OCTOBER
31,
2023
2023
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
Cohen
&
Steers
REIT
ETF
|
ICF
|
Cboe
BZX
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
October
31,
2023.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation,
as
the
annual
increase
in
the
Consumer
Price
Index
declined
to
its
long-term
average
of
approximately
3%
in
October
2023.
Meanwhile,
real
economic
growth
proved
more
resilient
than
many
investors
anticipated.
A
moderating
labor
market
also
helped
ease
inflationary
pressure,
although
wages
continued
to
grow
and
unemployment
rates
touched
the
lowest
levels
in
decades
before
rising
slightly.
This
robust
labor
market
powered
further
growth
in
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
solid
during
the
period,
as
the
durability
of
consumer
spending
mitigated
investors’
concerns
about
the
economy’s
trajectory.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
third
quarter
of
2023.
However,
equity
returns
were
uneven,
as
the
performance
of
a
few
notable
technology
companies
supported
gains
among
large-capitalization
U.S.
stocks,
while
small-capitalization
U.S.
stocks
declined
overall.
Meanwhile,
international
developed
market
equities
advanced,
and
emerging
market
equities
posted
solid
gains.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
six
times
during
the
12-month
period,
but
slowed
and
then
paused
its
tightening
later
in
the
period.
The
Fed
also
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.  
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
recently
opted
for
several
pauses,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.  
While
we
favor
an
overweight
position
in
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
Japanese
stocks
in
the
near
term
as
shareholder-friendly
policies
generate
increased
investor
interest.
We
also
believe
that
stocks
with
an
AI
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
euro
area
government
bonds
and
gilts,
U.S.
mortgage-backed
securities,
and
hard-
currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
October
31,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
1.39
%
10.14
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(5.29
)
(8.56
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(7.88
)
14.40
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(4.78
)
10.80
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.63
4.77
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(9.70
)
(3.25
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(6.13
)
0.36
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(4.65
)
2.64
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
0.02
6.23
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
5
Disclosure
of Expenses
...................................................................................................
5
Schedule
of
Investments
..................................................................................................
6
Financial
Statements:
Statement
of
Assets
and
Liabilities
..........................................................................................
9
Statement
of
Operations
................................................................................................
10
Statements
of
Changes
in
Net
Assets
........................................................................................
11
Financial
Highlights
.....................................................................................................
12
Notes
to
Financial
Statements
...............................................................................................
13
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
18
Supplemental
Information
.................................................................................................
20
General
Information
.....................................................................................................
21
Fund
Summary
as
of
October
31,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
4
iShares
®
Cohen
&
Steers
REIT
ETF
Investment
Objective
The
iShares
Cohen
&
Steers
REIT
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
real
estate
investment
trusts
(“REITs”),
as
represented
by
the
Cohen
&
Steers
Realty
Majors
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(11.01‌)%
(7.84‌)%
2.34‌%
5.16‌%
(7.84‌)%
12.26‌%
65.33‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(11.01‌)
(7.92‌)
2.33‌
5.16‌
(7.92‌)
12.22‌
65.32‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(10.85‌)
(7.52‌)
2.71‌
5.53‌
(7.52‌)
14.30‌
71.38‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/23)
Ending
Account
Value
(10/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
889.90‌
$
1.57‌
$
1,000.00‌
$
1,023.48‌
$
1.68‌
0.33‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Specialized
REITs
.................................
44.9‌
%
Residential
REITs
.................................
19.8‌
Retail
REITs
.....................................
13.9‌
Industrial
REITs
...................................
8.7‌
Health
Care
REITs
.................................
7.4‌
Office
REITs
.....................................
3.7‌
Hotel
&
Resort
REITs
...............................
1.6‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
American
Tower
Corp.
..............................
8.6‌
%
Equinix,
Inc.
.....................................
8.6‌
Prologis,
Inc.
.....................................
7.4‌
Welltower,
Inc.
....................................
6.2‌
Crown
Castle,
Inc.
.................................
6.0‌
Public
Storage
....................................
5.6‌
Digital
Realty
Trust,
Inc.
.............................
5.4‌
Realty
Income
Corp.
................................
4.9‌
Simon
Property
Group,
Inc.
...........................
4.9‌
VICI
Properties,
Inc.
................................
4.1‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
5
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
the
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of the
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
example
shown (which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
example
provides information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
example also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Fund
and
other
funds, compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
example are
intended
to highlight shareholder’s
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
October
31,
2023
iShares
®
Cohen
&
Steers
REIT
ETF
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Health
Care
REITs
7.4%
Healthpeak
Properties,
Inc.
............
1,442,649
$
22,433,192
Welltower,
Inc.
.....................
1,310,870
109,601,841
132,035,033
Hotel
&
Resort
REITs
1.6%
Host
Hotels
&
Resorts,
Inc.
............
1,875,827
29,037,802
Industrial
REITs
8.6%
Prologis,
Inc.
......................
1,305,886
131,568,014
Rexford
Industrial
Realty,
Inc.
..........
529,991
22,916,811
154,484,825
Office
REITs
3.7%
Alexandria
Real
Estate
Equities,
Inc.
......
415,239
38,671,208
Boston
Properties,
Inc.
...............
376,409
20,164,230
Cousins
Properties,
Inc.
..............
399,532
7,139,637
65,975,075
Residential
REITs
19.6%
American
Homes
4
Rent,
Class
A
........
828,663
27,130,427
AvalonBay
Communities,
Inc.
..........
374,509
62,071,122
Equity
LifeStyle
Properties,
Inc.
.........
491,286
32,326,619
Equity
Residential
..................
899,393
49,763,415
Essex
Property
Trust,
Inc.
.............
169,273
36,210,880
Invitation
Homes,
Inc.
................
1,533,179
45,520,084
Mid-America
Apartment
Communities,
Inc.
..
307,680
36,352,392
Sun
Communities,
Inc.
...............
328,114
36,499,401
UDR,
Inc.
........................
816,071
25,959,218
351,833,558
Retail
REITs
13.8%
Federal
Realty
Investment
Trust
.........
193,488
17,644,171
Kimco
Realty
Corp.
.................
1,634,905
29,330,196
Realty
Income
Corp.
.................
1,837,020
87,038,007
Regency
Centers
Corp.
..............
433,371
26,114,936
Simon
Property
Group,
Inc.
............
792,002
87,033,100
247,160,410
Specialized
REITs
44.7%
American
Tower
Corp.
...............
863,947
153,946,716
Crown
Castle,
Inc.
..................
1,143,765
106,347,270
Digital
Realty
Trust,
Inc.
..............
768,398
95,557,975
Equinix,
Inc.
......................
210,629
153,683,344
Extra
Space
Storage,
Inc.
.............
557,033
57,703,049
Public
Storage
.....................
417,317
99,617,741
SBA
Communications
Corp.
...........
285,734
59,612,684
VICI
Properties,
Inc.
.................
2,648,580
73,895,382
800,364,161
Total
Long-Term
Investments
99.4%
(Cost:
$2,030,406,773)
...........................
1,780,890,864
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
0.1%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.33%
(a)(b)
................
1,964,536
$
1,964,536
Total
Short-Term
Securities
0.1%
(Cost:
$1,964,536)
..............................
1,964,536
Total
Investments
99.5%
(Cost:
$2,032,371,309
)
...........................
1,782,855,400
Other
Assets
Less
Liabilities
0.5%
...................
9,361,247
Net
Assets
100.0%
..............................
$
1,792,216,647
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2023
iShares
®
Cohen
&
Steers
REIT
ETF
Schedule
of
Investments
7
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
October
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/23
Shares
Held
at
10/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
$
2,647,281
$
$
(682,745)
(a)
$
$
$
1,964,536
1,964,536
$
85,840
$
(a)
Represents
net
amount
purchased
(sold).
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
..............................................
375
12/15/23
$
10,935
$
(64,008)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
$
$
64,008
$
$
$
$
64,008
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is