# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-25-229999
**Filing Date:** 2025-10
**Character Count:** 257905
**Document Hash:** f5711891843e71ac58ead3a0656f1874
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-229999.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001193125-25-229999

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 251373527

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### iShares Developed Real Estate Index Fund (Series ID: S000050371)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000159045 | Investor A    |  |
| C000159046 | Institutional |  |
| C000159047 | Class K       |  |

### iShares FTSE NAREIT All Equity REIT Index Fund (Series ID: S000087852)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000253866 | iShares FTSE NAREIT All Equity REIT Index Fund |  |

?xml version='1.0' encoding='ASCII'? BLACKROCK FUNDS

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:

811-05742

Name of Fund:

---

| |
|:---|
| BlackRock Funds<sup>SM</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Developed Real Estate Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares FTSE NAREIT All Equity REIT Index Fund |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds<sup>SM</sup>, 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

1/31/2026

Date of reporting period:

7/31/2025

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 Retail Logo](g944902images_5251.jpg)

### iShares Developed Real Estate Index Fund

### Institutional Shares \| BIRDX

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

------

This semi-annual shareholder report contains important information about iShares Developed Real Estate Index Fund (the "Fund") for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $14 | 0.28%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$236701211 |
| Number of Portfolio Holdings | &nbsp;&nbsp;359 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 62.7% |
| Japan | 8.8% |
| Australia | 6.5% |
| United Kingdom | 3.6% |
| Hong Kong | 3.2% |
| Singapore | 3.0% |
| Canada | 2.1% |
| Germany | 2.1% |
| Sweden | 1.8% |
| France | 1.7% |
| Other<sup>#</sup> | 4.0% |
| Other Assets Less Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Welltower, Inc. | 6.0% |
| Prologis, Inc. | 5.5% |
| Equinix, Inc. | 4.2% |
| Digital Realty Trust, Inc. | 3.3% |
| Simon Property Group, Inc. | 2.9% |
| Realty Income Corp. | 2.8% |
| Goodman Group | 2.4% |
| Public Storage | 2.4% |
| VICI Properties, Inc. | 1.9% |
| Ventas, Inc. | 1.6% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</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. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g944902images_5250.jpg)

iShares Developed Real Estate Index Fund

Institutional Shares \| BIRDX

Semi-Annual Shareholder Report — July 31, 2025

BIRDX-07/25-SAR

![TSR - BLK Retail Logo](g944902images_5251.jpg)

### iShares Developed Real Estate Index Fund

### Investor A Shares \| BARDX

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

------

This semi-annual shareholder report contains important information about iShares Developed Real Estate Index Fund (the "Fund") for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $25 | 0.49%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$236701211 |
| Number of Portfolio Holdings | &nbsp;&nbsp;359 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 62.7% |
| Japan | 8.8% |
| Australia | 6.5% |
| United Kingdom | 3.6% |
| Hong Kong | 3.2% |
| Singapore | 3.0% |
| Canada | 2.1% |
| Germany | 2.1% |
| Sweden | 1.8% |
| France | 1.7% |
| Other<sup>#</sup> | 4.0% |
| Other Assets Less Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Welltower, Inc. | 6.0% |
| Prologis, Inc. | 5.5% |
| Equinix, Inc. | 4.2% |
| Digital Realty Trust, Inc. | 3.3% |
| Simon Property Group, Inc. | 2.9% |
| Realty Income Corp. | 2.8% |
| Goodman Group | 2.4% |
| Public Storage | 2.4% |
| VICI Properties, Inc. | 1.9% |
| Ventas, Inc. | 1.6% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</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. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g944902images_5250.jpg)

iShares Developed Real Estate Index Fund

Investor A Shares \| BARDX

Semi-Annual Shareholder Report — July 31, 2025

BARDX-07/25-SAR

![TSR - BLK Retail Logo](g944902images_5251.jpg)

### iShares Developed Real Estate Index Fund

### Class K Shares \| BKRDX

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

------

This semi-annual shareholder report contains important information about iShares Developed Real Estate Index Fund (the "Fund") for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $12 | 0.24%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$236701211 |
| Number of Portfolio Holdings | &nbsp;&nbsp;359 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 62.7% |
| Japan | 8.8% |
| Australia | 6.5% |
| United Kingdom | 3.6% |
| Hong Kong | 3.2% |
| Singapore | 3.0% |
| Canada | 2.1% |
| Germany | 2.1% |
| Sweden | 1.8% |
| France | 1.7% |
| Other<sup>#</sup> | 4.0% |
| Other Assets Less Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Welltower, Inc. | 6.0% |
| Prologis, Inc. | 5.5% |
| Equinix, Inc. | 4.2% |
| Digital Realty Trust, Inc. | 3.3% |
| Simon Property Group, Inc. | 2.9% |
| Realty Income Corp. | 2.8% |
| Goodman Group | 2.4% |
| Public Storage | 2.4% |
| VICI Properties, Inc. | 1.9% |
| Ventas, Inc. | 1.6% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</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. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g944902images_5250.jpg)

iShares Developed Real Estate Index Fund

Class K Shares \| BKRDX

Semi-Annual Shareholder Report — July 31, 2025

BKRDX-07/25-SAR

![TSR - BLK Retail Logo](g944902images_5251.jpg)

### iShares FTSE NAREIT All Equity REIT Index Fund

### BREBX

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

------

This semi-annual shareholder report contains important information about iShares FTSE NAREIT All Equity REIT Index Fund (the "Fund") for the period of February 1, 2025 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### 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 FTSE NAREIT All Equity REIT Index Fund | $0 | 0.00%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1865444508 |
| Number of Portfolio Holdings | &nbsp;&nbsp;146 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| **Industry allocation** | **Industry allocation** |
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Specialized REITs | 37.6% |
| Health Care REITs | 15.0% |
| Retail REITs | 14.1% |
| Residential REITs | 12.9% |
| Industrial REITs | 10.8% |
| Office REITs | 3.5% |
| Hotel & Resort REITs | 2.1% |
| Diversified REITs | 2.1% |
| Short-Term Securities | 0.6% |
| Other Assets Less Liabilities | 1.3% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Welltower, Inc. | 7.9% |
| Prologis, Inc. | 7.3% |
| American Tower Corp. | 7.1% |
| Equinix, Inc. | 5.6% |
| Digital Realty Trust, Inc. | 4.4% |
| Simon Property Group, Inc. | 3.9% |
| Realty Income Corp. | 3.7% |
| Crown Castle, Inc. | 3.3% |
| Public Storage | 3.2% |
| VICI Properties, Inc. | 2.5% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g944902images_5250.jpg)

iShares FTSE NAREIT All Equity REIT Index Fund

BREBX

Semi-Annual Shareholder Report — July 31, 2025

BREBX-07/25-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 Statement 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.

------

![](g944902imgf478c3501.jpg)

July 31, 2025

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

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

---

| |
|:---|
| **BlackRock Funds**<sup>SM</sup> |
| • iShares Developed Real Estate Index Fund |

---

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

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_9f8ff5dd-a672-4d90-812f-3871ab4e1793_RskDeriv-Footer-FundBookName-798_1)  | 3 |
| [Schedule of Investments](#xx_9f8ff5dd-a672-4d90-812f-3871ab4e1793_SOI-Footer-FundBookName-798_1)  | 4 |
| [Statement of Assets and Liabilities](#xx_9f8ff5dd-a672-4d90-812f-3871ab4e1793_FS-Footer-FundBookName-798_1)  | 10 |
| [Statement of Operations](#xx_9f8ff5dd-a672-4d90-812f-3871ab4e1793_FS-Footer-FundBookName-798_3)  | 12 |
| [Statements of Changes in Net Assets](#xx_9f8ff5dd-a672-4d90-812f-3871ab4e1793_FS-Footer-FundBookName-798_4)  | 13 |
| [Financial Highlights](#xx_9f8ff5dd-a672-4d90-812f-3871ab4e1793_FIHI-Footer-FundBookName-798_1)  | 14 |
| [Notes to Financial Statements](#xx_9f8ff5dd-a672-4d90-812f-3871ab4e1793_NTF-Footer-FundBookName-798_1)  | 17 |
| [Additional Information](#xx_9f8ff5dd-a672-4d90-812f-3871ab4e1793_ADDInfo-Footer-FundBookName-798_1)  | 25 |
| [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement](#xx_9f8ff5dd-a672-4d90-812f-3871ab4e1793_IAA1-Footer-FundBookName-798_1)  | 27 |
| [Glossary of Terms Used in these Financial Statements](#xx_9f8ff5dd-a672-4d90-812f-3871ab4e1793_Terms-Footer-FundBookName-798_1)  | 30 |

---

------

Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

**iShares Developed Real Estate Index Fund**

Derivative Financial Instruments

------

Schedule of Investments (unaudited)

July 31, 2025

**iShares Developed Real Estate Index Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Diversified REITs — 6.8%** | **Diversified REITs — 6.8%** |  |
| Activia Properties, Inc. | 252 | $215296 |
| AEW U.K. REIT PLC | 19212 | 26742 |
| Alexander & Baldwin, Inc. | 8760 | 157505 |
| American Assets Trust, Inc. | 6921 | 131707 |
| Argosy Property Ltd. | 114810 | 77780 |
| British Land Co. PLC | 126930 | 583362 |
| Broadstone Net Lease, Inc. | 24785 | 402508 |
| CapitaLand Integrated Commercial Trust | 744613 | 1257250 |
| Charter Hall Group | 60843 | 783862 |
| Charter Hall Long Wale REIT | 90471 | 240038 |
| Covivio SA/France | 7126 | 461350 |
| Custodian Property Income REIT PLC | 49390 | 51527 |
| Daiwa House REIT Investment Corp. | 266 | 444838 |
| Essential Properties Realty Trust, Inc. | 25851 | 788197 |
| Global Net Lease, Inc. | 25514 | 178343 |
| GPT Group | 248644 | 809984 |
| Growthpoint Properties Australia Ltd. | 38160 | 59893 |
| H&R Real Estate Investment Trust | 34397 | 287717 |
| Hankyu Hanshin REIT, Inc. | 83 | 87843 |
| Heiwa Real Estate REIT, Inc. | 128 | 120010 |
| Hulic REIT, Inc. | 157 | 171184 |
| ICADE | 6206 | 147490 |
| KDX Realty Investment Corp. | 477 | 512614 |
| Land Securities Group PLC | 96634 | 734896 |
| Mapletree Pan Asia Commercial Trust | 294547 | 291868 |
| Merlin Properties Socimi SA | 49558 | 686182 |
| Mirai Corp. | 249 | 75727 |
| Mirvac Group | 510488 | 732443 |
| Mori Trust Reit, Inc. | 321 | 156195 |
| NIPPON REIT Investment Corp. | 223 | 139599 |
| Nomura Real Estate Master Fund, Inc. | 541 | 569774 |
| NTT UD REIT Investment Corp. | 162 | 139556 |
| OUE Real Estate Investment Trust | 316100 | 71819 |
| Picton Property Income Ltd. | 66130 | 68558 |
| Schroder Real Estate Investment Trust Ltd. | 70850 | 48842 |
| Sekisui House REIT, Inc. | 511 | 265461 |
| Star Asia Investment Corp. | 309 | 120009 |
| Stockland | 303769 | 1076948 |
| Stoneweg Europe Stapled Trust | 47100 | 84926 |
| Stride Property Group<sup>(a)</sup> | 78670 | 57467 |
| Sunlight Real Estate Investment Trust | 126000 | 36375 |
| Suntec Real Estate Investment Trust | 276200 | 245833 |
| Takara Leben Real Estate Investment Corp. | 104 | 64976 |
| Tokyu REIT, Inc. | 110 | 143033 |
| United Urban Investment Corp. | 393 | 431505 |
| WP Carey, Inc. | 28414 | 1823042 |
|  |  | 16062074 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |  |
| Chartwell Retirement Residences | 36062 | 460925 |
| **Health Care REITs — 12.0%** | **Health Care REITs — 12.0%** |  |
| Aedifica SA | 6248 | 459778 |
| Alexandria Real Estate Equities, Inc. | 22293 | 1703854 |
| American Healthcare REIT, Inc. | 20451 | 790227 |
| Assura PLC | 408089 | 268730 |
| CareTrust REIT, Inc. | 24184 | 769051 |
| Cofinimmo SA | 5017 | 435487 |
| Health Care & Medical Investment Corp. | 45 | 34334 |
| Healthcare Realty Trust, Inc. | 42804 | 657469 |
| HealthCo REIT<sup>(b)</sup> | 59384 | 29804 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care REITs (continued)** | **Health Care REITs (continued)** |  |
| Healthpeak Properties, Inc. | 90270 | $1529174 |
| Life Science REIT PLC | 34022 | 17755 |
| LTC Properties, Inc. | 6026 | 205125 |
| Medical Properties Trust, Inc. | 65517 | 269930 |
| National Health Investors, Inc. | 5920 | 413571 |
| NorthWest Healthcare Properties Real Estate Investment <br> Trust<br>| 31118 | 106452 |
| Omega Healthcare Investors, Inc. | 37477 | 1457855 |
| Parkway Life Real Estate Investment Trust | 58000 | 179665 |
| Primary Health Properties PLC | 168511 | 213428 |
| Sabra Health Care REIT, Inc. | 31008 | 559074 |
| Sila Realty Trust, Inc. | 7336 | 179292 |
| Target Healthcare REIT PLC | 83852 | 109866 |
| Ventas, Inc. | 56941 | 3825296 |
| Welltower, Inc. | 85510 | 14115136 |
|  |  | 28330353 |
| **Hotel & Resort REITs — 2.1%** | **Hotel & Resort REITs — 2.1%** |  |
| Apple Hospitality REIT, Inc. | 29140 | 342395 |
| CapitaLand Ascott Trust<sup>(a)</sup> | 328633 | 226209 |
| CDL Hospitality Trusts<sup>(a)</sup> | 97754 | 60026 |
| DiamondRock Hospitality Co. | 26336 | 203314 |
| Far East Hospitality Trust<sup>(a)(b)</sup> | 125000 | 57648 |
| Hoshino Resorts REIT, Inc. | 73 | 126654 |
| Host Hotels & Resorts, Inc. | 89494 | 1406846 |
| Invincible Investment Corp. | 941 | 418528 |
| Japan Hotel REIT Investment Corp. | 631 | 346781 |
| Park Hotels & Resorts, Inc. | 25581 | 272693 |
| Pebblebrook Hotel Trust | 15540 | 155866 |
| RLJ Lodging Trust | 19866 | 147008 |
| Ryman Hospitality Properties, Inc. | 7649 | 727114 |
| Sunstone Hotel Investors, Inc. | 25312 | 221480 |
| Xenia Hotels & Resorts, Inc. | 13214 | 167950 |
|  |  | 4880512 |
| **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |  |
| PPHE Hotel Group Ltd. | 2917 | 62757 |
| **Industrial REITs — 14.5%** | **Industrial REITs — 14.5%** |  |
| AIMS APAC REIT | 97732 | 104471 |
| Americold Realty Trust, Inc. | 37095 | 596488 |
| ARGAN SA | 2223 | 166845 |
| CapitaLand Ascendas REIT | 463759 | 992967 |
| Centuria Industrial REIT | 84779 | 172546 |
| CRE Logistics REIT, Inc. | 75 | 74261 |
| Dexus Industria REIT | 39977 | 72001 |
| Dream Industrial Real Estate Investment Trust | 37210 | 309367 |
| EastGroup Properties, Inc. | 6836 | 1115909 |
| ESR-REIT | 95823 | 202927 |
| First Industrial Realty Trust, Inc. | 16808 | 818886 |
| Frasers Logistics & Commercial Trust | 357900 | 241712 |
| GLP J-REIT | 577 | 505628 |
| Goodman Group | 258959 | 5789926 |
| Goodman Property Trust | 129914 | 153830 |
| Granite Real Estate Investment Trust | 8115 | 428064 |
| Industrial & Infrastructure Fund Investment Corp. | 303 | 247922 |
| Innovative Industrial Properties, Inc. | 3568 | 184466 |
| Japan Logistics Fund, Inc. | 342 | 212289 |
| LaSalle Logiport REIT | 221 | 210345 |
| Lineage, Inc. | 9149 | 394779 |
| LondonMetric Property PLC | 288748 | 726683 |
| LXP Industrial Trust | 37606 | 291822 |
| Mapletree Industrial Trust<sup>(b)</sup> | 267610 | 417177 |
| Mapletree Logistics Trust | 442909 | 393864 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Developed Real Estate Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Industrial REITs (continued)** | **Industrial REITs (continued)** |  |
| Mitsubishi Estate Logistics REIT Investment Corp. | 180 | $143439 |
| Mitsui Fudosan Logistics Park, Inc. | 390 | 261451 |
| Montea NV | 2786 | 207416 |
| Nippon Prologis REIT, Inc. | 857 | 462490 |
| Prologis, Inc. | 121064 | 12927214 |
| Rexford Industrial Realty, Inc. | 31088 | 1135645 |
| Segro PLC | 176094 | 1500802 |
| SOSiLA Logistics REIT, Inc. | 87 | 67661 |
| STAG Industrial, Inc. | 24440 | 839025 |
| Terreno Realty Corp. | 13144 | 729360 |
| Tritax Big Box REIT PLC | 316581 | 588879 |
| Warehouse REIT PLC | 51428 | 77563 |
| Warehouses De Pauw CVA | 23499 | 548376 |
|  |  | 34314496 |
| **IT Services — 0.4%** | **IT Services — 0.4%** |  |
| NEXTDC Ltd.<sup>(c)</sup> | 83071 | 764926 |
| SUNeVision Holdings Ltd.<sup>(b)</sup> | 87000 | 85872 |
|  |  | 850798 |
| **Office REITs — 5.2%** | **Office REITs — 5.2%** |  |
| Abacus Group | 52503 | 40555 |
| Allied Properties Real Estate Investment Trust | 17170 | 214377 |
| Brandywine Realty Trust | 23105 | 92420 |
| BXP, Inc. | 20815 | 1361925 |
| Centuria Office REIT | 66495 | 54132 |
| Champion REIT<sup>(b)</sup> | 233000 | 65003 |
| CLS Holdings PLC | 19430 | 17088 |
| COPT Defense Properties | 14779 | 403171 |
| Cousins Properties, Inc. | 21921 | 594059 |
| Cromwell Property Group | 185700 | 49377 |
| Daiwa Office Investment Corp. | 71 | 164953 |
| Derwent London PLC | 14216 | 362345 |
| Dexus | 137768 | 621968 |
| Douglas Emmett, Inc. | 19434 | 294619 |
| Easterly Government Properties, Inc. | 5085 | 111870 |
| Empire State Realty Trust, Inc., Class A | 17830 | 129089 |
| Gecina SA | 6690 | 657444 |
| Global One Real Estate Investment Corp. | 127 | 120078 |
| Great Portland Estates PLC | 51088 | 229058 |
| Helical PLC | 14686 | 43863 |
| Highwoods Properties, Inc. | 13836 | 401382 |
| Ichigo Office REIT Investment Corp. | 122 | 77269 |
| Inmobiliaria Colonial Socimi SA | 46781 | 309804 |
| Japan Excellent, Inc. | 152 | 140624 |
| Japan Prime Realty Investment Corp. | 466 | 306133 |
| Japan Real Estate Investment Corp. | 872 | 707284 |
| JBG SMITH Properties | 9531 | 201867 |
| Keppel REIT | 308100 | 224870 |
| Kilroy Realty Corp. | 15490 | 570961 |
| Mori Hills REIT Investment Corp. | 190 | 171710 |
| Nippon Building Fund, Inc. | 1017 | 932922 |
| NSI NV | 2252 | 55293 |
| One REIT, Inc. | 26 | 46107 |
| Orix JREIT, Inc. | 343 | 448380 |
| Paramount Group, Inc. | 24086 | 147406 |
| Piedmont Realty Trust, Inc., Class A | 16382 | 123848 |
| Precinct Properties Group<sup>(a)(b)</sup> | 180941 | 134306 |
| Prosperity REIT | 160000 | 27895 |
| Regional REIT Ltd.<sup>(d)</sup> | 18631 | 30461 |
| Sankei Real Estate, Inc. | 51 | 32297 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Office REITs (continued)** | **Office REITs (continued)** |  |
| SL Green Realty Corp. | 9398 | $538036 |
| Vornado Realty Trust | 23104 | 887656 |
| Workspace Group PLC | 18561 | 97438 |
|  |  | 12241343 |
| **Real Estate Management & Development — 12.7%** | **Real Estate Management & Development — 12.7%** |  |
| Abrdn European Logistics Income PLC<sup>(d)</sup> | 52823 | 34008 |
| Allreal Holding AG, Class N, Registered Shares | 1924 | 435179 |
| Amot Investments Ltd. | 29934 | 204099 |
| Aroundtown SA<sup>(c)</sup> | 93423 | 336892 |
| Atrium Ljungberg AB, B Shares | 30442 | 98461 |
| Azrieli Group Ltd. | 4827 | 474249 |
| CA Immobilien Anlagen AG | 3467 | 92335 |
| CapitaLand Investment Ltd./Singapore | 294500 | 627227 |
| Castellum AB | 51511 | 586378 |
| Catena AB | 5447 | 246064 |
| Cibus Nordic Real Estate AB publ | 9179 | 162684 |
| City Developments Ltd. | 52400 | 248071 |
| Citycon OYJ | 9999 | 43065 |
| Corem Property Group AB, Class B | 97451 | 43466 |
| Deutsche EuroShop AG, Class N | 1283 | 27556 |
| Deutsche Wohnen SE | 6388 | 162037 |
| Dios Fastigheter AB | 12641 | 83049 |
| Entra ASA<sup>(c)(d)</sup> | 5549 | 68164 |
| Fabege AB | 26479 | 221937 |
| Fastighets AB Balder, Class B, B shares<sup>(c)</sup> | 89010 | 601004 |
| FastPartner AB, Class A | 6797 | 34685 |
| Grainger PLC | 92462 | 249978 |
| Grand City Properties SA<sup>(c)</sup> | 9482 | 119549 |
| Heba Fastighets AB, Class B | 9372 | 29579 |
| Heiwa Real Estate Co. Ltd. | 5000 | 73205 |
| Henderson Land Development Co. Ltd. | 170000 | 594877 |
| Hiag Immobilien Holding AG | 529 | 70353 |
| Hongkong Land Holdings Ltd. | 134000 | 810700 |
| Hufvudstaden AB, Class A | 13908 | 168295 |
| Hulic Co. Ltd. | 60100 | 573216 |
| Hysan Development Co. Ltd. | 80000 | 159188 |
| Intea Fastigheter AB, Class B<sup>(c)</sup> | 7253 | 56606 |
| Intershop Holding AG | 728 | 134762 |
| Kennedy-Wilson Holdings, Inc. | 15314 | 112098 |
| Kojamo OYJ<sup>(c)</sup> | 20349 | 258696 |
| LEG Immobilien SE | 9804 | 778178 |
| Lifestyle Communities Ltd. | 12054 | 34096 |
| Logistea AB, Class B | 25921 | 43373 |
| Melisron Ltd. | 3175 | 365561 |
| Mitsubishi Estate Co. Ltd. | 146200 | 2737217 |
| Mitsui Fudosan Co. Ltd. | 340900 | 3047066 |
| Mobimo Holding AG, Registered Shares | 952 | 372854 |
| Neobo Fastigheter AB<sup>(c)</sup> | 15518 | 26912 |
| New World Development Co. Ltd.<sup>(c)</sup> | 183507 | 150271 |
| Nomura Real Estate Holdings, Inc. | 68700 | 380709 |
| NP3 Fastigheter AB | 4047 | 107281 |
| Nyfosa AB | 20469 | 177452 |
| Pandox AB | 13477 | 240650 |
| Peach Property Group AG<sup>(c)</sup> | 5049 | 36318 |
| Platzer Fastigheter Holding AB, Class B | 7599 | 54150 |
| PSP Swiss Property AG, Class N, Registered Shares | 5918 | 1004073 |
| Public Property Invest AS | 16094 | 38606 |
| Sagax AB, Class B | 27716 | 586626 |
| Samhallsbyggnadsbolaget i Norden AB, Class B<sup>(b)</sup> | 154030 | 77228 |
| Sino Land Co. Ltd. | 477405 | 550304 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Developed Real Estate Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |  |
| Sirius Real Estate Ltd. | 191244 | $262922 |
| StorageVault Canada, Inc. | 28559 | 95636 |
| Sumitomo Realty & Development Co. Ltd. | 43000 | 1570754 |
| Sun Hung Kai Properties Ltd. | 182000 | 2161699 |
| Swire Properties Ltd. | 127600 | 341995 |
| Swiss Prime Site AG, Registered Shares | 10113 | 1398716 |
| TAG Immobilien AG | 21750 | 349697 |
| Tokyo Tatemono Co. Ltd. | 24800 | 415025 |
| UOL Group Ltd. | 59600 | 315057 |
| VGP NV | 1744 | 183398 |
| Vonovia SE | 91575 | 2842082 |
| Wallenstam AB, B Shares | 44937 | 203665 |
| Wharf Real Estate Investment Co. Ltd. | 201000 | 638137 |
| Wihlborgs Fastigheter AB | 34933 | 343289 |
|  |  | 30172709 |
| **Residential REITs — 11.3%** | **Residential REITs — 11.3%** |  |
| Advance Residence Investment Corp. | 342 | 352724 |
| Altarea SCA | 792 | 97752 |
| American Homes 4 Rent, Class A | 44515 | 1544225 |
| Apartment Investment and Management Co., Class A | 17796 | 149664 |
| AvalonBay Communities, Inc. | 18560 | 3457357 |
| Boardwalk Real Estate Investment Trust | 5174 | 266803 |
| Camden Property Trust | 14004 | 1529237 |
| Canadian Apartment Properties REIT | 20966 | 669562 |
| Care Property Invest NV | 5278 | 74514 |
| Centerspace | 2181 | 118712 |
| Comforia Residential REIT, Inc. | 88 | 172854 |
| Daiwa Securities Living Investments Corp. | 252 | 170740 |
| Elme Communities | 11279 | 170087 |
| Empiric Student Property PLC | 83593 | 106423 |
| Equity LifeStyle Properties, Inc. | 24738 | 1482301 |
| Equity Residential | 49430 | 3123976 |
| Essex Property Trust, Inc. | 8296 | 2158453 |
| Home Invest Belgium SA | 1335 | 29728 |
| Home REIT PLC<sup>(c)(e)</sup> | 1048527 | 157860 |
| Independence Realty Trust, Inc. | 29896 | 501356 |
| Ingenia Communities Group | 54342 | 182652 |
| InterRent Real Estate Investment Trust | 17939 | 171544 |
| Invitation Homes, Inc. | 79902 | 2448996 |
| Irish Residential Properties REIT PLC | 63910 | 71184 |
| Killam Apartment Real Estate Investment Trust | 15861 | 209710 |
| Mid-America Apartment Communities, Inc. | 15201 | 2165079 |
| NexPoint Residential Trust, Inc. | 3041 | 94818 |
| Nippon Accommodations Fund, Inc. | 300 | 235035 |
| PRS REIT PLC | 66007 | 92048 |
| Residential Secure Income PLC<sup>(d)</sup> | 22484 | 17222 |
| Samty Residential Investment Corp. | 43 | 28157 |
| Social Housing REIT PLC<sup>(d)</sup> | 46231 | 42013 |
| Starts Proceed Investment Corp. | 26 | 32396 |
| Sun Communities, Inc. | 16516 | 2048480 |
| UDR, Inc. | 43017 | 1690138 |
| UMH Properties, Inc. | 10077 | 164054 |
| UNITE Group PLC | 54404 | 536390 |
| Veris Residential, Inc. | 10199 | 143602 |
| Xior Student Housing NV | 4896 | 172781 |
|  |  | 26880627 |
| **Retail REITs — 15.9%** | **Retail REITs — 15.9%** |  |
| Acadia Realty Trust | 17052 | 319213 |
| AEON REIT Investment Corp. | 217 | 185007 |
| Agree Realty Corp. | 14093 | 1010468 |
| Ascencio | 749 | 42261 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Retail REITs (continued)** | **Retail REITs (continued)** |  |
| Brixmor Property Group, Inc. | 39559 | $1033677 |
| BWP Trust<sup>(c)</sup> | 72358 | 166473 |
| Carmila SA | 7385 | 145095 |
| Charter Hall Retail REIT | 75919 | 188693 |
| Choice Properties Real Estate Investment Trust | 35739 | 366005 |
| Crombie Real Estate Investment Trust | 13966 | 144942 |
| Curbline Properties Corp. | 12934 | 285841 |
| Eurocommercial Properties NV | 5580 | 170319 |
| Federal Realty Investment Trust | 11177 | 1030072 |
| First Capital Real Estate Investment Trust | 27491 | 368835 |
| Fortune Real Estate Investment Trust | 198000 | 127255 |
| Frasers Centrepoint Trust | 166970 | 284734 |
| Frontier Real Estate Investment Corp. | 317 | 180813 |
| Fukuoka REIT Corp. | 91 | 108942 |
| Getty Realty Corp. | 6885 | 191334 |
| Hamborner REIT AG | 10152 | 65794 |
| Hammerson PLC | 61854 | 241707 |
| HomeCo Daily Needs REIT | 230434 | 189423 |
| Immobiliare Grande Distribuzione SIIQ SpA | 9727 | 36513 |
| InvenTrust Properties Corp. | 10165 | 280249 |
| Japan Metropolitan Fund Invest | 877 | 637862 |
| Kimco Realty Corp. | 86971 | 1846394 |
| Kite Realty Group Trust | 28804 | 633112 |
| Kiwi Property Group Ltd. | 180972 | 103760 |
| Klepierre SA | 26950 | 1028733 |
| Lendlease Global Commercial REIT | 239156 | 100970 |
| Link REIT | 337621 | 1881141 |
| Macerich Co. | 32901 | 549776 |
| Mercialys SA | 12238 | 151307 |
| NETSTREIT Corp. | 10789 | 196684 |
| NewRiver REIT PLC | 61730 | 57882 |
| NNN REIT, Inc. | 24339 | 1004227 |
| Phillips Edison & Co., Inc. | 16209 | 547702 |
| Primaris Real Estate Investment Trust | 13921 | 148192 |
| Realty Income Corp. | 116561 | 6542569 |
| Regency Centers Corp. | 23532 | 1680185 |
| Region Group | 152379 | 228046 |
| Retail Estates NV | 1423 | 105723 |
| RioCan Real Estate Investment Trust | 38938 | 495999 |
| Scentre Group | 681701 | 1631473 |
| Shaftesbury Capital PLC | 192619 | 401395 |
| Simon Property Group, Inc. | 42285 | 6925860 |
| SmartCentres Real Estate Investment Trust | 16943 | 310589 |
| Starhill Global REIT | 190900 | 79191 |
| Supermarket Income REIT PLC | 160892 | 169356 |
| Tanger, Inc. | 14424 | 433009 |
| Unibail-Rodamco-Westfield | 12562 | 1217751 |
| Urban Edge Properties | 15834 | 312247 |
| Vastned NV | 1335 | 45136 |
| Vicinity Ltd. | 499145 | 785903 |
| Waypoint REIT Ltd. | 83559 | 134749 |
| Wereldhave NV | 5179 | 106005 |
|  |  | 37656593 |
| **Specialized REITs — 17.3%** | **Specialized REITs — 17.3%** |  |
| Abacus Storage King | 57794 | 59251 |
| Arena REIT | 52000 | 122357 |
| Big Yellow Group PLC | 24546 | 302643 |
| Charter Hall Social Infrastructure REIT | 47135 | 89553 |
| CubeSmart | 29585 | 1151152 |
| Digital Core REIT Management Pte Ltd. | 108100 | 56534 |
| Digital Realty Trust, Inc. | 44022 | 7767242 |
| EPR Properties | 9664 | 531907 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Developed Real Estate Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** |  |
| Equinix, Inc. | 12755 | $10014843 |
| Extra Space Storage, Inc. | 27494 | 3694094 |
| Four Corners Property Trust, Inc. | 12976 | 327514 |
| Gaming and Leisure Properties, Inc. | 34324 | 1564488 |
| Iron Mountain, Inc. | 38290 | 3727914 |
| Keppel DC REIT | 232233 | 422623 |
| National Storage Affiliates Trust | 9112 | 268439 |
| National Storage REIT | 160115 | 245514 |
| Public Storage | 20613 | 5605499 |
| Safehold, Inc. | 6988 | 97762 |
| Safestore Holdings PLC | 27271 | 241823 |
| Shurgard Self Storage Ltd. | 4303 | 170753 |
| VICI Properties, Inc. | 137833 | 4493356 |
|  |  | 40955261 |
| **Total Long-Term Investments — 98.4%** <br>**(Cost: $162,199,827)** | **Total Long-Term Investments — 98.4%** <br>**(Cost: $162,199,827)** | 232868448 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.1%** | **Money Market Funds — 1.1%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(f)(g)(h)</sup><br>| 734594 | 734888 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(f)(g)</sup><br>| 2016383 | 2016383 |
| **Total Short-Term Securities — 1.1%** <br>**(Cost: $2,751,271)** | **Total Short-Term Securities — 1.1%** <br>**(Cost: $2,751,271)** | 2751271 |
| **Total Investments — 99.5%** <br>**(Cost: $164,951,098)** | **Total Investments — 99.5%** <br>**(Cost: $164,951,098)** | 235619719 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | 1081492 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $236701211 |

---

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

<sup>(a)</sup> A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. 

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

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

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

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

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

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

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended July 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>*01/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $3484268 | $— | &nbsp;&nbsp; $(2749269 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(318)<br>| $207 | $734888 | 734594 | $5110 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1573067 | 443316 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 2016383 | 2016383 | 34651 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(318)<br>| $207 | $2751271 |  | $39761 | &nbsp;&nbsp; $— |

---

&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)

July 31, 2025

**iShares Developed Real Estate Index Fund** 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| Nikkei 225 Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; $135 | &nbsp;&nbsp;&nbsp;&nbsp; $(2166)<br>|
| SPI 200 Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp;&nbsp; 2342 |
| Dow Jones U.S. Real Estate Index | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2352 | &nbsp;&nbsp;&nbsp;&nbsp; (43618)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(43442)<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 <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2342 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2342 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45784 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45784 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, 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 July 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; $72410 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72410 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(92714)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(92714)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2717648 |

---

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares Developed Real Estate Index Fund** 

**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  |  |  |  |  |
| Diversified REITs | &nbsp;&nbsp; $4205153 | &nbsp;&nbsp;&nbsp;&nbsp; $11856921 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $16062074 |
| Health Care Providers & Services | &nbsp;&nbsp; 460925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 460925 |
| Health Care REITs | &nbsp;&nbsp; 26581506 | &nbsp;&nbsp;&nbsp;&nbsp; 1748847 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28330353 |
| Hotel & Resort REITs | &nbsp;&nbsp; 3644666 | &nbsp;&nbsp;&nbsp;&nbsp; 1235846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4880512 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62757 |
| Industrial REITs | &nbsp;&nbsp; 20002418 | &nbsp;&nbsp;&nbsp;&nbsp; 14312078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34314496 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 850798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 850798 |
| Office REITs | &nbsp;&nbsp; 6991297 | &nbsp;&nbsp;&nbsp;&nbsp; 5250046 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12241343 |
| Real Estate Management & Development | &nbsp;&nbsp; 2556426 | &nbsp;&nbsp;&nbsp;&nbsp; 27616283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30172709 |
| Residential REITs | &nbsp;&nbsp; 24502983 | &nbsp;&nbsp;&nbsp;&nbsp; 2219784 | &nbsp;&nbsp;&nbsp;&nbsp; 157860 | &nbsp;&nbsp;&nbsp;&nbsp; 26880627 |
| Retail REITs | &nbsp;&nbsp; 26715063 | &nbsp;&nbsp;&nbsp;&nbsp; 10941530 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37656593 |
| Specialized REITs | &nbsp;&nbsp; 39244210 | &nbsp;&nbsp;&nbsp;&nbsp; 1711051 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40955261 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2751271 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2751271 |
|  | &nbsp;&nbsp; $157655918 | &nbsp;&nbsp;&nbsp;&nbsp; $77805941 | &nbsp;&nbsp;&nbsp;&nbsp; $157860 | &nbsp;&nbsp;&nbsp;&nbsp; $235619719 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $2342 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2342 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (43618)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45784)<br>|
|  | &nbsp;&nbsp; $(41276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(43442)<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.*

Schedule of Investments

------

Statement of Assets and Liabilities (unaudited)

July 31, 2025

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

---

| | |
|:---|:---|
|  | iShares Developed <br>Real Estate <br>Index Fund<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $232868448 |
| Investments, at value — affiliated<sup>(c)</sup> | 2751271 |
| Cash pledged for futures contracts | 210000 |
| Foreign currency, at value<sup>(d)</sup> | 331980 |
| Receivables: |  |
| Securities lending income — affiliated | 242 |
| Capital shares sold | 427881 |
| Dividends — unaffiliated | 1209656 |
| Dividends — affiliated | 6914 |
| Variation margin on futures contracts | 240 |
| Prepaid expenses | 104086 |
| Total assets | 237910718 |
| **LIABILITIES** |  |
| Collateral on securities loaned | 775829 |
| Payables: |  |
| Accounting services fees | 2986 |
| Capital shares redeemed | 297048 |
| Investment advisory fees | 1168 |
| Trustees' and Officer's fees | 5915 |
| Other accrued expenses | 35333 |
| Professional fees | 10721 |
| Service fees | 631 |
| Transfer agent fees | 46852 |
| Variation margin on futures contracts | 33024 |
| Total liabilities | 1209507 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $236701211 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $162494620 |
| Accumulated earnings | 74206591 |
| NET ASSETS | $236701211 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $162199827 |
| <sup>(b)</sup> Securities loaned, at value | $731941 |
| <sup>(c)</sup> Investments, at cost—affiliated | $2751271 |
| <sup>(d)</sup> Foreign currency, at cost | $339419 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited) (continued)

July 31, 2025

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

---

| | |
|:---|:---|
|  | iShares Developed <br>Real Estate <br>Index Fund<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | $33198016 |
| Shares outstanding | 4054330 |
| Net asset value | $8.19 |
| Shares authorized | Unlimited |
| Par value | $0.001 |
| **Investor A** |  |
| Net assets | $2903306 |
| Shares outstanding | 355575 |
| Net asset value | $8.17 |
| Shares authorized | Unlimited |
| Par value | $0.001 |
| **Class K** |  |
| Net assets | $200599889 |
| Shares outstanding | 24557476 |
| Net asset value | $8.17 |
| Shares authorized | Unlimited |
| Par value | $0.001 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended July 31, 2025

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

---

| | |
|:---|:---|
|  | iShares Developed <br>Real Estate <br>Index Fund<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $5291061 |
| Dividends — affiliated | &nbsp;&nbsp; 34651 |
| Interest — unaffiliated | &nbsp;&nbsp; 5886 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 5110 |
| Other income — unaffiliated | &nbsp;&nbsp; 82177 |
| Foreign taxes withheld | &nbsp;&nbsp; (197637)<br>|
| Total investment income | &nbsp;&nbsp; 5221248 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 136353 |
| Custodian | &nbsp;&nbsp; 75977 |
| Transfer agent — class specific | &nbsp;&nbsp; 57997 |
| Professional | &nbsp;&nbsp; 53643 |
| Registration | &nbsp;&nbsp; 30866 |
| Trustees and Officer | &nbsp;&nbsp; 9788 |
| Printing and postage | &nbsp;&nbsp; 7240 |
| Accounting services | &nbsp;&nbsp; 4490 |
| Service — class specific | &nbsp;&nbsp; 3524 |
| Miscellaneous | &nbsp;&nbsp; 16259 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 396137 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 3959 |
| Total expenses | &nbsp;&nbsp; 400096 |
| Less: |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (66125)<br>|
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (47444)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 286527 |
| Net investment income | &nbsp;&nbsp; 4934721 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 4624538 |
| Investments — affiliated | &nbsp;&nbsp; (318)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 55716 |
| Futures contracts | &nbsp;&nbsp; 72410 |
|  | &nbsp;&nbsp; 4752346 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (2302909)<br>|
| Investments — affiliated | &nbsp;&nbsp; 207 |
| Foreign currency translations | &nbsp;&nbsp; 61171 |
| Futures contracts | &nbsp;&nbsp; (92714)<br>|
|  | &nbsp;&nbsp; (2334245)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 2418101 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $7352822 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | iShares Developed Real Estate <br>Index Fund | iShares Developed Real Estate <br>Index Fund |
|  | Six Months Ended <br>07/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>01/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $4934721 | &nbsp;&nbsp;&nbsp; $78248573 |
| Net realized gain | &nbsp;&nbsp; 4752346 | &nbsp;&nbsp;&nbsp; 197812599 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (2334245)<br>| &nbsp;&nbsp;&nbsp; 44696760 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 7352822 | &nbsp;&nbsp;&nbsp; 320757932 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| From net investment income and net realized gain |  |  |
| Institutional | &nbsp;&nbsp; (529164)<br>| &nbsp;&nbsp;&nbsp; (1961765)<br>|
| Investor A | &nbsp;&nbsp; (45581)<br>| &nbsp;&nbsp;&nbsp; (189274)<br>|
| Class K | &nbsp;&nbsp; (3200355)<br>| &nbsp;&nbsp;&nbsp; (192114368)<br>|
| Return of capital |  |  |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3475744)<br>|
| Investor A | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (337421)<br>|
| Class K | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (340521828)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (3775100)<br>| &nbsp;&nbsp;&nbsp; (538600400)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (4866941)<br>| &nbsp;&nbsp;&nbsp; (2138646616)<br>|
| *NET ASSETS* |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (1289219)<br>| &nbsp;&nbsp;&nbsp; (2356489084)<br>|
| Beginning of period | &nbsp;&nbsp; 237990430 | &nbsp;&nbsp;&nbsp; 2594479514 |
| End of period | &nbsp;&nbsp; $236701211 | &nbsp;&nbsp;&nbsp; $237990430 |

---

&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.

*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 Developed Real Estate Index Fund | iShares Developed Real Estate Index Fund | iShares Developed Real Estate Index Fund | iShares Developed Real Estate Index Fund | iShares Developed Real Estate Index Fund | iShares Developed Real Estate Index Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>07/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>01/31/25 | &nbsp;&nbsp; Year Ended <br>01/31/24 | &nbsp;&nbsp; Year Ended <br>01/31/23 | &nbsp;&nbsp; Year Ended <br>01/31/22 | &nbsp;&nbsp; Year Ended <br>01/31/21 |
|  | Six Months Ended <br>07/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>01/31/25 | &nbsp;&nbsp; Year Ended <br>01/31/24 | &nbsp;&nbsp; Year Ended <br>01/31/23 | &nbsp;&nbsp; Year Ended <br>01/31/22 | &nbsp;&nbsp; Year Ended <br>01/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.05 | &nbsp;&nbsp;&nbsp; $9.13 | &nbsp;&nbsp;&nbsp; $9.74 | &nbsp;&nbsp;&nbsp; $11.31 | &nbsp;&nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp; $11.08 |
| Net investment income<sup>(a)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp; (1.35)<br>|
| Net increase (decrease) from investment operations | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp; (1.11)<br>|
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $8.19 | &nbsp;&nbsp;&nbsp; $8.05 | &nbsp;&nbsp;&nbsp; $9.13 | &nbsp;&nbsp;&nbsp; $9.74 | &nbsp;&nbsp;&nbsp; $11.31 | &nbsp;&nbsp;&nbsp; $9.78 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.46 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br> %<br>| &nbsp;&nbsp;&nbsp; (3.27)%<br>| &nbsp;&nbsp;&nbsp; (12.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.91<br> %<br>| &nbsp;&nbsp;&nbsp; (9.77)%<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.34 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.28 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 3.61 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $33198 | &nbsp;&nbsp;&nbsp; $27352 | &nbsp;&nbsp;&nbsp; $31636 | &nbsp;&nbsp;&nbsp; $34706 | &nbsp;&nbsp;&nbsp; $40662 | &nbsp;&nbsp;&nbsp; $46994 |
| Portfolio turnover rate | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

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

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

*See notes to financial statements.*

2025 BlackRock 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 Developed Real Estate Index Fund (continued) | iShares Developed Real Estate Index Fund (continued) | iShares Developed Real Estate Index Fund (continued) | iShares Developed Real Estate Index Fund (continued) | iShares Developed Real Estate Index Fund (continued) | iShares Developed Real Estate Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>07/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>01/31/25 | &nbsp;&nbsp; Year Ended <br>01/31/24 | &nbsp;&nbsp; Year Ended <br>01/31/23 | &nbsp;&nbsp; Year Ended <br>01/31/22 | &nbsp;&nbsp; Year Ended <br>01/31/21 |
|  | Six Months Ended <br>07/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>01/31/25 | &nbsp;&nbsp; Year Ended <br>01/31/24 | &nbsp;&nbsp; Year Ended <br>01/31/23 | &nbsp;&nbsp; Year Ended <br>01/31/22 | &nbsp;&nbsp; Year Ended <br>01/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.03 | &nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp; $9.72 | &nbsp;&nbsp;&nbsp; $11.29 | &nbsp;&nbsp;&nbsp; $9.76 | &nbsp;&nbsp;&nbsp; $11.07 |
| Net investment income<sup>(a)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp; (1.37)<br>|
| Net increase (decrease) from investment operations | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp; (1.14)<br>|
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $8.17 | &nbsp;&nbsp;&nbsp; $8.03 | &nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp; $9.72 | &nbsp;&nbsp;&nbsp; $11.29 | &nbsp;&nbsp;&nbsp; $9.76 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.38 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.61<br> %<br>| &nbsp;&nbsp;&nbsp; (3.52)%<br>| &nbsp;&nbsp;&nbsp; (13.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.55<br> %<br>| &nbsp;&nbsp;&nbsp; (10.07)%<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.70 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.49 %<sup>(f)</sup><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;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Net investment income | 2.84 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2903 | &nbsp;&nbsp;&nbsp; $2495 | &nbsp;&nbsp;&nbsp; $2617 | &nbsp;&nbsp;&nbsp; $2719 | &nbsp;&nbsp;&nbsp; $3081 | &nbsp;&nbsp;&nbsp; $1460 |
| Portfolio turnover rate | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

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

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

*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 Developed Real Estate Index Fund (continued) | iShares Developed Real Estate Index Fund (continued) | iShares Developed Real Estate Index Fund (continued) | iShares Developed Real Estate Index Fund (continued) | iShares Developed Real Estate Index Fund (continued) | iShares Developed Real Estate Index Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>07/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>01/31/25 | &nbsp;&nbsp; Year Ended <br>01/31/24 | &nbsp;&nbsp; Year Ended <br>01/31/23 | &nbsp;&nbsp; Year Ended <br>01/31/22 | &nbsp;&nbsp; Year Ended <br>01/31/21 |
|  | Six Months Ended <br>07/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>01/31/25 | &nbsp;&nbsp; Year Ended <br>01/31/24 | &nbsp;&nbsp; Year Ended <br>01/31/23 | &nbsp;&nbsp; Year Ended <br>01/31/22 | &nbsp;&nbsp; Year Ended <br>01/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.03 | &nbsp;&nbsp;&nbsp; $9.11 | &nbsp;&nbsp;&nbsp; $9.72 | &nbsp;&nbsp;&nbsp; $11.28 | &nbsp;&nbsp;&nbsp; $9.76 | &nbsp;&nbsp;&nbsp; $11.06 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp; (1.36)<br>|
| Net increase (decrease) from investment operations | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp; (1.11)<br>|
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $8.17 | &nbsp;&nbsp;&nbsp; $8.03 | &nbsp;&nbsp;&nbsp; $9.11 | &nbsp;&nbsp;&nbsp; $9.72 | &nbsp;&nbsp;&nbsp; $11.28 | &nbsp;&nbsp;&nbsp; $9.76 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.49 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.01<br> %<br>| &nbsp;&nbsp;&nbsp; (3.21)%<br>| &nbsp;&nbsp;&nbsp; (12.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.94<br> %<br>| &nbsp;&nbsp;&nbsp; (9.74)%<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.35 %<sup>(f)</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>|
| Total expenses after fees waived and/or reimbursed | 0.24 %<sup>(f)</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 | 4.48 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $200600 | &nbsp;&nbsp;&nbsp; $208144 | &nbsp;&nbsp;&nbsp; $2560227 | &nbsp;&nbsp;&nbsp; $2304832 | &nbsp;&nbsp;&nbsp; $2322625 | &nbsp;&nbsp;&nbsp; $1963222 |
| Portfolio turnover rate | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

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

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

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

***1.*** ***ORGANIZATION***

BlackRock Funds<sup>SM</sup> (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 Massachusetts business trust. iShares Developed Real Estate Index Fund (the "Fund") is a series of the Trust. The Fund is classified as diversified.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

<u> *Share Class* </u> <u> *Initial Sales Charge* </u> <u> *CDSC* </u> <u> *Conversion Privilege* </u> <br> Institutional, Investor A and Class K Shares No No None

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***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 dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. 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, 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. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**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 July 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

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

**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.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**Distributions:** Distributions paid by the Fund are recorded on the ex-dividend dates. The portion of distributions, if any, that exceeds a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**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 is open for business 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") has approved the designation of the Fund's Manager 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 the Manager'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 the Manager's policies and procedures as reflecting fair value. The Manager 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 may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("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 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 the Manager'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.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.

**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 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 Private Companies 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 a 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 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 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 by the securities lending agent, BlackRock Institutional Trust Company, N.A. ("BTC"), if any, 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 disclosed in the Fund's Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

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.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<sup>(b)</sup> <br>|
| BofA Securities, Inc. | &nbsp;&nbsp; $442501 | &nbsp;&nbsp; $(442501)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 61610 | &nbsp;&nbsp; (61610)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 61655 | &nbsp;&nbsp; (61655)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 138 | &nbsp;&nbsp; (138)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 29804 | &nbsp;&nbsp; (29804)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1927 | &nbsp;&nbsp; (1927)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 134306 | &nbsp;&nbsp; (133517)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 789 |
|  | &nbsp;&nbsp; $731941 | &nbsp;&nbsp; $(731152)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $789 |

---

&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 Statement of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of July 31, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

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

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

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

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

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

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

**Investment Advisory:** The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to 0.12% of the average daily value of the Fund's net assets.

The Manager entered into a sub-advisory agreement with BlackRock Fund Advisors ("BFA"), an affiliate of the Manager. The Manager pays BFA for services it provides for that portion of the Fund for which BFA acts as Sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Service Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

| | |
|:---|:---|
| *Share Class* | *Service Fees* |
| Investor A | 0.25<br> % <br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Fund. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.

For the six months ended July 31, 2025, the following table shows the class specific service fees borne directly by each share class of the Fund:

---

| | |
|:---|:---|
|  | *Investor A* |
| Service fees — class specific | &nbsp;&nbsp; $3524 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended July 31, 2025, the Fund did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended July 31, 2025, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Reimbursed amounts | &nbsp;&nbsp; $67 | &nbsp;&nbsp; $446 | &nbsp;&nbsp; $4104 | &nbsp;&nbsp; $4617 |

---

For the six months ended July 31, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Transfer agent fees — class specific | &nbsp;&nbsp; $6580 | &nbsp;&nbsp; $2170 | &nbsp;&nbsp; $49247 | &nbsp;&nbsp; $57997 |

---

**Expense Limitations, Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended July 31, 2025, the amount waived was $564.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended July 31, 2025, there were no fees waived by the Manager pursuant to this arrangement.

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | |
|:---|:---|
| *Share Class* | *Expense Limitation* |
| Institutional | 0.29<br> % <br>|
| Investor A | 0.49 |
| Class K | 0.24 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended July 31, 2025, amounts included in the Statement of Operations were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| iShares Developed Real Estate Index Fund | &nbsp;&nbsp; $65561 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager — class specific in the Statement of Operations. For the six months ended July 31, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $2109 | &nbsp;&nbsp; $45316 | &nbsp;&nbsp; $47444 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BTC, an affiliate of the Manager, 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 the Manager 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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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 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 this 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 earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this 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 the Statement of Operations. For the six months ended July 31, 2025, the Fund paid BTC $1,385 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Trust's Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.

**Other Transactions:** The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended July 31, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | *Net Realized* <br>*Gain (Loss)*<br>|
| iShares Developed Real Estate Index Fund | &nbsp;&nbsp; $4475965 | $869402 | $(11280)<br>|

---

***7.*** ***PURCHASES AND SALES*** 

For the six months ended July 31, 2025, purchases and sales of investments, excluding short-term securities, were $28,571,294 and $32,974,622, respectively.

***8.*** ***INCOME TAX INFORMATION*** 

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.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of July 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

As of July 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| iShares Developed Real Estate Index Fund | &nbsp;&nbsp; $167156059 | &nbsp;&nbsp; $74271138 | &nbsp;&nbsp; $(5850920)<br>| &nbsp;&nbsp; $68420218 |

---

***9.*** ***BANK BORROWINGS*** 

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended July 31, 2025, the Fund did not borrow under the 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 and 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.

The Manager uses an indexing approach to try to achieve the Fund's investment objective. The Fund is not actively managed, and the Manager 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.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the 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 the 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 the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**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 the Manager 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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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.

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.

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

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

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>07/31/25 | Six Months Ended <br>07/31/25 | Year Ended <br>01/31/25 | Year Ended <br>01/31/25 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| iShares Developed Real Estate Index Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1642283 | &nbsp;&nbsp;&nbsp; $13504536 | &nbsp;&nbsp;&nbsp; 1771673 | &nbsp;&nbsp;&nbsp; $15463396 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 56891 | &nbsp;&nbsp;&nbsp; 453993 | &nbsp;&nbsp;&nbsp; 634083 | &nbsp;&nbsp;&nbsp; 5398394 |
| Shares redeemed | &nbsp;&nbsp; (1042857) | &nbsp;&nbsp;&nbsp; (8476368) | &nbsp;&nbsp;&nbsp; (2472495) | &nbsp;&nbsp;&nbsp; (21760924) |
|  | &nbsp;&nbsp; 656317 | &nbsp;&nbsp;&nbsp; $5482161 | &nbsp;&nbsp;&nbsp; (66739) | &nbsp;&nbsp;&nbsp; $(899134) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 74737 | &nbsp;&nbsp;&nbsp; $602837 | &nbsp;&nbsp;&nbsp; 68460 | &nbsp;&nbsp;&nbsp; $622794 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 5740 | &nbsp;&nbsp;&nbsp; 45580 | &nbsp;&nbsp;&nbsp; 62065 | &nbsp;&nbsp;&nbsp; 526693 |
| Shares redeemed | &nbsp;&nbsp; (35632) | &nbsp;&nbsp;&nbsp; (290686) | &nbsp;&nbsp;&nbsp; (106840) | &nbsp;&nbsp;&nbsp; (949601) |
|  | &nbsp;&nbsp; 44845 | &nbsp;&nbsp;&nbsp; $357731 | &nbsp;&nbsp;&nbsp; 23685 | &nbsp;&nbsp;&nbsp; $199886 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3794401 | &nbsp;&nbsp;&nbsp; $31033668 | &nbsp;&nbsp;&nbsp; 41281285 | &nbsp;&nbsp;&nbsp; $374030750 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 388815 | &nbsp;&nbsp;&nbsp; 3093777 | &nbsp;&nbsp;&nbsp; 62482709 | &nbsp;&nbsp;&nbsp; 530902707 |
| Shares redeemed | &nbsp;&nbsp; (5547166) | &nbsp;&nbsp;&nbsp; (44834278) | &nbsp;&nbsp;&nbsp; (358845363) | &nbsp;&nbsp;&nbsp; (3042880825) |
|  | &nbsp;&nbsp; (1363950) | &nbsp;&nbsp;&nbsp; $(10706833) | &nbsp;&nbsp;&nbsp; (255081369) | &nbsp;&nbsp;&nbsp; $(2137947368) |
|  | &nbsp;&nbsp; (662788) | &nbsp;&nbsp;&nbsp; $(4866941) | &nbsp;&nbsp;&nbsp; (255124423) | &nbsp;&nbsp;&nbsp; $(2138646616) |

---

***12.*** ***SUBSEQUENT EVENTS***

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

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

Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Fund.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans**

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans**

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

Additional Information

------

Additional Information (continued)

**Fund and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Fund**

100 Bellevue Parkway

Wilmington, DE 19809

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Trustees (the "Board", the members of which are referred to as "Board Members") of BlackRock Funds (the "Trust") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of iShares Developed Real Estate Index Fund (the "Fund"), and BlackRock Advisors, LLC (the "Manager"), the Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the "Sub-Advisory Agreement") between the Manager and BlackRock Fund Advisors (the "Sub-Advisor") with respect to the Fund. The Manager and the Sub-Advisor are referred to herein as "BlackRock". The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the "Agreements".

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for the Fund on an annual basis. The Board Members who are not "interested persons" of the Trust, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding the Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of the Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

information about some of the primary factors that were relevant to the Board's decision. 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 items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

***B. The Investment Performance of the Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of the Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-year period reported, the Fund's net performance was within the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund***

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers. The Board also noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the Fund's asset levels and whether the current fee schedule was appropriate.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of the Fund, for a one-year term ending June 30, 2026, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

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Glossary of Terms Used in these Financial Statements

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

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| REIT | Real Estate Investment Trust |
| SCA | Societe en Commandite par Actions |

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2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Want to know more?

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

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![](g944902imgb7597c4b1.jpg)

July 31, 2025

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

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

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| |
|:---|
| **BlackRock Funds**<sup>SM</sup> |
| • iShares FTSE NAREIT All Equity REIT Index Fund |

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

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

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**Table of Contents**

**Page**

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| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_d31a0c71-ae49-4217-b96d-be2fa66b6ba8_RskDeriv-Footer-FundBookName-867_1)  | 3 |
| [Schedule of Investments](#xx_d31a0c71-ae49-4217-b96d-be2fa66b6ba8_SOI-Footer-FundBookName-867_1)  | 4 |
| [Statement of Assets and Liabilities](#xx_d31a0c71-ae49-4217-b96d-be2fa66b6ba8_FS-Footer-FundBookName-867_1)  | 9 |
| [Statement of Operations](#xx_d31a0c71-ae49-4217-b96d-be2fa66b6ba8_FS-Footer-FundBookName-867_2)  | 10 |
| [Statements of Changes in Net Assets](#xx_d31a0c71-ae49-4217-b96d-be2fa66b6ba8_FS-Footer-FundBookName-867_3)  | 11 |
| [Financial Highlights](#xx_d31a0c71-ae49-4217-b96d-be2fa66b6ba8_FIHI-Footer-FundBookName-867_1)  | 12 |
| [Notes to Financial Statements](#xx_d31a0c71-ae49-4217-b96d-be2fa66b6ba8_NTF-Footer-FundBookName-867_1)  | 13 |
| [Additional Information](#xx_d31a0c71-ae49-4217-b96d-be2fa66b6ba8_ADDInfo-Footer-FundBookName-867_1)  | 20 |
| [Glossary of Terms Used in these Financial Statements](#xx_d31a0c71-ae49-4217-b96d-be2fa66b6ba8_Terms-Footer-FundBookName-867_1)  | 22 |

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Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

**iShares FTSE NAREIT All Equity REIT Index Fund**

Derivative Financial Instruments

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Schedule of Investments (unaudited)

July 31, 2025

**iShares FTSE NAREIT All Equity REIT Index Fund** 

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

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

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| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Diversified REITs — 2.1%** | **Diversified REITs — 2.1%** |  |
| Alexander & Baldwin, Inc. | 97830 | $1758983 |
| Alpine Income Property Trust, Inc. | 18429 | 258928 |
| American Assets Trust, Inc. | 70631 | 1344108 |
| Armada Hoffler Properties, Inc. | 107065 | 731254 |
| Broadstone Net Lease, Inc. | 255947 | 4156579 |
| CTO Realty Growth, Inc. | 40083 | 661770 |
| Essential Properties Realty Trust, Inc. | 268092 | 8174125 |
| Gladstone Commercial Corp. | 62153 | 817312 |
| Global Net Lease, Inc. | 269799 | 1885895 |
| NexPoint Diversified Real Estate Trust | 45794 | 201036 |
| One Liberty Properties, Inc. | 25165 | 563193 |
| WP Carey, Inc. | 296393 | 19016575 |
|  |  | 39569758 |
| **Health Care REITs — 15.0%** | **Health Care REITs — 15.0%** |  |
| Alexandria Real Estate Equities, Inc. | 234546 | 17926351 |
| American Healthcare REIT, Inc. | 214801 | 8299911 |
| CareTrust REIT, Inc. | 254889 | 8105470 |
| Community Healthcare Trust, Inc. | 36584 | 562296 |
| Diversified Healthcare Trust | 288922 | 944775 |
| Global Medical REIT, Inc. | 84714 | 565889 |
| Healthcare Realty Trust, Inc. | 446964 | 6865367 |
| Healthpeak Properties, Inc. | 947912 | 16057629 |
| LTC Properties, Inc. | 61814 | 2104149 |
| Medical Properties Trust, Inc. | 684774 | 2821269 |
| National Health Investors, Inc. | 62792 | 4386649 |
| Omega Healthcare Investors, Inc. | 392909 | 15284160 |
| Sabra Health Care REIT, Inc. | 323027 | 5824177 |
| Sila Realty Trust, Inc. | 74790 | 1827868 |
| Universal Health Realty Income Trust | 18044 | 699927 |
| Ventas, Inc. | 596625 | 40081267 |
| Welltower, Inc. | 895975 | 147898593 |
|  |  | 280255747 |
| **Hotel & Resort REITs — 2.1%** | **Hotel & Resort REITs — 2.1%** |  |
| Apple Hospitality REIT, Inc. | 304210 | 3574467 |
| Braemar Hotels & Resorts, Inc. | 88259 | 194170 |
| Chatham Lodging Trust | 65712 | 448156 |
| DiamondRock Hospitality Co. | 278212 | 2147797 |
| Host Hotels & Resorts, Inc. | 938158 | 14747844 |
| Park Hotels & Resorts, Inc. | 269912 | 2877262 |
| Pebblebrook Hotel Trust | 160501 | 1609825 |
| RLJ Lodging Trust | 197581 | 1462099 |
| Ryman Hospitality Properties, Inc. | 79387 | 7546528 |
| Service Properties Trust | 216264 | 568774 |
| Summit Hotel Properties, Inc. | 151608 | 791394 |
| Sunstone Hotel Investors, Inc. | 257063 | 2249301 |
| Xenia Hotels & Resorts, Inc. | 137035 | 1741715 |
|  |  | 39959332 |
| **Industrial REITs — 10.8%** | **Industrial REITs — 10.8%** |  |
| Americold Realty Trust, Inc. | 391338 | 6292715 |
| EastGroup Properties, Inc. | 71395 | 11654520 |
| First Industrial Realty Trust, Inc. | 174455 | 8499448 |
| Industrial Logistics Properties Trust | 71258 | 379092 |
| Innovative Industrial Properties, Inc. | 37878 | 1958293 |
| Lineage, Inc. | 96942 | 4183047 |
| LXP Industrial Trust | 397126 | 3081698 |
| Plymouth Industrial REIT, Inc. | 55824 | 810564 |
| Prologis, Inc. | 1268503 | 135450750 |

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| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Industrial REITs (continued)** | **Industrial REITs (continued)** |  |
| Rexford Industrial Realty, Inc. | 324564 | $11856323 |
| STAG Industrial, Inc. | 254448 | 8735200 |
| Terreno Realty Corp. | 137967 | 7655789 |
|  |  | 200557439 |
| **Office REITs — 3.5%** | **Office REITs — 3.5%** |  |
| Brandywine Realty Trust | 228152 | 912608 |
| BXP, Inc. | 216689 | 14177961 |
| City Office REIT, Inc. | 54484 | 378119 |
| COPT Defense Properties | 153222 | 4179896 |
| Cousins Properties, Inc. | 229039 | 6206957 |
| Douglas Emmett, Inc. | 196751 | 2982745 |
| Easterly Government Properties, Inc. | 54269 | 1193918 |
| Empire State Realty Trust, Inc., Class A | 183532 | 1328772 |
| Highwoods Properties, Inc. | 145481 | 4220404 |
| Hudson Pacific Properties, Inc. | 425791 | 1043188 |
| JBG SMITH Properties | 98443 | 2085023 |
| Kilroy Realty Corp. | 160938 | 5932175 |
| NET Lease Office Properties<sup>(a)</sup> | 20049 | 665426 |
| Orion Properties, Inc. | 78530 | 205749 |
| Paramount Group, Inc. | 255262 | 1562203 |
| Peakstone Realty Trust | 51463 | 699897 |
| Piedmont Realty Trust, Inc., Class A | 165937 | 1254484 |
| Postal Realty Trust, Inc., Class A | 32254 | 442202 |
| SL Green Realty Corp. | 96732 | 5537907 |
| Vornado Realty Trust | 240403 | 9236283 |
|  |  | 64245917 |
| **Residential REITs — 12.9%** | **Residential REITs — 12.9%** |  |
| American Homes 4 Rent, Class A | 467289 | 16210255 |
| Apartment Investment and Management Co., Class A | 175944 | 1479689 |
| AvalonBay Communities, Inc. | 194470 | 36225872 |
| BRT Apartments Corp. | 16050 | 233527 |
| Camden Property Trust | 146998 | 16052182 |
| Centerspace | 23173 | 1261306 |
| Elme Communities | 118285 | 1783738 |
| Equity LifeStyle Properties, Inc. | 259293 | 15536837 |
| Equity Residential | 517923 | 32732734 |
| Essex Property Trust, Inc. | 87150 | 22674687 |
| Independence Realty Trust, Inc. | 316015 | 5299572 |
| Invitation Homes, Inc. | 836689 | 25644518 |
| Mid-America Apartment Communities, Inc. | 159110 | 22662037 |
| NexPoint Residential Trust, Inc. | 29624 | 923676 |
| Sun Communities, Inc. | 172775 | 21429283 |
| UDR, Inc. | 451751 | 17749297 |
| UMH Properties, Inc. | 106034 | 1726233 |
| Veris Residential, Inc. | 105574 | 1486482 |
|  |  | 241111925 |
| **Retail REITs — 14.1%** | **Retail REITs — 14.1%** |  |
| Acadia Realty Trust | 179292 | 3356346 |
| Agree Realty Corp. | 148337 | 10635763 |
| Alexander's, Inc. | 2882 | 723930 |
| Brixmor Property Group, Inc. | 417158 | 10900339 |
| CBL & Associates Properties, Inc. | 24339 | 658613 |
| Curbline Properties Corp. | 132548 | 2929311 |
| Federal Realty Investment Trust | 116543 | 10740603 |
| FrontView REIT, Inc. | 24022 | 282739 |
| Getty Realty Corp. | 70482 | 1958695 |
| InvenTrust Properties Corp. | 106149 | 2926528 |
| Kimco Realty Corp. | 913758 | 19399082 |
| Kite Realty Group Trust | 297571 | 6540611 |

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2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares FTSE NAREIT All Equity REIT Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Retail REITs (continued)** | **Retail REITs (continued)** |  |
| Macerich Co. | 341663 | $5709189 |
| NETSTREIT Corp. | 110682 | 2017733 |
| NNN REIT, Inc. | 256154 | 10568914 |
| Phillips Edison & Co., Inc. | 169963 | 5743050 |
| Realty Income Corp. | 1221326 | 68553028 |
| Regency Centers Corp. | 247035 | 17638299 |
| Saul Centers, Inc. | 16715 | 538557 |
| Simon Property Group, Inc. | 443059 | 72568634 |
| SITE Centers Corp. | 68189 | 734395 |
| Tanger, Inc. | 151826 | 4557816 |
| Urban Edge Properties | 172825 | 3408109 |
| Whitestone REIT | 60134 | 733033 |
|  |  | 263823317 |
| **Specialized REITs — 37.6%** | **Specialized REITs — 37.6%** |  |
| American Tower Corp. | 639670 | 133300831 |
| Crown Castle, Inc. | 593313 | 62351263 |
| CubeSmart | 309884 | 12057587 |
| Digital Realty Trust, Inc. | 461260 | 81384714 |
| EPR Properties | 102384 | 5635215 |
| Equinix, Inc. | 133645 | 104934045 |
| Extra Space Storage, Inc. | 288084 | 38706966 |
| Farmland Partners, Inc. | 55268 | 578656 |
| Four Corners Property Trust, Inc. | 135565 | 3421661 |
| Gaming and Leisure Properties, Inc. | 360905 | 16450050 |
| Gladstone Land Corp. | 48026 | 441839 |
| Iron Mountain, Inc. | 401197 | 39060540 |
| Lamar Advertising Co., Class A | 119881 | 14655452 |
| Millrose Properties, Inc., Class A | 162513 | 4873765 |
| National Storage Affiliates Trust | 96260 | 2835820 |
| Outfront Media, Inc. | 189251 | 3317570 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** |  |
| PotlatchDeltic Corp. | 105066 | $4296149 |
| Public Storage | 215984 | 58734689 |
| Rayonier, Inc. | 213139 | 4968270 |
| Safehold, Inc. | 76268 | 1066989 |
| SBA Communications Corp. | 146839 | 32997660 |
| Smartstop Self Storage REIT, Inc. | 37705 | 1277445 |
| Uniti Group, Inc. | 315442 | 1678152 |
| VICI Properties, Inc. | 1444215 | 47081409 |
| Weyerhaeuser Co. | 991099 | 24827030 |
|  |  | 700933767 |
| **Total Long-Term Investments — 98.1%** <br>**(Cost: $1,952,860,539)** | **Total Long-Term Investments — 98.1%** <br>**(Cost: $1,952,860,539)** | 1830457202 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |  |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(b)(c)</sup><br>| 10917439 | 10917439 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $10,917,439)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $10,917,439)** | 10917439 |
| **Total Investments — 98.7%** <br>**(Cost: $1,963,777,978)** | **Total Investments — 98.7%** <br>**(Cost: $1,963,777,978)** | 1841374641 |
| **Other Assets Less Liabilities — 1.3%** | **Other Assets Less Liabilities — 1.3%** | 24069867 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1865444508 |

---

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

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Affiliate of the Fund. <br> <sup>(c)</sup> Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended July 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>*01/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $3850420 | $—<br> $(3849824 )<sup>(b)</sup><br>| &nbsp;&nbsp; $(596)<br>| $— | $— |  | $13224 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | &nbsp;&nbsp; 11685975 | —<br> (768536 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 10917439 | 10917439 | 223890 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $(596)<br>| $— | $10917439 |  | $237114 | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> As of period end, the entity is no longer held.

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

<sup>(c)</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)

July 31, 2025

**iShares FTSE NAREIT All Equity REIT Index Fund** 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| Dow Jones U.S. Real Estate Index | &nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $10893 | &nbsp;&nbsp;&nbsp;&nbsp; $(87864)<br>|

---

**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> |
| Douglas Emmett, Inc. | Bank of America N.A. | $95534 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(4043)<br>|
| Douglas Emmett, Inc. | Goldman Sachs Bank USA | 127083 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (5379)<br>|
| Douglas Emmett, Inc. | HSBC Bank PLC | 144905 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4447)<br>|
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | &nbsp;&nbsp; (13869)<br>|
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; 1487 |
| 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; $(12382)<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* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <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; $1487 | &nbsp;&nbsp;&nbsp; $(13869)<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** |  |  |  |  |  |  |  |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1487 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1487 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $87864 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $87864 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13869 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13869 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101733 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, 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). 

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares FTSE NAREIT All Equity REIT Index Fund** 

For the period ended July 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; $232990 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $232990 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3046)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3046)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $229944 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $229944 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(145676)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(145676)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (81973)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (81973)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(227649)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(227649)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $11820620 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 379745 |

---

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;&nbsp; $178064 |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 1487 | &nbsp;&nbsp;&nbsp;&nbsp; 13869 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 1487 | &nbsp;&nbsp;&nbsp;&nbsp; 191933 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (178064)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $1487 | &nbsp;&nbsp;&nbsp;&nbsp; $13869 |

---

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

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

The following table presents the Fund's derivative assets 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>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(a)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(a)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(b)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $4043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4043)<br>| &nbsp;&nbsp; $— |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 5379 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5379 |
| HSBC Bank PLC | &nbsp;&nbsp; 4447 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4447 |
|  | &nbsp;&nbsp; $13869 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4043)<br>| &nbsp;&nbsp; $9826 |

---

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**iShares FTSE NAREIT All Equity REIT Index Fund** 

**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; $1830457202 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1830457202 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 10917439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10917439 |
|  | &nbsp;&nbsp; $1841374641 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1841374641 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1487 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1487 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (87864)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13869)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (101733)<br>|
|  | &nbsp;&nbsp; $(87864)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(12382)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(100246)<br>|

---

&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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited)

July 31, 2025

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

---

| | |
|:---|:---|
|  | iShares FTSE NAREIT <br>All Equity <br>REIT Index Fund<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $1830457202 |
| Investments, at value — affiliated<sup>(b)</sup> | 10917439 |
| Cash pledged: |  |
| Collateral — OTC derivatives | 47370 |
| Futures contracts | 940000 |
| Receivables: |  |
| Swaps | 30131 |
| Capital shares sold | 22807189 |
| Dividends — unaffiliated | 439728 |
| Dividends — affiliated | 52531 |
| Unrealized appreciation on OTC swaps | 1487 |
| Prepaid expenses | 2139 |
| Total assets | 1865695216 |
| **LIABILITIES** |  |
| Bank overdraft | 28805 |
| Payables: |  |
| Trustees' and Officer's fees | 16563 |
| Professional fees | 13407 |
| Variation margin on futures contracts | 178064 |
| Unrealized depreciation on OTC swaps | 13869 |
| Total liabilities | 250708 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $1865444508 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital<sup>(c)(d)(e)</sup> | $1987520283 |
| Accumulated loss | (122075775) |
| NET ASSETS | $1865444508 |
| Net asset value | $9.31 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $1952860539 |
| <sup>(b)</sup> Investments, at cost—affiliated | $10917439 |
| <sup>(c)</sup> Shares outstanding | 200367002 |
| <sup>(d)</sup> Shares authorized | Unlimited |
| <sup>(e)</sup> Par value | $0.001 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended July 31, 2025

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

---

| | |
|:---|:---|
|  | iShares FTSE NAREIT <br>All Equity <br>REIT Index Fund<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $35309617 |
| Dividends — affiliated | &nbsp;&nbsp; 223890 |
| Interest — unaffiliated | &nbsp;&nbsp; 18566 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 13224 |
| Total investment income | &nbsp;&nbsp; 35565297 |
| EXPENSES |  |
| Administration | &nbsp;&nbsp; 548919 |
| Investment advisory | &nbsp;&nbsp; 548919 |
| Trustees and Officer | &nbsp;&nbsp; 15352 |
| Professional | &nbsp;&nbsp; 13729 |
| Miscellaneous | &nbsp;&nbsp; 30 |
| Total expenses | &nbsp;&nbsp; 1126949 |
| Less: |  |
| Administration fees waived | &nbsp;&nbsp; (548919)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (578000)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 30 |
| Net investment income | &nbsp;&nbsp; 35565267 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (6604302)<br>|
| Investments — affiliated | &nbsp;&nbsp; (596)<br>|
| Futures contracts | &nbsp;&nbsp; 232990 |
| Swaps | &nbsp;&nbsp; (3046)<br>|
|  | &nbsp;&nbsp; (6374954)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (34626349)<br>|
| Futures contracts | &nbsp;&nbsp; (145676)<br>|
| Swaps | &nbsp;&nbsp; (81973)<br>|
|  | &nbsp;&nbsp; (34853998)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (41228952)<br>|
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(5663685)<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | iShares FTSE NAREIT All Equity REIT Index Fund | iShares FTSE NAREIT All Equity REIT Index Fund |
|  | Six Months Ended <br>07/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Period from <br>10/08/24<sup>(a)</sup> <br>to 01/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $35565267 | &nbsp;&nbsp;&nbsp; $12624564 |
| Net realized gain (loss) | &nbsp;&nbsp; (6374954)<br>| &nbsp;&nbsp;&nbsp; 404196 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (34853998)<br>| &nbsp;&nbsp;&nbsp; (87649585)<br>|
| Net decrease in net assets resulting from operations | &nbsp;&nbsp; (5663685)<br>| &nbsp;&nbsp;&nbsp; (74620825)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (29791165)<br>| &nbsp;&nbsp;&nbsp; (12000100)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 49510410 | &nbsp;&nbsp;&nbsp; 1938009873 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 14055560 | &nbsp;&nbsp;&nbsp; 1851388948 |
| Beginning of period | &nbsp;&nbsp; 1851388948 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $1865444508 | &nbsp;&nbsp;&nbsp; $1851388948 |

---

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

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

*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 FTSE NAREIT All Equity REIT Index Fund | iShares FTSE NAREIT All Equity REIT Index Fund |
|  | Six Months Ended <br>07/31/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>10/08/24<sup>(a)</sup> <br>to 01/31/25 |
|  | Six Months Ended <br>07/31/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>10/08/24<sup>(a)</sup> <br>to 01/31/25 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized loss | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>|
| Net decrease from investment operations | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |
| From net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| From net realized gain | &nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp;&nbsp; $9.50 |
| **Total Return**<sup>(e)</sup> <br>|  |  |
| Based on net asset value | &nbsp;&nbsp; (0.36 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (4.29 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |
| Total expenses | 0.12 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.00 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(h)</sup><br>|
| Net investment income | 3.89 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1865445 | &nbsp;&nbsp;&nbsp; $1851389 |
| Portfolio turnover rate | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 0 %<sup>(j)</sup><br>|

---

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

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

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

<sup>(d)</sup> Amount is less than $0.005 per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.13%.

<sup>(j)</sup> Amount is less than 0.5%.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

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

***1.*** ***ORGANIZATION***

BlackRock Funds<sup>SM</sup> (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 Massachusetts business trust. iShares FTSE NAREIT All Equity REIT Index Fund (the "Fund") is a series of the Trust. The Fund is classified as non-diversified.

The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex. Shares of the Fund may be purchased and held only by or on behalf of mutual funds advised by BFA or its affiliates.

***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 dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Upon notification from issuers, 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.

**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.

**Distributions:** Distributions paid by the Fund are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

**Other:** Expenses directly related to the Fund are charged to the Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**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 is open for business 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") has approved the designation of the Fund's Manager 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 the Manager'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 the Manager's policies and procedures as reflecting fair value. The Manager 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 may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate, credit default, inflation and currency 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 market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

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 the Manager'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 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 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 a 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 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 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 by the securities lending agent, BlackRock Institutional Trust Company, N.A. ("BTC"), if any, 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 disclosed in the Fund's Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

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.

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 on 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

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

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

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

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

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

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, 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 the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity swaps — Equity swaps are entered into 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).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund 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. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread.

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 it mitigate its counterparty risk, the 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 the 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, the 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.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**Collateral Requirements:** 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 the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The 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 counterparties 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.

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

**Investment Advisory:** The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, majority-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to 0.06% of the average daily value of the Fund's net assets.

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with the BlackRock Advisors, LLC ("BAL" or the "Administrator"), an indirect, majority-owned subsidiary of BlackRock, to provide administrative services. For these services, the Administrator receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rate equal to 0.06% of the average daily value of the Fund's net assets.

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended July 31, 2025, the Fund did not pay any amounts to affiliates in return for these services.

**Expense Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees payable by the Fund through June 30, 2035. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended July 31, 2025, the Manager waived $548,919 pursuant to this agreement.

The Administrator contractually agreed to waive its administration fees payable by the Fund through June 30, 2035. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is shown as administration fees waived in the Statement of Operations. For the six months ended July 31, 2025, the Administrator waived $548,919 pursuant to this agreement.

The fees and expenses of the Independent Trustees, counsel to the Independent Trustees and the Fund's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Fund. The Administrator and the Manager have contractually agreed to reimburse the Fund or provide an offsetting credit to the Fund in an amount equal to these independent expenses as applicable, through June 30, 2035. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended July 31, 2025, the amount waived was $29,081.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BTC, an affiliate of the Manager, 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 the Manager 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 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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 81% of securities lending income (which excludes collateral investment fees), and this 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 earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees), and this amount retained could 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 the Statement of Operations. For the six months ended July 31, 2025, the Fund paid BTC $3,515 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

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

***7.*** ***PURCHASES AND SALES*** 

For the six months ended July 31, 2025, purchases and sales of investments, excluding short-term securities, were $135,353,429 and $102,953,968, respectively.

***8.*** ***INCOME TAX INFORMATION*** 

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.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of July 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 July 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| iShares FTSE NAREIT All Equity REIT Index Fund | &nbsp;&nbsp; $1963938793 | &nbsp;&nbsp; $44774964 | &nbsp;&nbsp; $(167440849)<br>| &nbsp;&nbsp; $(122665885)<br>|

---

***9.*** ***BANK BORROWINGS*** 

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended July 31, 2025, the Fund did not borrow under the 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 and 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.

The Manager uses an indexing approach to try to achieve the Fund's investment objective. The Fund is not actively managed, and the Manager 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 the Manager 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.

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.

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>07/31/25 | Six Months Ended <br>07/31/25 | Period from <br>10/08/24<sup>(a)</sup> <br>to 01/31/25 | Period from <br>10/08/24<sup>(a)</sup> <br>to 01/31/25 |
| *Fund Name*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| iShares FTSE NAREIT All Equity REIT Index Fund  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 12492471 | &nbsp;&nbsp;&nbsp; $118192887 | &nbsp;&nbsp;&nbsp; 194273406 | &nbsp;&nbsp;&nbsp; $1932240068 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 3239003 | &nbsp;&nbsp;&nbsp; 29791165 | &nbsp;&nbsp;&nbsp; 1287564 | &nbsp;&nbsp;&nbsp; 12000100 |
| Shares redeemed | &nbsp;&nbsp; (10281193) | &nbsp;&nbsp;&nbsp; (98473642) | &nbsp;&nbsp;&nbsp; (644249) | &nbsp;&nbsp;&nbsp; (6230295) |
|  | &nbsp;&nbsp; 5450281 | &nbsp;&nbsp;&nbsp; $49510410 | &nbsp;&nbsp;&nbsp; 194916721 | &nbsp;&nbsp;&nbsp; $1938009873 |

---

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

<sup>(a)</sup> Commencement of operations.

***12.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were 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

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

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

Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Fund for the Fund's allocable portion of the fees and expenses of the independent trustees of the Trust, counsel to such independent trustees and the independent registered public accounting firm.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans**

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans**

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Fund and Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

Wilmington, DE 19809

**Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Fund**

100 Bellevue Parkway

Wilmington, DE 19809

Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| REIT | Real Estate Investment Trust |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

Want to know more?

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

![](g944902img71bef2b72.jpg)

![](g944902imgb7597c4b1.jpg)

------

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.

&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](d944902dex99cert.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](d944902dex99906cert.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.

BlackRock Funds<sup>SM</sup>

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: September 23, 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/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: September 23, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: September 23, 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, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds<sup>SM</sup> certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

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: September 23, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

------

**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, Chief Financial Officer (principal financial officer) of BlackRock Funds<sup>SM</sup>, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

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: September 23, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

## 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 BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended July 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: September 23, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended July 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: September 23, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

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**.**