.63			4.77
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.70	)		(3.25	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.13	)		0.36
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.65	)		2.64
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		0.02			6.23
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		24
Statements of Operations		25
Statements of Changes in Net Assets		26
Financial Highlights		28
Notes to Financial Statements		31
Board Review and Approval of Investment Advisory Contract		39
Supplemental Information		43
General Information		44
Glossary of Terms Used in this Report		45

Fund Summary as of October 31, 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
	6-Month Total Returns			Since Inception
Fund NAV		(11.26	)%		(9.80	)%
Fund Market		(11.30	)		(9.53	)
Index		(11.47	)		(10.37	)

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 (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        887.40	$       1.42			$  ��   1,000.00	$      1,023.60	$       1.53		0.30	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Retail REITs	15.4	%
Industrial REITs	14.3
Multi-Family Residential REITs	11.4
Data Center REITs	10.1
Office REITs	8.3
Real Estate Operating Companies	8.0
Diversified REITs	6.2
Diversified Real Estate Activities	5.8
Health Care REITs	5.7
Self Storage REITs	4.2
Single-Family Residential REITs	3.5
Other Specialized REITs	3.0
Hotel & Resort REITs	2.5
Real Estate Development	1.5
Other (each representing less than 1%)	0.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	59.7	%
Japan	10.4
Hong Kong	5.8
Singapore	5.7
Australia	4.1
United Kingdom	3.5
Germany	2.2
Canada	1.9
Sweden	1.6
France	1.6

^(a)  Excludes money market funds.

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Fund Summary as of October 31, 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
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(11.59	)%		(6.19	)%		(0.24	)%		1.70	%		(6.19	)%		(1.18	)%		17.04	%
Fund Market		(11.71	)		(6.34	)		(0.21	)		1.70			(6.34	)		(1.03	)		17.01
Index		(11.97	)		(7.04	)		(1.01	)		0.92			(7.04	)		(4.93	)		8.87

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        884.10	$       0.66			$      1,000.00	$      1,024.40	$       0.71		0.14	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Retail REITs	19.3	%
Industrial REITs	17.4
Multi-Family Residential REITs	10.7
Data Center REITs	9.0
Health Care REITs	9.0
Office REITs	8.2
Diversified REITs	8.1
Self Storage REITs	6.3
Single-Family Residential REITs	4.6
Other Specialized REITs	3.9
Hotel & Resort REITs	3.3
Other (each representing less than 1%)	0.2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	71.5	%
Japan	7.7
United Kingdom	4.4
Australia	3.7
Singapore	3.4
Canada	2.5
France	1.7
Hong Kong	1.1
Belgium	1.1
Mexico	0.8

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of October 31, 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
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(13.98	)%		(3.27	)%		(4.18	)%		(1.28	)%		(3.27	)%		(19.23	)%		(12.05	)%
Fund Market		(14.02	)		(3.14	)		(4.15	)		(1.28	)		(3.14	)		(19.09	)		(12.09	)
Index		(14.04	)		(3.56	)		(4.15	)		(1.13	)		(3.56	)		(19.10	)		(10.77	)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        860.20	$       2.24			$      1,000.00	$      1,022.70	$       2.44		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Real Estate Operating Companies	20.0	%
Retail REITs	16.5
Diversified Real Estate Activities	14.5
Industrial REITs	13.1
Diversified REITs	12.3
Office REITs	9.6
Multi-Family Residential REITs	5.1
Real Estate Development	2.7
Health Care REITs	2.3
Hotel & Resort REITs	1.7
Self Storage REITs	1.1
Other (each representing less than 1%)	1.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	28.8	%
Hong Kong	11.0
United Kingdom	10.9	��
Singapore	9.6
Australia	9.0
Canada	6.5
Germany	5.3
Sweden	4.3
France	4.1
Switzerland	3.6

^(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 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.

ABOUT    FUND    PERFORMANCE  /  DISCLOSURE    OF    EXPENSES 7

Schedule of Investments (unaudited)  October 31, 2023 iShares^® Environmentally Aware Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Data Center REITs — 10.1%
Digital Realty Trust Inc.		1,875	$	233,175
Equinix Inc.		762		555,985
Keppel DC REIT		7,500		9,256
				798,416
Diversified Real Estate Activities — 5.8%
Allreal Holding AG, Registered		63		10,109
City Developments Ltd.		2,100		9,693
Heiwa Real Estate Co. Ltd.		200		5,120
Mitsubishi Estate Co. Ltd.		7,800		99,842
Mitsui Fudosan Co. Ltd.		5,100		110,542
New World Development Co. Ltd.(a)		12,000		22,024
Nomura Real Estate Holdings Inc.		600		14,014
Peach Property Group AG(a)(b)		122		1,601
Sumitomo Realty & Development Co. Ltd.		1,800		45,169
Sun Hung Kai Properties Ltd.		10,500		107,821
Tokyo Tatemono Co. Ltd.		1,200		15,934
UOL Group Ltd.		3,000		12,921
				454,790
Diversified REITs — 6.1%
Abrdn Property Income Trust		1,956		1,108
Activia Properties Inc.		3		8,116
Alexander & Baldwin Inc.		387		6,115
American Assets Trust Inc.		351		6,230
Argosy Property Ltd.		4,323		2,670
Armada Hoffler Properties Inc.		363		3,616
Balanced Commercial Property Trust Ltd.		1,929		1,483
British Land Co. PLC (The)		7,530		27,298
Broadstone Net Lease Inc.		780		11,037
Charter Hall Long Wale REIT		3,477		6,680
Cromwell European Real Estate Investment Trust		2,400		2,920
Custodian Reit PLC		2,010		2,010
Daiwa House REIT Investment Corp.		14		24,776
Empire State Realty Trust Inc., Class A		1,641		13,276
Essential Properties Realty Trust Inc.		795		17,450
Global Net Lease Inc.		992		7,877
GPT Group (The)		13,752		31,737
Growthpoint Properties Australia Ltd.		1,524		1,913
H&R Real Estate Investment Trust		1,257		7,732
Heiwa Real Estate REIT Inc.		6		5,609
Hulic Reit Inc.		6		6,121
ICADE		144		4,705
Land Securities Group PLC		3,057		21,190
Lar Espana Real Estate SOCIMI SA		891		5,166
LXI REIT PLC		3,807		3,968
Merlin Properties SOCIMI SA		3,687		30,741
Mirvac Group		27,777		32,228
Mori Trust Reit Inc.		9		4,388
NIPPON REIT Investment Corp.		3		6,931
Nomura Real Estate Master Fund Inc.		21		23,173
NTT UD REIT Investment Corp.		6		4,946
OUE Commercial Real Estate Investment Trust		25,200		4,325
Picton Property Income Ltd.		2,436		1,925
Schroder REIT Ltd.		3,483		1,717
Sekisui House Reit Inc.		24		12,640
Star Asia Investment Corp.		6		2,261
Stockland		15,855		35,784
Stride Property Group		2,178		1,726
Sunlight REIT		12,000		3,319
Suntec REIT		21,600		17,358
Takara Leben Real Estate Investment Corp.		3		1,965

Security	Shares		Value
Diversified REITs (continued)
Tokyu REIT Inc.		5	$	5,966
UK Commercial Property REIT Ltd.		4,029		2,584
United Urban Investment Corp.		12		12,098
WP Carey Inc.		891		47,802
				484,680
Health Care Facilities — 0.1%
Chartwell Retirement Residences		1,506		11,034
Health Care REITs — 5.7%
Aedifica SA		228		12,439
Assura PLC		6,840		3,404
CareTrust REIT Inc.		393		8,457
Cofinimmo SA		129		8,022
Community Healthcare Trust Inc.		57		1,634
Healthcare Realty Trust Inc., Class A		870		12,484
Healthpeak Properties Inc.		2,061		32,048
Impact Healthcare Reit PLC, Class B		741		747
LTC Properties Inc.		93		2,940
Medical Properties Trust Inc.		1,614		7,715
National Health Investors Inc.		213		10,658
NorthWest Healthcare Properties REIT		550		1,590
Omega Healthcare Investors Inc.		597		19,761
Parkway Life REIT		1,500		3,680
Physicians Realty Trust		468		5,082
Primary Health Properties PLC		2,409		2,628
Sabra Health Care REIT Inc.		615		8,389
Target Healthcare REIT PLC		1,497		1,312
Universal Health Realty Income Trust		54		2,076
Ventas Inc.		2,694		114,387
Vital Healthcare Property Trust		1,299		1,514
Welltower Inc.		2,265		189,377
				450,344
Hotel & Resort REITs — 2.5%
Apple Hospitality REIT Inc.		885		13,877
CapitaLand Ascott Trust		8,080		5,313
CDL Hospitality Trusts		4,500		3,182
DiamondRock Hospitality Co.		1,170		9,044
Far East Hospitality Trust		4,800		2,073
Hoshino Resorts REIT Inc.		1		3,934
Host Hotels & Resorts Inc.		4,179		64,691
Hotel Property Investments Ltd.		2,010		3,264
Invincible Investment Corp.		15		5,769
Japan Hotel REIT Investment Corp.		12		5,456
Park Hotels & Resorts Inc.		1,041		12,003
Pebblebrook Hotel Trust		678		8,088
RLJ Lodging Trust		749		7,040
Ryman Hospitality Properties Inc.		291		24,909
Service Properties Trust		447		3,241
Summit Hotel Properties Inc.		465		2,623
Sunstone Hotel Investors Inc.		1,422		13,224
Xenia Hotels & Resorts Inc.		779		9,060
				196,791
Industrial REITs — 14.3%
Advance Logistics Investment Corp.		3		2,444
AIMS APAC REIT		4,347		3,809
Americold Realty Trust Inc.		1,422		37,285
CapitaLand Ascendas REIT		28,200		53,581
Centuria Industrial REIT		2,265		4,099
CRE Logistics REIT Inc.		3		3,152
Dexus Industria REIT		1,230		1,859
Dream Industrial REIT		966		8,157

8 2 0 2 3    I S H A R E S     S E M I - 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 (unaudited) (continued) October 31, 2023 iShares^® Environmentally Aware Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial REITs (continued)
EastGroup Properties Inc.		234	$	38,200
ESR Kendall Square REIT Co. Ltd.		861		2,043
ESR-LOGOS REIT		49,600		9,962
First Industrial Realty Trust Inc.		612		25,888
Frasers Logistics & Commercial Trust		20,100		15,268
GLP J-Reit		48		42,992
Goodman Property Trust		4,731		5,540
Granite REIT		267		12,159
Industrial & Infrastructure Fund Investment Corp.		12		10,786
Innovative Industrial Properties Inc.		105		7,542
Intervest Offices & Warehouses NV		171		3,628
Japan Logistics Fund Inc.		6		11,114
LaSalle Logiport REIT		15		14,711
LondonMetric Property PLC		4,788		9,649
LXP Industrial Trust		1,500		11,865
Mapletree Industrial Trust		15,600		24,522
Mapletree Logistics Trust		21,600		23,195
Mitsubishi Estate Logistics REIT Investment Corp.		2		5,033
Mitsui Fudosan Logistics Park Inc.		5		15,116
Montea NV		57		4,029
Nippon Prologis REIT Inc.		33		58,719
Prologis Inc.		4,851		488,738
Rexford Industrial Realty Inc.		723		31,263
Segro PLC		5,595		48,632
SOSiLA Logistics REIT Inc.		6		4,754
STAG Industrial Inc.		876		29,101
Terreno Realty Corp.		360		19,181
Tritax Big Box REIT PLC		11,322		18,850
Urban Logistics REIT PLC		2,208		2,796
Warehouse REIT PLC		1,995		1,758
Warehouses De Pauw CVA		705		17,443
				1,128,863
Multi-Family Residential REITs — 11.3%
Advance Residence Investment Corp.		8		17,394
Apartment Income REIT Corp.		975		28,480
Apartment Investment & Management Co., Class A(b)		804		4,711
AvalonBay Communities Inc.		1,113		184,469
Boardwalk REIT		171		7,985
Camden Property Trust		690		58,567
Canadian Apartment Properties REIT		846		24,903
Centerspace		84		4,081
Comforia Residential REIT Inc.		4		8,489
Daiwa Securities Living Investments Corp.		12		8,873
Elme Communities		765		9,761
Empiric Student Property PLC		3,342		3,432
Equity Residential		3,321		183,751
Essex Property Trust Inc.		468		100,115
Independence Realty Trust Inc.		939		11,634
Ingenia Communities Group		2,661		6,623
InterRent REIT		627		5,317
Irish Residential Properties REIT PLC		2,940		2,832
Kenedix Residential Next Investment Corp.(b)		6		8,360
Killam Apartment REIT		543		6,136
Mid-America Apartment Communities Inc.		718		84,832
NexPoint Residential Trust Inc.		129		3,482
Nippon Accommodations Fund Inc.		3		12,086
Residential Secure Income PLC, NVS(c)		819		534
Samty Residential Investment Corp.		3		2,240
Triple Point Social Housing REIT PLC(c)		1,578		1,042
UDR Inc.		2,340		74,435
UNITE Group PLC (The)		2,280		24,128
Veris Residential Inc.		270		3,615

Security	Shares		Value
Multi-Family Residential REITs (continued)
Xior Student Housing NV		100	$	2,877
				895,184
Office REITs — 8.3%
Abacus Group		2,697		1,642
Alexandria Real Estate Equities Inc.		969		90,243
Allied Properties REIT		513		5,863
Boston Properties Inc.		1,599		85,658
Brandywine Realty Trust		1,653		6,182
Centuria Office REIT		1,968		1,370
Champion REIT		24,000		7,581
CLS Holdings PLC		663		700
Corporate Office Properties Trust		672		15,322
Cousins Properties Inc.		1,797		32,112
Covivio		243		10,414
Cromwell Property Group		9,939		2,027
Daiwa Office Investment Corp.		1		4,375
Derwent London PLC		486		10,801
Dexus		6,900		28,498
Douglas Emmett Inc.		909		10,190
Easterly Government Properties Inc., Class A		519		5,584
Gecina SA		282		27,690
Global One Real Estate Investment Corp.		3		2,276
Great Portland Estates PLC		1,170		5,546
Helical PLC		384		896
Highwoods Properties Inc.		798		14,276
Hudson Pacific Properties Inc.		1,780		7,939
Ichigo Office REIT Investment Corp.		6		3,366
Inmobiliaria Colonial SOCIMI SA		3,270		18,346
Japan Excellent Inc.		6		5,266
Japan Prime Realty Investment Corp.		3		7,027
Japan Real Estate Investment Corp.		6		22,286
JBG SMITH Properties		1,545		19,884
JR Global Reit		482		1,406
Kenedix Office Investment Corp.		8		8,344
Keppel Pacific Oak US REIT		6,900		1,270
Keppel REIT		27,000		15,678
Kilroy Realty Corp.		1,071		30,609
Mirai Corp.		9		2,718
Mori Hills REIT Investment Corp.		21		19,655
Nippon Building Fund Inc.		6		24,108
NSI NV		93		1,679
One REIT Inc.		1		1,733
Orix JREIT Inc.		15		17,239
Paramount Group Inc.		1,941		8,308
Piedmont Office Realty Trust Inc., Class A		1,359		7,080
Precinct Properties New Zealand Ltd.		7,476		4,835
Prosperity REIT		9,000		1,555
Regional REIT Ltd.(c)		909		311
Sankei Real Estate Inc.		3		1,817
SL Green Realty Corp.		768		22,495
Vornado Realty Trust		1,417		27,206
Workspace Group PLC		357		2,098
				653,504
Other Specialized REITs — 2.9%
Arena REIT		2,172		4,394
Charter Hall Social Infrastructure REIT		822		1,246
EPR Properties		267		11,401
Four Corners Property Trust Inc.		450		9,585
Gaming and Leisure Properties Inc.		1,068		48,477
Safehold Inc.		189		3,075

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

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Environmentally Aware Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Other Specialized REITs (continued)
VICI Properties Inc., Class A		5,535	$	154,426
				232,604
Real Estate Development — 1.5%
CK Asset Holdings Ltd.		16,500		82,472
Lifestyle Communities Ltd.(a)		627		6,238
Sino Land Co. Ltd.		28,000		27,953
				116,663
Real Estate Operating Companies — 8.0%
Aberdeen Standard European Logistics Income PLC(c)		2,172		1,348
Aeon Mall Co. Ltd.		600		6,823
Amot Investments Ltd.		1,170		4,900
Aroundtown SA(b)		5,828		13,170
Atrium Ljungberg AB, Class B		504		7,750
Azrieli Group Ltd.		270		11,625
CA Immobilien Anlagen AG		327		11,057
Capitaland Investment Ltd./Singapore		21,300		45,735
Castellum AB		2,046		19,608
Catena AB		159		5,267
Cibus Nordic Real Estate AB		210		1,971
Citycon OYJ		900		4,761
Corem Property Group AB, Class B		2,706		1,747
Deutsche EuroShop AG		81		1,469
Deutsche Wohnen SE		318		6,843
Dios Fastigheter AB		510		2,761
Entra ASA(c)		393		3,066
Fabege AB		2,124		15,847
Fastighets AB Balder, Class B(a)(b)		3,795		16,124
Grainger PLC		3,576		9,884
Grand City Properties SA(b)		591		5,285
Hiag Immobilien Holding AG		15		1,290
Hongkong Land Holdings Ltd.		10,500		33,303
Hufvudstaden AB, Class A		1,542		16,440
Hulic Co. Ltd.		1,800		16,503
Hysan Development Co. Ltd.		6,000		11,045
Intershop Holding AG		6		3,981
Kennedy-Wilson Holdings Inc.		645		8,301
Kojamo OYJ		912		7,791
LEG Immobilien SE(b)		438		27,380
Mobimo Holding AG, Registered		30		8,286
NP3 Fastigheter AB		99		1,323
Nyfosa AB		909		4,399
Pandox AB, Class B		237		2,333
Phoenix Spree Deutschland Ltd.(b)		375		711
Platzer Fastigheter Holding AB, Class B		249		1,305
PSP Swiss Property AG, Registered		165		20,301
Sagax AB, Class B		732		13,251
Samhallsbyggnadsbolaget i Norden AB(a)		5,823		1,694
Shurgard Self Storage Ltd.		117		4,379
Sirius Real Estate Ltd.		5,184		5,037
Swire Properties Ltd.		16,200		31,367
Swiss Prime Site AG, Registered		303		28,163
TAG Immobilien AG(b)		966		10,562
Tricon Residential Inc.		984		6,521
VGP NV		36		2,931
Vonovia SE		4,665		107,398
Wallenstam AB, Class B		1,788		6,047
Wharf Real Estate Investment Co. Ltd.		13,000		45,475
Wihlborgs Fastigheter AB		1,392		9,023
				633,581
Retail REITs — 15.3%
Acadia Realty Trust		346		4,955

Security	Shares		Value
Retail REITs (continued)
AEON REIT Investment Corp.		6	$	5,712
Agree Realty Corp.		347		19,411
Ascencio		36		1,630
Brixmor Property Group Inc.		1,032		21,455
BWP Trust		3,420		7,073
Capital & Counties Properties PLC		6,962		8,826
CapitaLand Integrated Commercial Trust		81,900		105,259
Carmila SA		420		5,885
Charter Hall Retail REIT		3,762		7,310
Choice Properties REIT		1,200		10,419
Crombie REIT		501		4,400
Eurocommercial Properties NV		402		8,630
Federal Realty Investment Trust		492		44,866
First Capital Real Estate Investment Trust		1,284		12,074
Fortune REIT		9,000		5,035
Frasers Centrepoint Trust		15,900		24,053
Frontier Real Estate Investment Corp.		2		5,983
Fukuoka REIT Corp.		3		3,230
Getty Realty Corp.		158		4,206
Hamborner REIT AG		459		3,037
Hammerson PLC		36,531		9,786
HomeCo Daily Needs REIT		7,716		5,262
Immobiliare Grande Distribuzione SIIQ SpA		348		714
InvenTrust Properties Corp.		261		6,551
Japan Metropolitan Fund Invest		12		7,744
Kenedix Retail REIT Corp.(b)		3		5,240
Kimco Realty Corp.		2,838		50,914
Kite Realty Group Trust		1,131		24,113
Kiwi Property Group Ltd.		8,721		3,938
Klepierre SA		1,842		44,731
Lendlease Global Commercial REIT		27,600		10,280
Link REIT		16,200		74,344
LOTTE Reit Co. Ltd.		1,115		2,377
Macerich Co. (The)		858		8,340
Mapletree Pan Asia Commercial Trust		32,700		31,781
Mercialys SA		513		4,370
NETSTREIT Corp.		480		6,840
NewRiver REIT PLC		2,121		2,011
NNN REIT Inc.		531		19,291
Paragon REIT		13,800		8,013
Phillips Edison & Co. Inc.		942		33,262
Prinmaris REIT		330		2,958
Realty Income Corp.		2,061		97,650
Regency Centers Corp.		750		45,195
Region RE Ltd.		8,112		10,143
Retail Estates NV		60		3,653
Retail Opportunity Investments Corp.		489		5,741
RioCan REIT		1,494		18,153
RPT Realty		354		3,820
Scentre Group		39,198		60,725
Simon Property Group Inc.		1,296		142,417
SITE Centers Corp.		699		8,150
SmartCentres Real Estate Investment Trust		486		7,531
Spirit Realty Capital Inc.		438		15,764
Starhill Global REIT		12,300		4,002
Supermarket Income Reit PLC		9,084		8,016
Tanger Factory Outlet Centers Inc.		627		14,139
Unibail-Rodamco-Westfield, New(b)		477		23,635
Urban Edge Properties		450		7,137
Vastned Retail NV		81		1,622
Vicinity Ltd.		45,078		48,825
Waypoint REIT Ltd.		5,403		7,297

10 2 0 2 3    I S H A R E S     S E M I - 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 (unaudited) (continued) October 31, 2023 iShares^® Environmentally Aware Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Wereldhave NV		282	$	4,252
				1,214,176
Self Storage REITs — 4.2%
Abacus Storage King(b)		2,697		1,702
Big Yellow Group PLC		837		9,735
CubeSmart		966		32,931
Extra Space Storage Inc.		917		94,992
National Storage Affiliates Trust		366		10,438
National Storage REIT		5,808		7,405
Public Storage		697		166,381
Safestore Holdings PLC		945		7,864
				331,448
Single-Family Residential REITs — 3.5%
American Homes 4 Rent, Class A		1,444		47,277
Equity LifeStyle Properties Inc.		1,026		67,511
Invitation Homes Inc.		3,093		91,831
PRS REIT PLC (The)		2,934		2,575
Sun Communities Inc.		588		65,409
Tritax EuroBox PLC(c)		5,097		2,788
				277,391
Total Long-Term Investments — 99.6% (Cost: $9,039,936)				7,879,469

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		36,972	$	36,987
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(d)(e)		10,000		10,000
Total Short -Term Investments — 0.6% (Cost: $46,982)				46,987
Total Investments — 100.2% (Cost: $9,086,918)				7,926,456
Liabilities in Excess of Other Assets — (0.2)%				(12,405	)
Net Assets — 100.0%			$	7,914,051

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

^(b)  Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	66,735	$	—		$	(29,761	)(a)	$	8	$	5	$	36,987		36,972	$	355	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		10,000	(a)		—			—		—		10,000		10,000		172			—
									$	8	$	5	$	46,987			$	527		$	—

^(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
Dow Jones U.S. Real Estate Index		1		12/15/23	$	29	$	(1,178	)

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

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Environmentally Aware Real Estate ETF

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
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,178	$	—	$	—	$	—	$	1,178

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

For the period ended October 31, 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	$	—	$	—	$	(3,324	)	$	—	$	—	$	—	$	(3,324	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,029	)	$	—	$	—	$	—	$	(2,029	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	31,625

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	$	4,995,024		$	2,884,445	$	—	$	7,879,469
Short-Term Securities
Money Market Funds		46,987			—		—		46,987
	$	5,042,011		$	2,884,445	$	—	$	7,926,456
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(1,178	)	$	—	$	—	$	(1,178	)

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

See notes to financial statements.

12 2 0 2 3    I S H A R E S     S E M I - 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 (unaudited) October 31, 2023 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 3.7%
Abacus Group		1,210,886	$	737,400
Abacus Storage King(a)		1,210,886		764,285
Arena REIT		778,580		1,575,077
BWP Trust		1,166,047		2,411,406
Centuria Industrial REIT		1,264,069		2,287,759
Centuria Office REIT		1,121,624		780,892
Charter Hall Long Wale REIT		1,564,502		3,005,620
Charter Hall Retail REIT		1,159,233		2,252,546
Charter Hall Social Infrastructure REIT		799,901		1,212,104
Cromwell Property Group		3,452,863		704,154
Dexus		2,586,074		10,680,968
Dexus Industria REIT		508,395		768,440
GPT Group (The)		4,607,604		10,633,560
Growthpoint Properties Australia Ltd.		677,151		850,160
HealthCo REIT(b)		1,072,616		935,569
HomeCo Daily Needs REIT		4,130,255		2,816,566
Hotel Property Investments Ltd.		469,626		762,642
Mirvac Group		9,472,421		10,990,407
National Storage REIT		3,007,650		3,834,705
Region RE Ltd.		2,763,023		3,454,860
Scentre Group		12,422,985		19,245,576
Stockland		5,726,104		12,923,478
Vicinity Ltd.		8,978,093		9,724,450
Waypoint REIT Ltd.		1,611,163		2,175,936
				105,528,560
Belgium — 1.1%
Aedifica SA		112,215		6,121,950
Ascencio		12,284		556,058
Cofinimmo SA		80,331		4,995,420
Home Invest Belgium SA, NVS		23,306		337,350
Intervest Offices & Warehouses NV		63,115		1,338,979
Montea NV		35,052		2,477,394
Retail Estates NV		29,582		1,801,145
Shurgard Self Storage Ltd.		60,623		2,268,798
Warehouses De Pauw CVA		380,932		9,425,213
Xior Student Housing NV		73,158		2,104,976
				31,427,283
Canada — 2.4%
Allied Properties REIT		302,976		3,462,895
Boardwalk REIT		89,722		4,189,938
Canadian Apartment Properties REIT		396,860		11,681,864
Choice Properties REIT		614,013		5,330,966
Crombie REIT		254,795		2,237,897
Dream Industrial REIT		596,399		5,036,115
First Capital Real Estate Investment Trust		503,183		4,731,571
Granite REIT		142,212		6,476,068
H&R Real Estate Investment Trust		627,193		3,857,910
InterRent REIT		315,620		2,676,539
Killam Apartment REIT		272,354		3,077,546
NorthWest Healthcare Properties REIT		519,436		1,502,029
Prinmaris REIT		228,704		2,049,966
RioCan REIT		719,923		8,747,577
SmartCentres Real Estate Investment Trust		308,240		4,776,692
				69,835,573
China — 0.0%
Yuexiu REIT(b)		5,508,000		788,478
France — 1.7%
ARGAN SA, NVS		23,542		1,610,695
Carmila SA		135,979		1,905,392

Security	Shares		Value
France (continued)
Covivio		128,062	$	5,488,017
Gecina SA		124,026		12,178,217
ICADE		77,790		2,541,809
Klepierre SA		494,196		12,000,947
Mercialys SA		209,664		1,785,980
Unibail-Rodamco-Westfield, New(a)		244,970		12,138,064
				49,649,121
Germany — 0.0%
Hamborner REIT AG		173,092		1,145,203
Hong Kong — 1.1%
Champion REIT		4,360,000		1,377,271
Fortune REIT		3,343,000		1,870,374
Link REIT		6,103,220		28,008,528
Prosperity REIT		2,859,000		493,963
Sunlight REIT		2,460,000		680,396
				32,430,532
India — 0.3%
Embassy Office Parks REIT		1,451,388		5,432,937
Mindspace Business Parks REIT(c)		522,066		1,938,370
Nexus Select Trust, NVS(a)		770,942		1,178,561
				8,549,868
Ireland — 0.0%
Irish Residential Properties REIT PLC		1,069,753		1,030,375
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		158,275		324,893
Japan — 7.7%
Activia Properties Inc.		1,750		4,734,602
Advance Logistics Investment Corp.		1,531		1,247,149
Advance Residence Investment Corp.		3,073		6,681,326
AEON REIT Investment Corp.		4,209		4,006,935
Comforia Residential REIT Inc.		1,603		3,401,982
CRE Logistics REIT Inc.		1,458		1,532,006
Daiwa House REIT Investment Corp.		5,082		8,993,856
Daiwa Office Investment Corp.		633		2,769,034
Daiwa Securities Living Investments Corp.		4,908		3,629,020
Frontier Real Estate Investment Corp.		1,148		3,434,393
Fukuoka REIT Corp.		1,763		1,898,154
Global One Real Estate Investment Corp.		2,516		1,908,579
GLP J-Reit		11,101		9,942,689
Hankyu Hanshin REIT Inc.		1,546		1,452,506
Health Care & Medical Investment Corp.		868		812,779
Heiwa Real Estate REIT Inc.		2,396		2,239,820
Hoshino Resorts REIT Inc.		594		2,337,044
Hulic Reit Inc.		3,004		3,064,358
Ichigo Office REIT Investment Corp.		2,867		1,608,494
Industrial & Infrastructure Fund Investment Corp.		4,693		4,218,064
Invincible Investment Corp.		16,104		6,193,604
Japan Excellent Inc.		2,934		2,575,227
Japan Hotel REIT Investment Corp.		10,725		4,875,942
Japan Logistics Fund Inc.		2,143		3,969,451
Japan Metropolitan Fund Invest		16,400		10,583,687
Japan Prime Realty Investment Corp.		2,176		5,096,833
Japan Real Estate Investment Corp.		3,186		11,833,828
Kenedix Office Investment Corp.		3,638		3,794,391
Kenedix Residential Next Investment Corp.(a)		2,513		3,501,273
Kenedix Retail REIT Corp.(a)		1,419		2,478,679
LaSalle Logiport REIT		4,441		4,355,385
Mirai Corp.		3,841		1,159,839
Mitsubishi Estate Logistics REIT Investment Corp.		1,170		2,944,559

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

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Mitsui Fudosan Logistics Park Inc.		1,284	$	3,881,828
Mori Hills REIT Investment Corp.		3,806		3,562,212
Mori Trust Reit Inc.		6,086		2,967,007
Nippon Accommodations Fund Inc.		1,110		4,471,965
Nippon Building Fund Inc.		3,656		14,689,565
Nippon Prologis REIT Inc.		5,897		10,492,976
NIPPON REIT Investment Corp.		1,033		2,386,562
Nomura Real Estate Master Fund Inc.		10,695		11,801,485
NTT UD REIT Investment Corp.		3,197		2,635,493
One REIT Inc.		591		1,023,928
Orix JREIT Inc.		6,315		7,257,590
Samty Residential Investment Corp.		992		740,670
Sankei Real Estate Inc.		1,164		705,153
Sekisui House Reit Inc.		9,811		5,167,213
SOSiLA Logistics REIT Inc.		1,656		1,311,989
Star Asia Investment Corp.		4,032		1,519,164
Starts Proceed Investment Corp.		611		839,336
Takara Leben Real Estate Investment Corp.		1,622		1,062,188
Tokyu REIT Inc.		2,262		2,699,221
United Urban Investment Corp.		7,069		7,126,744
				219,617,777
Malaysia — 0.1%
Axis Real Estate Investment Trust(b)		3,253,200		1,235,937
Mexico — 0.8%
Concentradora Fibra Danhos SA de CV(b)		572,315		614,249
FIBRA Macquarie Mexico(c)		1,741,750		2,699,234
Fibra Uno Administracion SA de CV		6,907,834		10,486,850
PLA Administradora Industrial S. de RL de CV		1,851,209		3,004,403
Prologis Property Mexico SA de CV		1,445,664		5,180,784
				21,985,520
Netherlands — 0.2%
Eurocommercial Properties NV		123,123		2,643,248
NSI NV		42,955		775,389
Vastned Retail NV		41,173		824,253
Wereldhave NV		97,278		1,466,899
				5,709,789
New Zealand — 0.3%
Argosy Property Ltd.		2,020,891		1,248,013
Goodman Property Trust		2,622,428		3,070,930
Kiwi Property Group Ltd.		3,794,955		1,713,479
Stride Property Group		1,164,557		922,720
Vital Healthcare Property Trust		1,151,199		1,341,377
				8,296,519
Philippines — 0.0%
AREIT Inc.		1,678,920		970,542
Saudi Arabia — 0.2%
Al Maather REIT Fund		112,901		275,567
Al Rajhi REIT		275,670		608,420
Alahli REIT Fund 1		108,261		225,953
Alinma Retail REIT Fund, NVS		216,642		261,592
Al-Jazira Reit Fund		29,972		141,248
Alkhabeer REIT		303,968		510,448
Bonyan REIT, NVS		156,766		386,107
Derayah REIT		265,894		559,911
MEFIC REIT REIT, NVS		139,240		176,295
Mulkia Gulf Real Estate REIT Fund, NVS		141,547		222,606
Musharaka Real Estate Income Fund, NVS		196,998		291,958
Riyad REIT Fund		355,018		770,297
Sedco Capital REIT Fund		171,126		357,615
Sico Saudi REIT, NVS		101,614		122,815

Security	Shares		Value
Saudi Arabia (continued)
Taleem REIT		75,872	$	221,162
				5,131,994
Singapore — 3.3%
AIMS APAC REIT		1,505,328		1,319,192
CapitaLand Ascendas REIT		8,533,214		16,213,481
CapitaLand Ascott Trust(b)		5,453,032		3,585,396
CapitaLand China Trust(b)		2,719,830		1,569,098
CapitaLand Integrated Commercial Trust		12,161,926		15,630,742
CDL Hospitality Trusts		2,090,900		1,478,367
Cromwell European Real Estate Investment Trust(b)		739,700		900,078
Digital Core REIT Management Pte Ltd.		1,721,800		870,335
ESR-LOGOS REIT		14,707,942		2,954,157
Far East Hospitality Trust		2,349,000		1,014,281
First REIT		2,709,200		465,005
Frasers Centrepoint Trust		2,574,770		3,894,995
Frasers Logistics & Commercial Trust		6,867,400		5,216,526
Keppel DC REIT		3,088,733		3,811,803
Keppel Pacific Oak US REIT		2,000,900		368,166
Keppel REIT		5,236,000		3,040,345
Lendlease Global Commercial REIT(b)		4,552,091		1,695,460
Mapletree Industrial Trust		4,686,310		7,366,418
Mapletree Logistics Trust		7,870,513		8,451,740
Mapletree Pan Asia Commercial Trust		5,539,691		5,384,054
OUE Commercial Real Estate Investment Trust		5,219,100		895,803
Paragon REIT		2,587,300		1,502,322
Parkway Life REIT		914,600		2,243,754
Sasseur Real Estate Investment Trust(b)		1,222,700		558,264
Starhill Global REIT(b)		3,447,700		1,121,631
Suntec REIT		5,093,300		4,093,021
				95,644,434
South Africa — 0.5%
Attacq Ltd.		1,725,607		745,333
Emira Property Fund Ltd.		567,816		252,261
Equites Property Fund Ltd.		1,791,325		1,101,716
Growthpoint Properties Ltd.		8,071,961		4,196,770
Hyprop Investments Ltd.		855,576		1,304,194
Investec Property Fund Ltd.		1,426,221		566,279
Redefine Properties Ltd.		16,423,507		3,088,424
Resilient REIT Ltd.		713,323		1,421,862
Stor-Age Property REIT Ltd.(b)		971,301		625,385
				13,302,224
South Korea — 0.1%
ESR Kendall Square REIT Co. Ltd.		291,332		691,256
JR Global Reit		278,251		811,577
LOTTE Reit Co. Ltd.		293,543		625,764
SK REITs Co. Ltd.		372,349		1,037,668
				3,166,265
Spain — 0.4%
Inmobiliaria Colonial SOCIMI SA		765,093		4,292,382
Lar Espana Real Estate SOCIMI SA		146,907		851,824
Merlin Properties SOCIMI SA		795,486		6,632,590
				11,776,796
Turkey — 0.1%
AKIS Gayrimenkul Yatirimi AS(a)		906,101		363,154
Alarko Gayrimenkul Yatirim Ortakligi AS		160,926		220,483
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		4,408,979		1,021,316
Is Gayrimenkul Yatirim Ortakligi AS(a)		1,015,686		776,131
Ozak Gayrimenkul Yatirim Ortakligi(a)		894,656		276,428
				2,657,512

14 2 0 2 3    I S H A R E S     S E M I - 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 (unaudited) (continued) October 31, 2023 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom — 4.4%
Abrdn Property Income Trust		917,936	$	519,918
AEW U.K. REIT PLC		378,824		431,434
Assura PLC		6,952,949		3,459,822
Balanced Commercial Property Trust Ltd.		1,302,641		1,001,527
Big Yellow Group PLC		407,150		4,735,188
British Land Co. PLC (The)		2,212,779		8,021,934
Capital & Counties Properties PLC		3,256,602		4,128,375
CLS Holdings PLC		398,468		420,930
Custodian Reit PLC		979,551		979,469
Derwent London PLC		265,059		5,890,666
Empiric Student Property PLC		1,319,425		1,355,122
Great Portland Estates PLC		510,333		2,419,107
Hammerson PLC		9,265,473		2,482,082
Helical PLC		245,743		573,481
Home Reit PLC(d)		1,719,812		593,950
Impact Healthcare Reit PLC, Class B		747,183		753,531
Land Securities Group PLC		1,756,187		12,173,364
Life Science Reit PLC		843,575		629,548
LondonMetric Property PLC		2,541,651		5,121,800
LXI REIT PLC		3,614,116		3,766,804
NewRiver REIT PLC		730,339		692,398
Picton Property Income Ltd.		1,299,453		1,026,623
Primary Health Properties PLC		3,152,631		3,439,097
PRS REIT PLC (The)		1,241,480		1,089,681
Regional REIT Ltd.(c)		1,020,925		349,308
Residential Secure Income PLC, NVS(c)		445,546		290,265
Safestore Holdings PLC		509,234		4,237,588
Schroder REIT Ltd.		1,203,601		593,316
Segro PLC		2,930,500		25,472,313
Sirius Real Estate Ltd.		2,762,835		2,684,508
Supermarket Income Reit PLC		2,969,985		2,620,763
Target Healthcare REIT PLC		1,472,463		1,290,377
Triple Point Social Housing REIT PLC(c)		761,482		502,665
Tritax Big Box REIT PLC		4,471,735		7,445,070
UK Commercial Property REIT Ltd.		1,776,956		1,139,852
UNITE Group PLC (The)		824,790		8,728,353
Urban Logistics REIT PLC		1,110,528		1,406,482
Warehouse REIT PLC		954,138		840,787
Workspace Group PLC		341,939		2,009,719
				125,317,217
United States — 71.1%
Acadia Realty Trust		218,006		3,121,846
Agree Realty Corp.		220,270		12,321,904
Alexander & Baldwin Inc.		173,946		2,748,347
Alexandria Real Estate Equities Inc.		411,049		38,280,993
American Assets Trust Inc.		116,066		2,060,171
American Homes 4 Rent, Class A		797,853		26,121,707
Americold Realty Trust Inc.		645,772		16,932,142
Apartment Income REIT Corp.		355,719		10,390,552
Apartment Investment & Management Co., Class A(a)		357,708		2,096,169
Apple Hospitality REIT Inc.		508,495		7,973,202
Armada Hoffler Properties Inc.		159,666		1,590,273
AvalonBay Communities Inc.		339,274		56,231,273
Boston Properties Inc.		374,668		20,070,965
Brandywine Realty Trust		394,698		1,476,171
Brixmor Property Group Inc.		716,738		14,900,983
Broadstone Net Lease Inc.		450,308		6,371,858
Camden Property Trust		247,866		21,038,866
CareTrust REIT Inc.		236,220		5,083,454
Centerspace		36,476		1,772,004
Community Healthcare Trust Inc.		60,621		1,738,004
Corporate Office Properties Trust		267,385		6,096,378

Security	Shares		Value
United States (continued)
Cousins Properties Inc.		365,252	$	6,527,053
CubeSmart		534,524		18,221,923
DiamondRock Hospitality Co.		498,515		3,853,521
Digital Realty Trust Inc.		714,837		88,897,129
Douglas Emmett Inc.		374,099		4,193,650
Easterly Government Properties Inc., Class A		225,363		2,424,906
EastGroup Properties Inc.		104,813		17,110,722
Elme Communities		205,845		2,626,582
Empire State Realty Trust Inc., Class A		309,018		2,499,956
EPR Properties		176,454		7,534,586
Equinix Inc.		223,565		163,121,967
Equity LifeStyle Properties Inc.		424,045		27,902,161
Equity Residential		893,119		49,416,274
Essential Properties Realty Trust Inc.		372,224		8,170,317
Essex Property Trust Inc.		152,789		32,684,623
Extra Space Storage Inc.		500,617		51,858,915
Federal Realty Investment Trust		193,339		17,630,583
First Industrial Realty Trust Inc.		315,985		13,366,165
Four Corners Property Trust Inc.		207,243		4,414,276
Gaming and Leisure Properties Inc.		602,892		27,365,268
Getty Realty Corp.(b)		106,221		2,827,603
Global Net Lease Inc.		458,986		3,644,349
Healthcare Realty Trust Inc., Class A		909,902		13,057,094
Healthpeak Properties Inc.		1,312,923		20,415,953
Highwoods Properties Inc.		252,755		4,521,787
Host Hotels & Resorts Inc.		1,689,032		26,146,215
Hudson Pacific Properties Inc.		332,278		1,481,960
Independence Realty Trust Inc.		534,057		6,616,966
Innovative Industrial Properties Inc.		66,261		4,759,528
InvenTrust Properties Corp.		161,203		4,046,195
Invitation Homes Inc.		1,463,703		43,457,342
JBG SMITH Properties		259,144		3,335,183
Kilroy Realty Corp.		280,653		8,021,063
Kimco Realty Corp.		1,450,974		26,030,474
Kite Realty Group Trust		518,449		11,053,333
LTC Properties Inc.		97,915		3,095,093
LXP Industrial Trust		695,755		5,503,422
Macerich Co. (The)		513,969		4,995,779
Medical Properties Trust Inc.		1,432,232		6,846,069
Mid-America Apartment Communities Inc.		277,696		32,809,782
National Health Investors Inc.		99,736		4,990,789
National Storage Affiliates Trust		189,704		5,410,358
NETSTREIT Corp.		160,839		2,291,956
NexPoint Residential Trust Inc.		54,178		1,462,264
NNN REIT Inc.		434,226		15,775,431
Omega Healthcare Investors Inc.		559,793		18,529,148
Paramount Group Inc.		436,248		1,867,141
Park Hotels & Resorts Inc.		513,294		5,918,280
Pebblebrook Hotel Trust(b)		288,719		3,444,418
Phillips Edison & Co. Inc.		281,157		9,927,654
Physicians Realty Trust		561,325		6,095,989
Piedmont Office Realty Trust Inc., Class A		292,557		1,524,222
Prologis Inc.		2,209,681		222,625,361
Public Storage		375,144		89,550,624
Realty Income Corp.		1,612,920		76,420,150
Regency Centers Corp.		433,076		26,097,160
Retail Opportunity Investments Corp.		293,865		3,449,975
Rexford Industrial Realty Inc.		491,497		21,252,330
RLJ Lodging Trust		372,978		3,505,993
RPT Realty		207,696		2,241,040
Ryman Hospitality Properties Inc.		137,355		11,757,588
Sabra Health Care REIT Inc.		548,222		7,477,748

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

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Safehold Inc.		104,362	$	1,697,970
Service Properties Trust		393,061		2,849,692
Simon Property Group Inc.		776,830		85,365,849
SITE Centers Corp.		451,605		5,265,714
SL Green Realty Corp.		143,317		4,197,755
Spirit Realty Capital Inc.		337,925		12,161,921
STAG Industrial Inc.		429,877		14,280,514
Summit Hotel Properties Inc.		251,506		1,418,494
Sun Communities Inc.		294,109		32,716,685
Sunstone Hotel Investors Inc.		493,912		4,593,382
Tanger Factory Outlet Centers Inc.		242,139		5,460,234
Terreno Realty Corp.		194,613		10,368,981
UDR Inc.		783,132		24,911,429
Universal Health Realty Income Trust		30,620		1,177,033
Urban Edge Properties		273,556		4,338,598
Ventas Inc.		955,105		40,553,758
Veris Residential Inc.		187,428		2,509,661
VICI Properties Inc., Class A		2,403,150		67,047,885
Vornado Realty Trust		422,925		8,120,160
Welltower Inc.		1,189,681		99,469,228
WP Carey Inc.		507,924		27,250,123
Xenia Hotels & Resorts Inc.		265,250		3,084,857
				2,041,358,571
Total Common Stocks — 99.5% (Cost: $3,562,153,275)				2,856,880,983
Preferred Stocks
Bermuda — 0.0%
Brookfield Property Partners LP, 6.25%		4,496		53,952
Total Preferred Stocks — 0.0% (Cost: $110,377)				53,952
Total Long-Term Investments — 99.5% (Cost: $3,562,263,652)				2,856,934,935

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g)		5,705,520	$	5,707,802
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(e)(f)		5,400,000		5,400,000
Total Short-Term Securities — 0.4% (Cost: $11,106,136)				11,107,802
Total Investments — 99.9% (Cost: $3,573,369,788)				2,868,042,737
Other Assets Less Liabilities — 0.1%				1,789,388
Net Assets — 100.0%			$	2,869,832,125

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/30/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23	Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	15,717,990	$	—	$	(10,008,906	)(a)	$	(3,693	)	$	2,411	$	5,707,802	5,705,520	$	46,651	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,630,000		—		(2,230,000	)(a)		—			—		5,400,000	5,400,000		224,600			—
								$	(3,693	)	$	2,411	$	11,107,802		$	271,251		$	—

^(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.

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Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Global REIT 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		333		12/15/23	$	9,710	$	(257,146	)
SPI 200 Index		15		12/21/23		1,620		(31,754	)
							$	(288,900	)

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
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	288,900	$	—	$	—	$	—	$	288,900

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

For the period ended October 31, 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	$	—	$	—	$	(1,579,535	)	$	—	$	—	$	—	$	(1,579,535	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(686,868	)	$	—	$	—	$	—	$	(686,868	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	15,694,286

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	$	2,208,305,978	$	647,981,055	$	593,950	$	2,856,880,983
Preferred Stocks		53,952		—		—		53,952
Short-Term Securities
Money Market Funds		11,107,802		—		—		11,107,802
	$	2,219,467,732	$	647,981,055	$	593,950	$	2,868,042,737

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 (unaudited) (continued) October 31, 2023 iShares^® Global REIT ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts		$        (257,146	)		$        (31,754	)	$	—		$        (288,900	)

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

See notes to financial statements.

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Schedule of Investments (unaudited) October 31, 2023 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 9.0%
Abacus Group		110,487	$	67,284
Abacus Storage King(a)		110,487		69,737
Arena REIT		70,966		143,565
BWP Trust		104,838		216,807
Centuria Industrial REIT		114,462		207,158
Centuria Office REIT		100,284		69,819
Charter Hall Long Wale REIT		143,370		275,433
Charter Hall Retail REIT		105,345		204,700
Charter Hall Social Infrastructure REIT		72,712		110,182
Cromwell Property Group		310,351		63,291
Dexus		232,714		961,152
Dexus Industria REIT		46,068		69,632
GPT Group (The)		414,463		956,509
Growthpoint Properties Australia Ltd.		56,925		71,469
HealthCo REIT(b)		97,620		85,147
HomeCo Daily Needs REIT		377,996		257,769
Hotel Property Investments Ltd.		40,708		66,107
Ingenia Communities Group		78,954		196,515
Lifestyle Communities Ltd.		20,180		200,755
Mirvac Group		852,805		989,470
National Storage REIT		270,636		345,056
Region RE Ltd.		249,933		312,514
Scentre Group		1,124,818		1,742,558
Stockland		516,034		1,164,658
Vicinity Ltd.		815,047		882,803
Waypoint REIT Ltd.		146,384		197,697
				9,927,787
Austria — 0.3%
CA Immobilien Anlagen AG		8,823		298,334
Belgium — 2.7%
Aedifica SA		10,191		555,975
Ascencio		1,149		52,012
Cofinimmo SA		7,230		449,601
Home Invest Belgium SA, NVS		2,085		30,180
Intervest Offices & Warehouses NV		5,909		125,359
Montea NV		3,125		220,868
Retail Estates NV		2,685		163,480
Shurgard Self Storage Ltd.		5,490		205,462
VGP NV		2,198		178,932
Warehouses De Pauw CVA		34,339		849,633
Xior Student Housing NV		6,666		191,801
				3,023,303
Canada — 6.5%
Allied Properties REIT		27,514		314,474
Boardwalk REIT		8,006		373,873
Canadian Apartment Properties REIT		36,032		1,060,628
Chartwell Retirement Residences		50,784		372,068
Choice Properties REIT		55,257		479,751
Crombie REIT		22,704		199,412
Dream Industrial REIT		53,578		452,424
First Capital Real Estate Investment Trust		45,608		428,865
Granite REIT		12,898		587,351
H&R Real Estate Investment Trust		56,736		348,987
InterRent REIT		28,480		241,518
Killam Apartment REIT		25,067		283,252
NorthWest Healthcare Properties REIT		45,574		131,784
Prinmaris REIT		20,919		187,505
RioCan REIT		64,628		785,276
SmartCentres Real Estate Investment Trust		27,916		432,605

Security	Shares		Value
Canada (continued)
StorageVault Canada Inc., NVS		51,821	$	160,685
Tricon Residential Inc.		52,139		345,526
				7,185,984
Finland — 0.4%
Citycon OYJ		15,660		82,833
Kojamo OYJ		39,403		336,613
				419,446
France — 4.0%
ARGAN SA, NVS		2,161		147,851
Carmila SA		12,243		171,554
Covivio		11,483		492,097
Gecina SA		11,216		1,101,309
ICADE		6,996		228,596
Klepierre SA		44,476		1,080,045
Mercialys SA		19,005		161,890
Unibail-Rodamco-Westfield, New(a)		22,240		1,101,974
				4,485,316
Germany — 5.2%
Aroundtown SA(a)		147,132		332,492
Deutsche EuroShop AG		2,558		46,392
Deutsche Wohnen SE		10,630		228,740
DIC Asset AG(b)		10,927		45,216
Grand City Properties SA(a)		21,576		192,935
Hamborner REIT AG		15,458		102,273
LEG Immobilien SE(a)		16,035		1,002,374
TAG Immobilien AG(a)		32,598		356,426
Vonovia SE		150,715		3,469,773
				5,776,621
Hong Kong — 10.9%
Champion REIT		407,000		128,566
CK Asset Holdings Ltd.		421,000		2,104,295
Fortune REIT		297,000		166,168
Hongkong Land Holdings Ltd.(b)		237,700		753,918
Hysan Development Co. Ltd.		132,000		242,980
Link REIT		551,640		2,531,553
New World Development Co. Ltd.		304,333		558,548
Prosperity REIT		247,000		42,675
Sino Land Co. Ltd.(b)		730,800		729,578
Sun Hung Kai Properties Ltd.		307,500		3,157,625
Sunlight REIT		238,000		65,827
Swire Properties Ltd.		229,600		444,553
Wharf Real Estate Investment Co. Ltd.		334,900		1,171,493
				12,097,779
Ireland — 0.1%
Irish Residential Properties REIT PLC		95,813		92,286
Israel — 0.7%
Amot Investments Ltd.		46,884		196,343
Azrieli Group Ltd.		7,885		339,506
Melisron Ltd.		5,409		293,186
				829,035
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		14,753		30,284
Japan — 28.6%
Activia Properties Inc.		158		427,467
Advance Logistics Investment Corp.		140		114,044
Advance Residence Investment Corp.		281		610,951
Aeon Mall Co. Ltd.		25,800		293,380
AEON REIT Investment Corp.		381		362,709
Comforia Residential REIT Inc.		146		309,850

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 (unaudited) (continued) October 31, 2023 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
CRE Logistics REIT Inc.		133	$	139,751
Daiwa House REIT Investment Corp.		459		812,314
Daiwa Office Investment Corp.		57		249,344
Daiwa Securities Living Investments Corp.		445		329,037
Frontier Real Estate Investment Corp.		105		314,121
Fukuoka REIT Corp.		157		169,036
Global One Real Estate Investment Corp.		218		165,370
GLP J-Reit		1,005		900,135
Hankyu Hanshin REIT Inc.		141		132,473
Health Care & Medical Investment Corp.		74		69,292
Heiwa Real Estate Co. Ltd.		6,900		176,632
Heiwa Real Estate REIT Inc.		212		198,181
Hoshino Resorts REIT Inc.		55		216,393
Hulic Co. Ltd.		89,300		818,714
Hulic Reit Inc.		274		279,505
Ichigo Office REIT Investment Corp.		253		141,942
Industrial & Infrastructure Fund Investment Corp.		419		376,597
Invincible Investment Corp.		1,451		558,055
Japan Excellent Inc.		263		230,840
Japan Hotel REIT Investment Corp.		967		439,630
Japan Logistics Fund Inc.		192		355,639
Japan Metropolitan Fund Invest		1,484		957,695
Japan Prime Realty Investment Corp.		199		466,117
Japan Real Estate Investment Corp.		288		1,069,725
Kenedix Office Investment Corp.		326		340,014
Kenedix Residential Next Investment Corp.(a)		227		316,271
Kenedix Retail REIT Corp.(a)		131		228,828
LaSalle Logiport REIT		402		394,250
Mirai Corp.		350		105,687
Mitsubishi Estate Co. Ltd.		238,800		3,056,716
Mitsubishi Estate Logistics REIT Investment Corp.		105		264,255
Mitsui Fudosan Co. Ltd.		193,100		4,185,415
Mitsui Fudosan Logistics Park Inc.		116		350,695
Mori Hills REIT Investment Corp.		343		321,030
Mori Trust Reit Inc.		547		266,670
Nippon Accommodations Fund Inc.		100		402,880
Nippon Building Fund Inc.		330		1,325,918
Nippon Prologis REIT Inc.		531		944,848
NIPPON REIT Investment Corp.		94		217,170
Nomura Real Estate Holdings Inc.		23,300		544,197
Nomura Real Estate Master Fund Inc.		969		1,069,251
NTT UD REIT Investment Corp.		293		241,539
One REIT Inc.		53		91,824
Orix JREIT Inc.		568		652,781
Samty Residential Investment Corp.		97		72,424
Sankei Real Estate Inc.		99		59,974
Sekisui House Reit Inc.		887		467,161
SOSiLA Logistics REIT Inc.		154		122,009
Star Asia Investment Corp.		369		139,031
Starts Proceed Investment Corp.		53		72,807
Sumitomo Realty & Development Co. Ltd.		85,300		2,140,512
Takara Leben Real Estate Investment Corp.		142		92,991
Tokyo Tatemono Co. Ltd.		42,700		566,984
Tokyu REIT Inc.		201		239,851
United Urban Investment Corp.		637		642,203
				31,621,125
Netherlands — 0.5%
Eurocommercial Properties NV		10,945		234,971
NSI NV		3,825		69,046
Vastned Retail NV		3,755		75,172

Security	Shares		Value
Netherlands (continued)
Wereldhave NV		8,743	$	131,840
				511,029
New Zealand — 0.8%
Argosy Property Ltd.		181,362		112,001
Goodman Property Trust		239,594		280,571
Kiwi Property Group Ltd.		335,890		151,659
Precinct Properties New Zealand Ltd.		285,954		184,922
Stride Property Group		104,067		82,456
Vital Healthcare Property Trust		106,584		124,192
				935,801
Norway — 0.1%
Entra ASA(c)		15,583		121,571
Singapore — 9.5%
AIMS APAC REIT(b)		137,926		120,871
CapitaLand Ascendas REIT		770,390		1,463,775
CapitaLand Ascott Trust		493,930		324,761
CapitaLand Integrated Commercial Trust		1,097,707		1,410,794
Capitaland Investment Ltd./Singapore		548,500		1,177,729
CDL Hospitality Trusts		191,721		135,556
City Developments Ltd.		101,100		466,658
Cromwell European Real Estate Investment Trust		70,500		85,786
Digital Core REIT Management Pte Ltd.		151,500		76,580
ESR-LOGOS REIT		1,318,720		264,871
Far East Hospitality Trust		212,400		91,713
Frasers Centrepoint Trust		235,749		356,630
Frasers Logistics & Commercial Trust		616,200		468,070
Keppel DC REIT		278,371		343,537
Keppel Pacific Oak US REIT		184,000		33,856
Keppel REIT		473,800		275,118
Lendlease Global Commercial REIT		406,247		151,310
Mapletree Industrial Trust		426,545		670,487
Mapletree Logistics Trust		715,060		767,866
Mapletree Pan Asia Commercial Trust		494,517		480,624
OUE Commercial Real Estate Investment Trust(b)		465,800		79,950
Paragon REIT		230,765		133,994
Parkway Life REIT(b)		82,800		203,130
Starhill Global REIT		309,300		100,624
Suntec REIT		454,800		365,481
UOL Group Ltd.		106,400		458,247
				10,508,018
South Korea — 0.3%
ESR Kendall Square REIT Co. Ltd.		26,474		62,816
JR Global Reit		24,767		72,238
LOTTE Reit Co. Ltd.		25,605		54,584
SK REITs Co. Ltd.		33,858		94,356
				283,994
Spain — 1.0%
Inmobiliaria Colonial SOCIMI SA		68,324		383,317
Lar Espana Real Estate SOCIMI SA		13,158		76,295
Merlin Properties SOCIMI SA		72,221		602,163
				1,061,775
Sweden — 4.3%
Atrium Ljungberg AB, Class B		9,614		147,842
Castellum AB		92,284		884,427
Catena AB		7,263		240,596
Cibus Nordic Real Estate AB		12,284		115,284
Corem Property Group AB, Class B		142,907		92,255
Dios Fastigheter AB		19,043		103,088
Fabege AB		54,617		407,501
Fastighets AB Balder, Class B(a)(b)		134,885		573,100

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Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Hufvudstaden AB, Class A		22,998	$	245,192
NP3 Fastigheter AB		6,364		85,044
Nyfosa AB		38,926		188,373
Pandox AB, Class B		19,226		189,242
Platzer Fastigheter Holding AB, Class B		11,843		62,067
Sagax AB, Class B		38,547		697,813
Samhallsbyggnadsbolaget i Norden AB(b)		243,252		70,756
Wallenstam AB, Class B		72,768		246,120
Wihlborgs Fastigheter AB		57,053		369,820
				4,718,520
Switzerland — 3.5%
Allreal Holding AG, Registered		3,147		504,985
Hiag Immobilien Holding AG		989		85,074
Intershop Holding AG		233		154,603
Mobimo Holding AG, Registered		1,548		427,577
Peach Property Group AG(a)(b)		2,620		34,390
PSP Swiss Property AG, Registered		9,755		1,200,247
Swiss Prime Site AG, Registered		16,390		1,523,416
				3,930,292
United Kingdom — 10.8%
Aberdeen Standard European Logistics Income PLC(c)		84,547		52,472
Abrdn Property Income Trust		84,940		48,110
AEW U.K. REIT PLC		34,481		39,270
Assura PLC		634,074		315,518
Balanced Commercial Property Trust Ltd.		116,511		89,579
Big Yellow Group PLC		36,844		428,499
British Land Co. PLC (The)		199,972		724,954
Capital & Counties Properties PLC		293,583		372,173
CLS Holdings PLC		35,464		37,463
Custodian Reit PLC		88,753		88,745
Derwent London PLC		24,026		533,953
Empiric Student Property PLC		125,405		128,798
Grainger PLC		157,131		434,299
Great Portland Estates PLC		46,851		222,086
Hammerson PLC		845,602		226,524
Helical PLC		21,952		51,229
Home Reit PLC(d)		191,393		66,099
Impact Healthcare Reit PLC, Class B		68,320		68,900
Land Securities Group PLC		159,433		1,105,142
Life Science Reit PLC		77,583		57,899
LondonMetric Property PLC		227,886		459,224
LXI REIT PLC		328,036		341,895
NewRiver REIT PLC		67,582		64,071
Phoenix Spree Deutschland Ltd.(a)		19,717		37,385
Picton Property Income Ltd.		119,846		94,683
Primary Health Properties PLC		283,613		309,384
PRS REIT PLC (The)		110,327		96,837

Security	Shares		Value
United Kingdom (continued)
Regional REIT Ltd.(c)		94,675	$	32,393
Residential Secure Income PLC, NVS(c)		39,636		25,822
Safestore Holdings PLC		45,820		381,291
Schroder REIT Ltd.		100,113		49,351
Segro PLC		264,890		2,302,461
Sirius Real Estate Ltd.		251,265		244,141
Supermarket Income Reit PLC		270,899		239,046
Target Healthcare REIT PLC		133,486		116,979
Triple Point Social Housing REIT PLC(c)		77,849		51,389
Tritax Big Box REIT PLC		403,852		672,380
Tritax EuroBox PLC(c)		176,670		96,630
UK Commercial Property REIT Ltd.		159,897		102,568
UNITE Group PLC (The)		74,875		792,366
Urban Logistics REIT PLC		99,557		126,089
Warehouse REIT PLC		84,582		74,534
Workspace Group PLC		30,611		179,914
				11,982,545
Total Long-Term Investments — 99.2% (Cost: $179,969,473)				109,840,845
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g)		1,613,472		1,614,117
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(e)(f)		40,000		40,000
Total Short-Term Securities — 1.5% (Cost: $1,654,051)				1,654,117
Total Investments — 100.7% (Cost: $181,623,524)				111,494,962
Liabilities in Excess of Other Assets — (0.7)%				(792,424	)
Net Assets — 100.0%			$	110,702,538

^(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 21

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® International Developed Real Estate ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/30/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23	Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,371,728	$	—	$	(757,742	)(a)	$	(266	)	$	397	$	1,614,117	1,613,472	$	23,603	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		—		(10,000	)(a)		—			—		40,000	40,000		2,528			—
								$	(266	)	$	397	$	1,654,117		$	26,131		$	—

^(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		9		11/29/23	$    179	$	(1,511	)
TOPIX Index		1		12/07/23	151		(4,427	)
Dow Jones U.S. Real Estate Index		13		12/15/23	379		(26,193	)
Euro STOXX 50 Index		3		12/15/23	129		(1,240	)
						$	(33,371	)

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
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	33,371	$	—	$	—	$	—	$	33,371

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

For the period ended October 31, 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	$	—	$	—	$	3,496		$	—	$	—	$	—	$	3,496
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(60,358	)	$	—	$	—	$	—	$	(60,358	)

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Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® International Developed Real Estate ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	928,679

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	$	12,761,917		$	97,012,829		$	66,099	$	109,840,845
Short-Term Securities
Money Market Funds		1,654,117			—			—		1,654,117
	$	14,416,034		$	97,012,829		$	66,099	$	111,494,962
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(26,193	)	$	(7,178	)	$	—	$	(33,371	)

^(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 23

Statements of Assets and Liabilities (unaudited)

October 31, 2023

	iShares Environmentally Aware Real Estate ETF			iShares Global REIT ETF			iShares International Developed Real Estate ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	7,879,469		$	2,856,934,935		$	109,840,845
Investments, at value — affiliated(c)		46,987			11,107,802			1,654,117
Cash		746			31,590			7,367
Cash pledged for futures contracts		3,000			707,000			31,000
Foreign currency collateral pledged for futures contracts(d)		—			103,399			25,015
Foreign currency, at value(e)		9,255			1,319,751			194,037
Receivables:
Investments sold		4,151			30,400			—
Securities lending income — affiliated		56			5,866			2,844
Capital shares sold		—			15,036			—
Dividends — unaffiliated		13,624			4,693,493			435,585
Dividends — affiliated		20			45,100			380
Tax reclaims		159			753,479			162,825
Variation margin on futures contracts		528			170,134			11,990
Total assets		7,957,995			2,875,917,985			112,366,005
LIABILITIES
Collateral on securities loaned, at value		36,974			5,727,238			1,617,612
Payables:
Investments purchased		4,917			15,034			—
Investment advisory fees		2,053			343,588			45,855
Total liabilities		43,944			6,085,860			1,663,467
Commitments and contingent liabilities
NET ASSETS	$	7,914,051		$	2,869,832,125		$	110,702,538
NET ASSETS CONSIST OF
Paid-in capital	$	8,978,314		$	3,748,637,983		$	284,253,552
Accumulated loss		(1,064,263	)		(878,805,858	)		(173,551,014	)
NET ASSETS	$	7,914,051		$	2,869,832,125		$	110,702,538
NET ASSET VALUE
Shares outstanding		360,000			142,200,000			6,100,000
Net asset value	$	21.98		$	20.18		$	18.15
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — unaffiliated	$	9,039,936		$	3,562,263,652		$	179,969,473
(b) Securities loaned, at value	$	35,684		$	5,533,712		$	1,573,544
(c)  Investments, at cost — affiliated	$	46,982		$	11,106,136		$	1,654,051
(d) Foreign currency collateral pledged, at cost	$	—		$	108,758		$	25,852
(e) Foreign currency, at cost	$	9,368		$	1,342,225		$	195,702

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended October 31, 2023

	iShares Environmentally Aware Real Estate ETF			iShares Global REIT ETF			iShares International Developed Real Estate ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	187,424		$	70,396,196		$	2,960,775
Dividends — affiliated		172			224,600			2,528
Interest — unaffiliated		195			36,513			1,499
Securities lending income — affiliated — net		355			46,651			23,603
Foreign taxes withheld		(7,714	)		(2,531,149	)		(259,326	)
Total investment income		180,432			68,172,811			2,729,079
EXPENSES
Investment advisory		13,097			2,151,939			311,230
Total expenses		13,097			2,151,939			311,230
Net investment income		167,335			66,020,872			2,417,849
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(6,903	)		(22,329,408	)		(2,952,297	)
Investments — affiliated		8			(3,693	)		(266	)
Foreign currency transactions		(1,362	)		(281,926	)		(40,537	)
Futures contracts		(3,324	)		(1,579,535	)		3,496
In-kind redemptions — unaffiliated(a)		—			4,442,068			(4,096,559	)
		(11,581	)		(19,752,494	)		(7,086,163	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(1,158,354	)		(413,029,278	)		(14,279,355	)
Investments — affiliated		5			2,411			397
Foreign currency translations		(289	)		(122,214	)		(13,402	)
Futures contracts		(2,029	)		(686,868	)		(60,358	)
		(1,160,667	)		(413,835,949	)		(14,352,718	)
Net realized and unrealized loss		(1,172,248	)		(433,588,443	)		(21,438,881	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,004,913	)	$	(367,567,571	)	$	(19,021,032	)

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 25

Statements of Changes in Net Assets

	iShares Environmentally Aware Real Estate ETF									iShares Global REIT ETF
		Six Months Ended 10/31/23 (unaudited)					Period From 11/15/22 to 04/30/23	(a)	Six Months Ended 10/31/23 (unaudited)				Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	167,335		$	157,427			$	66,020,872			$	116,427,785
Net realized gain (loss)				(11,581	)		(8,617	)			(19,752,494	)			7,324,697
Net change in unrealized appreciation (depreciation)				(1,160,667	)		(1,273	)			(413,835,949	)			(584,908,292	)
Net increase (decrease) in net assets resulting from operations				(1,004,913	)		147,537				(367,567,571	)			(461,155,810	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders				(150,090	)		(56,797	)			(54,294,587	)			(69,453,870	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions				—			8,978,314				293,791,384				66,934,776
NET ASSETS
Total increase (decrease) in net assets				(1,155,003	)		9,069,054				(128,070,774	)			(463,674,904	)
Beginning of period				9,069,054			—				2,997,902,899				3,461,577,803
End of period			$	7,914,051		$	9,069,054			$	2,869,832,125			$	2,997,902,899

^(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
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,417,849		$	6,482,421
Net realized loss		(7,086,163	)		(15,189,405	)
Net change in unrealized appreciation (depreciation)		(14,352,718	)		(20,445,849	)
Net decrease in net assets resulting from operations		(19,021,032	)		(29,152,833	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,513,698	)(b)		(3,488,984	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(16,272,148	)		(31,833,293	)
NET ASSETS
Total decrease in net assets		(37,806,878	)		(64,475,110	)
Beginning of period		148,509,416			212,984,526
End of period	$	110,702,538		$	148,509,416

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

^(b)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 27

Financial Highlights

(For a share outstanding throughout each period)

	iShares Environmentally Aware Real Estate ETF
		Six Months Ended 10/31/23 (unaudited)					Period From 11/15/22 to 04/30/23	(a)
Net asset value, beginning of period			$	25.19		$	24.94
Net investment income(b)				0.46			0.44
Net realized and unrealized loss(c)				(3.25	)		(0.03	)
Net increase (decrease) from investment operations				(2.79	)		0.41
Distributions from net investment income(d)				(0.42	)		(0.16	)
Net asset value, end of period			$	21.98		$	25.19
Total Return(e)
Based on net asset value				(11.26	)%(f)		1.64	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.30	%(h)		0.30	%(h)
Net investment income				3.83	%(h)		3.82	%(h)
Supplemental Data
Net assets, end of period (000)			$	7,914		$	9,069
Portfolio turnover rate(i)				2	%		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
	Six Months Ended 10/31/23 (unaudited)					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 period		$	23.25		$	27.77		$	27.22		$	20.42		$	26.53		$	24.82
Net investment income(a)			0.48			0.94			0.68			0.66			0.88			0.98
Net realized and unrealized gain (loss)(b)			(3.15	)		(4.89	)		0.74			6.75			(5.54	)		2.08
Net increase (decrease) from investment operations			(2.67	)		(3.95	)		1.42			7.41			(4.66	)		3.06
Distributions from net investment income(c)			(0.40	)		(0.57	)		(0.87	)		(0.61	)		(1.45	)		(1.35	)
Net asset value, end of period		$	20.18		$	23.25		$	27.77		$	27.22		$	20.42		$	26.53
Total Return(d)
Based on net asset value			(11.59	)%(e)		(14.12	)%		5.14	%		36.95	%		(18.47	)%		12.77	%
Ratios to Average Net Assets(f)
Total expenses			0.14	%(g)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income			4.30	%(g)		3.95	%		2.36	%		2.91	%		3.36	%		3.85	%
Supplemental Data
Net assets, end of period (000)		$	2,869,832		$	2,997,903		$	3,461,578		$	3,083,221		$	1,900,334		$	1,637,157
Portfolio turnover rate(h)			2	%		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)  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 29

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares International Developed Real Estate ETF
	Six Months Ended 10/31/23 (unaudited)					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 period		$	21.52		$	25.36		$	28.82		$	22.75		$	29.65		$	30.40
Net investment income(a)			0.38			0.83			0.79	(b)		0.78			0.86			0.93
Net realized and unrealized gain (loss)(c)			(3.35	)		(4.25	)		(3.35	)		5.86			(5.47	)		(0.55	)
Net increase (decrease) from investment operations			(2.97	)		(3.42	)		(2.56	)		6.64			(4.61	)		0.38
Distributions from net investment income(d)			(0.40	)(e)		(0.42	)		(0.90	)		(0.57	)		(2.29	)		(1.13	)
Net asset value, end of period		$	18.15		$	21.52		$	25.36		$	28.82		$	22.75		$	29.65
Total Return(f)
Based on net asset value			(13.98	)%(g)		(13.44	)%		(9.24	)%(b)		29.62	%		(16.93	)%		1.39	%
Ratios to Average Net Assets(h)
Total expenses			0.48	%(i)		0.48	%		0.50	%		0.48	%		0.48	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			N/A			0.48	%		0.48	%		N/A			0.48	%
Net investment income			3.73	%(i)		3.82	%		2.75	%(b)		3.08	%		2.99	%		3.20	%
Supplemental Data
Net assets, end of period (000)		$	110,703		$	148,509		$	212,985		$	256,514		$	259,384		$	477,332
Portfolio turnover rate(j)			5	%		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)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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.

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

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Notes to Financial Statements (unaudited)(continued)

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.

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.

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Notes to Financial Statements (unaudited)(continued)

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
BofA Securities, Inc.	$	20,188	$	(20,188	)	$	—		$	—
Goldman Sachs & Co. LLC		15,496		(15,496	)		—			—
	$	35,684	$	(35,684	)	$	—		$	—
Global REIT
BofA Securities, Inc.	$	2,558,102	$	(2,558,102	)	$	—		$	—
Goldman Sachs & Co. LLC		485,799		(485,799	)		—			—
HSBC Bank PLC		32,875		(32,875	)		—			—
J.P. Morgan Securities LLC		171,643		(171,643	)		—			—
Jefferies LLC		535,642		(535,642	)		—			—
National Financial Services LLC		760,168		(760,168	)		—			—
UBS AG		989,483		(989,483	)		—			—
	$	5,533,712	$	(5,533,712	)	$	—		$	—
International Developed Real Estate
Barclays Capital, Inc.	$	43,612	$	(43,612	)	$	—		$	—
BofA Securities, Inc.		55,847		(55,847	)		—			—
Goldman Sachs & Co. LLC		683,355		(675,426	)		—			7,929	(b)
HSBC Bank PLC		88,586		(88,586	)		—			—
J.P. Morgan Securities LLC		692,840		(692,840	)		—			—
Morgan Stanley		3,980		(3,823	)		—			157	(b)
SG Americas Securities LLC		2,741		(2,741	)		—			—
UBS AG		2,583		(2,583	)		—			—
	$	1,573,544	$	(1,565,458	)	$	—		$	8,086

^(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 October 31, 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.

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.

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Notes to Financial Statements (unaudited)(continued)

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.

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.

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Notes to Financial Statements (unaudited)(continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended October 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Environmentally Aware Real Estate	$	82
Global REIT		8,952
International Developed Real Estate		5,332

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

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

For the six months ended October 31, 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	$	9,509,811	$	18,751,959	$	(3,534,108	)
International Developed Real Estate		136,591		360,495		(113,115	)

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

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

7. PURCHASES AND SALES

For the six months ended October 31, 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	$	234,874	$	215,361
Global REIT		114,622,684		70,395,389
International Developed Real Estate		6,355,886		7,061,078

For the six months ended October 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Global REIT	$	287,835,570	$	23,216,166
International Developed Real Estate		—		15,374,423

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 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.

As of April 30, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
Environmentally Aware Real Estate	$	(6,160	)
Global REIT		(118,241,339	)
International Developed Real Estate		(92,810,171	)

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Notes to Financial Statements (unaudited)(continued)

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

As of October 31, 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	$	9,133,801	$	156,728	$	(1,365,251	)	$	(1,208,523	)
Global REIT		3,635,836,065		76,098,762		(844,180,990	)		(768,082,228	)
International Developed Real Estate		184,979,547		516,137		(74,034,093	)		(73,517,956	)

9. LINE OF CREDIT

The iShares Environmentally Aware Real Estate ETF, 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 October 16, 2024. 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 six months ended October 31, 2023, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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Notes to Financial Statements (unaudited)(continued)

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.

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the 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 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.

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Notes to Financial Statements (unaudited)(continued)

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

Transactions in capital shares were as follows:

	Six Months Ended 10/31/23				Period Ended 04/30/23
iShares ETF	Shares		Amount		Shares		Amount
Environmentally Aware Real Estate(a)
Shares sold		—	$	—		360,000	$	8,978,314

	Six Months Ended 10/31/23						Year Ended 04/30/23
iShares ETF	Shares			Amount			Shares			Amount
Global REIT
Shares sold		14,350,000		$	318,678,783			14,400,000		$	325,705,239
Shares redeemed		(1,100,000	)		(24,887,399	)		(10,100,000	)		(258,770,463	)
		13,250,000		$	293,791,384			4,300,000		$	66,934,776
International Developed Real Estate
Shares sold		—		$	260			200,000		$	4,481,991
Shares redeemed		(800,000	)		(16,272,408	)		(1,700,000	)		(36,315,284	)
		(800,000	)	$	(16,272,148	)		(1,500,000	)	$	(31,833,293	)

^(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.

12. SUBSEQUENT EVENTS

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

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Board Review and Approval of Investment Advisory Contract

iShares Environmentally Aware Real Estate ETF, iShares Global REIT 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 Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

iShares International Developed Real Estate ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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Board Review and Approval of Investment Advisory Contract (continued)

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

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Board Review and Approval of Investment Advisory Contract (continued)

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

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Supplemental Information (unaudited)

Section 19(a) Notices

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

October 31, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
International Developed Real Estate(a)	$	0.333337	$	—	$	0.062831	$	0.396168		84	%		—	%		16	%		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.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

S U P P L E M E N T A L    I N F O R M  A T I O N 43

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviation

NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y    O F    T E R M S     U S E D    I N    T H I S    R E P O R T 45

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-SAR-405-1023

(b) Not Applicable

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable to the registrant.

Item 13. Recovery of Erroneously Awarded Compensation.

Not applicable

Item 14. Exhibits.

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

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

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

(a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Dominik Rohe                                                                        ��
	Dominik Rohe, President (Principal Executive Officer)

Date: December 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: December 21, 2023

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

Date: December 21, 2023