# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-26-003760
**Filing Date:** 2026-1
**Character Count:** 391671
**Document Hash:** ddab0f8af651986568e472cc9f74b500
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-003760.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001193125-26-003760

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSHARES TRUST
- **CENTRAL INDEX KEY:** 0001100663

**ORGANIZATION NAME:**
- **EIN:** 943351276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 26509982

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES TRUST
- **DATE OF NAME CHANGE:** 19991213

## Series and Classes Contracts Data

### iShares International Select Dividend ETF (Series ID: S000017777)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000049094 | iShares International Select Dividend ETF | IDV             |

### iShares International Developed Real Estate ETF (Series ID: S000018146)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000050169 | iShares International Developed Real Estate ETF | IFGL            |

### iShares Global REIT ETF (Series ID: S000045649)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000141932 | iShares Global REIT ETF | REET            |

### iShares Environmentally Aware Real Estate ETF (Series ID: S000077112)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000237280 | iShares Environmentally Aware Real Estate ETF | ERET            |

?xml version='1.0' encoding='ASCII'? iShares Trust

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

Name of Fund:

iShares Trust

Fund Address: c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105

Name and address of agent for service: The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(415) 670-2000

Date of fiscal year end:

4/30/2026

Date of reporting period:

10/31/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK iShares Logo](g79429images_5508.jpg)

### iShares Environmentally Aware Real Estate ETF

### ERET \| NASDAQ

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Environmentally Aware Real Estate ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Environmentally Aware Real Estate ETF | $16 | 0.30%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9725247 |
| Number of Portfolio Holdings | &nbsp;&nbsp;356 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Retail REITs | 17.6% |
| Industrial REITs | 14.3% |
| Health Care REITs | 11.4% |
| Real Estate Operating Companies | 7.8% |
| Diversified REITs | 7.6% |
| Multi-Family Residential REITs | 7.4% |
| Office REITs | 7.1% |
| Data Center REITs | 6.5% |
| Diversified Real Estate Activities | 5.7% |
| Self Storage REITs | 5.1% |
| Other\* | 9.5% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 60.4% |
| Japan | 11.3% |
| Australia | 6.0% |
| United Kingdom | 3.7% |
| Hong Kong | 3.3% |
| Singapore | 3.0% |
| France | 2.0% |
| Canada | 1.9% |
| Sweden | 1.9% |
| Germany | 1.9% |
| Other<sup>#</sup> | 4.6% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g79429images_5509.jpg)

iShares Environmentally Aware Real Estate ETF

Semi-Annual Shareholder Report — October 31, 2025

ERET-10/25-SAR

![TSR - BLK iShares Logo](g79429images_5508.jpg)

### iShares Global REIT ETF

### REET \| NYSE Arca

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Global REIT ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global REIT ETF | $7 | 0.14%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3971218973 |
| Number of Portfolio Holdings | &nbsp;&nbsp;331 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Retail REITs | 18.6% |
| Industrial REITs | 17.9% |
| Health Care REITs | 14.5% |
| Diversified REITs | 9.1% |
| Data Center REITs | 8.9% |
| Multi-Family Residential REITs | 8.2% |
| Office REITs | 6.2% |
| Self Storage REITs | 5.6% |
| Other Specialized REITs | 5.1% |
| Single-Family Residential REITs | 3.5% |
| Other\* | 2.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 70.8% |
| Australia | 7.1% |
| Japan | 5.9% |
| United Kingdom | 3.8% |
| Singapore | 3.1% |
| Canada | 2.1% |
| France | 2.0% |
| Belgium | 1.1% |
| Hong Kong | 1.0% |
| Mexico | 0.7% |
| Other<sup>#</sup> | 2.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g79429images_5509.jpg)

iShares Global REIT ETF

Semi-Annual Shareholder Report — October 31, 2025

REET-10/25-SAR

![TSR - BLK iShares Logo](g79429images_5508.jpg)

### iShares International Developed Real Estate ETF

### IFGL \| NASDAQ

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares International Developed Real Estate ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares International Developed Real Estate ETF | $27 | 0.51%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$93527735 |
| Number of Portfolio Holdings | &nbsp;&nbsp;264 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Real Estate Operating Companies | 19.5% |
| Industrial REITs | 17.2% |
| Diversified REITs | 15.2% |
| Diversified Real Estate Activities | 14.3% |
| Retail REITs | 14.3% |
| Office REITs | 7.2% |
| Multi-Family Residential REITs | 3.7% |
| Health Care REITs | 2.0% |
| Hotel & Resort REITs | 1.4% |
| Real Estate Development | 1.4% |
| Other\* | 3.8% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 24.9% |
| Australia | 17.8% |
| United Kingdom | 9.3% |
| Singapore | 8.4% |
| Hong Kong | 8.3% |
| Canada | 5.5% |
| Germany | 5.0% |
| Sweden | 4.9% |
| France | 4.6% |
| Switzerland | 4.0% |
| Other<sup>#</sup> | 7.3% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g79429images_5509.jpg)

iShares International Developed Real Estate ETF

Semi-Annual Shareholder Report — October 31, 2025

IFGL-10/25-SAR

![TSR - BLK iShares Logo](g79429images_5508.jpg)

### iShares International Select Dividend ETF

### IDV \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares International Select Dividend ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares International Select Dividend ETF | $27 | 0.49%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6085375894 |
| Number of Portfolio Holdings | &nbsp;&nbsp;109 |
| Portfolio Turnover Rate | &nbsp;&nbsp;1% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 31.3% |
| Utilities | 15.1% |
| Communication Services | 10.3% |
| Energy | 9.8% |
| Consumer Discretionary | 9.8% |
| Materials | 8.2% |
| Consumer Staples | 6.7% |
| Industrials | 4.7% |
| Real Estate | 3.1% |
| Information Technology | 1.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United Kingdom | 21.1% |
| Italy | 11.3% |
| Spain | 9.0% |
| France | 8.8% |
| South Korea | 7.1% |
| Germany | 6.9% |
| Australia | 6.6% |
| Canada | 6.4% |
| Hong Kong | 6.0% |
| Finland | 3.4% |
| Other<sup>#</sup> | 13.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g79429images_5509.jpg)

iShares International Select Dividend ETF

Semi-Annual Shareholder Report — October 31, 2025

IDV-10/25-SAR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Registrant – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

October 31, 2025

![](g79429imgd8a221651.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares International Select Dividend ETF \| IDV \| Cboe BZX Exchange |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_4587f071-00a0-403c-b014-4e7dddaaebef_SOIs-Footer-iSharesReport-160_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_4587f071-00a0-403c-b014-4e7dddaaebef_FS-Footer-iSharesReport-160_1)  | &nbsp;&nbsp; 8 |
| [Statement of Operations](#xx_4587f071-00a0-403c-b014-4e7dddaaebef_FS-Footer-iSharesReport-160_2)  | &nbsp;&nbsp; 9 |
| [Statements of Changes in Net Assets](#xx_4587f071-00a0-403c-b014-4e7dddaaebef_FS-Footer-iSharesReport-160_3)  | &nbsp;&nbsp; 10 |
| [Financial Highlights](#xx_4587f071-00a0-403c-b014-4e7dddaaebef_FS-Footer-iSharesReport-160_4)  | &nbsp;&nbsp; 11 |
| [Notes to Financial Statements](#xx_4587f071-00a0-403c-b014-4e7dddaaebef_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 12 |
| [Additional Information](#xx_4587f071-00a0-403c-b014-4e7dddaaebef_SAI-Footer-iSharesReport-160_1)  | &nbsp;&nbsp; 21 |
| [Board Review and Approval of Investment Advisory Contract](#xx_4587f071-00a0-403c-b014-4e7dddaaebef_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 22 |
| [Glossary of Terms Used in these Financial Statements](#xx_4587f071-00a0-403c-b014-4e7dddaaebef_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 25 |

---

------

Schedule of Investments (unaudited)

October 31, 2025

**iShares® International Select Dividend ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 6.6%** | **Australia — 6.6%** | **Australia — 6.6%** |
| APA Group | &nbsp;&nbsp; 11952806 | $71787746 |
| BHP Group Ltd. | &nbsp;&nbsp; 6044481 | 172317250 |
| Fortescue Ltd. | &nbsp;&nbsp; 9446389 | 131373087 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 2062705 | 12964878 |
| Perpetual Ltd. | &nbsp;&nbsp; 871078 | 10925993 |
|  |  | 399368954 |
| **Austria — 1.3%** | **Austria — 1.3%** | **Austria — 1.3%** |
| Oesterreichische Post AG<sup>(a)</sup> | &nbsp;&nbsp; 475968 | 16453272 |
| OMV AG | &nbsp;&nbsp; 1123264 | 61494354 |
|  |  | 77947626 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| Ageas SA | &nbsp;&nbsp; 554645 | 36706173 |
| Proximus SADP | &nbsp;&nbsp; 2334217 | 20050378 |
|  |  | 56756551 |
| **Canada — 6.3%** | **Canada — 6.3%** | **Canada — 6.3%** |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 1597198 | 104756511 |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 1092522 | 30597315 |
| Emera Inc. | &nbsp;&nbsp; 1203383 | 57211207 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 650671 | 27584683 |
| IGM Financial Inc. | &nbsp;&nbsp; 425317 | 16360096 |
| Labrador Iron Ore Royalty Corp. | &nbsp;&nbsp; 1290254 | 26622902 |
| Parex Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2346176 | 30009909 |
| Peyto Exploration & Development Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3196248 | 46557589 |
| Power Corp. of Canada | &nbsp;&nbsp; 948824 | 44445999 |
|  |  | 384146211 |
| **Denmark — 2.2%** | **Denmark — 2.2%** | **Denmark — 2.2%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 31947 | 65847726 |
| Danske Bank A/S | &nbsp;&nbsp; 1603247 | 71654236 |
|  |  | 137501962 |
| **Finland — 3.4%** | **Finland — 3.4%** | **Finland — 3.4%** |
| Fortum OYJ | &nbsp;&nbsp; 2803012 | 62506942 |
| Nordea Bank Abp | &nbsp;&nbsp; 6304901 | 107735979 |
| TietoEVRY OYJ | &nbsp;&nbsp; 1638574 | 35169488 |
|  |  | 205412409 |
| **France — 8.8%** | **France — 8.8%** | **France — 8.8%** |
| Ayvens SA<sup>(b)</sup> | &nbsp;&nbsp; 2174371 | 29008925 |
| Bouygues SA | &nbsp;&nbsp; 1118286 | 50477312 |
| Carrefour SA | &nbsp;&nbsp; 3664513 | 55191030 |
| Credit Agricole SA | &nbsp;&nbsp; 2686743 | 48499389 |
| Orange SA | &nbsp;&nbsp; 7142352 | 114251666 |
| Rubis SCA | &nbsp;&nbsp; 1270818 | 46145877 |
| TotalEnergies SE | &nbsp;&nbsp; 3037066 | 189619278 |
|  |  | 533193477 |
| **Germany — 3.6%** | **Germany — 3.6%** | **Germany — 3.6%** |
| Freenet AG | &nbsp;&nbsp; 885990 | 27552380 |
| Hapag-Lloyd AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 116870 | 16803708 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 2226335 | 144454710 |
| Schaeffler AG<sup>(a)</sup> | &nbsp;&nbsp; 3695568 | 29982152 |
|  |  | 218792950 |
| **Hong Kong — 6.0%** | **Hong Kong — 6.0%** | **Hong Kong — 6.0%** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 9743000 | 47874353 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 4049500 | 26339386 |
| Hang Seng Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2379600 | 46390173 |
| Henderson Land Development Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16166000 | 56867962 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 11291000 | 23392190 |
| Kerry Properties Ltd. | &nbsp;&nbsp; 10149500 | 25581471 |
| PCCW Ltd. | &nbsp;&nbsp; 62244000 | 44465208 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 38734000 | 48112866 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Stella International Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10521500 | $22368453 |
| VTech Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2863100 | 23350572 |
|  |  | 364742634 |
| **Italy — 11.3%** | **Italy — 11.3%** | **Italy — 11.3%** |
| A2A SpA | &nbsp;&nbsp; 10261905 | 29899296 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 2418625 | 40558017 |
| Banco BPM SpA | &nbsp;&nbsp; 6500622 | 94710439 |
| BPER Banca SpA | &nbsp;&nbsp; 5021609 | 60168388 |
| Enel SpA | &nbsp;&nbsp; 18339723 | 185520185 |
| Eni SpA | &nbsp;&nbsp; 7838551 | 144538751 |
| Italgas SpA | &nbsp;&nbsp; 5565464 | 58398009 |
| Snam SpA | &nbsp;&nbsp; 11618832 | 71660481 |
|  |  | 685453566 |
| **Netherlands — 2.7%** | **Netherlands — 2.7%** | **Netherlands — 2.7%** |
| ING Groep NV | &nbsp;&nbsp; 4155802 | 103768982 |
| NN Group NV | &nbsp;&nbsp; 865087 | 59202096 |
|  |  | 162971078 |
| **New Zealand — 0.9%** | **New Zealand — 0.9%** | **New Zealand — 0.9%** |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 37997341 | 53269637 |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| DNB Bank ASA | &nbsp;&nbsp; 2039173 | 52050754 |
| **South Korea — 6.0%** | **South Korea — 6.0%** | **South Korea — 6.0%** |
| BNK Financial Group Inc. | &nbsp;&nbsp; 1945798 | 18836774 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 309337 | 27495019 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 846986 | 50741720 |
| iM Financial Group Co. Ltd. | &nbsp;&nbsp; 1403268 | 13019758 |
| Industrial Bank of Korea | &nbsp;&nbsp; 1674932 | 22698614 |
| Kia Corp. | &nbsp;&nbsp; 1203938 | 100984611 |
| Samsung Securities Co. Ltd. | &nbsp;&nbsp; 573361 | 31031283 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 1002121 | 51471468 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 2893564 | 51510348 |
|  |  | 367789595 |
| **Spain — 8.9%** | **Spain — 8.9%** | **Spain — 8.9%** |
| Bankinter SA | &nbsp;&nbsp; 2177107 | 32818223 |
| CaixaBank SA | &nbsp;&nbsp; 7609191 | 80427214 |
| Enagas SA | &nbsp;&nbsp; 3069235 | 48697182 |
| Logista Integral SA | &nbsp;&nbsp; 978433 | 32608437 |
| Mapfre SA | &nbsp;&nbsp; 5738191 | 25341780 |
| Naturgy Energy Group SA | &nbsp;&nbsp; 1203695 | 36461900 |
| Redeia Corp. SA | &nbsp;&nbsp; 1666994 | 30008999 |
| Repsol SA | &nbsp;&nbsp; 6744772 | 123762204 |
| Telefonica SA | &nbsp;&nbsp; 21132874 | 107168453 |
| Unicaja Banco SA<sup>(b)</sup> | &nbsp;&nbsp; 8895107 | 24015116 |
|  |  | 541309508 |
| **Sweden — 2.2%** | **Sweden — 2.2%** | **Sweden — 2.2%** |
| Swedbank AB, Class A | &nbsp;&nbsp; 2604700 | 79080725 |
| Telia Co. AB | &nbsp;&nbsp; 13446127 | 52932942 |
|  |  | 132013667 |
| **Switzerland — 2.2%** | **Switzerland — 2.2%** | **Switzerland — 2.2%** |
| Swiss Re AG | &nbsp;&nbsp; 299104 | 54616969 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 115387 | 80248315 |
|  |  | 134865284 |
| **United Kingdom — 21.0%** | **United Kingdom — 21.0%** | **United Kingdom — 21.0%** |
| Aberdeen Group PLC | &nbsp;&nbsp; 13170529 | 35126244 |
| Ashmore Group PLC | &nbsp;&nbsp; 5051328 | 12468908 |
| British American Tobacco PLC | &nbsp;&nbsp; 5013579 | 256772925 |
| BT Group PLC | &nbsp;&nbsp; 25721742 | 62775785 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 10763000 | 71374525 |
| IG Group Holdings PLC | &nbsp;&nbsp; 1370053 | 20054247 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® International Select Dividend ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Imperial Brands PLC | &nbsp;&nbsp; 2344725 | $93165977 |
| Legal & General Group PLC | &nbsp;&nbsp; 19038318 | 59493165 |
| National Grid PLC | &nbsp;&nbsp; 10425075 | 156314633 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 7908396 | 60882885 |
| OSB Group PLC | &nbsp;&nbsp; 3227813 | 22878622 |
| Persimmon PLC | &nbsp;&nbsp; 2087643 | 33179142 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 5930788 | 52539857 |
| Rio Tinto PLC | &nbsp;&nbsp; 2287765 | 164924883 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 24881954 | 32638383 |
| Vodafone Group PLC | &nbsp;&nbsp; 116640264 | 141201545 |
|  |  | 1275791726 |
| **Total Common Stocks — 95.1%** <br>**(Cost: $4,572,274,062)** | **Total Common Stocks — 95.1%** <br>**(Cost: $4,572,274,062)** | 5783377589 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 3.3%** | **Germany — 3.3%** | **Germany — 3.3%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 577798 | 50057992 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1171901 | 46563691 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 996709 | 103794027 |
|  |  | 200415710 |
| **South Korea — 1.0%** | **South Korea — 1.0%** | **South Korea — 1.0%** |
| Hyundai Motor Co., Series 2, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 411308 | 63372362 |
| **Total Preferred Stocks — 4.3%** <br>**(Cost: $257,402,123)** | **Total Preferred Stocks — 4.3%** <br>**(Cost: $257,402,123)** | 263788072 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $4,829,676,185)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $4,829,676,185)** | 6047165661 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.1%** | **Money Market Funds — 1.1%** | **Money Market Funds — 1.1%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.27%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 66322921 | $66356082 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.05%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 2360000 | 2360000 |
| **Total Short-Term Securities — 1.1%** <br>**(Cost: $68,711,676)** | **Total Short-Term Securities — 1.1%** <br>**(Cost: $68,711,676)** | 68716082 |
| **Total Investments — 100.5%** <br>**(Cost: $4,898,387,861)** | **Total Investments — 100.5%** <br>**(Cost: $4,898,387,861)** | 6115881743 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (30505849)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6085375894 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> 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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/30/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $23369182<br> $42980389 <br><sup>(a)</sup><br>| $— | $3612 | $2899 | $66356082 | 66322921 | $184244 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 2330000<br> 30000 <br><sup>(a)</sup><br>|  |  |  | 2360000 | 2360000 | 76875 |  |
|  |  |  | $3612 | $2899 | $68716082 |  | $261119 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® International Select Dividend ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| SPI 200 Index | 36 | 12/18/25 | &nbsp;&nbsp; $5236 | $(947) |
| Euro STOXX 50 Index | 163 | 12/19/25 | &nbsp;&nbsp; 10651 | 329171 |
| FTSE 100 Index | 131 | 12/19/25 | &nbsp;&nbsp; 16803 | 676885 |
|  |  |  |  | $1005109 |

---

**Equity Swap Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Banca Popolare Di Sondrio | BNP Paribas | &nbsp;&nbsp; $15 | 08/16/27 | 0.26% | 1D ESTR | Monthly | &nbsp;&nbsp; $2 |
| Banca Popolare Di Sondrio | Merrill Lynch International | &nbsp;&nbsp; 15 | 02/15/28 | 0.45% | 1D ESTR | Monthly | &nbsp;&nbsp; 2 |
| Red Electrica Corp. SA | &nbsp;&nbsp; Goldman Sachs Bank <br> USA | &nbsp;&nbsp; 1827472 | 08/19/26 | 0.45% | 1D ESTR | Monthly | &nbsp;&nbsp; (132632)<br>|
| Red Electrica Corp. SA | HSBC Bank PLC | &nbsp;&nbsp; 1669701 | 02/10/28 | 0.45% | 1D ESTR | Monthly | &nbsp;&nbsp; (61990)<br>|
| Red Electrica Corp. SA | &nbsp;&nbsp; JPMorgan Chase Bank <br> N.A. | &nbsp;&nbsp; 1950889 | 02/11/26 | 0.40% | 1D ESTR | Monthly | &nbsp;&nbsp; (72430)<br>|
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | (267048) |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (14701)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $(281749)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays 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 position. 

**Balances Reported in the Statement of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp; $(281753)<br>|

---

**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* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1006056 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1006056 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1006060 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1006060 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® International Select Dividend ETF**

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $947 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $947 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $281753 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $281753 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $282700 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $282700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended October 31, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3399419 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3399419 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (169969)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (169969)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3229450 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3229450 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1033430 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1033430 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (336652)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (336652)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $696778 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $696778 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $33535129 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; $6983026 |

---

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 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $116534 |
| Swaps - OTC | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 281753 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 398287 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (116534)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp; $281753 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| BNP Paribas | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® International Select Dividend ETF**

**Derivative Financial Instruments - Offsetting as of Period End (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Assets*<sup>(c)</sup><br>|
| Merrill Lynch International | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 |
|  | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)</sup> <br>|
| Goldman Sachs Bank USA | &nbsp;&nbsp; $132632 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $132632 |
| HSBC Bank PLC | &nbsp;&nbsp; 61990 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61990 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 72430 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 72430 |
|  | &nbsp;&nbsp; $267052 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $267052 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 | &nbsp;&nbsp; $536781037 | &nbsp;&nbsp; $5246596552 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5783377589 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 263788072 | &nbsp;&nbsp; — | &nbsp;&nbsp; 263788072 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 68716082 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68716082 |
|  | &nbsp;&nbsp; $605497119 | &nbsp;&nbsp; $5510384624 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6115881743 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $329171 | &nbsp;&nbsp; $676889 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1006060 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (947)<br>| &nbsp;&nbsp; (281753)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (282700)<br>|
|  | &nbsp;&nbsp; $328224 | &nbsp;&nbsp; $395136 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $723360 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited)

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>International Select <br> Dividend ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $6047165661 |
| Investments, at value—affiliated<sup>(c)</sup> | 68716082 |
| Cash | 3167 |
| Cash pledged as collateral for OTC derivatives | 50 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 2024100 |
| Foreign currency, at value<sup>(e)</sup> | 14491072 |
| Receivables: |  |
| Securities lending income—affiliated | 33049 |
| Swaps | 25314 |
| Capital shares sold | 4932702 |
| Dividends—unaffiliated | 8341652 |
| Dividends—affiliated | 6843 |
| Tax reclaims | 14964773 |
| Unrealized appreciation on OTC swaps | 4 |
| Total assets | 6160704469 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 66317156 |
| Payables: |  |
| Investments purchased | 4272293 |
| Swaps | 52434 |
| Investment advisory fees | 2475894 |
| Professional fees | 65053 |
| Due to custodian | 1747458 |
| Variation margin on futures contracts | 116534 |
| Unrealized depreciation on OTC swaps | 281753 |
| Total liabilities | 75328575 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $6085375894 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $6137344851 |
| Accumulated loss | (51968957) |
| NET ASSETS | $6085375894 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 162950000 |
| Net asset value | $37.35 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $4829676185 |
| <sup>(b)</sup> Securities loaned, at value | $63125613 |
| <sup>(c)</sup> Investments, at cost—affiliated | $68711676 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $2152543 |
| <sup>(e)</sup> Foreign currency, at cost | $14505008 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>International <br> Select <br> Dividend ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $177279181 |
| Dividends—affiliated | &nbsp;&nbsp; 76875 |
| Interest—unaffiliated | &nbsp;&nbsp; 98370 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 184244 |
| Other income—unaffiliated | &nbsp;&nbsp; 7926 |
| Foreign taxes withheld | &nbsp;&nbsp; (13255407)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 622485 |
| Total investment income | &nbsp;&nbsp; 165013674 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 13574183 |
| Professional | &nbsp;&nbsp; 63041 |
| Commitment costs | &nbsp;&nbsp; 8229 |
| Total expenses | &nbsp;&nbsp; 13645453 |
| Less: |  |
| Investment advisory fees waived | &nbsp;&nbsp; (400)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 13645053 |
| Net investment income | &nbsp;&nbsp; 151368621 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (2260037)<br>|
| Investments—affiliated | &nbsp;&nbsp; 3612 |
| Foreign currency transactions | &nbsp;&nbsp; 830334 |
| Futures contracts | &nbsp;&nbsp; 3399419 |
| Swaps | &nbsp;&nbsp; (169969)<br>|
|  | &nbsp;&nbsp; 1803359 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 793643070 |
| Investments—affiliated | &nbsp;&nbsp; 2899 |
| Foreign currency translations | &nbsp;&nbsp; (314715)<br>|
| Futures contracts | &nbsp;&nbsp; 1033430 |
| Swaps | &nbsp;&nbsp; (336652)<br>|
|  | &nbsp;&nbsp; 794028032 |
| Net realized and unrealized gain | &nbsp;&nbsp; 795831391 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $947200012 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>International Select Dividend ETF  | iShares <br>International Select Dividend ETF  |
|  | Six Months Ended <br>10/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>04/30/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $151368621 | &nbsp;&nbsp;&nbsp; $244688161 |
| Net realized gain | &nbsp;&nbsp; 1803359 | &nbsp;&nbsp;&nbsp; 124222343 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 794028032 | &nbsp;&nbsp;&nbsp; 514147279 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 947200012 | &nbsp;&nbsp;&nbsp; 883057783 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (179788016 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (247688954)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 628734548 | &nbsp;&nbsp;&nbsp; (17096665)<br>|
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1396146544 | &nbsp;&nbsp;&nbsp; 618272164 |
| Beginning of period | &nbsp;&nbsp; 4689229350 | &nbsp;&nbsp;&nbsp; 4070957186 |
| End of period | &nbsp;&nbsp; $6085375894 | &nbsp;&nbsp;&nbsp; $4689229350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> 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.*

Statement of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares International Select Dividend ETF  | iShares International Select Dividend ETF  | iShares International Select Dividend ETF  | iShares International Select Dividend ETF  | iShares International Select Dividend ETF  | iShares International Select Dividend ETF  |
|  | Six Months Ended <br>10/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>04/30/25<br>| &nbsp;&nbsp; Year Ended <br>04/30/24<br>| &nbsp;&nbsp; Year Ended <br>04/30/23<br>| &nbsp;&nbsp; Year Ended <br>04/30/22<br>| &nbsp;&nbsp; Year Ended <br>04/30/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $32.35 | &nbsp;&nbsp;&nbsp; $27.83 | &nbsp;&nbsp;&nbsp; $28.14 | &nbsp;&nbsp;&nbsp; $30.17 | &nbsp;&nbsp;&nbsp; $32.41 | &nbsp;&nbsp;&nbsp; $24.14 |
| Net investment income<sup>(a)</sup> | 0.97 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp; 2.06 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 5.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.19 |
| Net increase (decrease) from investment operations | 6.17 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.54 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.17 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp; (1.27)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $37.35 | &nbsp;&nbsp;&nbsp; $32.35 | &nbsp;&nbsp;&nbsp; $27.83 | &nbsp;&nbsp;&nbsp; $28.14 | &nbsp;&nbsp;&nbsp; $30.17 | &nbsp;&nbsp;&nbsp; $32.41 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 19.34 %<sup>(b)(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.38 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.00<br> %<br>| &nbsp;&nbsp;&nbsp; (0.06 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1.76 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.57<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Total expenses after fees waived | 0.49 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.49 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 5.48 %<sup>(b)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.87 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.58 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.12 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.87<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6085376 | &nbsp;&nbsp;&nbsp; $4689229 | &nbsp;&nbsp;&nbsp; $4070957 | &nbsp;&nbsp;&nbsp; $5022577 | &nbsp;&nbsp;&nbsp; $4609687 | &nbsp;&nbsp;&nbsp; $4329942 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 86<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the period ended October 31, 2025 and <br> years ended April 30, 2025, April 30, 2023 and April 30, 2022 respectively:<br> • Net investment income per share by $0.00, $0.00, $0.04 and $0.13.<br> • Total return by 0.01%, 0.02%, 0.13% and 0.39%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.15% and 0.41%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the period ended October 31, 2025 and <br> years ended April 30, 2025, April 30, 2023 and April 30, 2022 respectively:<br> • Net investment income per share by $0.00, $0.00, $0.04 and $0.13.<br> • Total return by 0.01%, 0.02%, 0.13% and 0.39%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.15% and 0.41%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the period ended October 31, 2025 and <br> years ended April 30, 2025, April 30, 2023 and April 30, 2022 respectively:<br> • Net investment income per share by $0.00, $0.00, $0.04 and $0.13.<br> • Total return by 0.01%, 0.02%, 0.13% and 0.39%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.15% and 0.41%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the period ended October 31, 2025 and <br> years ended April 30, 2025, April 30, 2023 and April 30, 2022 respectively:<br> • Net investment income per share by $0.00, $0.00, $0.04 and $0.13.<br> • Total return by 0.01%, 0.02%, 0.13% and 0.39%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.15% and 0.41%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the period ended October 31, 2025 and <br> years ended April 30, 2025, April 30, 2023 and April 30, 2022 respectively:<br> • Net investment income per share by $0.00, $0.00, $0.04 and $0.13.<br> • Total return by 0.01%, 0.02%, 0.13% and 0.39%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.15% and 0.41%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the period ended October 31, 2025 and <br> years ended April 30, 2025, April 30, 2023 and April 30, 2022 respectively:<br> • Net investment income per share by $0.00, $0.00, $0.04 and $0.13.<br> • Total return by 0.01%, 0.02%, 0.13% and 0.39%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.15% and 0.41%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the period ended October 31, 2025 and <br> years ended April 30, 2025, April 30, 2023 and April 30, 2022 respectively:<br> • Net investment income per share by $0.00, $0.00, $0.04 and $0.13.<br> • Total return by 0.01%, 0.02%, 0.13% and 0.39%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.15% and 0.41%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> 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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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 "Foreign taxes withheld", 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, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**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.

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 occurs after 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 as of the measurement date.

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4. SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market 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* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| International Select Dividend |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $11260235 | &nbsp;&nbsp;&nbsp; $(11260235) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1262686 | &nbsp;&nbsp;&nbsp; (1262686) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 32816572 | &nbsp;&nbsp;&nbsp; (32816572) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 10172361 | &nbsp;&nbsp;&nbsp; (10172361) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 2334 | &nbsp;&nbsp;&nbsp; (2334) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 13646 | &nbsp;&nbsp;&nbsp; (13646) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 6913604 | &nbsp;&nbsp;&nbsp; (6913604) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 575125 | &nbsp;&nbsp;&nbsp; (575125) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 109050 | &nbsp;&nbsp;&nbsp; (109050) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $63125613 | &nbsp;&nbsp;&nbsp; $(63125613) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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

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

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

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

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

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

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

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

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

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

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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

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

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("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 | 0.475000 |
| Over $18 billion, up to and including $24 billion | 0.451250 |
| Over $24 billion, up to and including $30 billion | 0.428687 |
| Over $30 billion | 0.407253 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

Effective August 29, 2025, BFA has contractually agreed to waive a portion of its management fees in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through August 30, 2030. 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). Prior to August 29, 2025, BFA had elected to implement a voluntary fee waiver to 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.

This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended October 31, 2025, the amount waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| International Select Dividend | &nbsp;&nbsp; $400 |

---

**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 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. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the 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 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, 2025, the Fund paid BTC $51,199 for securities lending agent services.

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

**Other Transactions:** 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, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| International Select Dividend | &nbsp;&nbsp; $227733269 | &nbsp;&nbsp;&nbsp; $62957238 |

---

For the six months ended October 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| International Select Dividend | &nbsp;&nbsp; $443288319 | &nbsp;&nbsp;&nbsp; $— |

---

***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, 2025, 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. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

As of April 30, 2025, the Fund had non-expiring capital loss carryforwards of $1,231,988,601 available to offset future realized capital gains.

As of October 31, 2025, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| International Select Dividend | &nbsp;&nbsp; $4956867631 | &nbsp;&nbsp;&nbsp; $1377980896 | &nbsp;&nbsp;&nbsp; $(218243424) | &nbsp;&nbsp;&nbsp; $1159737472 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***9. LINE OF CREDIT***

The Fund, along with certain other iShares funds ("Participating Funds"), is a party to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. 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, 2025, 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, tariffs 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 an indexing approach to try to achieve the Fund's investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 mandatory and discretionary liquidity fees under certain circumstances.

**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. The Fund may invest in illiquid investments. An illiquid investment is any investment that the 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. The 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 the 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 the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The 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.

**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, the 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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

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

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

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

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>10/31/25 | Six Months Ended <br>10/31/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| International Select Dividend |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp; $628734548 | &nbsp;&nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp; $225294271 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8650000)<br>| &nbsp;&nbsp;&nbsp; (242390936)<br>|
|  | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp; $628734548 | &nbsp;&nbsp;&nbsp; (1350000)<br>| &nbsp;&nbsp;&nbsp; $(17096665)<br>|

---

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. Authorized Participants 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. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Fund using a clearing facility outside of the continuous net settlement process, the Fund, at its sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, the Fund's custodian, and the Fund. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***12. FOREIGN WITHHOLDING TAX CLAIMS***

Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of October 31, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

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

------

Additional 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Fund, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Fund from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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; and legal and compliance services; including the 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 held on May 9, 2025 and May 23, 2025, 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. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, 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 if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations 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, 2024, 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. The Board also noted the revised investment advisory fee rate for the Fund adopted by the Board at a meeting held on December 9-11, 2024 to reflect calculation of the rate to the sixth decimal place on the same or lower basis than the prior fee rate.

Based on this review, the other relevant factors and information 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 product line and BFA's 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 the investment performance of iShares funds, investment and risk management processes and strategies provided at the

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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, and related costs of the services provided 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 breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. 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 reviewed all of the breakpoint arrangements and 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 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 character and scope of 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 acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. 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 (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions 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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

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 also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

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

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| NVS | Non-Voting Shares |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

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©2025 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.

![](g79429imgd58110982.gif)

![](g79429imgc87459593.gif)

------

October 31, 2025

![](g79429img04ba0e7b1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **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 |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_3770c462-9f9c-40b1-b12b-86f0f64cf4fd_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_3770c462-9f9c-40b1-b12b-86f0f64cf4fd_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 19 |
| [Statements of Operations](#xx_3770c462-9f9c-40b1-b12b-86f0f64cf4fd_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 20 |
| [Statements of Changes in Net Assets](#xx_3770c462-9f9c-40b1-b12b-86f0f64cf4fd_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 21 |
| [Financial Highlights](#xx_3770c462-9f9c-40b1-b12b-86f0f64cf4fd_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 23 |
| [Notes to Financial Statements](#xx_3770c462-9f9c-40b1-b12b-86f0f64cf4fd_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 26 |
| [Additional Information](#xx_3770c462-9f9c-40b1-b12b-86f0f64cf4fd_SAI-Footer-iSharesReport-312_1)  | &nbsp;&nbsp; 35 |
| [Board Review and Approval of Investment Advisory Contract](#xx_3770c462-9f9c-40b1-b12b-86f0f64cf4fd_15Cheader-Footer-iSharesReport-312_1)  | &nbsp;&nbsp; 36 |
| [Glossary of Terms Used in these Financial Statements](#xx_3770c462-9f9c-40b1-b12b-86f0f64cf4fd_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 41 |

---

------

Schedule of Investments (unaudited)

October 31, 2025

**iShares® Environmentally Aware Real Estate ETF** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Data Center REITs — 6.5%** | **Data Center REITs — 6.5%** | **Data Center REITs — 6.5%** |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 3900 | $2009 |
| Digital Realty Trust Inc. | &nbsp;&nbsp; 1409 | 240108 |
| Equinix Inc. | &nbsp;&nbsp; 441 | 373090 |
| Keppel DC REIT | &nbsp;&nbsp; 7680 | 14092 |
|  |  | 629299 |
| **Diversified Real Estate Activities — 5.6%** | **Diversified Real Estate Activities — 5.6%** | **Diversified Real Estate Activities — 5.6%** |
| Allreal Holding AG, Registered | &nbsp;&nbsp; 69 | 16492 |
| City Developments Ltd. | &nbsp;&nbsp; 2000 | 11109 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 300 | 4391 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 6700 | 141986 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 14800 | 154103 |
| New World Development Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8000 | 7405 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 3600 | 20559 |
| Peach Property Group AG<sup>(a)</sup> | &nbsp;&nbsp; 225 | 1722 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 1700 | 72585 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 7215 | 87798 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 1000 | 18670 |
| UOL Group Ltd. | &nbsp;&nbsp; 2300 | 14051 |
|  |  | 550871 |
| **Diversified REITs — 7.6%** | **Diversified REITs — 7.6%** | **Diversified REITs — 7.6%** |
| Activia Properties Inc. | &nbsp;&nbsp; 14 | 12809 |
| AEW U.K. REIT PLC | &nbsp;&nbsp; 811 | 1108 |
| Alexander & Baldwin Inc. | &nbsp;&nbsp; 341 | 5446 |
| American Assets Trust Inc. | &nbsp;&nbsp; 287 | 5485 |
| Argosy Property Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4323 | 3176 |
| British Land Co. PLC (The) | &nbsp;&nbsp; 6663 | 33278 |
| Broadstone Net Lease Inc. | &nbsp;&nbsp; 877 | 15716 |
| CapitaLand Integrated Commercial Trust<sup>(b)</sup> | &nbsp;&nbsp; 31942 | 58070 |
| Charter Hall Group | &nbsp;&nbsp; 2270 | 33339 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 3326 | 9253 |
| Covivio SA/France | &nbsp;&nbsp; 290 | 18606 |
| Custodian Property Income REIT PLC | &nbsp;&nbsp; 2010 | 2123 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 25 | 21544 |
| Essential Properties Realty Trust Inc. | &nbsp;&nbsp; 874 | 26115 |
| Global Net Lease Inc. | &nbsp;&nbsp; 986 | 7513 |
| GPT Group (The) | &nbsp;&nbsp; 9629 | 33822 |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 1478 | 2476 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp; 1347 | 10747 |
| Hankyu Hanshin REIT Inc. | &nbsp;&nbsp; 4 | 4601 |
| Heiwa Real Estate REIT Inc. | &nbsp;&nbsp; 8 | 8010 |
| Hulic REIT Inc. | &nbsp;&nbsp; 7 | 7791 |
| ICADE | &nbsp;&nbsp; 242 | 5897 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 25 | 27679 |
| Land Securities Group PLC | &nbsp;&nbsp; 4200 | 34325 |
| Mapletree Pan Asia Commercial Trust<sup>(b)</sup> | &nbsp;&nbsp; 15400 | 17038 |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 2146 | 33431 |
| Mirai Corp.<sup>(b)</sup> | &nbsp;&nbsp; 13 | 4072 |
| Mirvac Group | &nbsp;&nbsp; 19005 | 28611 |
| Mori Trust REIT Inc. | &nbsp;&nbsp; 12 | 6051 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 11 | 6946 |
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 24 | 25608 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 9 | 7970 |
| OUE REIT | &nbsp;&nbsp; 12600 | 3340 |
| Picton Property Income Ltd. | &nbsp;&nbsp; 2436 | 2499 |
| Schroder REIT Ltd. | &nbsp;&nbsp; 3428 | 2454 |
| Sekisui House REIT Inc. | &nbsp;&nbsp; 37 | 19043 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 11011 | 20340 |
| SK REITs Co. Ltd. | &nbsp;&nbsp; 866 | 3215 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 16 | 6368 |
| Stockland | &nbsp;&nbsp; 11593 | 47930 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Stoneweg Europe Stapled Trust, NVS | &nbsp;&nbsp; 2400 | $4205 |
| Stride Property Group | &nbsp;&nbsp; 2178 | 1832 |
| Sunlight REIT<sup>(b)</sup> | &nbsp;&nbsp; 5000 | 1517 |
| Suntec REIT | &nbsp;&nbsp; 11000 | 11324 |
| Takara Leben Real Estate Investment Corp. | &nbsp;&nbsp; 5 | 3014 |
| United Urban Investment Corp. | &nbsp;&nbsp; 18 | 21785 |
| WP Carey Inc. | &nbsp;&nbsp; 1047 | 69102 |
|  |  | 736624 |
| **Health Care Facilities — 0.2%** | **Health Care Facilities — 0.2%** | **Health Care Facilities — 0.2%** |
| Chartwell Retirement Residences | &nbsp;&nbsp; 1351 | 19910 |
| **Health Care REITs — 11.3%** | **Health Care REITs — 11.3%** | **Health Care REITs — 11.3%** |
| Aedifica SA | &nbsp;&nbsp; 216 | 15774 |
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 870 | 50651 |
| American Healthcare REIT Inc.<sup>(b)</sup> | &nbsp;&nbsp; 708 | 32087 |
| Care Property Invest NV | &nbsp;&nbsp; 152 | 2002 |
| CareTrust REIT Inc. | &nbsp;&nbsp; 969 | 33576 |
| Cofinimmo SA | &nbsp;&nbsp; 184 | 15713 |
| Health Care & Medical Investment Corp. | &nbsp;&nbsp; 1 | 747 |
| Healthcare Realty Trust Inc., Class A | &nbsp;&nbsp; 1453 | 25747 |
| Healthpeak Properties Inc. | &nbsp;&nbsp; 3461 | 62125 |
| Life Science Reit PLC<sup>(a)</sup> | &nbsp;&nbsp; 982 | 484 |
| LTC Properties Inc. | &nbsp;&nbsp; 200 | 7016 |
| Medical Properties Trust Inc. | &nbsp;&nbsp; 2047 | 10583 |
| National Health Investors Inc. | &nbsp;&nbsp; 217 | 16169 |
| Northwest Healthcare Properties Real Estate <br> Investment Trust<br>| &nbsp;&nbsp; 1098 | 3969 |
| Omega Healthcare Investors Inc. | &nbsp;&nbsp; 1328 | 55816 |
| Parkway Life REIT | &nbsp;&nbsp; 1900 | 5984 |
| Primary Health Properties PLC | &nbsp;&nbsp; 11205 | 13795 |
| Sabra Health Care REIT Inc. | &nbsp;&nbsp; 1056 | 18818 |
| Sila Realty Trust Inc. | &nbsp;&nbsp; 228 | 5404 |
| Target Healthcare REIT PLC | &nbsp;&nbsp; 3587 | 4446 |
| Ventas Inc. | &nbsp;&nbsp; 2060 | 152007 |
| Welltower Inc. | &nbsp;&nbsp; 3131 | 566836 |
|  |  | 1099749 |
| **Hotel & Resort REITs — 2.0%** | **Hotel & Resort REITs — 2.0%** | **Hotel & Resort REITs — 2.0%** |
| Apple Hospitality REIT Inc. | &nbsp;&nbsp; 1065 | 11917 |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 11680 | 8470 |
| CDL Hospitality Trusts<sup>(b)</sup> | &nbsp;&nbsp; 3700 | 2344 |
| DiamondRock Hospitality Co. | &nbsp;&nbsp; 1027 | 8031 |
| Far East Hospitality Trust<sup>(b)</sup> | &nbsp;&nbsp; 2800 | 1301 |
| Hoshino Resorts REIT Inc. | &nbsp;&nbsp; 3 | 5013 |
| Host Hotels & Resorts Inc. | &nbsp;&nbsp; 3955 | 63359 |
| Invincible Investment Corp. | &nbsp;&nbsp; 38 | 16978 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 23 | 13399 |
| Park Hotels & Resorts Inc. | &nbsp;&nbsp; 1022 | 10517 |
| Pebblebrook Hotel Trust<sup>(b)</sup> | &nbsp;&nbsp; 608 | 6360 |
| RLJ Lodging Trust | &nbsp;&nbsp; 764 | 5195 |
| Ryman Hospitality Properties Inc. | &nbsp;&nbsp; 275 | 23900 |
| Sunstone Hotel Investors Inc. | &nbsp;&nbsp; 998 | 8832 |
| Xenia Hotels & Resorts Inc. | &nbsp;&nbsp; 524 | 6445 |
|  |  | 192061 |
| **Hotels, Resorts & Cruise Lines — 0.0%** | **Hotels, Resorts & Cruise Lines — 0.0%** | **Hotels, Resorts & Cruise Lines — 0.0%** |
| PPHE Hotel Group Ltd. | &nbsp;&nbsp; 113 | 2125 |
| **Industrial REITs — 14.3%** | **Industrial REITs — 14.3%** | **Industrial REITs — 14.3%** |
| AIMS APAC REIT | &nbsp;&nbsp; 2747 | 2913 |
| Americold Realty Trust Inc. | &nbsp;&nbsp; 1339 | 17260 |
| ARGAN SA, NVS | &nbsp;&nbsp; 84 | 6537 |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 16700 | 36156 |
| Centuria Industrial REIT | &nbsp;&nbsp; 2966 | 6877 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® Environmentally Aware Real Estate ETF** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Industrial REITs (continued)** | **Industrial REITs (continued)** | **Industrial REITs (continued)** |
| CRE Logistics REIT Inc. | &nbsp;&nbsp; 5 | $5094 |
| Dexus Industria REIT | &nbsp;&nbsp; 1529 | 2862 |
| Dream Industrial REIT | &nbsp;&nbsp; 1362 | 11740 |
| EastGroup Properties Inc. | &nbsp;&nbsp; 263 | 45901 |
| ESR Kendall Square REIT Co. Ltd. | &nbsp;&nbsp; 1162 | 3556 |
| ESR-REIT | &nbsp;&nbsp; 2800 | 6151 |
| First Industrial Realty Trust Inc. | &nbsp;&nbsp; 627 | 34661 |
| Frasers Logistics & Commercial Trust<sup>(b)</sup> | &nbsp;&nbsp; 14300 | 10487 |
| GLP J-REIT | &nbsp;&nbsp; 30 | 27195 |
| Goodman Group | &nbsp;&nbsp; 9143 | 197198 |
| Goodman Property Trust | &nbsp;&nbsp; 3951 | 4793 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp; 311 | 17477 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 12 | 11149 |
| Innovative Industrial Properties Inc. | &nbsp;&nbsp; 114 | 5717 |
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 17 | 11007 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 14 | 13556 |
| Lineage Inc. | &nbsp;&nbsp; 374 | 14736 |
| LondonMetric Property PLC | &nbsp;&nbsp; 10883 | 27227 |
| LXP Industrial Trust | &nbsp;&nbsp; 1570 | 14899 |
| Mapletree Industrial Trust<sup>(b)</sup> | &nbsp;&nbsp; 8700 | 14228 |
| Mapletree Logistics Trust<sup>(b)</sup> | &nbsp;&nbsp; 17400 | 17906 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 10 | 8012 |
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 16 | 11598 |
| Montea NV | &nbsp;&nbsp; 118 | 9529 |
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 56 | 32571 |
| Prologis Inc. | &nbsp;&nbsp; 4255 | 528003 |
| Rexford Industrial Realty Inc. | &nbsp;&nbsp; 1118 | 46196 |
| Segro PLC | &nbsp;&nbsp; 7072 | 64895 |
| SOSiLA Logistics REIT Inc. | &nbsp;&nbsp; 6 | 4803 |
| STAG Industrial Inc. | &nbsp;&nbsp; 900 | 34443 |
| Terreno Realty Corp. | &nbsp;&nbsp; 530 | 30279 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 13213 | 26083 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 1021 | 25928 |
|  |  | 1389623 |
| **Internet Services & Infrastructure — 0.3%** | **Internet Services & Infrastructure — 0.3%** | **Internet Services & Infrastructure — 0.3%** |
| NEXTDC Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2411 | 24788 |
| SUNeVision Holdings Ltd. | &nbsp;&nbsp; 3000 | 2330 |
|  |  | 27118 |
| **Multi-Family Residential REITs — 7.3%** | **Multi-Family Residential REITs — 7.3%** | **Multi-Family Residential REITs — 7.3%** |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 18 | 19482 |
| Altarea SCA | &nbsp;&nbsp; 39 | 4449 |
| Apartment Investment & Management Co., Class A | &nbsp;&nbsp; 694 | 3692 |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 772 | 134266 |
| Boardwalk Real Estate Investment Trust | &nbsp;&nbsp; 190 | 8761 |
| Camden Property Trust | &nbsp;&nbsp; 537 | 53421 |
| Canadian Apartment Properties REIT | &nbsp;&nbsp; 766 | 21065 |
| Centerspace | &nbsp;&nbsp; 82 | 4858 |
| Comforia Residential REIT Inc.<sup>(b)</sup> | &nbsp;&nbsp; 4 | 8436 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 11 | 7881 |
| Elme Communities | &nbsp;&nbsp; 499 | 8209 |
| Empiric Student Property PLC | &nbsp;&nbsp; 3267 | 3343 |
| Equity Residential | &nbsp;&nbsp; 2074 | 123279 |
| Essex Property Trust Inc. | &nbsp;&nbsp; 332 | 83588 |
| Home Invest Belgium SA | &nbsp;&nbsp; 53 | 1145 |
| Independence Realty Trust Inc. | &nbsp;&nbsp; 1209 | 19259 |
| Ingenia Communities Group | &nbsp;&nbsp; 2023 | 7434 |
| InterRent REIT | &nbsp;&nbsp; 617 | 5886 |
| Irish Residential Properties REIT PLC | &nbsp;&nbsp; 2940 | 3145 |
| Killam Apartment REIT | &nbsp;&nbsp; 525 | 6487 |
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 582 | 74630 |
| Mitsui Fudosan Accommodations Fund, Inc. | &nbsp;&nbsp; 18 | 15169 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Multi-Family Residential REITs (continued)** | **Multi-Family Residential REITs (continued)** | **Multi-Family Residential REITs (continued)** |
| NexPoint Residential Trust Inc. | &nbsp;&nbsp; 111 | $3404 |
| Residential Secure Income PLC<sup>(c)</sup> | &nbsp;&nbsp; 1344 | 1020 |
| Samty Residential Investment Corp. | &nbsp;&nbsp; 2 | 1463 |
| Starts Proceed Investment Corp. | &nbsp;&nbsp; 1 | 1313 |
| Triple Point Social Housing REIT PLC<sup>(c)</sup> | &nbsp;&nbsp; 1630 | 1456 |
| UDR Inc. | &nbsp;&nbsp; 1773 | 59732 |
| UNITE Group PLC (The) | &nbsp;&nbsp; 1972 | 14710 |
| Veris Residential Inc. | &nbsp;&nbsp; 418 | 6002 |
| Xior Student Housing NV | &nbsp;&nbsp; 175 | 5710 |
|  |  | 712695 |
| **Office REITs — 7.1%** | **Office REITs — 7.1%** | **Office REITs — 7.1%** |
| Abacus Group | &nbsp;&nbsp; 2336 | 1836 |
| Allied Properties REIT<sup>(b)</sup> | &nbsp;&nbsp; 709 | 7471 |
| Brandywine Realty Trust | &nbsp;&nbsp; 1147 | 3934 |
| BXP Inc. | &nbsp;&nbsp; 1105 | 78665 |
| Centuria Office REIT | &nbsp;&nbsp; 2745 | 2119 |
| Champion REIT | &nbsp;&nbsp; 12000 | 3223 |
| Colonial SFL Socimi SA | &nbsp;&nbsp; 2198 | 13908 |
| COPT Defense Properties | &nbsp;&nbsp; 464 | 13071 |
| Cousins Properties Inc. | &nbsp;&nbsp; 1436 | 37236 |
| Cromwell Property Group | &nbsp;&nbsp; 9658 | 2938 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 4 | 9785 |
| Derwent London PLC | &nbsp;&nbsp; 764 | 17691 |
| Dexus | &nbsp;&nbsp; 5157 | 24587 |
| Douglas Emmett Inc. | &nbsp;&nbsp; 799 | 10339 |
| Easterly Government Properties Inc., Class A | &nbsp;&nbsp; 204 | 4411 |
| Empire State Realty Trust Inc., Class A | &nbsp;&nbsp; 1060 | 7833 |
| Gecina SA | &nbsp;&nbsp; 401 | 37266 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 8 | 7356 |
| Great Portland Estates PLC | &nbsp;&nbsp; 3301 | 14450 |
| Helical PLC | &nbsp;&nbsp; 696 | 1908 |
| Highwoods Properties Inc. | &nbsp;&nbsp; 653 | 18695 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 6 | 3695 |
| Japan Excellent Inc. | &nbsp;&nbsp; 10 | 9545 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 26 | 17687 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 48 | 39589 |
| JBG SMITH Properties | &nbsp;&nbsp; 406 | 7913 |
| JR Global REIT | &nbsp;&nbsp; 1261 | 2548 |
| Keppel REIT | &nbsp;&nbsp; 15200 | 12265 |
| Kilroy Realty Corp. | &nbsp;&nbsp; 763 | 32237 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 13 | 12331 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 70 | 64590 |
| NSI NV | &nbsp;&nbsp; 106 | 2499 |
| One REIT Inc. | &nbsp;&nbsp; 5 | 2897 |
| Orix JREIT Inc. | &nbsp;&nbsp; 38 | 25721 |
| Paramount Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1705 | 11151 |
| Piedmont Realty Trust Inc. | &nbsp;&nbsp; 1019 | 8213 |
| Precinct Properties Group | &nbsp;&nbsp; 6115 | 4339 |
| Prosperity REIT | &nbsp;&nbsp; 7000 | 1261 |
| Regional REIT Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 787 | 1098 |
| Sankei Real Estate Inc. | &nbsp;&nbsp; 2 | 1280 |
| Shinhan Alpha REIT Co. Ltd. | &nbsp;&nbsp; 1049 | 4092 |
| SL Green Realty Corp. | &nbsp;&nbsp; 651 | 33429 |
| Tokyu REIT Inc.<sup>(b)</sup> | &nbsp;&nbsp; 7 | 8985 |
| Vornado Realty Trust | &nbsp;&nbsp; 1545 | 58617 |
| Workspace Group PLC | &nbsp;&nbsp; 659 | 3619 |
|  |  | 688323 |
| **Other Specialized REITs — 3.5%** | **Other Specialized REITs — 3.5%** | **Other Specialized REITs — 3.5%** |
| Arena REIT | &nbsp;&nbsp; 1626 | 3885 |
| Charter Hall Social Infrastructure REIT | &nbsp;&nbsp; 1579 | 3334 |
| EPR Properties | &nbsp;&nbsp; 336 | 16471 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® Environmentally Aware Real Estate ETF** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Other Specialized REITs (continued)** | **Other Specialized REITs (continued)** | **Other Specialized REITs (continued)** |
| Four Corners Property Trust Inc. | &nbsp;&nbsp; 405 | $9574 |
| Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 1058 | 47250 |
| Iron Mountain Inc. | &nbsp;&nbsp; 1146 | 117981 |
| Safehold Inc. | &nbsp;&nbsp; 356 | 5137 |
| VICI Properties Inc., Class A | &nbsp;&nbsp; 4479 | 134325 |
|  |  | 337957 |
| **Real Estate Development — 0.5%** | **Real Estate Development — 0.5%** | **Real Estate Development — 0.5%** |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 8000 | 28142 |
| Lifestyle Communities Ltd. | &nbsp;&nbsp; 506 | 1713 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 18000 | 22358 |
|  |  | 52213 |
| **Real Estate Operating Companies — 7.8%** | **Real Estate Operating Companies — 7.8%** | **Real Estate Operating Companies — 7.8%** |
| Abrdn European Logistics Income PLC<sup>(c)</sup> | &nbsp;&nbsp; 2234 | 1045 |
| Amot Investments Ltd. | &nbsp;&nbsp; 1093 | 8629 |
| Aroundtown SA<sup>(a)</sup> | &nbsp;&nbsp; 3567 | 12747 |
| Atrium Ljungberg AB, Class B | &nbsp;&nbsp; 1475 | 5319 |
| Azrieli Group Ltd. | &nbsp;&nbsp; 228 | 24055 |
| CA Immobilien Anlagen AG | &nbsp;&nbsp; 166 | 4614 |
| CapitaLand Investment Ltd./Singapore<sup>(b)</sup> | &nbsp;&nbsp; 11200 | 22692 |
| Castellum AB | &nbsp;&nbsp; 2034 | 23131 |
| Catena AB | &nbsp;&nbsp; 286 | 13857 |
| Cibus Nordic Real Estate AB publ | &nbsp;&nbsp; 317 | 5496 |
| Citycon OYJ | &nbsp;&nbsp; 528 | 1793 |
| Corem Property Group AB, Class B | &nbsp;&nbsp; 4700 | 1911 |
| Deutsche EuroShop AG | &nbsp;&nbsp; 46 | 984 |
| Deutsche Wohnen SE | &nbsp;&nbsp; 246 | 6131 |
| Dios Fastigheter AB | &nbsp;&nbsp; 627 | 4273 |
| Entra ASA<sup>(c)</sup> | &nbsp;&nbsp; 309 | 3435 |
| Fabege AB | &nbsp;&nbsp; 1274 | 11218 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 3437 | 25210 |
| FastPartner AB, Class A | &nbsp;&nbsp; 311 | 1647 |
| Grainger PLC | &nbsp;&nbsp; 4541 | 11188 |
| Grand City Properties SA<sup>(a)</sup> | &nbsp;&nbsp; 348 | 4431 |
| Heba Fastighets AB, Class B | &nbsp;&nbsp; 376 | 1294 |
| Hiag Immobilien Holding AG | &nbsp;&nbsp; 18 | 2476 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 5300 | 32385 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 908 | 12068 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 2400 | 24795 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 3000 | 6215 |
| Intershop Holding AG | &nbsp;&nbsp; 27 | 5293 |
| Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp; 713 | 5390 |
| Kojamo OYJ<sup>(a)</sup> | &nbsp;&nbsp; 1077 | 13047 |
| LEG Immobilien SE | &nbsp;&nbsp; 390 | 29724 |
| Logistea AB, Class B | &nbsp;&nbsp; 1174 | 1888 |
| Melisron Ltd. | &nbsp;&nbsp; 111 | 14448 |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 35 | 14836 |
| Neobo Fastigheter AB<sup>(a)</sup> | &nbsp;&nbsp; 557 | 1119 |
| NP3 Fastigheter AB | &nbsp;&nbsp; 138 | 3757 |
| Nyfosa AB | &nbsp;&nbsp; 856 | 7281 |
| Pandox AB, Class B | &nbsp;&nbsp; 528 | 10526 |
| Platzer Fastigheter Holding AB, Class B | &nbsp;&nbsp; 498 | 3832 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 213 | 36841 |
| Public Property Invest AS | &nbsp;&nbsp; 1057 | 2331 |
| Sagax AB, Class B | &nbsp;&nbsp; 1199 | 26906 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 5264 | 2890 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 7363 | 9658 |
| StorageVault Canada Inc. | &nbsp;&nbsp; 1233 | 4352 |
| Swire Properties Ltd. | &nbsp;&nbsp; 6000 | 16346 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 550 | 78179 |
| TAG Immobilien AG | &nbsp;&nbsp; 819 | 13596 |
| VGP NV | &nbsp;&nbsp; 65 | 7509 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Real Estate Operating Companies (continued)** | **Real Estate Operating Companies (continued)** | **Real Estate Operating Companies (continued)** |
| Vonovia SE | &nbsp;&nbsp; 3725 | $111958 |
| Wallenstam AB, Class B | &nbsp;&nbsp; 1686 | 7801 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 14000 | 39847 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 1313 | 12759 |
|  |  | 755153 |
| **Retail REITs — 17.5%** | **Retail REITs — 17.5%** | **Retail REITs — 17.5%** |
| Acadia Realty Trust | &nbsp;&nbsp; 647 | 12338 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 8 | 6773 |
| Agree Realty Corp. | &nbsp;&nbsp; 512 | 37381 |
| Ascencio | &nbsp;&nbsp; 18 | 1044 |
| Brixmor Property Group Inc. | &nbsp;&nbsp; 1314 | 34374 |
| BWP Property Group Ltd. | &nbsp;&nbsp; 2619 | 6587 |
| Carmila SA | &nbsp;&nbsp; 332 | 6053 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 2379 | 6411 |
| Choice Properties REIT | &nbsp;&nbsp; 1290 | 13649 |
| Crombie REIT | &nbsp;&nbsp; 465 | 4950 |
| Curbline Properties Corp. | &nbsp;&nbsp; 450 | 10377 |
| Eurocommercial Properties NV | &nbsp;&nbsp; 299 | 8928 |
| Federal Realty Investment Trust | &nbsp;&nbsp; 388 | 37322 |
| First Capital Real Estate Investment Trust | &nbsp;&nbsp; 987 | 13237 |
| Fortune REIT | &nbsp;&nbsp; 5000 | 3230 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 5797 | 10421 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 13 | 7636 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 4 | 4905 |
| Getty Realty Corp. | &nbsp;&nbsp; 235 | 6446 |
| Hamborner REIT AG | &nbsp;&nbsp; 370 | 2215 |
| Hammerson PLC | &nbsp;&nbsp; 2293 | 9201 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 8377 | 7482 |
| Immobiliare Grande Distribuzione SIIQ SpA | &nbsp;&nbsp; 336 | 1362 |
| InvenTrust Properties Corp. | &nbsp;&nbsp; 338 | 9261 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 51 | 39452 |
| Kimco Realty Corp. | &nbsp;&nbsp; 3091 | 63860 |
| Kite Realty Group Trust | &nbsp;&nbsp; 983 | 21764 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 6992 | 4322 |
| Klepierre SA | &nbsp;&nbsp; 1220 | 46624 |
| Lendlease Global Commercial REIT | &nbsp;&nbsp; 9300 | 4572 |
| Link REIT<sup>(b)</sup> | &nbsp;&nbsp; 13700 | 71344 |
| LOTTE REIT Co. Ltd. | &nbsp;&nbsp; 582 | 1574 |
| Macerich Co. (The) | &nbsp;&nbsp; 1429 | 24507 |
| Mercialys SA | &nbsp;&nbsp; 469 | 5723 |
| NETSTREIT Corp. | &nbsp;&nbsp; 456 | 8491 |
| NewRiver REIT PLC | &nbsp;&nbsp; 2196 | 2022 |
| NNN REIT Inc. | &nbsp;&nbsp; 812 | 32854 |
| Phillips Edison & Co. Inc. | &nbsp;&nbsp; 549 | 18578 |
| Prinmaris REIT | &nbsp;&nbsp; 496 | 5439 |
| Realty Income Corp. | &nbsp;&nbsp; 8158 | 473001 |
| Regency Centers Corp. | &nbsp;&nbsp; 791 | 54539 |
| Region Group | &nbsp;&nbsp; 4863 | 7767 |
| Retail Estates NV | &nbsp;&nbsp; 48 | 3480 |
| RioCan REIT | &nbsp;&nbsp; 1353 | 18107 |
| Scentre Group | &nbsp;&nbsp; 26786 | 71353 |
| Simon Property Group Inc. | &nbsp;&nbsp; 1691 | 297210 |
| SmartCentres Real Estate Investment Trust | &nbsp;&nbsp; 582 | 11038 |
| Starhill Global REIT | &nbsp;&nbsp; 7300 | 3255 |
| Supermarket Income REIT PLC | &nbsp;&nbsp; 5509 | 5733 |
| Tanger Inc. | &nbsp;&nbsp; 742 | 24160 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 600 | 62042 |
| Urban Edge Properties | &nbsp;&nbsp; 608 | 11692 |
| Vastned NV | &nbsp;&nbsp; 44 | 1512 |
| Vicinity Ltd. | &nbsp;&nbsp; 20614 | 34056 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 2655 | 4605 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® Environmentally Aware Real Estate ETF** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Retail REITs (continued)** | **Retail REITs (continued)** | **Retail REITs (continued)** |
| Wereldhave NV | &nbsp;&nbsp; 254 | $5395 |
|  |  | 1701654 |
| **Self Storage REITs — 5.1%** | **Self Storage REITs — 5.1%** | **Self Storage REITs — 5.1%** |
| Abacus Storage King | &nbsp;&nbsp; 2078 | 1909 |
| Big Yellow Group PLC | &nbsp;&nbsp; 1037 | 15168 |
| CubeSmart | &nbsp;&nbsp; 1240 | 46711 |
| Extra Space Storage Inc. | &nbsp;&nbsp; 1130 | 150900 |
| National Storage Affiliates Trust | &nbsp;&nbsp; 385 | 11200 |
| National Storage REIT | &nbsp;&nbsp; 6028 | 9071 |
| Public Storage | &nbsp;&nbsp; 882 | 245690 |
| Safestore Holdings PLC | &nbsp;&nbsp; 1098 | 10313 |
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; 183 | 6699 |
|  |  | 497661 |
| **Single-Family Residential REITs — 3.0%** | **Single-Family Residential REITs — 3.0%** | **Single-Family Residential REITs — 3.0%** |
| American Homes 4 Rent, Class A | &nbsp;&nbsp; 1606 | 50750 |
| Equity LifeStyle Properties Inc. | &nbsp;&nbsp; 1012 | 61783 |
| Invitation Homes Inc. | &nbsp;&nbsp; 3099 | 87237 |
| PRS REIT PLC (The) | &nbsp;&nbsp; 1818 | 2664 |
| Sun Communities Inc. | &nbsp;&nbsp; 651 | 82416 |
| UMH Properties Inc. | &nbsp;&nbsp; 476 | 6921 |
|  |  | 291771 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $8,888,019)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $8,888,019)** | 9684807 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.3%** | **Money Market Funds — 4.3%** | **Money Market Funds — 4.3%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.27%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 411523 | $411729 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.05%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 10000 | 10000 |
| **Total Short - Term Investments — 4.3%** <br>**(Cost: $421,709)** | **Total Short - Term Investments — 4.3%** <br>**(Cost: $421,709)** | 421729 |
| **Total Investments — 103.9%** <br>**(Cost: $9,309,728)** | **Total Investments — 103.9%** <br>**(Cost: $9,309,728)** | 10106536 |
| **Liabilities in Excess of Other Assets — (3.9)%** | **Liabilities in Excess of Other Assets — (3.9)%** | (381289)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $9725247 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> 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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/30/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $9710<br> $401991 <br><sup>(a)</sup><br>| $— | $9 | $19 | $411729 | 411523 | $410 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 10000<br> 0 <br><sup>(a)</sup><br>|  |  |  | 10000 | 10000 | 217 |  |
|  |  |  | $9 | $19 | $421729 |  | $627 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

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

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Dow Jones U.S. Real Estate Index | 1 | 12/19/25 | &nbsp;&nbsp; $36 | $74 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**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* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, 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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $998 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $998 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $36105 |

---

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 at the measurement date. 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 | &nbsp;&nbsp; $6305883 | &nbsp;&nbsp; $3378924 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9684807 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 421729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 421729 |
|  | &nbsp;&nbsp; $6727612 | &nbsp;&nbsp; $3378924 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10106536 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

October 31, 2025

**iShares® Global REIT ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 7.0%** | **Australia — 7.0%** | **Australia — 7.0%** |
| Abacus Group | &nbsp;&nbsp; 1012086 | $795353 |
| Abacus Storage King | &nbsp;&nbsp; 967826 | 889034 |
| Arena REIT | &nbsp;&nbsp; 939111 | 2244002 |
| BWP Property Group Ltd. | &nbsp;&nbsp; 1316724 | 3311520 |
| Centuria Industrial REIT | &nbsp;&nbsp; 1522576 | 3530034 |
| Centuria Office REIT | &nbsp;&nbsp; 1214901 | 937802 |
| Charter Hall Group | &nbsp;&nbsp; 1137801 | 16710547 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 1645236 | 4577276 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 1372934 | 3699996 |
| Charter Hall Social Infrastructure REIT | &nbsp;&nbsp; 875331 | 1848164 |
| Cromwell Property Group | &nbsp;&nbsp; 3924004 | 1193619 |
| Dexus | &nbsp;&nbsp; 2553768 | 12175782 |
| Dexus Industria REIT | &nbsp;&nbsp; 770217 | 1441457 |
| DigiCo Infrastructure REIT | &nbsp;&nbsp; 962605 | 1636031 |
| Goodman Group | &nbsp;&nbsp; 4817003 | 103893961 |
| GPT Group (The) | &nbsp;&nbsp; 4656051 | 16354382 |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 663993 | 1112357 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 4325622 | 3863606 |
| Mirvac Group | &nbsp;&nbsp; 9542576 | 14365652 |
| National Storage REIT | &nbsp;&nbsp; 2935616 | 4417443 |
| Region Group | &nbsp;&nbsp; 2792975 | 4461003 |
| Scentre Group | &nbsp;&nbsp; 12635836 | 33659767 |
| Stockland | &nbsp;&nbsp; 5687458 | 23514110 |
| Vicinity Ltd. | &nbsp;&nbsp; 9310683 | 15381877 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 1533888 | 2660209 |
|  |  | 278674984 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| Aedifica SA | &nbsp;&nbsp; 115168 | 8410537 |
| Ascencio | &nbsp;&nbsp; 14774 | 856516 |
| Care Property Invest NV | &nbsp;&nbsp; 90213 | 1187913 |
| Cofinimmo SA | &nbsp;&nbsp; 92385 | 7889292 |
| Home Invest Belgium SA | &nbsp;&nbsp; 25218 | 544739 |
| Montea NV | &nbsp;&nbsp; 50804 | 4102836 |
| Retail Estates NV | &nbsp;&nbsp; 27430 | 1988797 |
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; 76731 | 2808880 |
| Vastned NV | &nbsp;&nbsp; 19478 | 669463 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 449060 | 11403734 |
| Xior Student Housing NV | &nbsp;&nbsp; 88034 | 2872303 |
|  |  | 42735010 |
| **Canada — 2.0%** | **Canada — 2.0%** | **Canada — 2.0%** |
| Allied Properties REIT<sup>(a)</sup> | &nbsp;&nbsp; 306138 | 3226067 |
| Boardwalk Real Estate Investment Trust | &nbsp;&nbsp; 97070 | 4475788 |
| Canadian Apartment Properties REIT | &nbsp;&nbsp; 381867 | 10501309 |
| Choice Properties REIT | &nbsp;&nbsp; 675497 | 7147250 |
| Crombie REIT<sup>(a)</sup> | &nbsp;&nbsp; 264756 | 2818300 |
| Dream Industrial REIT | &nbsp;&nbsp; 690932 | 5955843 |
| First Capital Real Estate Investment Trust | &nbsp;&nbsp; 513401 | 6885368 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp; 146138 | 8212611 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp; 636621 | 5079169 |
| InterRent REIT | &nbsp;&nbsp; 322770 | 3079151 |
| Killam Apartment REIT<sup>(a)</sup> | &nbsp;&nbsp; 285981 | 3533600 |
| Northwest Healthcare Properties Real Estate <br> Investment Trust<br>| &nbsp;&nbsp; 530897 | 1919110 |
| Prinmaris REIT | &nbsp;&nbsp; 257154 | 2819884 |
| RioCan REIT | &nbsp;&nbsp; 719376 | 9627241 |
| SmartCentres Real Estate Investment Trust<sup>(a)</sup> | &nbsp;&nbsp; 312180 | 5920636 |
|  |  | 81201327 |
| **France — 2.0%** | **France — 2.0%** | **France — 2.0%** |
| Altarea SCA | &nbsp;&nbsp; 16199 | 1847771 |
| ARGAN SA, NVS | &nbsp;&nbsp; 39793 | 3096938 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Carmila SA | &nbsp;&nbsp; 152013 | $2771288 |
| Covivio SA/France | &nbsp;&nbsp; 130549 | 8375742 |
| Gecina SA | &nbsp;&nbsp; 123833 | 11507960 |
| ICADE | &nbsp;&nbsp; 110720 | 2697855 |
| Klepierre SA | &nbsp;&nbsp; 503079 | 19225942 |
| Mercialys SA | &nbsp;&nbsp; 227506 | 2775939 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 248566 | 25702523 |
|  |  | 78001958 |
| **Germany — 0.0%** | **Germany — 0.0%** | **Germany — 0.0%** |
| Hamborner REIT AG | &nbsp;&nbsp; 172559 | 1033084 |
| **Guernsey — 0.0%** | **Guernsey — 0.0%** | **Guernsey — 0.0%** |
| Regional REIT Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 302558 | 422114 |
| **Hong Kong — 1.0%** | **Hong Kong — 1.0%** | **Hong Kong — 1.0%** |
| Champion REIT<sup>(a)</sup> | &nbsp;&nbsp; 4226000 | 1135088 |
| Fortune REIT | &nbsp;&nbsp; 3740000 | 2415943 |
| Link REIT | &nbsp;&nbsp; 6271520 | 32659663 |
| Prosperity REIT | &nbsp;&nbsp; 3418000 | 615812 |
| Sunlight REIT | &nbsp;&nbsp; 2460000 | 746638 |
| Yuexiu REIT | &nbsp;&nbsp; 5737000 | 671422 |
|  |  | 38244566 |
| **India — 0.3%** | **India — 0.3%** | **India — 0.3%** |
| Embassy Office Parks REIT | &nbsp;&nbsp; 2119259 | 10239390 |
| Mindspace Business Parks REIT<sup>(b)</sup> | &nbsp;&nbsp; 505964 | 2649135 |
|  |  | 12888525 |
| **Ireland — 0.0%** | **Ireland — 0.0%** | **Ireland — 0.0%** |
| Irish Residential Properties REIT PLC | &nbsp;&nbsp; 1230362 | 1316068 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Immobiliare Grande Distribuzione SIIQ SpA | &nbsp;&nbsp; 131583 | 533400 |
| **Japan — 5.9%** | **Japan — 5.9%** | **Japan — 5.9%** |
| Activia Properties Inc. | &nbsp;&nbsp; 5060 | 4629740 |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 6313 | 6832836 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 4108 | 3477940 |
| Comforia Residential REIT Inc. | &nbsp;&nbsp; 1592 | 3357342 |
| CRE Logistics REIT Inc. | &nbsp;&nbsp; 1364 | 1389772 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 10036 | 8648512 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 1246 | 3048096 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 4575 | 3277652 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 5951 | 3495479 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 1754 | 2151044 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 2316 | 2129419 |
| GLP J-REIT | &nbsp;&nbsp; 10685 | 9685903 |
| Hankyu Hanshin REIT Inc. | &nbsp;&nbsp; 1531 | 1760906 |
| Health Care & Medical Investment Corp. | &nbsp;&nbsp; 742 | 554443 |
| Heiwa Real Estate REIT Inc. | &nbsp;&nbsp; 2466 | 2469109 |
| Hoshino Resorts REIT Inc. | &nbsp;&nbsp; 1328 | 2219173 |
| Hulic REIT Inc. | &nbsp;&nbsp; 2997 | 3335680 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 2232 | 1374702 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 5747 | 5339556 |
| Invincible Investment Corp. | &nbsp;&nbsp; 17546 | 7839439 |
| Japan Excellent Inc. | &nbsp;&nbsp; 2725 | 2601048 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 11737 | 6837318 |
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 6242 | 4041593 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 16275 | 12589883 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 8662 | 5892431 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 16228 | 13384411 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 8962 | 9922328 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 4004 | 3877029 |
| Mirai Corp. | &nbsp;&nbsp; 4294 | 1345078 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 3217 | 2577368 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® Global REIT ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Mitsui Fudosan Accommodations Fund, Inc. | &nbsp;&nbsp; 5653 | $4763965 |
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 7183 | 5206720 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 3426 | 3249774 |
| Mori Trust REIT Inc. | &nbsp;&nbsp; 5711 | 2879929 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 19160 | 17679268 |
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 17389 | 10113927 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 3923 | 2477101 |
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 9959 | 10626188 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 3120 | 2762837 |
| One REIT Inc. | &nbsp;&nbsp; 1554 | 900326 |
| Orix JREIT Inc. | &nbsp;&nbsp; 12656 | 8566593 |
| Samty Residential Investment Corp. | &nbsp;&nbsp; 839 | 613772 |
| Sankei Real Estate Inc. | &nbsp;&nbsp; 1006 | 644014 |
| Sekisui House REIT Inc. | &nbsp;&nbsp; 9364 | 4819359 |
| SOSiLA Logistics REIT Inc. | &nbsp;&nbsp; 1595 | 1276862 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 5868 | 2335430 |
| Starts Proceed Investment Corp. | &nbsp;&nbsp; 496 | 651071 |
| Takara Leben Real Estate Investment Corp. | &nbsp;&nbsp; 2082 | 1255248 |
| Tokyu REIT Inc. | &nbsp;&nbsp; 2112 | 2710858 |
| United Urban Investment Corp. | &nbsp;&nbsp; 7368 | 8917244 |
|  |  | 232535716 |
| **Malaysia — 0.2%** | **Malaysia — 0.2%** | **Malaysia — 0.2%** |
| Axis Real Estate Investment Trust | &nbsp;&nbsp; 4244400 | 2179243 |
| IGB Real Estate Investment Trust | &nbsp;&nbsp; 4419900 | 2839327 |
| Pavilion REIT | &nbsp;&nbsp; 4164400 | 1839986 |
| Sunway REIT | &nbsp;&nbsp; 4546300 | 2280735 |
|  |  | 9139291 |
| **Mexico — 0.7%** | **Mexico — 0.7%** | **Mexico — 0.7%** |
| Concentradora Fibra Danhos SA de CV | &nbsp;&nbsp; 2111151 | 3268116 |
| FIBRA Macquarie Mexico<sup>(b)</sup> | &nbsp;&nbsp; 1939087 | 3140573 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 6765012 | 9816978 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 2549538 | 10181135 |
|  |  | 26406802 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| Eurocommercial Properties NV | &nbsp;&nbsp; 103781 | 3098909 |
| NSI NV | &nbsp;&nbsp; 35590 | 838870 |
| Wereldhave NV | &nbsp;&nbsp; 91638 | 1946409 |
|  |  | 5884188 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Argosy Property Ltd. | &nbsp;&nbsp; 1825699 | 1341255 |
| Goodman Property Trust | &nbsp;&nbsp; 2337102 | 2835302 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 3406530 | 2105595 |
| Stride Property Group | &nbsp;&nbsp; 1163726 | 978935 |
|  |  | 7261087 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| AREIT Inc. | &nbsp;&nbsp; 2963220 | 2160104 |
| RL Commercial REIT Inc. | &nbsp;&nbsp; 14049400 | 1747521 |
|  |  | 3907625 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| Al Maather REIT Fund | &nbsp;&nbsp; 121505 | 293209 |
| Al Rajhi REIT | &nbsp;&nbsp; 638440 | 1426586 |
| Alahli REIT Fund 1 | &nbsp;&nbsp; 116608 | 201483 |
| Alinma Retail REIT Fund | &nbsp;&nbsp; 233417 | 280707 |
| Alkhabeer REIT | &nbsp;&nbsp; 239569 | 369151 |
| Bonyan REIT | &nbsp;&nbsp; 168697 | 416077 |
| Derayah REIT | &nbsp;&nbsp; 228564 | 349321 |
| Jadwa REIT Alharamain Fund | &nbsp;&nbsp; 166183 | 225548 |
| Mulkia Gulf Real Estate REIT Fund | &nbsp;&nbsp; 134015 | 171525 |
| Musharaka Real Estate Income Fund | &nbsp;&nbsp; 212037 | 243116 |
| Riyad REIT Fund | &nbsp;&nbsp; 328908 | 460308 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| Sedco Capital REIT Fund | &nbsp;&nbsp; 375853 | $712317 |
|  |  | 5149348 |
| **Singapore — 3.1%** | **Singapore — 3.1%** | **Singapore — 3.1%** |
| AIMS APAC REIT | &nbsp;&nbsp; 1443328 | 1530298 |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 9028614 | 19547241 |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 6333032 | 4592567 |
| CapitaLand China Trust<sup>(a)</sup> | &nbsp;&nbsp; 2838130 | 1742258 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 13839104 | 25159344 |
| CDL Hospitality Trusts | &nbsp;&nbsp; 1926000 | 1220227 |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 1967400 | 1013170 |
| ESR-REIT | &nbsp;&nbsp; 1352894 | 2971825 |
| Far East Hospitality Trust | &nbsp;&nbsp; 2278000 | 1058264 |
| First REIT<sup>(a)</sup> | &nbsp;&nbsp; 3376900 | 726308 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 3093033 | 5560297 |
| Frasers Logistics & Commercial Trust | &nbsp;&nbsp; 6695000 | 4909638 |
| Keppel DC REIT | &nbsp;&nbsp; 4722664 | 8665776 |
| Keppel REIT | &nbsp;&nbsp; 5783800 | 4666948 |
| Lendlease Global Commercial REIT | &nbsp;&nbsp; 3992891 | 1963051 |
| Mapletree Industrial Trust | &nbsp;&nbsp; 5038610 | 8240214 |
| Mapletree Logistics Trust<sup>(a)</sup> | &nbsp;&nbsp; 8231113 | 8470312 |
| Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp; 5447191 | 6026574 |
| OUE REIT | &nbsp;&nbsp; 5193500 | 1376581 |
| Parkway Life REIT | &nbsp;&nbsp; 1060500 | 3340128 |
| Sasseur REIT | &nbsp;&nbsp; 1308600 | 695188 |
| Starhill Global REIT | &nbsp;&nbsp; 3416600 | 1523450 |
| Stoneweg Europe Stapled Trust, NVS | &nbsp;&nbsp; 885200 | 1550895 |
| Suntec REIT | &nbsp;&nbsp; 5064300 | 5213610 |
|  |  | 121764164 |
| **South Africa — 0.5%** | **South Africa — 0.5%** | **South Africa — 0.5%** |
| Attacq Ltd. | &nbsp;&nbsp; 1686432 | 1473652 |
| Burstone Group Ltd. | &nbsp;&nbsp; 1561413 | 814141 |
| Emira Property Fund Ltd. | &nbsp;&nbsp; 452329 | 354799 |
| Equites Property Fund Ltd. | &nbsp;&nbsp; 1916526 | 1868164 |
| Growthpoint Properties Ltd. | &nbsp;&nbsp; 7780048 | 7318967 |
| Redefine Properties Ltd. | &nbsp;&nbsp; 16110943 | 5019507 |
| Resilient REIT Ltd. | &nbsp;&nbsp; 698557 | 2847016 |
| Stor-Age Property REIT Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1085547 | 1058207 |
|  |  | 20754453 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| ESR Kendall Square REIT Co. Ltd. | &nbsp;&nbsp; 401518 | 1228720 |
| JR Global REIT | &nbsp;&nbsp; 427897 | 864694 |
| LOTTE REIT Co. Ltd. | &nbsp;&nbsp; 377902 | 1021940 |
| Shinhan Alpha REIT Co. Ltd. | &nbsp;&nbsp; 279298 | 1089448 |
| SK REITs Co. Ltd. | &nbsp;&nbsp; 417644 | 1550684 |
|  |  | 5755486 |
| **Spain — 0.5%** | **Spain — 0.5%** | **Spain — 0.5%** |
| Colonial SFL Socimi SA | &nbsp;&nbsp; 868956 | 5498550 |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 913195 | 14225995 |
|  |  | 19724545 |
| **Thailand — 0.0%** | **Thailand — 0.0%** | **Thailand — 0.0%** |
| CPN Retail Growth Leasehold REIT | &nbsp;&nbsp; 4877800 | 1720955 |
| **Turkey — 0.1%** | **Turkey — 0.1%** | **Turkey — 0.1%** |
| AKIS Gayrimenkul Yatirimi A/S | &nbsp;&nbsp; 2330823 | 437848 |
| Alarko Gayrimenkul Yatirim Ortakligi A/S<sup>(c)</sup> | &nbsp;&nbsp; 335118 | 212766 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS | &nbsp;&nbsp; 4742311 | 2273031 |
| Is Gayrimenkul Yatirim Ortakligi AS<sup>(c)</sup> | &nbsp;&nbsp; 1092808 | 510174 |
|  |  | 3433819 |
| **United Kingdom — 3.8%** | **United Kingdom — 3.8%** | **United Kingdom — 3.8%** |
| AEW U.K. REIT PLC | &nbsp;&nbsp; 296282 | 404795 |
| Big Yellow Group PLC | &nbsp;&nbsp; 453366 | 6631336 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® Global REIT ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| British Land Co. PLC (The) | &nbsp;&nbsp; 2353047 | $11752193 |
| Custodian Property Income REIT PLC | &nbsp;&nbsp; 965759 | 1020049 |
| Derwent London PLC | &nbsp;&nbsp; 256683 | 5943610 |
| Empiric Student Property PLC | &nbsp;&nbsp; 1611595 | 1649261 |
| Great Portland Estates PLC | &nbsp;&nbsp; 938787 | 4109628 |
| Hammerson PLC | &nbsp;&nbsp; 1134044 | 4550599 |
| Helical PLC | &nbsp;&nbsp; 254850 | 698462 |
| Home REIT PLC<sup>(c)(d)</sup> | &nbsp;&nbsp; 1719812 | 231806 |
| Land Securities Group PLC | &nbsp;&nbsp; 1807787 | 14774297 |
| Life Science Reit PLC<sup>(c)</sup> | &nbsp;&nbsp; 694465 | 342313 |
| LondonMetric Property PLC | &nbsp;&nbsp; 5358950 | 13407044 |
| NewRiver REIT PLC | &nbsp;&nbsp; 907571 | 835785 |
| Picton Property Income Ltd. | &nbsp;&nbsp; 1299223 | 1333002 |
| Primary Health Properties PLC | &nbsp;&nbsp; 6124816 | 7540829 |
| PRS REIT PLC (The) | &nbsp;&nbsp; 1227635 | 1799232 |
| Residential Secure Income PLC<sup>(b)</sup> | &nbsp;&nbsp; 479865 | 364370 |
| Safestore Holdings PLC | &nbsp;&nbsp; 517780 | 4863483 |
| Schroder REIT Ltd. | &nbsp;&nbsp; 1146266 | 820688 |
| Segro PLC | &nbsp;&nbsp; 3268616 | 29994006 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 3555638 | 6568212 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 3585055 | 4702621 |
| Supermarket Income REIT PLC | &nbsp;&nbsp; 2978470 | 3099349 |
| Target Healthcare REIT PLC | &nbsp;&nbsp; 1487361 | 1843581 |
| Triple Point Social Housing REIT PLC<sup>(b)</sup> | &nbsp;&nbsp; 836512 | 747269 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 5934528 | 11715089 |
| UNITE Group PLC (The) | &nbsp;&nbsp; 1007959 | 7518585 |
| Workspace Group PLC | &nbsp;&nbsp; 315955 | 1734992 |
|  |  | 150996486 |
| **United States — 70.5%** | **United States — 70.5%** | **United States — 70.5%** |
| Acadia Realty Trust | &nbsp;&nbsp; 316511 | 6035865 |
| Agree Realty Corp. | &nbsp;&nbsp; 262475 | 19163300 |
| Alexander & Baldwin Inc. | &nbsp;&nbsp; 175226 | 2798359 |
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 416188 | 24230465 |
| American Assets Trust Inc. | &nbsp;&nbsp; 124842 | 2385731 |
| American Healthcare REIT Inc. | &nbsp;&nbsp; 382091 | 17316364 |
| American Homes 4 Rent, Class A | &nbsp;&nbsp; 830162 | 26233119 |
| Americold Realty Trust Inc. | &nbsp;&nbsp; 694360 | 8950300 |
| Apartment Investment & Management Co., Class A | &nbsp;&nbsp; 316582 | 1684216 |
| Apple Hospitality REIT Inc. | &nbsp;&nbsp; 536992 | 6008940 |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 345240 | 60044141 |
| Brandywine Realty Trust | &nbsp;&nbsp; 404132 | 1386173 |
| Brixmor Property Group Inc. | &nbsp;&nbsp; 737932 | 19304301 |
| Broadstone Net Lease Inc. | &nbsp;&nbsp; 454071 | 8136952 |
| BXP Inc. | &nbsp;&nbsp; 384693 | 27386295 |
| Camden Property Trust | &nbsp;&nbsp; 261099 | 25974129 |
| CareTrust REIT Inc. | &nbsp;&nbsp; 511718 | 17731029 |
| Centerspace | &nbsp;&nbsp; 41219 | 2442226 |
| COPT Defense Properties | &nbsp;&nbsp; 275559 | 7762497 |
| Cousins Properties Inc. | &nbsp;&nbsp; 404415 | 10486481 |
| CubeSmart | &nbsp;&nbsp; 548462 | 20660564 |
| Curbline Properties Corp. | &nbsp;&nbsp; 233604 | 5386908 |
| DiamondRock Hospitality Co. | &nbsp;&nbsp; 495548 | 3875185 |
| Digital Realty Trust Inc. | &nbsp;&nbsp; 818870 | 139543637 |
| Douglas Emmett Inc. | &nbsp;&nbsp; 374099 | 4840841 |
| Easterly Government Properties Inc., Class A | &nbsp;&nbsp; 102122 | 2207878 |
| EastGroup Properties Inc. | &nbsp;&nbsp; 128789 | 22477544 |
| Elme Communities | &nbsp;&nbsp; 212901 | 3502221 |
| Empire State Realty Trust Inc., Class A | &nbsp;&nbsp; 330384 | 2441538 |
| EPR Properties | &nbsp;&nbsp; 180807 | 8863159 |
| Equinix Inc. | &nbsp;&nbsp; 237258 | 200722641 |
| Equity LifeStyle Properties Inc. | &nbsp;&nbsp; 466652 | 28489105 |
| Equity Residential | &nbsp;&nbsp; 919776 | 54671485 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Essential Properties Realty Trust Inc. | &nbsp;&nbsp; 476295 | $14231695 |
| Essex Property Trust Inc. | &nbsp;&nbsp; 154814 | 38977521 |
| Extra Space Storage Inc. | &nbsp;&nbsp; 511432 | 68296629 |
| Federal Realty Investment Trust | &nbsp;&nbsp; 206136 | 19828222 |
| First Industrial Realty Trust Inc. | &nbsp;&nbsp; 312012 | 17248023 |
| Four Corners Property Trust Inc. | &nbsp;&nbsp; 239580 | 5663671 |
| Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 659242 | 29441748 |
| Getty Realty Corp. | &nbsp;&nbsp; 124749 | 3421865 |
| Global Net Lease Inc. | &nbsp;&nbsp; 487142 | 3712022 |
| Healthcare Realty Trust Inc., Class A | &nbsp;&nbsp; 795730 | 14100336 |
| Healthpeak Properties Inc. | &nbsp;&nbsp; 1682755 | 30205452 |
| Highwoods Properties Inc. | &nbsp;&nbsp; 259071 | 7417203 |
| Host Hotels & Resorts Inc. | &nbsp;&nbsp; 1665824 | 26686501 |
| Independence Realty Trust Inc. | &nbsp;&nbsp; 564306 | 8989395 |
| Innovative Industrial Properties Inc. | &nbsp;&nbsp; 66423 | 3331113 |
| InvenTrust Properties Corp. | &nbsp;&nbsp; 188756 | 5171914 |
| Invitation Homes Inc. | &nbsp;&nbsp; 1486242 | 41837712 |
| Iron Mountain Inc. | &nbsp;&nbsp; 712240 | 73325108 |
| JBG SMITH Properties | &nbsp;&nbsp; 149647 | 2916620 |
| Kilroy Realty Corp. | &nbsp;&nbsp; 284507 | 12020421 |
| Kimco Realty Corp. | &nbsp;&nbsp; 1621078 | 33491472 |
| Kite Realty Group Trust | &nbsp;&nbsp; 530346 | 11741860 |
| Lineage Inc. | &nbsp;&nbsp; 171211 | 6745713 |
| LTC Properties Inc. | &nbsp;&nbsp; 109900 | 3855292 |
| LXP Industrial Trust | &nbsp;&nbsp; 698896 | 6632523 |
| Macerich Co. (The) | &nbsp;&nbsp; 612009 | 10495954 |
| Medical Properties Trust Inc. | &nbsp;&nbsp; 1208728 | 6249124 |
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 282465 | 36220487 |
| National Health Investors Inc. | &nbsp;&nbsp; 110879 | 8261594 |
| National Storage Affiliates Trust | &nbsp;&nbsp; 171555 | 4990535 |
| NETSTREIT Corp. | &nbsp;&nbsp; 226333 | 4214320 |
| NexPoint Residential Trust Inc. | &nbsp;&nbsp; 52656 | 1614960 |
| NNN REIT Inc. | &nbsp;&nbsp; 453288 | 18340032 |
| Omega Healthcare Investors Inc. | &nbsp;&nbsp; 697434 | 29313151 |
| Paramount Group Inc.<sup>(c)</sup> | &nbsp;&nbsp; 449704 | 2941064 |
| Park Hotels & Resorts Inc. | &nbsp;&nbsp; 476048 | 4898534 |
| Pebblebrook Hotel Trust<sup>(a)</sup> | &nbsp;&nbsp; 281924 | 2948925 |
| Phillips Edison & Co. Inc. | &nbsp;&nbsp; 303127 | 10257818 |
| Piedmont Realty Trust Inc. | &nbsp;&nbsp; 300952 | 2425673 |
| Prologis Inc. | &nbsp;&nbsp; 2251958 | 279445468 |
| Public Storage | &nbsp;&nbsp; 383433 | 106809097 |
| Realty Income Corp. | &nbsp;&nbsp; 2195707 | 127307092 |
| Regency Centers Corp. | &nbsp;&nbsp; 438451 | 30231196 |
| Rexford Industrial Realty Inc. | &nbsp;&nbsp; 576382 | 23816104 |
| RLJ Lodging Trust | &nbsp;&nbsp; 352038 | 2393858 |
| Ryman Hospitality Properties Inc. | &nbsp;&nbsp; 148529 | 12908655 |
| Sabra Health Care REIT Inc. | &nbsp;&nbsp; 570961 | 10174525 |
| Safehold Inc. | &nbsp;&nbsp; 134823 | 1945496 |
| Sila Realty Trust Inc. | &nbsp;&nbsp; 133434 | 3162386 |
| Simon Property Group Inc. | &nbsp;&nbsp; 786557 | 138245258 |
| SL Green Realty Corp. | &nbsp;&nbsp; 173295 | 8898698 |
| STAG Industrial Inc. | &nbsp;&nbsp; 452310 | 17309904 |
| Sun Communities Inc. | &nbsp;&nbsp; 306238 | 38769731 |
| Sunstone Hotel Investors Inc. | &nbsp;&nbsp; 462187 | 4090355 |
| Tanger Inc. | &nbsp;&nbsp; 268379 | 8738420 |
| Terreno Realty Corp. | &nbsp;&nbsp; 246989 | 14110482 |
| UDR Inc. | &nbsp;&nbsp; 802182 | 27025512 |
| UMH Properties Inc. | &nbsp;&nbsp; 194287 | 2824933 |
| Urban Edge Properties | &nbsp;&nbsp; 307563 | 5914437 |
| Ventas Inc. | &nbsp;&nbsp; 1099771 | 81152102 |
| Veris Residential Inc. | &nbsp;&nbsp; 189383 | 2719540 |
| VICI Properties Inc., Class A | &nbsp;&nbsp; 2563897 | 76891271 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® Global REIT ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Vornado Realty Trust | &nbsp;&nbsp; 427783 | $16230087 |
| Welltower Inc. | &nbsp;&nbsp; 1624648 | 294126274 |
| WP Carey Inc. | &nbsp;&nbsp; 526183 | 34728078 |
| Xenia Hotels & Resorts Inc. | &nbsp;&nbsp; 236030 | 2903169 |
|  |  | 2798477919 |
| **Total Common Stocks — 99.4%** <br>**(Cost: $3,987,117,033)** | **Total Common Stocks — 99.4%** <br>**(Cost: $3,987,117,033)** | 3947962920 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Investment Grade Bonds — 0.1%** | **Investment Grade Bonds — 0.1%** | **Investment Grade Bonds — 0.1%** |
| BRESCO Fundo de Investimentos Imobiliario | &nbsp;&nbsp; 38862 | 842909 |
| FII BTLG | &nbsp;&nbsp; 93710 | 1793048 |
| Hedge Brasil Shopping FII | &nbsp;&nbsp; 313834 | 1162013 |
| HSI Mall FII | &nbsp;&nbsp; 52135 | 832229 |
|  |  | 4630199 |
| **Total Investment Companies — 0.1%** <br>**(Cost: $4,547,625)** | **Total Investment Companies — 0.1%** <br>**(Cost: $4,547,625)** | 4630199 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $3,991,664,658)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $3,991,664,658)** | 3952593119 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.27%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 20371992 | 20382178 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.05%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 9150000 | $9150000 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $29,532,178)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $29,532,178)** | 29532178 |
| **Total Investments — 100.3%** <br>**(Cost: $4,021,196,836)** | **Total Investments — 100.3%** <br>**(Cost: $4,021,196,836)** | 3982125297 |
| **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | (10906324)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3971218973 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Non-income producing security.

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

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> 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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/30/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $13890921 | $6489876 <br><sup>(a)</sup><br>| $— | $1029 | $352 | $20382178 | 20371992 | $50249 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 9860000 |  | &nbsp;&nbsp; (710000 )<sup>(a)</sup><br>|  |  | 9150000 | 9150000 | 198422 |  |
|  |  |  |  | $1029 | $352 | $29532178 |  | $248671 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

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

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| SPI 200 Index | 19 | 12/18/25 | &nbsp;&nbsp; $2763 | $882 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® Global REIT ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)*<br>| &nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Dow Jones U.S. Real Estate Index | 429 | 12/19/25 | &nbsp;&nbsp; $15453 | $(365548) |
|  |  |  |  | $(364666) |

---

**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* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $882 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $882 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $365548 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $365548 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, 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, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $857669 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $857669 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(276003)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(276003)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $20407573 |

---

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 at the measurement date. 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 | &nbsp;&nbsp; $3000447884 | &nbsp;&nbsp; $947283230 | &nbsp;&nbsp; $231806 | &nbsp;&nbsp; $3947962920 |
| Investment Companies | &nbsp;&nbsp; 4630199 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4630199 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 29532178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29532178 |
|  | &nbsp;&nbsp; $3034610261 | &nbsp;&nbsp; $947283230 | &nbsp;&nbsp; $231806 | &nbsp;&nbsp; $3982125297 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® Global REIT ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $882 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $882 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (365548)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (365548)<br>|
|  | &nbsp;&nbsp; $(364666)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(364666)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

October 31, 2025

**iShares® International Developed Real Estate ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 17.7%** | **Australia — 17.7%** | **Australia — 17.7%** |
| Abacus Group | &nbsp;&nbsp; 55684 | $43760 |
| Abacus Storage King | &nbsp;&nbsp; 53448 | 49097 |
| Arena REIT | &nbsp;&nbsp; 52326 | 125033 |
| BWP Property Group Ltd. | &nbsp;&nbsp; 73685 | 185315 |
| Centuria Industrial REIT | &nbsp;&nbsp; 83771 | 194220 |
| Centuria Office REIT | &nbsp;&nbsp; 68243 | 52678 |
| Charter Hall Group | &nbsp;&nbsp; 62921 | 924102 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 90469 | 251697 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 75569 | 203655 |
| Charter Hall Social Infrastructure REIT | &nbsp;&nbsp; 48125 | 101611 |
| Cromwell Property Group | &nbsp;&nbsp; 218372 | 66425 |
| Dexus | &nbsp;&nbsp; 141337 | 673862 |
| Dexus Industria REIT | &nbsp;&nbsp; 42376 | 79306 |
| DigiCo Infrastructure REIT | &nbsp;&nbsp; 54648 | 92879 |
| Goodman Group | &nbsp;&nbsp; 266093 | 5739140 |
| GPT Group (The) | &nbsp;&nbsp; 257421 | 904191 |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 35099 | 58800 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 235731 | 210553 |
| Ingenia Communities Group | &nbsp;&nbsp; 53948 | 198256 |
| Lifestyle Communities Ltd. | &nbsp;&nbsp; 12778 | 43246 |
| Mirvac Group | &nbsp;&nbsp; 527842 | 794628 |
| National Storage REIT | &nbsp;&nbsp; 161571 | 243128 |
| NEXTDC Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 85404 | 878033 |
| Region Group | &nbsp;&nbsp; 153791 | 245638 |
| Scentre Group | &nbsp;&nbsp; 699126 | 1862355 |
| Stockland | &nbsp;&nbsp; 313297 | 1295289 |
| Vicinity Ltd. | &nbsp;&nbsp; 514735 | 850377 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 82208 | 142573 |
|  |  | 16509847 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| CA Immobilien Anlagen AG | &nbsp;&nbsp; 4056 | 112743 |
| **Belgium — 2.8%** | **Belgium — 2.8%** | **Belgium — 2.8%** |
| Aedifica SA | &nbsp;&nbsp; 6386 | 466360 |
| Ascencio | &nbsp;&nbsp; 789 | 45742 |
| Care Property Invest NV | &nbsp;&nbsp; 5121 | 67433 |
| Cofinimmo SA | &nbsp;&nbsp; 5129 | 437995 |
| Home Invest Belgium SA | &nbsp;&nbsp; 1286 | 27779 |
| Montea NV | &nbsp;&nbsp; 2777 | 224265 |
| Retail Estates NV | &nbsp;&nbsp; 1559 | 113034 |
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; 4228 | 154774 |
| Vastned NV | &nbsp;&nbsp; 1074 | 36914 |
| VGP NV | &nbsp;&nbsp; 1810 | 209102 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 24684 | 626842 |
| Xior Student Housing NV | &nbsp;&nbsp; 4960 | 161831 |
|  |  | 2572071 |
| **Canada — 5.5%** | **Canada — 5.5%** | **Canada — 5.5%** |
| Allied Properties REIT<sup>(b)</sup> | &nbsp;&nbsp; 16937 | 178481 |
| Boardwalk Real Estate Investment Trust | &nbsp;&nbsp; 5448 | 251201 |
| Canadian Apartment Properties REIT | &nbsp;&nbsp; 20954 | 576233 |
| Chartwell Retirement Residences | &nbsp;&nbsp; 38554 | 568187 |
| Choice Properties REIT<sup>(b)</sup> | &nbsp;&nbsp; 37202 | 393624 |
| Crombie REIT<sup>(b)</sup> | &nbsp;&nbsp; 14583 | 155234 |
| Dream Industrial REIT | &nbsp;&nbsp; 38418 | 331164 |
| First Capital Real Estate Investment Trust | &nbsp;&nbsp; 28501 | 382235 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp; 8055 | 452672 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp; 34666 | 276577 |
| InterRent REIT | &nbsp;&nbsp; 17867 | 170447 |
| Killam Apartment REIT<sup>(b)</sup> | &nbsp;&nbsp; 15763 | 194769 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Northwest Healthcare Properties Real Estate <br> Investment Trust<br>| &nbsp;&nbsp; 29337 | $106049 |
| Prinmaris REIT | &nbsp;&nbsp; 14306 | 156876 |
| RioCan REIT | &nbsp;&nbsp; 39666 | 530841 |
| SmartCentres Real Estate Investment Trust<sup>(b)</sup> | &nbsp;&nbsp; 17239 | 326945 |
| StorageVault Canada Inc. | &nbsp;&nbsp; 30221 | 106659 |
|  |  | 5158194 |
| **Finland — 0.3%** | **Finland — 0.3%** | **Finland — 0.3%** |
| Citycon OYJ<sup>(b)</sup> | &nbsp;&nbsp; 10421 | 35384 |
| Kojamo OYJ<sup>(a)</sup> | &nbsp;&nbsp; 20434 | 247544 |
|  |  | 282928 |
| **France — 4.6%** | **France — 4.6%** | **France — 4.6%** |
| Altarea SCA | &nbsp;&nbsp; 898 | 102432 |
| ARGAN SA, NVS | &nbsp;&nbsp; 2189 | 170362 |
| Carmila SA | &nbsp;&nbsp; 8452 | 154085 |
| Covivio SA/France | &nbsp;&nbsp; 7202 | 462065 |
| Gecina SA | &nbsp;&nbsp; 6855 | 637044 |
| ICADE | &nbsp;&nbsp; 6092 | 148440 |
| Klepierre SA | &nbsp;&nbsp; 27829 | 1063528 |
| Mercialys SA | &nbsp;&nbsp; 12637 | 154192 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 13727 | 1419416 |
|  |  | 4311564 |
| **Germany — 5.0%** | **Germany — 5.0%** | **Germany — 5.0%** |
| Aroundtown SA<sup>(a)</sup> | &nbsp;&nbsp; 95623 | 341706 |
| Deutsche EuroShop AG | &nbsp;&nbsp; 1360 | 29080 |
| Deutsche Wohnen SE | &nbsp;&nbsp; 6697 | 166908 |
| Grand City Properties SA<sup>(a)</sup> | &nbsp;&nbsp; 9093 | 115784 |
| Hamborner REIT AG | &nbsp;&nbsp; 9862 | 59042 |
| LEG Immobilien SE | &nbsp;&nbsp; 10005 | 762523 |
| TAG Immobilien AG | &nbsp;&nbsp; 22325 | 370616 |
| Vonovia SE | &nbsp;&nbsp; 94011 | 2825571 |
|  |  | 4671230 |
| **Guernsey — 0.1%** | **Guernsey — 0.1%** | **Guernsey — 0.1%** |
| PPHE Hotel Group Ltd. | &nbsp;&nbsp; 3062 | 57573 |
| Regional REIT Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 17658 | 24636 |
|  |  | 82209 |
| **Hong Kong — 8.3%** | **Hong Kong — 8.3%** | **Hong Kong — 8.3%** |
| Champion REIT | &nbsp;&nbsp; 244000 | 65537 |
| Fortune REIT | &nbsp;&nbsp; 201000 | 129841 |
| Henderson Land Development Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 177000 | 622642 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 136200 | 832225 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 80000 | 165740 |
| Link REIT | &nbsp;&nbsp; 346540 | 1804647 |
| New World Development Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 184333 | 170625 |
| Prosperity REIT | &nbsp;&nbsp; 171000 | 30809 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 486800 | 604671 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 187000 | 2275563 |
| SUNeVision Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 83000 | 64469 |
| Sunlight REIT | &nbsp;&nbsp; 136000 | 41277 |
| Swire Properties Ltd. | &nbsp;&nbsp; 130200 | 354701 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 206900 | 588883 |
|  |  | 7751630 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| Irish Residential Properties REIT PLC | &nbsp;&nbsp; 67693 | 72408 |
| **Israel — 1.3%** | **Israel — 1.3%** | **Israel — 1.3%** |
| Amot Investments Ltd. | &nbsp;&nbsp; 31999 | 252630 |
| Azrieli Group Ltd. | &nbsp;&nbsp; 4897 | 516644 |
| Melisron Ltd. | &nbsp;&nbsp; 3246 | 422516 |
|  |  | 1191790 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® International Developed Real Estate ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Immobiliare Grande Distribuzione SIIQ SpA | &nbsp;&nbsp; 7239 | $29345 |
| **Japan — 24.7%** | **Japan — 24.7%** | **Japan — 24.7%** |
| Activia Properties Inc. | &nbsp;&nbsp; 279 | 255276 |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 351 | 379903 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 228 | 193031 |
| Comforia Residential REIT Inc. | &nbsp;&nbsp; 89 | 187691 |
| CRE Logistics REIT Inc. | &nbsp;&nbsp; 75 | 76417 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 555 | 478271 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 68 | 166349 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 260 | 186271 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 326 | 191485 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 96 | 117731 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 124 | 114010 |
| GLP J-REIT | &nbsp;&nbsp; 587 | 532113 |
| Hankyu Hanshin REIT Inc. | &nbsp;&nbsp; 84 | 96614 |
| Health Care & Medical Investment Corp. | &nbsp;&nbsp; 44 | 32878 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 5200 | 76105 |
| Heiwa Real Estate REIT Inc. | &nbsp;&nbsp; 135 | 135170 |
| Hoshino Resorts REIT Inc. | &nbsp;&nbsp; 73 | 121988 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 62300 | 643644 |
| Hulic REIT Inc. | &nbsp;&nbsp; 167 | 185872 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 123 | 75756 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 316 | 293597 |
| Invincible Investment Corp. | &nbsp;&nbsp; 968 | 432496 |
| Japan Excellent Inc. | &nbsp;&nbsp; 148 | 141268 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 646 | 376323 |
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 348 | 225324 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 900 | 696215 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 476 | 323805 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 898 | 740646 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 497 | 550256 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 223 | 215928 |
| Mirai Corp. | &nbsp;&nbsp; 236 | 73926 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 150200 | 3183020 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 177 | 141807 |
| Mitsui Fudosan Accommodations Fund, Inc. | &nbsp;&nbsp; 310 | 261247 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 350300 | 3647464 |
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 401 | 290672 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 187 | 177381 |
| Mori Trust REIT Inc. | &nbsp;&nbsp; 313 | 157839 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 1062 | 979926 |
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 962 | 559526 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 216 | 136389 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 69500 | 396905 |
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 552 | 588980 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 171 | 151425 |
| One REIT Inc. | &nbsp;&nbsp; 84 | 48666 |
| Orix JREIT Inc. | &nbsp;&nbsp; 699 | 473139 |
| Samty Residential Investment Corp. | &nbsp;&nbsp; 45 | 32920 |
| Sankei Real Estate Inc. | &nbsp;&nbsp; 58 | 37130 |
| Sekisui House REIT Inc. | &nbsp;&nbsp; 524 | 269686 |
| SOSiLA Logistics REIT Inc. | &nbsp;&nbsp; 90 | 72049 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 322 | 128154 |
| Starts Proceed Investment Corp. | &nbsp;&nbsp; 27 | 35441 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 43600 | 1861589 |
| Takara Leben Real Estate Investment Corp. | &nbsp;&nbsp; 116 | 69937 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 25800 | 481692 |
| Tokyu REIT Inc. | &nbsp;&nbsp; 116 | 148892 |
| United Urban Investment Corp. | &nbsp;&nbsp; 407 | 492578 |
|  |  | 23140813 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands — 0.3%** | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| Eurocommercial Properties NV | &nbsp;&nbsp; 5740 | $171397 |
| NSI NV | &nbsp;&nbsp; 1958 | 46151 |
| Wereldhave NV | &nbsp;&nbsp; 5038 | 107008 |
|  |  | 324556 |
| **New Zealand — 0.6%** | **New Zealand — 0.6%** | **New Zealand — 0.6%** |
| Argosy Property Ltd. | &nbsp;&nbsp; 100997 | 74198 |
| Goodman Property Trust | &nbsp;&nbsp; 129785 | 157451 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 189184 | 116936 |
| Precinct Properties Group | &nbsp;&nbsp; 183363 | 130113 |
| Stride Property Group | &nbsp;&nbsp; 64377 | 54154 |
|  |  | 532852 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Entra ASA<sup>(c)</sup> | &nbsp;&nbsp; 5882 | 65386 |
| Public Property Invest AS | &nbsp;&nbsp; 27060 | 59687 |
|  |  | 125073 |
| **Singapore — 8.4%** | **Singapore — 8.4%** | **Singapore — 8.4%** |
| AIMS APAC REIT | &nbsp;&nbsp; 80126 | 84954 |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 498690 | 1079680 |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 353830 | 256589 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 763203 | 1387495 |
| CapitaLand Investment Ltd./Singapore<sup>(b)</sup> | &nbsp;&nbsp; 304900 | 617739 |
| CDL Hospitality Trusts<sup>(b)</sup> | &nbsp;&nbsp; 105921 | 67107 |
| City Developments Ltd. | &nbsp;&nbsp; 53300 | 296053 |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 117600 | 60561 |
| ESR-REIT | &nbsp;&nbsp; 74672 | 164028 |
| Far East Hospitality Trust | &nbsp;&nbsp; 125300 | 58209 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 170210 | 305984 |
| Frasers Logistics & Commercial Trust | &nbsp;&nbsp; 368700 | 270378 |
| Keppel DC REIT | &nbsp;&nbsp; 260540 | 478074 |
| Keppel REIT | &nbsp;&nbsp; 315300 | 254416 |
| Lendlease Global Commercial REIT | &nbsp;&nbsp; 221747 | 109019 |
| Mapletree Industrial Trust | &nbsp;&nbsp; 277645 | 454064 |
| Mapletree Logistics Trust<sup>(b)</sup> | &nbsp;&nbsp; 453360 | 466535 |
| Mapletree Pan Asia Commercial Trust<sup>(b)</sup> | &nbsp;&nbsp; 302617 | 334804 |
| OUE REIT | &nbsp;&nbsp; 297700 | 78908 |
| Parkway Life REIT | &nbsp;&nbsp; 57800 | 182046 |
| Starhill Global REIT | &nbsp;&nbsp; 187900 | 83784 |
| Stoneweg Europe Stapled Trust, NVS | &nbsp;&nbsp; 48100 | 84273 |
| Suntec REIT | &nbsp;&nbsp; 280600 | 288873 |
| UOL Group Ltd. | &nbsp;&nbsp; 60900 | 372051 |
|  |  | 7835624 |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| ESR Kendall Square REIT Co. Ltd. | &nbsp;&nbsp; 22358 | 68420 |
| JR Global REIT | &nbsp;&nbsp; 25296 | 51118 |
| LOTTE REIT Co. Ltd. | &nbsp;&nbsp; 19593 | 52984 |
| Shinhan Alpha REIT Co. Ltd. | &nbsp;&nbsp; 15353 | 59887 |
| SK REITs Co. Ltd. | &nbsp;&nbsp; 22679 | 84206 |
|  |  | 316615 |
| **Spain — 1.2%** | **Spain — 1.2%** | **Spain — 1.2%** |
| Colonial SFL Socimi SA | &nbsp;&nbsp; 47451 | 300259 |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 50509 | 786842 |
|  |  | 1087101 |
| **Sweden — 4.9%** | **Sweden — 4.9%** | **Sweden — 4.9%** |
| Atrium Ljungberg AB, Class B | &nbsp;&nbsp; 30650 | 110531 |
| Castellum AB | &nbsp;&nbsp; 45971 | 522792 |
| Catena AB | &nbsp;&nbsp; 5697 | 276028 |
| Cibus Nordic Real Estate AB publ | &nbsp;&nbsp; 10315 | 178825 |
| Corem Property Group AB, Class B | &nbsp;&nbsp; 108773 | 44235 |
| Dios Fastigheter AB | &nbsp;&nbsp; 13776 | 93884 |
| Fabege AB | &nbsp;&nbsp; 25119 | 221174 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® International Developed Real Estate ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 92580 | $679062 |
| FastPartner AB, Class A | &nbsp;&nbsp; 6478 | 34298 |
| Heba Fastighets AB, Class B | &nbsp;&nbsp; 9840 | 33857 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 13522 | 179723 |
| Intea Fastigheter AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 8477 | 60274 |
| Logistea AB, Class B | &nbsp;&nbsp; 30657 | 49308 |
| Neobo Fastigheter AB<sup>(a)</sup> | &nbsp;&nbsp; 10779 | 21664 |
| NP3 Fastigheter AB | &nbsp;&nbsp; 4192 | 114116 |
| Nyfosa AB | &nbsp;&nbsp; 21325 | 181399 |
| Pandox AB, Class B | &nbsp;&nbsp; 14167 | 282438 |
| Platzer Fastigheter Holding AB, Class B | &nbsp;&nbsp; 8283 | 63734 |
| Sagax AB, Class B | &nbsp;&nbsp; 28606 | 641938 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 135222 | 74235 |
| Sveafastigheter AB<sup>(a)</sup> | &nbsp;&nbsp; 9715 | 43531 |
| Swedish Logistic Property AB, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 23100 | 101759 |
| Wallenstam AB, Class B | &nbsp;&nbsp; 46534 | 215319 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 36264 | 352395 |
|  |  | 4576519 |
| **Switzerland — 3.9%** | **Switzerland — 3.9%** | **Switzerland — 3.9%** |
| Allreal Holding AG, Registered | &nbsp;&nbsp; 1972 | 471325 |
| Hiag Immobilien Holding AG | &nbsp;&nbsp; 561 | 77158 |
| Intershop Holding AG | &nbsp;&nbsp; 727 | 142508 |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 973 | 412437 |
| Peach Property Group AG<sup>(a)</sup> | &nbsp;&nbsp; 5831 | 44634 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 6126 | 1059575 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 10383 | 1475870 |
|  |  | 3683507 |
| **United Kingdom — 9.2%** | **United Kingdom — 9.2%** | **United Kingdom — 9.2%** |
| Abrdn European Logistics Income PLC<sup>(c)</sup> | &nbsp;&nbsp; 52770 | 24675 |
| AEW U.K. REIT PLC | &nbsp;&nbsp; 16301 | 22271 |
| Big Yellow Group PLC | &nbsp;&nbsp; 24748 | 361986 |
| British Land Co. PLC (The) | &nbsp;&nbsp; 130211 | 650333 |
| Custodian Property Income REIT PLC | &nbsp;&nbsp; 52646 | 55605 |
| Derwent London PLC | &nbsp;&nbsp; 14299 | 331100 |
| Empiric Student Property PLC | &nbsp;&nbsp; 88611 | 90682 |
| Grainger PLC | &nbsp;&nbsp; 93477 | 230314 |
| Great Portland Estates PLC | &nbsp;&nbsp; 52337 | 229110 |
| Hammerson PLC | &nbsp;&nbsp; 63263 | 253857 |
| Helical PLC | &nbsp;&nbsp; 13974 | 38298 |
| Home REIT PLC<sup>(a)(d)</sup> | &nbsp;&nbsp; 191393 | 25797 |
| Land Securities Group PLC | &nbsp;&nbsp; 99489 | 813083 |
| Life Science Reit PLC<sup>(a)</sup> | &nbsp;&nbsp; 38209 | 18834 |
| LondonMetric Property PLC | &nbsp;&nbsp; 296717 | 742328 |
| NewRiver REIT PLC | &nbsp;&nbsp; 50075 | 46114 |
| Picton Property Income Ltd. | &nbsp;&nbsp; 71252 | 73104 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Primary Health Properties PLC | &nbsp;&nbsp; 337512 | $415542 |
| PRS REIT PLC (The) | &nbsp;&nbsp; 68001 | 99663 |
| Residential Secure Income PLC<sup>(c)</sup> | &nbsp;&nbsp; 25976 | 19724 |
| Safestore Holdings PLC | &nbsp;&nbsp; 28645 | 269061 |
| Schroder REIT Ltd. | &nbsp;&nbsp; 67070 | 48020 |
| Segro PLC | &nbsp;&nbsp; 180733 | 1658472 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 195884 | 361850 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 199507 | 261699 |
| Supermarket Income REIT PLC | &nbsp;&nbsp; 164572 | 171251 |
| Target Healthcare REIT PLC | &nbsp;&nbsp; 81738 | 101314 |
| Triple Point Social Housing REIT PLC<sup>(c)</sup> | &nbsp;&nbsp; 47888 | 42779 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 329608 | 650665 |
| UNITE Group PLC (The) | &nbsp;&nbsp; 55733 | 415725 |
| Workspace Group PLC | &nbsp;&nbsp; 17384 | 95460 |
|  |  | 8618716 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $116,766,793)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $116,766,793)** | 92987335 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.2%** | **Money Market Funds — 4.2%** | **Money Market Funds — 4.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.27%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 3733051 | 3734918 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.05%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 150000 | 150000 |
| **Total Short-Term Securities — 4.2%** <br>**(Cost: $3,884,904)** | **Total Short-Term Securities — 4.2%** <br>**(Cost: $3,884,904)** | 3884918 |
| **Total Investments — 103.6%** <br>**(Cost: $120,651,697)** | **Total Investments — 103.6%** <br>**(Cost: $120,651,697)** | 96872253 |
| **Liabilities in Excess of Other Assets — (3.6)%** | **Liabilities in Excess of Other Assets — (3.6)%** | (3344518)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $93527735 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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. 

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

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/30/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1300934<br> $2433795 <br><sup>(a)</sup><br>| $— | $40 | $149 | $3734918 | 3733051 | $6641 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 120000<br> 30000 <br><sup>(a)</sup><br>|  |  |  | 150000 | 150000 | 3240 |  |
|  |  |  | $40 | $149 | $3884918 |  | $9881 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

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

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Singapore Index | 1 | 11/27/25 | &nbsp;&nbsp; $34 | $(25) |
| Mini TOPIX Index | 7 | 12/11/25 | &nbsp;&nbsp; 151 | 9179 |
| Dow Jones U.S. Real Estate Index | 8 | 12/19/25 | &nbsp;&nbsp; 288 | (8587) |
| Euro STOXX 50 Index | 1 | 12/19/25 | &nbsp;&nbsp; 66 | (486) |
|  |  |  |  | $81 |

---

**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* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9179 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9179 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9098 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9098 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, 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). 

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares® International Developed Real Estate ETF**

For the period ended October 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62481 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62481 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7971 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7971 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $630808 |

---

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 at the measurement date. 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 | &nbsp;&nbsp; $10815246 | &nbsp;&nbsp; $82146292 | &nbsp;&nbsp; $25797 | &nbsp;&nbsp; $92987335 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3884918 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3884918 |
|  | &nbsp;&nbsp; $14700164 | &nbsp;&nbsp; $82146292 | &nbsp;&nbsp; $25797 | &nbsp;&nbsp; $96872253 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9179 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9179 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (9073)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9098)<br>|
|  | &nbsp;&nbsp; $(9073)<br>| &nbsp;&nbsp; $9154 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Environmentally <br> Aware Real <br> Estate ETF <br>| &nbsp;&nbsp; iShares <br>Global REIT ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Developed <br> Real Estate <br> ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $9684807 | $3952593119 | $92987335 |
| Investments, at value—affiliated<sup>(c)</sup> | 421729 | 29532178 | 3884918 |
| Cash | 1575 | 72309 | 7720 |
| Cash pledged for futures contracts | 3000 | 959000 | 23000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  | 146563 | 17062 |
| Foreign currency, at value<sup>(e)</sup> | 11252 | 2861736 | 105440 |
| Receivables: |  |  |  |
| Securities lending income—affiliated | 107 | 7548 | 880 |
| Capital shares sold |  | 7832 |  |
| Dividends—unaffiliated | 16512 | 4855196 | 303144 |
| Dividends—affiliated | 28 | 34675 | 515 |
| Tax reclaims | 288 | 1372045 | 108898 |
| Variation margin on futures contracts | 72 | 21657 | 2504 |
| Other assets | 52 |  | 2085 |
| Total assets | 10139422 | 3992463858 | 97443501 |
| **LIABILITIES** |  |  |  |
| Collateral on securities loaned, at value | 411663 | 20403657 | 3738466 |
| Payables: |  |  |  |
| Investments purchased |  | 7832 |  |
| Capital shares redeemed |  | 5 |  |
| Deferred foreign capital gain tax |  | 358432 |  |
| Investment advisory fees | 2512 | 474959 | 38664 |
| IRS compliance fee for foreign withholding tax claims |  |  | 136630 |
| Professional fees |  |  | 2006 |
| Total liabilities | 414175 | 21244885 | 3915766 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $9725247 | $3971218973 | $93527735 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $8978314 | $4156493732 | $227417158 |
| Accumulated earnings (loss) | 746933 | (185274759) | (133889423) |
| NET ASSETS | $9725247 | $3971218973 | $93527735 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 360000 | 157550000 | 4100000 |
| Net asset value | $27.01 | $25.21 | $22.81 |
| Shares authorized | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $8888019 | $3991664658 | $116766793 |
| <sup>(b)</sup> Securities loaned, at value | $298008 | $10459117 | $3073639 |
| <sup>(c)</sup> Investments, at cost—affiliated | $421709 | $29532178 | $3884904 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $152152 | $17848 |
| <sup>(e)</sup> Foreign currency, at cost | $11328 | $2888445 | $105119 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>Environmentally <br> Aware <br> Real <br> Estate <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global REIT <br> ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Developed <br> Real Estate <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $209125 | &nbsp;&nbsp;&nbsp; $88045521 | &nbsp;&nbsp;&nbsp; $2015064 |
| Dividends—affiliated | &nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 198422 | &nbsp;&nbsp;&nbsp; 3240 |
| Interest—unaffiliated | &nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 41346 | &nbsp;&nbsp;&nbsp; 2057 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp; 50249 | &nbsp;&nbsp;&nbsp; 6641 |
| Foreign taxes withheld | &nbsp;&nbsp; (8893)<br>| &nbsp;&nbsp;&nbsp; (3206096)<br>| &nbsp;&nbsp;&nbsp; (176581)<br>|
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4204)<br>|
| Total investment income | &nbsp;&nbsp; 201015 | &nbsp;&nbsp;&nbsp; 85129442 | &nbsp;&nbsp;&nbsp; 1846217 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 14565 | &nbsp;&nbsp;&nbsp; 2769186 | &nbsp;&nbsp;&nbsp; 226829 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26660 |
| Total expenses | &nbsp;&nbsp; 14565 | &nbsp;&nbsp;&nbsp; 2769186 | &nbsp;&nbsp;&nbsp; 253489 |
| Net investment income | &nbsp;&nbsp; 186450 | &nbsp;&nbsp;&nbsp; 82360256 | &nbsp;&nbsp;&nbsp; 1592728 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (74846)<br>| &nbsp;&nbsp;&nbsp; (47072273)<br>| &nbsp;&nbsp;&nbsp; (1759153)<br>|
| Investments—affiliated | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1029 | &nbsp;&nbsp;&nbsp; 40 |
| Foreign currency transactions | &nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp; 178074 | &nbsp;&nbsp;&nbsp; 17596 |
| Futures contracts | &nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp; 857669 | &nbsp;&nbsp;&nbsp; 62481 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 124873186 | &nbsp;&nbsp;&nbsp; (1653730)<br>|
|  | &nbsp;&nbsp; (73889)<br>| &nbsp;&nbsp;&nbsp; 78837685 | &nbsp;&nbsp;&nbsp; (3332766)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 418879 | &nbsp;&nbsp;&nbsp; 65098749 | &nbsp;&nbsp;&nbsp; 10037386 |
| Investments—affiliated | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 149 |
| Foreign currency translations | &nbsp;&nbsp; (1016)<br>| &nbsp;&nbsp;&nbsp; (282087)<br>| &nbsp;&nbsp;&nbsp; (21024)<br>|
| Futures contracts | &nbsp;&nbsp; 998 | &nbsp;&nbsp;&nbsp; (276003)<br>| &nbsp;&nbsp;&nbsp; 7971 |
|  | &nbsp;&nbsp; 418880 | &nbsp;&nbsp;&nbsp; 64541011 | &nbsp;&nbsp;&nbsp; 10024482 |
| Net realized and unrealized gain | &nbsp;&nbsp; 344991 | &nbsp;&nbsp;&nbsp; 143378696 | &nbsp;&nbsp;&nbsp; 6691716 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $531441 | &nbsp;&nbsp;&nbsp; $225738952 | &nbsp;&nbsp;&nbsp; $8284444 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2281 | &nbsp;&nbsp;&nbsp; $— |
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(292393)<br>| &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Environmentally Aware Real Estate ETF  | iShares <br>Environmentally Aware Real Estate ETF  | iShares <br>Global REIT ETF  | iShares <br>Global REIT ETF  |
|  | Six Months Ended <br>10/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>04/30/25<br>| &nbsp;&nbsp; Six Months Ended <br>10/31/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>04/30/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $186450 | &nbsp;&nbsp;&nbsp; $288738 | &nbsp;&nbsp;&nbsp; $82360256 | &nbsp;&nbsp;&nbsp; $121712321 |
| Net realized gain (loss) | &nbsp;&nbsp; (73889)<br>| &nbsp;&nbsp;&nbsp; 34016 | &nbsp;&nbsp;&nbsp; 78837685 | &nbsp;&nbsp;&nbsp; 2840681 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 418880 | &nbsp;&nbsp;&nbsp; 735090 | &nbsp;&nbsp;&nbsp; 64541011 | &nbsp;&nbsp;&nbsp; 322587217 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 531441 | &nbsp;&nbsp;&nbsp; 1057844 | &nbsp;&nbsp;&nbsp; 225738952 | &nbsp;&nbsp;&nbsp; 447140219 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (119284 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (386119)<br>| &nbsp;&nbsp;&nbsp; (63689050 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (132153302)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16150939)<br>| &nbsp;&nbsp;&nbsp; 129629814 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 412157 | &nbsp;&nbsp;&nbsp; 671725 | &nbsp;&nbsp;&nbsp; 145898963 | &nbsp;&nbsp;&nbsp; 444616731 |
| Beginning of period | &nbsp;&nbsp; 9313090 | &nbsp;&nbsp;&nbsp; 8641365 | &nbsp;&nbsp;&nbsp; 3825320010 | &nbsp;&nbsp;&nbsp; 3380703279 |
| End of period | &nbsp;&nbsp; $9725247 | &nbsp;&nbsp;&nbsp; $9313090 | &nbsp;&nbsp;&nbsp; $3971218973 | &nbsp;&nbsp;&nbsp; $3825320010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> 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.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>International Developed Real Estate <br> ETF  | iShares <br>International Developed Real Estate <br> ETF  |
|  | Six Months <br> Ended <br>10/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>04/30/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $1592728 | &nbsp;&nbsp;&nbsp; $3417417 |
| Net realized loss | &nbsp;&nbsp; (3332766)<br>| &nbsp;&nbsp;&nbsp; (9687775)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 10024482 | &nbsp;&nbsp;&nbsp; 14711097 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 8284444 | &nbsp;&nbsp;&nbsp; 8440739 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1840497 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (4412822)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (8620543)<br>| &nbsp;&nbsp;&nbsp; (16458291)<br>|
| *NET ASSETS* |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (2176596)<br>| &nbsp;&nbsp;&nbsp; (12430374)<br>|
| Beginning of period | &nbsp;&nbsp; 95704331 | &nbsp;&nbsp;&nbsp; 108134705 |
| End of period | &nbsp;&nbsp; $93527735 | &nbsp;&nbsp;&nbsp; $95704331 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> 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.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Environmentally Aware Real Estate ETF  | iShares Environmentally Aware Real Estate ETF  | iShares Environmentally Aware Real Estate ETF  | iShares Environmentally Aware Real Estate ETF  |
|  | Six Months Ended <br>10/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>04/30/25<br>| &nbsp;&nbsp; Year Ended <br>04/30/24<br>| &nbsp;&nbsp; Period From <br>11/15/22<sup>(a)</sup> <br>to 04/30/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.87 | &nbsp;&nbsp;&nbsp; $24.00 | &nbsp;&nbsp;&nbsp; $25.19 | &nbsp;&nbsp;&nbsp; $24.94 |
| Net investment income<sup>(b)</sup> | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Net increase (decrease) from investment operations | 1.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.33 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $27.01 | &nbsp;&nbsp;&nbsp; $25.87 | &nbsp;&nbsp;&nbsp; $24.00 | &nbsp;&nbsp;&nbsp; $25.19 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |
| Based on net asset value | 5.74 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.34<br> %<br>| &nbsp;&nbsp;&nbsp; (1.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |
| Total expenses | 0.30 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(i)</sup><br>|
| Net investment income | 3.84 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.82 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $9725 | &nbsp;&nbsp;&nbsp; $9313 | &nbsp;&nbsp;&nbsp; $8641 | &nbsp;&nbsp;&nbsp; $9069 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Global REIT ETF  | iShares Global REIT ETF  | iShares Global REIT ETF  | iShares Global REIT ETF  | iShares Global REIT ETF  | iShares Global REIT ETF  |
|  | Six Months Ended <br>10/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>04/30/25<br>| &nbsp;&nbsp; Year Ended <br>04/30/24<br>| &nbsp;&nbsp; Year Ended <br>04/30/23<br>| &nbsp;&nbsp; Year Ended <br>04/30/22<br>| &nbsp;&nbsp; Year Ended <br>04/30/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.17 | &nbsp;&nbsp;&nbsp; $22.13 | &nbsp;&nbsp;&nbsp; $23.25 | &nbsp;&nbsp;&nbsp; $27.77 | &nbsp;&nbsp;&nbsp; $27.22 | &nbsp;&nbsp;&nbsp; $20.42 |
| Net investment income<sup>(a)</sup> | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (4.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;6.75 |
| Net increase (decrease) from investment operations | 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (3.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;7.41 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.41 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $25.21 | &nbsp;&nbsp;&nbsp; $24.17 | &nbsp;&nbsp;&nbsp; $22.13 | &nbsp;&nbsp;&nbsp; $23.25 | &nbsp;&nbsp;&nbsp; $27.77 | &nbsp;&nbsp;&nbsp; $27.22 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.99 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.04 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; (1.50)%<br>| &nbsp;&nbsp;&nbsp; (14.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.95<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.14 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>|
| Net investment income | 4.16 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3971219 | &nbsp;&nbsp;&nbsp; $3825320 | &nbsp;&nbsp;&nbsp; $3380703 | &nbsp;&nbsp;&nbsp; $2997903 | &nbsp;&nbsp;&nbsp; $3461578 | &nbsp;&nbsp;&nbsp; $3083221 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares International Developed Real Estate ETF  | iShares International Developed Real Estate ETF  | iShares International Developed Real Estate ETF  | iShares International Developed Real Estate ETF  | iShares International Developed Real Estate ETF  | iShares International Developed Real Estate ETF  |
|  | Six Months Ended <br>10/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>04/30/25<br>| &nbsp;&nbsp; Year Ended <br>04/30/24<br>| &nbsp;&nbsp; Year Ended <br>04/30/23<br>| &nbsp;&nbsp; Year Ended <br>04/30/22<br>| &nbsp;&nbsp; Year Ended <br>04/30/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $21.27 | &nbsp;&nbsp;&nbsp; $20.40 | &nbsp;&nbsp;&nbsp; $21.52 | &nbsp;&nbsp;&nbsp; $25.36 | &nbsp;&nbsp;&nbsp; $28.82 | &nbsp;&nbsp;&nbsp; $22.75 |
| Net investment income<sup>(a)</sup> | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.86 |
| Net increase (decrease) from investment operations | 1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.64 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.44 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $22.81 | &nbsp;&nbsp;&nbsp; $21.27 | &nbsp;&nbsp;&nbsp; $20.40 | &nbsp;&nbsp;&nbsp; $21.52 | &nbsp;&nbsp;&nbsp; $25.36 | &nbsp;&nbsp;&nbsp; $28.82 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.38 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.02<br> %<br>| &nbsp;&nbsp;&nbsp; (2.77 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (13.44)%<br>| &nbsp;&nbsp;&nbsp; (9.24 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.62<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.51 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.51 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 3.37 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $93528 | &nbsp;&nbsp;&nbsp; $95704 | &nbsp;&nbsp;&nbsp; $108135 | &nbsp;&nbsp;&nbsp; $148509 | &nbsp;&nbsp;&nbsp; $212985 | &nbsp;&nbsp;&nbsp; $256514 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended April 30, 2024 and <br> April 30, 2022 respectively:<br> • Net investment income per share by $0.07 and $0.04.<br> • Total return by 0.37% and 0.17%.<br> • Ratio of net investment income to average net assets by 0.33% and 0.15%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended April 30, 2024 and <br> April 30, 2022 respectively:<br> • Net investment income per share by $0.07 and $0.04.<br> • Total return by 0.37% and 0.17%.<br> • Ratio of net investment income to average net assets by 0.33% and 0.15%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended April 30, 2024 and <br> April 30, 2022 respectively:<br> • Net investment income per share by $0.07 and $0.04.<br> • Total return by 0.37% and 0.17%.<br> • Ratio of net investment income to average net assets by 0.33% and 0.15%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended April 30, 2024 and <br> April 30, 2022 respectively:<br> • Net investment income per share by $0.07 and $0.04.<br> • Total return by 0.37% and 0.17%.<br> • Ratio of net investment income to average net assets by 0.33% and 0.15%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended April 30, 2024 and <br> April 30, 2022 respectively:<br> • Net investment income per share by $0.07 and $0.04.<br> • Total return by 0.37% and 0.17%.<br> • Ratio of net investment income to average net assets by 0.33% and 0.15%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended April 30, 2024 and <br> April 30, 2022 respectively:<br> • Net investment income per share by $0.07 and $0.04.<br> • Total return by 0.37% and 0.17%.<br> • Ratio of net investment income to average net assets by 0.33% and 0.15%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended April 30, 2024 and <br> April 30, 2022 respectively:<br> • Net investment income per share by $0.07 and $0.04.<br> • Total return by 0.37% and 0.17%.<br> • Ratio of net investment income to average net assets by 0.33% and 0.15%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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* <br>*Classification* <br>|
| Environmentally Aware Real Estate | &nbsp;&nbsp; Non-Diversified |
| Global REIT | &nbsp;&nbsp; Diversified |
| International Developed Real Estate | &nbsp;&nbsp; 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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", 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, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**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.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 occurs after 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 as of the measurement date.

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Environmentally Aware Real Estate |  |  |  |  |
| BNP Paribas Securities Corp | &nbsp;&nbsp; $66657 | &nbsp;&nbsp;&nbsp; $(66657) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 36100 | &nbsp;&nbsp;&nbsp; (36100) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 27691 | &nbsp;&nbsp;&nbsp; (27691) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 13659 | &nbsp;&nbsp;&nbsp; (13659) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Co & LLC | &nbsp;&nbsp; 39418 | &nbsp;&nbsp;&nbsp; (39418) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International Inc. | &nbsp;&nbsp; 82759 | &nbsp;&nbsp;&nbsp; (82759) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 31724 | &nbsp;&nbsp;&nbsp; (31724) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $298008 | &nbsp;&nbsp;&nbsp; $(298008) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Global REIT |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $920151 | &nbsp;&nbsp;&nbsp; $(920151) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 5668352 | &nbsp;&nbsp;&nbsp; (5668352) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 20058 | &nbsp;&nbsp;&nbsp; (20058) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 827662 | &nbsp;&nbsp;&nbsp; (827662) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 3022894 | &nbsp;&nbsp;&nbsp; (3022894) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $10459117 | &nbsp;&nbsp;&nbsp; $(10459117) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| International Developed Real Estate |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $71700 | &nbsp;&nbsp;&nbsp; $(71700) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 474045 | &nbsp;&nbsp;&nbsp; (474045) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 596425 | &nbsp;&nbsp;&nbsp; (596425) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 671953 | &nbsp;&nbsp;&nbsp; (671953) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 418534 | &nbsp;&nbsp;&nbsp; (418534) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 446917 | &nbsp;&nbsp;&nbsp; (446917) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 394065 | &nbsp;&nbsp;&nbsp; (394065) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $3073639 | &nbsp;&nbsp;&nbsp; $(3073639) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

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 Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("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, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory 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 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. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the 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 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 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended October 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Environmentally Aware Real Estate | &nbsp;&nbsp; $122 |
| Global REIT | &nbsp;&nbsp; 15953 |
| International Developed Real Estate | &nbsp;&nbsp; 1903 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers 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, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Global REIT | &nbsp;&nbsp; $3450191 | &nbsp;&nbsp;&nbsp; $16461118 | &nbsp;&nbsp;&nbsp; $(3890262) |
| International Developed Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32160 | &nbsp;&nbsp;&nbsp; (16557) |

---

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, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Environmentally Aware Real Estate | &nbsp;&nbsp; $849262 | &nbsp;&nbsp;&nbsp; $771609 |
| Global REIT | &nbsp;&nbsp; 175498126 | &nbsp;&nbsp;&nbsp; 131333615 |
| International Developed Real Estate | &nbsp;&nbsp; 5359862 | &nbsp;&nbsp;&nbsp; 5287655 |

---

For the six months ended October 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Global REIT | &nbsp;&nbsp; $501152031 | &nbsp;&nbsp;&nbsp; $537623429 |
| International Developed Real Estate | &nbsp;&nbsp; 4154242 | &nbsp;&nbsp;&nbsp; 12652050 |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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, 2025, 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. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of April 30, 2025, the Funds had non-expiring capital loss carryforwards and qualified late-year losses as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Capital* <br>*Losses*<sup>(b)</sup> <br>|
| Environmentally Aware Real Estate | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(29038)<br>|
| Global REIT | &nbsp;&nbsp; (223426647)<br>| &nbsp;&nbsp;&nbsp; — |
| International Developed Real Estate | &nbsp;&nbsp; (105229582)<br>| &nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of October 31, 2025, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Environmentally Aware Real Estate | &nbsp;&nbsp; $9388022 | &nbsp;&nbsp;&nbsp; $1258988 | &nbsp;&nbsp;&nbsp; $(540400) | &nbsp;&nbsp;&nbsp; $718588 |
| Global REIT | &nbsp;&nbsp; 4058058750 | &nbsp;&nbsp;&nbsp; 364933832 | &nbsp;&nbsp;&nbsp; (441231951) | &nbsp;&nbsp;&nbsp; (76298119) |
| International Developed Real Estate | &nbsp;&nbsp; 122417906 | &nbsp;&nbsp;&nbsp; 4359419 | &nbsp;&nbsp;&nbsp; (29904991) | &nbsp;&nbsp;&nbsp; (25545572) |

---

***9. LINE OF CREDIT***

The iShares Environmentally Aware Real Estate ETF and iShares Global REIT ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. 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, 2025, the Funds 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 each 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, tariffs 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 an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 mandatory and discretionary liquidity fees under certain circumstances.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

**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 each 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. A 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.

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.

**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 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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. 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. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have 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.

**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 <br>10/31/25 | Six Months Ended <br>10/31/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Global REIT |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 22050000 | &nbsp;&nbsp;&nbsp; $549494538 | &nbsp;&nbsp;&nbsp; 11850000 | &nbsp;&nbsp;&nbsp; $290547071 |
| Shares redeemed | &nbsp;&nbsp; (22750000)<br>| &nbsp;&nbsp;&nbsp; (565645477)<br>| &nbsp;&nbsp;&nbsp; (6350000)<br>| &nbsp;&nbsp;&nbsp; (160917257)<br>|
|  | &nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; $(16150939)<br>| &nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; $129629814 |
| International Developed Real Estate |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $4611949 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $2274914 |
| Shares redeemed | &nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (13232492)<br>| &nbsp;&nbsp;&nbsp; (900000)<br>| &nbsp;&nbsp;&nbsp; (18733205)<br>|
|  | &nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; $(8620543)<br>| &nbsp;&nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp;&nbsp; $(16458291)<br>|

---

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. Authorized Participants 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. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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. FOREIGN WITHHOLDING TAX CLAIMS***

The iShares International Developed Real Estate 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.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements 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 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.

Notes to Financial Statements

------

Additional 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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; and legal and compliance services; including the 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 held on May 9, 2025 and May 23, 2025, 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. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, 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 if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations 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, 2024, 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 relevant factors and information 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 product line and BFA's 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 the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**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, and related costs of the services provided 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 breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. 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 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 character and scope of 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 acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. 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 (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions 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 also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

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; and legal and compliance services; including the 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 held on May 9, 2025 and May 23, 2025, 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. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, 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 if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations 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, 2024, 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 relevant factors and information 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 product line and BFA's 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

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

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 the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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, and related costs of the services provided 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 breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. 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 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 character and scope of 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 acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. 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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

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 (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions 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 also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

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

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

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.©2025 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.

![](g79429imgf97fe0302.gif)

![](g79429img3f25e7dd3.gif)

------

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940

------

Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d79429dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d79429dex99906cert.htm)

------

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/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: December 22, 2025

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/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: December 22, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of |
|  | iShares Trust |

---

Date: December 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Jessica Tan, President (principal executive officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following four series: iShares Environmentally Aware Real Estate ETF, iShares Global REIT ETF, iShares International Developed Real Estate ETF and iShares International Select Dividend ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 22, 2025

---

| |
|:---|
| <u>/s/ Jessica Tan</u>  |
| Jessica Tan |
| President (principal executive officer) of<br> iShares Trust |

---

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Treasurer and Chief Financial Officer (principal financial officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following four series: iShares Environmentally Aware Real Estate ETF, iShares Global REIT ETF, iShares International Developed Real Estate ETF and iShares International Select Dividend ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 22, 2025

---

| |
|:---|
| <u>/s/ Trent Walker</u>  |
| Trent Walker |
| Treasurer and Chief Financial Officer (principal financial officer) of<br> iShares Trust |

---

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: December 22, 2025

---

| |
|:---|
| <u>/s/ Jessica Tan</u>  |
| Jessica Tan |
| President (principal executive officer) of<br> iShares Trust |

---

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: December 22, 2025

---

| |
|:---|
| <u>/s/ Trent Walker</u>  |
| Trent Walker |
| Treasurer and Chief Financial Officer (principal financial officer) of<br> iShares Trust |

---

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**